Minneapolis Relocation|St Paul Relocation|Minnesota Relocation

I recently received an email with links to three excellent sites for relocation information.  These links will provide value regardless of where ever you are moving to.  I framed the title of this entry with cities around Edina MN where I live.  If you are moving to Minneapolis or St Paul or one of the 7 counties that make up the Twin Cities area and need more relocation assistance please reach out and I will be as helpful as I can.  If you want to learn about the Twin Cities real estate market, visit my real estate site at http://www.MinneapolisStPaulHomes.com

Here are the links:

FHA Streamline 203K|Rehab Loan Helps Sell Scratch & Dent Properties

The FHA 203 K streamline is back in our arsenal of mortgage programs.  Until recently there was just one investor in town offering the 203K.  That has changed.  Out of necessity, there needs to be a program that will allow qualified borrowers to obtain financing for properties that need a little bit of work. Many of the bank owned foreclosures are in need of some repair work. The regular 203K (which allows for major rehab in exess of 35K) isn't something I have access to with the investors I work with.  Trying to find that loan has proved to be impossible.  It may exist for Minnesota properties, I just haven't run across it. 

Rather than write out all the nuances of the FHA 203K streamline loan, I decided to create a power point.  You can view the particulars of how the program works at:

http://www.slideshare.net/mnguru/fha-streamline-203klight-rehab-loan-presentation/

Real Estate & Mortgage TV Shows| Marketing On TV

One of the things we do in the Twin Cities is produce a mortgage and real estate show called Dollars & Sense.  We've been producing the show for the past 5 years.  While it doesn't bring in that much new business, it is a great way to stay in front of past customers-which of course are your best referral sources.  Here are our two most recent recorded shows where we discuss the current lending environment and various mortgage loan programs.  We cover 100% financing, combo loans, the new first time buyer tax credit, the 700 billion bail out bill, the best type of investment property to purchase today in our opinion, and we offer the viewer a way to get a copy of the book I wrote on investing in real estate entitled "Reality Based" Real Estate Investing.  This book is delivered in PDF format as a series of chapters over a series of weeks.

Show # 1

Show # 2

Credit Link you or clients might find helpful

Internet Resource For Tips And Techniques

I have purchased many different products from various internet "gurus" over the past 24 months.  One of my favorites-and most affordable- is Marlon Sanders.  He has learning modules that are progressive and give you the skills you need.  Most are really inexpensive-$59-79.  If you are looking for great product and great service-you should check him out:

http://getyourprofits.com/z/499/CD30258 

Here is an article he just wrote and sent in email:

How To Cut Your Learning Curve By At Least 50%

(The Secret, Hidden Power of OMG Marketing That Saves You
Enormous Amounts Of Time, Money and Energy And Gets You
To Paydays 50% Faster -- And It Doesn't Even Cost You A
Dime)

By Marlon Sanders----

I hate learning curves.

Because they take time and cost money.  Plus, they're a pain.

What do you have to create?

* Banner ads 

* Sales letters

* Graphic design

* Affiliate site

* Web site

* Ebook cover

* Upsells

* Downsells

* Ezine ads

* Google ads

* Blogs

* Facebook sites

Would you rather find the success you're seeking in 6 months or 1
year?

Which do you prefer?

If you want to do it in 1/2 the time, if you want to be on the 6
month program and not the 1 year program, then I'm going to share
with you three simple rules to cut your learning curve by 50% or
more, speed your progress enormously and get you the results you
want many times faster.

Rule one:  You Can't Create From A Vacuum

I'm a writer by trade.

And the hardest thing to do is to write from a vacuum.  If you start
and have no input but expect to crank out output, you're in a
pickle.

That's why when you write or create, you build yourself a fodder
package.

This can be samples of other writings, quotes, materials, articles,
web sites you print, books, pages ripped out of books -- anything
that will prime your brain when you begin the creation process.

Rule Two: Always Have A Model

When I do consultations or the rare event where I critique items
for mmy customers, I notice a trend:  Almost no one follows a proven
model.

