Naked Lady Real Estate, The Bare Truth About Real Estate Investing

 Join the Naked Real Estate Investors Club!  It's FREE to JOIN !

     

 Click Here To JOIN NOW 

Naked Real Estate Investors Club Monthly Meeting - November 2010

 Join us for our Monthly Networking & Educational Meeting! 

"The Bare Truth About Real Estate Investing"  Est. 2008

                 No Hype, No Pitch - and we mean it!

6:30pm - Networking Begins 
7:15pm - Deals, Wants & Needs. Speaker Begins

Come early during networking and sign up to Announce your own Wants & Needs at the beginning of each meeting!  

Non Member Cost:    $20 pp  - Cash/Check   

NEW LOCATION~
Courtyard Marriott Marina Del Rey
13480 Maxella Ave
Marina Del Rey, CA 90292
Free Parking!!

NEXT MEETING:  Thursday, November 11th , 6:30pm - 9:30pm

SPEAKERS:  Mathew Owens, CPA & Real Estate Investor
Amanda Han, CPA  

TOPIC:  CPA's TEAM UP TO TALK ABOUT  2010 TAX STRATEGIES EVERY REAL ESTATE INVESTOR SHOULD KNOW 

&  TURN-KEY, OPTIONS AVAILABLE FOR YOUR RETIREMENT PORTFOLIO.

 Learn how to decrease your tax burden with proper tax planning and business structuring. Find hidden cash in your tax returns and use the extra savings to buy discounted bank owned properties with positive cash flow and built in equity. Or invest your new found money with cash flowing trust deed investments to help build your passive cash flow to cover all of your expenses.

We will show you how to purchase bank owned properties and make an extra income with cash flowing properties in your spare time. Learn how to do the right due diligence, put a team together and RETIRE on CASH FLOW. Take advantage of the current real estate market before this unbelievable real estate cycle is over.

WHAT WILL BE COVERED:

 Ø Hw to Find Hidden Cash in Your Tax Returns

Ø Upcoming Tax Changes All Real Estate Investors Need to Know

Ø Cutting-Edge Strategies to Protect Your Wealth from Rising Taxes

Ø Year-End Tax Saving Strategies for 2010

Ø Self directed IRA's

Ø Market analysis

Ø Team members

Ø Property analysis and acquisition

Ø Selling

Ø Lending

Ø Property management and managing your investment

Ø Building long term wealth

SHOWCASING:

Ø Investment systems that work right for YOUR NEEDS.

Ø Cash flowing BANK OWNED properties with built in equity in MEMPHIS, TENNESSEE!

Ø 15%+ cash on cash returns

Ø 20%+ equity after renovation

Ø Guaranteed tenant

Ø In-house property management

Ø Warranty on renovation

Ø Turn key with 1 year lease in place

For Further Information please visit www.nakedrealestateinvestorsclub.com  

Realtors Exhibit Cautious Optimism for Housing's Future

By: Heather Hill Cernoch
DS News 11/9/10

At the 2010 Realtors Conference & Expo in New Orleans last week, real estate professionals were cautiously optimistic about the current and future state of the industry.

“The spike up and down in the housing market wasn’t normal, so we shouldn’t be measuring ourselves against it,” said Margaret Kelly, CEO of RE/MAX and panelist on the State of the Real Estate Industry forum. “To be successful in the current housing market, real estate professionals need to educate themselves about buying and selling distressed properties and working with investor buyers, who are a significant part of the market.”

According to Kelly, education is a critical aspect of turning things around. “Real estate professionals should be learning how to handle short sales, how to market themselves and find buyers, and to really understand market conditions,” she said.

Kelly said the housing market is full of opportunities, and low interest rates, large inventories, and stable prices are attracting buyers to the market

FOR THE REST OF THIS ARTICLE CLICK HERE TO GO TO DSNEWS

HUD to Roll Out Emergency Loan Program for Unemployed by Year-End

DS News
By: Carrie Bay

The nation’s high level of unemployment has become a growing concern within the mortgage industry and is now one of the primary triggers of default among struggling homeowners.

