Real Estate Investing and Marketing

Here are the top 20 hottest real estate investment markets according to FinestExpert.com

1. Dallas-Fort Worth-Arlington,TX: 4,206 discounted properties, 773 cashflow positive
2. Houston, TX: 5,563 discounted properties, 1,500+ cashflow positive
3. Tulsa, OK: 905 discounted properties, 211 cashflow positive
4. San Antonio, TX: 3,547 discounted properties, 496 cashflow positive
5. Salt Lake City, UT: 1,137 discounted properties, 22 cashflow positive
6. Phoenix, AZ: 8,426 discounted properties, 2,000+ cashflow positive

7. Indianapolis-Carmel, IN: 1,257 discounted properties, 299 cashflow positive
8. Denver-Aurora, CO: 6,449 discounted properties, 562 cashflow positive
9. Oklahoma City, OK: 1,085 discounted properties, 212 cashflow positive
10. Charlotte-Gastonia-Concord, NC-SC: 3,348 discounted properties, 296 cashflow positive

This second list is composed of smaller areas worthy of consideration to more regional investors. In such cases, the strength lies more in the market as a whole than in available deals.

1. Ames, IA
2. Des Moines, IA
3. Southaven, MS
4. Killeen, TX
5. New Orleans, LA
6. Madison, WI
7. Midland, TX
8. Maricopa, AZ
9. Little Rock, AR
10. Nashville-Murfreesboro-Franklin, TN

Sources:
1 – Employment from US Dept Labor – Bureau of Labor Statistics – bls.gov/news.release/metro.t01.htm
2 – Rents organically collected nationwide by FinestExpert.com
3 – Growth – Population from US Census Bureau at census.gov/popest/cities/cities.html
Building Permits from US Census Bureau at census.gov/const/C40/Table3/t3yu200911.txt
4 – Foreclosures from RealtyTrac via marketwire.com/press-release/Realtytrac-1066597.html
5 – FE-Score from FinestExpert.com

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EFFECTIVE TODAY :  Thursday,  April 22, 2010.

This law affects all  property built  before 1978 regarding lead.  (36% of houses in USA )

If you are not in compliance with this new law and are in the midst of a renovation, by law you  are supposed to stop work until you can be in compliance.  The fine for non-compliance is  $32,000 so you might want to get up to speed on this if you aren’t already.  Six states have passed their own laws on this  matter.  Kansas is one of them.

As of 4-22 nationwide, if  you disturb more than  a 6 sq’ area of dry wall/room in a home built before  1978, there must be a government certified RRP  (Renovation, Repair and Painting ) person present  at the job to teach the workers how to do the work in accordance with the new law.

Inside and lead is found to be present,

• All workers must wear complete Tyvek type suits and EPA approved respirators with P100 filters;

• Must collect all dust and dispose of according to the new law

• Must recapture any water used to wash a wall, wipe up the last of tiny bit of the dust, etc. and filter it through a specific filtering system and the water then disposed of in the toilet.

Outside if lead is present;

If winds is more than 25 mph, all work must stop…
Unless;

• Place a plastic barrier all around the building 10 ‘ out from the walls.
• Place orange cones around the perimeter of the plastic with yellow police type tape all around
• Place Rope 20′ out  from the plastic to keep people out and
• Place signs all over the outside saying you are working with lead based paint.
• If you pressure wash the house the water must be recaptured, filtered in accordance with the  new law and the water disposed of down the toilet.
• Filtrate must be disposed of in accordance with the new law… it is not be disposed of at the local dump.

WHAT DOES THIS MEAN TO YOU TO BE IN COMPLIANCE? Read more…

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CREOBA sponsored and exhibited at the Real Estate 2010 conference produced by Real Estate Forum and GlobeSt.com this month.

Let’s get to the good news first.   Wells Fargo, which acquired Wachovia, is on track to start releasing Commercial REO properties in the next two months. They say they won’t fire sale the assets and they will have a steady flow of assets for the next 3 to 5 years.

Taylor Grant, the founding principal of California Real Estate Receiverships, said that the receivership business is booming. You should get to know some receivers. You can find them on the receiver.org website. In case you are not familiar with receivers, when banks have a problem property, like a hotel that is not making their mortgage payments, if they foreclose, they would have to run the hotel and have liability for its operation. They prefer to have a judge appoint a receiver. Many receivers also perform property management services. Triguild, located in San Diego, is one of the larger receiver companies. Receivers normally have the authority to liquidate the asset and can choose the listing agent.

There was lots of buzz about the last FDIC auction.   Colony Capital was the winning bidder at .44 on the dollar, which was about $180 Million for a 40% interest of the 1 billion dollar portfolio. This would value the portfolio at $448 Million. Since the FDIC provided 60% financing, Colony Capital only had to come up with about $90 million in cash. Read more…

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   How to make additional income with your research. Found Money in Tax County Overages.

  Click on the below link to open up the video in a new browzer.

    Hooked On Overages Webinar Replay

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The following information is extremely important!    HUD Issues Problematic Rules Interpreting SAFE Mortgage Licensing ACT

HUD has proposed to eliminate ALL seller financing unless the seller lives in the home or becomes a licensed mortgage originator.  The proposed HUD Rules interpreting the federal SAFE mortgage act can be viewed at

http://www.regulations.gov/search/Regs/home.html#home

Use the search parameter “HUD” and the keyword “safe”. Please review and comment regarding the impact of this broad interpretation of the law.

“In addition to establishing HUD’s responsibilities under the SAFE Act, through this rule, HUD proposes to clarify or interpret certain statutory provisions that pertain to the scope of the SAFE Act licensing requirements, and other requirements that pertain to the implementation, oversight, and enforcement responsibilities of the States. HUD solicits comment on the proposed clarifications and on the regulations proposed to be codified.”

History:

As you may recall, we lobbied hard last year to maintain the right for individuals to make up to five seller financed transactions per year before being subject to mortgage originator licensing, etc… However, that law was passed subject to the Department of Housing and Urban Development’s (HUD) approval of the law as “compliant” with the intention of the federal law. If any state does not have a compliant law, the SAFE act allows HUD to implement licensing for the state. HUD has since issued proposed rules.

In a nutshell, seller financing would no longer be allowed for non-owner occupied homes.

How YOU can help:

We learned about the publishing of the rules very late in the process… and the deadline for comment is upon us on February 16. However, we desperately need for thousands of REIA members across the country to go on record with HUD on this issue. We will be working to try to affect this law in other legislative ways, but cannot hope to gain traction unless our members have clearly communicated that they are opposed to this portion of the rules. Read more…

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Here is a direct link to the PDF file from HUD:

http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

2010 sure is off to an interesting start!

The FHA recently rescinded its 90 anti-flipping rule for a year. This will allow FHA buyers to purchase properties that have recently been purchased by investors, helping with title seasoning requirements.

As with anything, there are restrictions to this which should be understood – the document is the authoritative source. Here is a paraphrased list of some of the important limitations:

Effective 2/1/2010 Read more…