Thanks For A Great Year

Here we are at the end of another year and what a great year it has been. At The Top Properties is a little over a year old now and has grown and blossomed. We have added 4 great agents and have increased our market share as well as having a prominent position right in the heart of Pearland at 3419 E Broadway Suite G.

In addition, At The Top Properties has also agreed to sponsor a softball team called "The Vamps" and our company logo is on all of their t-shirts. We are quite proud of the team and their recent victory in New Orleans.

In the coming year, we are excited about the prospect of gaining more market exposure with increased advertising as well as adding 1-2 more agents. I feel it is important to keep our company small so we have that familial feel as we all work towards a common goal. If you are considering changing direction in your career and would like to speak with us about joining our family, contact me anytime. We offer full Broker support, Efax, wi-fi as well as providing signs and business cards.

Finally, I would like to thank the great folks of Pearland for their support and we look forward to helping you with all of your real estate needs in the coming year.

Sincerely,

Mike Gonzales

mytopagent.org

Buyer Update

With the changing economy some banks are also changing their lending practices. Once upon a time, even if you had a FICO score of 600, you could easily qualify for a loan. Recently, many banks have raised their minimum scores to a 640, which has removed the possibility of homeownership for some. Now, due to higher foreclosure rates, most banks require the buyer at have at least a 620 score.

Unfortunately, with many folks finding themselves with less available cash than before, many aren't able to keep up with their minimum monthly payments on their loans, and even one late payment can bring your score down considerably. It is a good idea to check your score at least twice a year. If you can afford it, an even better idea would be to subscribe to a credit monitoring company so you get updates on your score regularly. If you find yourself unable to make your payments, speak with your lender to see if you qualify for an extension of your payments. Always try to be proactive if you are behind and try to make the payment by the agreed-to date. Too many folks ignore the creditor out of embarrassment rather than call and try to resolve the issue up front.

If you find that your score is below a 620, don't give up. There are some reputable credit repair agencies out there. Keep in mind however, that no one can remove a valid debt from your report. The credit repair guys can help you remove old debt and advise you of how to clear up any inconsistencies on your report.

If you will be looking for a new home in the next few months, it would be a good idea to hold off on any big purchases until after your close on your new home. Lenders look very carefully at how much available credit the buyer has and if they have been seeking credit lately. In addition, once you have applied for a loan and have been approved, the lender will typically run a second report on you before closing. This can get a buyer into trouble if they have increased their debt between loan approval and closing.

If you haven't been pre-approved for a mortgage, this should be your first step. You need to know the amount you qualify for and how much your payment will be. This will help put you in the right direction when looking for a home. If you have questions about the home buying (or selling process), call or email me, I will be happy to help. Good luck!

Regards,


Mike Gonzales

Just Saying Thanks

I am happy to say most of us in our local real estate business are friends as well as competitors. There is enough business out there for us all, so establishing a good working relationship is important especially in a somewhat smaller community.

With that said, I would like to thank the folks at Keller Williams Pearland with a special thanks given to Al Rincon, for inviting me to be a part of their Mastermind Series. Unfortunately, I was not able to attend, but Al has proven again and again he is a true professional and for that, I am proud to call him a friend.

Another Broker who I have worked with and whom I call my friend is Bryan Cotton of Bryan Cotton Properties. We have been friends for at least 10 years now and are also competitors. Competition drives our business and most of us realize that it is important to work together in the spirit of friendship. Of course, there are always bad apples out there who foster negativity, but most of us do what we can to work together focusing on positive energy rather than negative.

For that, I would like to say how fortunate I feel to work in this great town of Pearland where I grew up. I still love this town and proud to have started a successful business in this town and am even luckier for the people that are in my life.

New Listing

Pearland's Best Realtor has listed another one. This time in Southwyck which is located in old Silverlake. This is a fixer upper priced accordingly. Looking for a great investment property? This one is for you.

3007 Glen Cullen
Pearland, TX 77584
$102,900

My Town Now and Then

Having lived in Pearland for most of my life, I have certainly seen it change. In the 80's, when I was in high school, Pearland was still a sleepy little town. Now, according the projections from the new census, we are looking at 100,000+ residents...wow!

