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TBREIA Credits
Exchange your
TBREIA- Credits
for a seminar
or Membership renewal
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Tampa Bay Real
Estate Investors Association TBREIA.COM,
Over 800 Members Strong …
TBREIA Announcements
Dear Members, Volunteers, Sponsors, Vendors and Guests,
Because we would like to accommodate as many people as possible, therefore TBREIA’s General Meeting starts at 6:30 pm.
We are looking for real estate related articles !! Those will be linked to your web site and passed out at our 14 TBREIA meetings.
Vendors, advertise your services !! Excellent benefits to join TBREIA!
Read more by going to: www.TBREIA.com
Our Saturday workshops have been a great success 80% teaching at the very minimum and all that for only $35 ! Bring a non-TBREIA member for FREE !
Upcoming Speakers:
April 28th,Saturday, Full-day seminar with Dan Stojadinovic: Internet Marketing,
May 5th,Saturday, Full-day with Scott Britton: Take advantage of Short Sales !
June 7th, General TBREIA meeting: Jack Shea – Real Estate Options
June 9th, Saturday, Full-day with Bill Gatten: Buying RealE. Without using your own cash or Credit
Maralogix.com skip tracing. We have worked out a deal for TBREIA members for skip tracing for less than $.50 a trace !! So if you are investing in foreclosures, abandoned properties and can’t find the seller, check out the Maralogix offer on www.TBREIA.com.
Webinars on TBREIA.com check out Wendy Patton, Dwan Twyford and many other speakers on our webinar page. You can download them to your computer or just sit back & listen when you have time.
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An example of a deal with no equity
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An example of a deal with no equity
by Bill Gaten |
Bill Gatten has taught thousands of people around the country - the secrets of financial freedom through real estate. He will be speaking on June 9th at Tampa Bay REIA’s all day Saturday workshop on the subject of Buying and Selling Real Estate Using none of your own cash or credit.
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An example of a deal with no equity
by Bill Gatten
March 13, 2000:
Received a call from my “I Buy Houses, Full Price, All Cash or Terms” sign. The caller, Mr. Brown, has house worth $150,000 with a $154,000 loan on it. He says he’s seeking someone to take over his payments. I asked how much work needed to be done. He says maybe $10,000. I said I'd get some comps and call him in a day or so.
March 15:
Comp value is maybe $155K after fix-up (definitely no equity). I called and arranged to meet with Brown to see the place (nice: broken windows, rats, sagging porch cover, dry rot and a yard full of trash). I commented that I could see why he was in a pickle with that one. He agreed. I told him I’d take it if he could pay me $2,500. He agreed. I kicked myself for not asking for more.
It appears that repairs (with good, but cheap, labor) could run $5,000. By keeping the loan in place, I can do OK. I should be able to get $8,000-$10,000 up front from a marginal credit tenant/buyer on a 50:50 land trust equity share. I can advertise it at $165,000 (creating “bumped equity”) and perhaps be able to start out at break-even with nothing ventured and with a couple thousand ending up in my wallet.
I got a 15-Day Purchase Option (‘tried for 30, but Brown was gun shy). Upon presenting him with the (Non-Exclusive) Option with a $10.00 bill stapled to it, I explained that the ten bucks was just “legal consideration (‘stops them from asking for an option fee). I also gave him an unsigned Purchase Offer to ponder.
March 16:
Recorded my Memorandum of Option at the courthouse and went to the newspaper office to run my ad:
NO BANK QUAL, NO DOWN,
NO CRED. APP. 3 Pmts & Clos
Costs Moves you in. $165K 3+2,
$987/mo+tx & ins. Needs TLC.
March 18:
For a couple crisp hundies, my friend and handyman, “Bob,” put a coat of gray paint on the front of the house, and framed all the window and door openings with bright white 1 x 6 panels: just the front, not the sides or back. Bob then took the trash from the front yard…and threw it into the back yard. Next, he mowed the front yard weeds, re-sealed the driveway and planted some flowering shrubs across the front of the house.
I’m now out about six hundred dollars and the house looks “cute”…from the street (“curb appeal”). We’re starting work on the rest of it in hopes that someone might just drop by and offer to finish it for a reduction in price before we get too far.