To help counter the effects of the still-deteriorating job market on the housing industry, the Dodd-Frank Reform Act provided $1 billion to HUD to implement the Emergency Homeowners Loan Program.

 

The program will offer a declining balance, deferred payment “bridge loan” of up to $50,000 to assist eligible homeowners with payments of past due mortgage expenses, including delinquent taxes and insurance, plus up to 24 months of monthly mortgage payments, mortgage insurance premiums, taxes, and hazard insurance.

For the entire article - please click here

Naked Real Estate Investors - Monthly Networking & Educational Meeting

Thursday October 14th
6:30pm - 9:30pm
Marina Del Rey, CA   
 

              TOPIC:   SHORT SALE PROCESS UNVEILED

SPEAKER:  Teena Barna & Haili Michaels
Short Sale Negotiators - Instrument Financial

Teena Barna, a short sale negotiator will talk to us about the process of getting your short sale negotiated and accepted!

They will go over:

The "The Short Sale Package"
>  Time line
>  Negotiating Terms
>  Working with Real Estate Agents
>  Full Release & Satisfaction  VS.  Partial Release
>  Methods to close your deals & Examples of Deals closed
>  New DRE Regulations
>  HAFA vs. Business as Usual Short Sales
>  Price Points & Profiability Goals
>  LENDER specific guidelinesLastly, we will end with a 30 minute Q & A session, so bring your questions! 

NEW LOCATION
Courtyard Marriott Marina Del Rey
13480 Maxella Ace
Marina Del Rey, CA 90292

FOR MORE INFORMATION - VISIT OUR WEBISTE - Naked Real Estate Investors Club

_________________________________________________________________

Bank of America Stops Foreclosures Nationwide

By Matt Egan  Published October 08, 2010  | FOXBusiness

Faced with increasing political pressure, Bank of Amercia on Friday became the first major bank to halt foreclosure sales and proceedings in all 50 U.S. states.

Banks have come under scrutiny in the wake of the disclosure that the industry’s foreclosure process had used “robo-signers,” or people who sign hundreds or thousands of documents a day without reviewing the details.

BofA, which is the largest U.S. mortgage servicer, said it has decided to extend the review of its foreclosure documents across the entire country.

“We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for foreclosure decisions is accurate,” BofA said in a statement.

FOR THE REST OF THIS ARTICLE CLICK HERE

Guest Access to MLS! Pretty cool...

I was just told about this guest access to TheMLS.com from one of my real estate agents.  I had no idea.  You can't do a lot of sorting or advanced look ups but - hey - it's better than nothing! 

  

You can look up properties and see surrounding listings, pendings and solds.   I just got this today - and am still playing around with it.   It seems to be good if you just want to look up a listed property and don't have time to wait for your agent to get back to you.  But like I said - it's better than nothing!

www.themls.com   - just sign into "Guest Search"

Property Valuation Formula - Follow it or Die!

I've had a lot of people ask what is my formula for knowing if a deal is right for me.  It's a simple formula.  Me & many of my investor friends use it.  This is an abbreviated version of my form.  I felt the need to create it so I can simply pass it along to wholesalers and real estate agents who are finding properties for me.   It's a first step in learning what makes a good property for me specifically. 

We buy houses that minimum 70% of the ARV – minus the repair cost.  Sometimes if the property does not need a lot of work (-$15K)  and it’s in a decent neighborhood –we will go as high as 72-73%. 

SImple & Basic Example:

Property Value:   Also called ARV – After Repair Value    :     350,000

Multiply by  70%                                      =    245,000

Minus Repairs Costs                              -     25,000

Maximum Offer :  Also called MAO.  Max Allowable Offer :      220,000

Now on top of giving my Valuation Sheet to wholesalers and real estate agents, lately I  have found that in order for me to get properties that are actually within this formula I have been having to train these folks in detail.  That is, taking them to the streets.  Going out  in the field with them, going into properties, evaluating the properties, estimating the repairs and then going over the comps with a fine tooth comb - many times driving the comps together.   In this market - the margins are tight.  The market is changing and in some areas has flattened completely.  We have to know what we are doing or we will go down in flames.  This is not a market to take lightly.