I was reading in the Pearland Journal someones comment that our sleepy little town is no more. While that is true, I feel fortunate to have seen both sides; the little town it was and the bustling city it is. I believe we are better off for the change. Pearland is a more diverse "melting pot" and with the increased population comes improvements to the roads and commerce, which helps the local economy.

As a local business owner, I must say I am glad that Pearland has expanded like it has. Small businesses like mine are the backbone of the local economy and although change can sometimes be painful, I feel we are all better off for it.

Now, in closing, I am going to do something I don't usually do. I am attaching pictures of me 150 years ago it seems. Nonetheless, all this talk of old Pearland has gotten me all nostalgic...I am attaching some photos of me taken around the time of the war of 1812 (just kidding). Actually around 1978. I was tagged in a photo showing my support for the Pearland Little League and another at my folks home the same year( I was proud of my Pearland Shirt). Pardon the long hair!!

CREDIT AND THE NEW LENDER RULES

When buying a home, it is very important to be very careful about spending. Lenders now check the buyer's credit at the time of application as well as right before closing. For a buyer who has opened a new account or even charged a big purchase, you may no longer qualify to buy a home. This can be devastating to buyer's who have, for instance, sold their prior home and are waiting to close on their new one.

As a real estate professional, I find it very important to educate folks about the changes in our industry prior to getting them under contract. No matter how great your credit is, in the new mortgage industry, the old rules don't apply. From the time you make loan application, you should limit your credit card purchases to a minimum and never apply for new credit during the process.

Another item of concern is credit card fraud. A good idea is to remove yourself from pre-approved credit card offers by calling 888-5optout. For many credit card thieves, finding a pre-approval letter in the trash is like finding gold. Your best bet is to remove the possibility of of accidentally throwing an offer out instead of shredding it. Additionally, many thieves remove the offer from your mailbox without your having even seen it. Once your identity has been stolen, it is very hard to undo. If you are thinking of buying a home and find out your identity has been stolen, this can be a huge road block.

I work very hard to make sure my clients are educated about how important credit can be as well as identity fraud as well as the new lender practices. If you have questions about this article, feel free to email, call or text me anytime.

Home Buyer Concerns

When buying a home, it is a good idea to seek out issues before getting into a contract. Here are a few items to look for when considering a home.

Foundation: If a home has foundation issues, it may have cracks going up the brick or mortar, as well as an uneven feeling when walking through it. However, if these issues have been addressed by the former owner having the foundation stabilized with piers, typically the foundation company offers a transferable warranty which can be switched into the buyer's name at closing. Many buyer's are nervous buying a home that has had foundation piering, however, usually those fears are unfounded. Most reputable foundation companies like Allied Foundation, for instance, have good reputations for quality work and stand behind it.

However, if the foundation issues haven't been addressed, you need to contact a foundation company for an estimate (usually free of charge) to assess damage. Sometimes it can be a minimal amount to fix the problem, however, there are instances where it affects the plumbing underneath the home and that can be quite costly.

Termites: Another item of concern is termite infestation. Now, part of the inspection process is a termite inspection. If the home has or had termites, not only does the inspector check for infestation, he also checks for damage. Termites can do thousands of dollars of damage to a home in a relatively short time span.

Other issues such as electrical and plumbing concerns can be addressed by simply asking for a home warranty. These are commonplace and are fairly inexpensive. A home warranty can give the buyer peace of mind to know that most unexpected issues that may arise can be addressed by the warranty for the first year, with the ability to extend indefinitely if the buyer so chooses.

The bottom line is, when looking for a home, always be on the lookout for problem areas. While most homes do not have the issues mentioned, or if they have been addressed, you can still feel secure in your decision to purchase. Remember, always get a home inspection as that is usually your best defense against problems.

Have questions, I am always available to help. Call or email anytime.

Market Conditions

As a 12+ year veteran of the real estate industry I have seen many peaks and valleys in the market. We are lucky in this part of the country as our market hasn't endured the full brunt of the market volatility. Houston and surrounding areas have held up pretty well. Days on market has increased of late due to more rigid FHA guidelines. Homes are still selling here and buyer's are buying. Interest rates have held strong averaging 5.5% which means more home for the dollar.

