The twin suns of the Rigel Kentaurus system are truely lovely and I am getting tanned rather nicely as a result. As I was sipping a Kentaurian Mai-Tai and watching the youthful Kentaurian studs workout on the beach I decided to check out what was happening on my blog (not much). But I did find a comment by a reader of the Marin POS blog who found this Marin "realtor"/broker's (pictured at left) website and blog. Thank you reader because this is priceless.
Here is how he describes himself and his blog:
Welcome to personalized hands-on service for all of your Real Estate Buying, Selling and Financing needs. One call handles it all. I am both a Realtor and Mortgage Broker providing the best of both worlds with one point of contact, saving you time and money.Both "realtor" and mortgage broker all rolled into one package and who advocates "creative mortgage management". Hmmm...
Born and raised in Marin County, I live with my wife, Laura, and two children in the house I personally built, utilizing hard work, preserverance and especially the creative mortgage management strategies I now advocate. I invite you to contact me anytime for real-world answers to your real estate questions. For excellent Home Loans and Realtor services in California...
Here are some of the loan types he advocates:
Here is what he says about this Marin POS I blogged about a while ago (underlining is mine):Hundreds of loan options to meet your individual needs. Wholesale rates from top National Lenders. Fast HARD MONEY loans for hard to finance properties. The best High-Loan-To-Value Loans. "No Income and No Asset" requirement loans. Interest-Only and Cash-Flow Options. No Money Down (100% financing) Home Improvement/Remodel Loans. Cash-out for Consolidation or Investments. High LTV Construction Loans. Cross-Collaterialization loans. Loans for "Fixers" and First-time buyers. Multiple Units & Income Properties. Commercial & Apartment cash-flow management. FREE Consultations and On-going Mortgage Management.
It sounds to me that he is advocating making some minor fixes and then flipping the house for roughly double the price. Whoever said there are no flippers in Marin?Here's a little dandy that just came on the market. $395,000 [Marinite: was $440,000 BTW] in a neighborhood of $800,000 to $1,000,000 homes. I'm sure the previous owners ran out of money and steam.... probably in that order. So, what does this picture tell us?: Hillside, no handrail, upsloping lot, possibly no garage or sidewalk. Color indicates 1950's original construction, probable knob and tube electrical. So, the hillside gives us the most concern: Hydrostatic pressure over the years plus originally crappy foundation will probably find this thing "racked" and un-square. I'm sure there is plenty of unfinished work. Therefore, without seeing it, I can already smell the must, mold and fresh cut doug fir. You'll need cash and hard money to finanace this. No traditional bank will touch it... hence, the price. This is where cash talks and experience gets the deal done. The right person can put $150,000 into this beaut and flip it back onto the market in 60 days for $800,000. And that's how we do it downtown. Got the experience, cash and moxy? Let's go see it.
Anyway, after giving his website and blog a very extensive look-over I have come to a rather unflattering opinion but I must remain silent for fear of committing defamation. Share your thoughts.
Ok, back to my tanning.
23 comments:
Cool... looks like you bagged a real live scumbag, the prototypical Realtor® we keep talking about over at the Housing Bubble Blog. Look how he suggests at the end that if you want to be a cool real man you'll do what he says and make the idiotic investment of a lifetime... though I'm sure he "researched" it. Thankfully he put up those pictures... one look at him and a sensible person wouldn't buy a stick of bubblegum from the guy.
Is there a medical term for depression brought on by an interruption of a lovely addictive accustomed feed of BAD news? :)
Missing your blog! Hope your vacation is good.
Yikes!
That is some seriously disturbing stuff.
The problem is, many people would buy into his advice.
Thanks marinite for this educational blog.
Enjoy your vaycay.
Generally, this house being listed with a broker with a price reduction so quickly is not a good sign -- in a hot area, a true bargain would have been snapped up by a pro builder before it ever got multiple-listed.
I would be concerned, to put it mildly, about the broker's assumptions. If everything goes perfectly (don't count on it) you would be looking at $255K gross profit (damn good), but ex broker's commissions, loan fees (hard money fees & terms are tough), with no favorable tax treatment. Plus, you would be putting the house on the market right before Thanksgiving, the start of the slow season, which may turn into no season as the market continues to slow.
Somehow I don't think the person who could make money on this house would be a member of the the Realtor's target audience.
That's truly great. And to all you naysayers out there, here's some friendly advice from a guy at ZipRealty. Normally don't read these spams, but this one was entitled "Why Buy Now", so I couldn't resist.
"Good Afternoon,
Home prices have dropped, interest rates dropped slightly too. THIS is the time to make your investment! When do you buy stocks? When they are low and sell when high, right? Same with Real Estate! Unless you make the investment, how do you get the return? THIS is the time! Take the first step! Let's go see some houses this weekend!
