New EPA Lead Painting Renovation, Repair and Painting (RRP) Rule or Hidden Taxes?

New EPA Lead Painting Renovation, Repair and Painting (RRP) Rule or Hidden Taxes?

If you are landlord in Jacksonville Florida area please be advised.





New EPA's Rule being effective as of April 22nd, 2010
40 CFR 745.80 to .91

What should Landlords in Jacksonville Florida know about it?

Compliance NOT required in your own home!
(IF you do the work and no money changes hands.)

Lead Abatements are exempt for RRP rules

- Exempt if <6 SF painted surface inside
(But, only if no sanding, scraping or heating!)
- Exempt if <20 SF outside
(But, only if no sanding, scraping or heating!)
- Exemption is within 30 days
(NO Exemptions for window replacement or demolition)


“After April 22, 2010, property owners who perform these projects
in pre-1978 rental housing must be certified and follow the
lead-safe work practices required by the EPA’s Renovation,
Repair and Remodeling rule”

http://www.epa.gov/lead/pubs/renovation.htm

Options for Compliance

- Assume home contains lead and follow the lead-safe work practices
- Test for lead using a lead test kit
- Hire a certified lead risk assessor or inspector to locate specific areas with lead paint if present

Hire Contractors Certified to Conduct Lead-Based Paint Activities and Renovations!
Expect the responsibility to fall on you if you hire un-licensed and un-certified contractors!

Actions of Certified Contractor(If tenant occupy property)




- Deliver EPA pamphlet to tenant/owner
- Get signature confirming delivery
- Post warning signs
- Contain work area
- Plastic on floors and furniture
- Doors and vents plastic sealed
- Certified renovator to direct or supervise work
- No flame producing tools
- No heat guns, anders must have HEPA filters

After completion

- No visible dust or debris
- White glove or “swifer test”
- 40 SF cleaned compared to a verification card

Exemptions

- Foreclosures
- Zero Bedroom units
- Housing for the Disabled
- Senior Housing
- Less than 100 days, no renewal option

How do I become Certified?
- Take EPA approved 8 hour course
- Submit EPA “Renovation Firm” Certification Application
- Pay $300 fee
- Certification good for 3 years
- Re-certification fee is also $300

Documentation is KEY!

If you can’t document it, the EPA will assume that you did not do it!

Fines are up to $37,500 per day per violation!!!

U.S. Lead Paint History

1804 First factory lead paint
1910-30 Lead concentration on the rise
1930 Latex and titanium paints
1955 Industry limit of 1%
1971 LBPPPA defines 1%
1973 LBPPPA amends 0.5%
1976 LBPPPA amends 0.06%
1978 CPSC bans sale for home use
Today Lead paint still in industrial use

% of Homes Likely to Contain Lead

1960 to 1978 24%
1940 to 1960 69%
Before 1940 87%

If you are landlord in Jacksonville Florida area please be advised.



Are you actively buying Landlord? Register at our website to receive emails with great wholesale and turn key rental properties available.

Interested in Real Estate Investing? Here is RECOMMENDED READING

Interested in Real Estate Investing?

RECOMMENDED READING

Rich dad Poor Dad by Robert Kiyosaki

The Four hour Work Week by Timothy Ferris

The E Myth by Michale Gerber

The Psychology of Influence by Robert B. Cialdini

Magic Words To Grow Your Business by Ted Nicholas

Think and Grow Rich, Napolean Hill

Influence: The Psychology of Persuasion, Robert B. Cialdini, PH.D.

The Tipping Point: How Little Things Can Make a Big Difference, Malcolm Gladwell
Breakthrough Company, Keith McFarland

Good To Great: Why Some Companies Make the Lead… And Others Don’t, Jim Collins

Built to Last: Successful Habits of Visionary Companies, Jim Collins

Fooled by Randomness: The Hidden Role of Chance in the Markets and in Life, Nassim Nicholas Taleb

Please fill free to make some other reading suggestions and tell us about your experience from this books.

New Realflow 3.0 - Real Estate Online Platform by Greg Clement

I would like to share one of my own personal secrets with you about RealFlow - Real Estate Online Platform by Greg Clement.

Find out more about Realfolw Real Estate Investor Platform here www.realeflow.com/index.aspx?id=12941

He is giving a free gift away to everyone that registers for one of the online DEMOs that they do weekly.


Here is my interview with Greg Clement at Realflow and SIMS boot camp in San Diego California

Click on picture to see video.


   

I have been a member of Realflow elite coaching system for the past year.

This system and this guy who helped me with my marketing strategies my websites and much more:

www.komelot.com/,

and this blog

He gave me an ability to build lead flow system in the fraction of time by using his strategies and this capture websites:

Sellers generation: www.shortsalejacksonvilleflorida.com/

Buyers Generation: www.ibuyhousejax.com/



With Realflow you will get a lot of other great tools. Real Estate Investor System tools.
See picture with part of Mind Map from SIMS and Realflow For Marketing And Sales Department in Real Estate Investing Industry.




