Pontiac, MI Real Estate News

By David L. Montgomery, David L. Montgomery
(MULAMONT REALTY, LLC)
Get a Mortgage Pre-Approval Letter Back in the wildcat mortgage days of the 1980's and 90's real estate deals could come together with a pre-qualifying letter.  A pre-qualifying letter?  Didn't I just say get pre-approved?  What's the difference? A pre-qualifying letter is informal.  It can be gotten from a telephone interview with a lender.  Basically you tell the lender how long you've worked, how much you make how much you earn and what are your monthly debts.  Based on this information the lender will determine, with some qualifications, how much "you're good for".  No information has been verified so there's no commitment from the lender.  Seller's discount them too.  So if your offer is side by side with another that has a pre-approval letter the seller may lean, all things being ...
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By David L. Montgomery, David L. Montgomery
(MULAMONT REALTY, LLC)
Work with an agent of your own choosing. Let's face it.  I've dealt with buyers who decide to work with the listing agent.  You must remember this, the listing agent is working for the seller.  Anything you say or disclose that could possibly advantage the seller the listing agent is obliged to pass onto the seller. How often is there information of the type that would be disadvantageous for the buyer?  Why chance it?  That's why there are Sellers' (listing) agents and Buyers' agents.  Each has a responsibility specific to either the homeowner trying to selling their home at the highest price the market will bear or the buyer looking to buy the best possible home at the lowest possible price.  Do you detect some potential for conflict? A parallel to this reasoning is this; would you hir...
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By David L. Montgomery, David L. Montgomery
(MULAMONT REALTY, LLC)
 Part One - Gathering Your Information How much did you spend last month? How much should you be spending?  When should you spend it?  How much do you need to save for "it"?  Why do you have "more month than money"? The answers to these questions come from a well-managed budget.  But first, what is a budget? A budget is a listing of your anticipated income and expense for a time.  The key word in this definition is anticipated.   So simply put, a budget is a look into the future.  Not just any future - your future. There are rare people who can manage their financial affairs without the need of a formal budgeting process.  However, even then there is some informal mental process that they use.  For those of you who are not so gifted, a formal budget process will keep you on the "straigh...
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By David L. Montgomery, David L. Montgomery
(MULAMONT REALTY, LLC)
How well are you?  No, I don't mean physically or even mentally but financially.  Don't know?  Don't feel bad, not too many others know either.  In the coming issues I will present several articles for your information. The articles will cover everything from the family budget to the essentials of tax planning.  The idea for "Your Financial Blueprint" came about during a conversation between me and a friend of mine.  After our conversation I began to wonder; "Just what do people want to read about?"  Well, I stopped asking myself and began an informal poll.  I asked friends, colleagues, and my wife.  They all told me that it was a good idea especially if you write about this and that, etc.  So I came up some topics which included: The Household Budget ‑ Your Road Map  Developing Stable ...
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By Wendy Patton, Broker, Investor, Coach
(Keller Williams)
Script for Calling a Realtor about Rent-to-Own and Lease Options, Part 2 As promised, the remainder of "Script for Calling a Realtor about Rent-to-Own and Lease Options". Use this follow-up sentence on any of the statements below where it applies.  You always want to dig to see what else they have that might work for you.   Sally may also respond to the rent-to-own question like this:   "No, they need to sell now and wouldn't be interested in that."   If this is the case, jump right to the question where you ask if she has any other listings that might work.  You will need to know your price range and what you can afford; as she will probably ask you about this (we covered this in Chapter 3).   "I'm not sure; I would have to check with them."   If this is the response, encourage the age...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
 The Real Estate Investors Association of Oakland County, REIA of Oakland is a great association to join.  It is a "club" that is continually educating it's membership and also allowing non members to attend it's meetings.  It's a great way to learn about investing in real estate. This month they are holding a special meeting.  It is about tax board review time and many Pontiac real estate investors have had issues with Pontiac tax review board so I am guessing it is about that.  But here is information about the meeting.  If you have property in Pontiac or thinking about investing in Pontiac I would stop in.  The Real Estate Investors Association of Oakland County REIA) will be holding a special "Pontiac Subgroup" meeting on Tuesday, December 15, 2009, at 7:00 PM to discuss the current...
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By David L. Montgomery, David L. Montgomery
(MULAMONT REALTY, LLC)
A recently attended a webinar sponsored by "Tax Talk Today" an IRS public service forum targeting tax practitioners.  The topic of the webinar was: ARRA 2009: What You Should Know. The American Recovery and Reinvestment Act of 2009, abbreviated ARRA (Pub.L. 111-5), is an economic stimulus package enacted by the 111th United States Congress in February 2009. The Act of Congress was based largely on proposals made by President Barack Obama and was intended to provide a stimulus to the U.S. economy in the wake of the economic downturn. The measures are nominally worth $787 billion. The Act includes federal tax cuts, expansion of unemployment benefits and other social welfare provisions, and domestic spending in education, health care, and infrastructure, including the energy sector. The Ac...
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By David L. Montgomery, David L. Montgomery
(MULAMONT REALTY, LLC)
It is estimated that between 1-2 per 1,000 persons have autism and 6 per 1,000 has some form of autism spectrum disorder (ASD).  Many programs are based in local school districts.  But what continued support is available after the school day or more importantly, when the child becomes a young adult? (Source: Centers for Disease Control http://www.cdc.gov/ncbddd/autism/addm.htm and University of Michigan http://www.med.umich.edu/yourchild/topics/autism.htm ) Classic Smiles is one of your options.  I met Ernest Berry, founder and president of Classic Smiles on its 26th day of operation.  Classic Smiles is located in the Fountain Plaza - 4160 Elizabeth Lake Road, Waterford Michigan.  Its hours of operation are 8:00am to 7:00pm, Monday through Saturday. Mr. Berry started the company after w...
