Hello All:
Have you ever encountered a homeowner that is in pre-foreclosure and there is no way you can help them because of the numbers? Of course, we all have and as ethicial real estate investors we want to help people even if there is not a pay day in it for us.
So, that being said, I have used this non-profit organization that will help the homeowner, FREE of charge, obtain a loan modification. This organization is Springboard, which is endorsed by the Attorney General of the State of Massachusetts, Martha Coakley. They can be reached at 951-781-0114. They also provide credit counseling for FREE, which will provide a certificate, if an individual needs to file bankruptcy! Since the bankruptcy laws changed in 2005, you must have a counseling certificate before you can file a bankruptcy petition.
Until next time - be well.
James Gage
Showing posts with label Probate. Show all posts
Showing posts with label Probate. Show all posts
Wednesday, July 29, 2009
Monday, July 20, 2009
Real Estate Investing : Without Recourse
Hello All:
There has been a lot of misinformation circulating through the real estate investing community about liability issues concerning assignments of contracts.
My attorney had me add these two simple words about 5 years ago, they are “without recourse”, meaning, if the party I assign the contract to defaults there can be no recourse against me.
Be well.
James Gage
www.JGage.com
There has been a lot of misinformation circulating through the real estate investing community about liability issues concerning assignments of contracts.
My attorney had me add these two simple words about 5 years ago, they are “without recourse”, meaning, if the party I assign the contract to defaults there can be no recourse against me.
Be well.
James Gage
www.JGage.com
Saturday, June 6, 2009
Real Estate Investing: New Appraisal Regulations Under Fire
On May 1, the responsibility for managing home appraisals has moved to a middleman, known as appraisal management companies or AMCs.
Under new federal regulations, mortgage brokers and loan officers can’t directly order appraisals. Instead, they are expected to go through third-party AMCs, which are supposed to prevent them from pressuring appraisers.
But critics of the new plan say nobody is watching the AMCs.
The new rules have transferred the improper influence problem to these appraisal management companies, which are not regulated by anybody.
The marketplace is still vulnerable to appraiser pressure because the incentives are still there to get deals done and collect the fees,”
Federal housing officials, who helped write the new laws, say they will hold AMCs accountable.
Under new federal regulations, mortgage brokers and loan officers can’t directly order appraisals. Instead, they are expected to go through third-party AMCs, which are supposed to prevent them from pressuring appraisers.
But critics of the new plan say nobody is watching the AMCs.
The new rules have transferred the improper influence problem to these appraisal management companies, which are not regulated by anybody.
The marketplace is still vulnerable to appraiser pressure because the incentives are still there to get deals done and collect the fees,”
Federal housing officials, who helped write the new laws, say they will hold AMCs accountable.
Monday, March 30, 2009
Creative Real Estate Investing : Real Estate Article of The Month
Here is your Free March 09 Real Estate Article of The Month. This month I will share with you the 6 steps I use with my mentoring students to get unbelievable bargains in a down real estate market.
If you find this article helpful don’t forget to pass it on to a friend or real estate investing colleague or have them visit http://www.JGage for more educational articles and tips…
6 Steps I use to help my coaching students get some of the best bargains on investment properties - even in a down market !
Study The Market Cycle: Homes in general may take longer to sell these days because of pricing, perceived seller value and a more cautious pool of buyers. But that doesn’t mean sellers are any less motivated to move on with their lives. At one time, we thought little of homes sitting on the market for 90 days or more. These days, we seek buying opportunities if a home has been on the market over 60 days-- and are seeing some heavy price discounting from our buyers if days on market goes over 90 days.
Check Tax Records and other Sources: Is there more debt on the home than what it is worth? Has a Notice of Default been filed that would indicate a looming foreclosure? If so, and if this is a home of interest for our buyer, we submit an offer contingent upon the successful negotiation of a short sale (where the lender sells the property for less than what is owed). In this case, either we or professional negotiators deal with the lender(s) to reach the best possible price for our buyer.
Did Owners Pay Cash or Have They Owned Their Home for Longer than 10 Years? These sellers may be in a position to sell at a discount or may be motivated to do so due to life transitions or other investment opportunities. They may also be open to owner-financing for all or part of the home mortgage. Become knowledgeable about installment sales and other creative financing strategies.
Are You Open to Rehab? Homes sold in as-is condition, typically REO (Real Estate Owned) properties, are more likely than others to sell at a substantial discount. Even owners, especially when the home has been on the market for some time, are often overwhelmed with the thought of remodeling and updating–and fearful that their decor choices will not suit potential buyers. In many markets, older or outdated homes are sometimes sold at land value.
Foreclosure Sales: The foreclosures are occurring even in the luxury home market. Highly leveraged homes purchased in the last few years are more frequently ending up on the courthouse steps. Foreclosure purchases, which require cash and carry no disclosures or guarantees, offer both great potential for profit–and big dangers for the uninformed. Bidding should be non-emotional and it is best to have a professional bidding for you–but only after thorough-as-possible research has been done regarding the home’s condition, its history and resale potential. Cracked slabs, structural defects and boundary line encroachments are unwelcome surprises.