If you are thinking of selling, give me a call. I am the Pearland specialist and with my years of experience, can help negotiate to get you more for your home than you might think. I will run a customized market analysis of your home and guide you on decorating tips and techniques to make your home spectacular. In addition, I do a personalized video tour that is posted on YouTube as well as HAR.com, TopMike.com, etc. Unlike many agents who use "Teams" where you probably don't even work with the agent you hire, my team members support me in the background but I work directly with my clients from start to finish.

Give me a call today, 713-256-1297.
Mike Gonzales
www.TopMike.com

Open House This Weekend

I am doing another open house this Sunday 8/15/2010 from 2:00 until 4:00pm in Shadow Creek Ranch. Take a quick preview of this home now.

I do regular open houses as I feel that they are vital to maximizing the exposure of your home. You will hear some Realtors saying the don't do them, however, it is my opinion they are doing their seller an injustice. My team and I consistently hold open houses on all of our listings. My commitment to my client is to do eveything I can to help facilitate a sale; this includes maximizing it's exposure.

I am also including a free Video Tour posted on YouTube and linked with the Houston Multiple Listing Service. Check out the above virtual tour for an example.

iPhone 4 Review

Like many folks, I am a big fan of technology. Most Realtors nowadays stay up with technology or they fall behind. Today, I am reviewing the new iPhone 4. This is my second iPhone as I bought the first one when they first came out a few years ago. Although I loved the original phone, at my home here in Pearland, my service...how do I put it politely...sucked. This is the main reason I got rid of it after a year or so.

The other day, I bought the new iPhone 4 as it does several things I wanted in a phone. One of the main reasons is it shoots High Def video. This is useful in my field as I am implementing it on all my listing as part of my service. Now, it is pretty easy to post a video of each home on youtube. This along with a new feature call "Facetime" that allows you to see the person you are speaking to, influenced my decision. Now, Facetime only works within a broadband wireless connection but is still really cool.

That solved all of my issues with the exception of the service. So, I have now found another AT&T product called MicroCell which will set you back about $160 bucks. Some naysayers will say it should be free as I am having to fix AT&T's bad service. Well, this is true, but it also fixed my problem. My phone already worked well everywhere but my home and now that I have spent more money, it works well there too.

Now, on to the review. I find the phone very sleek looking with a very good, clear screen. The phone surfs the net with blazing speeds with your wireless service and is not too shabby when using it's own 4G network. Of course, the best apps are made for the iPhone so real estate apps like Zillow are of particular interest to me. There are hundreds of apps to choose from many that are free as well as many more you pay a few dollars for.

All in all, despite the $199 price tag for the phone (with a 2 year contract) and an additional $169 for the Microcell, I find the phone well worth the money. So far, I haven't noticed any dropped calls from the antenna being on the side of the phone, but AT&T is now giving iPhone customers a free case. I took mine, but probably won't use it. It would be a shame to spend this much money and then cover it up.

I hope you find this useful and feel free to comment.

Open House Today

I am having another open house today from 2pm until 4pm. Come out and take a look at this beautiful 2300 square foot home built by Lennar. This home has a great price point at only $164,900. It is a 3/2.5/2 with an upstairs gameroom. This home is located at 3326 Southdown Pearland, TX...just minutes from downtown and the medical center.

Heros

I am focusing this morning on heros. Not the TV show, by the way. A few of my personal heros are Warren Buffet, Jimmy Carter (for his humanitarian efforts), Chris Christie (Governor of NJ), Tony Robbins (Motivational Speaker), Hillary Clinton and Harvey Milk to name a few.

However, those heros are public celebrities more or less. I have many heros in my life who aren't celebrities. For instance, I know several ladies who are fighting or have overcome cancer. While these people aren't on the TV everyday, their brave fight inspires me and makes me appreciate how precious life is. They are brave beyond my imagination; they are stronger then even they knew. I am proud and grateful to call them my friends.

Yes, there are heros all around us. From the men and women fighting for our country to the folks fighting an aggressive illness; heros are everywhere. Although they do not ask for admiration, they most certainly deserve it.

