New Fannie Mae Investor Reserve Guidelines

April 22, 2009

I have been asked recently for some clarifications on the recent changes from Fannie Mae on Reserve Requirements when purchasing Investment Properties. As you may know, Fannie Mae has repeatedly changed its guidelines on this topic. Staying on top of this information is key as a real estate investor.

Per Fannie Mae’s February 6th Announcement:

When the borrower will own one to four financed properties (including the subject property) the reserve requirements are:
* two months of reserves on the subject property if it is a second home,
* six months of reserves on the subject property if it is an investment property, and
* two months of reserves on each other financed second home or investment property.

When the borrower will own five to ten financed properties (including the subject property) the reserve requirements are:
* two months of reserves on the subject property if it is a second home,
* six months of reserves on the subject property if it is an investment property, and
* six months of reserves on each other financed second home or investment property.

Note: The reserves calculation for a financed property is based on the monthly housing expense of the financed property. All reserve requirements are based on the new definition of reserves as defined in more detail in Fannie Mae Announcement 09-02.

So just as a numerical example, let’s say you want to finance an investment property costing $100,000 that will result in payments of $1,000 per month. Then your cash requirements will be:

1. 20% Down (typically): $20,000
2. 6 Months Reserve: $ 6,000
3. Closing costs: $ 2,500 (estimated).

In this example, then lender would be looking for $28,500 in your accounts to get approval.

You can click here for your copy of the announcement, or you can get it from:

https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0902.pdf

Hopefully this helps clear things up for those of you confused on the new Fannie Mae Reserve guidelines for investors.

Go Zone Extension - Is There Still Time?

April 20, 2009

There is still a lot of confusion about when does GO Zone benefits end, especially for real estate investors.  Every time that  I send out an email about the Go Zone, I get several emails in return saying “didn’t that end after 2008?”.

The reason for the confusion is that MOST LOCATIONS DID END in 2008…… but not all.  There was an extension put into place for some of the hardest hit areas from hurricane Katrina.

Bottom line is that in certain locations in Mississippi and Louisiana, you can claim bonus depreciation benefits through 2010. In Mississippi, the eligible counties are:

* River;
* Stone;
* Hancock;
* Harrison; &
* Jackson.

For Louisiana, there is a much longer list of parishes including:

* Calcasieu;
* Cameron;
* Orleans;
* Plaquemines;
* St. Bernard; and
* St. Tammany.

In Alabama, no addition counties will remain open for bonus depreciation or GO Zone benefits after 2008.

The American Institute of Certified Public Accountants has published a handy guide that really summarizes all the rules, dates and locations. Click here to get their PDF report.

Go Zone Webinar - Tuesday, April 21

Buying New Homes For 77 Cents On TODAY’S Retail Amount?

April 15, 2009

In today’s market, everybody is looking for the next “great deal” which is obviously smart investing. However, many investors are also falling into the “you can buy at 50 cents on the dollar” trap. The trap that investors are falling into is that, unfortunately, these numbers are frequently referenced to yesterday’s market value and have little to do with what things are worth today.

Now let’s look at one way to buy new homes at a true 77 cents on the dollar relative to today’s retail value. To accomplish this, we are going to use a combination of a reasonable builder discount coupled with current, special IRS tax legislation. Using absolutely no “smoke or mirrors”, we are going to show you a real-life calculation, using IRS GO Zone tax law, to see how people are really creating equity for themselves.

Let’s look at the following REAL world example for a recent investor:

· True Retail Value: $141,128

· Net Purchase Value: $109,124 (Note 1)

· Net Cash In: $ 8,046 (Note 2)

· Realistic Profit In 3 Years: $51,664 (Note 3)

If you look at the above numbers, they are quite impressive numbers for purchasing and owning a BRAND NEW home and collecting some positive cash flow along the way (note that the positive cash flow has NOT been factored into the above for simplicity reasons). The difficulty is that many don’t recognize these “Net Numbers” when they see them offered on a home sales flier. In this article, we want to take you from actual purchase numbers and then show you how the above “Net Numbers” result. There has been 100’s of Millions of dollars in real estate done using these special tax results. Yet, most investors, and even most tax professionals, “just don’t get it!”

