BROWARD Wholesale Deals! January 23, 2012
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2616 NE 14th Ave, Pompano Beach, FL
REDUCED!! Clean 3/1 Great rental area. CBS, Central A/C.
3BR/1BA Single Family House
offered at $55,900
Year Built 1955
Sq Footage 624
Bedrooms 3
Bathrooms 1 full, 0 partial
Floors Unspecified
Parking Unspecified
Lot Size 5,532 sqft
HOA/Maint $0 per month
DESCRIPTION
REDUCED!! Clean 3/1 Great rental are. CBS, Central A/C New Windows, New Roof, Newer Windows.
David Dweck
Charles Rutenberg Realty LLC
(954) 354-1000
For sale by agent/broker
Equal Opportunity Housing
——————–
David Dweck | Charles Rutenberg Realty LLC | (954) 354-1000
3311 NW 17th St, Ft Lauderdale, FL
This oversized 3 bedroom 1 bath home is nestled in a great family neighborhood. The home can rent for $1400.
3BR/1BA Single Family House
offered at $56,900
Year Built 1964
Sq Footage 1,072
Bedrooms 3
Bathrooms 1 full, 0 partial
Floors 1
Parking Unspecified
Lot Size 6,185 sqft
HOA/Maint $0 per month
Contact info:
David Dweck
Charles Rutenberg Realty LLC
(954) 354-1000
For sale by agent/broker
Equal Opportunity Housing
——————–
David Dweck | Charles Rutenberg Realty LLC | (954) 354-1000
4530 NE 6th Ave, Pompano Beach, FL
EZ Rehab good for flip or rental. Won’t Last!
3BR/1BA Single Family House
offered at $53,900
Year Built 1958
Sq Footage 865
Bedrooms 3
Bathrooms 1 full, 0 partial
Floors Unspecified
Parking Unspecified
Lot Size 7,500 sqft
HOA/Maint $0 per month
Contact info:
David Dweck
Charles Rutenberg Realty LLC
(954) 354-1000
For sale by agent/broker
Equal Opportunity Housing
——————–
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To your success,
David Dweck
Boca Real Estate Investment Club
New Wholesale Deal! January 8, 2012
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FHA Says Flipping OK! January 8, 2012
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The anti-flipping regulation that was scheduled to end on December 31st, 2011 has been extended. As an example, if you buy a bank-owned property and look to resell it with FHA financing in less than 90 days, you would not be able to do so. Now, since the regulation was extended, if you rehab the property, you may sell it and close it right away and not have to wait the 90 days. Keep in mind lending institutions may have their own guidelines that prevent this.
Remember to check your documents when purchasing an REO or Short Sale to make sure there’s no deed restriction preventing you from flipping it. I’ve seen them anywhere from 30 to 90 days and if you’re looking to wholesale or retail the property you need to be aware of this potential restriction. The banks do this so you won’t make a quick profit from a potential loss that they are taking.
As more and more inventory comes on the market, we should be ready to capitalize on being able to buy at today’s prices. Fortunately, the demand for workforce housing to buy and to rent remains strong.
Should you need funding for your deals, please call us at Private Equity Funding at 954-354-1400 or e-mail us at Marisol@DavidDweck.com.
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To Your Success,
David Dweck
Boca Real Estate Investment Club
BRIC Next Thursday, NEW LOCATION! January 3, 2012
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Happy New Year! We’re starting our new year off in a new location with Cameron Dunlap a dynamic speaker who we brought in exactly one year ago, so if you missed him then, you do not want to miss him now. Please join us as we welcome back my friend of almost 20 years, Cameron Dunlap, who has harnessed the power of real estate investing and technology.
Cam’s proven methods and techniques have helped people throughout the country make big money in real estate so I encourage you to attend this meeting and hear what he has to say.
I will also have a special New Year’s giveaway for the first 50 people in attendance!
