New Bill Would Make ITIN Lending Illegal for Real Estate

Chinese Child

A new bill  has been introduced which will stop illegal immigrants from buying houses.

 

Rep. John T. Doolittle(R-California)  wants to make sure no one can purchase property within the U.S. without a [tag-tec]social security number[/tag-tec].  His bill will stop the practice of “ITIN” -based lending, or those mortgages that use Individual Tax Identification Numbers instead of Social Security numbers.   

 

Sounds good, doesn’t it?

 

But let’s take a closer look.

 

This bill could possibly  stop all foreign investors from anywhere who don’t have an American Social Security number.  That means we could lose a lot of new, fresh, extra money that has been flowing into this country.

 

Also, there is the chance other counties would retaliate and stop Americans from buying real estate abroad.  Is that really smart? 

 

So here’s the thing.  Yes, illegal [tag-self]immigration[/tag-self] is a problem.  But many of the foreign folks buying real estate claim they are in the process of becoming American citizens, whatever that really means. 

 

But facts are facts.  If they have an Individual Tax Identification Number from the I.R.S.  they are paying taxes.  They’re not cheating.  Doesn’t  that show some respect for our laws?

 

These borrowers generally perform very well as a group and are often considered by banks to be very good risks.   

 

Of course we need to get control of illegal [tag-ice]immigration[/tag-ice]. And we should have clamped down a long time ago.  But is this new bill really  the answer?     

 

 

Tennessee Bureaucrats Replace Politically Incorrect Playgrounds

Our fav tax spendthrift nonsense for this week goes to those stuffy bureaucrats in charge of Tennessee playgrounds.

They are actually tearing down perfectly good playgrounds and replacing them with ADA approved play areas, all over the state. What that means is all playground equipment must comply with the American Disabilities Act.

Pink PigOur fav [tag-self]tax[/tag-self] spendthrift  nonsense  for this week goes to those stuffy  bureaucrats  in charge of Tennessee playgrounds. 

 

They are actually tearing down perfectly good playgrounds and replacing them with ADA approved play areas, all over the state.  What that means is all playground equipment must comply with the [tag-tec]American Disabilities Act[/tag-tec].

 

What that implies is that the play areas have to be useable for all children, even those who can’t climb, romp, and hang from monkey bars. 

 

My question is isn’t that what a playground is?  A place where small tots climb, romp, and hang up, out, down,and wrong side out, if their little hearts so desire?  Mercy.

 

But an investigation by Dennis Ferrier of WSMV, Channel 4 in Nashville,  confirmed these new playgrounds are not accessible after all.  Handicapped children can’t get past the steps.  Isn’t that surprising? 

 

When questioned a [tag-ice]bureaucrat[/tag-ice], who will remained nameless, got kind of nervous and said “I’ll have to get with our safety experts.”

 

Yeah, you go girl.

 

These are the times we live in.  If the real estate of a playground is not sacred to these folks, just think what they would do with our properties if they had half the chance.  What we need to make certain of, is that they don’t get that chance.    

 

Al Gore, the Academy Awards, and Your Real Estate

Hollywood has a new cause.

They believe, almost with religious fervor, that the above average temps we’re experiencing are the direct result of too many Chevy’s. (They get the write-off on all their Mercedi, BMW’s and Lexi, of course).

 

Academy Awards

Did you catch something very significant  that happened last night at the 79th Annual [tag-ice]Academy Awards[/tag-ice]?

 

Hollywood has a new cause. 

 

"We are all green," according to Melissa Etheridge whose song "I Need to Wake Up"  won over music  from Cars and Dreamgirls.

 

They believe, almost with religious fervor, that the above average temps we’re experiencing at certain times and in certain places except the Northeast, are the direct result of too many Chevys.  (They get the write-off on all their Mercedi, BMW’s and Lexi, of course).   

 

Hollywood enthusiastically  gave my neighbor Al Gore’s controversial film  An Inconvenient Truth not one award, but two.   And  in his sermon last night [tag-tec]Al Gore[/tag-tec] preached that global warming is a moral issue.

 

Get ready for the ride…

I’m not here to debate.  If you want me to sum up my opinion about it all, I think the weather moves in cycles, just like everything else on this planet, including markets and real estate.  I currently fall into the camp, being led by the “other scientists” that the warmth could be sunspots acting up again.  (It’s happened before during  past periods).

 

Tennessee’s 11 Electoral Votes

Al Gore, who incidentally, lost his home state of Tennessee in the infamous 2000 election, is a lot like other celebrities who preach the message.  But do they actually practice it?  Big corporate jets, expensive gas guzzling cars, fancy mansions, etc.  Talk, after all, can get rather expensive. 

 

I’m not a political expert, but [tag-self]Al  Gore[/tag-self] was not real popular with some Nashvillians during that campaign.  Could it have been because his entourage closed down sections of the interstates and literally stopped traffic every time he came to town?  How many resources did  that use up?