They omit obvious factors used in almost every successful sales
letter, blog, banner ad, upsell, Google ad or creative you see
online.

This goes hand-in-hand with rule one.  You can't create in a vacuum.
So build up a collection of sales letters and web sites you KNOW
work.

Then, when you go to create YOURS, make sure you incorporate all the
successful elements you see in the model or models.

I'm always taking screen caps of guarantees, headlines, page designs,
bullet points and order forms that I can use as examples on our next
project.

What you do is COMPARE what you're creating against your models,
your benchmarks, your examples in order to make sure that what you
create is up to speed.

I don't see a lot of people doing this.

What I see the vast majority of people doing is putting a small
amount of effort into the end result and not doing their homework.

Plain and simple:  The people who succeed in this business do their
homework. Those who don't, don't.

But this isn't some arduous task. 

You do it while sitting on the sofa watching TV and during
commercial breaks.  You surf web sites and save good ones to your
hard drive. Or take a screen cap of the best elements.

Then you take your MODEL or MODELS and you print them out.  Hang
out on a lawn chair or go down to your fav coffee shop and read over
them. Study them.  Sink your teeth into the copy, the headline,
the psychology.

This is EASY work.  It's actually fun. But it's extremely important.

Rule Three:  Make A Side-By-Side Comparison

After you create whatever you have to create, whether it's a banner
ad, sales letter, graphic design, web site, ebook cover or anything
else, do a side-by-side comparison.

Literally print out your web site, sales letter, banner ads, ebook
covers or whatever else it is.

Compare YOURS to your model or models side-by-side.

Look at the length, the size, the colors, the balance.

Ask others to compare the two and tell you which they feel is most
effective.

I see people creating sales letters, web sites, designs, ebooks
and sales processes without doing their homework.

It's no huge secret which sales letters do really well online.

Grab yourself one of those and compare it to YOURS.

"But Marlon, my widget is different."

This is why I have my Ateam calls.  You can do your best then show
it to me on an Ateam call and I'll give you quick feedback.

But short of that, do your searches on Google. Find other web sites
you know to be successful and compare YOUR creation with what you
see.

My message today is simple:

*  Model success

*  Do your homework

*  Make side-by-side comparisons

Typically, when someone asks me to critique their sales letter, blog
or web site, I can tell in 10 seconds -- they didn't do their
homework.

They worked without a successful model in front of their face. 

WRONG!

You get your models.  You stick them in front of your face.  You use
them as fodder for your creativity.  You don't blatantly rip off.
But you make darned sure you include the successful elements and
components. And that there's a modicum of resemblance in a side-by-
side comparison.

If you don't do your research, you're totally ignoring the immense
amount of money and time others have spent getting a model that
works.

Real world is this:  9 out of 10 things you try don't work.

That's real world.

Anyone who tells you otherwise is blowing smoke up your ying yang.

So do YOU want to be the one who goes out and tries the 9 things
that don't work?

Why not find the 1 that DOES work then use it as a model.

Now, blatantly ripping people off can be illegal, is in bad taste
and is NOT what I'm referring to.

But modelling and emulating is good. Finding all the successful
components or elements in something and making sure you use them is
GOOD!

People ask me to critique sales letters that are about one tenth the
length of any successful sales letter you can find at a similar
price point.

And they wonder what I think.

It's simple:  I think the person didn't do their homework.

Do your homework.

Model success.

You have something that is NOT working, NOT selling, NOT converting,
NOT putting bacon on the table?

Start out by comparing it to what you KNOW as a fact works.

That's a very good starting point.

Compare.

Find the differences.

Make changes.

Test again.

"Oh look!  There are testimonials here!  Oh look!  The bonuses have
more than one sentence of illustration.  Oh look!  The bonuses have
illustrations.

Oh look!  There's a certificate for the guarantee.  Oh look!  They
have 10X the raw number of bullet points I have!"

Oh look!

See, that's the power of comparison.