Thursday, January 12, 2012
Registration begins at 7 pm
Meeting begins at 7:30pm Sharp
Hilton Deerfield Beach/Boca Raton
100 Fairway Drive — Deerfield Beach FL 33431
If you have any questions, call BRIC at
(561) 391-REAL www.BocaRealEstateClub.com
Admission: $20 Non-Members, BRIC Members FREE
Save $5 if you present this flyer at registration!
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To Your Success,
David Dweck
Happy New Year! Here’s a Constructive Real Estate Rant… January 2, 2012
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I wish you and yours a very healthy, happy and prosperous 2012. Please take a few moments to read my “constructive rant” about the real estate market. Your comments are welcomed!
What’s Wrong with Today’s Real Estate Market
(And How We Can Fix It…)
By David Dweck
Here we are at the end of 2011 and the real estate market and the overall economy have yet to really stabilize.
Many analysts and economists predicted that the stabilization would have happened by 2010…but it hasn’t. Why? So many reasons:
• Unemployment is still a significant issue, as is under-employment, which gets so little attention. Wages are down and ; cost of living is up, — that really hurts.
• The amount of individualsindividuals, who have defected from all aspects of the real estate business, is huge. (One bright spot, however, is that the number of new real estate licensees in Florida has increased this year.) There are ver y few remaining mortgage brokers! This decrease has killed the mortgage brokerage business and thus hurt the consumer since now the consumer has fewer viable options.
• The appraisal industry has been crushed. This is good for banks; bad for consumers.
Let’s examine the exact opposite of that: During the boom, there were approximately 75,000 licensed mortgage brokers in the state of Florida. By contrast, In in the beginning of 2010 there were just over 40,000 and by the end of the year when the government got extremely involved and dictated that now you needed a national license only, approximately 10,000 applied. In Florida, if you wanted to obtainget this license, you were further penalized if you received your mortgage license prior to 2004, by having to take an exam (a state component in addition to the national component) and “yes” spend more money on that requirement, get finger prin ted, credit checked, back ground checked etc, etc, etc… While I understand that the market ran amuck during the boom that was perpetrated by the banks and Wall Street, mortgage brokers were given a product to sell and they sold it. I never did that! All I did in my entire lending career was originating private hard money loans to investors.
Now what you are left with at the endafter the first quarter of 2011 are approximately 135,000 licensed mortgage brokers. This regulation is a “money grab” for the government and ultimately hurts the consumer. Regulation is good to a point. This is an example of the Washington Bureaucrats bureaucrats on both sides of the fence meddling too much and ruining an industry. These bureaucrats also restricted the income mortgage brokers make on the YSP, which is what banks pay the mortgage brokers on “the back end.”.
Tell me how a smart consumer is supposed to shop around since a good professional mortgage broker gets them the best rate and terms???
The appraisal industry has been crushed. Some of the political schmucks that have taken part in this new legislation are Dodd-Frank and Andrew Cuomo. Cuomo was the brainchild for the Home Valuation Code of Conduct (HVCC). The HVCC gets an unbiased third-party involved in the appraisal process. (More bureaucracy…and at the expense of the consumer!)
Just recently I sold a renovated property after just three days on the market. I knew I was going to run into a snag since it was an FHA-financed buyer with a second appraisal. (If a property is being sold again within a 90-day period with FHA-financing, a second appraisal is required). Sure enough I did. Acting as a Realtor in this transaction, the first appraisal came in at value, the second appraisal however, was ordered by an independent third-party that my seller had to pay for at an outrageous cost of $545. The appraiser on the s econd appraisal did not come in at value, potentially blowing up my buyer’s hope at the American Dream on a beautiful house that was remodeled, upgraded and priced right. Ultimately, we closed and had to fight to get there.
Now appraisers are running scared. During the Boom, they were too aggressive; now they have been way too conservative and in many cases are just killing deals. Did I mention that Florida is still the mortgage fraud capital of America? There is a task force that hopefully will curb that kind of activity.
Real Estate is not a spectator or speculator sport. Back during the Boom, many people speculated. Speculating is gambling; not investing. I have a Dweckism – “Real Estate is not a spectator or speculator sport”. I am an investor, not a gambler.