Why Check Out The Realtor: If the property you want is listed, has your agent check the other real estate agent’s listing history. If that agent tends to have listings on the market for a long time, you may wish to lower your offer. On the other hand, if the agent prices properties aggressively and has short “days on market,” you may consider coming in near to, at, or over list price. You will likely find those listings already priced at or below market to attract multiple offers.
A combination of patience, perseverance and the ability to move quickly will serve all astute buyers of real estate these days, but the greatest potential of all may lie with properties whose replacement value could far exceed the purchase price--or those with great locations. Therefore, have your mode of financing in place and have your buyers lined up in your database for a quick and profitable transition.
If you find this article helpful don’t forget to pass it on to a friend or real estate investing colleague or have them visit http://www.JGage for more educational articles and tips…
6 Steps I use to help my coaching students get some of the best bargains on investment properties - even in a down market !
Study The Market Cycle: Homes in general may take longer to sell these days because of pricing, perceived seller value and a more cautious pool of buyers. But that doesn’t mean sellers are any less motivated to move on with their lives. At one time, we thought little of homes sitting on the market for 90 days or more. These days, we seek buying opportunities if a home has been on the market over 60 days-- and are seeing some heavy price discounting from our buyers if days on market goes over 90 days.
Check Tax Records and other Sources: Is there more debt on the home than what it is worth? Has a Notice of Default been filed that would indicate a looming foreclosure? If so, and if this is a home of interest for our buyer, we submit an offer contingent upon the successful negotiation of a short sale (where the lender sells the property for less than what is owed). In this case, either we or professional negotiators deal with the lender(s) to reach the best possible price for our buyer.
Did Owners Pay Cash or Have They Owned Their Home for Longer than 10 Years? These sellers may be in a position to sell at a discount or may be motivated to do so due to life transitions or other investment opportunities. They may also be open to owner-financing for all or part of the home mortgage. Become knowledgeable about installment sales and other creative financing strategies.
Are You Open to Rehab? Homes sold in as-is condition, typically REO (Real Estate Owned) properties, are more likely than others to sell at a substantial discount. Even owners, especially when the home has been on the market for some time, are often overwhelmed with the thought of remodeling and updating–and fearful that their decor choices will not suit potential buyers. In many markets, older or outdated homes are sometimes sold at land value.
Foreclosure Sales: The foreclosures are occurring even in the luxury home market. Highly leveraged homes purchased in the last few years are more frequently ending up on the courthouse steps. Foreclosure purchases, which require cash and carry no disclosures or guarantees, offer both great potential for profit–and big dangers for the uninformed. Bidding should be non-emotional and it is best to have a professional bidding for you–but only after thorough-as-possible research has been done regarding the home’s condition, its history and resale potential. Cracked slabs, structural defects and boundary line encroachments are unwelcome surprises.
Why Check Out The Realtor: If the property you want is listed, has your agent check the other real estate agent’s listing history. If that agent tends to have listings on the market for a long time, you may wish to lower your offer. On the other hand, if the agent prices properties aggressively and has short “days on market,” you may consider coming in near to, at, or over list price. You will likely find those listings already priced at or below market to attract multiple offers.
A combination of patience, perseverance and the ability to move quickly will serve all astute buyers of real estate these days, but the greatest potential of all may lie with properties whose replacement value could far exceed the purchase price--or those with great locations. Therefore, have your mode of financing in place and have your buyers lined up in your database for a quick and profitable transition.
Tuesday, February 17, 2009
Creative Real Estate Investing: New Short Sale Formula
I received an e-mail today from a fellow investor asking me if I had made any changes to my short sale formula I use to submit offers to banks and mortgage companies; as a matter of fact I had and now I am sharing it with you my faithful newsletter subscribes.
I hope this helps you do many successful short sales.
Be well,
James Gage
PS: Don’t forget tomorrow at midnight ends my 50% off offer on my “Probate Investing Made Easy Package” normally priced at $37.00, but yours for $18.50 when you enter promo code 555 on the check out page :
http://jgage.com/probate-investing-made-easy.htm
The “New” Making a Short Sale Counteroffer
“Crunching Numbers “
The following is excerpted from proprietary material created by James A. Gage of Gage Consulting Group, LLC, www.JGage.com
Copyright © 2009, not to be reprinted or reproduced without the consent of GCG.
Although some of your initial offers will be accepted, you must also be prepared if the lender rejects your offer. Just because your first offer is denied does not mean that the deal is dead. This is now the perfect opportunity to learn precisely what you have to do in order to close the short sale.
The first thing you will want to do before making another offer is find out from the lender exactly why the first offer was rejected. Here are several key factors that may result in your offer being rejected.
1. They will not net the required amount needed to justify accepting your short sale offer. Simply speaking, your offer was too low!
