Paul J Da Costa and Associates INC

Paul J Da Costa and Associates INC Newsletter

August 2011 

Greetings!

 

I hope this letters find you all doing well. Summer is well under way; most of the country knows what the 'dog days' of summer are all about. Keep cool, and keep safe if you are traveling.

Paul



In This Issue
Real Estate
Dori's Corner
Featured Article

Real Estate

   

(I am writing this month's letter from Denali National Park in Alaska!!! Wow, what a place; this is a must see for everyone. Right now I am sitting on the back porch of our cabin drinking a cup of coffee and watching the bald eagles playing. They are chasing each other and it almost looks like they are playing tag. We have seen a couple of bears and a few moose and tomorrow we are going salmon fishing. If you have not put Alaska on your bucket list you must do it a.s.a.p.)

On July 9th our Real Estate Investing for the Next Decade class was held. We had a full house and our guest speakers all did a terrific job. I want to thank all of them for taking time away from their families on a Saturday to spend it with us. If you would like more information on my next class please send me an e-mail. I plan on doing one this fall in Atlanta, Chicago and Dallas and maybe Miami. I will keep you posted.

Recently I was working with one of the attorneys who handles a lot of short sales and foreclosures for me. We were working with one of his clients who has a reverse mortgage that is in foreclosure! I know what you're thinking: but Paul it's a reverse mortgage how can it be in foreclosure? Well I thought the same thing but after doing a little research I found out that if the homeowner fails to pay insurance and taxes the mortgage falls into technical default. And the reverse mortgage foreclosure filings are growing. As of the end of June, 5% of the all the reverse mortgages in the U.S. were in foreclosure. And in Florida the volume is over 8%. In fact HUD just had a special ruling on how banks need to handle this growing problem. You can read the whole ruling at HUD's web site or the link below. In this case our client was having financial issues and was having to make the decision to pay taxes or buy medication.

Well as you can see this is becoming a major issue for a lot of seniors: buy medication or pay your taxes. Medication will always win out (and it should). The biggest problem I see is that a lot of banks and mortgage companies sold these reverse mortgages as a way to free up cash or to stop making payments.

I am willing to bet (but have no proof) that a large portion of the reverse mortgages that were issued were to seniors that were already having financial problems and were told that a reverse mortgage would solve all their problems. In some cases it may have, but I think it may have just bought them some time.

The other big issue is HUD requires the banks to pay all the taxes and pay for the homeowners insurance in order to guarantee the loan against any losses. And from what I was able to look up and research, banks are required to foreclose if the taxes are not paid. I would hope the banks would try to work with the homeowner or their families to get these issues resolved before they start to foreclose and throw grandma out on the street!!

Now that you know about these issues you can use this information and may be able to buy a property and have a good tenant. For starters I would buy a list from a list broker of people who have reverse mortgages. Then check them against the tax delinquent roles and if they have delinquent taxes you may want to buy the tax certificate. This way you would make a good investment and may stop a foreclosure. Your investment would be guaranteed 1) by the county or your state and 2) by HUD because of their requirements to guarantee the loan. Just one more way for you to possibly help someone and make a few $$$$ as well.

Here is the link that gives more information

 

 Click Here

 

           

 

 

 

 

 

DORI'S CORNER

 

Hello members hope you are well. It's been a slow month for me since first we had the Real Estate Investing class and now Lover boy is in Alaska. I am home with the Dori-sitter keeping her company while she thinks she is taking care of me. It's quite amusing to hear her speaking to lover boy every day and him asking if his baby is ok!!!! Boy, do I have him wrapped around my paw! And wait till he gets home, am I going to make him feel guilty. He better bring me home something good like a stuffed moose or bear or else!

Ok members have a great month and I will talk to you next month.

Dori

The Renegade Millionaire Way

by Dan S. Kennedy

Lookin' for Luck in all the wrong places.

 

The Irish are a very superstitious lot. They believe a black cat voluntarily following you home brings good luck, but bringing a black cat home, or even moving one with you from old house to new, curses you with bad luck forevermore. There are so many Irish superstitions about good and bad luck and blessings and curses, they fill a book. I'm Irish. I don't make a big thing out of it. Sometimes, on St. Patrick's Day, I even forget to wear green. But my racing silks (I drive professionally in 200+ harness races a year) have a big green shamrock on them, and I have been known, after winning a couple races, to get attached to a lucky whip - until I again lose a race.

