George Ross will also be available for a private meet and greet VIP party in the evening. http://misuniversity.com/event.htm

George Ross is Donald Trump’s Mentor for over 30 years! The man who helped Donald structure his VERY First real estate deal – a deal that netted him $85 Million Dollars, George H. Ross, reveals some of his ‘trade secrets’ to building a successful business empire. Ross first met Trump when he was a young, ambitious investor, eager to make his mark on the world. Ross believed in him and together they worked to create one of the world’s most successful real estate companies. In this live presentation, George Ross shares his ‘Golden Rules’ to success including; why it’s so important to get the best team you can afford to help build your dream.

A little about George: George Ross is Executive Vice President and Senior Counsel for the Trump Organization. He is the business and legal advisor to Donald J. Trump. George Ross is responsible for development of foreign investments and supervision of leasing and operation of 40 Wall Street, the landmark 1.3 million square-foot, 72-story building located in Manhattan’s Financial District, directly across from the New York Stock Exchange and the tallest building in downtown Manhattan, as well as the Trump Tower, the world-renowned Fifth Avenue skyscraper. He is also responsible for all licensing, promotion and marketing of Trump products including Trump Ice. He has been with the Trump Organization since 1996 but has been associated with Donald Trump for many years.

You get a chance to meet and listen to George Ross in person at our live event as my guest.

Go here for all the details:

http://misuniversity.com/event.htm

Tell us what you think of George Ross and /or The Donald…

We just did an awesome call with Celebrity Pitchman Anthony Sullivan.  We talked about:

- How to profit from your passion, do what you love, and create wealth in today’s “connected” age.
- How to overcome the fear and negative stigma of selling and turn yourself into a selling machine.
- The art of taking massive action and gaining unstoppable confidence in all you do.
- How to position yourself as your industry’s obvious expert.

And Much More!

Check it out here or click the picture above.

Check out MegaPartneringWarren.com and meet Sully in person.

Please comment…

Along with this substantial growth has been a positive and progressive change in the industry’s image. What was once considered the stepchild of the real estate world has become the darling amongst other non-performing real estate sectors. In addition, Wall Street has now been keeping tabs on self storage with the addition of some major investment firms and several new REIT’s being formed over the past five years. Moreover, the self storage industry has become a more mature and sophisticated business than what its earliest pioneers probably ever predicted.

In the early days, self storage was a means to add income to a piece of property until it was developed at a later date into something more profitable. Today, it has become that “something” more profitable and is quickly becoming a more sought after end use for certain parcels of vacant land. Self storage facilities are moving from the warehouse districts and industrial parks to more desirable main street locations with high visibility and traffic counts. Many facilities are now being developed in upscale retail areas or close to high end residential neighborhoods. They are no longer run by mom and pop couples in their retirement job, but rather by professionals who are serious about their business.

These professionals are knowledgeable about every aspect of their business from marketing, to leasing and creating ancillary forms of income. These managers strive to excel in the areas of customer service and work to maximize the efficiency of all aspects of their facility.

As a result, it is becoming increasingly important for developers and investors to carefully consider each new self storage project. It has become essential for developers to painstakingly consider all factors when searching for a self storage site which includes, but is not limited to market and feasibility studies and the competition. Today’s developer needs to spend more time meeting with others in their local market, especially the zoning and economic development offices. One can gain valuable insight into the trends and nuances of a particular area, and what the competition may be planning.

Market Share
While the REITs are no doubt the biggest players in the industry, it is important to note that self storage as an industry is still dominated by smaller investors and developers. This is due to the fact that the top 10 companies in the industry hold only 12% of the market share in terms of the number of facilities, and roughly 16% when considering total rentable square footage. In addition, the top 50 companies represent a 15% market share in terms of the number of facilities and 23% in total rentable square footage. No matter how you slice it, the majority of self storage owners are most definitely smaller owner/operators.

Among this larger segment of owner/operators are many who are new to the business of self storage. Many of these investors are from other real estate sectors that have transferred their skill set to this industry. They have channeled their efforts into self storage due in part to its more positive return on investment as compared to other property types. These investors have realized that unlike other commercial and retail sectors that self storage success is not dependent upon having anchor tenants, providing a more stable income for the potential investor. In addition, many of the newer investors to the industry have deeper pockets and institutional partners that are bringing more dollars to the table.

All this means that a developer needs to be more responsible when launching into a new project. This includes a more thorough approach to due diligence when picking a site, and taking the necessary steps to educate one’s self about the industry as a whole. It also requires attention to detail in all aspects of the operation of the facility which includes marketing, maintenance, and developing ancillary income streams.