March 19:
Bob removed the doors from the kitchen cabinets. No real work, just creating the illusion of “work in process.”
[Note: I’ve spent about $600 so far and still haven’t exercised the Option].
March 21:
The ad hit today and the phone is ringing. I repeat the same mantra with every caller:
“Yes, I have this little place on Fig Street, and if you can afford about ten thousand to get in, and the $1,100 payment, I’ll just GIVE it to you. (Pause) The only thing I want is for you to put it in your own name, or sell in a few years, and if there’s been any appreciation we can just split it.”
I tell each caller that the house is under repair.
March 23:
A caller from yesterday called to ask if we could meet. He asked when I might be finished with the work…I said maybe in two months. I suggested that if he’d like to finish the work himself, I’d knock $5,000 off the price, and reduce the up-front requirement by $2,500.
I completed a Purchase Offer from resident to me and had him accompany it with $3,750.
Could not reach seller to exercise Option.
March 24:
Met with the Browns today and exercised my Option.
March 25:
Drew up the “Joe and Sue Brown Land Trust” and had them sign it (as its only beneficiaries), appointing PAC Holdings, Inc. as their corporate trustees.
March 26:
The Browns executed an Assignment of Beneficiary interest to my resident beneficiary and me. Respective percentages of interest are: 50% to my resident beneficiary; 40% to me; 10% remaining with the Browns to be forfeited to me at termination (I need them to hold the 10% in order to avoid property tax reassessment, transfer taxation, hazard insurance problems and the lender’s due-on-sale clause).
April 3rd:
Resident beneficiary brought the rest of his money in today and signed all documents.
April 4th:
Trust deed recorded; a triple-net lease is executed and all original documents forwarded to the trustee, collections and disbursements assigned to PAC Management. Keys given to resident beneficiary.
April 7th:
Check received from Escrow — $3,500.
2003:
After three years, the resident refinanced at a value of $250,000 less his $50,000 share in profits; the equity I had carried ($5,000) was returned to me; the resident received a refund of its non-recurring up front costs ($3,900 of the $6,500). All remaining proceeds were divided between us.
Moral:
$65,000 made on an over-encumbered Junker that no one else wanted.
The ticket price for Bill Gatten’s June 9th Saturday workshop is only $35!
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Buying and Selling Real Estate Using none
of your own cash or credit
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TBREIA’s Saturday Workshop: |
Buying and Selling Real Estate Using none of your own cash or credit.
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For those of you who are going to attend the
Tampa Bay REIA’s Workshop with Bill Gatten
in Saint Pete Beach - Saturday June 9th
Tampa Bay REIA has 2 Bonuses (Free) for YOU !!!
Price: $35 for members and $70 for non-members
$109 combo: Membership + Workshop for 1 person
$120 combo: Membership + Workshop for 2 people
Every attendee will receive:
Bonus 1: Bring a non-member guest for free (limited time offer)
Please pre register your friend, we have only 90 seats.
To register for the TBREIA workshop,
go to www.TBREIA.com or email: Support@TBREIA.com
Bonus 2: Members, You will receive 15 - TBREIA member credits,
those work similar to frequent flyer miles, you can trade them in for
seminars, renewals or to sponsor one of your family members or friends. |
Payment options: CHECK OR CREDIT/DEBIT CARD!
Name(s) _________________________________ Phone _______________________
Address ______________________________________________________________
City __________________________________ State _______ Zip ________________
E-mail ________________________________________________________________
Credit Card number ____________________________ Exp. Date: ________________
Today’s Date:__________________________________________________________
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Greetings from deep in the heart
of the Avacado Jungle!!!
GREETINGS FROM DEEP IN THE HEART OF THE AVACADO JUNGLE!!!
By Jim Kirst
I hope that everyone has had a fantastic week and are looking forward to a fun and relaxing weekend. Today, while I was on my morning walk with my dog Cuervo, I was reminded that the seasons are changing and the winter doldrums are coming to an end. I don't know how many of you experience Florida's native wildlife, as we do here in the Jungle, but spring is a special time when you live on a large body of water. As I alluded to in past emails in a rather "tongue in cheek" manner, you have to "be careful of what lurks beneath the surface". This morning I was reminded why I use that saying and hold it to be true.
