is the same as during the last crisis and the ones before it. Has the success of most of the last two decades blocked our collective memory of previous real estate and economic recessions?
I read a blog from a NY or NJ broker complaining that he knew 208 real estate offices that have recently closed, because of the bubble bursting. Well it sounds terrible, but is it? Brokerages like all small business' come and go routinely. Depending on the market area this may not have been unusual, he didn't say. It's very common for good to great salesmen to open their own office and fail simply because being the broker is different than being the salesman! Sales people, very good salesmen are often subject to the "Peter Principal" promotion until they reach their level of incompetence.
There is one basic key to success in a changing market, you need a few stupid agents!
People to dumb to know it can't be done!
People so stupid to realize that displaced homeowners and evicted tenants still have to live some where!
People so dumb that when told "It can't be done" they respond "why not?"
People so dumb they believe "There is always more than one way!"
People so dumb they believe they can do things you can't!
People so dumb they don't know when to quit.
People so dumb they don't understand failure!
People so dumb they succeed on tenacity and attitude when their smarter associate accept failure gracefully.
Keeping An Open Mind
with regards to socializes Medicine requires "the willing suspension of disbelief" to believe that there can be any cost savings. But, Keeping An Open Mind, I listened as the Anti-American Socialist Party explained that much of the new cost was going to come from new taxes on "medical devices" and "selected private health insurance plans" I listened as they explained how we could tap into and tax the very cost we were trying to lower.
Keeping An Open Mind I applied "The Scientific Method" to analyze my initial conclusion, could this be any thing, but absurd?
"The Scientific Method"
1. Theorize.
2. Research.
3. Form a Hypothesis.
4. Test the Hypothesis.
5. Analyze your test.
6. Publish your findings!
1. Theorize. You can tap/tax things to power them. Thus we should be able as Obama has suggested tax the components of health care to lower the cost. Health care should be self sustaining.
2. Research. There is precedents in the third world for self-sustaining cultures. It worked for the Donner Party and those athletes that crashed in the Andes.
3. Form a Hypothesis. A well planed Society or machine should be capable of self-sustained production.
4. Test the Hypothesis. Can any thing be self-sustaining/self-powering? 
We can't test Obama care despite such system has ever been dismantled despite there failures. So we'll try an electrical system. Plugging a light into a power strip plugged in to the wall lights the light. If the power strip powers the light then plugging the strip into it self should power the power strip and the light.
5. Analyze your test. No matter how I tried the light wouldn't light! We can't tax a service to pay for that same service! To believe the socialist we must embrace "the willing suspension of disbelief" the system as proposed can not work! This must be why Congress and selected Unions are omitted from the system.
6. Publish your findings! "Well'a!"
Wisdom Is Timeless! Consider the following from the late B. Franklin:
"An investment in knowledge pays the best interest."
"Content makes poor men rich; discontentment makes rich men poor."
"A house is not a home unless it contains food and fire for the mind as well as the body."
"A learned blockhead is a greater blockhead than an ignorant one."
"A place for everything, everything in its place."
"All mankind is divided into three classes: those that are immovable, those that are movable, and those that move."
"Anger is never without a reason, but seldom with a good one. "
"Any fool can criticize, condemn and complain and most fools do."
"Any society that would give up a little liberty to gain a little security will deserve neither and lose both."
"God helps those who help themselves"
"Half a truth is often a great lie."
"Having been poor is no shame, but being ashamed of it, is."
"He that can have patience can have what he will."
"He that is of the opinion money will do everything may well be suspected of doing everything for money."
"He that lives upon hope will die fasting"
"He that waits upon fortune, is never sure of a dinner."
"He that won't be counseled can't be helped."
"Honesty is the best policy"
"How few there are who have courage enough to own their faults, or resolution enough to mend them"
Why Real Estate? Of All The Career Choices Why Real Estate
Think about it! Why Real Estate? What attracted you into a career selling or financing real estate?
