Dennis Norman Musings

Dennis Norman

By: Dennis Norman

Monday and Tuesday I did part one and two of my series on the National Fix and Flip Network and today will finish this series with the conclusion of my E-View ^TM with Eric Dale, the Vice President of National Fix and Flip network.

Dennis-Eric, you have touched on some of the resources your network provides for investors.  Can you please give me more information as to all the benefits an investor will receive from your network and also whether there is a cost to be a part of this network?

Eric-Our web site is completely free to join and it provides a plethora of useful information.  We provide education through our articles and videos.  We display important daily real estate news covering the topics of real estate changes/information, lending and government policies regarding real estate.

In addition, we provide access to thousands of property listings including foreclosures.  We provide access to thousand of real estate agents, contractors, appraisers, lenders, etc, nationwide.  We also allow members to post/advertise their information on our web site to get in front of our extensive membership.

The web site is geo-targeted so you can pinpoint any area in the United States and find all the resources you need in that particular area.  We are targeting any real estate investor or consumer who is interesting in becoming an educated investor or homeowner looking to improve their overall home-ownership/property experience and save time and money in the process.  We are also targeting real estate agents, lenders, contractors, appraisers, home inspectors, etc that would like to promote their services on our site. 

To take advantage of our network an investor or consumer simply needs to go to www.nfafn.com, join for free and start using our extensive and helpful resources.

Dennis-I noticed on your website a logo and link for Rebuilding Together.  Can you please tell me about this organization and your relationship to it?

Eric-We have a partnership with Rebuilding Together, a wonderful charity that fixes over 10,000 homes a year nationwide for those in need, the elderly and veterans.  We chose this charity as it was a natural fit for us.  Not only could we provide them help monetarily, but by bringing awareness of their cause to our members; our members could lend a hand using their skills to help those in need.  After all, most real estate investors know how to hold a hammer!  This year, we traveled to Tampa for the Superbowl as a corporate sponsor of Rebuilding Together’s “Kickoff to Rebuild” event.  We brought the Denver Bronco Cheerleaders with us and helped to revitalize an inner city Tampa neighborhood in desperate need of attention.

Dennis-Eric, I am impressed that even though your company is a new that you are committed to “giving back” through your support of Rebuilding Together. 

I want to thank Eric Dale for taking the time to share this information with us and think that investors will find the site very useful.  Below is contact information for Eric:

National Fix and Flip Network, Inc.
500 W. Silver Spring Drive – Ste K-200
Glendale, WI  53217
(414) 962-9600

Eric@nfafn.org

www.nfafn.com

To read part one of this series please click here.
To read part two of this series please click here.

Dennis Norman

By: Dennis Norman

Yesterday I did part one of my series on the National Fix and Flip Network and today will continue this series with the beginning of my E-View ^TM with Eric Dale, the Vice President of National Fix & Flip network.

Dennis-Eric, from talking with you I know your background is real estate and in fact it is from this experience that you saw a “void” that you set out to fill by creating the National Fix & Flip Network.  Please tell us more about your background and how your experience led you to where you are today. Read more…

Dennis Norman

By: Dennis Norman

I recently received a press release from ServiceLive.Com announcing their company had joined forces with National Fix and Flip Network to help real estate investors that are buying homes to “Fix and Flip save time and money on home repairs and improvements”. 

I was not familiar with either of these companies but I was intrigued by what I was reading.  For starters, the idea of a national network to provide services to real estate investors sounded like a great idea and something that investors could benefit from.  Then, the idea of a company that could help investors easily find quality, competitive contractors in their local market sounded great as well especially since the rehab part of the transactions appears to present some of the largest challenges to many investors.

However, if you have been reading my blog posts for a while you have probably figured out that I am somewhat of a skeptic though in many ways, particularly when I read a press release from a company touting it’s own product or services.  Therefore I decided to dig into this a little…I went to the website for National Fix and Flip Network and spent some time checking it out.  I have to say, I was immediately impressed. Read more…

By Shae Bynes

As a newbie investor it is easy to be overwhelmed as you’re getting started.  You’re trying to determine what type of investing you’re going to focus on, trying to get some cash saved up to use as earnest money deposits or for marketing, and trying not to be distracted by weekly real estate investing webinars selling you a new dream, another course, another service, another mentoring program.

I understand.

Having a vision of what you’re looking to accomplish with your real estate investing is key, and hopefully you have already put together a 90-day action plan to build your business.  A key part of that action plan is networking.  It’s been noted by top success and achievement experts that working together with others and establishing relationship is vital to reaching your goals – it’s hard to be successful operating in a vacuum.  Networking with others is going to help you move faster, smarter, and plus it can be fun to meet new people.  So like  James Brown famously sang “Get up off of that thing!”…. and network!

So who should you be networking with as a newbie investor?

At some point you will have an extensive network of people: other investors, realtors (brokers and agents), real estate attorneys, mortgage brokers, escrow (title company) officers, general contractors, accountants, property managers.

As a newbie investor, I suggest you immediately start with other investors and realtors (brokers and agents).  Through these contacts you will begin to extend your network further as needed. For example, another investor can tell you which title company to use to do simultaneous closings if you’re a wholesaler.

8 great ways to get started networking Read more…

Dennis Norman

According to Freddie Macs weekly mortgage market survey mortgage rates increased slightly this week from the prior week. The survey shows 30 year fixed rate mortgages averaging 5.25% with 0.7% in fees and points, up from 5.20% the week before. Last year at this time, the 30 year rate averaged 6.52%.