For months the surface of the lake has been docile and rather boring. Today, the reason why Cuervo is not allowed to swim in the lake was made perfectly clear. Not one, but four, large alligators were positioning themselves right in front of us as we walked along the shore. From two feet out to probably 100 yards away the "Allers", as my 3 year old grandson calls them, were lined up and doing what I call the "power dance". It's kind of like one-upmanship for the reptile world. As the waters warm and spring arrives the mating season for these prehistoric predators begins. Soon the low frequency bellowing will fill the morning and nighttime air as "baby gator" time nears. Also, this is the time when the "allers" move about from water hole to water hole looking for their own territory and a place to call home. Keep an eye on the papers for those gators found in backyards and swimming pools.
Why do I mention this? Because, as in the animal kingdom, the spring and early summer months are the times when things heat up and activity increases. In the real estate world people start to shake off the cold of winter begin looking for that "place in the sun" to relocate to and sales of houses pick up. All those poor souls who survived the ten-foot snowfalls of the Northeast are now thawing out and vowing to never go through it again! I know, I grew up near Buffalo. Plus, soon the school year will be over and "not moving so Johnny or Susie can finish out the year with their friends" will no longer be relevant. I have noticed an increase in activity. Have you?
Yes, we are not in the best of times as far as financing, taxes, and insurance are concerned. But this is just a piece of a much larger cycle and there is always a way to optimize you opportunities. Education and current information is crucial. You can listen to the sensationalism of the media and buy into the "Decline of the Roman Empire" or you can gather your information from a variety of sources and make educated decisions.
It is common knowledge that many of the sub prime lenders and mortgage brokerage companies have gone under recently. What you may not know is that there are still many other companies originating these loans and competing for that market share. How do I know? My daughter is working for one of the largest and she is writing sub-prime loans on a regular basis. The criteria for applications have tightened a little but they will still write a loan for a credit score of 500. The loan originators still have quotas to fill and they ARE actively soliciting for loans. Their outlook is optimistic!
One of the best sources for relevant information is obtained by joining and regularly attending the Real Estate Investor groups. TBREIA, of course is foremost in this field (in my humble opinion) with it's many subgroups and value intensive training sessions but there are many others too. The most important aspect of belonging to any group is ACTIVELY attending and optimizing you time and exposure to the knowledge and experience that exists through these venues. If you don't network and ask "stupid" questions (there is no such thing) you had better start. The people who do will be the true success stories of the future.
Taxes and insurance increases have really put a hurting on us too. Hopefully, as we make our way through that political quagmire, rates will be brought down (we can all help that process by speaking up in the public hearings). But even if they don't, as time passes, these costs will be absorbed into the basis of the market and adjustments in the buying populace will compensate for them. The flow of people into Florida will not stop any time soon. I have been in discussions with some professional market analysis people recently who view the Tampa Bay area as one of the most potential in the nation for growth in the next few years. These were not Real Estate Investors but business people looking to establish a large profit source. Network, network, network!
So, do your homework, study the market, and go out make good things happen. If you sit back and wait you may just get left at the station!
Jim Kirst
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As we say here in the Avacado Jungle…You may be born a lion cub but if you want to become the King of the Beasts you have to listen, learn, and bravely try things that you have never done before, or you could just get eaten alive!!”
Please visit us every Monday night in Brandon for our weekly subgroup meeting. 7:00PM at the Village in on Brandon Blvd. Or visit the Avacado Jungle web site www.avacadojungle.com and sign up as a buyer or seller and become one of our heard!!!
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SMI Financial Services, Corp, or Super Mortgage is located in the Tampa-Clearwater-St.Petersburg area in Florida. We cater to buyers from all over the country moving to Florida or investing in the Florida real estate market, as well as people already living, working and playing in Florida.
I have been in the mortgage industry for the past 8 years. My experience and training in all facets of the mortgage industry will provide you with informed, professional advice working to make sure your goals are met in every transaction. As a loan originator at SMI Financial Services Corp, I have access to hundreds of lenders, hundreds of programs, and a solid processing staff.
