Louisville, CO

Finally! some "bailout" type money coming to Colorado...

Colorado will receive $34 million from the U.S. Department of Housing and Urban Development to deal with the effects of foreclosures and declining home values, under a plan approved Monday by HUD Secretary Steve Preston. The funding is coming from HUD's national $4 billion Neighborhood Stabilization Program, which provides emergency assistance to specific neighborhoods by acquiring and redeveloping foreclosed properties that might otherwise become sources of abandonment and blight. "It is critical that we work closely with state and local governments to put this money to work as quickly as possible," Preston said in a statement. "Stabilizing neighborhoods is what this program is all about. HUD will continue to work closely with the state of Colorado to make certain these funds are targeted to neighborhoods with the greatest needs."

Rob Kelly

www.RobKellyColorado.com

www.DenverForeclosureTour.com

Twitter:@RobKellyCo

If any of you folks like to work with investors, here's a quick article by RE/MAX Times about a few of the programs that we are operating...we were interviewed a couple of weeks back, here is the finished article...

	RE/MAX Times Online

Here are 4 Ways to Connect with Investors By Deborah Ball, RE/MAX Times Associate Editor People looking to invest their hard-earned money in property that builds long-term wealth undoubtedly want to work with a real estate professional who knows the ropes. You can be that agent, says Rob Kelly, a veteran investor and a Sales Associate with RE/MAX Alliance in Louisville, Colo. Kelly works mostly with investors, helping them purchase homes to gain self-generating income. But operating in this niche, he says, involves more than just getting clients to the closing table. "Our main goal is to educate investors and show them - through different promotions - what investing is all about," Kelly says. "Many people come to us with preconceived notions of how easy it is based on what they see on TV, but if you don't know what you're doing, it can be a lot more dramatic than it seems." With four major promotions and activities geared toward investors, Kelly has made a name for himself in Boulder County's investment circles. As an owner of five investment properties, it's no wonder he gravitates toward the niche. "Investing is relatively easy if you have the education," he says. "Investors can be tough clients because they want to put the world into these properties. But if we can get them to understand the reality of it, they come around. Some of our best clients come from the training we provide." Are you ready to connect with this group of buyers? Here are four things Kelly does to tap this niche: Investor "tag along" - Why not show and tell clients how an investment purchase gets rehabbed and reborn into an income-generating property? Unlike TV shows such as "Flip This House," rehabbing most investment properties takes a carefully planned budget, time and the right remodeling team. That's why Kelly brings up to 20 potential investors to fix-up homes so they can see the process from purchase to resale. "For two hours on a given Saturday morning, the investors come with me to visit fix and flips or fix-and-hold properties and see how it's done," says Kelly, who uses his own properties as examples. "They get to speak with contractors and vendors, share budgeting ideas and see the progress from start to finish. It opens a dialogue, and we've had a lot of fun with it." Foreclosure bus tour - While some real estate offices let foreclosure bus tours fizzle out toward the end of 2008, Kelly was just getting started. For $20 - a portion of which is donated to the local Habitat for Humanity - anyone can tour foreclosed homes with Kelly and his team of housing and legal experts, which includes an attorney, a home inspector, a mortgage broker and a property manager. Not only do tour participants see what's selling in the market and for how much, they also learn the legal and construction intricacies of purchasing foreclosed properties. "The tours allow them to see what's on the market and what kind of bang they can get for their buck," Kelly says. "Having a team of experts on hand to answer questions and provide insights not only benefits the investors, it also boosts your business-to-business networking and referrals. Make sure you choose people you know do good work and with whom you have a solid business relationship." Game night - Who says board games are for kids? Robert Kiyosaki's "Rich Dad, Poor Dad CASHFLOW 101" is a board game that teaches real-world investing with play money. Kelly calls it "Monopoly on steroids." Kelly hosts a game night for two dozen seasoned investors and curious novices at a local bakery so they can learn how to create long-term passive income and financial freedom. "The game nights are a hit. Everyone loves it," Kelly says. "We have to limit participation because we can run only four games at once. The game teaches you the basics of fundamental investing and how to take control of your personal finances, build a business through proper cash flow management, and learn how to invest with greater confidence in real estate and other businesses." Investor clubs - If you want to be known as an investment expert and network with the right people, then join investor clubs, Kelly suggest. Not only does it help you stay abreast of local investment activity, but it provides an opportunity to speak to the group and boost your credibility. Who knows? They may become your clients. Visit the RE/MAX Times Online every week to read new feature articles, top-producer profiles, stories about valuable resources and more. Comment on this story E-mail your thoughts to editor@remax.net. Please include your name, RE/MAX office, city and state or province. Comments, slightly edited for length, flow and punctuation, will appear below. Comments (0) Copyright © 2008 RE/MAX International Inc. 12/29/08 "Thinking of Real Estate? Think of Rob!" www.RobKellyColorado.com www.DenverForeclosureTour.com Twitter:@RobKellyCo

Interested in following a residential flip project in real time? Welcome to our "Investor Tag Along"! Your chance to view a flip project in person or via the web.

