As mentioned previously, rebarcampATL is ON. Atlanta will be hosting its first ever real estate bar camp. The event is coming up on October 1st... at a venue to be named soon. We have actually had to change venues in order to facilitate the demand. As soon as details are finalized, they will be announced...
Have you been to a rebarcamp event?
What did you think? What was the best thing about it? What would have made it better? What are you hoping to learn at the next rebarcamp event you attend?
Those are just a few of the questions that the organizing committee has to YOU. rebarcamps are 'attendee focused'. The participants determine the subjects and schedules. They create the content. They drive the discussion. We on the organizing committee want to help facilitate the best possible event... so we want YOUR feedback.
Are you coming?
#rebcATL will be in October 1st, 2010, starting at 9:00am and running until around 5:00pm. We are even working on a lunch sponsor to be able to provide free lunch for everyone (it could be you!).
Whether you are interested in attending, sponsoring or both, drop into the website, RSVP and we'll see you there!
I just wrote a post a few minutes ago about 'The Bandwagon' and all of the folks climbing on-board to trash a book based on its title.
But there is something else that has been bugging me...
There is a disregard for DiYers that I see all too often. It comes from agents, inspectors and others. There is an assuption that if the home owner does ANY repair to their home, it will be sub-standard, not up to code, poorly executed and solely for the purpose of killing kittens and puppies.
I am a car hobbyist. I do a LOT of my own work, and I have spent a good deal of that time correcting the work of professionals. And of course there is the time I have spent arguing with technicians and service advosirs about exactly what needed to be repaired.
It isn't that I am perfect... it is that they aren't either. And there is something else... There are a LOT of bad professionals. There certainly are some great ones, but plenty that just don't give a turd for the quality of their work... do it fast, cheap, get paid and get out.
But the home owner often has another motivation... not doing it again. There is usually pride in their ownership, too. Of course, if they are selling the home, then maybe that doesn't play as large of a role. But I have seen a lot of home owners going to great lengths to make sure that the home they delivered exceeded the expectations of the buyers. Just as I have seen sellers of collector cars search out that last little part for the buyer... even though they didn't have to do it.
Recently, there was a post about a book here on Active Rain. The book was about tips and tricks that pros use while remodeling and repairing homes. Honestly, I'm not crazy about the title...
But, reading through the comments, one might draw the conclusion that the book was purely evil.
How to Cheat at Home Repair
Like I said, not crazy about the title... But, the title doesn't tell the whole story. Here is a short except from the book:
Here’s another situation where a panic response will lead to misery and unnecessary expense: the times when you need to call in a professional to perform repairs around the house. At a minimum, you want to have on hand the names and contact information for a handyperson, a plumber, and an electrician—professionals whose backgrounds you’ve already checked. If you just flip open the telephone book and pick the first name that sounds professional—or the first company with an impressive display ad—you’re in deep trouble. Your odds of getting good work at a reasonable price that way are very low. When you do your research and find repair professionals that you’re comfortable with, it’s wise to treat them like family, pay them fairly, and pay them promptly. For more on hiring professional help, see chapter 13.
The section is called Build a Support Staff. That sure isn't bringing the evil. OK, there is a mention of 'nose oil' and duct tape. Of course duct tape is designed for ducts... not ducks, so there is actually a place for it in lasting home repairs. And nose oil is something that I employed on more than one occasion to rescue damaged negatives as both a photographer and photo store manager. Still not evil.
When you have to drive a lot of screws into wood, the friction from the screwdriver can leave your hand raw or even blistered. Making screws easier to drive is simple. Keep an old candle in your toolbox just for this purpose. When you have to drive a screw, rub the candle against its threads first, lubricating the metal. This makes the screw easier to turn and saves the hands a lot of pain. If you don't have a candle handy, soap will work well, too (but with greater potential to get messy). Or spritz the pilot hole for your screw with spray lubricant.
I have not read the whole book, and I am sure that there are things in the book that I will disagree with. I read the portion of the book available through Books.Google.com. I don't have the book, and I doubt I would run out to get it... but there are some good tips in it for those that might not be really experienced in home repair.
But that isn't the point...