Getting Started
Developing a facility means gathering and utilizing all the tools available in order to have a complete understanding of the dynamics of the self storage industry and the market in which you are going to build.

Never have the issues of site selection and project feasibility been more critical to the self storage developer than right now. Today’s self storage industry is vastly different from 15 years ago when the “if you build it, they will come” attitude was the most prevalent view. What we now face all across the country is a competitive marketplace that in many areas is over built. That being said, there are still thousands of parcels that can be successfully developed for self storage.

The question now becomes whether a developer has the discipline and persistence in his or her research to find the right one. The keys are to be sure to ask the right questions and then to be realistic in your search and expectations. And above all else, don’t compromise your research and force a site to work if it goes against your findings and the targets you have set.

Of course, the first question you need to ask yourself is why do you want to develop a self storage facility? I have seen many newcomers to the industry believe that just because the person at their local facility told them that they were full meant that there must be a huge demand in their market. Or another simplistic reason to get into this business in the past has been due to the fact that an investor “already owned the land, so it’ll be cheap to develop”.
The investor who develops a facility based solely on the basis of one or even both of those premises may quickly become a “don’t wanter” in the near future.

Greater care must be taken to find out how many facilities are in your target market and to find out what the average rental rates are. One must also become adept at determining land values and what zoning classification allows for self storage development in your community, and ultimately, who will manage the business once construction is completed. I’m also amazed at how many people have never attended an industry trade show, or don’t subscribe to the multiple industry trade publications when entering the industry. Some planning should also take place with regard to an exit strategy should you decide to sell or retire from the business.

In summary, doing your homework is essential before jumping into the self storage business, and is absolutely critical when it comes to site selection and project feasibility.

Please comment and let me know that you are alive

Realtors have told us the better they understand the counter offer process, the more successful they are in closing short sales.

The following facts related to the counter offer process are critical to closing short sales in Equator.

Fact #1: Your acceptance of the counter offer terms does not mean the transaction is approved

Acceptance of the counter offer means that Bank of America will take the next step of presenting the transaction for approval to the investor.  In some short sales, multiple approvals may be necessary from others including the second lien holder, mortgage insurer and Bank of America senior management.

Fact #2: The terms of the accepted counter offer may be approved, declined or changed

Any of the parties reviewing the transaction can change the terms of the transaction, approve or decline it.

Fact #3: The counter offer may have an expiration date

Please reply to the counter offer before the expiration date.  If you don’t reply by the expiration date the transaction will be rejected and you must restart the process by initiating the short sale and resubmitting documents.

Fact #4: The counter offer must be accepted via the offers management tool in Equator

To accept the counter offer, go to the “Workflow” section of Equator and select the “Offers Needs Response” link.  Select “Counter Offer” and press the “Accept” button in the Counter Offer screen.  You cannot accept a counter offer via an Equator email to your negotiator.

Why understanding these key facts, you will be in a position to better help the homeowner complete a successful short sale transaction.  For other questions you have about the short sale process and Equator, refer to our informational guide at the following link: http://bankofamerica.reo.com/shortsaletraining ,,_ also great for searching bak owned REO’s.

You just came out from the movies and it’s raining. You’re in a strange city and you don’t know where to get a cab. There’s no need to fear… Siri is here. Open up your iPhone click on Siri and say “Siri I need a cab”. Siri asks where you are and sends a cab directly to you. DONE

Sound too good to be true? Maybe not!

Siri is a new service which isn’t even launched yet, but has the potential to be something huge. Your own Virtual Personal Assistant. Just the sound of it sounds amazing. Get dinner reservations, find out the weather, get a cab, and a variety of other uses not yet revealed yet.

Keep an eye on this, it’s supposed to launch this summer. Here’e the offical website. http://www.Siri.com

Partial Tax Law Update for Real Estate Professionals

In just six months, the largest tax hikes in the history of America will take effect.

They will hit families and small businesses in three great waves on January 1, 2011:

First Wave:

Expiration of 2001 and 2003 Tax Relief

In 2001 and 2003, the GOP Congress enacted several tax cuts for investors, small business owners, and families.

These tax cuts are all scheduled to expire on January 1, 2011:

Personal income tax rates will rise.

The lowest rate will rise from 10 to 15 percent.

All the rates in between will also rise.

The top income tax rate will rise from 35 to 39.6 percent (this is also the rate at which two-thirds of small business profits are taxed).

Itemized deductions and personal exemptions will be phased out, which has the same mathematical effect as higher marginal tax rates.

The full list of marginal rate hikes is below:

- The 10% bracket rises to an expanded 15%

- The 25% bracket rises to 28%

- The 28% bracket rises to 31%

- The 33% bracket rises to 36%

- The 35% bracket rises to 39.6%

Higher taxes on marriage and family.