Referring to the above numbers, let’s now address the “Notes”:

NOTE 1: Realize that NO BUILDER in their right mind will sell you a home with that big of a discount to TRUE MARKET, especially when they are truly moving homes at retail prices. In this example, the builder has discounted their retail currently in this slow retail market. In addition, they have provided a reasonable discount to the GO Zone buyer.

The actual, discounted, purchase price on the home is $129,578. But, when you factor in GO Zone tax benefits, there is over $20,000 in real tax savings for an investor in a 35% tax bracket. When you take the actual purchase price and then subtract the tax savings, the NET purchase price becomes $109,124.

NOTE 2: Realize in this lending environment, most investor loans are pretty straight forward with 20% down plus closing costs. Obviously that is less than ideal but yesterday’s excesses impact you today.

In the above example, the total dollars required at closing is $28,416 which includes both the down payment and closing costs. But, when you realize that you get the tax savings back within a year or less, then your NET Cash In becomes that total amount to close minus your tax refund: or in this case, $8,046.

NOTE 3: In the GO Zone, while retail homes have seen a slow down they have not seen a “crash” like in other locations. Home pricing is very reasonable relative to income and the strong demand is expected to return with a small shift in the economy, home buyer incentives, relaxed credit, etc.

I know it seems strange to be discussing potential price escalation but at these locations, most professionals tend to agree that we have to go up in the area. Using a past, reasonable safe escalator of only 5%/year, you get to a retail value of over $163,000 in 3 years. Obviously nobody has a crystal ball and you can apply your own witchcraft here. However, when you look at the economic strength of the region, most agree that the area should do just fine over time.

Robert Kiyosaki once wrote that the wealthy “see” finances very differently than the average person by factoring in all aspects of a transaction including net tax considerations. As this example has shown, this is especially true for tax advantaged properties, such as found in the Katrina GO Zone.

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Do You Want $60K In Deductions From Uncle Sam?

April 13, 2009

‘Twas the week before tax day, and all through the country, not a sole was sleeping soundly, not even the wealthy.

I know, I know….. it’s terrible to take such liberties with a favorite Holiday story and ruin it with the tax season. But, it just seemed so appropriate!

As we all approach our favorite day of the year, April 15^th, we all make that vow that we do every year……., “I have got to do some better tax planning.” Unfortunately, it usually goes the same path as our vow to lose weight beginning January 1^st.

Fortunately, Uncle Sam has provided an easy way for real estate investors to substantially reduce their tax burden via buying properties in what is referred to as the “GO Zone”.

What Is The Go Zone?

The Gulf Opportunity (GO) Zone Act was passed in late 2005 as a mechanism to spur redevelopment in Hurricane Katrina impacted areas. In 2005, these areas included parts of Alabama, Mississippi, and Louisiana and are now referred to as “GO Zone” areas.

Modeled after the Liberty Zone legislation passed to spur growth in New York after 9/11, GO Zone legislation was enacted to entice the private sector to pour substantial dollars into hurricane Katrina impacted locations. The good news is that it has worked and we have seen it work first hand.

While there is a ton of potential benefits to you, the one most often discussed in real estate investing circles is called “Bonus Depreciation”. In layman’s terms, this allows investors the opportunity to claim a 50% bonus depreciation during the first year that a GO Zone qualified property is put into the rental pool. As the example below shows, this can be a huge tax benefit.

A Very Simple Example

Suppose that you buy a new house for $140,000 in Biloxi, Mississippi and put it into rental service. Also, let’s suppose that the lot value for that home is $20,000. Here is how the transaction would look.

House Purchase Price: $140,000

Land Value: $20,000

Net Structure Value: $120,000

Allowed Bonus Depr: $60,000

So how would you like to deduct $60,000 from your income next year before computing bottom line tax values? What if you bought 10 of these like some of our clients have? In addition, you may be interested to know that this loss could be carried backwards or forwards, so it is quite possible to go back and recover already paid in taxes.

So Why Hasn’t Everyone Bought GO Zone Properties?