I vividly remember being courted as a Realtor to an upscale country club and golf community where prices on single family and town homes were selling in excess of $400 per square foot. ARE YOU KIDDING ME? Paying that much is not only against my religion; but I dislike going to the proctologist!
I also vividly recall condo conversions and new condo construction selling at ridiculous prices with Realtors saying “appreciation is guaranteed” and, adding insult to injury, “don’t worry about negative cash flow.” As a Realtor and lender with a conscience, I could not sell those products because I didn’t believe in them. Those people who speculated got left holding the bag. They got lousy liar loans on property that they paid too much for. They also got bad advice from real estate professionals who were looking to grab huge commissions for very little work. Those were the days of easy money; now, we have to push hard in order to earn our keep. In essence, we are working harder for less money.
And the banks…Don’t get me started about the big banks! They are many times slow to respond to offers on REO (bank-owned) property. The big boys are the worst and jerk people around. How hard is it to get a contract executed? To the big banks it must be rocket science.
Getting a mortgage “pre-approval letter” from a big bank is not anything you can “take to the bank;” it is a worthless piece of paper. Then, good luck trying to get the representative who wrote the letter on the phone and get that deal to the closing table. Let’s face it, the banks still aren’t loaning money to investors and are making it difficult for owner occupants. You better have 800+ credit, plenty of money in the bank, two years’ tax returns, and a job with pay stubs and a W-2. If you are self-employed, watch out, you are likely to get denied!
How about getting a deal to the closing table? In today’s volatile mortgage environment, I have witnessed the stress level go through the roof when things happe n like when B of A decides a day before closing to order a second appraisal when the first one came in $15,000 over contract price! How about Chase making a buyer go to my title office at 11:00 am on a Friday and the title agent not getting a mortgage package until 5:00 pm and not getting the funds to give to the seller until Tuesday? That same deal took an additional 30 days to close for reasons unbeknownst to me. The banks simply don’t care that moving trucks are packed and buyers and sellers are left holding the bag and everyone is beyond upset and stressed out.
My office has been attempting to close an REO transaction and one of the hold ups was the proper vesting of buyer’s name on the deed. It was e-mailed back and forth over 100 times between attorneys, our office, buyers, and the closing agent. How difficult can this be?
Apparently, quite difficult since it took days and over 100 e-mails to correct this problem. F olks ask what’s wrong with the real estate market? It is situations like these that slow everything down, add unnecessary bureaucracy and B.S. to what should be an easy fix and not brain surgery or rocket science. Go figure…
Modifications, you ask? The banks still lose the paperwork! After submitting the paperwork a few times, you may get their attention. You still have a slim to none chance of getting a modification. I wish anyone trying to get a modification lots of luck…you will certainly need it. As a by the way, your chances are better if you are in default. To add insult to injury, HAMP modifications are a failed government program.
The following is a scenario that plays out time and time again: After several discussions with a bank to get a loan modification, the homeowner was told not to pay the mortgage as he needed to be in default for three months. As the homeowner listened to the bank instructions, he was surprised to le arn that since the loan was a portfolio loan, he would not qualify for a loan modification. Why tell the homeowner that after the fact and NOT in the beginning, as they would have never stopped paying the mortgage?
Now that the homeowner’s credit is ruined, he had no other choice but to do a short sale. There were several obstacles to complete a short sale due to the bank losing documents, waiting too long to respond to the four offers on the property or not responding to the title company representing her. After 18 months of fighting for an approved short sale, the homeowner closes and then after closing receives a letter from the bank offering A RATE REDUCTION to her mortgage that cut the payment over $300.00 a month. Had the homeowner known this information 18 months prior, he would still be in the home with good credit! Can you see why so many people revert to doing “strategic defaults?”
(There is a bright spot on the short s ale front: More are being done and the process is getting better. This is a beacon of bright light at the end of the tunnel!) Plus, some lenders (Chase) are paying some sellers 20K to walk away!