Through my commitment, experience, and expertise I establish a business relationship with my customers that will last a lifetime!
Call Bobbie Floerchinger at (727) 235 - 3181 today!
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What Determines My Interest Rate?
What Determines My Interest Rate ?
by Mark Wilson
Your credit score is only a PIECE of the puzzle, when lenders look at the interest rate they charge you on your loan and whether they will even GIVE you a loan on a residential property.
More important than even your credit score is whether the property will be owner occupied or rental. Many of the programs touted by lenders are available only to owner occupants.
Your FICO credit score is 35% determined on your specific payment history; 30% determined by your current level of indebtedness; 15% determined by the time your open credit lines have been in use (10 year accounts are good); 15% determined by the types of credit you have (mortgage loans are better than credit cards) and, finally 5% is determined by the number of recent inquiries that have been made on your credit. Your credit report must contain at least one account which has been open for six months or more, and at least one account that has been updated in the past six months for you to get a FICO score.
Look at the table below. EACH of the factors listed, will determine what lender your mortgage broker can use, and what your program and rate will be.
You should also make sure that EACH of the subjects (such as pre-payment penalties, and escrows) are discussed with your mortgage broker so that you get what you want, instead of what’s easiest for the broker to get for you.
(in rough order of importance)
| Many Lenders |
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Fewer Lenders |
| With Good Rates |
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-and/or Higher Rates |
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| Owner Occupied |
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Investment |
| 740 Credit Score |
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500 Credit Score |
| 80% Loan to Value |
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106% Loan to Value |
| 2 Year ARM |
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30 Year Fixed |
| 12 Months Title Seasoning |
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Next Day Sale |
| W-2 Income- |
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Stated Income |
| U.S. Citizen |
Legal Alien |
Foreign National |
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| 2 Years on Same Job |
Self Employed |
Unemployed |
| Single Family Residence |
Condo |
Mobile Home |
| 2 Years Verifiable Rent or Mortgage |
Private VOR |
No VOR |
| Purchase or Refinance for Same Loan Amount |
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Cash Out Refinance |
| Amortizing Loan |
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Interest Only |
| 6 Months PITI + Down Payment With 60 Days Seasoning
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No Assets |
| 5 Years Hard Pre-pay Penalty |
Soft Pre-pay- |
No Pre-pay |
| Escrowed Taxes & Insurance- |
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Escrows Waived |
$$$ ATTENTION INVESTORS!!! $$$
BRAND NEW 3/2 CONCRETE BLOCK HOMES FROM THE $140’S
LAND
WE BUY LAND, SELL WHOLESALE LOTS, OR WE CAN BUILD
FOR YOU ON OUR LOT OR YOURS
BRAND NEW HOMES AND LAND AVAILABLE IN HILLSBOROUGH,
PINELLAS, PASCO, & POLK COUNTIES.
ASK ABOUT MULTI - PROPERTY PURCHASE DISCOUNTS!
DON’T WAIT, NOW IS THE TIME TO BUY!
Call today for a complete list of available properties!
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Some listed Benefits of
beeing a TBREIA Member:
Over 800 Members strong and growing!
| Benefits |
Member: |
Not a Member: |
You will have access to our Website to post your
House(s) for sale! |
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You may post your house(s) for
sale w./ limited access |
Receive Notification on House(s) available |
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You receive NO Notification |
Distribute your House For Sale-flyer at every
monthly meeting |
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You may NOT Distribute
any flyers |
Receive TBREIA's Newsletter |
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You do NOT
Receive TBREIA s Newsletter |
Access the latest Wholesale deals |
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You have NO access
to the Latest deals |
Attend every monthly meeting for free |
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You pay $10.00 |
Attend the monthly Workshop s for ½ of the regl.
Price. |
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N/A |
Major discount to subscribe to Foreclosure Daily.Call for details.
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N/A |
Utilize TBREIA Yahoo Discussion Board – Tremendous low price to join The Landlording 101 Academy (Realtors and Brokers earn College credits by attending any of those courses).