The point is that it is easy to villainize the book because of its title... especially for those of us in the real estate business. It doesn't take an inspector to recognize some of the pure crap that most of us have witnessed... poorly done repairs, cover-ups and camouflage. But before sentencing the writer to the 7th level of Hell, it might be a good idea to actually do a little research.
I guess the part that bothered me was 'The Bandwagon' and the fact that EVERYBODY was on it, and nobody seemed willing to find out what they were talking about...
Ken is one of the best mortgage guys in the area... We have worked together with several clients, and he makes the right things happen... the way they are supposed to happen.
Having the ability to use a down payment gift from a friend or family member is wonderful. In today's real estate and employment economy it is almost crucial in a small percentage of cases. During a time when many are selling below payoff and needing to bring the deficiency to the closing table they may be greatly decreasing their available cash to close. When this happens having a gift from an employer, family member or friend can mean the difference between getting that home and not getting the home.
Many will argue if a buyer does not have the down payment they do not deserve the home. Continue your argument and feel free to comment here but only if you include actual facts and data to evidence your contrarian view. Not having down payment does not automatically translate into future default - especially in today's economic climate.
Who can give a down payment gift?
Any direct relative such as a sibling, parent or child can give a gift without any further explanation as can an employer. Distant relatives and friends can only give gifts if they have a vested interest in the buyer making this purchase. The goal is to make sure no party with an interest in the sale of the property (builder, seller, agent) are providing the gift to the buyer.
The borrower must list the name, address, telephone number, relationship to the homebuyer, and the dollar amount of the gift on the loan application or in a gift letter for each cash gift received. If sufficient funds required for closing are not already verified in the borrower’s accounts, document the transfer of the gift funds to the homebuyer in accordance with instructions described in Handbook HUD 4155.1 REV-5
Often the most challenging aspect of the gift is having the donor understand they will be required to provide evidence of their ability to give which may include showing some private information to the underwriter. It is often a battle, especially with older generations who have been well steeped in protecting private data. However the HUD rules are as follow:
Documentation Requirements. The lender must document the gift funds by obtaining a gift letter, signed by the donor and borrower, that specifies the dollar amount of the gift, states that no repayment is required, shows the donor’s name, address, telephone number and states the nature of the donor’s relationship to the borrower. In addition, the lender must document the transfer of funds from the donor to the borrower, as follows:
1. If the gift funds are in the homebuyer's bank account, the lender must document the transfer of the funds from the donor to the homebuyer by obtaining a copy of the canceled check or other withdrawal document showing that the withdrawal is from the donor's account. The homebuyer's deposit slip and bank statement that shows the deposit is also required.
2. If the gift funds are to be provided at closing:
a. If the transfer of the gift funds is by certified check made on the donor's account, the lender must obtain a bank statement showing the withdrawal from the donor's account, as well as a copy of the certified check.
b. If the donor purchased a cashier's check, money order, official check, or any other type of bank check as a means of transferring the gift funds, the donor must provide a withdrawal document or canceled check for the amount of the gift, showing that the funds came from the donor's personal account. If the donor borrowed the gift funds and cannot provide documentation from the bank or other savings account, the donor must provide written evidence that those funds were borrowed from an acceptable source, i.e., not from a party to the transaction, including the lender. "Cash on hand" is not an acceptable source of the donor's gift funds.
Regardless of when the gift funds are made available to the homebuyer, the lender must be able to determine that the gift funds ultimately were not provided from an unacceptable source and were indeed the donor's own funds. When the transfer occurs at closing, the lender remains responsible for obtaining verification that the closing agent received funds from the donor for the amount of the purported gift and that those funds came from an acceptable source.
NOTE: FHA does not “approve” down payment assistance programs in the form of gifts administered by charitable organizations (i.e., nonprofits). Mortgage lenders are responsible for assuring that the gift to the homebuyer from the charitable organization meets the appropriate FHA requirements and the transfer of funds is properly documented. In addition, FHA does not allow nonprofit entities to provide gifts to homebuyers for the purpose of paying off installment loans, credit cards, collections, judgments, and similar debts.
