by Barry Ritholtz

Money won’t buy happiness, but it will pay the salaries of a large research staff to study the problem.  -Bill Vaughan

Here is a list of life lessons from the very wealthy. Form more details, read the full article.

1. Having money is better than not having money.
2. Don’t become “cash rich” and “time poor.”
3. Memories are better than material objects
4. Watch your ‘lifestyle leverage,” especially early in your career.
5. Having goals is incredibly important.
6. You must live in the here and now.
7. It helps to be incredibly lucky.

 

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10 Money Questions for You and Your Mate!

From Liz Weston at MSN Money

We all have different attitudes, experiences and expectations concerning money can help us talk more calmly about it.

Talking is essential when you are trying to work out a financial plan together. Asking questions, and listening closely to the answers, will help you understand each other better. That can get you started down the road to working out solutions.

Pick a favorite restaurant, coffee shop or picnic spot for these monthly or quarterly discussions. To avoid burnout, pick one or two topics to discuss at a time, and adopt the mantra “no shame, not blame’ to facilitate the discussion. Try to confine your big money discussions to just these special times. This will help to avoid conflict and fights when you are less focused. If there’s more to be said, you can say it next time.

1. How was money handled in your family growing up, and how did that affect you?
2. What would your ideal day be like?
3. May I see your credit reports?
4. How are we going to pay off our debts?
5. Are we saving enough for retirement?
6. What do we owe the kids?
7. What do we owe our parents?
8. What would we do if one of us got hurt?
9. What would happen to me if one of us died?
10. How will we care for ourselves when we’re old?

 

ADVICE FROM OUR TWO EXPERTS:

Hugh F. O’Donnell, Attorney & Mediator at KC Law & Meditation and
Jim Roberts, MSW – Family and Marriage Counselor for www.deliberatelovebook.com

According to Jim
Couples need to talk more about money. Often times in a relationship, one of the partners

becomes specialized in the money department and ends up handling all of it. However, it’s best if both parties are informed and involved. The only way they are going to be informed about it is if both partners talk about it. ALL of it…their entire financial status, what’s coming in, what’s going out, what they owe, what they’re saving, etc.

The best way to address financial issues and conflicts between couples, which is also very therapeutic, is to build a budget together. It gives them both an opportunity to set goals and prioritize where they want to spend their money.

For people anticipating marriage, full disclosure about money issues is a must! Each person must share their personal financial history…the good and the bad! It is important to ask questions and tell all BEFORE you make a serious commitment. Later on in a marriage, this kind of full disclosure is equally important. If the partners aren’t keeping each other in touch with their complete financial status, they will find the financial issues much more difficult to deal with in the event of catastrophic illness or death.

Loving relationships aren’t just built on loving feelings alone. When a couple is first “in love”, it’s very easy to do kind, loving things for each other. But when they experience conflict and resentment in their relationship, these deliberate acts of kindness diminish or are withheld. You have to be deliberate and mindful about your acts of kindness. You have to think about these things and actually DO them for each other! Think hard on your own about the things you would do for your partner that he/she would interpret as caring. They need to be small and observable and you need to do them every day!!

According to Hugh
People who are considering marriage should consider a prenuptial agreement. A pre-nup is not a negative. It can be helpful to the relationship because it fully discloses the financial assets and how these assets will be dispersed in the event the relationship is terminated.

Communication is the most critical tool to help in any stage of marriage. Most often one member of the partnership feels like they aren’t being heard. A good exercise is for one member of the partnership to tell the other exactly what they want them to hear. The other partner focuses on listening carefully, and then repeats back exactly what he/she believes they just heard. Each partner can take turns doing this until they feel they
have been completely heard.

Tips about how to communicate:

1. Everything that is really important to say to a partner can be said without blaming anybody, without making any demands, and without saying anything negative about the other person.
2. For intimate communication, it is more important for the message to reveal something about the speaker, not the partner who is listening. Always start with “I” not “You”.
3. Read “Deliberate Love” which can be found at www.deliberatelovebook.com
4. Contact Hugh O’Donnell

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We’re pleased to have these guests join us for our 2012 Real Estate Summit. Their professional expertise is very valued and appreciated!