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N/A |
Access, utilize the TBREIA Discussion board |
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N/A |
List your Business for FREE |
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Only members may list! |
List your Properties & View listings |
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Only members can view! |
| Enjoy the access to our discounted Web-Book
store |
 |
N/A |
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You may display TBREIA’s membership shield, which you can use on your web sites to identify yourselves as a member of Tampa Bay REIA and receive instant recognition. The image is available in all standard graphic formats so web masters can blend it into your web site. This may be used in conjunction with the affiliate program if you link the shield with your affiliate ID. If you are not an affiliate yet, you can fill out an application online at:
http://www.tbreia.com/default/affiliates.asp
In addition it can be used in all marketing materials such as business cards, flyers, emails, magnetic signs etc.. For more information, please email us at Support@TBREIA.com |
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Sign Up Options
Sign-up
Options For
the month
of: May/June
(All ticket sales are final. Prices
are subject
to increase
without any
notice!) |
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and
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now and
bring a
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for
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understand that I
need to have the
equal Dollar amount
in Credits available
to me. |
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would like to attend
the seminar and bring a non member
guest for FREE. |
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Save
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AND 2 seminar tickets |
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Become part of the
largest growing REIA! Over
850 Members ! We offer
great things to our
Members!
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Membership
renewal: |
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*Join us at our monthly
general meeting in Clearwater,
members enter for FREE |
I
would like to renew my
annual Membership with
TBREIA now
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*Affordable/ excellent monthly
Workshop / Seminars in
St Pete Beach (Trade
Winds, Beach Resort) |
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Visit TBREIA s Subgroup
meetings in:
North-Tampa, Brandon & Mid
Pinellas |
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understand that I need
to have the equal Dollar
amount in Credits
available to me.
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send an email to:
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(Prices
are subject to increase without any
notice!)
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Payment options: CHECK OR CREDIT/DEBIT CARD!
Name(s) _________________________________________ Phone _______________________
Address ______________________________________________________________________
City __________________________________________ State _______ Zip ________________
E-mail ________________________________________________________________________
Credit Card number ____________________________________ Exp. Date: ________________
Today’s Date:___________________________________________________________________
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IRSFL Foreclosure and Bankruptcy data
available to Tampa Bay REIA’s members for less.
A lot less !!! Thank you IRSFL !!!!!
Regular price for one year / one county is “normally” $800,-
TBREIA member’s pay ONLY $599,-
Sign me up to receive the foreclosure and bankruptcy data for one Year:
One Year |
County |
I choose |
$599,- |
Pinellas |
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$599,- |
Pasco |
|
$599,- |
Hernando |
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$599,- |
Hillsborough |
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Take off an additional 25% if you order More Than One County.
Regular price for six month / one county is “normally” $450,-
TBREIA member’s pay ONLY $337,-
Sign me up to receive the Foreclosure and Bankruptcy data for six month:
Six months |
County |
I choose |
$337,- |
Pinellas |
|
$337,- |
Pasco |
|
$337,- |
Hernando |
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$337,- |
Hillsborough |
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Take off an additional 25% if you order More Than One County.
Payment options: CHECK OR CREDIT/DEBIT CARD!
Name as it appears on CC ______________________________________________________________
Credit Card billing Address ______________________________________________________________
E-mail ________________________________________ Phone #: ______________________________
City _____________________________________ State ____________ Zip _______________________
Credit Card number ___________________________________________________________________
C.C.-Expiration Date ______________________ Type of Card:__________________________________
Or Check # __________________ Amount to bill: $ ___________________ Today’s Date: ____________
___________________________________________________________________________________
Your signature
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The Driving Force Behind Commercial
Real Estate Value - Past, Present, Future
Like any other operating business, commercial real estate value is determined by:
- Current yield
- The quality of the current yield
- The outlook for future yield
While many people believe jobs create commercial real estate value, jobs are in fact the driving force that sets the foundation for creating commercial real estate value. Many people believe that real estate’s benchmark tools such as capitalization rates, gross rent multipliers, etc., determine the values for commercial real estate. The benchmark tools of real estate are used to validate value. Validating value when buying real estate is quite different from what creates commercial real estate value.
