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Nick Miller's Blog (30)

BofA to test new Foreclosure Pilot Program

Bank of America has started a new foreclosure/lease program where they will allow some delinquent home owners transfer title back to BofA (forgiving their mortgage) and in return,BofA will lease the home back to the owner at or below market rents for up to 3 years. In my opinion, this "Mortgage to Lease" pilot program will never work and is merely a way of trying to regain favor in the public…

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Added by Nick Miller on March 24, 2012 at 2:22pm — 2 Comments

Robo Signing Settlement may Release a Backlog of Foreclosed Properties.

The $25 billion robo signing settlement was reached with 5 banks recently, but what effect is this really going to have. For most of us, nothing. But even for those who will receive payment from the settlement it will be very minimal.

However, this will have a hugh impact on the market. These banks are most likely getting ready to release a ton of foreclosures on the market that were previously unreleased because they were tied up in this litigation. Now that they have settled, and…

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Added by Nick Miller on March 11, 2012 at 4:16pm — 1 Comment

Foreclosure isn't always a 4 letter word

This is an excerpt from a book I am writing called: "Buyers Guide to Foreclosures." I would love to hear from the REOPro community regarding feedback, comments or suggestions on the below statements.…

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Added by Nick Miller on January 11, 2012 at 9:33pm — No Comments

What Opportunity is the T.V. Costing You?

According to Josh Kaufman, author of "The Personal MBA", Opportunity Cost is the value you're giving up by making a Decision. Whenever you invest time, energy, or resources, you're implicitly choosing not to invest that time, energy, or resources in any other way. The value that would have been created by your next best alternative is the Opportunity Cost of that decision.

We all need downtime. What is the point of life if we are all work and no play? But all too often I find…

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Added by Nick Miller on January 9, 2012 at 9:20am — No Comments

Using a FHA 203k Loan to Purchase Foreclosures

This is an excerpt from a book I am writing called "Buyers Guide to Foreclosures"  (generic title but to the point).

Financing can be a major hurdle for some buyers wanting to purchase a foreclosure because of the condition of the home, which may keep it from qualifying for conventional or traditional FHA loans. The 203k is a great option. I encourage all agents to familiarize themselves with this loan program.…

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Added by Nick Miller on January 9, 2012 at 9:18am — No Comments

Lesson for Sellers

I am still reading through "The Personal MBA" by Josh Kaufman and came to the chapter on finance. In this chapter, he has a subsection on Value Capture.

In that he states: "Value Capture is the process of retaining some percentage of the value provided in every Transaction."

There are 2 approaches to Value Capture.

1. Maximization approach - attempt to capture as much value in each transaction as possible.

2. Minimization approach - capture as little valure as…

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Added by Nick Miller on January 5, 2012 at 5:27pm — No Comments

#1 Rule of Marketing: Getting Your Customers Attenton.

If you have read my last couple of blog post, you know by now that I am a big fan of this new book I am reading: The Personal MBA: by Josh Kaufman (www.peronalmba.com)

Here is an excerpt from his chapter on Marketing: "Rule #1 of Marketing is that you potential customer's available attention is limited. Keeping up with everything in your world would require way more attention than you actually have to work with. To compensate,…

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Added by Nick Miller on December 27, 2011 at 5:58pm — No Comments

Recommended Tools for Running Your Business

Technology is a wonderful thing, for the most part. I admit, I sometimes dream of going back to a time before cell phones. But since we have the technology, we must embrace it.

I subscribe to several magazines. My favorite is Inc. Second is Fast Company. The reason why I love these magazines is that they introduce me to new web-sites, tools, apps, and technology I can incorporate into my business.

Some of my favorite must haves are:

Evernote

Google…

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Added by Nick Miller on December 27, 2011 at 5:57pm — No Comments

Recommended Tools for Running Your Business

Technology is a wonderful thing, for the most part. I admit, I sometimes dream of going back to a time before cell phones. But since we have the technology, we must embrace it.

I subscribe to several magazines. My favorite is Inc. Second is Fast Company. The reason why I love these magazines is that they introduce me to new web-sites, tools, apps, and technology I can incorporate into my business.

Some of my favorite must haves are:

Evernote

Google…

Continue

Added by Nick Miller on December 26, 2011 at 6:42pm — 1 Comment

The Value of Agency

Another excerpt from The Personal MBA: by Josh Kaufman.