 

 

Dan Lynch, Dan Lynch Real Estate (over 10 years)
913-481-6847
Serves Tonganoxie and Leavenworth County
View Dan’s Website.

 

 

 

 

 

Josh Roy, The Roy Team, Keller Williams Signature Partners
316-681-3600
Serves Wichita, Andover, Augusta, Park City, Rose Hill, Derby, Mulvane, Maize, Haysville, Goddard, Kechi
View Josh’s Website.

 

 

 

Kristin Malfer, Kristin Malfer & Associates, Reece and Nichols
816-536-0545
Serves Southern Leawood and Johnson County
View Kristin’s Website.

 

 

 

 

David Conderman, The Conderman Group,  Keller Williams Realty 
913-825-1111
Serves Johnson + Jackson County, especially Downtown to Old Leawood, Residential Resale, New Construction, Rehabs and Rebuilds
View David’s Website.

 

 

Christina Boveri, Boveri Realty Group (Over 10 years)
816-606-1398
Specializes in Condo and Apartment living in Downtown and Plaza area
View Christina’s Website.

 

 

 

 

Fawn Brents, Kansas City Real Estate, Inc. (22 Years with Realty Executives of Kansas City)
816-728-8688
Serves Jackson County (Lee’s Summit, Raymore & Kansas City)
Visit Fawn’s Website.

 

 

 

Dan O’Dell, Group Odell, Realty Executives of

Kansas City
913-599-6363
Serves Johnson County

Visit Dan’s Website.

 

 

Marilyn Barth, Barth Real Estate Development, RE/MAX Innovations
816-454-6540
Serves the Northland

Visit Marilyn’s Website.

 

 

 

Cliff Spence, Angel Berry Real Estate (since 1973, teaching classes for 20 years)
913-341-4441
Serves mainly Johnson County but also Jackson, Miami, Cass, Wyandotte, Franklin, Clay, Lynn and Platte County. Also sells residential real estate, as well as  land, commercial property, and businesses.

Visit Cliff’s (Angel Berry) Website.

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Click here to access the Estate Planning Resources given by guest Sky Kulrbaum.

EstatePlanning Guide PDF

Scuyler M.P. Kurlbaum, J.D., CPA

11040 Oakmont St.

Overland Park, KS  66210

913-334-5444

www.kurlbaumlaw.com

sky@kurlbaumlaw.com

 

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Certified Mortgage Planner Adriana answered this question from a listener with some GREAT mortgage advice:

“Hello!  I’m a first time home buyer and was curious about what would be my best mortgage options.  I plan on living in my condo for 3-5 years.  When I am ready to move up in home size, I would either sell or rent it out. Can someone explain to me the advantages/disadvantages between a 30 year fixed,  a 15 year fixed, an adjustable rate mortgage (ARM), and interest only loans.”

Here were Certified Mortgage Planner Adriana’s Top 5 Tips for Her:

Congratulations on making an educated decision in your first home purchase! As a Truth In Lending Show Listener, I’m sure you realize that depending on your situation and plan for the future, your needs as a mortgage consumer will differ. For first time home buyers, mortgage planning advice and information is not just important; it’s critical. Timely and accurate information, and the right products to select from, can be the make- or break- to the enjoyment of your first home and potential lifetime investment.

1. Opt for a 30-Year Fixed Rate Mortgage

Fixed rate mortgages are the most popular financing instruments because they combine the safety of fixed payments with an affordable amortization schedule for a given period of time. The interest rate cannot change and, because of their wide availability, rates offered are extremely comparable and competitive. In considering your repayment term, I would definitely recommend considering a 30 YR over the 15 YR. Reasons being- a 30 YR maximizes the affordability of your loan in monthly payments while maintaining a large proportion of the initial payments towards interest. Thus, your home mortgage interest deduction is maximized in the first 3-5 years you may only be living in your first home. The 15 YR term features a major savings over the life of the loan because there are 180 payments instead of 360. The savings are achieved at the cost of higher monthly payments, but as your interest savings increase, your tax savings quickly diminish.