While the GO Zone is certainly news to many people and many tax professionals across the country, realize that it has been used…… a lot. In many hurricane impacted areas, it has already played a significant role in putting housing back on the ground.

One of the reasons that you don’t see it discussed everywhere is that this is NOT something that fits every single person. Without getting too technical, the GO Zone tax code is wrapped around existing IRS depreciation code, passive losses, etc. So, let me give you the cheat sheet. If ANY of these categories fit you, then you may want to look at the GO Zone more carefully:

1. Real Estate Professionals: Those who spend 51% or more of their time in “the business” of real estate have tremendous opportunity to use their depreciation losses to offset their actual income. Note – you do NOT need to be a licensed Real Estate Agent to qualify for this category!

1. High Wage Earners With Non-Working Spouse: Many people have structured their affairs so that the non-working spouse manages their properties and gets classified as a real estate professional: this also DOES NOT mean that they have to become a licensed real estate agent.

1. Adjusted Gross Income < $150,000: Depending on exact income, there are some specific paths for deducting up to $25,000 of bonus depreciation loss.

My Recommendation:

After having participated in all aspects of the GO Zone since 2005 and running the largest GO Zone website (GoZoneOnline.com), let me offer an observation. Because this topic involves tax code, many people (myself included when I first got involved) spend days and days trying to understand what is happening and frequently end up frustrated. Unless you are well versed in tax law, you will pull your hair out.

Instead, here is what you REALLY need to grasp:

• If you are in one of the 3 above classes of people, then you need to answer if this makes sense for your personal situation? Once you understand the layman’s basics, then there are tax pro’s that for a couple hundred dollars, can assess your specific situation rapidly and advise you on how to proceed. More than likely, your regular tax professional will be in the dark as much as you. But with some outside help, you can rapidly determine your personal situation.
• Assuming you want to participate in the GO Zone, then you need to understand:
  • What areas to are best to buy in;
  • What types of properties are best to buy and why;
  • How to find a good deal.

It really is that simple and definitely is not rocket science. To help readers come up to speed, we are going to hold an introductory webinar, April 21, to cover these topics.

Sign Up For April 21st Go Zone Training Webinar

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Investor Alert: Rental Guarantees

April 9, 2009

Another one bites the dust.  Another investor lead astray by what looks like a great thing to the uninitiated: the rental guarantee.

As I write this, I learned that an investor went from buying what I think is one of the best properties that I have seen in the Go Zone to what is in my opinion, junk.  Why?  Because they were lured in by the “security” of the marketers rental guarantee.

Now don’t get me wrong….. Sometimes a rental guarantee is a great thing on an investment property but the reality is that it is rare.   In fact, we are evaluating a deal right now with a rental guarantee but our Red Flags were immediately raised…. Time will tell if the project we are examining happens to be one of those rare cases that works with a rental guarantee.

WHAT IS A RENTAL GUARANTEE?

Quite simply, it is an agreement between the seller and the buyer that they, or a related company will lease the property for some period of time.  One example that can work really well is when a subdivision builder sells their model home to an investor and then leases it back as a sales center.  That can make a lot of sense for everyone involved.

These rental agreements tend to be as short as 3 months and can be as long as 2-3 years.  In addition, the seller might be leasing back a single unit, such as for the model home above, or they may be leasing back a ton of units and then they plan to sub-lease them to minimize their negative cash flow.

RED FLAG #1

When done with multiple units for long periods of time, the lease back represents a substantial monetary liability to the seller.  So why would a seller offer this?  One possible (and common) explanation is that they are making a boatload of money on the sales of the units and the leaseback represents a small risk.   By offering a leaseback that hope to get a bunch of investors to start buying in which case the seller will do just fine.

Generally this occurs when the property is overpriced relative to market.  So the “game” is to mark up the property higher than market value, make a bunch of money, and then offer a rental guarantee to make this attractive to investors.  But of course, they can’t show that the property is overpriced so somehow they will also need to convince the investor that they are getting a good deal.

For this Red Flag, you should take any discussions on “appraised value” or “market value” with a degree of skepticism and really try to verify.  Every once in a while you will find a property that has a leaseback AND is actually priced right…… then you have found an interesting deal.  Just realize this is rare.