Rates on 15 year fixed-rate mortgages held steady at 4.69%, 5/1 ARM’s held about the same at 4.75% and 1 year ARM’s rose slightly to 4.80%. This time last year these arms were 6.07% and 5.27% respectively.

“Bond yields rose slightly higher this week on market optimism that the economy may be stabilizing somewhat and mortgage rates followed those yields,” said Fronk Nothaft, Freddie Mac vice president and chief economist.

“Other economic reports confirm that the housing market may indeed be bottoming out.  New home sales rose for the third consecutive month in June to an annual pace of 384,000 homes, the most since November 2008 and the number of new houses on the market fell to the lowest amount since February 1999, according to the Department of Commerce.  Sales of existing homes also showed a three-month gain to 4.89 million, the most since October, 2008, and the share of distressed homes fell to 31 percent compared to almost half at the beginning of the year, the National Association of Realtors reported.

By: Dennis Norman

The FBI has issued a consumer alert warning of phony online rental ads.  According to the alert, the scam goes like this:

You can’t believe your good fortune-you find a rental home in a nice area through a Craigslist classified ad at an unbelievably low rate.  The landlord-who had to leave the country and travel to Nigeria-asks that you wire him two months worth of rent.  You arrive at the home on the agreed-upon date, but there is just one small problem- the house is not actually for rent and its owners know nothing about your agreement.

This latest scam is being perpetrated by Nigerian criminals located halfway aroudn the world and has been seen in a number of U.S. states, perhaps in response to the current housing market- with fewer people buying, more people are renting. 

The FBI offers these tips to avoid being victimized:

• Only deal with landlords or renters who are local
• Be suspicious if you’re asked to only use a wire transfer service
• Beware of email correspondence from the “landlord” that is written in poor or broken English
• Research the average rental rates in that area and be suspicious if the rate is significantly lower
• Don’t give out personal information, like social security, bank account, or credit card numbers.

By: Dennis Norman

The FBI has issued a consumer alert warning of phony online rental ads. According to the alert, the scam goes like this:

 A prospective tenant can’t believe their good fortune-they find a rental home in a nice area through a Craigslist classified ad at an unbelievably low rate. The landlord-who had to leave the country and travel to Nigeria-asks the tenant to wire him two months worth of rent. The tenant arrives at the home on the agreed-upon date, but there is just one small problem- the house is not actually for rent and its owners know nothing about the tenants agreement.

This latest scam is being perpetrated by Nigerian criminals located halfway aroudn the world and has been seen in a number of U.S. states, perhaps in response to the current housing market- with fewer people buying, more people are renting.

The criminals behind this search websites that list homes for sale.  They take the information in those ads-lock, stock and barrel-and post it, with their own e-mail address.  In an ad on Craigslist (without Craiglist’s consent or knowledge) under the housing rental category.  To sweeten the pot the houses are almost always listed with below-market rental rates. 

So beware and keep an eye on your vacant homes….unbeknownst to you, they could be used in the scam.

Dennis Norman

By: Dennis Norman

The National Association of REALTORS(R) has been reporting and tracking a “Housing Affordability Index” since January 1989. The index looks at whether or not an average family (an income equal to the median income) can qualify for a loan to buy a median-priced home.

The Housing Affordabiity Index for June was at 159.2 meaning that a family with an average income has 159% of the income they need to afford an average house. This is down from the revised index for January of this year of 176.9 which makes January the month housing was the most affordable since the National Association of REALTORS(R) began this index 20 years ago.  Median home prices have increased 10% since January, rising from $164,200 to $180,600 in June, which has led to the degradation in affordability.

Of the four regions in the U.S. the Midwest is leading the way in affordability with an affordability index of 188.50.  The Northeast is the least affordable region coming in at 127.9.

Dennis Norman

By: Dennis Norman

The National Association of REALTORS(R) has been reporting and tracking a “Housing Affordability Index” since January 1989. The index looks at whether or not an average family (an income equal to the median income) can qualify for a loan to buy a median-priced home.

The Housing Affordabiity Index for June was at 159.2 meaning that a family with an average income has 159% of the income they need to afford an average house.  This is down from the revised index for January of this year of 176.9 which makes January the month housing was the most affordable since the National Association of REALTORS(R) began this index 20 years ago.

If the index had a value of 100 that would mean a family making the median income has the exact amount of income necessary to qualify for a loan to buy a median-priced home. A value beneath 100 means the family is falling short of enough income and any over 100 means the family has more than enough income.

By: Dennis Norman

Today the S&P/Case-Shiller Home Price Indices report was released which showed that, although still negative, the annual rate of decline of the 10-City and 20-City Composites improved for the fourth consecutive month in 2009.

The 10-City and 20-City Composites declined 16.8% and 17.1%, respectively, in May compared to the same month last year. These values are improvements over April’s data, which showed annual declines of 18.0% and 18.1% respectively. After 16 consecutive months of record annual declines, beginning in October 2007 and ending in January 2009, the indices have now shown four consecutive months of improvement in annual returns.

“The pace of descent in home price value appears to be slowing” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s. “To put it in perspective, this is the first time we have seen broad increases in home prices in 34 months. This could be an indication that home price declines are finally stabilizing,” he added. Read more…