(In reference to Marin Fixer mentioned in previous blog (2 posts earlier, scroll down): Well, there it is. It's actually not quite the flaming piece of sh.... that I was expecting. Where else are you going to buy a home in Marin on a double lot that is actually habitable? I like it. As predicted, the hillside creates a serious challenge to the building and there is no parking. The upside is that it didn't "smell" like rott. There are many challenges, but in the scope of things, it's still a great deal for someone who is determined. Two ways to look at the fixer (mentioned in the previous blog)... Either $200,000 or $50,000 to improve. It all depends on who you are. You could also tear it down... but you'd be pretty screwed at that point... better to remodel. Do Note!: There is only a 1/2" water main coming in, so you'll have to fire sprinkle it... and you'll probably need 3/4" meter on there...and depending on the hook up, that could run into the mid Thousands w/ MMWD. Down and dirty, it's a deal waiting to happen. Call me to visit. www.PTRE.net. 415-485-1776. Looking to Partner up on a deal? I'm game. Let's talk.
21 comments:
Hi Pat,
As Marin County houses lose 50% of their value over the next few years, what do you think will happen to those people who have bought 2003-2005 with ARMs? I think they will walk. What say you?
Best regards,
Lou
Why should they walk when they can have their mortgage "managed"? I guess that's what those managed mortgages are for. He talks about it on his blog/web site.
Lou & Anonymous, Sorry for delay in response. My "blog" email address got spammed so I wasn't alerted to the post.
For Lou, I don't believe we'll get anywhere close to a 50% value drop in Marin There are Central Valley areas that will take a hit, but Marin is very unique: No growth, high demand. The basic economic supply and demand rules will hold Marin at the end of the bell curve. Even if the National Trend is depreciating, Marin still grew 1.4% the past month. When those 5 yr interest only ARMs become adjustable, there will be a new refi boom in California where straight adjustables become attractive. I think banks will also work hard to solicit directly and keep customers with in-house incentives.
Regarding the philosophy of "Mortgage Management," I have several clients with $700,000 to $4 million dollar loans. That can be a hefty payment, however, if you have someone looking at your loan to find the most attractive rate to improve your cash flow and you have the tolerance to possibly refi every year to get a new lower "start rate" and you factor in any costs compared to the savings, it can make sense. I did a lot of these from 1998 to 2000, then as the 5-yr fixed became attractive, we moved into those loans and as those rates continued to tumble, we were able to refinance every couple of months and improve the rate by 1/2 point some times at no cost to the borrower. If I wasn't watching the market, my clients would have been Pissed that I didn't at least offer them the opportunity to refinance to a lower rate. Rates fell from 6% to 4%. Those were good days for mortgage brokers.
Mortgage Management theory #2: Say you buy a stock. It starts to rise, then flattens out and no longer performs while other stocks are getting better returns. Do you "Set and Forget" that stock and hope that it performs in the years to come or do you move out of that stock and move into other growth opportunities? I'd say you move on to the next BBD. Theory behind Mortgage Management (under the right loan amount) scenario. When the opportunity to increase cash flow and/or rate and/or term comes along, MY JOB is to inform my clients of the OPPORTUNITY and let them decide if the move is right for them.
Mortgage Mangement Theory #3:
Building wealth is the goal. As your net worth and lifestyles grow, you might get a CPA to do your taxes, a Financial Planner to handle your portfolio, a Broker to handle some of you other asset trades, and attorney to handle your estate, an insurance agent to protect yourself. As a MORTGAGE MANAGER, I provide the same service. Think of you home as an ASSET. How can you maximize the return on investment and minimize risk. Don't "Set and Forget" your mortgage. I recommend a Mortgage Check-up at least once a year. www.PTRE.net
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