2. Don’t Pay Down Your Mortgage Quickly If You Plan to Move In 5 Years

Because of your estimated time frame in living in your home, there is no financial advantage to paying your mortgage down in a faster term. All of the additional money you are spending to pay down your mortgage early earns you no money in return. The value of your home increases or decreases based upon changes in the housing market, NOT how much money you put into your mortgage each month. The 30 YR term will allow you to adjust to becoming a home owner.  You will have more cash flow each month, plus if you put away your extra money that you would have used toward a higher mortgage payment, your cash will be accessible should you need it for medical expenses, emergencies, or other unexpected expenses attributed with home ownership. If all of your money is tied up in your home, you will have to sell it, or take on more debt, to get access to the cash!

3. Invest Any Extra Money

This also leads right in to your down payment portion. There are definitely options to putting less than 20% down on your home, without paying out of pocket mortgage insurance.

What should you do with the money? Invest it! Time is your best friend or your worst enemy when it comes to investing. Don’t use the next 20 or 30 years paying extra on a mortgage when you could be doing something that can create real economic benefit for yourself. Increase your 401(k) withholdings at work, or open an IRA account. Contribute your child’s college education fund, or add to your cash reserves so you don’t have to rely on debt during tough times

4. Understanding Interest Only Loans

“Interest Only” refers to a repayment schedule that is NOT amortized. The principal balance is multiplied by the annual interest rate and divided by the number of payments in the year. The benefit of interest only financing is that the minimum payment is lower owing to the fact that there is no principal being applied. Ere on the side of caution when considering this loan product, it may have a balloon payment at the end of the term. Because you may potentially hold on your condo as a rental investment, I would NOT recommend considering this non-traditional loan type.

5. Calculating Risk of an ARM if You’re Planning to Rent

Understanding a fixed rate loan is fairly easy, however, adjustable rate mortgages can create confusion for many new mortgage consumers. This is an unfortunate by-product of combining an uneducated loan officer and an uneducated borrower. A Certified Mortgage Planner needs to take the time to explain this product and how it can benefit a consumer’s current financial situation. An adjustable rate loan allows lenders to offer a rate below the current fixed rate mortgage market. Future interest rate risk (up OR down) is shared with the borrowers. The market is aware of this risk and generally constructs products that mitigate this risk– for example, caps (maximums) on rate changes in lieu of payment caps, maximum life interest rates — making today’s ARM loans a more reasonable risk for an educated and suitable borrower.

This may be a product you would consider to keep your cash flow open, particularly if you were considering selling after 3-5 years. However, if you become a landlord prior to refinancing out of the ARM product and would like to do so later, you will have to refinance as an investment property and see a significant increase in rate offers. I would recommend listening to the “So you want to be a landlord” episode of the Truth In Lending Show via the archives, and learn about the potential benefits and pitfalls in owning rental property.

As always, if you have any additional questions, give a Certified Mortgage Planning Specialist a call to discuss!

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• 11/10/2011

  Former FBI Agent, Jeff Lanza be joining us. Jeff was an FBI Special Agent for over 20 years, investigating corruption, fraud, organized crime, cyber crime, human trafficking and terrorism. We’ll learn firsthand from Jeff about how to look for “Mortgage Fraud Indicators” and how to avoid “Predatory Lending Schemes.” Who better to learn from than a former FBI Special Agent?
  

• Jon David and Ken Easley’s Top 5 Tips11/1/2011

  Jon David, Finance and Insurance Manager

  Roberts Chevrolet
  9617 E State Route 350
  Raytown, MO 64133-6512
  (816) 356-6610
  Mon-Thu 8:30am–8pm
  Fri-Sat 8:30am–6pm
  jondavid@kc.rr.com

  
  

  Jon David’s TOP 5 Tips for Getting the Best Deal on a New Car
  

  1. Know what you are looking for before you go shopping?
  2. How to get the best price?
  3. What should your interest rate be?
  4. Should I buy an extended warranty?
  5. Know the dealer you are doing business with?