Red Flag #2

This leaseback can be a substantial financial undertaking for a builder/developer if many units are involved.  So, for example, suppose that they offer this for 50 units in a complex at $1,000 per unit, for 24 months.  So their total liability is:

50 Units *$1,000 * 24 = $1.2 Million

Obviously they probably PLAN on renting out these units, and they PLAN on selling enough units to be strong enough to cover this but will their PLAN work?  If not, good luck on getting all your PLANNED lease payments.   However, if what you are buying is till very rentable on the market, with or without them, then your are in a great position.

Red Flag #3

Is the leaseback consistent with market rents?  One other common “gimmick” is to offer a leaseback higher than market rents to make the numbers look good.  Based on Red Flag #2 and you always needing to plan on those leaseback payments stopping, then you really do need to know the market rent values.  If, however, the lease back amount does line up with market rents, then that is a good indication…… the question is how will you, as the investor, know what the market rents are for the area?

Conclusion

Again, don’t misunderstand my intent.  SOME RENTAL GUARANTEES are good and as mentioned earlier, we are evaluating a deal with one right now.  However, when you hear about an offered property with a rental guarantee, always go back and check your 3 Red Flags.

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Broker Price Opinions (BPOs) - How To Get A Good Short Sale Value

April 8, 2009

Oh, the games people play, especially in the real estate business.  This is especially true in the  short sale world with broker price opinions (BPOs).

For those of you not familiar with the lingo, a BPO is an estimate of value, like an appraisal, but is performed by real estate agents.  As it was put by one rather biased appraisor in an article recently,

“Unlike standard property valuations performed by licensed appraisers — which can run to hundreds of dollars — BPOs often cost $50 and are performed by real estate agents who may have minimal or no appraisal training and are subject to no regulatory oversight.”

Of course in this topsy turvey market, we have found that some very knowledgeable BPO agents have a much better handle on pricing than some appraisers but that is a different story.

As any experienced short sale investor will tell you, the BPO is the KEY TO MAKING A DEAL WORK.  Essentially, a loss mitigator for a bank has certain lattitude to get deals done that are within some % of the BPO.  As an example, if the BPO comes in at $150,000, then a loss mitigator may have full authority to accept offers of $130,000 or higher.

If the short sale offer is above that magic threshold, poof the deal gets done, the loss mitigator clears their desk, everybody is happy.  Below that number and you may as well try pushing a wet noodle up Mount Everest.  Each lending institutions have their own guidelines and these can definitely vary with time.

Many, many investors get stuck at this stage simply because they don’t understand how to play the games.  So how are the pros getting BPO valuations that work for them and the bank?

1. Always remember that the BPO agent is only making about $50-$75 so they want this done with little friction…. also remember that the bank is paying their bill so they want to make the bank customer happy;
2. Well before the BPO agent arrives, the short sale house is marketed on MLS by the investor.  They start the price at the highest value that might work and then start dropping the price some set amount (typically $5K- $10K) per week.  At the higher prices, frequently no house showings occur; i.e., nobody is interested.  As the price drops, you will find a price where a few showings occur and then finally a price where lots of showings occur.  For a good short sale investor, their job is to explain to the bank’s BPO agent that no showings occurred until they reached a certain price….. One could argue that this is a good data point for determining true market;
3. Next, the short sale investor will be very well prepared….. Lots of comps, lots of repair estimates, and any other justification that they can provide to the BPO agent.  It makes the BPO agent’s job easier and helps them truly evaluate real value.  A skilled investor can work magic at this stage.
4. And of course, the short sale investor ALWAYS, ALWAYS meets the bank’s BPO agent on site so they can explain their point of view.

For the short sale investors who understand how to “play the game”, they get 1 out of 2  deals approved and their are some really good investors that are hitting 90% approvals.

Want To Learn More About Short Sales?

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Good News For Short Sale Investors

April 6, 2009

Its Monday morning so do you want the good news first or the bad news?

Since we mostly hear bad news these days, let’s start with the good news for a change.  If you are a short sale investor, or someone considering getting into short sale investing, then you may be in luck.   A new report from the Department of Treasury shows that banks approved almost 3 times more short sales in the 4th quarter of last year as compared to the first quarter.

