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Bruce Beasley:
I’d like to welcome all of the Street Smart licensees to our group Q and A session for May 13th, 2008. And you can tell already that this isn’t Lou Brown. This is Bruce Beasley. I’m sitting in for him while he vacations in Mexico. I thought I would start out by giving you a little bit about my background. I’ve been working with Lou since 1992, so that makes this our 16th year together and helped Lou develop the entire Whole Enchilada Series and am a real estate investor in my own right. I’ve bought as many as 82 properties in a single day and I currently hold 34 properties, most of which are…well, they’re all single-family houses. About two-thirds of them are out on Lease Option and 11 of them are out on Agreement for Deed. I am co-author with Lou on the Lease Option course and on the Agreement for Deed course and I’m a contributing editor. And that gives you a little bit of a background. I spent 20 years as an airline pilot and so checklists are a way of life with airline pilots and that’s where a lot of our checklists philosophy comes from.
Lou Brown:
Hi everyone and welcome back to another installment of our group Q and A where you get more street smart every time we meet. I always get excited about our group Q and A because I am think that you have sent in these questions for a reason because you did not have this information and I always know that knowledge is power. You have probably heard that term before and there certainly could not be truer words said then that. So, we are giving you more knowledge and these questions are going to be answered by the end of our call and it will be a wonderful thing that you will have new power and new gained knowledge because of this.
Lou:
Hello everyone and welcome back to another installment of our Street Smart Group Q and A. This is Lou Brown, and I’m here to give you my words of wisdom on what’s happening in real estate over the last couple of weeks and what’s going to be happening in my crystal ball over the next few months. Also, to answer all your questions that you’ve submitted to us over the last couple of weeks.
Lou:
Hello everyone and welcome back to another installment of your Street Smart Q and A. We’ve had a ton of questions over the last couple of weeks which I hope is indicative of your activity. In today’s market we are seeing so much excitement, so much generation. In fact, we have bought properties at auction over the last few weeks. We have bought properties from people coming in off our signs. We’ve had people coming in off the sign in front of our building. We’ve got signs out all over the county and people are calling. We’ve gotten over 40 leads in the last week just from signs. We’ve gotten a ton of calls from our marketing, the Done for You marketing, where we’re approaching absentee owners, and also, probates, and several different things. We’ve got a lot of excitement going on in our office. A lot of things happening and houses being bought. That’s exactly what needs to be happening in your business, too.
Lou Brown:
Hello everyone and welcome back to another Street Smart installment of our Group Q and A, and I’m very excited to report to you as we do a bimonthly basis what the market is doing and right now the market is tumbling. According to the Associated Press, Standard and Poor has reported that home prices tumbled by record amount. Yeah baby. This is good news. A wildly watched housing index released Tuesday showed home prices dropping by the sharpest rate ever in the second quarter. Standard and Poor’s Case US National Home Price Index tumbled a record 15.4% during the quarter from the same period a year ago. The monthly indexes also clocked in record declines. The 20 City Index fell by 15.9% in June compared with a year ago, the largest drop since its inception in 2000. The 10 City Index plunged 17%, its biggest decline in its 21 year history. No city in the Case 20 City Index saw year over year price gains in June, the third straight month that happened. However, the rate of single family home price declines slowed from May to June, a possible silver lining. The index creators said, “While this is no national turn around in residential real estate prices, it is possible that we are seeing some regions struggling to come back which has resulted in some moderation in price declines at the national level”, said David M. Blitzer, Chairman of the Index Committee at Standard and Poor’s.
Lou Brown:
Good day everyone and welcome back to another installment of our Street Smart Group Q and A where you have the questions and hopefully I have the answers. With 30 years experience I can guarantee you I have a good shot at it. To update you on the current market as I usually do on these Group Q and A calls let me just say hooray, hooray, the government has taken over fanny may and Freddy Mack. These were already ___(27) governmental agencies and over the years the government who had originated these corporations passed them on to private enterprise and remained in some limited amount of control over those two institutions. The government created these two institutions in order to have a free flow of money from the financial markets to back up people giving mortgages. So, it was the thing that created a tremendous housing boon in this country where it was difficult to get mortgages but when they created a back up buying unit to take those mortgages off the originators hands it created a tremendous growth in housing in this country. Now the government has taken them back and the government says wait a minute these private enterprise folks did the wrong thing. Which we all know they did. They bought mortgages they should not have bought. They allowed lenders to do all kinds of strange and exotic lending that they should not have done.
Question:
In volume to rental agreement BSH1703A, if you require certified check for each item at the signing meeting, rent, performance fee etc. What is the down side of having the lease in your company’s name?
Question:
My partner and I acquired a house under subject to the mortgage. We were going to fix it up and sell it before it went to the courthouse steps. It was taking of the records for a while for whatever reason.
I guess you mean taking a while to record the deed, maybe.
I was checking periodically to make sure it did not go to sale before we could refinance the home. I checked at the end of June and there were no court dates set for auction. I checked again last week and it had been sold back to the bank without us being notified. Is there anything I can do to get this back so we don’t lose the money we have put into this home.
Question:
Let’s start with Feridune on a trust question. He says hi Lou. Hope you can answer these questions. I have 15 four plexis in Nevada and have a few questions about them. What software do you recommend for tracking the income expense of these 60 units?
Question:
Bernardo who says he has a short sale question, how to get the lender short sale approval in a down market when the BPO is higher. Now for those of you on the call who don’t know what a BPO is, that’s a broker price opinion. That’s what the lender has ordered from a agent or realtor to go ahead and tell what the value of the property is and what Barnardo is asking is when they those “experts” in the industry have told the lender what the property is worth and suddenly you come in at a greatly reduced price, what do you do about that. He says, “I sent the short sale package. I negotiated with a lender and the BPO is higher based on the old market at higher prices.
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