• Welcome / This Week's Special Offer
• Gary's Real Estate Seminars
• Homebuying Question
• Homeselling Question
• Investing or Financing Question
• Hot Properties: New Listings BEFORE They Hit The Market
• Thank You For Your Referrals

Welcome To The Latest Issue
Hello and welcome. We have more light blurbs than usual, as well as the normal information and question/answers this week that I hope you find interesting and useful. Thanks for visiting…

…I have two new* seminars for you, as well as two others:
“How to Invest in Real Estate with Your IRA or 401K” *new
“How to Short Sale Your Home or Rental”
“How to Improve Your Credit & Buy A Home” *new
“How to Buy a Foreclosure or Short Sale in San Diego”

…The buzz now is that Congress may well extend the $8000 homebuyer tax credit through March. Not confirmed as of this writing.

…I just got nominated for San Diego Realtor of the Year. Not sure if I’ll be selected, but it’s honor just to be nominated.

…After 5 years on the market, Eddie Murphy just slashed the list price of his luxurious 7BR Englewood NJ mansion. He just dropped it from $30M to the bargain price of $14,990,000.

…This Week’s Crazy Building: Have you ever seen the “Dancing Building” aka the “Fred & Ginger Building” (as in Fred Astaire & Ginger Rogers) in Prague, Czech Republic? I was fortunate to see it in 2008. Very unique.

…Follow me on Twitter or become a Facebook Fan.

Quick Real Estate Tip #13
Investing? Expensive homes don't make investment sense. A home costing 3 times a cheaper home only gets 2 times the rent.

Celebrities in Foreclosure
Yes, even the rich and famous have money problems. These had their homes in foreclosure at some point or even lost their homes: Aretha Franklin (singer), Fantasia (of American Idol), Latrell Sprewell (former NBA guard known for choking his coach), Jose Conseco (baseball), Michael Vick (football), Evander Holyfield (boxer), MC Hammer (Hammertime fame), Vin Baker (former NBA star), Wyclef Jean (singer). More info.

Top 10 Most Haunted U.S. Cities
Here are the top ten haunted cities in America from HauntedAmericaTours.com:

1. New Orleans, LA
2. Galveston, TX
3. Gettysburg, PA
4. Key West, FL
5. Savannah, GA
6. Charleston, SC
7. San Francisco, CA
8. Chicago, IL
9. Miami, FL
10. Salem, MA

Click here if you’re brave enough to find out more about these cities.

Find Out The Value Of Your Home Or Rental Property FREE — Right Over The Phone
Considering selling? Now you can quickly, easily find out today's value of your home or other San Diego County real estate, right over the phone. Call and tell me about your property. I’ll research the market and arrive at an honest, realistic price you can expect to get in today’s market. Need a more accurate figure? Ask me to come by. For your free over-the-phone or in person evaluation, just call me at (858)457-KENT. Please tell a friend…

Join Our "Preferred Client Group" For The Best Values
I find great real estate deals every week. But too often we cant match a client in time and someone else scoops it up. (My bank-clients wont let me buy their properties, or I'd be my best client!)

So I developed my Private Client Group, a select group of people serious, qualified, and ready to grab a great deal on a home or investment when -- or before -- it hits the market.

If you'd like to be in the Preferred Client Group, you need to:

1. Pre-approve with our approved lender
2. Come in for a short sit-down counseling session
3. Commit to work with us

To join and get the jump on the best real estate values in town, call us at (858)457-KENT or email us at PCG@GaryKent.com.

Check Out Our Foreclosure Hot-List!
Want to buy a foreclosure, but can’t find a website to search for them? Finally…check out our 100% BRAND-NEW website: www.Foreclosure-Hotlist.com. It’s 2.5 years in the making (OK, so we were a little slow), but it’s well worth it. Let me know what you think.

FREE MLS Online Search For A San Diego or Riverside Home
To search for a home right now, click here: Free MLS Homesearch.

This Week’s Free Offer:
Five Easy Steps To Selling Your Home (or Rental)

Selling your home (or rental) is a BIG deal…
- Where do you start?
- What price will a buyer pay?
- How long will it take?
- How do you get your questions answered w/o feeling obligated to a Realtor before you’re ready?

Here are 5 simple steps to get your questions answered, go at your own pace, and get on the right track:

1. Call me at (858)457-KENT
You and I will chat by phone a few minutes and answer all your questions. Take me for a “telephone test drive” to see if you're comfortable. If not, just tell me “don't call me, I'll call you,” and I won't call you. I promise.

2. Get a free, quick, over-the-phone estimate of your home value
Even if you follow neighborhood sales, it's hard to know the value of YOUR home, so let's get that handled. If you’d like a more accurate figure, you can invite me over to see your home.

3. Get a list of easy, no/low-cost profitable fix-ups for your home
After selling 4,000 homes, I know simple things to increase your home value…that pay you back 2-to-1, 5-to-1, even 10-to-1.

