lake minneapolis

Renter Resources For Emergency Services That Might Help With Rent

In today’s economic environment, tenants are feeling the pain of a recession as well-or even more-than the rest of the population. This might mean their job loss or lesser wages. It is hard to pay the rent without an income. Therefore, as a landlord, your consider learning about and sharing resources with your tenants that provide emergency services in the Twin Cities. I have put together a few ideas on services/programs that might be able to help with food, utilities and even the rent. Besides the greater possibility and likelihood of getting your rent, you are being a friend and showing that you care. What goes around comes around.

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2012-will it be just another year or is it YOUR year of transition?

I recently gave a Toastmasters speech on this topic. Key to answering the question is whether or not you have written goals in mind regarding what you want or intend to accomplish. Unless there are specific goals that require you to plan and live with a purpose and focus, life will just happen. Either way is fine as long as you know what to expect. Many people are frustrated when they expect something different. Mastering time and focusing on goals may more create a more fulfilling life. Soon, I will begin my annual project of goal setting. I intend to plan my year with measurable goals. I find I’m much happier when I’m focused on where I’m going. As such, I just came across this PDF called The Tower. I thought it was interesting and wanted to share it here. It is a short e-book about a man who is achieving his goals and living the dream. He’s living life on his terms and creating a legacy. He became more focused after he analyzed a video game he was playing. It is a pretty interesting book. Maybe one of your goals involves real estate-buying a new home or investment property. If this is a goal of yours, I can help. Give me a call and let me help you figure out how we can make real estate goals become your reality in 2012.

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Short Sales Vs Foreclosures Vs Traditional sales

We need to understand that while the current economy is really a “Tale Of Two Cities” in that some people have no idea we are in a recession whereas others are in deep pain, the real estate market as a whole is being impacted by distressed properties. Based on the current backlog of homes, it may be this way for some time. That being said, why are short sales being embraced by everyone as the most economical way to move markets forward? When you look at a comparison of the loss incurred by the lender, you will see that losses are generally worse with a foreclosure. Larger losses via lower sales prices ultimately impacts everyone who is buying, selling or refinancing. I have a report and flyer I’d like to share. Both provide you with opinions and resources so you can draw your own conclusions. Solving the housing problem starts with understanding the problem as well as exploring viable solutions.

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HUD Home Tips

Recently, a representative from Best Assets came to speak in Minnesota about how they are handling the disposition of HUD homes in conjunction with the asset managers, agents, and the website http://www.HUDHomeStore.com . The process of buying and selling a HUD home is very similar to that of “traditional transactions”, but there are some small differences and nuances. I have attached a sheet that covers some of items that you should be aware of.

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Minnesota HUD Homes

Most properties that become lender owned are generally available through our online MLS. HUD homes are listed in our online MLS as well. That being said, HUD maintains a site at http://www.HUDhomeStore.com that lists all their properties for all states and provides you a lot more information about specific homes. I would encourage you to go there and see what is available. As an agent, I am able to show and help you purchase a HUD home. Just let me know what you’d like to view. I can set up a specific search for you within our Online MLS and see that listings that meet your parameters are emailed to you daily. Attached you will see that process that occurs once you’ve purchased a HUD home. It will provide you with a flow chart so you know what happens. Did you know that HUD allows you to put $100 down on a full price purchase offer of a HUD home utilizing FHA financing? These terms and conditions are subject to change at any time. Keep up to date at http://www.HUDhomestore.com

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Expanded HARP Mortgage Refinance Option-Available Soon!

Today, the government expanded the HARP program and qualifications. Attached is the news release. Qualifying for a new loan to lower your rate may now be a possibility even if you are upside down-ie underwater on your loan. Terms/conditions always apply-see the release and call me if you think you fit the parameters. We can take it from there.

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National & Minnesota Foreclosure Trends

The market is still slow, but this is the opportunity for those who want to roll back the clock and purchase at price levels combined with interest rates that we haven’t seen in years. See the newsletter for more information. Also, I have MUCH more information to share. Simply give me a call or send me an email to get started. Let me show you how I can help.

