Archive for February, 2008

Refinance with Bad Credit

By Susanne Quirk

I was asked by Refinance.com to review their website. Before committing, I jumped over to Refinance.com for an initial review. I was pleasantly surprised with the depth of knowledge available about mortgages and refinancing. Considering this is a topic of interest to our readers and an opportunity for us to provide that information to you, I agreed.

Even a novice can easily navigate the site and find any information they need. There are a wide range of mortgage and refinance options available depending on your goals including Debt Consolidation, Refinancing and Home Equity Loans.

I wanted to focus on finding information on bad credit. The housing market has been hit hard with foreclosures and it is my hope that this information can provide another option for families in trouble. We discussed short sales in a previous posting which is not an option everyone. Even with bad credit, a mortgage refinance is possible.

For those interested in a home refinance with bad credit, you can read more about the subject by clicking on the Tools & Resources drop down menu and select the Bad Credit category where you can learn in detail about how credit categories are used to rank borrowers based on their credit history. Financial calculators are available to help calculate which loan you can afford as well as bi-weekly, refinance and amortization calculators.

There are many, many loans to choose from and each with a detailed description to point you in the right direction. Loan counselors are available via a toll free number to consult with you on the appropriate loan for your needs. They are trained to help those with bad credit to refinance their mortgages.

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Tracking A Real Estate Investor

Not too long ago, I would have many friends, neighbors and coworkers calling me and following me to see where I would buy next. As an investor, I was always looking to see where the best “preconstruction” deals were and how I could be the first in line to get the best picks. Sometimes I would pay people to stand in line. On at least one occasion I hired someone to sleep overnight while waiting in line for the games to begin the next morning.

We began this journey at Tuscany, a subdivision in Abacoa. That was a lark. In the beginning, all I wanted was one piece of investment property. The next thing I know we had close to 50 properties. After Tuscany, the list goes something like this…Botanica, Harbour Oaks, Antigua, Traditions, Harborage, the Edge, Midtown, Martinique, Mallory Creek, Canterbury, Astor, Boca Rio and on and on we went.

I became friendly with the sales people from most of the developers and that gave me an extra advantage from time to time. At the peak of the buying frenzy, I remember going to one “lottery” and there were 4,000 people lined up at 8:00am, each holding a cashiers check for $40,000.00. We were there to get one of 120 units. Everyone was going crazy. They picked names out of a hat and I got picked early. Everyone was told that if they got picked, they would only be allowed to purchase one unit. Our sales person allowed us to buy four units without a hitch. It’s good to have contacts!

I have learned more about buying investment property in the last 5 years than what most people learn in a lifetime. I haven’t stopped buying. As a matter of fact, I’m aggressively looking for great deals today. I recently picked up three units in Jupiter, preconstruction that will not be completed until the end of this year. The great thing about these units are this…they won’t be done until the end of the year and they may be the best deals I ever made…so far.

The phone  has stopped ringing and the knocks stopped knocking. Where are all of my friends now? It’s funny how quick things change. But, investing in real estate is something only for those who have the stomach for it and in the case of the current market…deep pockets. If you believe in long term investing, you have to believe in real estate.  I’m not sure if we have hit bottom yet, but I’m not waiting to find out before I buy my next few units.

I was on the phone today negotiating with a developer for four more units. I may get lucky and pick these up to add to the portfolio, I may not. One thing is for sure, it’s a buyer’s market and I’M A BUYER!

You may not be ready to buy and that’s understandable. If you would like to follow me on my searches and purchases, let me know. I will be more than happy to let you in on my purchases. You can decide for yourself if you think I’m doing well and whether or not you would follow. Give me a call or send a quick e-mail and I will fill you in on my latest buys.

Whether you decide to rent or buy, always consult the advice of a Realtor®.  You will want a Realtor with strong negotiating skills backed with a long history of buying experience.  A Realtor® who can put his money where his mouth is.

Happy hunting and e-mail me to hear about my investment picks.

Artigras Coming To Abacoa

The 23rd annual ArtiGras Fine Arts Festival will be held at the Abacoa Town Center in Jupiter, Florida on President’s Day Weekend February 16, 17 & 18, 2008.

Artigras has become a nationally recognized fine arts festival attracting more than 150,000 art lovers and collectors. It is the one art festival in the area that you do not want to miss. A great opportunity for unique finds in art, jewelry, home decor and more.

Produced by the North Palm Beach Chamber of Commerce, ArtiGras was recently named one of the top 50 fine art festivals in the country. Three hundred artists will have their unique wares on display along with a few artist demonstrations, Youth Art Competition, ArtiKids children’s interactive activity area, Private Art Preview, Celebrity Art Auction, entertainment and more!

Tickets are on sale now and are discounted if purchased in advance.

Renters Benefit from Current Jupiter and Abacoa Real Estate Market

The down turn in the housing market hurt a lot of people who thought they would make it rich flipping houses. Heck, everyone was doing

it. It looked so easy. Just tap the equity in your primary home and wham! We’re raking in the money. No problem it’s easy money. Right about now is where you remember the saying, if it sounds too good to be true…it usually is too good to be true.