While this blog is typically about real estate, sometimes I find it more important to remind the heros in my life how much I admire them. If you have a hero in your life, you should tell them so. Sometimes, it may come when they really need it.

Home Buying

When I was a youngster, I remember new home signs all over Houston that read "From the 40's". Now, that was more than a few years ago and you can't buy a new home in the forty thousand dollar range any longer, but there are still great deals out there.

Remember, when homes were that low, the interest rate was around 15% and folks were still buying like crazy. Now, interest rates are staying low (around 5.75%). Although credit is a little harder to get than before, but if you have a fairly good credit rating 620 or above, you can buy and pay about the same or less than you would renting.

I believe folks are more cautious about buying than ever before. I suppose it has a lot to do with our somewhat sketchy economy and the lack of stability in the job market. I usually recommend to my clients to buy less than they can afford so that they can not only build wealth, but be prepared for emergencies. Too often I see a person that has been approved for $200,000 but wants to spend $220,000.

The bottom line is spend wisely, but remember buying a home is still a great way to add stability to your life and your financial portfolio.

Foreclosures

As many of you may know, I handle foreclosures for several major banks. Foreclosures can be a great value as they are typically priced below non foreclosures. However, there seems to be some confusion over foreclosure pricing.

Foreclosures are also known as REO properties. It seems many buyers think that an REO (Real Estate Owned) property listed at $100,000 by the bank will sell for $70,000 or below. This is not the case. REO's are already usually priced below their market value and the bank has had their REO Broker, in this case me, due a BPO (Broker Price Opinion) to help set the price. Then they follow up on my BPO with an appraisal. They use the experience of the real estate Broker to aid in pricing the property where it will sell within 90 days or less.

So, I regularly see offers from investors for pennies on the dollar that the bank flat out rejects. These investors are under the impression buying a foreclosed property listed with a Broker is the same as buying one from a tax sale, let's say. At a tax sale, investors can sometimes buy REO's for pennies on the dollar. This is a very common mistake.

If you are in the market for a foreclosure, you can get a very good deal. However, your agent should always do a market analysis prior to your offer so you are assured you are getting the good deal it appears to be. After all, there are overpriced foreclosures, just like any other home. Sometimes, the bank has been given bad pricing advice from their agent and therefore the price is off. It is difficult to get a bank to accept less than what their agent has said it is worth. In those instances, you are probably better off looking for another property.

In closing, my team and I are happy to help you in your home search including bank owned properties. Part of our standard practice is to make sure the home you are buying is priced correctly whether it is a foreclosure or not. We are locally owned and operated and specialize in the Pearland and surrounding areas. If you have questions prior to buying, give us a call anytime as we welcome your questions either through email or phone. The road to home ownership is not as long as you think...we can help. Thanks for reading my blog.

My Political Opinions

Let me preface this blog by stating I am a Democrat, however I am on a tear this morning...

I am very frustrated with this administration at the moment. First of all, who really knows what is in the new health care package that has been implemented? It is over 2000 pages which seems a little ridiculous to begin with. I am a Independant Contractor so I pay for my own health care, and I was somewhat optimistic at the beginning. However, this is starting to seem like a nightmare now. We were promised by this administration that we would be able to keep our own doctor, however, that is not looking to be the case at the moment. We still aren't sure how much this is going to cost each of us, then on top of that, there were several bills that made it into law by "piggybacking" onto this bill. One of the craziest is folks like me will have to 1099 each vendor if we spend $1000 or more per year. That means if I buy a thousand dollars worth of copy paper over the course of the year, I will have to 1099 Office Depot. Talk about an accounting nightmare! Oh, then, members of Congress have made themselves exempt from the Healthcare Reform and they can retire after one term and keep the same pay for life! What?? We weren't given a vote on this of course.

Another issue that bothers me is the Stimulus package. I am still not sure how a few hundred dollars was supposed to help those in need. In my opinion, that was a huge waste of money. The old adage 'Give a man a fish, he eats for a day...teach a man to fish he eats for life" would seem to apply. That money should have been used to re-train those out of work, not give them enough money for a couple of days. Spending seems out of control and the economy has certainly been better. You can feel that there is less optimism now than before about the future. That has me worried...