His name is Greg Clement and he has tremendous real estate expertise, honed razor sharp in a series of his own real estate ventures.



Greg has been studying the real estate investor community for a number of years and is deeply concerned about what is working and not working in the real estate community right now.

Greg is worried because when he sees people who honestly want to grow a real estate investment business,

follow a path to certain failure and destruction, he just gets angry.

If you have tried program after program after program and have still been unable to grow your real estate business,

it's probably NOT YOUR FAULT.

Trust me, there are plenty of players in real estate who want to see everyone else fail.

In fact, there are several very real reasons why this has happened to you and why

your business building efforts have been doomed to failure right from the start.



I promise you, YOU CAN SUCCEED IN REAL ESTATE,



but what we see in real estate right now is a real concern.

Because he wants to help, for an extremely limited time,

Greg is offering a huge discount on an unbelievable system called Realeflow.

This is an online platform that is designed for the investor to make a heck of a lot more money in a fraction of the time. If you haven't already heard about it


I've read it. In fact, as a member of his systems group, I've put these ideas into practice.

It's cash in the bank.


P.S. Don't delay. If Greg gets buried with requests, he'll probably take the site down. Get it now, before that happens.

Click here www.realeflow.com/index.aspx?id=12941


P.P.S Small karaoke brake. Here is fun video from Realflow event.
Click on picture to see video.

>   

With best regards,

How to monetize every single short sale lead in Jacksonville Florida that comes across your desk.

How to monetize every single short sale lead in Jacksonville Florida that comes across your desk.

For those of you that are relatively new in the Short Sales business in Jacksonville Florida, you probably have this notion that the only way you can make money as a pre-foreclosure investor is via a wholesale short sale (the big spreads).  Once that possibility disappears, you figure the deal is dead. But the fact is, that in Short Sale Business in Jacksonville Florida this is not the case! 

There are many other ways to make money with short sales. 

As you bring in new leads, you will encounter homeowners that either want to sell their home or keep their homes.  The great thing about this is that there are ways to profit with either of these scenarios.

Here is a breakdown of how you do:



If the homeowner wants to keep their Jacksonville Florida home you can help with :

Loan modification-


this is when the lender modifies the current mortgage in order to work with a homeowner due to a hardship. The purpose is to help make the loan more affordable. Usually it is in the form of a rate reduction or fixing the rate for a certain amount of time.



Forbearance Plan -

A forbearance plan is a re-payment plan between the borrower and the lender to catch up the mortgage arrearage over a period of time. Typically, the lender will require the borrower to make some lump-sum payment up front towards the arrearage.  This amount is usually 50 percent of the total amount they are behind. The remaining balance is then divided up over the next 6 to 18 months, and is to be paid on top of their regular mortgage payment! 

The foreclosure will be put on hold while the borrower is making payments under the forbearance plan and will be dismissed once the forbearance is completed. However, if the borrower defaults on payments during the forbearance plan, the lender may proceed with the foreclosure immediately, without notice and without re-starting the foreclosure from the beginning.

If the homeowner wants to sell their Jacksonville Florida home you can:

Wholesale short sale in Jacksonville -

in a wholesale short sale you'll negotiate the debt down to an acceptable buyer price (for you) and sell it to a retail buyer for a profit.

Retail short sale -

a retail short sale differs from a wholesale in that the property goes from the homeowner directly to the retail buyer, and cuts you out of the middle.  Even though you won't be making the large check upon the reselling of the property, there are other ways to profit.

Long term buy and hold -

this refers to properties that you will purchase for the specific purpose of renting out long term.  Always make sure to run the numbers on these to make sure there is adequate cash flow! 

List the property yourself -

(if you're a licensed agent) and make a Realtor commission - whether the property is over debted or has equity in it, you can list the property for the homeowner and make a commission on it once it's sold.

Short Sale Rehab-

this niche that I like to call "the short sale rehab" is a hugely profitable niche to be in right now! There has never been a time where our end buyers' lending has dictated the condition of property that they will lend on! There is a great opportunity to not only get big discounts from foreclosing lenders that have properties that are beat up, but to fix them up and resell them for maximum dollar has never been so profitable!

These are all great ways to make money in the Jacksonville Florida pre-foreclosure industry, and all proven!

Make sure you are open to any and all of these options because it is quite likely that you will encounter some properties that allow you to perform a wholesale short sale while others are only conducive to a retail short sale.  Or, if you are dealing with a homeowner that really wants to work with you, but is reluctant to sell the home that has been in their family for generations...try a loan modification.  And remember, the money is there to be made!

Have a great and successful week and remember don't wait to start this business do it NOW and you will be thankful you did!

Sincerely,

Dmitry

Find great Short Sale deals in Jacksonville Florida

Short sales in Jacksonville Florida and Short sales in Jacksonville Beach Florida – What, How and Why.

Short sales in Jacksonville Florida and Short sales in Jacksonville Beach Florida.

