In the real estate business there are those folks commonly known as real estate investors. I have had some very interesting calls lately from folks that literally wanted us to pay 100% of all the cost for them to buy the property, add in all of the closing costs, as well as finance 100% of the rehab costs. They did not want to spend one cent of their own money but of course they wanted to be able to profit from the sell of the property after all was said and done. Well they forgot to add no interest and never pay back the loan to their list of dreams.

This is what I call the welfare mentality. Something for nothing! Don't get me wrong there is a need for assistance in everyone of our lives. I have had to file for unemployment before so I know what I am talking about. It is there for assistance until you can get back on your feet and move on with your life. The mentality of this generation is exactly that, I take your money that you have worked so hard for and use it to benefit myself, but only if it doesn't cost me anything! Well that may work for political gain but it does not work in the financial world!


<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Wi-Fi around Chicago..</STRONG></FONT></P> <P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><FONT size=2>The Daley Center between Clark and Dearborn is&nbsp;now (as of September 2003) a wi-fi hot zone. I have not personally connected there, but the word is </FONT><FONT size=2>that the signal around Daley Plaza and Block 37 is strong. Click <A href="http://www.xchicago.com/main/article.php?articleID=413">here</A> for more information. </FONT></FONT></P> <P><FONT size=2>If you are outside of downtown Chicago,the UPS stores (formerly Mailbox Etc.)&nbsp;will have wi-fi access (for a fee) in mid-September as will many McDonalds (for a fee). <A href="http://www.computerworld.com/mobiletopics/mobile/story/0,10801,80914,00.html">UPS story</A></FONT></P> <P><FONT size=2></FONT>&nbsp;</P>

<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Truth about Annuities</STRONG></FONT></P> <P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>Many clients buy annuities. I think it is fair to say that most clients do not understand the annuities and, in many cases, the annuity purchase was an inappropriate choice. In my opininion annuities are appropriate when:</FONT></P> <P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>1. The client wants to save more for retirement and already puts the maximum in his or her IRA/401k; </FONT></P> <P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>2. The client is in a high tax bracket and wants to reduce taxes;</FONT></P> <P><FONT face=Verdana size=2>3. The client won't need the principal for quite a long time and the annuity makes up a small portion of the client's total investments.</FONT></P> <P><FONT face=Verdana size=2>I have one client who paid no income tax, was 85 years old,&nbsp;had been retired for 20 years and purchased 4 annuities with all of her liquid assets;&nbsp; her only other assets, after the mass annuity purchases,&nbsp;were her condo and a checking account. The annuities were "unsuitable" for her, but were perfect for the annuity salesperson who netted at least $20,000 in commissions.</FONT></P> <P><FONT face=Verdana><FONT size=2>&nbsp;See the </FONT><A href="http://www.annuitytruth.org/"><FONT size=2>annuity truth</FONT></A><FONT size=2> web site for&nbsp;some&nbsp;interesting reading on annuities and whether one is right for you&nbsp;&nbsp;</FONT></FONT></P>

<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2><STRONG>What to Do if Your Mortgage Lender Bails Out on You</STRONG></FONT></P> <P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>Recently, as interest reates rose and&nbsp;the number of files on their desks exploded to record levels, mortgage companies have bailed out on clients&nbsp;and failed to close. In two&nbsp;cases I am involved in (both of which are new construction) the mortgage companies literally "forgot" about the client. The loans were not ready to close because no one&nbsp;paid attention to the file for months. The other problem is that many lenders are so busy that they can't close by the end of the "lock-in" period. The client is left with a lame promise that the mortgage company will do a "free refinance" later to cure the problem.</FONT></P> <P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>How can you prevent this? Pick a reputable lender in the first instance; not one from the internet or your brother-in-law who thought he would try out mortgage brokerage. Stay in touch with the lender. If all else fails, file a complaint with the office of banks and real estate. Here is the form to file the complaint:</FONT></P> <P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>&nbsp;</FONT><A href="http://www.bre.state.il.us/CONSUMER/FORMS/c-Form41.pdf"><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2><a href="http://www.bre.state.il.us/CONSUMER/FORMS/c-Form41.pdf">http://www.bre.state.il.us/CONSUMER/FORMS/c-Form41.pdf</a></FONT></A><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P> <P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>It rarely pays to file a lawsuit against the lender. Attorneys fees are cost prohibitive and your damages are hard to prove.</FONT></P> <P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif size=2>&nbsp;&nbsp;&nbsp;</FONT></P>


85%">So what is the point? Well recently we have added several new programs for real estate investors that are looking for this type of financing. It is not 100% but it is one of the best programs I have seen in a while. It offers 75% of purchase price and 75% of the rehab costs! Not exactly welfare but close to it! (Relax my friend and smile for once!)

Now if you know anything about this type of financing then you know that this is an incredible offering. Literally the investor only has to have 25% of the total cost to be able to qualify for this financing! We have many other options available and can help the investor determine which one is best for their situation.

Another program that we have access to is for construction companies. It literally works like an open line of credit for upwards of $200,000 for the building of new homes. There are also many other offerings that we have access to for construction loans. We have been able to fund several of these a month recently and are constantly updating our offerings to our clients.

If you have a legitimate project that you need to get financed, and I think it is possible, we will consider all requests that make sense. I also have the option of going to our database of private investors. So do yourself a favor and contact us and I will tell you point blank if we can help you or not.

You can find out more information about these types of funding here. Commercial Real Estate Finance.

Arnold Cortez

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