   

  Ken Easley
  Managing Member
  CorrectMyCreditReport.com
  913-384-6159
  800-930-7627
  6400 Glenwood, Suite 306
  Overland Park, Kansas 66202
  ken@royalmortgagecredit.com

   

  Ken’s TOP 5 Ways to Correct Your Credit and Raise Your Scores

  1. Obtain your three national credit reports. Review for accuracy. Address any Disputes or   Updates needed, and consider joining a Credit Watch monitoring service.
  2. Ensure lowest balances on revolving credit card accounts possible. And, ensure posted at all three credit bureaus. Ideally $1 to 10% of credit limit for maximum score value.
  3. If you don’t have any revolving credit cards with at least a $1 balance, get one. The best way to do this is to get a True Secured credit card that reports to all three C.B.’s.
  4. Avoid NEW: inquiries/pursuit of other credit, consolidating debt, closing accounts, opening new accounts, and most importantly any potential new late payments/collections.
  5. TIME: Time can heal most wounds. The more good payment history & time since Delinquencies and/or New Accounts the less negative impact on your credit score.

  

• Top 5 Things to Consider Before Investing in Income Property10/20/2011

  Jeff Kreutz, Co-Owner, KH Properties, LLC

  (816) 682-4268

  jeffkreutz@yahoo.com

   

  1)     Get some amount of real world experience before going into a new field of investing in income property.  The learning curve can be steep, so build a good foundation.  Spend time working with someone you know who is already in real estate or has experience with renting, owning and running a business, finance, remodeling,  rehab or construction, real estate acquisitions, etc.

  2)     Prepare yourself financially (obtain good credit, save enough principle to invest, learn to understand P&L’s and other financial statements, know your operating and carrying costs, etc.)  There are a lot of things that can come up which can change the course you have set for your properties.  Being financially prepared can make riding out those storms much easier.  I would also advise starting a relationship with your banker or loan officer ahead of time.  Stop in and discuss your business plan ahead of time; meet with them and get an idea of what his lending institution will be looking for when the time comes to borrow.  Putting a face with a name will make getting a loan down the road much easier.  It is beneficial if you have someone who can vouch for you on a personal level when the loan goes up for committee approval.

  3)     Be realistic about the time commitment you will need to put forth.  Starting a new business is often done on the side while you transition from one career to another.  This means a lot of nights and weekends will be consumed and sacrifices will need to be made.  Consider when and how you will be able to get your new business off the ground.  Real estate often runs on its own schedule and you need to be flexible with its demands.

  4)     Find a mentor/advisor in the industry.  It always helps to have someone or a group of individuals who are further along in the business to give you advice and help guide you down a path when you’re not sure which way to go.  Other real estate developers/managers, lenders, and contractors are all good sources.  I am constantly looking to learn more and find out about new areas of opportunity and it is always best to learn from someone who has been there before.

  5)     Develop a broad skill set (you should know a little about every aspect of your business).  Being a “jack of all trades” can be an incredible asset.  Not only do you not have to rely on others as much, it really puts you in control when negotiations and decision making come into play.  Knowledge relating to finance and loans, rental and management practices, legal and company structures, leases and contracts, construction and remodeling, purchase and sales procedures, tax codes and tax planning are all great areas to be continually learning about.
  

• Top 10 Remodeling Projects with the Highest Return on Investment8/23/2011

  From Deborah Bremner, The Bremner Group at Coldwell Banker

  #10: Two-Story Addition- 65%

  #9: Major Kitchen Remodel- 68.7%

  #8: Basement Remodel- 70%

  #7: Attic Remodeling That Adds a Bedroom-72.2%

  #6: Window Replacement-67.5% to 72.6%

  #5: Minor Kitchen Remodel-72.8%

  #4: Build a Wood Deck-72.8%

  #3: Fiber-Cement Siding-80%

  #2: New Garage Door-83.9%

  #1: New Front Door-102.1%

  For more details, please click on this link.