It can't be security! Sales are cyclic. Were you misled? The first 17 of the last 20 years just kept getting better. At the same time almost any fool could succeed, at least to their personal standards. So again I ask Why Real Estate?
Now that you know the true nature of a career in real estate Of All The Career Choices Why Are You Still In Real Estate?
Why Real Estate?
Is it the money? The money can be good, it can be great, but those making great money could do well in many fields! Why Are You Still In Real Estate?
Why Real Estate? Is it the freedom? In what other field can you work only half days and it not matter which twelve hours you chose? How many careers let you be on call 24/7/365?
Why Real Estate? Is it the prestige? Where have you been for the last three years? Only used car salesmen and a few knowledgeable consumers look up to us. Of All The Career Choices Why Are You Still In Real Estate?
Why Real Estate?
Is it the employee benefits? Ya right!
Why Real Estate? Why Real Estate?
Because, I've never found any thing more satisfying!
I am an amateur social anthropologist, I love watching people, in all their follies.
Because, in real estate every thing I've ever done has been good for my clients. Where else can you leave every one better off for having dealt with you?
Because, I never accept "no" or "it can't be done!" Just because some one else can't do some thing doesn't bother me. In what other field can we have the independence to set our own limits! "There is always more than one way!"
Because, I've been able improve many lives. Not only my clients, but my real estate developments go no enriching countless others who'll never know me!
Why Real Estate?
Because, there is no greater satisfaction improving lives! For me, after smashing my leg it meant returning to a very specialized version of where I started in lending. It gave me a chance to deal with 20 to 50 people for each of my REALTORS®. Today I sell a few books and teach!
Why Real Estate?
And, you, Why Real Estate? What's your excuse?
We're Are Not Bigots / Were Not / We're Not We're Not / Or Are We? Do troubled home owners deserve an chance, any chance?
Is it enough to comply with the Civil Rights Law?
Title VI of the Civil Rights Act of 1964
http://www.hud.gov/utilities/intercept.cfm?http://www.usdoj.gov:80/crt/grants_statutes/titlevi.txt
"Title VI prohibits discrimination on the basis of race, color, or national origin..."
The Fair Lending Act is similar.
So you don't discriminate based on race or color and the only time your interested in National Origin is when people can tell you stories of exotic places. So we're legal! No question about it, we're legal. I agree. But, are we any less a bigoted?
There is a pervasive, Orwellian, holier than thou attitude circulating during our present housing crisis. A recent featured blog took the position that many troubled home owners shouldn't be allowed to even try to save their homes! All because the blogger didn't like the mitigation offered to these unknown strangers! The statement was made that: "I'd rather have them get out now, rent until their credit is repaired, and buy again in three years--they will still come out ahead."
Don't get me wrong the blogger and his commentors (me included) are good people! But, they would deny troubled home owners a choice/chance, because they (the commentors) don't approve of the solution offered. These same would be leaders and many of them are other wise good leaders, would dictate to the banks how they and theirs are entitled to the banks stock holders money!
I equate these people with smokers until recently. Many good people use to smoke. These good people would rather die than offend others with body oders, would never deliberately offend anyone yet they would blow smoke at you and pollute the air you breath. Like smokers I don't think any of them have though just how arrogant there altitudes are.
If the people are serious George Orwell may have explained it best! "ALL ANIMALS ARE EQUAL, BUT SOME ANIMALS ARE MORE EQUAL THAN OTHERS"
At the close of Orwell's book it's easy to see "Napoleon" is representing our Bloggers and Commentors, and "Mr Pilkington" representing a self-righteous out of the closet bigot. When Orwell said: "But as the animals look from Napoleon to Pilkington, from man to pig and from pig back to man, they find that they are unable to tell the difference."
This is just one of life's hard lessons. Not one of these people realized they had any thing, but the best intentions!
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E-Mail Me at wja@reii.org The Real Estate Investment Institute, publishers, speakers, teachers, hands on & long distance consulting. 39 years expe
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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