Throughout the years, many fashions and vogues have driven the yields that affected commercial real estate value. Buyers who understand what creates commercial real estate value will have a better understanding of how to use their tools than those who don’t. They will also have a better understanding of the strengths, weaknesses, and direction of real estate prices. Since 1975, commercial real estate yields and thus property values have been driven by four different factors in four different eras.
From 1975 to 1980 the driving force was increasing rents.
From 1981 to 1985 it was tax benefits.
From 1986 to 1990 it was refinancing.
From 1991 to 1994 it was REITs.
The driving force behind commercial real estate values: 1975-1980
The 1975-1980 commercial real estate era saw a favorable economy combined with a positive supply/demand relationship for commercial real estate. The environment for commercial real estate was represented by high occupancy levels and regularly increasing rents. Sharply increasing home prices set a strong pace for further increases in apartment rents. The economy’s expansion increased the need for office space, which resulted in high occupancy levels and increasing rents. Retail space became the beneficiary of low unemployment, high consumer confidence, the introduction of credit cards, and a new concept for shopping: regional malls.
The driving force behind commercial real estate values: 1981-1985
The 1981-1985 commercial real estate era saw a completely different combination of factors. The country experienced the largest amount of construction in its history. Record numbers of apartments, offices, and retail space were built. Real estate was placed on the market, resulting in high levels of vacancy and the introduction of concessions, which, when factored in, meant rents were in a broad decline and were not a catalyst driving real estate prices.
Interest rates were at very high levels, and mortgages were not economically viable. In fact, most mortgages were being written with a negative spread, making interest rates higher than the yields from the real estate. Real estate was being bought with negative cash flow.
The driving force behind commercial real estate prices: 1986-1990
In October 1986, the Tax Reform Act was passed and thus ended tax deductions against ordinary income – the cottage industry of tax experts, developers, and inflated real estate values that were driven by tax benefits. Consequently, many owners were left with vacant real estate, too much debt service, negative cash flow, balloon payments, and increasing environmental costs, leaving them with two options: refinance with lower debt service or go into foreclosure. Although this was a period of weak real estate prices, lower debt service and low construction activity started to stabilize yields. Real estate prices that stabilized or increased during this period did so because of lower debt service. Refinancing was the driving force behind commercial real estate prices during this era.
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The driving behind commercial real estate values: 1991-1994
The 1991-1994 commercial real estate era witnessed a mixed bag. Construction continued to remain at low levels, bringing about a better supply/demand relationship. The benefits of less construction were somewhat offset by corporate downsizing. Excessive debt added during the 1980s started the downsizing activity, and then it became a staple of management technique.
Real estate was affected by a new factor during this period: technology. Technology contributed toward further reduction of employment. Everyone was affected, including blue-collar, white-collar, and management personnel. The result was less need for office space.
The driving force behind commercial real estate values: 1995 and beyond
It is unlikely any of these factors will be the driving force for 1995 and beyond. Currently, rental increases are not sufficient to be the driving force. Considering the federal deficit, tax benefits will not be a factor. Refinancing commercial real estate is now much more difficult with lenders using more prudent due diligence and wanting high debt-to-equity relationships. REITs have appreciated at a much faster rate than their yields and are not the dramatic buys they once were.
This is a good time for commercial real estate. Although cycles (ups and downs) will continue and some investors (the greedy and naive) will loose money, the emphasis is on commercial real estate’s core intrinsic values. (1) Current yield. (2) The quality of current yield. (3) The outlook for future yield.
Learning the Art of Commercial Real Estate investment is not brain surgery by any stretch. It is not high-tech and you do not need years of training to be successful. But, you do need some amount of preparation and education and here are my suggestions:
1. Read as many books on the subject as you can...Attaining knowledge in this field is endless. Read books that will bring you from Zero to Hero in the industry. A great book I have found is Commercial Real Estate Investing – 12 Easy Steps to getting Started by Jack Cummings.
2. Decide on a game plan. How much capital do you have to invest with? Remember that there is a risk-reward quotient to real estate investing and you need to ask yourself how much money you are willing to lose if all does not go accordi | | | | |
