All of this brings me to my 3 words of advice for new real estate investors.
Acknowledge Your SuccessesIf you don’t acknowledge your successes the same way you acknowledge your mistakes, you’re sure to have a memory full of blunders. ~Jack Canfield
via Bigger Pockets.
Any power that can be abused will be abused.- Tyranny Law #1Abuse always expands to fill the limits of resistance to it.- Tyranny Law #2If people don’t resist the abuses of others, they will have no one to resist the abuses of themselves, and tyranny will prevail.- Tyranny Law #3
And like many investors he knows the simple wholesale/rehab formula which is to buy a house at 65% of the after repair value and then subtract the repairs, etc.
However, if that’s where you stop, you’re in big trouble and you might not stay in this business very long.
via Bigger Pockets
While I believe that both the bankers and the borrowers need to share in the blame for enabling millions of bad loans being originated, it should be pretty clear to everyone (across the political spectrum) that if the United States had reasonable mortgage underwriting standards in place, the credit crisis would have been prevented.
via Seeking Alpha.
In a recent summary, tax information firm RIA notes the types of transactions covered by the new 1099 rules…
Basically, businesses will have to issue 1099s whenever they do more than $600 of business with another entity in a year. For the $14 trillion U.S. economy, that’s a hell of a lot of 1099s. When a business buys a $1,000 used car, it will have to gather information on the seller and mail 1099s to the seller and the IRS. When a small shop owner pays her rent, she will have to send a 1099 to the landlord and IRS. Recipients of the vast flood of these forms will have to match them with existing accounting records. There will be huge numbers of errors and mismatches, which will probably generate many costly battles with the IRS.
via Mish’s Global Economic Trend Analysis
CHICAGO (MarketWatch) — “Strategic defaults” are on the rise as more borrowers who are underwater on their home loans decide it's not worth it to stay current on their payments each month. That trend could have repercussions for the housing market, and for borrowers, in the future.
WASHINGTON — Aftershocks from the nation’s financial crisis continue rumbling through the housing sector as fixed-rate mortgages held by the safest borrowers accounted for nearly 37 percent of new foreclosures during the first three months of this year, the Mortgage Bankers Association reported Wednesday.
Dawn and Charlie Price have been told by their apartments management company that they must take down an American flag they have hanging in the dining room window of their west-side apartment by Saturday or face eviction.
via Oshkosh Northwestern.