2. The lender is adamant that they can do better waiting for a better offer or foreclosing on the property.
3. They do not agree with the terms of your contract or net sheet.
4. The loan is government insured and therefore they are protected against a foreclosure.
5. The investors of the loan are asking for more money to close out the loan.
6. You tick the loss mitigations rep off so bad that the last thing they want to do is help you.
7. The hardship was not proven enough to persuade the lender to accept a short sale.
8. The lender would like to explore alternative payment options with the homeowner instead of doing a short sale.
9. Your offer was much lower than what the BPO assessed the house for. This is another example of your offer being too low.
These are just some of the reasons you may get from the lender for your short sale being rejected but the main thing to remember is that you must at least probe and find the exact reason why.
I can confidently say that the main reason your short sale offer will be rejected will be because the offer is too low. Remember, the lender’s number one priority when doing a short sale is how much money they will net.
The best way to find out how much the lender needs to net is to just ask! Once you identify the right loss mitigations rep you can simply ask:
"How much do you need to net if we agreed to a reasonable short sale offer?"
Will the lender tell you how much? That is to be determined after you ask the question. The point is that you will never find out unless you throw it out there.
Even if you don’t find out initially, the next best time to ask is prior to the counteroffer.
You want to start and maintain a constructive dialogue with the loss mitigations rep where you are constantly probing for information that will determine what your best offer will be.
When I do short sales, I mainly develop my initial offer based on how much equity or profit I want to make with each deal. However, from time to time when I’m preparing a counteroffer I use a formula to help me come up with the most accurate guess on what I think the lender is willing to accept. If used correctly, this formula alone will more than pay for the price of this course 1000 fold.
Here it is...
Step 1: I take the estimated or actual BPO amount or the value of the house, based on the comps then multiply that number by 65%.
Example:
$175,000 (Estimated BPO value) X 65% = $113,750
Step 2: I then take the number I got and multiply it by 92%
Example:
$113,750 X 92% = $104,650
If this were an actual deal, I would use this final number or something close to give me my counteroffer amount. Although I have reason to believe that the lenders use a similar formula when they determine the amount they are willing to accept on a short sale, I cannot say that this is exactly it.
I do know that this formula does two things.
1. It gives me a calculated number to use for my initial offer or counteroffer.
2. It allows me to breakdown to the lender how I came up with my offer.
Be resilient yet realistic when making your counteroffers. Understand that it may not stop with the first counteroffer. You may have to counteroffer a 3rd or 4th time just to get the amount down to where the lender feels comfortable to accept. At times it may only be hundreds of dollars that you are negotiating.
If you are game for a strategic a methodical approach to negotiating your offers you can always use my 3 step approach to getting your offer accepted.
Step 1: The first offer will be used to get the number that you and the lender are negotiating down to tens of thousands.
Step 2: The first counteroffer will be used to either close the deal or get the number that you and the lender are negotiating within thousands.
Step 3: The second counteroffer will be used to either close the deal or get the number that you and the lender are negotiating within hundreds. Usually at this point, the lender is the most flexible and the loss is obviously not as great.
Another thing to consider when determining your counteroffer is if in fact it even makes sense to offer one. Sometimes the lender is non-negotiable and will only accept what they will accept. Period!
If this is the case does it make sense to continue trying to persuade someone who is not willing to work with you? You have to make that decision on a case by case basis.
The most important thing to remember when making your counteroffer is that the deal has to make sense for you. I’ve seen investors get their short sale accepted but fail to agree to an amount that is highly profitable.
Like I mentioned, I cannot determine the value of your time and effort. That is something that you must decide, but I can say that short sales are big money deals and if you are making offers that do not put a lot of money in your pocket you are probably leaving it on the table for someone else to enjoy.
To your success,
James A. Gage
www.JGage.com
http://jgage.com/probate-investing-made-easy.htm
I hope this helps you do many successful short sales.
Be well,
James Gage
PS: Don’t forget tomorrow at midnight ends my 50% off offer on my “Probate Investing Made Easy Package” normally priced at $37.00, but yours for $18.50 when you enter promo code 555 on the check out page :
http://jgage.com/probate-investing-made-easy.htm
The “New” Making a Short Sale Counteroffer
“Crunching Numbers “
The following is excerpted from proprietary material created by James A. Gage of Gage Consulting Group, LLC, www.JGage.com
Copyright © 2009, not to be reprinted or reproduced without the consent of GCG.
Although some of your initial offers will be accepted, you must also be prepared if the lender rejects your offer. Just because your first offer is denied does not mean that the deal is dead. This is now the perfect opportunity to learn precisely what you have to do in order to close the short sale.
The first thing you will want to do before making another offer is find out from the lender exactly why the first offer was rejected. Here are several key factors that may result in your offer being rejected.
1. They will not net the required amount needed to justify accepting your short sale offer. Simply speaking, your offer was too low!
2. The lender is adamant that they can do better waiting for a better offer or foreclosing on the property.
3. They do not agree with the terms of your contract or net sheet.
4. The loan is government insured and therefore they are protected against a foreclosure.
5. The investors of the loan are asking for more money to close out the loan.
6. You tick the loss mitigations rep off so bad that the last thing they want to do is help you.
7. The hardship was not proven enough to persuade the lender to accept a short sale.
8. The lender would like to explore alternative payment options with the homeowner instead of doing a short sale.
9. Your offer was much lower than what the BPO assessed the house for. This is another example of your offer being too low.