It's called "Oh look" marketing.

And it doesn't cost you a dime.

"OMG (Oh My Gosh) their headline has numbers an specifics in it and
mine doesn't!  OMG, their banner has a numerical benefit and mine
doesn't. OMG, this super power web site has a sales letter that
prints out to 25 pages and mine prints out to TWO!"

OMG!

If you do this, you will at LEAST cut your learning curve by 50%.
That means you can hit pay dirt in 6 months instead of 1 year.

OMG, their sales letter has subheads and mine doesn't!

OMG, their sales letter has a deadline for acting today and mine
doesn't!

OMG!

See, all those OMG's save you an enormous amount of time learning
them on your own by trial and error.

You don't need to reinvent marketing.

Marketing has already been invented.

What you need to do is to have the smarts to learn from others who
have gone before you.

I'll also add that the best investment you make is in your own
education, learning from those who have gone before you, tried tons
of things, cut out the 90% that don't work and share the 10% that do
work.

Marlon Sanders

P.S.  "OMG, this sales letter has a PS!  OMG!"

-----------------------------------------------------------
Marlon Sanders is the author of "The Amazing Formula That
Sells Products Like Crazy."

Check out all my products here:

http://getyourprofits.com/z/499/CD30258

Remember Veteran's Day-We Live Here Today Because Of Their Service To This Country

Like many of the readers, you have had a grandparent, parent, or relative in the Military.  Today we remember their service to others.  My deceased Grandfathers flag is proudly displayed in our home.  He didn't die in the service but served in WWII and is buried out at Fort Snelling along with my deceased father-in-law. 

The Government has an official site:

http://www1.va.gov/opa/vetsday/    Go here and check it out. 

Lee Greenwood says it best:

Minnesota Real Estate Agent Shares Solutions To The Current Crisis

I wrote this over the weekend in response to the crisis that we are all facing.  We need real solutions and we need them fast.  I am sharing this with people throughout the media and within our state and national government.  We, as Realtors, see solutions that others don't because we're in the trenches on a daily basis.  In my opinion, the stimulus impact  that occurs when a home is sold is quite possibly greater than if AIG or GM lives, dies or is bought out.   Think about what happens when a home is sold-money moves throughout the economy.  I believe I read somewhere that money moves 7 times.  So the impact of a 100k sale is really 700K, once the dollars work their way through everyone directly and indirectly involved and benefiting from that money.  So, helping homes move again, provides real long lasting stimulus that EVERYONE in society can benefit from.  Please share these ideas with others.  Post about, link back to it, forward it or write your own blog and improve upon them.  Collectively we CAN get the word out.  Rather than complain and be part of the problem, I challenge all of us to ACT NOW and be part of the solution!  Help educate and inform people that have the ability to affect change.  They only know what they know. 

WE'RE ALL IN THIS TOGETHER-THINK OF THE POWER OF OUR COLLECTIVE EFFORTS-WE CAN MAKE A DIFFERENCE!

