Good morning!
It's Sunday, 10-12-08.
I'm going to be off line, or only occasionally, for the next week or two.
While we get settled in Houston.
I will be ready and attending BARCAMP 10-22-08!
I HOPE TO MEET AS MANY OF YOU AS POSSIBLE THERE.
In the mean time I can be reached at
832-259-7078
Bill
PS: Keep Sardi in line. Encorrage Jennifer. Keep praying for Billy. Watch out for BB. Hassle Belonger.
If a tree falls in the forest
and no one hears it
did it make a sound?
If you post a blog
and no one reads it
did you express yourself?
If 50 will get you 200
and 1 get you 25
did you improve your self?
If written babble equates
with contemplative thought
does it really matter?
If you sincerely believe
if you truly care
if you have something to say
do you share?
If you blog for the masses
if you regurgitate the PC
do you matter?
Bill
Responding to More Thoughts On Networking my friend Bill Roberts wrote: "That was the same methodology we used as Exchangors back in the '70s. Most of the younger people in this business get very defensive when you ask questions about their clients. I guess they don't understand that in a "normal" market the property isn't going to sell itself. A little "creativity" is called for if we want results."
He's right, that's where and when I was taught, five days a month networking, one on one and in selected groups
Networking one on one, or in groups allows you to do things that you could never do on the MLS. Back in the 70's commercial brokers faced the same kind of fluctuating unstable market that residential salesmen are facing today. Values and asking prices often had little or nothing in common. Traditionally, you determined the value of a property, listed it close to that and waited for a buyer. Often waited and waited and waited and waited. Waiting was all right for some. Many even list at outrageous prices and simply wait for their ship to come in.
Today home owners find themselves waiting and waiting, not only has their ship not come in, it sank at sea!
What those commercial brokers did together, was to over look asking price and look at the seller's problem. No one really wants cash, they want the benefits cash can get them. We forget this! We also forget we're in the people business! Marketing houses has gotten to be like selling new cars, you want a red Ford there are 57 of them on role 93 section G, go get one.
At a time when asking prices, values, and mortgage balances, again have little in common, it's time to take another look at solving the people problem.
What I learned so long ago, was to do the impossible. They taught me how to sell a two percent return!
So how do you sell a two percent return? You find someone making one percent and double his money. Today like then, you need to solve the people problem!
So what does all this have to do with professional networking? You can't explain your clients problems on the MLS, at least you shouldn't! So networking with other real estate people allows you to get help. Solving the problem requires two people and having them both in your own office is even less likely than selling your own listing!
I hope to see you at the Barcamp in Houston October 22!
Bill
William J Archambault Jr
The Real Estate Investment Institute
There are things you can do at a networking session that simply can't be done on the MLS or in an open forum. Most of this I published 3 years ago:
Back in 1974 I went to my first meeting with Chapter Number One of the Farm and Land Institute a division of the NAR, now called the REALTORS® Land Institute. At that time they were the dominant commercial arm of the NAR, Unlike the better known and better educated CCIMs these were people, people. They taught me was you don't need to talk about the property, leave that to the CCIM's!
Yes, I did say that you don't need to talk about the property!
At FLI marketing sessions we rarely talked about the property we talked about solving the people problem! It's not that we don't need to know about the property we do, but facts are facts, put them in writing. Print a flyer, a hand out sheet, a copy of the MLS print out. Don't except us to take sufficient notes about the property to sell it to our investors when we get to a phone or back home!Here we are thirty-four years later and that's still great advice, but what does it have to do with networking?
Networking gives us access to people like those old FLI brokers who can help, people with hard earned experience, people that will with-in reason share freely. Give them the facts about the property in writing, so that they can have them in hand while discussing your problem. When talking we're going to look for solutions which more often than not have much more to do with the buyer and seller than the property.
If you're looking for help, be prepared to discuss both of your clients needs wants, desires, and assets, because that's where the solution lies.
One more thing remember that "within reason" there is a point after which we should be paid.
Often, problems really only needed an idea or a simple referral.
Networking allows you to solve the people problem!
Bill
William J Archambault Jr
The Real Estate Investment Institute
Yes, it' convenient that every one has determined that besides the evil bankers, it's the poor who are causing our current financial debacle!
The poor, poor, poor, poor! Where are these right wing talk show host living? I've seen a lot of foreclosures in the last few weeks in both Las Vegas and Houston South to what remains of Galveston. With a few notable exceptions these REO's were never owned by the poor! Working middle class yes, but not the poor.
But, I keep hearing these talking heads spouting about, lying poor buying houses they should never have been allowed in, except as domestics! I can understand the "left" they haven't told the truth since Roosevelt The Second. It's the "right" that concerns me, these fools must never have seen an REO! They must be wearing blinders!
Even using the infamous "Option Arm's" negative amortization these homes were never owned by the poor.
No one seems concerned about facts. No one questions the explanation "du jour!" There are problems with the CRA, Community Reinvestment Act, but it's not our current problem! Simply put the majority of foreclosures and the REO's are not in areas involved in the act.
Bill
William J Archambault Jr
The Real Estate Investment Institute
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The Real Estate Investment Institute, publishers, speakers, teachers, hands on & long distance consulting. Supporting real estate investors, home buyers, mortgage lenders, & REALTORS. 38 years experie
I've been in lending and real estate going on 39 years. My fourth book, Get The Money / A Consumers Guide To A Successful Mortgage Application" is to share that experience with the consumer. By understanding the mortgage loan application, and process, hopefully they won't feel like an innocent prisoner standing before a Judge.