These are just some of the reasons you may get from the lender for your short sale being rejected but the main thing to remember is that you must at least probe and find the exact reason why.
I can confidently say that the main reason your short sale offer will be rejected will be because the offer is too low. Remember, the lender’s number one priority when doing a short sale is how much money they will net.
The best way to find out how much the lender needs to net is to just ask! Once you identify the right loss mitigations rep you can simply ask:
"How much do you need to net if we agreed to a reasonable short sale offer?"
Will the lender tell you how much? That is to be determined after you ask the question. The point is that you will never find out unless you throw it out there.
Even if you don’t find out initially, the next best time to ask is prior to the counteroffer.
You want to start and maintain a constructive dialogue with the loss mitigations rep where you are constantly probing for information that will determine what your best offer will be.
When I do short sales, I mainly develop my initial offer based on how much equity or profit I want to make with each deal. However, from time to time when I’m preparing a counteroffer I use a formula to help me come up with the most accurate guess on what I think the lender is willing to accept. If used correctly, this formula alone will more than pay for the price of this course 1000 fold.
Here it is...
Step 1: I take the estimated or actual BPO amount or the value of the house, based on the comps then multiply that number by 65%.
Example:
$175,000 (Estimated BPO value) X 65% = $113,750
Step 2: I then take the number I got and multiply it by 92%
Example:
$113,750 X 92% = $104,650
If this were an actual deal, I would use this final number or something close to give me my counteroffer amount. Although I have reason to believe that the lenders use a similar formula when they determine the amount they are willing to accept on a short sale, I cannot say that this is exactly it.
I do know that this formula does two things.
1. It gives me a calculated number to use for my initial offer or counteroffer.
2. It allows me to breakdown to the lender how I came up with my offer.
Be resilient yet realistic when making your counteroffers. Understand that it may not stop with the first counteroffer. You may have to counteroffer a 3rd or 4th time just to get the amount down to where the lender feels comfortable to accept. At times it may only be hundreds of dollars that you are negotiating.
If you are game for a strategic a methodical approach to negotiating your offers you can always use my 3 step approach to getting your offer accepted.
Step 1: The first offer will be used to get the number that you and the lender are negotiating down to tens of thousands.
Step 2: The first counteroffer will be used to either close the deal or get the number that you and the lender are negotiating within thousands.
Step 3: The second counteroffer will be used to either close the deal or get the number that you and the lender are negotiating within hundreds. Usually at this point, the lender is the most flexible and the loss is obviously not as great.
Another thing to consider when determining your counteroffer is if in fact it even makes sense to offer one. Sometimes the lender is non-negotiable and will only accept what they will accept. Period!
If this is the case does it make sense to continue trying to persuade someone who is not willing to work with you? You have to make that decision on a case by case basis.
The most important thing to remember when making your counteroffer is that the deal has to make sense for you. I’ve seen investors get their short sale accepted but fail to agree to an amount that is highly profitable.
Like I mentioned, I cannot determine the value of your time and effort. That is something that you must decide, but I can say that short sales are big money deals and if you are making offers that do not put a lot of money in your pocket you are probably leaving it on the table for someone else to enjoy.
To your success,
James A. Gage
www.JGage.com
http://jgage.com/probate-investing-made-easy.htm
Monday, February 16, 2009
Creative Real Estate Investing: Go where they aint fishin...
James Gage here with Gage Consulting Group hoping that this e-mail finds you and yours in good health.
One of my greatest mentors, who made a great impact on my life, was a gentleman by the name of Paul Gutierrez. Paul was an average Joe by today’s standards, hard working with limited education, but what he lacked in classroom hours he made up one hundred percent in wisdom.
He was the one that told me one day while we were fishing “ Jim, you gotta go where they aint fishin”...
That phrase has guided my investing strategy for over 22 years and I would now like to pass it on to you, so you too can also profit like I do from this simple phrase.
That being said...
What are you going to do to improve your real estate investing business in 2009?
I know that this is a question that many of us are asking ourselves this time of the year as spring approaches.
Many of us made New Years resolutions last month – are you keeping them?
Did you know that one of the best kept secrets to not breaking a new year's resolution?
Not making them!
WHY WAIT UNTIL NEXT JANUARY 1ST TO MAKE A COMMITMENT TO IMPROVE YOUR INVESTING IN THESE CHALLENGING TIMES?
Why not start this evening...You know February 15, 2009.
Get a jump on all the other people who are going to Wait until next year!
What I am about to reveal is a little used strategy to make money in real estate.
No...it is not Bankruptcy!
Yes...there are very few people using this strategy.
Yes...many of these properties ALREADY HAVE EQUITY!
Yes...you will learn a TON on how to expand this lucrative strategy.
Yes...you can implement this strategy as early as next week!
What is it?
