Mortgages, Real Estate and the Triangle

Humorous Speaker for hire

Real Estate rolls on, and while building my mortgage practice, I have also been practicing as a humorous speaker all over the triangle. My new book, Networking in the South, gives a different perspective of what its like to live here with all the influx of other cultures. Being a humorous speaker has had a lot of folks ask why I don't do comedy. But a comedian cannot change the same number of lives as a humorous speaker and I am having a ball.

If you need a keynote speaker, after dinner speaker or just a humorous speaker, get in touch soon.  and check out my book at www.networkinginthesouth.com

Dutch Village Condos conversion

Did it feel a bit hotter today in Raleigh? Is it getting to be more like Miami?

The answer is si.  As with other big city traits, we are not also getting the condo conversion bug.  I look at the place that Dutch Village Condos are located, as well as the price tag, and say that the time may have come. These are just outside the beltline.

The website www.dutchvillagecondos.com is not quite baked, and they are only being sold to the residents right now. 

This article from 04 talks about the craze.

http://nreionline.com/condo_conversion/real_estate_condo_conversion_craze/

Real estate investment guide

What a book. here are a lot of phonies out there but a great book on real estate investing for those wanting to make money in the triangle is this one

http://www.amazon.com/Journal-Complete-Real-Estate-Investing-Guidebook/dp/0307345629/ref=sr_1_1/103-9248354-5229427?ie=UTF8&s=books&qid=1173404090&sr=8-1

It is one of the best I have seen in a while, here is the description

Profitable real-estate investing opportunities exist everywhere as long as you know what to look for and understand how to make prudent deals that transform property into profits. David Crook, of The Wall Street Journal, shows how to make safe and sane investments that ensure a good night’s sleep as your real-estate portfolio grows, your properties appreciate and your income increases. The Wall Street Journal Complete Real-Estate Investing Guidebook offers the most authoritative information on:

• Why real-estate investing is a great wealth-building alternative to stocks and bonds and why it’s crucial that you avoid get-rich schemes
• How to get the financing and make the contacts to get started
• How to start small and local, be hands-on and go step-by-step with a vacation home to rent out, a pure rental property or a small apartment building
• How to find and value great properties, do the numbers and ensure you have that beautiful thing called cash flow
• How the government blesses real-estate investors with tax breaks and loopholes, and how you can be one of the anointed
• How to deal with the nuts-and-bolts of being a landlord and have a strife-free relationship with your tenants

About the Author
DAVID CROOK is the editor of The Wall Street Journal Sunday, the personal finance section that appears in more than 75 papers around the country. He was part of the original team that developed and launched the highly successful “Weekend Journal” of Friday’s Wall Street Journal. He also developed the “Home Front” and “Property Report,” the Journal’s residential and commercial real-estate sections.

There is money to be made in our area, come on out.

Raleighloanguy hits the airwaves

Looks like I will be doing a weekly radio show about mortgages starting the first wednesday in March. I am really excited about posting these podcasts here as well. The show will be a half hour and will be on various real estate and mortgage topics. As I do mortgages in all 50 states, I am excited to start to spread the news about my mortgage team at the Davis Team at American Home Mortgage.

Be on the look out for the links on my site to the podcasts and let me know if any subjects are on your mind, I am happy to cover anything that is of interest to my readers.

Here is the link to the site that carries the internet radio show.

http://www.internetvoicesradio.com/

Wanna live in a really tall building

Talked to a budd today about the new RBC Tower.  He is in the "lucky pre reserved group" and excited.  He has a 1 bedroom that seems like a great deal.

Downside, he has to keep it a year and the price promised can go up 5% before close. Or come down (right).  With Raleigh appreciation, and downtown appreciation, he should make out like a smart real estate investor. Or it maybe his primary. Lots of folks with reservations not sure what to do.

His question was about loans, and the loan on that should not be hard. But I have heard that some lenders are having issues in dealing with the fact that the land is commercial underneath these towering residential condos.

http://www.raleighing.com/2006/09/rbc_plaza_launc.html

For details see above and be sure to get over to Fins once it opens downtown. Although it does say that the price per square would be around $200 but he is at $315 a square

I can see clearly now

Went to the economic forecast at the Progress Energy center last week. Hoping to get a line on rates but the conversation was not what I had wanted.