  
  

  

• Rent or Own…That is the Question!7/25/2011

  Leslie Courtney, owner of Rent KC Now

  Rent KC Now offers full service professional property management for condos, townhouses, duplexes and single family homes.  They do not rent apartments.  They work with mid to upper bracket renters, corporate transfers, and people moving to KC looking for a home, but are not ready to purchase a home.  Phone:  913-499-0345.  www.rentkcnow.com.

  Leslie Courtney’s TOP 5 Reasons people choose to RENT a home:

  1. Corporate transferees and people moving to KC for career or family reasons will choose to rent until they become familiar with the city and know where they want to buy a permanent home.
  2. Young couples and college graduates who need time to build up their credit rating and/or have not yet saved enough money for a down payment on a home.
  3. People who know they are only going to live in Kansas City for two or three years.
  4. People who, through no fault of their own, have lost their jobs and homes and need time to financially recover from the financial devastation.
  5. People who just don’t want to own a home period! 

  Ben Edsall owns Turn-Key Properties, LLC is here in the studio

  Ben has been in the real estate business since 1994 and is an accredited Residential Manager.  He  specializes in the management of income producing properties.  Ben has a real estate license and is a licensed broker in both states. 816-313-8876. turnkeyproperties@sbcglobal.net.

  Ben Edsall’s TOP 5 Reasons why you should rent instead of buying even in a down market:

  1. Market Instability: The real estate market began heading down several years ago, despite rosy economic forecasts from NAR and others who have a big stake in this game, the numbers have continued to decline.
  2. Shadow Inventory: While there are millions of foreclosed homes on the market, there are yet perhaps millions more that are somewhere in the foreclosure process that haven’t hit the market yet. The lenders and others with much to lose from declining housing prices are simply not putting them on the market because greater supply will only serve to further reduce the value.
  3. You’re Stuck: So you found the home of your dreams, you buy it with a 15 or 30 year note planning that you and the whole family will stay there until you retire. But the job moves you to the West Coast, you lose your job, you get divorced, you get married, you have kids and outgrow the house or something else pops up! …. Now what? Thirty percent of the homes in the neighborhood are also on the market and with declining values you can’t sell it so now you become part of the foreclosure mess.
  4. Freedom: You wanted to go fishing, but the basement flooded, you planned a vacation but the roof started leaking, you were offered a better job but it was 200 miles away! You are tied to that home with little hope of selling it in a timely manner and you are responsible for the repairs. If you were renting, you could have just called the landlord and gotten the stuff fixed while you went fishing or taken that higher paying job and worked out a deal to end your lease!
  5. Debt: While it used to be a sign of stability to show a mortgage on your credit rating, things have changed. Lenders and the big three credit reporting agencies are now looking harder at income to debt ratios and are less likely to give you favorable interest rates if your numbers don’t line up. So that boat you could have been fishing out of if you weren’t pulling soaking wet carpet out of the basement or that truck you wanted to haul the shingles home in for your new roof might not be attainable as a result of your mortgage debt.Continue reading on Examiner.com Top 5 reasons you should still rent a home instead of buying one – Kansas City Real Estate | Examiner.com http://www.examiner.com/real-estate-in-kansas-city/top-5-reasons-you-should-still-rent-a-home-instead-of-buying-one#ixzz1T8RTYH9x

  David Conderman, The Conderman Group, Keller Williams Key Partners

  The Conderman Group specializing in Johnson and Jackson County, especially the “Close-In” market from Downtown to Old Leawood; residential, new construction, rehabs and rebuilds. 913-825-1111, condermangroup.com/fivestar.htm

  BUYING INSTEAD OF RENTING!