PROBATE INVESTING MADE EASY
Discover The Proven Steps To Buy Property 50 -60 Cents On The Dollar even in a down market through Probates !
Nationally known real estate investor James Gage will show you :
How to buy property 50- 60 cents on the dollar
How to find properties
How to negotiate like a seasoned pro
What paper work is involved in the transaction
How to turn Probate property around in record time
with this jam packed CD Package – “Probate Investing Made Easy” .
James takes the mystery and uncertain out of this lucrative, leveraged real estate investing technique.
Before I let you go to read over exactly what this package contains, many individuals have called me and ask if I would put together a step-by- step affordable Probate package on Probate investing, well your wish is my command. I have put together a step by step compressive package on that very subject please visit the following link for more information:
http://jgage.com/probate-investing-made-easy.htm
but it doesn't stop there!
Normally priced at less then a few trips to Starbucks at $37.00, it is a great value if I do say so myself.
But for the next 3 days (February 15 - February 18 ) I am extending to you, my newsletter subscribers the astonishing price of only $18.50! That's a whooping 50% off my normal website store!
Enter promo Code 555 on you order/check out page to receive your discount.
So please visit the link provided for more information on this jam packed Probate Made Easy Package :
http://jgage.com/probate-investing-made-easy.htm
Don't forget promo Code 555
To your success,
James A. Gage
www.jgage.com
With this jam packed informational package you will never have to worry about how to invest with Probate properties again.
What you will learn with this powerful Probate package :
On CD 1 James, will teach you the ABCs of successfully Probate investing:
* How to buy property 50- 60 cents on the dollar
* How to find properties
* How to negotiate like a seasoned pro
* What paper work is involved in the transaction
* How to turn Probate property around in record time
On CD 2 you will receive James’s Power Point presentation that he uses to teach people One-On-One how to invest with Probates, This presentation will be a timeless resource for you to refer back to.
And as a bonus, you will receive the very letter that James uses to this day for contacting the individual(s) in the Probate process!
And of course like all of James's products you will receive much more.
http://jgage.com/probate-investing-made-easy.htm
One of my greatest mentors, who made a great impact on my life, was a gentleman by the name of Paul Gutierrez. Paul was an average Joe by today’s standards, hard working with limited education, but what he lacked in classroom hours he made up one hundred percent in wisdom.
He was the one that told me one day while we were fishing “ Jim, you gotta go where they aint fishin”...
That phrase has guided my investing strategy for over 22 years and I would now like to pass it on to you, so you too can also profit like I do from this simple phrase.
That being said...
What are you going to do to improve your real estate investing business in 2009?
I know that this is a question that many of us are asking ourselves this time of the year as spring approaches.
Many of us made New Years resolutions last month – are you keeping them?
Did you know that one of the best kept secrets to not breaking a new year's resolution?
Not making them!
WHY WAIT UNTIL NEXT JANUARY 1ST TO MAKE A COMMITMENT TO IMPROVE YOUR INVESTING IN THESE CHALLENGING TIMES?
Why not start this evening...You know February 15, 2009.
Get a jump on all the other people who are going to Wait until next year!
What I am about to reveal is a little used strategy to make money in real estate.
No...it is not Bankruptcy!
Yes...there are very few people using this strategy.
Yes...many of these properties ALREADY HAVE EQUITY!
Yes...you will learn a TON on how to expand this lucrative strategy.
Yes...you can implement this strategy as early as next week!
What is it?
PROBATE INVESTING MADE EASY
Discover The Proven Steps To Buy Property 50 -60 Cents On The Dollar even in a down market through Probates !
Nationally known real estate investor James Gage will show you :
How to buy property 50- 60 cents on the dollar
How to find properties
How to negotiate like a seasoned pro
What paper work is involved in the transaction
How to turn Probate property around in record time
with this jam packed CD Package – “Probate Investing Made Easy” .
James takes the mystery and uncertain out of this lucrative, leveraged real estate investing technique.
Before I let you go to read over exactly what this package contains, many individuals have called me and ask if I would put together a step-by- step affordable Probate package on Probate investing, well your wish is my command. I have put together a step by step compressive package on that very subject please visit the following link for more information:
http://jgage.com/probate-investing-made-easy.htm
but it doesn't stop there!
Normally priced at less then a few trips to Starbucks at $37.00, it is a great value if I do say so myself.
But for the next 3 days (February 15 - February 18 ) I am extending to you, my newsletter subscribers the astonishing price of only $18.50! That's a whooping 50% off my normal website store!
Enter promo Code 555 on you order/check out page to receive your discount.
So please visit the link provided for more information on this jam packed Probate Made Easy Package :
http://jgage.com/probate-investing-made-easy.htm
Don't forget promo Code 555
To your success,
James A. Gage
www.jgage.com
With this jam packed informational package you will never have to worry about how to invest with Probate properties again.
What you will learn with this powerful Probate package :
On CD 1 James, will teach you the ABCs of successfully Probate investing:
* How to buy property 50- 60 cents on the dollar
* How to find properties
* How to negotiate like a seasoned pro
* What paper work is involved in the transaction
* How to turn Probate property around in record time
On CD 2 you will receive James’s Power Point presentation that he uses to teach people One-On-One how to invest with Probates, This presentation will be a timeless resource for you to refer back to.