There are things in this text that you are not going to agree with! Things that you're going to shout: "That's not right!" "Not fair!" "That makes no sense!" If you're into social reform great, but this a book for people that want/need a mortgage! You can either be a social reformer or a home owner! Take your choice! In real estate and lending we have our own Golden Rule.
"He with the gold rules!" To Get The Money, give them what they ask for!
I've been in lending and real estate since 1969, but lately I mostly write and teach real estate investment..
Mortgage lending and borrowing, real estate, financing, sales, investing,, SFR, and Apartments.. "Get The Money / A Consumers Guide To a Successful Mortgage Application" is a guide for consumers helping take the mystery out of applying for a mortgage. "Get The Money / A Consumers Guide To a Successful Mortgage Application" dispels that feeling of standing in judgement. "Flipping For Fun and Profit" The art of buying low and selling hig quickly! "A Bakers Dozen / A Real Estate Anthology" I, III, II, IV. 
Do you have any good testimonials that clients have provided you in the past? Be sure to add them here.
Mortgage lending and borrowing, real estate, financing, sales, investing,, SFR, and Apartments..
I'm the author of "One House At A Time / Finding And Buying Single Family Rentals" a book for new real estate investors and burnt out victims of TV Real Estate Gurus. "One House At A Time / Finding And Buying Single Family Rentals" is also ideal for people who though they couldn't own their own home, everyone can own a home.
"Get The Money / A Consumers Guide To a Successful Mortgage Application" is a guide for consumers helping take the mystery out of applying for a mortgage. "Get The Money / A Consumers Guide To a Successful Mortgage Application" dispels that feeling of standing in judgement.
"Flipping For Fun and Profit" The art of buying low and selling hig quickly!
"A Bakers Dozen / A Real Estate Anthology" I, III, II, IV. I met Bill Archambault in 2002, which was three years too late (more on that later). I was just hired as Operations Manager at a new mortgage broker, called Custom Home Loans. I had no Mortgage Industry experience. My background included similar positions at start-ups and nearly start-ups in the Semiconductor Brokerage and Design Automation oftware Industries. Because I was so new to the Mortgage Industry, I read books and periodicals, but mostly I asked questions. One of my favorite sources of information was Bill Archambault (this book's author). I liked speaking with him because he had worked in this industry for decades and was still enthusiastic about it. He was excited to talk and I was happy to listen about HUD subsidized home developments he had built in the Midwest and about how we can help clients build wealth through Real Estate and so forth. His stories were
easier to understand than books with Nevada Revised Statutes, legal
definitions and case law. And it was even more interesting when
contrasting it with HUD periodicals and rulings.
I met Bill Archambault in 2002, which was three years late. On February 22, 1996, I met my wife, Ana Maria, while visiting Las Vegas. I instantly fell head over heals for her and dated her for a few months back and forth while I lived in Orange County, CA. In June, I moved to Las Vegas to be with her (everyone say, "ah"). We were married the following June and our son, Hunter, was born in February of 1999. We were living in a nice, but small home that my wife had purchased before
we were married. With my income added to the family budget, I felt we could afford and upgrade. I also wanted to have a house that I felt was "our" house, plus we wanted a house with a pool. So, we started looking for a new home. One night, my wife put our baby, Hunter, in the car to try to get him to sleep. When she was driving around, she saw a home with a "For Sale by Owner" sign in the yard. My wife knocked on
the door and the owners showed her the house. She instantly liked it and we made an offer for the home. Our existing home was listed with a Realtor and we asked a friend for a referral to a Loan Officer. Here is where our beautiful story turns into a financial nightmare.
It should be noted that in 1999 all I "knew" about the Mortgage Industry was that you put 20%, so you don't pay PMI and you do a 15 year fixed mortgage, if possible, so you can save on interest. The home we sold had a payment (including principal, interest, taxes and insurance or
PITI) of $888 fixed for 30 years as a primary residence loan at about 7% interest and she had lived in it for about 3 years. Rents for home like this were about $1,100 per month, so it would have been a great rental, but I thought we needed 20% down for the new home. Our Realtor didn't tell us, don't sell the home. That would have meant she would have missed out on $9,000 commission for selling it. Our Loan Officer didn't
advise us how we could finance the new home with zero down and still have an affordable payment. We asked for a 30 year fixed loan with 20% down and that's what he gave us. Looking back, we should still own that home. Had we kept it, we would now owe $100,000 on a home worth nearly $400,000. A $300,000 mistake that I could have avoided, had I met Bill
Archambault 3 years earlier. Timing is everything and knowledge is powerful, I am a living example.
Best regards,
Brent A. Wood
Chief Operating Officer
Custom Home Loans
"You are the Harvey Mackay of foreclosure real estate...now I fell....well...kind of...shark-proof " Brian Brady
Billl - awesome... That is one of the best blog posts that I have seen on the Rain - thanks!! there should be a Hall Of FAME board - that would be on it.
Kate Bourland 8-3-07
"Hello Jason, Bill Archambault here."
It may not seem like a big deal to you folks, but when I heard that, I cringed. You see, to me, that guy is to Mortgage Lending as Babe Ruth is to baseball.
by Jason Sardi on 08/07/2007
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