Many thanks,
Joe Bega
REALTOR (R)
Licensed in California
My Profile: http://www.ziprealty.com/agent/jbega
Wasn't he the guy that did "Little Bit of Mambo"?
http://www.ziprealty.com/buy_a_home/logged_in/search/home_detail.jsp?listing_num=20632046&page=1&property_type=SFR&mls=mls_ca_ba&cKey=jqp6c5x6&source=CABAREIS
This home has been listed for only two days according to Zillow.
The only issue is that the picture with the for sale sign dates from January 06' which was 8 months ago!!
Is that a serial re-lister?
I would bid $500K for it not a cent more...
LOL
The right person can put $150,000 into this beaut and flip it back onto the market in 60
Wow...what an assertion! So, in 60 days one could fix the foundation, stabilize that slope (most important), and re-square/repair that home? All for $150K of your own money? Yeah, right! And if you manage to "fix" and flip it in 60, I doubt anyone's going to waive the inspection--that is if you even find a buyer in November.
Trivial note: if that's his business photo, he should hire a new photog. He looks like a frat boy ready to pull another prank.
So, in 60 days one could fix the foundation, stabilize that slope (most important), and re-square/repair that home? All for $150K of your own money? Yeah, right!
Funny. When I read that I just assumed that what he was saying was to pay $150K for cosmetic changes and then flip it for $800K. Marin really is no different than any other "armpit" part of the state.
Just curious, but is there some zoning limitation or other reason why you wouldn't just scrape that wreck & start from scratch?
When I read that I just assumed that what he was saying was to pay $150K for cosmetic changes and then flip it for $800K
I'm sure a creative flipper could disguise all that buttressing as some hip environmental sculpture. Then stage the place with distressed-chic furniture, and the cracked walls would fit right in.
http://www.sfgate.com/columnists/lloyd/
Wake up and smell the bubble
Yow. What a shmuck!
I think this guy has a great idea!
What if a few of us each contributed 50K and went in on that charmer with him?
We could really fix it up and wait 30/40 years while we pay off the expenses etc.
Then we sell it, divide the profits and laugh all the way to the bank.
Who's in?
he isn't offering any services that any other realtor can't provide,unless "hands on" means a fisting...which wouldn't be a surprise afer reading his comments on that pos.
"...in the house I personally built, utilizing hard work, preseverance [sic] and especially the creative mortgage management strategies I now advocate."
Oh the irony, when "perserverance" and "creative mortgage" are included in the same breath! Doubtless many homebuyers of late have skipped that noble perseverance, and flung themselves into impulse, fear, and greed. What hard work has built, financial recklessness will soon tear down.
Marinite -
Marin must be special after all, so maybe flippers still have a chance. Today, this realtor (see below) seems to believe Marin home sellers and buyers are somehow cosmically shielded from the harmful rays of the Anti-Bubble gun blasting everyone else. This shield also protects against crime, so don't worry about locking your car or house.
Read on-
http://www.allmarinhomes.com/
September is Here: Prices are Up, Sales are Down
It's September 2nd, school's back in session and our Indian Summer is just around the corner. A recent check of the data reveals that Marin home prices continue to inch up at their usual snail's pace, though sales volume itself remains slow. Demand here continues to defy the rest of the country and even the Bay Area as our market remains with 24% of the homes being in escrow. Headlines everywhere talk of declining markets with values, volume and sales prices often being hit hard. Marin home buyers and home owners can only sit back and watch as we plod forward, mainly due to our relatively small, fixed supply of housing and our ever-growing demand. Great schools, no smog, no crime and some of the best weather in the state doesn't hurt also, though I admit, paying Marin prices for a house can often be difficult. Rest assured that no matter how tough it is today, it only gets tougher tomorrow.
Who the hell did that official photo? The posing is horrible...
(I think my job in photography sometimes affects what I notice. Does it seem that way to you?)
Yow, the guy looks like he used to work for Enron.
I'd be afraid to run a bulldozer on that hillside to tear the wreck down. Oops...I mean your little dandy !
The posing is horrible...Does it seem that way to you?
LOL. Having directed photo shoots, that instinct stays with you. Yeah, he looks downright reptilian. Then again, maybe that's really him.
To be fair, a lot of decent people look bad on film, so I'll give him some slack.
hope yoo are having a relaxing time, but I miss your insights.
ms hawkes -
"but here [Marin], buyer's continue to buy and sellers continue to sell. Granted, those sellers have either had to start at a lower price or reduced to less than they were hoping to get, but the end result is, the property still sells."
Yes, sellers in Marin still manage to sell (which, by the way, is just as true in these "other" places where "prices are falling off a cliff"). And it is a very good thing that they are closing the sale as that is the only way the reduced prices can get locked in.
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