Referring to the table and chart below, we can see that this is really a significant increase.

One of the biggest complaints of short sale investors has been that the banks are dragging their feet in getting their deals done.  In part, this may be due to non-ideal techniques used by many short sale investors: there are some short sale investors that are getting a lot of deals done on a consistent basis.  Even still, it sure would help to ride a wave of increasing short sales by the lending institutions.

If you are thinking about investing in short sales, you may want to visit this video that we put together.

So What Is The Bad News?

The bad news is that in all categories of loan defaults, foreclosures where just not getting any better by the end of last year…. Gee, isn’t that a surprise.  While we will cover this topic in much more detail later, the short story (no pun intended) is that when you look at the number of loans that are

• 30-59 days delinquent;
• 60-89 days delinquent;
• 90 or more days; or
• Foreclosure in process,

all were going up over the course of last year.  Looking at those stats, you know that we are not out of the woods yet.  Unfortunately, many of these type detail reports are a few months behind so it is just one piece of the puzzle that we all need to be watching.

Poof - An Instant Housing Fix?

April 3, 2009

Regardless if you are bullish or bearish on this market, what if something was planned that could radically change the real estate market…… almost overnight.

On April 1st, we offered a poll to determine the percentage of people that are bearish on this market and those that are bullish.  The chart below shows those results as of the time this article was written.

Click Here To Register Your Poll Vote

Out of the people that participated in the poll, 21 indicated that they were bearish, while the majority indicated that they were bullish.  Unfortunately, in my opinion, there is no right or wrong answer…… you simply have to interact with the market based on your beliefs.

One of the comments we received indicated that the person believed that the “real bottom” was 2012 - 2013.  Unfortunately, none of us will know until 2014 if that is true.  For that person, with their beliefs, probably the right strategy for them is waiting until that date….. it doesn’t mean that their approach is right (or wrong), but at least it lines up with their personal beliefs.

But What If It Changed With The Stroke Of A Pen?

As a real estate investor, one of the difficulties that we face is that market conditions change much faster than we can react.  For example, many people were absolutely shocked at the rapidity that the real estate market stopped selling in mid 2005.

Now, let’s consider another potential event that could also have a major impact:  the Making Home Affordable (MFA) Initiative.  You can learn more here.  Under this initiative, some of the 3 to 4 million homeowners eligible for loan modifications could see interest rates as low as 2 percent.

I wonder what this could do to the current “conventional wisdom” prevalent right now with many professional real estate players.  Their view simplified is that:

• We are at the beginning of a wave of adjustable rate mortgage (ARM) Recasts;
• When these recast, especially option ARMs, tons more inventory will flood the market;
• This inventory will likely be in place for years to come.

But what if, with a pen stroke, that picture changes and now more people can stay in their home.  In turn, this means that we rapidly start to work through existing inventory, which then decreases supply.  Now, the building industry comes out of hiding, hires more people which then improves jobs, which increases demand, etc., etc.

PLEASE DON’T MISUNDERSTAND.  I am not predicting the above.  Most of the big money investors I know gave up on “predicting” years ago.  They make decisions based on the real data in front of them TODAY and when they see a deal that makes sense TODAY, and has a high probability of making sense TOMORROW, then they act.

Investor Alert: Bank Owned REOs Without Pictures?

April 2, 2009

Many people believe that now is a great time to buy a bank owned properties (see yesterday’s poll).   In some locations, you can literally buy for pennies on the dollar.

In addition, in some select areas, properties can be rented to generate 18-25% cash-on-cash returns while still picking up substantial equity.

That is the good news but what do you need to worry about??

The “No Bull” version is that these properties are being offered by everyone, with many of them junk.  Heck, it wouldn’t surprise me if Joe The Plumber was trying to get in on the action.

Over the last few months, we have sat in on about 1.2 million webinars (or at least if feels that way) of different groups “pitching” their homes.   There is a lot of things to consider to separate junk from good, but let me give you one insider’s tip:

If the offered property is supposedly rehabbed but the provider has been “too busy” to take pictures inside & out, it should raise a flag.