• The current real estate market does not have enough buyers for the current housing inventory. There is a larger supply of homes than buyers to purchase them. Buyers are not motivated. Instead, they are waiting for prices to drop further. They see no end in sight and no reason to take action today. Cities are losing revenue on lower valuations and sellers can’t sell if they ultimately don’t have enough equity to make a move to their next home. We need to put a floor under the valuations of housing so that housing can move forward. 
• Loan options have been dramatically reduced. Unless you are a Veteran, there are few options for buyers who lack funds for a down payment. Credit worthy borrowers are unable to buy homes and are forced to remain as renters. Often a rent payment would be equal in cost to that of a mortgage payment. The key is transforming renters into homeowners. 
• There is no liquidity in the Jumbo loan market. There are a number of reasons for this. The Jumbo loan market pertains to loans that are larger than $417K. Currently, Jumbo loan underwriting requires borrowers to have larger down payments as well as undergo more stringent qualifying requirements. Larger loans also are charged higher interest rates. In years past, the additional interest rate cost was generally .375-.625% more than with a conforming loan. Conforming loans are loans that are $417K or less. In today’s lending environment, Jumbo loans have a much larger interest rate differential-upwards of 1-2% above conforming rates. This additional interest rate cost is dramatically reducing the demand for these loans and the housing at the upper end of the housing market. Because of this, we are experiencing an even larger drop in valuations associated with higher end home prices.  The market values in this price bracket will continue to fall as fewer buyers will be able to qualify or even want to pay the higher interest rates.
• Foreclosures with bankruptcies are increasing. This is occurring because of personal life circumstances and our economy. In many cases, tax laws are not conducive to either pursuing a short sale, selling for less than the mortgage value,  or establishing mitigated payments to reduce mortgage debt. Current laws only benefit sellers engaging in a short sale under certain circumstances. From a tax perspective, doing a short sale may cause you to incur a tax liability on the amount of forgiven mortgage debt if you’ve refinanced your home or if the property in question is not your primary residence. Bankruptcy may be the only way to get out from the tax liability on this forgiven debt.
• The stock market is increasingly volatile. Much of the volatility can be attributed to short selling and naked short selling in particular. Short selling involves selling shares that you don’t own, hoping to buy them back later at a lower price. You must borrow these shares in order to sell them short. Current law was changed about 18 months ago to allow you to sell shares short while the price of the stock was falling. This is analogous to throwing gas on a fire. Previously, the law allowed you to sell short only when the stock was moving upward. This is called the uptick rule. By removing the uptick requirement, you’ve unleashed the potential for abuse, as a stock could be sold short as it drops in price, driving it into the ground. Naked short selling involves selling shares that don’t even exist, thereby flooding the market with an inflated inventory of shares at the worst possible time, helping to drive prices lower by creating a huge influx of supply when there is no demand.

