by Dave McVay
WOW!! What a year to build character. I do know, however, that people in the real estate industry tend to be exceptional. There are a few rules in this type of market that can help us, our family and dear friends. Here are a few guidelines I have picked up in over 40 years in this industry:
- When things are tough and we feel the need to “warm our hearts”, we go buy something, “You deserve it.” Because of our current economy, we tend to buy with a credit card. DON’T DO IT! If you have cash, go for it!!
- If your monthly income isn’t adequate, either lower your monthly expenses, work twice as hard or both. (I’m doing both).
- Most difficult for me is lowering my lifestyle. I pay off my credit cards monthly which saves approximately 8-10% of my income. Also, dealing with all of the real estate loans I am personally obligated & feel a moral obligation to pay monthly as long as I have the income.
Most of you have seriously considered modification, short selling your property or allowing the lender their right to foreclose. (I lost 2 properties in the 80’s to foreclosure). There were long lasting, unexpected consequences; therefore, this should be the last resort.
In my search to lower my monthly outgo I ran into a short-sale company that is local, helpful and most importantly does not want any of the commission. They collect a small amount from the “debtor” (the seller) and may collect from the lender. The short-sale company does all the work and takes on the legal liability at no cost to you!
The name of the company is:
SHORT-SALE CLOSING EXPERTS, LLC
11811 N. Tatum Blvd., Suite 3031
Phoenix, AZ 85028
www.sscellc.com
Call today for information and speak with a transaction coordinator AT NO COST, 602-953-7744!
Your friend,
Dave
Posted on July 6th, 2010 in Mortgage Facts, Real Estate | No Comments »
by Dave McVay
Hi friends,
It sure is hard to predict the real estate market. I have mixed emotions with regard to government involvement; however, if the Feds allowed the market to seek its own level, I believe that in the long run the market would be better off.
The baby boomers are coming!!!! With the incredibly cold winter in the midwest and east coupled with hurricanes, tornados and oil seeping onto their shores, we will start experiencing a plethora of new retirees…meaning, our over abundance of houses for sale is coming to an end…good news!
Your friend,
Dave
Posted on May 17th, 2010 in Miscellaneous, Real Estate | No Comments »
by Dave McVay
So are we going to call this year two thousand ten, or twenty-ten? I think I prefer twenty-ten. Most of us in 2009 worked harder for less money. It seemed like everyone spent the least they could spend and simply “hunkered down for the winter”. Twenty-ten brings optimism, hope and cheer. In Arizona, the real estate industry will come back sooner than most predict. Let me explain…..the baby boomers are starting to retire; however, they have not started their retirement, sold their home in the Midwest or East. Why? Retirees do not have the pensions companies afforded them previously. The 401k, which retirees have to depend on, took a huge hit and now many are concerned with the stability of the stock market. Equally perplexing is the fact that retirees are finding it difficult to sell their home for the price they had planned and move to the desert southwest.
I HAVE THE ANSWER! (By the way, baby boomers are very smart). Sell your home in Ohio for 1/3 less than you thought it was worth and buy a home in Arizona for 1/3 less than the value – now it’s even. Your 401k will be fine. In Arizona, you will not freeze to death or your utilities be wildly expensive. Enjoy the greatest state in the Union for weather, beauty and way of life.
When the above occurs, home inventory will go way down, commercial buildings will begin to lease and the real estate industry will be back.
What can you do? Contact all of your friends and relatives that live elsewhere and enthusiastically “pitch” our state to them. One other thing, try not to stigmatize our industry to others….there has never been a better time to buy real estate in Arizona….CHEAP PRICES, LOW INTEREST RATES.
Your Buddy & Friend,
Dave
Posted on February 5th, 2010 in Real Estate | No Comments »
by Dave McVay
This is going to be a short one! I’m busy working on modifying all of my real estate loans. In the seminars, I have heard so many negatives regarding modification of loans. If you and/or your clients were turned down on a modification, let’s say last month—do it again! The banks and the lenders are changing their guidelines on a daily basis. It is worth your effort and your client’s efforts if you study the alternative.
First of all, your property’s value has probably been decreased by about 1/3. Secondly, most of your savings has lost value. Your choices are: continue paying your monthly payments on a “dead horse”, short sale the property and lower your credit rating, allow the lender to foreclose and devastate your credit rating, or finally, pester the lender until they allow you to modify the loan.
Also, on a positive note, I have been in the real estate industry for 41 years and have never experienced a more opportune time to buy real estate. Interest rates are at an all time low and property values are close to a 10-yr. low (perfect storm)! What is our excuse for not buying real estate today? No money to purchase? No stomach for possible loss? All of us are sales people – contact your friends, relatives, neighbors and anyone else you can get a hold of to partner with you on the most fantastic time ever to buy real estate.
You know the market… make sure you don’t pay more than 80% of today’s value and stay away from “fix-ups”!
Let’s go out and take advantage of the greatest market you and I will ever see! (If we don’t, we will be kicking ourselves 5 years from now)!
Your friend,
Dave
Posted on August 10th, 2009 in Real Estate | No Comments »