I also realize the budget will never be balanced while there is a war going on...no to mention two wars. However, I believe we are heading in the wrong direction. This makes being a Democrat a little difficult at the moment. I am hopeful that either we will get a new person in the White House next term, or we see a radical shift in policies. This is my opinion and you are welcome to submit yours or make comments about this blog as I welcome all.

OPEN HOUSES TODAY

11501 Bay Crossing - $284,900

I wanted to take a moment and invite all of you out to my two open houses today from 2pm until 4pm. The first is a beautiful home in Shadow Creek Ranch. This Meritage home was built in 2005 and features a 3-car garage and has over 2900 sq ft. In the back yard, this home has a heated in-ground pool and spa and still has a full back yard because the lot is over 11,000 square feet.




3326 Southdown - $164,900


This home is located in Southdown and has over 2300 sq ft. Nice landscaping as well as a great corner lot, this home was built in 2000 and has an upstairs gameroom as well as 3 bedrooms with the master downstairs. This home has fresh paint and carpet and is ready for move-in. Come tour this home today from 2pm until
4pm; hope to see you there.

Saving $$ on Your Mortgage

I know I speak quite a bit about how to save money, but this is a topic that seems to interest most folks. Many of you that own homes have a 30 year mortgage. Did you know that if you have your mortgage company set up bi-weekly payments instead of monthly, you pay one full extra payment towards your principle each year? This is a great way to pay down what is probably your largest debt. Not to mention you will save yourself thousands of dollars over the course of the loan.

The way this works is your payment is broken into two separate withdrawls (2x month) that total your monthly payment you are already paying. To get started, contact your lender and tell them to get you want to start paying bi-weekly payments. Sometimes lenders charge a fee to set this up for you, but this cost would certainly be worth it for all of money you will save.

Investing Part 2

I am going to touch on real estate investing this morning. I am thinking about putting on a class about buying your first investment property, but for now, my blog will have to do.

Nowadays it costs a little bit more upfront than it did before to buy an investment home, as banks and mortgage companies want more down to secure the note. About the minimum I have been able to find is 10% down. Now, this doesn't cover everything...only your down payment, but you can finance in the rest.

The first thing to do when looking for a rental property is figure out how much you will make factoring in for at least 1 month per year vacancy. That is where I come in. I will run all of those numbers for you and together, we will find the best house (or condo) to fit your needs. I recommend looking into foreclosures as you could do (or have done) the repairs if needed, to make it ready for occupancy. Foreclosures also are usually a better value and are great for a first-time investor.

Once we find the property, I will refer you to to a mortgage company or bank that will be able to help you. I recommend starting out small, so $50,000 to $70,000 would be about the best number to spend on your first rental home. Another good reason is you would only need to have $5,000 to $7,000 to put down and you can finance in the rest. The rest would be the prepaids, insurance, tax prorations, etc. If you have a bank that you work with, you can probably get a better deal as you won't have to pay closing costs.

Finally, once all of this is complete, now you are ready to put the home on the market for lease. I can help with that as well. My firm will run a credit and background check to make sure you aren't getting a dud. Once that is complete, you and the new tenant sign the lease and voila...you are a landlord. The best part is, you have someone else making your payments for you. If you only do a 15 year note, then in 15 years you own the property outright with no mortgage! Can you think of a better way to build wealth?

Lastly, real estate is a solid investment opportunity and over time will help you build wealth. I will be there to guide the through the entire process and make sure all of your questions are answered.

Investing 101

While the talk of investing makes some nervous, I thought I would touch on the subject today. Warren Buffet is one of my heros and one of his mottos is to have an earnings bucket and an investment bucket. I like that idea.

First, many ask "What is the difference between a stock and a bond?" Well, a stock is a share of a company and a bond is a debt investment to which an entity borrows money for a specific amount of time at a certain interest rate.

Now, with that said, how to start investing is what I am going to speak about today. I have discovered a company called "Foliofn" that is one of the best I have seen. It allows you to buy percentages of stock at what ever rate you can afford. Now, that is not all that new, but the best part is they have "ready to go Folios" that are preselected based on their performance and the risk level you want. Because the Folio has approxmately 20 stocks, your investment is diversified which allows to you minimize your risk.