Ken Cook - Community Outreach Leader Southeast Region (I make friends, that's my job :) - FHA, USDA, VA and Conventional Home Loans (678) 439-8683 NMLS ID 208452
My employer: AmericaHomeKey, Inc., 2300 Windy Ridge Parkway, 8th Floor North Tower - 840N, Atlanta, GA 30339. NMLS ID 102930. Georgia residential mortgage licensee 23191. Equal housing lender.
Trans-Am... For most people, they think of Pontiac Trans-Ams… Some think about the SCCA racing series. I think about both… but the cars I think about are the Trans-Am racing cars from the late 1960s and early 1970s. They were pure race cars, but they started life as production cars. Rather than being tube structures wrapped with a body that resembled a real car, they were real cars that were modified to be racers.
When one starts talking about muscle cars, the year 1969 pops up pretty frequently… but the era from 1968-1972 has to be one of the coolest for Trans-Am junkies. The street cars that came from that era were the stuff of dreams.
Ford competed with Boss 302 Mustangs… The 1969 street version was raw and didn’t like low-rpm cruising. But it rewarded the driver when it was pushed…
Chevy rolled out the Z28 Camaros as their weapon of choice. It had a unique 302 that was also kind of a temperamental beast. Overshadowed by the 350 and some of the larger motors, the 302 Chevy was a high revving racer… built to the 5 liter SCCA spec.
Chrysler brought out the Plymouth AAR Cudas and Dodge Challenger T/As
Of course, AMC had their Javelins and AMXs. Mercury did battle with the Cougars and Pontiac brought the Firebird into the fray.
Any muscle car fan has to respect that sort of line-up… The stars certainly aligned.
My Concept…
Several of the key players are back.Dodge has a Challenger. Cevy has a Camaro. Ford has never let the Mustang go away. So, why not build a trio of these retro-muscle beasts… And then race them.
I’m not talking about tube-frame race cars that are all but identical under the skin, with just a different engine and body template, but real production based racers with limited aftermarket parts. Limit them to normally aspirated 6.0L engines… no turbos or superchargers. Require that the engines be ‘stock’… and that the company has to sell 1000 of the model (Mustang, Camaro or Challenger) wit hthe same engine. Transmissions and other drivetrain parts have to be similar to stock… And the suspension would have to be ‘bolt-on’ changes only.
Interiors for the race cars could be stripped, fenders flared a little and the ride height would have to be within a couple of inches of stock.
The REAL concept cars would be the factory built racers that would be for sale at the dealerships…
And I think it is safe to say that the manufacturers could have a line for the 1000 cars. AND a line for the races. Win on Sunday, sell on Monday.
I like a little minimalism… Back when I was a youngster, I had a few cars that were very bad at compromise. They were fast… but less than comfortable. I didn’t care… I wanted the performance. I drove my autocross car as a daily driver. Race on Sunday, Drive to Work on Monday. For a long time, my Jeep was a trail rig and it was what I had to drive home.
Back when Panoz was introducing their first car, the Panoz Roadster, I photographed the first one while doing an assignment for the SCCA. Loved it… cycle fenders and a big engine. The Lotus 7 has been a favorite of mine from the time I was a teenager. And when I caught on to the Ariel Atom, I was hooked. OK, not hooked enough to talk my wife into it… but I really want one.
And it is high time that a major manufacturer took one of their sport offerings and amped it up in a MASSIVE way. This would be a step beyond Dodge Viper or Chevy Corvette ZR1… and even more than the incredible Ford GT.
Since it looks like Dodge has axed the Viper program… and the Corvette ZR1 is already a world beating beast, Ford should be the company to make a move… kind of a GT, without all of the extra junk like a windshield, doors, bodywork.
Can you imagine a 600hp street-legal sports racer than weighs less than 2000lbs? The Ariel Atom, with a 2L 4 cylinder can go 0-60 in 2.7 seconds… It weighs in at 1100lbs, and develops 300hp in supercharged form.