If you have looked at anything to do with the Jacksonville Florida Real Estate Market or Jacksonville Beach Real Estate market you have probably heard of short sales in Jacksonville Florida and short sales in Jacksonville Beach Florida.

With a multitude of medians for communicating information available now days I seem to see a lot of misleading information in the media and on-line.

My intent is to try and give those interested in buying or selling a short sale a better understanding to the

following questions:

- Who participates in a short sale?
- What a short sale?
- How long does a short sale take?
- When can I participate in a short sale.

I do not believe anyone should ever take the advice from one source in such decisions. I highly recommend that you cross-reference the general scenarios I am providing you with your attorney and your CPA to see if it makes sense with your specific situation. The following is also non-comprehensive, and there will be follow-up posts that will go into further depth and understanding of each section.

I can also tell you that patience will be the key to success for anyone interested in participating in a short sale in Jacksonville Florida or Jacksonville Beach Florida. The short sale process is going to take time to complete the transaction. This statement is true for both the buyer and seller of a short sale.
 
WHAT IS A SHORT SALE?



Three things make up a short sale:
 
1. The current owner owes more than the current market value of the property.
2. The Lender agrees to forgive a portion of the loan to align itself with the market value of that particular property.
3. It is a pre-foreclosure activity.

I want to STRESS the issue and idea of patience required to buy or sell a short sale in Jacksonville Florida and to buy or sell a short sale in Jacksonville Beach Florida.

We had a short sale in Jacksonville with Bank of America that was approved in 45 days, and we’ve had some short sales in Jacksonville Florida that have taken over 6 months just to make direct contact with the correct person for that lender.

Dealing with a short sale is not a simple task. Banks and lenders were not, and some still are not, set up to handle the sheer magnitude of the requests for short sales that they are receiving. I think we may be beating a dead horse in regards to the general difficulty associated with selling your home as a short sale, but let us now take a moment to look at some specific issues that may make getting your short sale approved more difficult than normal.
 
Common challenges related to getting a short sale in Jacksonville Florida approved.
 

 
Private Mortgage Insurance (PMI)

If you purchased PMI on your loan then the mortgage insurance company will also have to approve the short sale. In this kind instance the mortgage insurance company will be paying the lender the difference in the loss (difference between the net sales price and what you currently owe on the loan). This means the mortgage insurance company will want the property in question to sell for as much as possible, and may hold you the seller liable to pay back some of the difference.
 
 
Multiple mortgages or investors

In many instances you will find that the company you are sending your monthly payment to sold your note to a secondary investor, usually before you even made your first payment. In these cases the secondary investors must also approve and sign off on the short sale (part of the long time line process).
 
If you took out a second mortgage on your house with a different lender than your original mortgage this will complicate the process of getting your short sale approved. The second note holder usually holds out for a fiduciary representation in exchange for accepting the short sale. The first note holder may, but is not obligated to, offer a settlement amount to the second note holder.

Inevitably you will need to get the approval of both lenders to successfully close the short sale process with a clean title in tact to give to the buyer.
In some instances the second note holder has accepted the sale provided that the seller agrees to owe a note to them and pay a fee to help mitigate the loss.
 
Why would a lender want to do a short sale in the Jacksonville in the first place?

The Primary reason a lender would approve a short sale is to mitigate their loss on the transaction. The process of foreclosure is not a cheap endeavor, and if the market price is still falling it is in the lenders best interest to sell as soon as practicable. If the lender feels it is in the best interest of their bottom line to accept a short sale then they will.
 
I am neither an attorney nor a CPA, and this post is not intended to be or to provide legal advice of any kind. I insist that you talk with your attorney and your tax accountant to determine if a short sale is the best solution for you.

Find out more about Short Sale Options in Jacksonville Florida

If you are planning on listing your home as a short sale in Jacksonville Florida or Jacksonville or you are planning on listing your home as a short sale in Jacksonville Beach Florida or in surrounding area make sure you hire an agent who knows how to properly handle short sales and has the experience to get the job done. We are doing successful short sales. To find out more click hereshortsale Jacksonville florida .

Komelot – Real Estate Solutions Group

Jacksonville mortgage delinquencies rise above 10%

Few days ago Dmitry Mikhaylov had interview with Kevin from Florida Times Union Newspaper about growing Delinquencies in Jacksonville. Find out more about foreclosure and short sale trends in Jacksonville Florida now.

The number of Jacksonville homeowners who have fallen behind on mortgage payments rose steadily over the past three years and today stands at more than 10 percent, according to a national credit monitoring company.

Mortgage delinquencies of 60 days or more were 2.2 percent at the end of 2006 - a figure that grew to 10.3 percent by the close of 2009, according to TransUnion LLC, a company that maintains credit histories on about 500 million people internationally.

Although that's lower than the percentages of mortgage delinquencies in the state's other metropolitan areas and the state as a whole, it's likely to continue rising through 2010, Jacksonville foreclosure specialists said.

Read full article here