And as a bonus, you will receive the very letter that James uses to this day for contacting the individual(s) in the Probate process!
And of course like all of James's products you will receive much more.
http://jgage.com/probate-investing-made-easy.htm
Tuesday, January 20, 2009
Creative Real Estate Investing: Don't Forget Your Abatement!
Hello All :
Just a quick note to remind you that in most states your last day to file for a real estate abatement on property taxes is January 31, 2009. You can fill out these requests for abatement for both residential and investment properties on a yearly bases.
For those of you that don't know what I am talking about, I'll recap briefly the process. First, you call your town or city assessors office and ask for an "Abatement " form , and of course the time from to file. Next you fill in all the requested information, along with making a compelling statement on why they should reduce the assessment on your property. Then, file it with the right governmental office and await their reply.
It has been my experience that most organizations will at least decrease your assessment, even by a few dollars for taking time to apply to the process, others will grant you a substantial reduction.
Remember, you have not, because you ask not !
Be well,
James Gage
PS: Don't forget to follow me on Twitter : http://twitter.com/JGage
Just a quick note to remind you that in most states your last day to file for a real estate abatement on property taxes is January 31, 2009. You can fill out these requests for abatement for both residential and investment properties on a yearly bases.
For those of you that don't know what I am talking about, I'll recap briefly the process. First, you call your town or city assessors office and ask for an "Abatement " form , and of course the time from to file. Next you fill in all the requested information, along with making a compelling statement on why they should reduce the assessment on your property. Then, file it with the right governmental office and await their reply.
It has been my experience that most organizations will at least decrease your assessment, even by a few dollars for taking time to apply to the process, others will grant you a substantial reduction.
Remember, you have not, because you ask not !
Be well,
James Gage
PS: Don't forget to follow me on Twitter : http://twitter.com/JGage
Sunday, January 11, 2009
Creative Real Estate Investing: 2009 Predications for Our Economy
Hello all:
As I do every year I would like to give you what I see happening in the coming year in our economy.
- You will see gasoline prices increase once again.
- You will see oil prices escalate once again as speculators and corporations manipulate the oil and oil futures market !
- You will see unemployment increase further towards 10% or more !
- You will see the stock market increase to Dow 10,000 or even 11,000 in the months following the installation of the new President, after the optimism is gone and reality sets back in the stock market will retreat back into negative territory. We could possibly see Dow 6,000 before all is said and done !
- You will see Gold escalate to $1600.00 or higher an ounce !
- You will see the further devaluation of the U.S. Dollar against other foreign currencies !
- You will see a temporary stabilization of the housing market, and then we will return to the downward trend in home valuations and the foreclosure arena !
- You will see more banks fail and more bank mergers, until we end up with 1 or 2 banking institutions. Note: this may take an additional year or two !
- You will see your state and local taxes escalate, because federal funding will be greatly reduced or cut off entirely, not to mention business revenue paid to the states will greatly be impacted because they will be going out of business in alarming numbers !
- You will experience inflation on the rise in every aspect of our economy !
In my next blog post I will give you some ideas on how you can profit from the continuing decline in our economy.
Thursday, November 27, 2008
Creative Real Estate Investing: Happy Thanksgiving
On behalf of myself and everyone at Gage Consulting Group http://www.JGage.com , we wish you a Happy Thanksgiving to you and yours.
James Gage
James Gage
Wednesday, November 26, 2008
Creative Real Estate Investing: The Economy & Leveraged Real Estate Investing
National Radio Debut
"The Economy & Leveraged Real Estate Investing"| Host: | Brian Higgins & James Gage |
| Type: | |
| Network: | Global |
| Date: | Saturday, November 29, 2008 |
| Time: | 9:00am - 10:00am |
| Location: | XM Satellite Radio Channel 169 |
Description
Hello All:
James Gage here, with a quick note to invite you my national radio debut on " The Economy & Leveraged Real Estate Investing" - the details are below...
See ya there.
Saturday, November 29, 2008
XM Satellite Radio Channel 169
"Mind Yo Business Radio Program. AKA MYB Talk w/ Brian Higgins"
Time : 9 AM, EST
Topic : " The Economy & Leveraged Real Estate Investing "
James Gage here, with a quick note to invite you my national radio debut on " The Economy & Leveraged Real Estate Investing" - the details are below...
See ya there.
Saturday, November 29, 2008
XM Satellite Radio Channel 169
"Mind Yo Business Radio Program. AKA MYB Talk w/ Brian Higgins"
Time : 9 AM, EST
Topic : " The Economy & Leveraged Real Estate Investing "
Sunday, November 23, 2008
Real Estate: Thanksgiving & Real Estate Marketing
James Gage here with Gage Consulting Group hoping that this e-mail finds you and yours in good health, and wishing you a Happy Thanksgiving.