One thing to remember, the money you invest in the stock market is not protected by FDIC like it is in the bank. A good idea would be to start slow and build up as your confidence increases. Remember, you can start by investing $20.00 per month or something until you feel you have a little more experience.

The stock market is just one way to invest your money. If your company offers a 401K, this is one the best ways to invest especially if they have company matching. Tomorrow I will cover investing in real estate which is a topic near and dear to me and the ways I can help you build wealth over time by buying a rent home.

Value of Home Ownership

While the tax credit is gone, there are many reasons to buy vs renting. When you rent a home, of course, it isn't yours, but also there many additional advantages to home ownership as well.

Many folks are intimated by the whole process and rent rather than trying to buy. Of course, we can help with that too! However, when you rent a home you pay and pay but never gain equity. You also are certainly not building wealth by renting like you would if you were buying and paying on a mortgage. Every month when you make a payment, you are paying down your principle and over time your home also will increase in value. This certainly does not happen in a tenant situation...unless you are the landlord.

Also, since the property isn't yours, you follow someone else's rules instead of your own. When buying your home, if you stay in your home from five to seven years, you should be able to sell it for more than you paid for it. Also, should you decide to, you could always rent your home out and have your tenant make your payments for you by paying their rent.

I would love to speak with you about this and any topic listed in my blog. Remember, when selling your Pearland home, always use a Pearland Realtor. At The Top Properties is located right in the heart of Pearland, TX. We are your local "in town" real estate office ready to help you. Check us out at http://www.mytopagent.org/. 713-256-1297

Home Staging

Many folks ask me about staging when I list their homes for sale. Since this is such a common question, I decided to touch on a few points in my blog. You don't necessarily need a professional stager if you follow some basic tips.

1) Put up all personal pictures of you and your family. The buyer needs to be able to picture themselves in your home.
2) Put up all bric-a-brac and leave your home looking clean and neat with minimal personal items.
3) If you have dogs or cats, do not let them stay in the house while it is being shown. Many buyers have allergies and do not like the idea of an animal in their potential new home.
4) Make sure your home smells clean. The sense of smell is one of the first impressions your home will make, so make it a good one. Leave plug-ins around the house if possible to remove any stale odors.
5) Do a thorough cleaning of your home prior to it being shown if possible. The neater and cleaner it looks, the better your chances of selling it.


Finally, if you still feel you need a professional stager to come in, I will help you as I have contacts in that area as well. If you have questions about this or any other topic on my blog, call or email me anytime...I would love to hear from you.

Mortgage Shopping and What You Need to Know

If you are shopping for a mortgage, here are some things you should know.

First, there are differences between mortage brokers and mortgage bankers. A mortgage banker actually lends the money, while the mortgage broker works with many banks to find the best deal but doesn't actually lend the money. Mortgage brokers work as middlemen of sorts.

Mortgage brokers work with many lenders and have better luck getting those with credit issues through since they have several lenders to choose from, where the mortgage broker only has one. The mortgage broker also can shop rates and find the best loan to fit your need. I have a mortgage broker that I work with that has been able to close loans that the banks won't touch.

However, aside from my contact, I see many more problems with loans where the borrower used a mortgage broker. But, needless to say, there are thousands of mortgage brokers out there and many aren't a reputable as my contact. And, if there is a problem at closing, I feel much more comfortable working with someone who directly lends the money rather than a middleman.

Finally, there is also a cost to working with a mortgage broker vs a banker. They typically charge more fees such as higher discount points and other fees than a mortgage banker. So, if I have a person who is credit challenged, I send them to my mortage broker as I know she can get it done where many mortgage bankers have denied the loan. However, if you have good credit, you are probably better off using a mortgage banker vs a mortgage broker.

Remember, My team and I will do our best to help you find the best lender for your specific needs...just go to www.topmike.com

Tax Credit Closing Date Extension

Well, it seems like the tax credit extension is going to pass afterall. All that is left now is the President to sign the bill which is expected as early as this morning.

This is great news for those who got caught in the red tape of tring to close their loan by June 30th and couldn't. FHA financing takes longer to close than before and many of those buyer's would have missed out. The new expiration will be September 30th.