It is crucial to know your market, know your properties, know your area, know your comps.  So with me expanding my business and bringing more agents and wholesalers in to bring me deals - I have to be more diligent than ever before in making sure that those agents and wholesalers who I create a relationship with are well trained in what I want.  Otherwise I am going to just waste my time looking at properties that are not within my formula.  There is nothing more exasperating than receiving deals to look at that are not in formula.  And when I say "my formula" - I really mean - this is all or most investors formula.  Give or take some percentage points depending.

If you are an agent or even a wholesaler that has properties I can buy - email me and I will send you my entire Property Valuation Formula Form.   We buy all cash and close in 2 weeks.  Bring it!  rosie@nakedladyrealestate.com

We will pay 12% plus 2 points on this quick turn property

Become a Private Lender for this Quick Turn Around property.  

Property:   SFR in So. LA,  Needs between $8000-$10K in repairs, ARV $210 K

Amount:  Up to $150K (minimum of $55K) ( 1st and/or 2nd TD position available)

Terms:  Flexible & juicy:  12%, Plus 2 points

We are red hot with acquisitions (yahoo!), having picked up five properties in the last two weeks. Because the deals are flowing in like crazy, we now have openings for more private money partners.

 

Our private lenders always receive awesome interest rates, and we offer equity (profit) sharing as well.

For instance this property is a quick turn around deal for us.  We need to do minimal repairs on this property.  It has the same owner for the past 60 years and is in pristine condition.  We are going to update the kitchen and baths, refinish the original hard wood floors and paint.  That's it!  We intend to turn it around and back on market in 2 weeks.  It's a cute, base hit house.  No muss, no fuss :)  Batta bing batta boom.

This is an excellent opportunity for those who have expressed that they want to get into investing with us. If you have money that is not earning you 10-12% annualized return then becoming a private lender in real estate might just be for you.   

 

Contact:  Rosie@nakedladyrealestate.com    818-581-2112

 

New to Private Lending?  Would you like learn more about becoming a private lender in real estate trust deeds?  Email me for my booklet "How to Become a Private Lender". Rosie@nakedladyrealestate.com 

I'm changing the way I wholesale properties!

It's the Wild Wild West out there!

And there's a new sheriff in town...

 

It's getting kind of crazy out there you guys and because of this I am changing the way I send out my properties for wholesale.  In an effort to better manage my deals and my investors list I am changing the way I do business.  There's a couple of weird things happening and I intend to nip them right in the butt!  Unscrupulous people or just plain rotten apples... be gone with you! 

 

From now on - when I send out a property for wholesale - I will no longer include address in the email or post the address on my websites.   Anyone who is interested in looking at the property first must submit their information to be added to my investors list.  Then it is only that list that I will send the deals to.  You will still need to answer back and ask me for the address, but you will get it right away either via text or reply email.  This will insure that I know everyone who has gotten our property information and they are legitimate investor buyers. 

 

It's like the wild wild west out there you guys and we need to get some law and order happening real fast.   I don't like problems and this is one way I think I can control some of the anarchy and unscrupulous behavior that seems to be happening. 

 

Anyways , this sounds a lot better to me and I think it will help me to create a better, stronger community of investor buyers that are serious about doing deals.  Don't even think of contacting me if you are a negative a-hole, you have stolen someone elses deal, you complain to the bank that you didnt get my deal, you are a greedy bastard,  you're not a serious buyer, or you're just plain unpleasant to deal with.  You know who you are.  And don't think you can slip by me either.  I will smell you from a mile away.  Only good, honest, hard working people need apply.   