I would be remiss if I didn’t address the commercial real estate market. I have been involved in numerous commercial transactions over the years and we are years away from stability in numerous aspects of commercial. I feel the two biggest challenges are big office buildings and retail, or more specifically, strip centers.
For certain things, I’m definitely a brick-and-mortar guy. I like going to the bookstore. I like to buy CDs. These stores are on the way to being things of the past. Borders, gone! What about items like shoes? How can I determine if they are comfortable if I buy them online? As more and more shopping is done online, there will be more and more vacant space. Same goes for offices: More folks are working from home offices. Mor e companies are downsizing. More customer service jobs are going overseas. You get the picture….
Did I address the greed on Wall Street? Why aren’t Angelo Mozillo, Dick Fuld, the Fannie and Freddie guys and others in JAIL??? Countrywide was a horror show!!! What about Lehman, Goldman and the other firms that were all in play during the “boom”? All those esoteric products crashed and burned and we are still cleaning up the mess. Case-Schiller? A joke. Look at who is behind them – Wall Street! Yikes!
The real estate investor segment of the market is mostly responsible along with international, first-time and workforce housing homebuyers for the success of the current residential market. Prices and interest rates are low. This will not last! The shadow inventory is slowly diminishing. You can benefit: As a buyer, negotiate a great deal for yourself and get a low fixed-rate mortgage. As investors, we will keep hammering the banks s o we can buy well below market value.
Try getting an REO transaction to the table on time. Good luck! It takes much effort and energy. Instead of taking 30 days, it can take more than 180, which is both ridiculous and unacceptable. The robo signing foreclosure mills have caused further delays and title on some properties are not clear, marketable or insurable. Furthermore, liens may have to be mitigated causing further delays. Did you watch the 60 Minutes piece on what Lynn Szymoniak uncovered? Scott Pelley did a masterful job exposing the outrageous methodology of what the banks got away with. It is a “must-watch” story.
No guarantees. As an investor or Realtor, one must keep in mind that appreciation is never guaranteed and you always want to ensure that on any income property you achieve positive cash flow. To affect change for the greater good of the economy, people need to be able to buy and have confidence in doing so. Banks have to b e willing to lend without the extreme bureaucracy, and deals must get to the closing table without the hassles and stress that have overtaken these transactions.
At the end of the day, cash is and always will be king. Once financing becomes more available, that will bring stability to the market. Meanwhile, investors can continue to fuel the market with cash deals on both the residential and commercial side while the getting is still good.
Money is being made with strategies that work today: Buy low, sell low or rent with positive cash flow. As an investor, it is a great time to be in the market. For everyone else, prices and interest rates will not stay where they are today so now is the time to buy. There are numerous strategies I utilize that focus on succeeding in today’s roller-coaster environment also known as the “wild wild west of real estate”. Create your own stimulus and invest in your success!
The real est ate market is never static. Embrace the change, don’t go with the flow; be the flow and take action! Get off the sidelines; get in the game and play to win!
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To Your Success,
David Dweck
Boca Real Estate Investment Club
Happy Holidays! December 22, 2011
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On behalf of myself, Marisol and Criselda, we wish you and your families a very happy holiday season. Whatever you celebrate, make sure you take time and enjoy these moments.
We thank you for helping those less fortunate over this past year. Your support for The American Cancer Society, Caring House Project & LifeNet4Families were amazing. A few BRIC members attended Saturday’s “Helping the Hungry for the Holidays” Gala that I chaired and it looks like we raised in excess of $35,000! THANK YOU!!!
We hope your days be filled with lots of love and joy with your friends and family. I wish you much health, happiness and success for the New Year. We thank you for your business and friendship and look forward to working with you in the new year and beyond.
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Happy Holidays,
David Dweck
P.S. – Our office will have limited hours during the Holidays.