If you are looking to move up or scale down, call us, we can help...mytopagent.org

Positive Thinking

If there is one overall theme to my blog posts, it is that I always try to post something positive everyday. The world is filled with enough negative energy without my adding to it. I believe that if a person starts their day out with negativity, how can they expect something positive to come from it?

With that being said, we all have bad things happen to us in life no matter how positive we are. But, that is part of life itself. Besides if everything was perfect every second of every day, life would be kind of boring don't you think?

Besides, many times we learn from the negative things that happen just as much as the good things...sometimes more. So, what I do is start each day by telling myself it is going to be great. Even if a little rain falls on my otherwise bright day, I will be able to deal with it a little better with the right frame of mind...like having the forethought to bring an umbrella.

Setting Goals

If you are like me, you regularly set goals for yourself. My problem is I don't always follow through. This year, there are several goals I set for myself. One of which was to start this blog.

Oh, one thing about goals...if you don't write them down, you don't do them. Which was my problem with the blog. Additionally, you should consider writing down a pros and cons list of what you expect to get out of this goal. This may help you stick to your plan.

Lastly, there is one additional thing I hadn't considered before about goal setting; they don't necessarily need to have an expiration date...for instance getting healthy or working out. Consider trying this out for yourself but pace yourself (as my grandmother used to say to my grandfather) so you aren't disappointed.

Building Wealth

I have been following Dave Ramsey lately and his mindset of building wealth. I find it very interesting that the majority of millionaires in this country live in a home valued less than $300,000. This tells us that they are building wealth by not upscaling.

Contrary to that, the majority million dollar homes out there are not owned/occupied by millionaires. Instead, they are owned by high income producers that make more than $200,000 per year. What we can learn from this is that this is probably the driving factor behind all the upscale homes going into foreclosure. Folks bought more than they could afford, then their income went south and they lost their homes.

I believe that we can all learn a valuable lesson here. Just because you can afford to spend X dollars on a home, doesn't necessarily mean you should. Always plan for the future and the unexpected. If you live in less home than you can afford, you have a much better chance of building wealth.

For more on this topic, pick up the book "Stop Acting Rich: And Start Living Like a Millionaire" by Charles Stanley, PH.D.

If you find yourself in a situation where you can no longer pay for your home and you are facing foreclosure, call me. Many times I can negotiate with the bank and sell your home for less than you owe saving you from foreclosure.

Open Houses

As a veteran of the real estate industry, I am a firm believer in open houses. Many Realtors don't do them explaining to their clients they don't work. I believe this is simply because they don't want to spend the time it takes to do an open house.

I am here to say I have sold several homes by doing open houses. What could possibly be wrong with exposing your home to as many prospects as possible? The more folks that see it, the better your chances of selling it. I do an open house nearly every weekend for 2 hours.

Speaking of open houses...I am holding a double open house this Sunday from 2:00 until 4:00pm. 11501 Bay Crossing and 3326 Southdown. Check my website for more details. Remember, no one will work harder for you than TopMike.

My Thoughts On Competition In Our Industry

If there is one thing I have learned in my 12 years in real estate, is that there is enough business out there for us all. I think it is that very competition that causes me to be a better salesman. I find I like the challenge of continually improving myself.

However, the most important thing to remember is that true success can only be measured from within. Too many of us measure our own success by the success of others. Set your own brass ring.

FHA vs Conventional Financing

Have you had trouble getting financing for a home lately? FHA financing is the most common type of financing and is a little harder to get than before. However, I have several contacts within the mortgage industry and will help you any way that I can.

If you have a 620 FICO score or above, depending on your debt, you should be able to get financed for a home. Don't know your score? Check out www.equifax.com to find out what your score is.

FHA financing requires the home to be in decent condition and without major flaws such as foundation or roofing problems. With FHA financing, you can get a gift from a relative to help with some of your closing costs.

Conventional financing doesn't require the home to meet such strict guidelines (although that is changing), however, this type of financing requires 5% down and typically isn't as fliexible as FHA financing.

If you have further questions, call or email me anytime...www.topmike.com