 

To be added to my buyers list - please email me Rosie@nakedladyrealestate.com  -  We just got another 3 deals and we are wholesaling at least 1 this week!  All our years of hard work and connection building are paying off and we are getting very busy with even more deals than we can handle!  Yahoo!

GSE Foreclosure Starts Start Coming Faster in 2010

The level of foreclosures starts in mortgages owned by Fannie Mae and Freddie Mac, the government sponsored enterprises (GSE), is at its highest point ever in 2010 as the rate of new foreclosures continues to increase.

The June 2010 Mortgage Monitor data provided by Lender Processing Services (LPS) Applied Analytics shows that the spike in foreclosure starts is greatest at 6+ months of delinquency. Analysts have suggested that this may be occurring due to the recent increase in HAMP cancellations. Total foreclosure starts for 2010 are at 1.46m, compared to 1.68m for the same period in 2009 and 1.25m in 2008, to be sure, but the rate at which the starts increase during 1H10 is at the fastest pace LPS Applied Analytics has seen.

For the rest of this story on on housingwire.com - click here

Wholesaling properties is all the rage... oh brother.

I have to say that wholesalers are coming out of the wood work.  Everybody and their mother wants to be a wholesaler.  First of all - I have so many thoughts about this that I don't even know where to start.  

In no particular order - but all equal points:

1.  First of all, brand new investors who haven't even done a deal or are barely learning the business - are deciding that they will become a wholesaler.  Now - this isn't necessarily a bad thing.  The more people finding deals for investors the better right?  The problem is that some folks are not getting it.  First of all, they are not evaluating the deal correctly. (Also this goes for real estate agents who want to get deals for investors).  Evaluating the deals is KEY..  Ah duh?   Here's the go: Take the ARV (After Repair Value) multiply it by 70% then minus the repairs.  That's the bottom line that I personally will buy a house for.  PERIOD. Some investors will only buy properties at 60-65%.  That is my dream - but in this market - those deals are hard to come by.

So this doesn't mean - call me up with a property that you have done all of the above, then tell me the price PLUS your wholesale fee!!  Jeez louise.  And some of the fees are ridiculous!  Which brings me to point #2.

2.  Don't be greedy with your wholesale fee and don't be set in stone on your number.   Do you want to rock and roll or just be a greedy a-hole who only does a deal here and there cuz you're set in stone?  There are some people who are hell bent in making their specific fee of say $5000, $10,000 or even more!  In this market you have to be fluid.  And you have to ask for a fee that the deal will support!  I don't care if you make $20K on a wholesale fee - but that deal better support that number!   Hell - sometimes we have made as little at $3K on a deal because that is all it would support by the time everyone got paid.   Also -don't care what the other person is making.  If the deal supports it - then what the hell is it your business what I making?  Which brings me to #3

3.  If I am wholesaling you one of my deals, and the numbers support the price - it's should not be your concern what I am making.  And especially do not try to use the tactic of "your making plenty of money - just lower the price"  really?  It's my connections, my time, my wheeling and dealing to get the deal in the first place. Do not dictate to me what I should and should not be making.   Go away.  There are plenty of buyers out there.  We do not need to deal with butt heads.  This is a no butt head zone.    I have a very good friend of mine who was wholesaling a really good property in a excellent neighborhood and her wholesale fee was $20K.  The deal supported it and the person who was interested - baulked at the wholesale fee and refused to buy it until they lowered it.   Absolutely not!   My friends strategy is that they like the property enough to rehab it themselves.  If they can't get their fee - they will just do it themselves.  Period.   I like this.  This is our strategy too.  If you don't like then don't buy it.  I'll just do it myself.   NEVER will we try to get a fee that the deal doesn't support. (This is not true for every wholesaler.  I'm just speaking for myself.)