• We NEED to get more buyers into the housing market. HOW can this be done? Bring back seller funded down payment assistance. This allows the seller to provide a gift to a charity which can be equal to the amount of down payment and closing costs. This amount is then given to the buyer from the charity to use as a down payment. In essence the seller funds the buyer costs and the charity was the conduit or pass through entity that delivers the funds. This was extremely useful to borrower’s who could qualify for a loan but lacked the funds to make their purchase. This down payment program arrangement worked with FHA loans and WAS funding 40-50K home sales across the country monthly. When we need more buyers in the market, we never should have removed a program that was working and encouraging home ownership. It was eliminated October 1, 2008in the last housing reform act bill. Was the program perfect? NO. Could slightly different underwriting guidelines be put in place to make it better? YES. What is the cost to the tax payers? ZERO. Remember the down payment funds came from the seller’s equity.   The solution involves fixing the down payment assistance program to make it better, not eliminating this extremely useful program.
• There is a new law that provides a first time buyer tax credit that is repaid over 15 years. This credit expires in June of 2009. A solution would be to make the tax credit permanent. Consider making it better by removing the repayment feature if you stay longer in the home. The credit could be forgiven over time. This would be an enhancement. The cost to tax payer would be VERY LITTLE.
• Bring back 100% financing. We have a model of success-called the VA loan. It has worked extremely well for Veterans since WWII. If you are credit worthy and don’t have a down payment or money for closing costs, you could still be able to make the monthly payment.  The programs longevity provides us with a working model. The government could create a similar new loan program for everyone OR allow everyone the opportunity to qualify under VA guidelines.   Don’t just limit eligibility to Veterans. The cost to implement this would be ZERO
• Current underwriting guidelines make most people ineligible for a new mortgage loan after a bankruptcy or foreclosure. The current timeline is 1-4 years for a bankruptcy depending on the type of bankruptcy and the specific reason it occurred. The time line from a foreclosure is 2 years if you are a Veteran, otherwise it is generally 4-7 years before it is no longer an underwriting issue on conventional loans. Many of the people who have lost their home would like to be home owners again. By keeping these potential buyers out of the markets longer, the housing inventory will remain high and prices will remain low. Why not change the underwriting guidelines? Instead of 4-7 years, make it 2 years. You could add extra requirements for these borrowers such as tighter underwriting, requiring them to attend mandatory budget counseling classes. They must re-establish a pattern of responsible credit history. This change would bring many people who have been affected by this market back into being homeowners with a stake in our communities. The cost to implement this would be ZERO requiring only a change to the underwriting guidelines.
• Another mortgage solution might involve the government providing a special tax credit or incentive to buy a foreclosed or short sale property. This would stimulate demand for these properties. Instead, when people hear about a bank foreclosure, they immediately sense an opportunity to steal a property and offer less. If we made these properties more desirable, by providing an associated tax credit, we would help shore up the values of foreclosed bank owned homes. This would reduce bank inventory quicker. It would also stop the free fall of values and help the non-distressed homeowners maintain their home equity. The COST would be very little. The exact dollar amount would depend upon the type of monetary incentive which would probably be best delivered through a tax credit to the buyer. Make foreclosure properties more desirable and their prices will firm up within the marketplace.
• The government could also provide down payment and closing cost assistance as either tax credit or under an equity sharing arrangement. Again, the problem for many people is lack of funds not the lack of desire for home ownership. If a typical down payment is 3-10% of a homes purchase price, we could get a lot of homes in the hands of new home owners for very little money. Out of the $700 Billion and other stimulus packages, we ought to be able to find a few dollars for actually stimulating the economy at the ground level. Also, higher incentive amounts could be allocated to certain areas of the country or to communities’ within a state that are undergoing huge amounts of distress and experiencing spiraling devaluation.
• Jumbo loans would be more affordable and desirable if the government was able to underwrite and purchase them under the same terms under which they buy conforming loans. A conforming loan is a conventional loan with a top limit of $417K. Since the government has basically bought the GSE (government sponsored entities) Fannie Mae and Freddie Mac, they can change the authorization limit on the value of the loans they wish to purchase as well as the underwriting guidelines. Increasing the dollar limit so as to include more Jumbo loans has been attempted to some degree in previous stimulus packages. The problem is that they haven’t gone far enough. If the government needs to insure loans over a certain dollar limit, so the rates drop, so be it. We need parity in rates across all mortgage products and a better streamlining of underwriting. I am calling for all loans to be underwritten and priced the same, regardless of loan size. Pricing based on credit and down payment should be the only variables that have an impact. Size of the loan should not matter. If we loosen the higher end home underwriting to mirror that of non jumbo loans, you will help maintain the valuation of larger homes and make them desirable once again.  The lack of liquidity in higher end homes is having a very negative affect on values.
• Debt forgiveness laws need to be changed. Forgiven debt shouldn’t be taxed. We need to have other options to work out debt rather than having bankruptcy as the only option to get out from the tax liability associated with both credit card and mortgage liability. The credit card industry is clamoring for this change. The credit card crisis is upon us. We need to get out in front of the problem.  No longer can people refinance and use their home equity as a way to pay off their bills. If you incentivize people to work out their financial problems affordably, many will choose to work it out. If the only option you present, because of tax liability, is a bankruptcy and/or foreclosure, then they will choose that option. Increased foreclosures only compound our housing crisis. Cost is ZERO. Legislation may actually increase revenue as people pay something instead of nothing.
• Allowing short selling to continue, without bringing back the uptick rule is unconscionable. In my opinion, elimination of the uptick rule was one of the major causes of our stock market meltdown. Bringing back the uptick rule and eliminating naked short selling will restore value and trust to the markets. Without both, you have all the ingredients for distortion and manipulation of stock prices. You need look no further than from the time the law was changed to the present for the proof. Unless we restore confidence to the investment marketplace, we risk a protracted and weakened capitalistic society. Investing in the markets is what helps create capital and jobs.   Cost is ZERO. Bringing the uptick rule back and enforcing the short sale rules that are on the books dealing with these abuses will restore confidence in the markets.