Boca Real Estate Investment Club
New Wholesale Deal! December 21, 2011
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109 Ronald Rd, West Park, FL
3/2 CBS, great rental area needs light rehab
3BR/2BA Single Family House
offered at $49,990
Year Built 1953
Sq Footage 948
Bedrooms 3
Bathrooms 2 full, 0 partial
Floors Unspecified
Parking Unspecified
Lot Size 10,323 sqft
HOA/Maint $0 per month
David Dweck
Charles Rutenberg Realty LLC
(954) 354-1000
For sale by agent/broker
Equal Opportunity Housing
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Private Equity Funding, “We Fund Deals”! November 10, 2011
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We have had great success funding deals from Homestead to Port St Lucie. We are growing and interested in funding your deal. Please request a loan submission package that will give you the information you need. You can request the package via email Marisol@DavidDweck.com. Please request the Loan Submission Package in your subject line and she will send it to you right away.
Here are some recent deals that were funded and paid off in less than 4 months. A 3 Bedroom 2 Bath 1 Car Garage home in Boca Raton purchased for $93,000 and resold for $149,000. A 4 Bedroom 2 Bath 1 Car Garage pool home in Boynton Beach obtained for $77,500 and sold in 90 days for $129,900. A 3 Bedroom 2 Bath pool home in Hollywood purchased for $85,000 and resold for $165,000. These are just a few of the deals we’ve been doing. The process begins with the loan submission form that you can fill out and email or fax back to us.
If you are interested in funding a deal please reply and ask about our upcoming Lender’s Lunch.
Banks are starting to release more inventory and we are expecting to be very busy at years end. We specialize in fast funding provided we have clear marketable and insurable title and a clean lien search. Please note, title must be taken in an entity or a land trust with an entity as the beneficial interest, not as an individual. We strictly fund business to business loans on investment property. If you have any questions please don’t hesitate to contact us 954-354-1400, or from Miami to central Broward, call Mari Rubi at 786-251-1436.
To your success,
David Dweck
Private Equity Funding
Doing Good for Caring House & LifeNet4Families October 23, 2011
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At the Foreclosure Convention we are helping two organizations that are near and dear to my heart: Caring House Project Foundation and LifeNet4Families.
I will kick off the Convention on Saturday and present a check to LifeNet4Families shortly after kick off. As some of you may know, the cost of peanut butter has gone up, we’d like to fill the Foreclosure Express Bus up with peanut butter at the Convention. So whether you’re attending the Convention or would just like to do a good deed, kindly drop off peanut butter between 9:00 AM – 1:00 PM on Saturday, October 29th to Lakeside Terrace 7880 Glades Road, Boca Raton, FL right by the Turnpike & Glades Road.
In addition, we will be helping the Caring House Project Foundation. I have served on the board for this charity for a number of years and traveled to Haiti with Frank McKinney and seen the fruits of our labor. I hope you will join me in support of those two worthy causes. As investors we help revitalize neighborhoods and also are empowered to help those less fortunate. I truly thank you for all you do to help and I look forward to seeing you at the Convention!
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I will see you in ten days!
To Your Success,
David Dweck
Boca Real Estate Investment Club
www.ForeclosureConvention.com
Need to Get Motivated? We Will Have Plenty Of Inspiration & Motivation At The Convention. October 23, 2011
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I have always have at least one motivational speaker at our previous Conventions to encourage you to take action. John Di Lemme will be teaching the Top 7 Proven Real Estate Motivational Marketing Strategies and I am sure you’ll be jolted into action with his words of encouragement. Read this testimonial from one of John’s students below:
“As a licensed real estate broker, John Di Lemme’s Motivational and Marketing Strategies was responsible for the best month ever in my 25 year career and in what many consider a down economy. Truthfully, after 25 years as a real estate broker, I wish I had learned John Di Lemme’s Closing strategies from the very beginning. There are a lot of business gurus selling their sales techniques, but John Di Lemme is different. John’s strategies are simple yet profound business fundamentals that give you a competitive edge with practical useable knowledge creating the most positive lucrative mind and skill set I’ve ever seen. Bottom line…it worked for me!” – John Adolfi, New York
I look forward to seeing you at the Foreclosure Convention!
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To Your Success,
David Dweck
Boca Real Estate Investment Club
www.ForeclosureConvention.com
