Important: New financial guidelines for investors

Freddie Mac Cuts Maximum Number of Financed Properties

Freddie Mac recently announced guideline changes that will greatly affect residential real estate investors.
Beginning August 1st, 2008 the following changes will go into effect:
A borrower may not have more than four financed 1-4 unit properties, including the subject property.
For cash out refinances the borrower must own the property for at least six months prior to refinancing.
For a complete update on new Freddie Mac guideline changes go to:
http://www.freddiemac.com/sell/guide/bulletins/pdf/bll042208.pdf.

Hawaii Real Estate

So I am back from my extended vacation. Spent some time in Maui and Kauai. While I was there my husband and I poked around at real estate, of course. We were suprised to discover that much of the land is still purchased using a land lease. What is a land lease? Wikipedia says that a land lease is a type of financial arrangement in which the ground under a structure is leased, rather than sold to the builder, meaning that the land and the structure are owned independently. So in essence you are buying the structure and paying a mortgage on it, and also paying a monthly fee to lease the land. We saw this fee up around $1000/month. Wow! So that is how Queen Liliuokalani can afford her jewlery.

NEW LISTING: 1 Lakeside Dr., Unit 412, Oakland

Aye, what a messy closet you have

Let me set the mood: I am with a buyer, we walk into a multi-million $ house up in the hills, admire the stunning views from the living room, imagine cooking dinner on the gleaming Viking Range, walk on the refinished hardwood floors through the hallway, open up a closet in one of the bedrooms and *BOOM* its time to duck and cover for fear of being hit by one of the many boxes or shoes stuffed into the closet- stuffed in there, probably, that morning.

Unbelievable.

They can't be serious.

How many times has this happened to you? Perhaps in your own home? You open those closets, and immediately shut them for fear of what you might find.

Bring in Dana Arkinzadeh, owner of DMA Organizing. I met with her last month and she had these great tips on how to maximize your closet space, AND keep it organized.



I think I should pass on her info to the owners and agent of the home in the hills.

Cool Quote

I really like this quote:

"We spend January 1 walking through our lives, room by room, drawing up a list of work to be done, cracks to be patched. Maybe this year, to balance the list, we ought to walk through the rooms of our lives...not looking for flaws, but for potential." ~Ellen Goodman