4. Again - Please be fluid with your wholesale fee.  That means, don't be a dick.  We had a deal that we were wholesaling.  Actually we got this deal via one of our agents, and they were getting it from this wholesaler who was getting it from some other connection.  (I know - sounds like a pain in the ass huh? - well it was!)  So the story goes that come to find out a week prior to closing that there was a long list a stuff the city wanted done to the property.  Long story short - it was going to cost about $8K more in repairs.  So in order to make the deal work for the investor who was buying it from us - we had to lower our wholesale fee, my agent and his partner had to lower theirs and the people we were buying it from had to kick in a little on their end.  Sounds reasonable.  Something is better then nothing right?  Well - the greedy wholesaler that my agent was working with REFUSED to lower her side.  I mean 100% refused.  So my agent ended up giving up most of his fee so that he wouldn't upset her (his partner in the deal)!  What!  This was ridiculous.  She didn't care that he didn't make any money on the deal.  She let him do it!  Now that is just nasty!   So we all remembered that.  I will never buy another property from the greedy person.  Also - I have let me fellow investors know about her so that the don't get involved.  She is someone who doesn't care about people - and this is NOT The kind of person any of us should be dealing with.  

5.  I can't say it enough - do not be an a-hole.  Apparently there is the investor who has been in the business "for 20 years"  blah blah blah and he specifically asks you what your wholesale fee is and then he tells you he expects half of it if he wholesales your property for you!   WHAT! LOL.... don't even get me started on this fool.

So - the bottom line is - do your due diligence on the ARV, don't be greedy, be good to people and mind your business .  LOL....  it's sounds funny but it is true.  This is a small world we live in and word spreads fast if you're an butt head.

May the force be with you my friends!

Naked Real Estate Investors Meeting this week`

This week is my monthly meeting for my Naked Real Estate Investors Club !  It's my networking, deal making and educational meeting!  

Click here for information

The Bare Truth About Real Estate Investing"   No Hype, No Pitch - and we mean it!
 

6:30pm - Networking Begins 
7:15pm - Deals, Wants & Needs 
8:00pm - Speaker Begins

Come early and sign up to Announce your own Wants & Needs at the beginning of each meeting!  

Location:
Naked Real Estate Investors Center
10601 Washington Blvd
Los Angeles, CA 90232 - Click Here for Map

Non Member Cost: $20 pp  - Cash/Check at the door

July Meeting, Thursday July 8th
 

Topic: Total Asset Protection
Speaker:  Lynda L. Sands, JD, MBA
 

 Almost 200 lawsuits are filed EVERY MINUTE in the US, and as a Real Estate Investor, we need to know EXACTLY what kind of entity protects US best. Investors are like snowflakes, no two are alike!

Our next meeting, July 8th, will feature Lynda L. Sands, JD, MBA who will guide you in making the best choices for asset protection. 

Even successful real estate gurus who teach aspects of real estate investing tell you NOT TO WORRY about how you hold your assets— go buy property and worry about this later. It’s like telling you to go buy a plane and fly it, but don’t worry about the FAA or TSA. Recipe for disaster!

You don't know when:

o you will be sued

o you will be incapacitated

o you will be divorced

o you will die (or your partner or spouse will) or

o your partner (or spouse) will steal your money 

 .....and you cannot prepare for disaster after it strikes!

 IF WE ARE SMART & SAAVY ENOUGH TO FIND A GOOD DEAL, BUY PROPERTY AND MAKE A PROFIT, WE CAN LEARN TO RUN OUR BUSINESS PROFESSIONALLY

 o You need a structure that fits you at YOUR stage of business—one that will evolve with you.

  o Learn the concepts that will grow WITH YOU, whether you have one property or dozens of properties.

 o Her goal is to make you self-sufficient in understanding how to choose your business structure.

  ________________________________________________________ 

This was 2 weeks of real estate hell

But don't get me wrong - I wouldn't change what I do for anything in the world!  I love real estate - even when it sucks!  That is - when your deals aren't closing!   OMG, seriously people what the hell is going on here?  Is Mecury in retrograde?  Nope - I checked with my astrologer.  Is it bad Karma?  Nope I checked with my psychic - I'm good. So que paso?  

