“Monetizing Gentrification” presentation this Saturday @ Everlasting Life Restaurant (Capitol Heights, MD)

“Monetizing Gentrification” presentation this Saturday @ Everlasting Life Restaurant (Capitol Heights, MD)

Good morning!  Like many cities across America, the District of Columbia has experienced (and continues to experience) a phenomenon of rapid redevelopment of its neighborhoods over the past decade or so, especially neighborhoods with a solid history of neglect & disinvestment.

Regardless of what you might call this phenomenon, you can learn how to make that same phenomenon, work to your financial advantage.  That being said, the below mentioned event will take place this Saturday afternoon in Capitol Heights, MD:
What: “Monetizing Gentrification” presentation
When: Saturday, Sep. 8, 2018 from 3-5 PM
Where: Everlasting Life Restaurant – Capitol Heights, MD
Cost: $15.00 (advance), $20.00 (day of event)
 
Visit http://monetizinggentrification.eventbrite.com now for more information.
African American Film Festival

African American Film Festival

The Smithsonian’s National Museum of African American History & Culture (NMAAHC) in Washington, DC, will host its first ever film festival in October.

If interested, or know someone that may be interested, visit https://aafilmfest.si.edu/ for more information.

14th Annual Greater Silver Spring Democratic Club Summer Fest

14th Annual Greater Silver Spring Democratic Club Summer Fest

A friend send me this invitation.  I thought my community may like it.

====================

Date: Sunday, September 16, 2018

Time: 1:00pm to 5:00pm

Place: Home of Tom & Amy Hucker

10 Stockton Road.

Silver Spring, MD 20901

All Democratic Candidates

Have Been Invited!

Food and soft drinks provided by GSSDC.

Suggested contribution:

$20 per adult –

$10 for Seniors and Young Dems.

(However, in the true Democratic tradition, no one will be turned away!)

Co-Sponsored by:

Woman’s Democratic Club of Montgomery County

Montgomery County Young Democrats

LGBTQ Democratic Club

Montgomery County Green Democrats

District 18 Caucus, District 19 Club

District 20 Caucus, District 20 Breakfast Club

Bethesda-Chevy Chase Democratic Breakfast Club

For additional information please contact Emily Ackerman at 301-906-3688

or by e-mail at philnemily13@verizon.net.

14th Annual Greater Silver Spring Democratic Club Summer Fest

14th Annual Greater Silver Spring Democratic Club Summer Fest

One of my associates, recently sent me an invite.  I was told it was ok to forward that invite to you!

==== INVITE ====

This is an opportunity to meet many of the elected state and county officials in an informal setting.  I know Congressman Raskin will be there as well as Senator Will Smith and Candidate for Delegate Lorig Charkoukian as they have already rsvp’d.   Many others haven’t rsvp’d yet but I imagine Marc Elrich will be there and Ben Jealous is supposed to come.  We always have many elected officials and candidates at this event.  You won’t have to go all the way to Annapolis to lobby!

Save the Date!  Hope to see you all there!  Emily

14th Annual Greater Silver Spring Democratic Club Summer Fest

Date:  Sunday, September 16, 2018

                     Time:  1:00pm to 5:00pm

                     Place:  Home of Tom & Amy Hucker

10 Stockton Road.

Silver Spring, MD  20901

 

All Democratic Candidates Have Been Invited!

Food and soft drinks provided by GSSDC. 

 Suggested contribution:

$20 per adult –

$10 for Seniors and Young Dems.  

(However, in the true Democratic tradition, no one will be turned away!)

 

Co-Sponsored by:

Woman’s Democratic Club of Montgomery County

LGBTQ Democratic Club

District 18 Caucus

District 20 Caucus

For additional information please contact Emily Ackerman at 301-906-3688 or by e-mail at philnemily13@verizon.net.

Facebook link: https://www.facebook.com/events/1882364641802514

[Video]: White Pastor Talks White Privilege and Black Lives Matters

[Video]: White Pastor Talks White Privilege and Black Lives Matters

In this video, Jonathan Mickles interviews Pastor Matt Braddock of Christ Congregational Church in Silver Spring, MD – www.cccsilverspring.org.

Pastor Matt talks about his personal evolution to become one that is not only socially active in his personal life, but challenges others to use the example of Christ to use Compassion as an active form of Resistance.  He also explores thoughts of using “double justice” to help not only the oppressed, but to recognize that the system also oppresses the Oppressor.

The final challenge is for churches to purchase the book and use it as a study guide to ignite conversations around radical reconciliation in and out the congregation.

He not only talks the talk, but is walking the walk by associating with local and national organizations around racial/social justice and even LGBTQ issues.  He and his wife have even adopted two Ethiopian girls and is quite concerned about the world that they are growing up in.

You can purchase Pastor Matt’s book from Amazon.

Apologies

Apologies

In the last of three posts, I want to share another poem, thought, meditation from my godmother, Mother Shirley M.K. Berkley.  (Hey, I may do a video.  What do you think?)  In a recent teaching moment, she talked about “Apologies.”  I inadvertently offended a good friend lately.  I was not sure of the impact that I had on the situation.  It is now my turn to make it right by apologizing for the wrong that I have done.

