The Real Estate Sage at The Real Estate Investment Institute - REII

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Memorial Day

 

                                                      "I pledge allegiance to the Flag
                                                        of the United States of America,
                                                    and to the Republic for which it stands:
                                                          one Nation under God, indivisible,

                                                           With Liberty and Justice for all."

This is a day of remembrance, of all those who gave so much, to give us all we have. Those of us in real estate, should be especially grateful, for no where in the world is such opportunity available to all.

William J Archambault Jr

American by Birth

Enthusiastic Patriot by Choice

Blessed to be in American Real Estate

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org  832-259-7078 or 702-516-1569

     http://www.reii.org  Back Cover One House At A Time http:www//reii.org http://www.flippingforfunandprofit.info/ http://www.billarchambault.com   

From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.

http://www.reii.org

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

9 commentsWilliam J Archambault Jr • May 27 2007 07:23PM

Stone Tablets / Bill's Rules For Loan Rep's

 

Have you ever wondered why we teach Religion to our very young?

I don't remember when I started Sunday School, it had to be sometime before four. Among all those wonderful stories there was always a Moral. Then came Mosses and the Ten Commandments. The only thing I could relate to was Honor thy father and mother.

We learned so much that seemed so irrelevant. There was all that begatting, and the prohibitions. The only thing we knew was that it was something old people did. We never believed we'd ever be that old. It would be another decade before we'd discovered that girls didn't have cooties!

We couldn't relate to this stuff! We didn't even know we had a begatter. Why not teach something more practical? Like when on the farm, if nature calls don't drain your begatter anywhere near the electric fence!

As we aged and various temptations arose, we found that we'd long ago decided how we'd behave. Some where along the line I discovered I been blessed, I grew up surrounded by truly great people, my Parents, my Grandparents, my Great Grandparents, and their friends.

It wasn't until about twenty years ago as I was approaching forty that I even analyses why I was who I was. At the time I had several Loan Originators making some really bad decisions. I couldn't relate to these people.

After much sole searching, I came to some answers. I realized why Sunday Schools, Parents, Grandparents, Great Grandparents, and Friends teach the young so much they can't relate to at the time! My decisions in life were formed well before the questions were ask. All those Great people had influence me. I was making decisions on how I'd behave before I faced temptation! In the Marines we learned our "General Orders" a Marines "General Orders" establish how he behaves when there's no one around to give spasific orders.

It was an embarrassing epiphany! We make our hard dessisions based on the rules we'd we accepted for our self long before facing temptation.

There is no harder decision for real estate people than doing what's right when the money is on the table. Good people who've never faced or considered such dessisions can make mistakes. These were the same good people I had hired, they simply lacked the guidance. They need "General Orders" or Comandements. They needed to decide how they would behave before facing temptation.

The next day I first published what have become known as Bill's Rules.

I.  Thou shall protect thy license above all.

II.  Thou shall protect thy client above all, but thy license.

III.  Thou shall protect thy referral source above all, but thy client and thy license.

IV.  Thou shall protect thy commission above all, but thy referral source, thy client, and thy license.

Bill

William J Archambault Jr

The Real Estate Investment Institute

http://www.reii.org

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org  832-259-7078 or 702-516-1569

     http://www.reii.org  Back Cover One House At A Time http:www//reii.org http://www.flippingforfunandprofit.info/ http://www.billarchambault.com   

From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.

http://www.reii.org

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

7 commentsWilliam J Archambault Jr • May 24 2007 05:55PM

Arrogant Bigots

 I started to answer a comment on one of my bloggs, and as so often happens when I'm commenting I got a little carried away. I posted the comment, but the more I looked at it the more I wanted everyone to see it, so after a short edit here it is.

Those that blame mortgage brokers for those nasty sub-prime loans forget that Borrowers received a "Good Faith Estimate" and "Truth in Lending" form when they applied for a loan or within 3 days there of! When a mortgage broker, submits a file to a wholesaler they will also send the borrower a GF & T in L!

If the broker or the lender make any changes to the program, the borrower should receive these disclosures again.

At closing there will be two more sets of "GF and T in L" forms one from the broker and one from the lender in addition to all of the other disclosures! All signed by the borrowers, everyone stating that they, the borrower, understand the disclosure. Between the application and closing the borrowers will have signed 40 to 50 times, EACH that they understand what they are getting! Yes, many will only remember the bottom line, but are we going to punish everyone because some are extremely stupid?

There is not a problem with the application or closing process. Borrowers know what they are getting!

The problem is human nature! When the buyer stops making the payments, he never believes it's his fault! Never, never, never, never!

Yes, there are some crooks and total incompetents, but I'm unsure how much of the foreclosure problems they caused, the borrowers signed their papers too! Some people have been screwed, but they lost their house because they stopped making the payments they agreed to.

I feel very sorry for the people that lose their home, but to put the blame on the mortgage industry is absurd!

Thanks to the sub-prime mortgage market, we have a higher percentage of home owners than at any time in our history! Those nasty loans and the brokers that sold them have expanded home ownership beyond anyone's dream! For all the negative press it's important to remember that 80% of those so called "undesirable, unqualified, undeserving would be home owners have succeed!

To all those calling for reform, I suggest: As you leave home count your first 24 neighbors, now look back towards your home, carefully study all 25 homes, odds are 5 of them were purchased with those nasty sub prime loans! One of those 5 is in trouble and may lose their home, but 4 have homes they couldn't have any other way. The 1 that stops making his payments will be gone. Now, which 4 of your reaming neighbors are you going to get rid of? Would you really deny 4 families homes of their own, just so you don't have to feel bad about the one dead beat?