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VA-Veteran Loans Funding Fee & FHA Maximum Mortgage Changes

Starting October 1st, 2011, the maximum FHA loan limit for single family loans is being lowered from $365K in the Twin Cities to $318,550. See the attached form. This is not a good thing, but reflects the reality of declining value of much of the real estate. Unfortunately, underwriting of all loans continues to tighten. On a positive note, the VA funding fee is being lowered. This would be due to less losses and a lesser need to collect as much insurance premium to protect against defaults. So, the question I have pondered is: Why are VA loans-typically financed at 100% loan to value-not experiencing the same loss ratios as other mortgage programs. VA 100% financing has been around forever. It works-and well. The problem of our mortgage crisis is not the loan to value or a required minimum down payment or tighter underwriting as some would have you believe. Imagine all the new homeowners if we actually took what we’ve learned from decades of underwriting VA loans and applied it to a new “stimulus mortgage program”. Instead, we are becoming a nation of renters. Somebody in congress needs to talk to the people who have their boots on the street for real solutions to our mortgage and real estate problems.

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Using A Reverse Mortgage To Purchase

With some of the major lenders leaving the reverse mortgage business-possibly just on a temporary basis-you might find it more difficult to find a lender offering the program. At the same time, it is worth your time to look. If you are 62 years old and have approximately 50% equity in a home, you can obtain a reverse mortgage. You can use this loan for a purchase as well. So, if you put down 50% of the value of the home, you can obtain a reverse mortgage. Remember, the reverse mortgage doesn’t have a monthly payment associated with it. While you are still responsible for the taxes and insurance, you pay off your loan when you sell the home. The attached PDF will give you some examples of how much is required to buy a home using a reverse mortgage at various age groups. This is a unique opportunity for seniors to consider, especially if they are on a fixed income.

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An Economic Blog/Resource For You

I just found this blog at http://www.CalculatedRiskBlog.com It is a cool economic blog. Go there and read articles to see what is happening in the world. Then, go to the graphs gallery. Simply amazing. It is worth your time if you want a macro view of the world and environment in which we live today.

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What’s happening in the Twin Cities Real Estate market?

Are you wondering what’s happening out there? Well I have my “boots on the street”. Here is where I see it and where I see it going in the short term. Overall, sales are slow, but not dead. We are now in the fall market. In as early as 30 days, we could have snow on the ground. Then, you have Thanksgiving and all of the other holidays. Combine all these events and this tends to be the slowest time of the year. This means it will likely get slower over the next 90 days for traditional home sales. I’ll keep you posted about the Spring market when we get there. That being said, I am keeping very busy-thankfully!. Many of my transactions today are involving investors. The deals are just too good to pass up. I would be happy to show you what I mean and give you actual examples involving investor transactions I’ve been involved with. If you believe that values will increase in the future, now represents the best buying opportunity I have seen in my 26 years. Is it all uphill from here? Absolutely not! In fact, depending on the community and property type, it might get worse before it gets better. Yet, if you are a long term investor, purchasing for the long term, this is a golden opportunity. Interest rates are at 50 year lows, the banks will soon have to do something with their inventory of properties. Banks are actually accelerating their foreclosure procedures. This means more homes will be available for sale or even possibly for rent. The government is thinking about solutions-so we’ll have to stay tuned. Will they become landlords? Will they raise the LTV loan limits for underwater mortgage refinance opportunities and expand eligibility beyond Fannie and Freddie loans? Will there be write downs of principal and equity sharing going forward for existing underwater homeowners? These are all ideas being talked about. Stay tuned for more!!

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Amazing Video-Wouldn’t Believe It If I hadn’t Viewed The Video

Amazing message-mortal enemies can get along! What an example for the rest of us!

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Great Cartoon from 1948

Human beings are human beings. Only the names change. When we refuse to understand history, psychology, and human nature we end up repeating mistakes that could be avoided. Re-learning lessons is getting mighty expensive. Definitely worth watching.