The child tax credit will be cut in half from $1000 to $500 per child.

The standard deduction will no longer be doubled for married couples relative to the single level.

The dependent care and adoption tax credits will be cut.

The return of the Death Tax. This year, there is no death tax.

For those dying on or after January 1 2011, there is a 55 percent  top death tax rate.

Higher tax rates on RETIREES, Savers and Investors.

The capital gains tax on investment income will rise from 15 percent this year to 20 percent in 2011.

The dividends tax will rise from 15 percent this year to 39.6 percent in 2011.

These rates will rise another 3.8 percent in 2013.

Second Wave:

Obamacare

There are over twenty new or higher taxes in Obamacare.

Several will first go into effect on January 1, 2011.

They include:

The ?Medicine Cabinet Tax?

Thanks to Obamacare, Americans will no longer be able to use health savings account (HSA), flexible spending account (FSA), or health reimbursement (HRA) pre-tax dollars to purchase non-prescription, over-the-counter medicines (except insulin).

The ?Special Needs Kids Tax?

This provision of Obamacare imposes a cap on flexible spending accounts (FSAs) of $2500 (Currently, there is no federal government limit).  There is one group of FSA owners for whom this new cap will be particularly cruel and onerous: parents of special needs children. There are thousands of families with special needs children in the United States and many of them use FSAs to pay for special needs education.  Under tax rules, FSA dollars cannot be used to pay for this type of special needs education.

The HSA Withdrawal Tax Hike.

This provision of Obamacare increases the additional tax on non-medical early withdrawals from an HSA from 10 to 20 percent.

Third Wave:

The Alternative Minimum Tax and Employer Tax Hikes

When Americans prepare to file their tax returns in January of 2011, they?ll be in for a nasty surprise?many AMT tax relief provisions will have expired.

The major items include:

The AMT will now apply to over 28 million families, up from 4 million last year.

These families will have to pay taxes at the higher level.  The AMT was created in 1969 to ensnare a handful of taxpayers.

Small business expensing will be slashed and 50% expensing will disappear.  Small businesses can normally expense (rather than slowly-deduct, or depreciate?) equipment purchases up to $250,000.

This will be cut all the way down to $25,000. Larger businesses can expense half of their purchases of equipment.  In January of 2011, all of it will have to be ?depreciated.?

Taxes will be raised on all types of businesses.

There are literally scores of tax hikes on business that will take place.  The biggest is the loss of the ?research and experimentation tax credit,? but there are many, many others.  Combining high marginal tax rates with the loss of this tax relief will cost jobs.

Tax Benefits for Education and Teaching Reduced.

The deduction for tuition and fees will not be available.

Tax credits for education will be limited.

Teachers will no longer be able to deduct classroom expenses.

Education Savings Accounts will be cut.

Employer-provided educational assistance is curtailed.

The student loan interest deduction will be disallowed for hundreds of thousands of families.

Charitable Contributions from IRAs are no longer allowed.

Under current law, a retired person with an IRA can contribute up to $100,000 per year directly to a charity from their IRA.  This contribution also counts toward an annual ?required minimum distribution.?  This ability will no longer be there.

PDF Version  Read more:

http://www.atr.org/six-months-untilbr-largest-tax-hikes-a5171#%23ixzz0sY8waPq1

Now your insurance is INCOME on your W2′s……

One of the surprises we’ll find come next year, is what follows – - a little “surprise” that 99% of us had no idea was included in the “new and improved” healthcare legislation

Starting in 2011, (next year folks), your W-2 tax form sent by your employer will be increased to show the value of whatever health insurance you are given by the company.

You will now be required to pay taxes on a large sum of money that you have never seen.

Take your tax form you just finished and see what $15,000 or $20,000 additional gross does to your Tax debt.  That’s what you’ll pay next year.  For many, it also puts you into a new higher bracket so it’s even worse.

This is how the government is going to buy insurance for the 15% that don’t have insurance and it’s only part of the tax increases.

Mike Grinnan CPA  with McCauley Nicolas and Co. has reviewed the above information at my request, and said all of this is TRUE.

I also asked him If I can disseminate this information to real estate professionals, his answer is YES.

PLEASE NOTE:  This is NOT a complete Tax Update.  Mike’s attorney reviewed and said it is true.

There are many other changes and updates in addition to these.

How Will This Affect You??  Leave a comment.

I can imagine you’re thinking… “But what’s an asset?”

An ‘asset‘ is an item of value owned by an individual or business.

