Fellow investor and master architect Matt L shared this classic Christmas tale with a new twist. Matt is the architect from whom we buy the new Gov't buildings we sell to our clients. If your year was not all that you expected or hoped it would be, perhaps Santa has brought you the same gift. Our answer for 2009...replace your income, quit your job and let investment properties and cash flow lead the way.
James Fudge: 'Twas the Night Before Christmas, 2008
By James Fudge
Wednesday, December 24, 2008
'Twas the night before Christmas, two thousand and eight,
But I wasn't cheerful, I was getting irate.
Reviewing finances, as I sat by the fire,
I realized quite glumly -- I might never retire!
My stocks and my bonds, my poor IRA,
They were all cut in half -- my 401(k)!
My home's latest appraisal, sure made me frown,
I looked at my mortgage -- I was now upside down!
I've had a good job, for several years past,
But now who could say, how long it will last?
I could be in trouble, I sat there thinking,
If this economy just keeps on shrinking!
I turned on the news, watched in disbelief
Today's latest scandal, today's biggest thief.
Bankers and traders, and car execs too,
Hedge funds, insurance -- how could this be true?
I wanted to yell, and I wanted to scream,
What just happened to the American dream?
I cursed and I wept, and I got really mad,
Where were our leaders, why were they so bad?
Suddenly out in the street, there arose such a clatter,
I sprang to the door to see what was the matter.
Of course it was Santa, but I was dumbstruck,
Instead of a sleigh, he was driving a truck.
He carried no presents, no large sack of toys,
Just a small duffel, the kind used by boys.
The glare in his eye and the tilt of his head,
Soon gave me to know I had something to dread.
He came up the walk, and then walked right in!
No greeting, no handshake, he looked really grim.
"I've brought you one gift," he said with no cheer,
"But first you must listen, first lend me your ear.
"I've watched you all year, and many others too,
You've hit a rough time, that much is true.
You may well shake your fist, at this cruel twist of fate,
And try to place blame, but now it's too late.
"As house values rose, you went along for the ride,
The markets rose too, an endless high tide.
Money was cheap, and easily had,
As you borrowed some more, you thought, 'Debt's not so bad!'
"But you somehow forgot, these two simple facts:
Whatever you borrow, you have to pay back.
And just like a tide, flowing into a sound,
That which goes up, will surely come down.
"You neglected the warnings, you succumbed to blind greed,
So you bought what you wanted, way more than you need.
You think the economy, is now a train wreck?
Stick around son, you ain't seen nothin' yet.
"These leaders you blame, may be clueless it's true,
But lest you forget -- they work for you!
So please stop shedding your 'woe-is-me' tears,
You can fire these guys, once every four years."
He reached in his duffel, pulled out a small gift,
He said, "This is priceless, it will give you a lift.
So listen real carefully, pay me close heed,
If it's used wisely, you'll surely succeed. "
I was excited, I shook like a leaf,
To have such a gift that would solve all my grief!
A diamond? Some cash? Frequent flier miles?
The keys to a Benz? That'd sure make me smile!
I opened it slowly, and stared in surprise,
At a round mirror, of very small size.
I looked up at Santa, somewhat confused,
He winked at me once, looking slightly amused.
"The answer my friend, you'll find it is true,
Is found in that mirror -- the answer is you.
You have the power, the power to choose,
Your choices determine, if you win or you lose."
He gave me a smile, and then winked once more,
And with a wave of his hand, he flew out the door.
I heard him exclaim, as he jumped in his truck,
"Happy Christmas to all, good night and good luck!"
James Fudge lives in Niwot
December 28, 2008
A news report finally has come out demonstrating how Short Sales can benefit the borrower (see link below). Real estate investors are very familiar with short sales, the advantages and disadvantages for the banks, sellers, borrowers and buyers. Many cash flow properties are created by using a short sale as a strategy. If you mention the words "short sale" to a real estate professional in Indianapolis, Denver, Memphis, Kansas City or Vail, you're likely to get a response that short sales are bad for sellers, bad for buyers, and just a complete pain. For real estate investors, active realtors and those of us working in this area day-to-day, we see that these transactions can actually be good transactions for everyone involved. They often leave the seller with some closure to a default without facing future collections and other consequences associated with just mailing in the keys in foreclosure. Likewise, short sales can be a great opportunity for buyers and real estate investors looking for nice homes at low prices that will cash flow. Realtors in some markets are now saying 1/3 of active listings are short sales (I did not take the time to verify that statement, however let me know what your point of view is).
At http://www.EZKeyRE.com we do not focus on short sales. We are an investor to investor business, creating opportunities for building wealth and passive income through real estate: in short we a cash flow company. Although we have performed short sales, and had many conversations with banks this is not our specialty. On occasion we have clients get into trouble or over their heads with their other investments, and have it impact their participation with us. We will often buy our properties back when necessary, simply because a good deal is a good deal for anyone. With all of our 10 property or 15 property packages with our cash flow guarantee, that we owner finance, we have a delinquency clause that deeds the properties back to us in the case of missed payments. This prevents any damage to our client's credit (from us), avoids any foreclosure proceedings, and allows the packages and the notes to be resold quickly.
Given short sales are so commonly asked about we figured this post would be of value.
Local Denver news station, Channel 2, recently ran a story on the positive aspects of short sales. Here is the link to the video.
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