  1. With today’s interest rates, it’s almost as cheap to own as it is to rent.
     1. According to a recent study by the Associated Press, the gap between monthly mortgage payments on a median-priced home and the median rent has decreased from $777 to just $221 in the last three years.
     2. Buyers can purchase homes with little or no down payment. Qualified buyers may be eligible for a Federal Housing Administration Loan (FHA), which requires only a down payment of 3.5%.
     3. There are other good options for those with low down payments.
  2. Affordability is at an all-time high.
     1. In markets across the nation, prices have declined from 20% to 40% from their all-time highs.
     2. In many cases Buyers can find homes for “Penny’s on the Dollar” versus prices of only a few years ago.
  3. Tax Savings
     1. Homeowners can be eligible for significant tax savings because you can deduct mortgage interest and property taxes from your federal income tax, as well as many states’ income taxes. Because the first few years of mortgage payments are made up mostly of interest and taxes, this can be a considerable tax benefit.
  4. Equity
     1. Instead of payments disappearing into someone else’s pocket, home owners are building equity in their own home, often their biggest investment asset. Each year that you own the home you pay more toward the principal, which is money you will get back when the home sells. It is like having a scheduled savings account that grows faster the longer you have it. If the property appreciates, and even in today’s market we are seeing some appreciation, you are the one who gets to take advantage of that, not the landlord.
     2. You can use equity to plan for future goals like your child’s education or your retirement.
  5. It is yours!
     1. When you own a home you are in control. You have the freedom to decorate it and landscape it any way you wish. You can have a pet or two. No one can pop in and inspect your home and threaten to evict you.
     2. It feels good to own your own home. After all, you can paint it any color you want, make improvements, and plant a little garden.
     3. With your very own home, you no longer have to fret about irate landlords or rent increases every so often. You will most likely have an idea of what your mortgage fee would be like for years, so you can have a measure of emotional security in that, instead of continuously worrying.
     4. Decorate or renovate.  It’s your house, so it’s your call. Add your personal touch to every corner of your home, or hire a designer for that professional flair. You can do whatever you want, and you only have yourself (and the people you live with) to consult.
     5. Being a home owner makes you more established in many things. You can seriously get to know your neighbors, or let your kids meet new buddies at the park. Many people don’t consider such things when they’re renting.
     6. As a local homeowner, you can have more say in matters like school issues and traffic regulations.

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Erik Collier, The Collier Real Estate Group
Kansas City Regional Homes, Inc.
Office: 913-538-6900
Cell: 913-481-1987
FAX: 913-681-3602

Visit Erik Collier online at www.CollierSells.com

Eric believes pricing your home realistically as soon as you list it is the most important thing you can do if you want to sell your home in a reasonable amount of time. He also thinks that we have not yet hit the bottom of the market, but will by 2015. As a result, this is definitely a buyer’s market. There are some very good deals out there. People who are planning to “buy up” will make up for losing a little profit when they sell their home, because chances are good that they will be able to purchase their new home at a competitive price.

TOP 5 Things to Consider when
Pricing Your Home to Sell

1. Square footage: Total square footage is an important consideration when establishing a home’s sale price, but this is usually just a starting point for buyers who will use it to narrow down the field, but make an actual purchase decision based on many other factors. There are some general rules of thumb to know when considering a home’s price per square foot, such as smaller homes generally get a higher price/foot than large homes, and single stories will sell for a higher price/foot than a two-story.
2. Location within community: Homes that back up to a busy street get, on average, 10-20 percent less than homes elsewhere in a neighborhood. Anticipate this type of obstacle and factor it into the original sale price to avoid inevitable price reductions down the road. Quiet cul-de-sacs, golf or water frontage, lots that offer privacy are value adds that can certainly justify a higher sale price than other homes in a community — or be leveraged as an advantage against competing listings.
3. Upgrades and features: It’s a simple formula: Upgrades equal a sale. For a home to sell quickly and for the price desired, it must be “finished” with as many structural and interior design upgrades as possible . . . and nothing’s too small to leverage in establishing a home’s price point. From crown molding to faux painting to door and cabinet handles/knobs with modern finishes, to more obvious upgrades such as appliances, window, counter, cabinet and floor treatments and surround sound wiring, any functional or beautification enhancement to a home are considerations in establishing its true value and strategic sale price.
   