Assets that can be quickly converted into cash are considered ‘liquid assets.’ Other assets include real estate, personal property, and other items that can be sold. Before proceeding with the ‘where,’ we should probably cover the ‘what.’ That is, what assets can you seize? Don’t be afraid to get very creative when it comes to the ‘what.’

Here is a list of some of the assets that are usually not exempt; which means you can seize them through the court to satisfy a judgment:

• House/real estate, cash,
• rental income,
• business income/equipment/inventory,
• vehicles (cars, trucks, RVs, boats, snowmobiles, motorcycles, etc),
• money deposited into checking or savings accounts, wages (25% in most states),
• stocks/bonds/mutual funds, annuities/lottery payments,
• royalties, inheritances, personal property (jewelry, heirlooms, furniture, collections, firearms, etc),
• business accounts receivable,
• livestock,
• crops,
• security deposits,
• property belonging to the debtor held by someone else,
• judgments or other debts owed to your debtor,
• and – all of the above belonging to the debtor’s SPOUSE (in community property states).

Basically, if it’s not exempt – it’s fair game!

There are some assets that will be considered exempt, or at least a portion of those assets will be exempt from the enforcement of a civil judgment. Exemptions for certain types of assets are provided under state and federal law. These exemptions were created to protect debtors from losing so much that he or she can’t start over, or live with basic necessities. Each state’s civil code will specifically outline what is considered exempt from enforcement.

Typically, common exemptions include:

• Life insurance,
• health and disability income,
• welfare,
• social security income,
• 401(k) benefits,
• insurance benefits,
• unemployment insurance,
• workman’s compensation,
• retirement benefits,
• and child/spousal support.

Some assets, like an automobile or a house provide for a certain amount of the equity in that asset as exempt.

There are many ways to locate the judgment debtor and his/her assets. In judgment recovery circles this is called ‘skiptracing.’

Obviously, since this is just a newsletter article, I don’t have nearly enough room to elaborate on all the myriad sources of information at your disposal – particularly when it comes to public records. Suffice it to say that these days, most skiptracing can be conducted online using the information available in public records and online databases, but your most valuable asset location tools will be private consumer records.

Private consumer information would include full consumer credit reports, banking detail reports and other data that is not readily available to the general public. You’ll have access to private consumer information once you’ve obtained an assignment of judgment. Once the judgment is assigned, you will then legally become the judgment creditor and the owner of the judgment. You will have every right to obtain consumer credit history and other critical financial information about your judgment debtor.

Anyone who has ever applied for financing, opened an account for utilities, has a credit card, applied for or opened a checking or savings account, or has accumulated bad debt – essentially everyone – will leave a paper trail. These reports will reveal much about your debtor including current and former employers, bank accounts (sometimes even including check orders), driver’s license numbers, telephone numbers, current and former addresses, aliases, social security number, date of birth, bankruptcies, collection efforts, other creditors, as well as a list of anyone who’s inquired into the subject’s credit history.

Think about the last time you applied for credit. Did you notice the tiny disclaimer at the bottom of the application, the one just under your signature? When signing this application, you gave permission to your creditor to share information about you with other creditors. As a judgment creditor, you have a legal right to discuss your debtor with these other creditors.

Which brings me to the incredible power of court ordered subpoenas.

A subpoena can be issued from the court to legally compel judgment debtors – as well as other creditors listed on a credit report – to provide you with information and specific documents relevant to the disclosure of the debtor’s assets. Think: paycheck stubs, bank account statements – or coming from the other direction credit applications. You get the idea.

Aside from the obvious benefit of several free and fee-based databases that are available on the Internet, don’t discount the amount of information you may be able to obtain about your subject by using a search engine (like Google). Did your subject make the local news in the hometown paper lately? Maybe the new company they’re working for posted a press release about the new hire.

Perhaps they have a website for business or general family purposes. They may even be listed on the minutes of the local PTA meeting. Do they have a MySpace or Face Book page? It seems like everyone does these days, and it’s amazing how much personal information people share on those sites! Much of this information can be found on the Internet and sometimes it will help you locate a subject when nothing else works.

If you don’t have time to do your own asset location there are several companies that you can outsource the work to for a fee.

These fees will be reimbursable to you off the top of what you are able to collect. Outsourced searches for banking information and/or employment information are almost always provided on either a ‘no hit – no fee’ basis, meaning that if no information is found then there is no cost to you. A few of these companies will charge a nominal ‘no-hit’ fee if they’re unable to locate any information about your subject.

I have provided information about several of these companies and resources in my home study training and my quick start courses.  You can check out the quick start guide by going here:  htpp://misunviersity.com/newbooks

I hope that this has helped to paint a bigger picture into the scope and range of information at the disposal of a judgment recovery professional. As always, I welcome your questions.