We have been actively looking for the best cash flow homes for ourselves and our clients and it is amazing how many providers don’t have inside pictures.  At least for me, I have a hard time believing in a property if I can’t at least see what the inside of the property looks like.

BE REALISTIC In Your Expectations

Please realize that this is a FAST MOVING industry.  So, it is not unreasonable for providers to have to sequence the process.  From the best providers, here is the process that we have seen:

1. You get exposed to the property immediately after their purchase (raw form):
2. You decide you like that location and then go to contract (with only exterior picture);
3. Their team hits the ground, gets pictures, finalizes their game plan to rehab, and gets info to you;
4. You then close AFTER seeing interior pictures

Now realize that these pictures can still be a little rough….. rehab is typically scheduled shortly after you close.  It is paid for by the property provider.  So when you look at the pictures, DON’T EXPECT pristine condition…. it won’t be.  However, you will be able to get a good idea of layout and current condition before they rehab it for you.

Are You Really Ready For What You Will See?

Having been in this business for quite some time now and having seen my share of preforeclosures, VA Repos, and bank REOs, I am over the “shock factor” when I first got in this business.

When someone goes into foreclosure and gets hounded by creditors and debt collection agencies, many go from being an upstanding citizen to being a wild cave dweller.  Believe me that most will not “tidy up” the property on exit.  Rather, they are much more likely to do cosmetic damage, steal light fixtures, trash carpet, bang holes in walls, etc. 

For the unprepared, this can be quiet shocking.  I know when I walked into my first VA Repo, I recoiled in horror.

Now let me tell you what the pro’s know that most people don’t.  Most of that stuff is cheap and fast to fix.  We have picked up homes that would disgust most people and with a couple thousands dollars and a “mow and go” clean up on the outside, place looked great. However, if you don’t know what you are doing, you can get in way over your head doing it yourself.

As long as the rehab/cleanup is being handled by the property provider, and they and their crew are experienced, then your job is to look past the cosmetic things and really quickly assess what this property will be like with a little TLC.

Real Estate Investor Sentiment: The Bear & Bull Battle

April 1, 2009

A couple of weeks ago, we hosted an educational event for the REO & foreclosure world with several hundred people from around the country on the line.

We thought it would be interesting to see what the investor sentiment was given all the gloom & doom on the news.  We asked people how they were feeling about the real estate investment market.

Their choices where:

• I am bullish in this market and want to buy properties;
• I am bearish in this market;
• I am undecided

About 30 seconds after launching the poll, I was ready to fall out of my chair.  Well over 70% of the people responding were BULLISH.  Another 20%+ were undecided, and just a few percent where bearish.

Wow!   I was completely surprised with that result.  Given the news that exists out there today, I would have predicted a 3 way split….. Oh well, so what do I know.

As we launch NoBullRE.com, we thought it would be fun to do a similar poll here amongst the readers and let you see the results.  I know people are reluctant to do anything on the web but this is TRULY ANNONOMOUS and is really for everybody’s benefit.

Ok, I know it’s April Fool’s day but if you will, please vote how you actually feel so that everybody can use these results.

Vote To See Current Poll Results

Also, we would love to hear from you below and expound upon your thoughts and reasons.

• Who Is "REALLY" Making $ In Today's Real Estate Market? Our 29,689 Members Tend To Agree... It's Usually Not The GURUs Have you ever noticed that every "Guru" real estate pitch sounds the same........ They once were poor, but now are rich working only 5 hours per week, and you can be rich too if you just buy their "can't fail system". Or have you noticed that every property promote has a can't miss proposition, if you just buy TONIGHT.  At the NoBullRE club, we are huge believers in real estate investing...... but we also know that every approach has two sides: Nothing is perfect.  If you want unbiased ("No Bull") facts of who is making money, how are they doing it, and where do they get their knowledge, then you don't want to miss joining the NoBullRE Club  IT'S FREE (FOR NOW) Name Email See What Others Are Saying SECURE & CONFIDENTIAL Your info will never be shared CONFIDENTIALITY GUARANTEED

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