This whole issue is class and race bigotry! How dare those undesirables think they dissever to live like their betters! If we eliminate the sub-prime market, in the name of "consumer protection," we can force those people back in their place!Now do you have any question on where I stand? If you do I want you to leave home tomorrow morning in the other direction and count 24 more neighbors. Keep in mind that your home is included in this group too! By the end of the week, if you go in the remaining directions, you'll not only have 4 neighbors losing homes to those nasty sub-prime lenders but at least 1 losing it to a conforming lender! If we can protect another 16 families out of their homes, you won't have to deal with undesirables, or just maybe your neighbors will have one less!

Bill

William J Archambault Jr

The Real Estate Investment Institute

http://www.reii.org

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org  832-259-7078 or 702-516-1569

     http://www.reii.org  Back Cover One House At A Time http:www//reii.org http://www.flippingforfunandprofit.info/ http://www.billarchambault.com   

From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.

http://www.reii.org

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

40 commentsWilliam J Archambault Jr • May 16 2007 06:53PM

Real Estate Volume CDLVIII, Chapter 1372a: House 12

My son, Eric has been telling me he's going to write down and number my stories for over twenty years. What I'm sharing here is from the 448th volume "A Decade In West Texas/One Eighteen Months" This is not Eric's version but rather from the 1100 volumes I wrote to provide a truthful and accurate account of what happened.

I'm repeating this story here because Melissa Kruse requested it, I Want 600 Points I had made a suggestion for inexpensive roach control on one of Rich Kruse ranting land lord blogs Landlord Man Rides Again and my sage wisdom had been ignored.

House #12 was one of 15 aged, small two bedroom, one bath, wood frames stucco buildings near the front of a large trailer park that my partner and I had suddenly acquired, after I had been saying no way for nearly four years. I hadn't been in the house since our first inspection 3.5 years earlier

We had owned the property for almost four weeks, Brenda and I had been there for a week then I had taken her back to Michigan and our kids, they would join me at the end of the school year if I couldn't get everything taken care of by then. Alone with this nightmare, my partner still in Europe there was nothing I could do after lunch each day until after siesta. So each day I drove the park with a legal pad noting what needed done. I would do this each day until about three or more often until I ran out of paper.

So it was, early afternoon when I approach house #12 from the south. The house had a very short crawl space with a scuttle hole on the south side. From that scuttle hole there was a steady stream of water, I stopped and knocked at the door no answer. Not knowing where the water shut off was, I woke my maintenance man, getting him out in the noon day sun, he must have though I was English, he didn't say. He did mention mad dogs, particularly the one that lived in that house. He shut the water off at the street while I wrote a note to the tenant.

Later that afternoon, the tenant came to the office. I told her about the water leak. She responded by telling me it had been leaking for almost three years, no one else had worried about it until I had the weeds cut and saw where the water flowed. She could live without the water that night and she's have her son take the dog out for the day so that we could repair the leak in the morning.

Al, my maintenance man and I were at her door at 8 the next day. The smell when she opened the door was something terrible, a mixture of swamp and out house. The lady told us the leak was in the wall between the bath room and the living room. Al went to look at the problem, passing but never looking into the living room. I went to the living room. The floor had given out, the carpet formed a bowl, the couch was bolted to the wall on the bath room side, The carpet was wet underneath it. An easy chair near the door sat with it's front legs propped up on cement blocks. A TV sat on it's stand against the outside wall, a rope, running out one window and in another holding it upright.

Al came back he'd found the leak it would take him 5 minutes to fix and a day to replace the water soaked wall. I said we'd have to replace the living room floor and carpet. I turned to the lady and told her we'd fix the water right now and start the floor on Monday but, she'd have to get rid of the dog, it wasn't on the lease and I wouldn't re-carpet the house with it there. She said, why? I told her there had to be two hundred urine stains on the living room carpet. How foolish could I be? She said that's not the dog! He doesn't go in there! Now, I'm thinking the kids? Before, I can say anything she picked up a kids toy and throws it at the center of the carpet. The noise damn near stopped my hart, snakes! The stains were venom!

Al and the Lady found me standing in the bed of my truck. She explained the snakes couldn't get thru the carpet and if you wore shoes they venom was harmless! I made a better place available for her, at the same section 8 rent and she had family move her that afternoon.

We got rid of the snakes, by poisoning the mice. I can't remember the name of the posin, but it came in those black and yellow boxes. The posin had the mice looking for water before they die, we'd let the water drip under the house, The snakes gorged them selves on the dying mice and in about 6 weeks there were no snakes to be found.

It was about three months later when I stepped on a diamond back. It amazed me how far I could jump and run in the time it takes a snake to coil. In the next two weeks I stepped on two more!

Bill

William J Archambault, Jr

The Real Estate Investment Institute

http://www.reii.org

Bill

William J Archambault Jr

The Real Estate Investment Institute

wja@reii.org  832-259-7078 or 702-516-1569

     http://www.reii.org  Back Cover One House At A Time http:www//reii.org http://www.flippingforfunandprofit.info/ http://www.billarchambault.com   

From my past: GRI 1975, FLI 1974, Catalyst from a client 1974 an agent that makes things happen, REII, The Real Estate Investment Institute 1995.

http://www.reii.org

©William J Archambault Jr ©The Real Estate Investment Institute ©REII

6 commentsWilliam J Archambault Jr • May 14 2007 01:52PM