You may be asking yourself how the heck can you make money in business, or for that matter as a real estate investor in these troubled times. Well, here is the “Magic Bullet” answer!
Knowing how to market! Sounds like a no brainer- right? Wrong ! Marketing is like opinions, everyone has one. As many of you know I called this market melt down both in real estate and the financials some 24 months before it happened in
As you also may know my approach to real estate investing is with a
That being said, you won't want to miss out on "Real Estate Marketing The Fusion
Set on that very subject please visit the following link for more information :
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After Nov 26 it will return to the normal price of $37.00. You maybe asking why am I doing this? Simple, I am committed to getting this information into as many investors hands as possible, thereby getting our properties sold or under control; not only does that increases our bank accounts $$, but it will also help our economy hopefully stabilize.
To your success,
James A. Gage
www.jgage.com
With theses 2 jam packed informational CDs you will never have to worry about marketing again!
investing career in niche markets such as lease options, short
• Old approach vs. new technologies
• Effective marketing on a shoestring budget
• What works in different market cycles
• How to get winning campaigns up and running in 24 hours
• Should you have a website?
• Marketing strategies & techniques your competition is not
And of course like all of James's products you will receive much
more.
Click here to get your copy !
http://www.jgage.com/real-estate-marketing.htm
Thursday, July 31, 2008
6 Red Hot Tips When Negotiating a Real Estate Purchase
Negotiating may be the most critical part of the real estate purchase process. Being able to strike an advantageous deal with the seller virtually guarantees your profit. Negotiating is both an art and a skill that you will master with time and practice; I call it the “Million Dollar Skill”. Here are six tips to get you on your way to profitable transactions.
Know the Property
You should know as much as possible about the real estate purchase you’re about to make. This knowledge comes from researching the neighborhood and knowing how the property compares to others around it along with the cost of potential repair items you may find.
Know the Seller
The best way to learn more about the seller is to listen; use the 75/20 rule, listen 75% of the time and speak 25% of the time! People will be more likely to volunteer information if you give them a chance to talk. But if you aren’t finding out what you need to know, ask questions. Understanding the seller’s situation and their possible flexibility will help you negotiate financing options as well as price.
You also need to find out what the seller’s motivations are. Why are they selling? Or in the case of foreclosure what circumstances brought them to this unfortunate situation. Understanding the reasons behind the sale can help you structure a deal that meets their needs and yours.
Think Win-Win
The best real estate purchase deals result from negotiations that seek to provide something to both parties. There are certain things you want out of the deal and certain things the seller wants in order to sell. Every real estate purchase has several facets. If you can give the seller something they want, that will increase your chance of getting something you want.
Negotiate Terms, Not Just Price
Price is not your only negotiating point. Sometimes the terms of the deal are more important to the seller than the price. Once again, if you can address the seller’s needs in a real estate purchase, your offer will be more persuasive.
Maintain Control
If the seller counters your offer with an offer of his own, don’t let things spiral out of control. Prepare for counter offers by starting your negotiations low and have plenty of concession points. Don’t focus on price, but use other aspects of the deal in your negotiations. Don’t re-negotiate things that have already been decided.
Be Prepared to Move On
Don’t walk away from an attractive real estate purchase without offering your best deal, but know when it’s time to walk away. There will always be another property.
As you can see from these tips, negotiating a real estate purchase is more than two people in a room. Negotiations are won or lost in the preparation. Achieving the outcome you desire depends on your research and mental preparation.
Until next time – be well.
James Gage
Sunday, May 25, 2008
TOP 10 REASONS TO BECOME A BETTER NEGOTIATOR IN REAL ESTATE & EVERY OTHER ASPECT OF YOUR LIFE! Part 4
Number 4 of our 10 points deals with: Avoid being cheated or ending up on the short end of the stick.
Answer: All education is not the same, or at least in the eyes of some. Say a lawyer from Harvard is going against a lawyer from a local, small town law school; even though you and I know some of the best people in the industry are from small schools and do laps around Ivy League graduates – they don’t!
So therefore, the Harvard graduate is going to point out where he or she graduated at every juncture, hoping this will psychologically affect their opponent causing them to roll over because they are out of their league- AKA “their out of their league”.
Answer: Again the opposing attorney wants to know whether he is dealing with a seasoned veteran or someone wet behind the ears. Can you see how important this information can be; remember novices make foolish mistakes.
Answer: Once again if their opponent is from a small firm or hang their own shingle, the experienced lawyer, if part of a larger firm asks the opposing counsel over to their firm for the negotiations. Why? The psychological factor – home court advantage, along with the intimidation factor.
Saturday, May 10, 2008
TOP 10 REASONS TO BECOME A BETTER NEGOTIATOR IN REAL ESTATE & EVERY OTHER ASPECT OF YOUR LIFE! Part 3
Number 3 of our 10 points deals with: Maximize financial returns, while creating the edge in negotiations.
The person who mentions price first always ends up on the losing end of the stick. Let’s think about that for a moment. Is it a true statement? Over my 20 plus years of negotiating for a living and real estate investing I can say without reservation absolutely Yes!