 

Many  experts believe if Al  Gore had won Tennessee he would have won the election.  There’s a whole lot of truth to that which may be inconvenient too, nevertheless.   I guess it goes back to a prophet is not known in his own land kind of concept.  Or, perhaps maybe he is …  

 

So here’s my point about our investments.  If this movement really gains momentum, we will probably see  many more government regulations in rehabbing and construction.  There will be more and more forced “greening” of our properties.  That may get inconvenient and expensive for us. 

 

    

Rats Invade KFC in NYC

The Colonel will be turning over in his grave.

 

Rat Close-UpRats in a KFC?   For shame.

 

By now, we’ve all heard about the infamous KFC in NYC.  You know the  same rats that were described by one patron as “owning the sidewalk.”

 

CBS 2, a local T.V. station, shot the vid of rats having a running wild  party inside the restaurant early Friday morning.  The restaurant had been open only a few hours before.

 

 

Talk about creepy.  How’s this for a statement? “That chicken puts the weight on them (rats).  The bags, the garbage is always piled up there.  And you can actually hear critters in there.”

 

Here’s another comment.  “I quit because it was nasty.  At night, the manager told me to put the chairs up.  We don’t sweep, we don’t mop.  So that’s what the rats are eating off of, the stuff that’s left on the floors.”

 

The Health Department claims the problem has been addressed.  Yeah, right. 

 

According to reports, the same restaurant had been cited for “evidence of live mice” on at least three occasions since 2004.  Mercy.

 

Here’s my point.  This problem did not come about because  of mysterious circumstances.  It happened because they didn’t address it and stop it.  Now they’ve got a bigger problem.  Bigger rats and more of them.  They do procreate- don‘t you know. 

 

We’ve all had our mice problems with our [tag-ice]rentals[/tag-ice].  And those problems come about primarily because of poor housekeeping.  The minute you notice it, stay on it until it’s licked.  Those little munchkins can be wiped out.  After all, they’re not smarter than we are- or are they?

 

Dare I say this?  Most of the problem is with  the [tag-tec]tenants[/tag-tec]- not the rodents.  

 

There is no excuse for any tenant’s messiness  to attract anything crawling, flying or running.  If the [tag-self]tenant[/tag-self] is not willing to cooperate, you have no choice but to remove him also. 

 

Yum Brands, the stock for KFC and Taco Bell, closed lower yesterday from $61.60 to  $60.40.  Can we blame that downward trend on the rats or the management?   

 

How to Avoid Bad Tenants

Okay, I was having a light Kodak moment with that touchy feely post about being a considerate landlord. Not all tenants fit into the good category.

But frankly, we have very few problems with ours.

Fairy Under ToadstoolOkay, I was having a light Kodak moment with that touchy feely post about being a considerate landlord.  Not all tenants fit into the good category.

 

But frankly, we have very few problems with ours.

 

I know we’ve  all read the horror stories because they’re out there and many of the stories are true.  But I don’t think it’s necessary to get the worst of the worst.  I think your life and the your family are too important to tail spin yourself with deadbeats. 

 

Here are some points from an  interesting post from  the best of Craig’s List.

 

A Landlord writes:

 

“You’re 22 and you don’t know anything!  That’s probably why you call my office to ask me to send a $30/dollar an hour worker over to your house to change a light bulb you can’t reach.  Are you a child?  You didn’t have trouble reaching the ceiling when you sponge painted your bedroom puke orange.

 

By the way, your circuits are flipping because you have 5 computers, an HDTV, 4 regular TV’s and an extra refrigerator in your house.  It’s a HOUSE not Walmart.  Please don’t  tell me that the electric is bad.”

 

Whew!  And that’s just for starters.  He goes on to talk about being sued by a tenant’s lawyer father, drinking parties, lack of responsibility with pets and etc.  Well, we all get the message.

 

After 19 years in property management coupled with my Dad’s 50 years, here’s what works for us. 

Screen that prospective [tag-ice]tenant[/tag-ice].   Let me repeat that.  Screen that prospect well.  Let him know you are on top of things; everything.  You mainly do that by your confidence that is masked behind your body language.

 

Believe me, [tag-tec]deadbeats[/tag-tec] are looking for [tag-self]landlords[/tag-self] who   can be manipulated.  Let them know up front what the rules are.  That’s why we have leases.  But most importantly, get the message across  that you will enforce your lease. 

 

But here’s where a lot of amateurs miss it.  They hammer this stuff in.  You don’t have to do that. Your demeanor is important.  Exude confidence. They’ll pick up on that.  The bad ones will move on to keep looking for a landlord who won’t make them “freak out,” as they so aptly put it.  

 

Because a psychological game of sorts  is going on at the showing.  Your prospect is trying to figure you out.  What sort of landlord will you really be? 

 

Tell him.  You’ll be fair and you take good care of your properties. But you expect the same from him.  The good ones will not only sign with you, but they’ll stay.