4. Free sit-down consultation & game plan
Get the details on how I sell so many homes for clients. Let’s figure out your timing and a step-by-step plan for selling and (if applic.) buying another home. Know I'll always “give it to you straight”: no empty promises or flattering you with a high price you won’t get. (I don’t have 80% repeat & referral clients by disappointing people.)

5. Take the plunge, but with a life-preserver
Perhaps we’ll decide to work together. Hiring an agent is a big decision, so let's take the pressure off. You'll have the right, in writing, to cancel our agreement for any reason at no cost to you.

If this makes sense and you like my approach, let’s talk…
Call me at (858)457-KENT. I look forward to your call!

Send This Free Newsletter To A Friend
Subscribe them with a quick email to TellAFriend@GaryKent.com with their email address in the subject line.

Remember to email your questions, comments, compliments, corrections, critiques, &
rebuttals to Questions@GaryKent.com.

I now have FOUR different free seminars for you or a friend to attend:

“How to Invest in Real Estate with Your IRA or 401K”

“How to Short Sale Your Home or Rental”

“How to Improve Your Credit & Buy A Home”

“How to Buy a Foreclosure or Short Sale in San Diego”

-----------------------------------------------------------------------------------------------------------------

NEW FREE Seminar
"How To Buy Investment Real Estate With Your IRA or 401K"
UTC Mall – Saturday, January 16th, 10am-Noon
Click for Seminar Flyer / Call 858-457-KENT to register.

When you attend, you'll discover:

• Invest as little as $50,000...or up to tens of millions of dollars
• 5 simple easy-to-follow steps to get started buying real estate
• Tired of low returns or ugly losses in your retirement account?
• If your IRA buys a rental house, are you allowed to manage it?
• How to make money tax-free/deferred in your retirement plan
• How fast & easy it is to buy real estate in your IRA, 401K, etc.
• You may be surprised at what kind of real estate you can buy
• My experiences buying and selling real estate in my own IRA
• Can you buy from or sell real estate to your own IRA/401K?
• Why hasn’t your stockbroker told you about this before?
• “Partnering” with your own IRA...a little-used technique
• Real estate as a major hedge against coming inflation
• How your retirement account can borrow to buy more
• Do THIS & your retirement plan will UNRAVEL (bad!)
• Simple rule-of thumb to analyze cash flow & return
• Take advantage of historic low real estate values
• You’ll laugh when you hear what I told my CPA
• How to write your offer-to-purchase correctly
• How to partner with your family and friends
• Why you need to know “disqualified person”
• Buy your future retirement home NOW
• Buy for “fix & flip” or rental income.
• Bring your questions!

-----------------------------------------------------------------------------------------------------------------

FREE Seminar
“How To Short Sale Your Home Or Rental”
UTC Mall – Saturday: January 30th 2010, 10am-Noon
Click for Seminar Flyer / Click to Reserve Your Free Seat

When you attend, you'll discover the truth about:

• Short sales, clearly & simply explained!
• Are YOU likely to qualify for a short sale?
• Can you really do short sale with -0- out of YOUR pocket?
• How long short sales take...& how to cut the time in HALF**
• Tax impacts of short sale vs. foreclosure (verify w/ your CPA!)
• The document your attorney must read closely to avoid problems
• Your 7 options if you owe too much. Most agents only tell you 3.
• Which “hardships” qualify you for a short sale? Which don’t?
• The specific clause you need in your contract with the buyer
• Do you need to be CURRENT on HOA dues? Property taxes?
• Do you need to be BEHIND on your mortgage payments?
• If an agent does THIS, they likely don’t know short sales
• 5 reasons a short sale is usually better than foreclosure
• THE most important thing to have to do a short sale
• Impact & how long is a short sale be on your credit?
• How soon can you buy a home after a short sale?
• Will a short sale delay or prevent foreclosure?
• Can your lender go after you for their loss?
• Should you spend $ to fix up your home?

NEW FREE Seminar
"HOW TO IMPROVE YOUR CREDIT & BUY A HOME"
UTC Mall – Saturday: January 30th 2010, 1pm-3pm
Click for Seminar Flyer / Call 858-457-KENT to register.

When you attend, you'll discover:

• How do I get my score as high as possible?
• What information is used to create my credit score?
• How does my FICO impact my interest rate & down payment?
• If I make all my payments on time, will I have perfect credit?
• What if I don't have any credit at all, how do I get started?
• My scores are really low, what should I do?
• I gave up on my credit long ago. Can I ever buy a home? (Yes!)
• Why you MUST pay your parking tickets
• Why you should almost NEVER pay off a collection debt
• How paying off your credit cards monthly may HURT your credit
• How long will a bankruptcy affect my credit?
• Will multiple parties checking my credit knock down my FICO?
• What really is a Credit Score?
• How to qualify for higher loan amounts
• How much must I raise my credit to get a better home loan?
• Lower closing costs & less paperwork when getting a mortgage
• Should you close unused credit cards?
• Why you should lease or borrow to buy a car.
• Components of a Credit Score

