Archive for December, 2011

Earn Great Profit With Repo House Auction

December 28th, 2011

One good business venture that’s a surefire way to make great money is through buying and selling bank repo houses. The public can purchase repo houses in an auction usually announced by the bank (lender). But such announcement is not publicized, to avoid any untoward incident. That is why a great number of people don’t know where repo house auctions take place.

Different banks extend loans to many individuals. A portion of them acquires loans just to have a house. But since the house was bought using the loan, the title of the house remains with the bank. The owner should make payments until the debt is paid. When the owner defaults, the bank forecloses the property. The banks don’t intend to keep such frozen assets, and so they hold repo house auctions. The houses sold at the auction are priced lower than the actual value that is why many “home-less” individuals flock to bank auctions.

If you want to get news about house auctions, you can ask real estate agents. Of all people, they are the ones who are immediately notified if there is an auction. They are known as players and they are experts when it comes to bidding.

If you don’t know any real estate agent, you can use the Internet to spot repossessed house auctions. You can choose among different websites that hosts auction listings. You can also check with local broadsheets and foreclosure details. The housing authority in your local area can be contacted for the necessary information.

Buying a new house is very expensive, and not all people can afford it. Their alternative is to buy a repossessed house, which can cost them a minimal amount. And if you already have a house, you can make it your business. How? You can do this by purchasing a repossessed house during an auction. Add little touches; you can renovate it, paint it, and refurnish it, and you can actually sell it at a higher price. All you need is sufficient investment capital to go about the business.

Here’s how to start your business. Start by purchasing just a single house and do the things mentioned above. You can determine the cost of the new repossessed house after the finishing touches have been made. By adding up the cost of the repo house and your expenses, you can actually sell it for a handsome price. Once you resell the house, you can have the money rolling into yet another great deal. Soon enough, you will earn a huge amount every time you’re able to remodel and resell a repo house.

You can still expect many people to buy your new repossessed house since it’s still cheaper than a brand new one. So think positive because there are a lot of deals to close in the future. The real estate is a booming business, and if you think that you can survive such competition, enter their world and be prepared to make big money.

Subsidized Housing – Good For the People and Good For the Neighborhoods?

December 26th, 2011

The United States Housing Act of 1937 established the public housing program. Many families throughout the years to today have benefited from the availability of what is termed “safe, clean, and affordable” housing. Originally it was established as a stepping stone for families and many immigrants in addition to returning military personnel. Today subsidized public housing and Section 8 housing account for a multi-billion dollar program. Is is still effective? Good for taxpayers and low income citizens? Good for the neighborhoods?

It can be said that it might be a system of entrapment for minorities, a main source of taxpayer waste, and an unsuccessful means of “balancing out” income and racial distribution.

There are also many success stories from Public Housing. There are many who have been former PHA (Public Housing Authority) residents who moved up the ladder of society and had good family roots there. Many of HUD’s (US Dept. of Housing and Urban Development) programs have been ever changing tax wastes and some have been quite successful. Programs have led to job training, family counseling, homeownership, and educational benefits. In this age of rising costs, broken families, and rising crime in poor neighborhoods, paying 30% of your income for rent in safe, affordable housing has been an attractive alternative for years. You will find many who say with a smile that their days in Public Housing were remembered with dignity and pride, in spite of the crime and the lack of consistent, effective management, tenant screening, and maintenance.

Congress sets the laws governing subsidized housing as state officials govern the laws for their programs. Unfortunately, they have made the system so complex, people make a living just interpreting and keeping up with the ever changing rules. During the course of many decades, programs are unfinished as elections create political change and new governing bodies scrap their predecessors “ineffective” programs.

Recent decades have evidenced a great reduction in the number of Public Housing units. The cost of redevelopment and upkeep on the property skyrocketed. HUD expanded its Section 8 Program to use as “replacement” subsidies for many of the demolished housing. Applicants would use Section 8 Vouchers to take their subsidy to participating private Landlords anywhere in the area. The Landlords would get 30% of the tenant’s income plus a subsidy based on the current area market for the apartment. This results in the discontinuance of property upkeep for HUD and assistance with post 9/11 budget reductions government-wide. Public Housing is being scrutinized even more today with a performance funding and management system that will no doubt eliminate many family and some elderly apartments. HUD appears to be focused on homeownership today with limited success.

OPINION and CONCLUSIONS:

Addressing the needs of Families:

The nation’s poor neighborhoods where gangs roam, crack is sold, and unsafe broken down housing is found continue to exist and grow in many cities. Many good citizens remain there and try to improve conditions. There are many neighborhoods far worse that any Public Housing Development. Many Public Housing residents do not want to move into the neighborhoods that the Section 8 Program offers and are unwilling and unprepared for homeownership.

In short HUD is pursuing an ineffective path. Homeownership is politically correct and provides HUD with an effective marketing tool that really does not amount to a plan to assist great numbers of poor people. Attempts at “social engineering” to create mixed racial communities by offering Section 8 vouchers has had limited success. In some cases, the Housing Agency responsible to inspect the Section 8 landlord property has not followed program rules and resulting in subsidizing unsafe, and sometimes dangerous apartments.

The volumes and volumes of laws and regulations governing subsidized housing should be destroyed. A new simplified system should be initiated that includes addressing some of the main problems in housing. Congress has determined to focus on housing only by cutting non-housing services. The idea is that there is not enough funding to really address the problems of the poor who need housing. Family support, jobs, training, education, security are distant thoughts. Public housing support agencies, security forces, meaningful job programs, education, and general social support are now abandoned.

The Section 8 Program has both positive and negative results. Many neighborhoods once dominated by homeownership are now rental units for the lucrative Section 8 Program. Middle income neighborhoods with a history of ethnic and social tradition are now mixed racially with the poor and some bring their social and economic problems with them. The goal should be to raise the quality of life for minorities and all the poor so they can blend in seamlessly with existing neighbors and not “forced” economic and social integration.

In conclusion what I am proposing here is a new Public Housing Program where the original intent of providing a “stepping stone” for families is created. All areas of family life should be addressed integrating education, jobs, family support, and follow-up. End new homeownership and new Section 8 programs. Stop trying to “force” family success and mastermind social integration. Make Public Housing the showcase for the rise of the poor American family. Screen the applicants properly and create a mentor program for those who are not yet ready to be part of the new neighborhood. Fund it with the elimination of wasteful government spending, the Space Program, foreign aide, free trade agreements, and the War! The price tag is worth it. Ask some of the egotistical movie and TV stars to make their contributions in the US! Have them sponsor a Public Housing Development. It’s great to help the disaster victims in Asia or build a school in Africa, and what is that all about when our little boys and girls can’t even go out of the house or to school without being in fear.