Our property on 43rd has been in escrow for almost 3 months!  YES!  You heard me.... 3 months!   The buyers had a list of 46 conditions to meet before their loan would fund and then on top of it, they had a lender who was a mother humper and who pretty much didn't seem to care when they closed.   But today - THANK GOD, we closed the son-of-gun!  I will say it again - Thank you God!

All the while - this past several weeks have been filled with other rollercoaster-OMG-you've got to be freakin kdding me - moments with many of our other properties.

Property on 47th - after a month and half of being in escrow -  and it not looking like the lender was on top of it - we had to move our buyers to use our lender and now its been another month and 2 appraisals later that we are just getting loan docs.  From my lips to Gods ears - that puppy is set to close this week.

Deal we got under contract - on 58th - quick wholesale flip. Easy money....  Come to find out 2 weeks ago that the short sale has not been approved by the bank... Uhhhh - you have our $5K deposit!  Are you kidding me?  The son-of-a-bee hive agent - didn't mention this minor detail to us that this deal didnt have formal approval.  Still waiting to hear on this mofo.

Deal that we just funded last week for property on 49th.... Some random lein showed up when they ran the title report again - for $35K !!!!  WHAT!?  Now escrow got that cleared but there is some other weird notice on title from "Bureau of Street Lighting" that is called "substandard dwelling notice".... Really?  This house is in So. L.A.  Of course it's substandard!  I need a freakin notice from some crazy street lighing bureau to tell me this?  Oy Vey - still working on this.  Do we go ahead with it and deal with this problem after?  Do we get our funds back and say screw you?  Stay tuned.

And don't even get me started on our complete rehab on Exposition..... 
All I can say is that our broker is freaking  LUCKY that we just got 2 offers on it - otherwise my broker would be.....

Now the good news.  I still love this business no matter what.   I feel so fortunate that I am able to do what I love and make money from it.  I feel lucky that I even have these kinds of "problems".  I know a lot of people who wish they had these problems.  We just got another deal yesterday and looks like several more are popping as we speak.  and I do have a rehab that is going pretty smoothly right now - thank you Jesus!  

So the bottom line is - yeah - sometimes work sucks - but for the most part I thank my lucky stars.... 

So. L.A. Wholesale Deal available

June 6, 2010

This will go fast!  Don't wait - go look at it today.

1804 Middleton Pl, Los Angeles 90062  

2/1   - 1260 S.F.

CLICK HERE FOR MORE INFO 

It's our 2 Year Anniversary, Thursday, June 10th!

Naked Real Estate Investors Club is 2 Years and Going Strong!

 

Join us to celebrate at our June Monthly Meeting! 

Topic:   "Women Who Rock Real Estate" Investors Panel

Plus:  Food!  Beverages!  Networking! 

...and then and "After Party" with music and socializing

Thursday, June 10th  6:00pm - 9:30pm

Join Us for one our famous Investors Panel as we celebrate our 2 Year Anniversary for our real estate club!  And this time -we are going to celebrate the incredible women investors who are really rocking it out there!

Let's talk with these ladies and see how they are rocking it in real estate.  Let's get together and hear them tell us - how they are buying houses in todays market, some of their lessons, their homeruns, base hits, and what their plans are for the next year!

 

• Bobi Alexander - Wholesale and Fix & Flip investor, Owner of Invest Club for Women in Irvine

• Iris Veneracion - Wholesale and Fix & Flip investor, Owner of Invest Club for Women in Irvine! 

• Kristi Cirtwell, Cirtwell Investments,  Rehabber, Fix & Flip Investor

• Mallory Nicholson,  Real Estate Marketing Expert
 
And way fun - Ginger Macias - Wholesaling Queen - is going to be moderating the panel with Me! 

Click Here to VISIT OUR WEBSITE FOR FURTHER INFO!  See you there!!