 

I have my little superstitions and lucky objects and rituals; indulgences; for racing, selling and speaking. But I know (and constantly remind myself) that luck has very little to do with outcomes, and that we pretty much manufacture our own luck - bad or good. Usually by behavior, occasionally merely by attitude or thought. People prefer looking at bad luck as purely circumstantial, yet if probed deeply and objectively enough, there's choice involved. For example,  when our very spoiled pet, who we affectionately call The Million Dollar Dog came up lame in her good rear leg and hip, and needed emergency surgery - delaying my wife's travel plans, was this a week of bad luck?  The Million Dollar Dog already had this same surgery in the other leg, three years ago. This breed of dog is well-known for such problems, and she did pick the dog. That's not to say I think a different choice should have been made; I do not; I wouldn't trade this dog for any other on earth. It is to say, though, that the week's trouble has little or nothing to do with bad luck, but with dog genetics, and human choice.

Belief in luck and all the superstitions that go with it, and variations of it to which we assign different names and terminology, clouds the core reality of success and failure: that it is up to the individual. The Renegade Millionaire Way is acceptance of responsibility; more responsibility for more things more often and more readily than the 95% crowd wants anything to do with - not because we are masochists, but because we know a secret: responsibility equals control, control is product of responsibility, and we definitely do want control.

 

When it comes to the category of 'information', whether acquired by attending a college, buying books, attending seminars, engaging a consultant or coach, etc., most people are eager to place the responsibility for outcomes on the information itself or the provider of the information. The kid with the Master's Degree in 16th Century Literature asking you if you want fries with your Hero-burger blames the University of Finkelstein or his high school guidance counselor for his fate. But truth is, all information is neutral but for personal, targeted application, and all providers of information are, at best, informed, interesting provocateurs. Me included. If you want control over the outcomes in your life to be achieved via productive use of information, you can only get it to the same extent you are willing to embrace responsibility for those outcomes.

 

Then there is the eagerness and ease with which businesspeople have, in recent few years, been transferring responsibility to the recession and its assorted evils. For some, a 'bad' economy is actually obvious "good luck" and presents opportunity. Most view it as "bad luck". But it is neither, in and of itself. It is for each person what he permits it to be and makes of it.

 

Most look for luck in all the wrong places. If you are familiar with Russell Conwell's famous speech, oft-published as a book, titled Acres of Diamonds, you'll know where to look. Clue: that source is very close at hand.

 

DAN S. KENNEDY is a serial, multi-millionaire entrepreneur; highly paid and sought after marketing and business strategist; advisor to countless first-generation, from-scratch multi-millionaire and 7-figure income entrepreneurs and professionals; and, in his personal practice, one of the very highest paid direct-response copywriters in America. As a speaker, he has delivered over 2,000 compensated presentations, appearing repeatedly on programs with the likes of Donald Trump, Gene Simmons (KISS), Debbi Fields (Mrs. Fields Cookies), and many other celebrity-entrepreneurs, for former U.S. Presidents and other world leaders, and other leading business speakers like Zig Ziglar, Brian Tracy and Tom Hopkins, often addressing audiences of 1,000 to 10,000 and up.  His popular books have been favorably recognized by Forbes, Business Week, Inc. and Entrepreneur Magazine. His NO B.S. MARKETING LETTER, one of the business newsletters published for Members of Glazer-Kennedy Insider's Circle, is the largest paid subscription newsletter in its genre

 

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Have a great month and talk to you soon.... Paul

 

Sincerely,

 


Paul J. DaCosta
Paul J Da Costa and Associates INC
BOOKS I'M READING NOW 
 

NOB.S.

Price Strategy

Kennedy/Marrs

 

7 Steps To Freedom II

Benjamin Suarez

 

The 48 Laws Of Power

Robert Greene

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Quotes of the Month

And what is a man without energy! Nothing...nothing at all.

Mark Twain

The revenue of the country, levied almost insensibly to the taxpayer, goes on from year to year, increasing beyond either the interest or the prospective wants of the government

Franklin Pierce

14th President 1853-1857

I have been told I was on the road to hell. But I had no idea it was just a mile down the road with a dome on it.

Abraham Lincoln