The Fed Reserve guy said that rates may go up end of 07. But I just think that he is parroting the head of the Richmond Fed that is the dissenting voice of the fed for moving Prime up. I think it will go down by spring, and could go into a refi boom by summer.

Here is the link about the forecast

http://prelaunch.wral.com/business/story/1124839/

After the forecast, I hung around to try the Big Easy. Get the gumbo  but dont ask for too much, it is a great little Cajun joint.

On the radio, kinda

Sarah Place, a good friend and trusted advisor, asked me to be on her radio show on the internet. This link

http://www.audioacrobat.com/export/P7e38f42ff8ec9ae3f4a14f13eb78cd62Z1txRVREamN3.mp3

takes you to the page that has our show recorded for download on mp3. Check it out and I will work on getting that onto this page. Go to Saving with Sarah and look for the one on Mortgages.

RBC Plaza Going Going Gone

If you thought it would be nice to get a reservation for one of the condos in the new RBC building downtown, you were not alone.  The folks that were on the ball probably saw this a while back

http://www.raleighing.com/2006/09/rbc_plaza_launc.html  excerpt below

"The building will finally replace the parking lot with which First Citizens Bank graced us after imploding their gorgeous 11-story, 1914 tower. Perhaps the most interesting element of the RBC building, though, is its 139 Plaza Condominiums (warning: music) stacked on the building's top 11 floors. Each unit will have at least one private balcony and much glass on it's exterior wall(s). Floorplans range from 1 to 3 units and feature 883 to 1987 square feet."

Well I was not paying attention and now the reservations are gone as well as 50 or more back up reservations.  I would have loved to have gotten one of these.

"According to WRAL, units are preselling for $200,000. If that refers to the smallest unit, 883 square feet, then the unit is only $226 per square foot. Given new construction, the view, and the panache of living in Raleigh's tallest building, that's a pretty fair price. Surely the larger units are more per foot, but these prices are quite competitive with comparable projects in southern residential towers."

If you can't make money on that deal, you can't make money.  Raleigh appreciation and Cary appreciation rates will likely not apply to the downtown appreciation of this project. Each project's appreciation will be tied to the buildings success as well as downtown inventory. And this one looks like a winner, congrats to the people that scooped me.

While you are at the RBC Plaza you can go over to Yancy's. I have not been yet but would love to get your thoughts on it. Let me know what you think.

Multiple Quotes means you are a lead

Guess what happens when you go to a site that promises to let "banks compete for your business".  They sell your information. These ads were collected by from mortgageundressed.com. I get faxes, phone calls, and emails everyday from companies wanting to sell me your name. They don't know what rates I have, they don't care. They get paid to collect your name.

She is cute, talks nice, but still transforms you into a lead.

Does that make her a witch?

Had enough?  Then dont give your name to these folks, go to someone who you know if you can, or someone that you can trust.  The bar to sell your credit info is very low, so be careful.

Case for a real esate agent is stronger than you think

What is the least popular part of any real estate transaction? The real estate agent's commission. But is this fair? Check out this look at why the agent may be worth their cost.

http://commonsenserealestate.blogspot.com/

An Excerpt: "But every agent has a real estate license regulated by the state. This means they are knowledgeable about various aspects of real estate law, rules and regulations, such as:

• What rights exist for land and how they can be traded
• How title can be held and how to ensure clear title to the land
• Financing: traditional, non-traditional, owner-held, etc.
• Fair housing laws: federal, state and local
• Local limits on the sale and trade of real estate
• State disclosure laws and regulations on the trade of real estate
• Contracts and forms

Most sellers and buyers I've talked with, while having access to plenty of "information" on the internet about the sales transaction, do not have a handle on the nuances, pitfalls, and inherent dangers of legal problems they can face in the midst of this huge investment."

There is a real distinction between "knowledge" and "information".  Where there is knowledge mistakes and misunderstandings are handled. Where there is information only, they begin.  I am not saying that it is always needed, but they don't just collect a check. If you like your agent enough, what is the best place to celebrate?  I think you could consider going to the Cardinal Club. It is member's only, but a member can get you in and they have some of the best steaks in town. A varied menu, that includes your name, as each menu is printed for you. And the guest menu has no prices, just so they know you care. Let me know if you want to try it.