   
4. Price your home referencing sold comparables: Price per square footage of other homes that have already sold in your community, up to 3 months old maximum, as looking beyond three months is simply not a realistic portrayal of current market conditions and may steer you in a wrong direction. It’s also as important to compare your listing to active competing listings (homes currently for sale) which is the best tool for honing an effective pricing strategy, particularly for highly motivated sellers.
   
   
5. Current mortgage conditions: The current mortgage market has tightened its proverbial belt and many lenders now require higher credit scores coupled with higher down payments, which can cash-strap a buyer who will most definitely be holding out for the best deal possible. Every seller naturally wants to get the most money for his or her product, but a savvy seller will understand the mortgage industry’s impact on the buyer and will price accordingly.

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The REO Mentor

Tony Alvarez
P.O. Box 9072
Lancaster, CA 93539
Tony@theREOmentor.com
www.thereomentor.com

Tony’s TOP 5 Most Practical Pieces of Advice
To Consider Before Becoming a Real Estate Investor:

1. Decide what you want to do and why: Make sure that you have your goals clear in your mind. In other words, you must not only know what you want to do, but understand the underlying motivating factor for your actions. For example, do you need a large amount of money to pay down debt? Are you looking to increase your monthly income to subsidize your current job? Are you building up a portfolio of rental properties for your retirement? Each one of these will take you to slightly different areas of the business.
2. Choose your target market and know it better than anyone else: In other words, you must pick a specific geographic area and understand the real estate market within that area thoroughly. The smaller the better especially if you are just starting out. However, it does not have to necessarily be local to where you live. For example, when Tony first started out, he drove approximately 70 miles in one direction daily from where he lived to a market that was more suitable to achieve his goals.
3. Load your GPS (Goals, Plan and Systems): First, set a specific Goal: It might be a dollar amount or the number of houses you want to accumulate over one year. Something you want to accomplish within a specific amount of time. Decide whatever is important to you.
4. Make a Plan: How are you going to accomplish this goal? Where are you going to find your deals? Will you be buying REOs? Short Sales? Will you be working with professional real estate agents to acquire REOs and Short Sales? Will you be buying at the courthouse steps? Where are your equity capital and your financing coming from? How will you handle your repairs? Will you hire contractors? Can you get away with just a handyman? What’s your exit strategy? Will you flip houses to make a quick profit? Will you hold long-term? You really should have a solid detailed plan as to how you are going to complete your mission and not just fly by the seat of your pants.
5. Create daily action steps that you must take regardless of situations: Systems are basically a daily schedule of events. How many agents will you call? How many sellers will you contact? How many lenders will you visit? You must also adjust your systems along the way because what works for one person may not work for another. What works in California may not necessarily work for you in Kansas.
6. BONUS: It’s not absolutely necessary, but it’s highly recommended, that you find a trail that someone has already walked successfully, that you can emulate. For example, Warren Buffet is a great person to emulate when it comes to learning the importance of evaluating data and management. It’s good to find someone who has already succeeded in doing what you want to do because they’ve probably made (and overcome) most of the errors you are about to make. It’s also good to have more than one mentor. They don’t have to be alive; Benjamin Franklin was a great businessman. And it doesn’t have to be someone who charges you monthly for advice over the phone. You have to find a person who you respect and, more importantly, like to follow in their footsteps. Sooner or later you’ll hit the jackpot as well.