 

Apologies
How to Bootstrap More Doable Deals

How to Bootstrap More Doable Deals

By Tod Snodgrass

Our firm provides private capital to fix/flip and pure flip Real Estate Investors (REIers.), via loan brokers. We are frequently contacted by those who wish to flip or fix/flip a property, but don’t have the needed capital to pull it off successfully. With the deal secured, and only lacking the funds to make it happen, REIers often go in search of OPM: Other People’s Money. Smart idea. Using OPM allows the REIer to leverage themselves into deals that they could not otherwise conclude successfully.

Different Shades of OPM

Traditionally the REIer finds a good quality SFR (Single Family Residence), at a substantially discounted price (35% to 65% off of current, fair market value—FMV–is preferable).  First step is to acquire the property with a low enough LTV (Loan To Value) ratio to make sense to your “money people”. Second, rehab it (fix it up) as needed to enhance its value. Third, put it on the market (list it with a real estate professional) and sell it—hopefully for a good profit. Or just buy, and then flip it.

With the above as pretty standard background, the issue of exactly WHERE the fixer/flipper REIer is going to get the OPM takes on front-burner urgency. Choices can include private capital funding providers such as: private debt, joint venture, Hard Money, private equity, cash-on-cash investors who specialize in TC (transactional funding), etc.

Hard Money Lenders

For example, many fixer/flippers use Hard Money Lenders (HMLers) for most of the needed cash. Problem is, many if not most HMLers will not provide 100% of the REIers cash needs. Most HMLers require cash that the REIer may lack, in part or in whole, such as:

  1. “Skin in the game” money: say 20% down payment money, other costs, etc.
  2. Monthly payments: More cash the REIer may lack
  3. Reserve account funds: This is to cover several months worth of payments

Also, most HMLers prefer to deal with experienced REIers…those who have done several successful fix/flips before. In other words, novices need not apply in most cases since most do not have the money for down payments, reserve accounts, and lack the necessary experience as well.

Private Funding Alternative(s)

To avoid the necessity of coming up with 20%-25% or more of the purchase price, what many REIers concentrate on is finding deals with a low enough LTV, that they can obtain 100% of the money they need for the purchase and/or fixup from one money source. That is where private capital providers come into the picture. If you are able to put a property under contract with a low enough LTV, private money is usually available to fill the need.

FYI: In a best case scenario, private capital firms may provide 100% of the capital needs of the REIer; say for 30 days—long enough, for example, for the REIer to secure a grant deed on the property.

Low LTV properties usually result from some poor homeowner who is in financial distress, and is thus both motivated and flexible enough to want to make a deal in order to trade “cash for keys” with the REIer. This may result from a “deed in lieu” that the REIer arranges with the anxious seller.

NOTE: Another category of discounted properties are those where the title is clouded as the result of a lawsuit, lis pendens, tax lien, pre-foreclosure, probate, etc. First the REIer must “uncloud” the title. For example, our firm can help facilitate removing the cloud on title, thereby clearing the way for the flipper to assign (co-wholesale for example) the property he has under contract, or to use the grant deed he receives to secure longer term financing in order to rehab and then sell the property.

Summary

If you are an experienced REIer, with a number of successful fix/flips or straight wholesale contract flips under your belt, and have sufficient capital to cover the portion that the HMer cannot/will not provide, you may be a good candidate for using HML money. However, if you are relatively new to the business and/or lack the needed funds to go the HML route, it is possible to obtain 100% of the funding you need from a private source if the LTV is low enough. That way you won’t have to chase around town trying to find second position gap funding, which is becoming more and more of a scarce commodity these days.

What We Do: Quickly provide short-term, first position, private capital funding, in smaller amounts, to: wholesale contract flippers, fixer/flippers or to investors who own a property free/clear but cannot or will not use hard money lenders or conventional funding sources. See more info below.

Contact info: Tod Snodgrass, emdfunding1@gmail.com, 310-408-7015

NEW $15,000/$20,000 Prince George’s County Down Payment Assistance

NEW $15,000/$20,000 Prince George’s County Down Payment Assistance

Due to the success of the Pathway to Purchase Program, Prince George’s County has opened a new down payment assistance program.
PGCPAP Program Highlights:
  • $15,000 Down-payment and Closing cost assistance
  • Police Officers, Teachers, Nurses, and similar positions may be eligible for $20,000
  • Income limit is 120% of the AMI (up from 100% for Pathway)
  • Maximum purchase price $462,000 (up from $307,000)
  • Home must pass a HQS Inspection
  • Re-sales, short sales, new construction, and foreclosures are all eligible.
  • Minimum credit score 620
  • Maximum DTI 35/47
  • Minimum down payment 1.75%
  • 60 day closing
  • Can be used with FHA, Conventional, or VA loans.
Michael Chelst | Branch Manager
Norcom Mortgage | NMLS #189764
7500 Greenway Center Drive Suite 110 | Greenbelt, MD 20770
Cell: 301-254-7636
Licensed in: MD DC & VA

Norwich Commercial Group, Inc. | NMLS #71655