We are about 75% complete on our Northglenn, Co fix and Flip project. Initial schedule projected a 4 week project, we look to be on time. Holiday breaks are cost us a couple of days, but overall progress and quality is good and we have encountered no major problems to date.

This weekend is interior painting, so we'll have to back off tile install until the air clears. Hardwood floor refinishing is scheduled to start Monday, we'll allow 3 days for patching, sanding and 2 coats of polyurethane. Carpet install to follow.

Status:

• All drywall texture complete
  
• 6 Panel door installation 100% complete
• Upstairs bathroom tile complete
• Tile selected and on site
• Exterior Trim/eaves paint complete

Underway:

• Interior paint
  
• Kitchen Tile
• Basement Bath Tile
• Cabinets coming Saturday
  
• Ordering cabinets and appliances
• Drywall texture in basement bedrooms/living area

This week:

• Refinish Oak hardwood floors
  
• Complete Tile
  
• Install Cabinets
• Order Appliances
• Install Basement Bath/Shower Tile
• Install Carpet (basement)
  

"Thinking of Real Estate? Think of Rob!"

www.RobKellyColorado.com

www.DenverForeclosureTour.com

Twitter: @RobKellyCo

Have you taken down the holiday decorations? Ready to get rid of that tree? Consider calling the in the Scouts!

Christmas Tree Pick Up

Pack 82 Cub Scouts will be picking up Christmas trees from Louisville residents on Saturday, January 10, 2009. If you would like to have your tree picked up, please call 303.335.4998 by 5:00 PM on Friday, January 9, and leave your name, address and phone number.

A $5 donation for trees under 7 feet and a $10 donation for trees 7 feet and over is appreciated and can be left in an envelope attached to your front door. Please leave your tree at curbside and remove all decorations. The trees will be taken to the City’s Branch Recycle Site and turned into mulch for residents to use throughout the year.

"Thinking of Real Estate? Think of Rob!"
www.RobKellyColorado.com
www.DenverForeclosureTour.com
Twitter: @RobKellyCo

Here is a copy of the new FHA rules and limits sent by Title America.I got this from my friendly Title Rep, thought the AR folks might be interested in this update...

NOTICE OF UPDATES TO THE 2009 FHA MORTGAGE LIMITS

As a result of the appeals process outlined in Mortgagee Letter 2008-36, single family mortgage limits for 2009 have been updated for 54 counties. Those counties represent five Metropolitan Statistical Areas and one non-metro county. A listing of affected counties, with the final median prices and FHA (forward, non-HECM) loan limits for 2009 is posted on HUD's Website at: http://www.hud.gov/offices/hsg/sfh/fha2009.pdf

FHA accepted appeals for those counties where it did not already have a comprehensive listing of property sale transactions for the look-back period (January - August 2008), and where the median price from the transactions provided by the appellant was higher than the median price used in the preliminary loan-limit calculations completed by FHA last month.

There were no changes to the 2009 HECM loan limits from these appeals. The HECM loan limit is the national conforming loan limit of $417,000 for all areas except for certain high-cost counties in the special exception areas listed in the National Housing Act (Alaska, Guam, Hawaii, Virgin Islands).

A complete schedule of FHA mortgage limits for all areas is available through the internet at https://entp.hud.gov/idapp/html/hicostlook.cfm

The mortgage limits described in this notice are effective for those loans which have credit approval on or after January 1, 2009, and apply to mortgages insured under the following Sections of the National Housing Act: Sections 203(b) (FHA's basic 1-4 family mortgage insurance program), 203(h) (mortgages for disaster victims), 203(k) (rehabilitation mortgage insurance), Section 255 (Home Equity Conversion Mortgages (HECM)) and 234(c) (condominium units). There will be no further appeals of FHA loan limits for 2009.

If you have questions regarding this notice, please call FHA's Resource Center at 1-800-CALL-FHA (1-8...) or email at: info@fhaoutreach.com. Persons with hearing or speech impairments may access this number via TDD/TTY by calling 1-877-TDD-2HUD (1-877-833-2483).

"Thinking of Real Estate? Think of Rob!"

www.RobKellyColorado.com

www.DenverForeclosureTour.com

Twitter: @RobKellyCo