Save up to $500 on an annual subscription. www.realtytrac.com
4 months for $99,
12 months for $199

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The Truth in Lending Show’s Vacation Home Experts

LAKE OF THE OZARKS
Bobbi Bash, Broker / Owner
Bobbi Bash Realty
Office: 877-365-2622
Cell: 573-434-1782
E-mail: bobbi@bobbibash.com

TOP 5 Reasons to Buy a Vacation Home
at the Lake of the Ozarks

1. This is a great time to buy because of great pricing, high inventory and fantastic interest rates
2. The Lake of the Ozarks is within three hours from Kansas City and St. Louis; the new HWY 54 Expressway from Lake Ozark to Camdenton makes getting from one end of the Lake to the other quick and easy
3. The Lake is supported by a solid tax base, which keeps your real estate taxes down
4. There are great health care providers at the Lake and great Emergency and Trauma services
5. Shopping is amazing, with many excellent shopping destinations and large well known name brand designer outlets

VAIL, COLORADO
Kraig Forbes, Founder
Forbes Sotheby’s International Realty
Office: 970-845-0400
Cell: 970-390-3006
Email: kraig@fsir.biz

1. Wonderful climate and lifestyle. People come to Vail because of the winter skinning and stay because of summer
2. Easy access via I-70 or Eagle Airport (EGE)
3. Best combination of amenities of any Alpine community including skiing, golf, cultural activities at Ford Amphitheater and Vilar Center for the Performing Arts, over 100 restaurants, fishing, biking, hiking, competitive events weekly
4. A good selection of inventory of quality properties in great locations
5. Values are down 20%-30%
6. Beaver Creek offers an unparalleled, safe and private environment for the entire family

ONE THOURSAND OCEAN, BOCA RATON, FLORIDA
Michelle Kleier
Gumley Haft Kleier
Office: 212-371-2525 x350
michelle@ghk.com
www.onethousandocean.com/home.asp

Conveniently located midway between Palm Beach and Fort Lauderdale, with proximity to international airports, and just minutes from an executive airport for those who enjoy private jet travel
Nautilus shaped, seven story building with beach villas and penthouses positioned on the beautiful Boca Inlet Peninsula. Prices range from $2,600,000 to $15,250,000 and living spaces range from 2,600 to 7,550 square feet
All residences have fabulous Ocean, Intracoastal and City view
Units feature floor-to-ceiling walls of glass, fireplaces, gourmet kitchens, large terraces, outdoor kitchens, private plunge pools, private elevator entries and private garage
Amenities include a fitness center with Pilates, yoga and aerobics rooms, spa treatment suites, conference rooms, children’s playroom, oceanfront pool and sun deck, pool butlers, private cabanas, desk attendant, full time concierge, 24/7 Valet, full time security and on-site management

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Kitchen Remodeling

Schloegel Remodel Design

Debby Allmon, Vice President
311 West 80th Street
Kansas City, MO 64114
816-361-9669
wwwremodelagain.com/Schloegel_Design_Remodel/Home

Regarding Kitchens
Beverly Gilbert, President
9980 Lakeview Avenue
Lenexa, KS 66219
913-642-6184
www.regardingkitchens.com

The Kitchen is often considered the “heart” of the home. It used to be where people simply prepared food, but now it has become the gathering place of the home. The kitchen has become the place where most family members spend the majority of their time. Many people say their family lives have changed for the better once they have remodeled their kitchen. When it comes to remodeling, the kitchen has the highest return on investment!

TOP 5 Top Points to Consider when Remodeling

1. Budget! Know how long you plan to stay in this home. If you are only going to be in the home for five years or less, you should spend less money on the remodel than if you plan to stay in the home forever. Be sure to consider the current value of your home and keep your remodeling investment in line with that value.
2. Pick the right contractor!
   

   Go to the NARI website and find the list of professional contractors committed to the best practices. Pay attention to how long the remodeler has been in business. Know the background and history of the remodelers’ business Check for references and referrals

3. Design! Know the style of your home so you can determine the correct design and style of your new kitchen. It is important that the style of your blends well the style of your home.
   

   Country French Contemporary Traditional Transitional

4. Prioritize! What are your priorities? Know and understand your “wants” versus your “needs”. Are you stuck on the WOW factor?
5. Specific Features! Think carefully about products and selections.
   

   Countertops Appliances Cabinets Floors Lighting

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