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VA financing their foreclosed properties for Investors

This is pretty exciting.  It is a way that investors can buy VA foreclosed homes with VA loans.  I personally have not participated in this yet, but I wanted to make sure everyone knew that it was an option and might be available.  See the flyer for more info

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Minneapolis Park and Recreation Board

You will be amazed at the activities available throughout the Minneapolis Park System.  Use the convenient search finder to locate your lake of choice and the events that follow.

http://www.minneapolisparks.org/default.asp?PageID=5&advSearch=parks

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Seeing The Beauty Of Lake Nokomis MN

Although there are many lakes in Minnesota, this is one that many people flock to every year to enjoy the waters. But there is more to this lake then just being a body of water. There is a lot of history to Lake Nokomis and it is important to make sure that you are aware of it.

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Knowing the history of such a beautiful lake is the only way to make sure that you are fully going to be able to appreciate the lake and everything it has to offer visitors of the area. Located in the southern part of the city and west of the Mississippi River, you will find this amazing lake. The shape of the lake is oval and runs southwest to northeast.

The actually oval shape fact may surprise some because many people believe the lake to be an “L” shape. This is because the lower part of the lake has Cedar Avenue crossing it running north to south. From the ground, it would appear as though the lake in “L” shaped instead of being oval. Something else that many people find to be a fun fact is that the lake used to only be five feet deep at its deepest point.

Back when the lake was purchased, it was nothing much more than a marshland, which was used as a drainage area for the entire neighborhood. Lake Minneapolis was later turned into the fascinating lake it is today through a dredging technique. The dredging is what made the lake deeper and produced the lake that you can now see today.

Those with a lake Nokomis home or who have visited in the recent past may have noticed some changes taking place. Recently, there have been many changes in order to complete a preservation project. Special areas are created of native vegetation, which can be found along the shoreline in certain spots. There have been more artificial ponds added to the area as well in order to help everything out. With all of the beauty and the space that this lake allows, it is no wonder that it has been used for many years as a multipurpose lake.

The population of people who live around Lake Nokomis and those who come there for vacation find many things to do among the native vegetation and in the water. Fishing and sailing are extremely popular activities that you can see people doing on most of the warm days. There are also two very nice beaches that have imported clean sand in for recreational use. Just outside of the lake you will find yourself in the middle of a large park that has efficient facilities set up for those who want to walk or run, play softball, ride their bike, or play various other types of sports. There is plenty of room in the area to get in all the exercise that you could ever need.

If you want to make sure that you are around many conveniences then you will want to make sure that you are that you are at the main beach. This can be found on the west side fronted by Cedar Avenue. There are restrooms, concession stands, and a nice selection of rental equipment for you and your family to make use of. The smaller of the two beaches can be found on the northeast side of the lake. While there are no concessions there, you will find some portable toilets to make use of.

When visiting the beach areas of Lake Nokomis it is important to make sure that you are staying within the swimming boundaries. This is simply because there is a possibly dangerous situation that you can find yourself hurt in or possible killed. Just past the swimming boundaries is a place where the lake bed suddenly and without warning drops off. There has already been a teen that died by accidentally drowning back in July 2006 at the North beach.

From 1983 to 2000, the lake Nokomis was known mostly for its part in the Minneapolis Aquatennial celebration called the Milk Carton Boat Race. This even has now been moved to Lake Calhoun. The lake was also known for many years by the large old trees that were several feet in diameter along the east shore of the lake. Sadly, in 1998 these trees were uprooted by a terrible storm that ripped through the area with incredibly high winds.

With so much history behind this lake and what it has been known for throughout the years, it is no wonder that so many people still come to this lake. Whether you own a lake Nokomis home or you are simply driving through the area, it is a good idea to stop and check out everything that this lake has to offer. It is the perfect vacation spot, just as it always has been, simply because there is a little something for everyone. If you have never been there, you should give it a try and you will probably find yourself returning year after year.

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