The clean up of all of this mess created by neophyte investors will take longer than necessary. Coupled with the finance problems in the mortgage industry and the tightening of money by most, if not all lending institutions, have created instant landlords out of flippers. I guess here is where I trow in the line with the realization that something is better than nothing. Yes my friends, we have a surplus of rental units on the market. In Abacoa alone the streets were lined with For Rent signs most of last year. The signs are starting to disappear one by one and the money from the rental market is flowing in again.

Opportunity! With every twist in the markets, there are opportunities for everyone. The way I see it, there’s good news and bad news.

First the good news…the surplus of rental units has created a price war amongst property owners. Locally, rent prices have dropped substantially in the last year. Renters now make “low ball” offers hoping to drive rents down even further knowing there are many eager (hungry) owners. Rental units that were commanding $2,000.00 per month now are renting for as low as $1,400.00. That’s a 30% decrease and a huge savings for the renter. That’s good news…for the renter.

The good news for the flipper now turned landlord, can see this as the opportunity that keeps him from foreclosing and allows him to wait out the market correction. (I know you are asking,”When is that?” It’s coming. Trust me. It’s just not this week.) The ultimate benefit to all this is that the lower housing costs and lower rents will make it more affordable for people to stay or move into the area. We have hardworking teachers, police officers, health professionals, etc. who have dedicated their lives to giving back to our community. We want to keep qualified and dedicated people as citizens of our community.

Now the bad news. With the surplus of rental units available in the Jupiter and Abacoa area, many rental properties are rented without properly screening tenants beforehand. Background investigations are not being conducted. Even worse, some owners are not requiring a security deposit, last month’s rent, or even any money at all to move in. Who are your new neighbors?

As an investor in Jupiter and Abacoa residential real estate, I personally take pride in my homes and tenants. I consider most of my tenants friends and would love to keep them as long as possible. I also require background checks, security deposits and last month’s rent. Have I ever had a problem with a tenant? You bet ya! Although, I do the best I can to protect myself, I have been caught a couple of times buy renters who”fled into the darkness.” However, we are ahead of the game and find the benefits far outweigh the bad.

If you have investment property and need to find a renter, work with a Realtor who can complete a background check for you. Know who is renting your property. We who live and work in Jupiter will applaud your efforts to keep our community safe. Protect yourself financially by always collecting a security deposit and last month’s rent from your tenants.

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What’s Broken Now?

As you may recall from one of our earlier postings, Susanne and the kids call me Mr. Fix It. It’s not that I need a name change as mine works quit well as it is. The fact is that I have had the good fortune while growing up of gaining some basic knowledge of the trades. I have had many jobs during and after high school and many of them were “hands on” type of positions where I had to use tools. I also rode a Harley (72 FLH) for about 10 years and tour that apart more than once in an effort to make it run and look better. Because of all this great “unqualified training” I get called upon to fix what breaks.

We still have family in Boston that we visit on a regular basis. One of the first things I do is stop by to see my mom (out of habit and necessity). Every visit I walk in the door and ask, “What’s broken now?” You see, my mom has a tendency to let things that break or that need mending to pile up until I get there. I’m sure those of you that are “handy” can relate.

When I flew back in from Boston last week, Susanne told me that I had to get my tools for some work she had planned for me. Hummm…Whats broken now? It seems that in the two days while I was away, our 20 month old daughter, Jacqueline, climbed out of her crib at 11:00pm the night earlier. That’s right…BOOM! Another infant proving Newton’s Laws of Gravity. Miss Jacqueline has lost her crib and gained a new bed compliments of Mr. Fix It. Now when she decides to take a fall in the middle of the night, it will only be about a foot down.

The average person can do most small home repairs. Renters and owners can take care of regular maintenance tasks such as changing your air filter monthly. As we Floridians know, if you don’t change your air condition filter regularly you are going to wake up one day with a hot house and possibly a frozen system. I will tackle just about any job but will usually ask someone for advise before I try fixing something I have never encountered before. Believe it or not, one of the best places where I find good advise is at the local Home Depot, Lowes or Ace Hardware stores. These stores typically hire people from the trades and often have them working in those departments. I often call the manufacture of a product and speak to the customer service people for help.

Don’t forget to check the internet. I’ve gone to manufactures websites to order “dealer only”products because the products were not available anywhere else. Most of the large hardware stores carry generic parts and sometimes they work and sometimes they don’t. So, always keep your receipts!

Below are a number of sites that are available to go to that may help you when you have small home repairs. Remember to ask a friend for referrals of contractors that they have used and are happy with. Always hire contractors for the bigger jobs and make sure that they are registered and licensed.

Here are some things to keep in mind:

• Do your homework. Check with the Better Business Bureau to see that the contractor you hire is credible.
• Always ask contractors you interview for references and always check those references.
• Never pay the entire bill upfront for services. Always keep some of the money (1/2 – 1/3) until the job is complete to your satisfaction.
• Stay ahead of regular maintenance tasks such as the air conditioning filters.
• If your new to the area and don’t know qualified contractors, ask a Realtor. Realtors are constantly in touch with qualified and proven contractors that they would gladly recommend.

Home Repair Websites:

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