Let me explain. When you make the initial offer you give up the ability to see how flexible your opponent is regards to the issue being negotiated, in addition your first offer may be too high and your opponent may accept it on the opening round.
If you are forced to put an initial offer on the table, make sure it is a low ball offer which will demand a counter offer from your opponent.
Be well,
James Gage
Tuesday, April 22, 2008
TOP 10 REASONS TO BECOME A BETTER NEGOTIATOR IN REAL ESTATE & EVERY OTHER ASPECT OF YOUR LIFE! Part 2
Number 2 of our 10 points deals with : "Achieve Desired Outcomes". This is where most negotiators go wrong and settle for whatever they can get in the negotiation process. The number one reason negotiators do not achieve the desired outcome they hope to achieve is because they fail to stick to their negotiating plan, and default to their opponents agenda. The kiss of death to any negotiator is to allow your opponent to take control from you during the negotiating process; it’s better for you to either stop the negotiations or ask for a break! You could use a ploy such as: “ I would really like to postpone this meeting until I have assembled some more information or documentation, so I may provide the most up to date and correct resources or numbers etc……”.
If you would rather just have a break use something like this : ask for a bathroom break, tell them you have to make an important phone call or start talking about something that has very little to due with the subject matter at hand – this in the legal arena is called a “side bar”.
2. Always stay on track with your plan and never give control of the negotiations over to your opponent. Keep these 2 points in mind and you will always achieve your desired outcome.
Be well,
James Gage
Sunday, March 30, 2008
TOP 10 REASONS TO BECOME A BETTER NEGOTIATOR IN REAL ESTATE & EVERY OTHER ASPECT OF YOUR LIFE!
Why become a better Negotiator? The answer is SIMPLE !!
When you improve your negotiation skills and techniques, you will gain the ability to increase your value in every aspect of your life simply by increasing the effectiveness of your communication skills. Contrary to popular belief negotiators are not born, they’re made through real world training! Here are just 10 reasons for you to improve your negotiating skills, especially in these uncertain financial times…
Saturday, March 22, 2008
Question of The Week: Lease Options and Repairs
I received a question from one of my mentoring students today, so I thought I would share my answer with you my faithful blog readers.
Saturday, March 1, 2008
Article of The Month : Probate Investing
Probate Investing Made Easy !
To make money in real estate you need an advantage over your competition, especially if you are looking for whole sale deals. So why not just eliminate them! Now I don’t mean you need to go out and create a bunch of probate by whacking all your competition. What I do mean is that you need to play real estate the same way I would like for my favorite team to play baseball—move to another stadium. What I mean is that you need to go looking in hiding places that nobody else is looking in to find those hidden treasures. That is where probate comes in. I’ll never forget when I was interviewed by a local television station in
First, let me explain some things about probate. A statistic that may shock you is this: 100% of Americans will die. That’s right, according to the Center for Disease Control, about 2.5 million people will die each year (are tax dollars hard at work).
Now here is the thing about that statistic. 70% of those folks will die without a will. Even more important is that regardless whether you have a will or not, your estate will go through probate. The only way to avoid probate is to have your estate in an entity. But ask yourself this question. If so few people even have a will, how many people do you think will put their assets in an entity? To give you an idea about how huge that is, of all the cases coming in to the court system, 24% will be probate cases. In
So why do all of these estates go through probate? The government requires it for a few reasons. First, the state wants to make sure that the assets are divided according to the will. And if there wasn’t a will, then the state takes care of that too. Most states have heirship succession laws in place that says which relatives get what percentage of the estate. The other reason that the law requires estates to be probated is to let any creditors who may have an interest in the estate know that the person has passed away and the creditors will need to file in order to get paid from the assets of the estate. The final reason that the law requires the estate to be probated is that the tax man wants to be paid. It has been said that the only two certainties in life are death and taxes. With probate they both apply. Not too long ago the federal government made some changes to estate taxes that remove most people from getting taxed. But the local governments still want to get paid either estate taxes or property taxes. By forcing the real estate in to the probate courts, the government makes sure they get their fair share.
Your challenge is to find some deals in probate. You can see from the facts above that there can be a lot of motivation with people dealing with an estate in probate. By far, the easiest way to find the deals is to send some marketing to probate attorneys. There are better and faster ways, but I had to write a whole manual to explain those techniques. I simply can’t fit them all here in this limited space. In some states, you can even get pre-printed labels for probate attorneys from you state bar association. That way, half your work is already done. Now you just need to come up with a good letter to send them.
Now you know why you really need to be working the probate market, and you know a great shortcut to the market. All you need to do is go out and put it to work!!
Happy Investing!!
James Gage has been investing in Real Estate for more than 20 years. James is the author of Probate Investing Made Easy, in order to help investors- both new and seasoned-to get a leg up on their competition by finding deals in a niche area that nobody else is looking in. The website is www.JGage.com It is our sincere desire that everyone who wants to get in to real estate investing will succeed beyond their wildest dream. It is our mission to help them get there. “Discover the Power of Two !”™
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