Agency as described in Kaurfman's "Twelve Standard Forms of Value"

"Agency involves the marketing and sale of an asset you don't own. Instead of producing value by yourself, you team up with someone else who has value to offer, then work to find a purchaser. IN exchange for establishing a new relationship between your source and a buyer, you earn a commission or…

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Added by Nick Miller on December 25, 2011 at 12:58pm — No Comments

Living in a Dead Zone

Imagine being one of the first home buyers to purchase a home in a new subdivision where the developer has plans to build out at least 100 homes, only to go broke shortly after your purchase, leaving the neighborhood a virtual wasteland. There are several neighborhoods in my area where this was the case. Maybe 10% of the projected homes were built out, the rest are just vacant, overgrown lots.

Let's say the value of your home was $200,000 when purchased. But that value was largely…

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Added by Nick Miller on December 22, 2011 at 8:44am — No Comments

Basic Principles and Models for any Business......including Real Estate

I am an avid reader and love books on business and history. I have ready a lot of good books, and a lot of bad books. I recently picked up The Personal MBA: Master the Art of Business by Josh Kaufman (I couldn't recall from high school English if I am supposed to italicize, underline or put in quotations the title of a book). I am on page 15 and have already found great value in this book, and can that it is going on my recommended…

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Added by Nick Miller on December 22, 2011 at 8:42am — No Comments

Foreclosures No Longer a Stigma

With housing prices on the decline and defaults on the rise, more and more people are walking away from their mortgage, not as a last ditch effort, but more as a first option.

It seems that the stigma of being foreclosed on is quickly dissipating as more and more homeowners are making the decision of strategic default, treating the process of foreclosure more as a business deal instead of a personal obligation. And it seems that the consequences of foreclosure may be slacking as well.…

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Added by Nick Miller on November 27, 2011 at 9:47am — No Comments

Foreclosures on the rise, Good opportunity for Investors.

With the future of the economy still uncertain, and mortgage default notices being filed at breakneck speed, is there any reason to be optimistic about the real estate market today?

I guess that would all depend on who you are. For investors who can get their hands on some cash, this is a great market to be in. As the pendulum of supply and demand continues to swing higher and higher on the supply side, prices will continue to fall, which equals a great buying opportunity.

And…

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Added by Nick Miller on November 19, 2011 at 6:25pm — 1 Comment

YouTube Docu-drama on Foreclosures

I am currently working on/producing a YouTube docu-drama (my term for documentary/drama mini-series) on foreclosures in my home state. It is called Life in Foreclosure. The plan is to document all aspects of foreclosure with interviews from asset managers, investors and even people who have lost their home to foreclosure.

 

Check out the link and let me know what you think:  http://youtu.be/1q88A4fmKQQ

Added by Nick Miller on October 17, 2011 at 9:04pm — 2 Comments

Multitasking - The New Drug.

I am currently reading a book called How the Brain Works by David Rock. In it, he sites a study that showed that Multitasking has the same cognizant effect as smoking a joint. I guess that explains why I always have a sudden urge to watch The Wizard of Oz synced to The Dark Side of the Moon on my lunch break.

Check out this link for more on multitasking: …

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Added by Nick Miller on August 21, 2011 at 3:26pm — No Comments

Break Free From Your Negative Programming



I am currently reading The Happiness Advantage: The Seven Principles of Positive Psychology That Fuel Success and Performance at Work by Shawn Achor. Which asks the questions: Are successful people more happy or are happy people more successful? I highly recommend the book.

Principle number 3 is the Tetris Effect. This occurs when people devote sufficient time and attention to an activity that it begins to overshadow their thoughts, mental images and…

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Added by Nick Miller on July 13, 2011 at 9:03pm — 1 Comment

Helpful Sites for Building Your Brand.

I wanted to share with you these sites I found (read about) that could come in handy when building your website or brand.

www.compete.com- This allows you to check how your site stacks up against your opposition.  This gives you the ability to compare your site and gives you statistics such as; unique visitors, top search terms and referring sites.

When creating your…

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Added by Nick Miller on July 3, 2011 at 11:02pm — No Comments

ITunes U

I know I may be a little late to the party (I am sure many of you are aware of this already), but after purchasing my IPad, I discovered ITunes U in the ITunes store.

ITunes U is a wealth of free lectures, seminars and educational videos. I have downloaded and watched several from the Khan Academy on Banking and Money as well as a lecture from Stanford University on Stocks.

There are topics that range from robotices and Black Hole theorys to music and theology. Anything you…

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Added by Nick Miller on January 14, 2011 at 3:28pm — 1 Comment

Would you let your best Salesperson run your Accounting Department?

That would be crazy, right? Well that is exactly what I was doing. And if you are a self employed, single man operation, than you are doing the same thing as well.

I am no accountant. In fact, until about a year ago, when I finally created a check registry on Excel, I would rarely record purchases and transactions. My method of book keeping would be occasionally checking my bank account online. Well after several overdraft charges, I decided it was time to start recording my…

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Added by Nick Miller on December 5, 2010 at 4:01pm — No Comments

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