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By David L. Montgomery, David L. Montgomery
(MULAMONT REALTY, LLC)
  Short sales have taken off and if you're listing them no doubt you have been questioned about the tax impact of the short sale -- "How will this short sale affect my taxes?".  As professionals and specialists we refer our customers to their tax advisor and/or attorney.  I'm not an accountant or attorney but I found a swell piece on this subject at the IRS website.  It is from a March 2009 IRS National Phone Forum on the "Tax Consequences of Canceled Debt".  The forum transcript is in audio and hard copy.  You can access either, or both by clicking on the links below: For the text transcript: http://www.irs.gov/businesses/small/article/0,,id=207042,00.html For the audio reinactment: http://www.tax.gov/sbv_canceleddebt/0512.mp3 While the information won't make you an expert it will prov...
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By David L. Montgomery, David L. Montgomery
(MULAMONT REALTY, LLC)
Well it's happened.  The Senate has sidetracked the $15 billion rescue package for GM and Chrysler.  As you may remember this is nothing new for Chrysler.  They negotiated a short term loan of $750 million back in 1979 and paid it back before it was due.  Now both GM and Chrysler (with Ford in the wings) are asking for an injection to save them from bankruptcy. The Senators aren't buying it.  Whether the need is real or manufactured the industry is on its ear.   However, the impact of an automotive industry crash or even a significant slow-down has far reaching effects. The automotive services sector  employs over 140 million employees (Bureau of Labor Statistics) that would be adversely affected by a slow-down or failure.  Starting with a slow-down many suppliers would be forced out of...
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By David L. Montgomery, David L. Montgomery
(MULAMONT REALTY, LLC)
Last Monday (12-1-2008) the National Bureau of Economic Research (NBER) after their Business Cycle Dating Committee meeting November 28th announced that the country is "officially" in recession...as of December 2007.  As defined by the NBER: "A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in production, employment, real income and other indicators.  A recession begins when the economy reaches a peak of activity and ends when the economy reaches its trough." The committee said that they would have made the declaration earlier but the economy experienced some gains in first and second quarter 2008.  What do you know; this pesky economy just won't go quietly!  But we didn't need to hear it from the exper...
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By David L. Montgomery, David L. Montgomery
(MULAMONT REALTY, LLC)
Hopefully you haven't seen a sign like this in neighborhoods where you have listings.  Unfortunately I have.  As a matter of fact a few of my listings have fallen victim to the wildly advancing copper prices and the criminals that are exploiting it.  I used to  blame it on those "types".  You know that scruffy guy that hangs around on the corner in clothes that look like they haven't been washed in weeks?  Now, I blame it on the emerging industrial nations and organized looters.  What you say?!  Yes, the international demand for just about everything has driven prices up on just about everything.  Food riots in India; food for votes in Africa, $142 per barrel oil...big bucks in copper in the older foreclosed properties. The price of copper had been pretty low for decades; well under $1 ...
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It is important to have your chimney inspected every year to be sure it is safe and functioning properly.  Remember, your chimney exhausts hot, toxic gases and carbon monoxide from your home.  Mark Maupin of Brick Repair, LLC, offers the following tips on chimney safety:    Have an annual inspection done by a chimney repair specialist.  Cracked, leaky, deteriorating chimneys cause water damage and exhaust flow problems; waterproofing with a breathable substance which is sprayed onto the exterior of the chimney prevents water damage.   Have the fire place and firebox inspected annually for damage and wear; cracked bricks and deteriorating mortar joints; repairs must be made with heat resistant refractory mortar to restore structural integrity.  Tuck pointing and repointing is the process...
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By Mark Maupin See Blog Free Investors Training, National Real Estate Investors Network Host
(National Real Estate Network, LLC)
All Waste Donates Dumpster Service to Worthy Causes and Joins the Fight against Breast Cancer   Pontiac, MI - ALL WASTE, LLC was started 1998 by Sherman Rogers with a single Mack truck and 12 roll-off dumpsters.  Rogers, president of All Waste, now runs an all-Mack fleet of 12 trucks and more than 500 dumpsters.   All Waste was formed to provide customers with an honest company with professional services at fair and competitive prices.  They pride themselves with quality service and timely delivery. All Waste serves the greater metropolitan Detroit area, providing rubbish and trash removal from construction, industrial, commercial and residential sites, including shopping centers, malls and restaurants.   Tjey are not only the #1 service provider for trash removal in Michigan, they prid...
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By Mark Maupin See Blog Free Investors Training, National Real Estate Investors Network Host
(National Real Estate Network, LLC)
West Bloomfield, Keego Harbor, Auburn Hills, and Pontiac Michigan Expert Painting Contractor of 35 Years, Attending Real Estate Club to Answer Questions on Interior and Exterior Painting   Local Real Estate Investing Club Brings Experts and Seasoned Contractors to Monthly Meeting to Answer the How to Question on Renovation     Livonia, Michigan – Mark Maupin of Real Estate Investing Club said “Richard Clanagan, of Oakland Painting, is the best for home owners and real estate investor due his knowledge on painting, rehabbing homes all over Oakland and Wayne County.  I love having Richard at the meetings because he knows the renovation business inside and out. Not only that but was the past housing commissioner for the City of Pontiac, and can answer questions Sec-8 housing for investors...
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