There’s No Challenge You Can’t Face

Challenges make us stronger.
They push us to try harder.
They allow us to be brave.
They offer us courage.
They engender hope in us.
And sometimes we go farther
   than we ever dream possible…
      just by believing that we can.

                                  –Ashley Rice

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Frank-Dodd Act…Should home-buyers put down 20%?

Both the National Association of Realtors (NAR) and the National Association of Mortgage Brokers (NAMB) have issued a call to action to their membership to contact their legislators to voice their displeasure with the new regulation regarding “Qualified Residential Mortgages.”  Both NAR and NAMB have issue with buyers having to put down 20% as stated in Section 941 of the Dodd-Frank Act.  Statistics show that only 40% of buyers in 2010 had a down payment of 20%.

Two other points of contention for NAMB have to do with the definition of a “Qualified Residential Mortgage.” The new QRM requires a debt-to-income ratio (recurring debt/income) of 28/36.  The Dodd-Frank Act’s definition of QRM also states that anyone with an outstanding debt of 60 days past due in a time frame of the previous two years will also not qualify for a residential mortgage.

If you look at the Frank-Dodd Act without reviewing the current market it may not sound like a bad idea.  The reality is that it would crush the recovery of the real estate market for years to come.  How long would it take a family to save 20% for a median-priced home?  We don’t have enough buyers now for the inventory we have.  What would it do to the system if 60% of the buyers had to go FHA?

My thoughts are that many things need to change in this country to make the real estate market function better.  Honesty and integrity go a long way.  We each create our own reality by the choices we make (people and companies).  Americans and people living in our country applying for loans need to figure out for themselves what they can really afford in the way of a monthly payment given all of their financial obligations and lifestyle choices before they go to see a lender.  Homeowners need to have reserves for home repairs as well as accounts for savings and retirement.  The method for calculating credit scores needs to be overhauled.  Realtors, Lenders and Appraisers need to be better  educated and the professional standards raised and enforced.  We all have the “American Dream” available to us but that doesn’t mean we all deserve to have it.

Posted in Real Estate | Tagged , , , , , , | 1 Comment

“Top 10” Book List If You Want To Be In Business

The following are my picks for books all business owners should read:

  1. Think and Grow Rich by Napoleon Hill
  2. Secrets of the Millionaire Mind by T. Harv Eker
  3. The E-Myth by Michael Gerber
  4. Rich Dad Poor Dad by Robert Kyosaki
  5. The 7 Habit of Highly Successful People (or Network Marketing Professionals) by Stephen R. Covey
  6. Endless Referrals by Bob Burg
  7. The Go-Giver by Bob Burg and John David Mann
  8. Who Do You Think You Are…anyway? by Robert A. Rohm, Ph.D. & Chris Carey
  9. Building a Word Press Blog People Want To Read by Scott McNulty
  10. The 360 Leader by John Maxwell

In addition, the following websites are crucial to learning marketing and social media:

http://www.dankennedy.com/ (Glazer Kennedy Inner Circle) for marketing
http://www.marismith.com/ (Social Media)

Posted in General Business | Tagged , , , , , , , , | 8 Comments

Fulfilling Dreams

People who fulfill their dreams are not merely lucky; neither are they necessarily the most talented.  Rather, they understand the value of perseverance and determination.  they believe that setbacks are simply a means to grow, and that small failures only pave the way for new insights.  They know where they are going even when others do not and believe in their own dreams when others doubt.  Their vision comes from within – and it is always burning in their hearts.

by Lisa Crofton

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