A little steel, some carbon fiber, a touch of aluminum and some seriously sticky tires… it might be able to hit 0-60 times faster than superbikes. And 0-100, too. I don’t think that a properly sorted vehicle like this would have too many issues getting close to 2.2 seconds to 60 and 9 seconds to 100mph. And the braking would be incredible with some good technology and a complete lack of weight…
Last year I was in the midst of writing about some of the local businesses I try to frequent. One of those was Millennium Cycle Works. I dropped in one day (without my 4′ co-pilot) and talked for a minute with Ken, the owner. After a moment to gather his thoughts, I shot a video of him talking about his business. He is a great guy with a cool cycle dealership.
My wife still won’t let me talk her into me getting a bike… but I still have managed to get up there for a few things here and there. My 6 year old has some gloves made for riding a dirt bike. They are very similar to Mechanic’s Gloves… which are REALLY hard to find in sizes that small.
I have been kind of expecting this, but of course it will take a couple of months to confirm…
The Tax Credit did not kick the Gwinnett Market into gear…
Instead, its expiration killed sales. Looking over the last few months of sales we see that for 2010, sales were (compared to 2009):
January – down 10.9%
February – up 1.7%
March – up 10.1%
April – up 14.1%
May – up 17.3%
June – down 0.8%
July – down 26.2%
As we look over these numbers, there are a few things to keep in mind… To start with, the July numbers will likely get a little better. Although sales are supposed to be reported within 48 hours of closing, there are always stragglers that take a few weeks to make it into the reports. Contracts had to be written by April 30th, and sales here usually only take 30-45 days to close. That would be why sales were up in May, but not in June… those sales were likely closed. I didn’t see a lot of buyers playing chicken with the contract dates.
All isn’t doom and gloom… Inventories are down a bit from last year. This is helping to keep the absorption rates at a reasonable level. But they are still decelerating.
Look for specific reports over the next couple of weeks for Lilburn, Lawrenceville, Duluth, Suwanee, Sugar Hill, Buford and Norcross.
I have been a fan of surf music since I was a kid… I love the guitar riff and the drums. And, as a car guy, there are a LOT of great car songs from surf bands. So, if only for the cool music, it is time to build a cool surf wagon.
There aren’t that many late model cars that could be surf wagons. The Dodge Magnum comes to mind, as does the Subaru Outback. But I have to go classic here… I’m thinking a 1961 Chrysler Newport Wagon. The ‘hardtop’ version doesn’t have a ‘B’ pillar, the post between the front and rear doors. So, with the windows down, the space is open from the vent window all of the way to the back of the back door. And a 413 could fit in there…
Remember, surf wagons usually weren’t the coolest rides (then), they were what surfers could afford without getting a job. They had to have a lot of space (boards, friends, stuff). The cool came later.
I like strippers… That is going to make Google go nuts. But before you rapidly click away, hear me out for a moment.
Back in the late 1960s and early 1970s, the ‘Big 3′ used to produce a few cars that were heavy on the performance options and light on everything else. Sometimes they were hard to find, and at other times they were sitting on the dealer lots in big numbers… They were kind of like the ‘cop car’ versions of 2 door hardtops.
Dodge turned it into an art… There were Hemi Challengers and Coronets with rubber floor mats and no radio or AC.
I’d love to see some of those come back… and the PERFECT car to make a concept from would be a new Challenger SRT-8. This is what I would do…
Non-descript color. Those cars weren’t Sub Lime, Plum Loco or Hemi Orange… they were dark blue or maroon. I’d go with dark blue.
Dog Dish hubcaps on steel wheels. You know the look… think cop car. They are the little hub caps on the black steel wheel.
I might be willing to keep the A/C, but we could dump the power seats, power windows, power door locks and even the radio.
OK, I’m not too hip with vinyl seats… leather would be better, but that is because cloth would look wrong.
There would HAVE to be a shaker hood…
No chrome badges… and no badges at all on the sides. In fact, minimal brightwork inside and out.
It wouldn’t be the cheapest Challenger on the lot, but it would be the meanest…
As mentioned previously, rebarcampATL is ON. Atlanta will be hosting its first ever real estate bar camp. The event is coming up on October 1st... at a venue to be named soon. We have actually had to change venues in order to facilitate the demand. As soon as details are finalized, they will be announced... 
