Network Plano.com

Why Wells Fargo and Ken Stampe?

At the 4/15/2008 Network Plano meeting at La Madeleine in Plano, TX I was offered the opportunity to give the 10 minute presentation:

After opening with a list of far-fetched biographical data such as " winner of a hot dog eating contest with 24 hot dogs in 5 minutes" and " holder of a Guiness World Record for continuous square dancing of 7 days, 9 hours and 22 minutes" Ken closed his list of dubious (and false) accomplishments with a claim that he can get you a loan for "5% interest with no closing costs and no money down"

The point is that if something sounds in the neighborhood of truth or at least nearly what you would believe you are inclined to accept it as factual if the person speaks it with conviction.

However, that does not make what they are saying any more true or accurate.

There are 4 key things that Wells Fargo Home Mortgage and I provide clients to assure them that...

Subprime Mess? Capitalize on it...Write a Book! Make a Buck!

In all fairness, I actually like the excerpts from "Greed, Fraud & Ignorance: A Subprime Lender's Look at the Mortgage Collapse". Daniel McGinn, a correspondent writing for Newsweek.com wrote a review of this new 'from-the-trenches' tell-all about the subprime industry. Written by Richard Bitner who co-owned Kellner Mortgage Investments, it is a review and perspective of the subprime lending mess from the inside.  Kellner, a sub-prime mortgage company who took loans from mortgage brokers, went out of business in mid-2007. Richard Bitner reviews his companies experience and the lessons that can be learned and issues corrected.

feel free to click here to buy the book....

The most refreshing perspective about the subprime mess is summed up in this excerpt from the book.

Should Investment Properties be Titled in My Personal Name?

Great question posted on LinkedIN Answers today.

The scenario is that a military serviceman has been purchasing homes as a primary residence, with primary residence mortgage terms. In 2-3 years, the military relocates him and instead of selling that house, he keeps it as investment property. But now he is at a point of needing some real estate investment strategy and asking a very good question.

Perhaps you or someone you know is in the same situation or plans to start investing in rental real estate.

As can be seen from the responses so far, the answer varies depending on the perspective of the person answering. There is a tax perspective, a liability protection perspective, and a financing strategy perspective and perhaps others.