-----------------------------------------------------------------------------------------------------------------

FREE Seminar
"HOW TO BUY A FORECLOSURE OR SHORT SALE IN SAN DIEGO"
UTC Mall – Saturday, February 6th, 10AM-Noon
Click for Seminar Flyer / Click to Reserve Your Free Seat

When you attend, you'll learn the truth about:

• - With 12% of U.S. mortgages are behind, is there a new wave of Alt-A, Option ARM, & Prime foreclosures coming?
• - Bailouts, loan “mods”, shadow inventory...what’s really going on?
• - How to beat multiple offers & get the bank to accept YOUR offer
• - When homebuyers can put 3% down and investors 10% down
• - Top San Diego neighborhoods with the best REO deals today
• - How to get banks to pay EVERY PENNY of your closing costs
• - Should you buy before home prices climb out of your reach?
• - Auction tricks, traps, and pitfalls that I swear will shock you
• - How to cut in half the time it takes to close your short sale
• - Seller doesn’t have THIS? Don’t even offer on a short sale
• - Free email access to undervalued & foreclosed properties
• - Short sales...5 things to know before you make an offer
• - The #1 mistake people make when offering on an REO
• - Traps in the small-print that banks make you sign
• - New website where you can find foreclosures
• - The truth about a home that’s a “short sale”
• - How much banks negotiate off their price
• - What to watch out for in an REO
• - Much more

"How much do property taxes run when you buy a home?"

Answer:
In San Diego, your property taxes are about 1.1% of your assessed value. And in the year you buy your home, your assessed value is almost always what you paid for the home.

That makes for a simple formula: monthly taxes are just under 1/10 of 1% per month. So if your assessed value is $500,000, your taxes will be just under $500/mo, say about $475.

Can your assessment go up?

Yes, it’s supposed to go up annually if values go up.

Fortunately, Proposition 13 caps at 2% how much the county can annually raise your assessment, and thus your taxes. (Exception: if you do a room addition or other major improvement, the county can add the value of that to your assessment.)

Example: if your taxes are $1000 this year, they can only go up by $20 ($1000x2%) next year, to $1020. The next year it would go up by $20.40 (1020x2%) to $1040.40. Get the idea?

Can your assessment go down?

Yes, if the value of your home goes down, the county may drop it automatically. Whether they do or not, if you think the value is lower, you can “appeal” your assessment by going to the county’s website.

One more thing. "When is a property tax not a tax?"

When it's called a "Mello-Roos" FEE.

To get around Proposition 13, most newer homes have an extra tax (hey, it’s really a tax, so we might as well call it that) that funds new infrastructure like parks and fire stations, etc. It varies, but usually runs a few hundred dollars per month.

And what’s up with the name “Mello-Roos”?

It is the common name for the Community Facilities District Act, enacted by the California State Legislature in 1982. The name comes from its co-authors, Senator Henry Mello of Monterey and assemblyman Mike Roos of Los Angeles.

"Hi Gary. After I sell my home, how long do I have to buy another one to avoid paying taxes?"

Answer:
You're either thinking of the old I.R.S. Code Sec.121 rules for a principal residence, or the Sec.1031 rules for investment property.

Old Section 121 rules gave you 18 months to sell your home and reinvest in another home.

Current 1031 rules give you 45 days to identify a property and, running at the same time, 180 days to close.

Neither of these rules applies to you selling your home today.

Current Section 121 rules do NOT require you to purchase another home at all. Individual owners who've lived in and owned their home for at least 2 of the past 5 years can exclude $250,000 of gain. Couples can exclude $500,000.

NOTE: There are exceptions to the 2-year rule. If you want to know more about that, call me. And of course you should consult your tax expert.

"I’d like to buy a home, but have some credit issues. Do you know where I can find out how to improve my credit?"

Answer:
(Part 1 of a multi-part answer…)

Here’s a tip from San Diego credit repair expert Derrick Evens of “Perfect Credentials” (858-571-0271, derrickevens@yahoo.com):

Credit repair/improvement tip: COLLECTIONS…

“Don't ever pay a collection unless you absolutely must. When you pay a collection, it updates your ‘activity date’ on the credit report and causes the scoring model to think the collection just happened.

This can cause your score to go down drastically, which means you just paid money for a lower credit score! If you ever need to pay off a collection for some reason, make sure you get a letter of intent to delete from the collection agency first. Believe me, they won't delete it, but at least the letter will give us the ammo we need to have it deleted for you.

Remember, a collection is a collection is a collection is a collection. Whether the balance is $1, $1,000,000, or $0, the damage is done as soon as it hits your report and the only thing that will help is if it can be deleted.”

***Derrick will be speaking at my upcoming seminar, “How to Improve Your Credit & Buy a Home” on January 30th.

THIS WEEK'S FEATURED PROPERTY!
	Lovely Family Home In Rancho Penasquitos BR/BA: 3/2 Sqft: 1,571 Price: $480,000
– Rancho Penasquitos – Foreclosure! Offers large eat-in kitchen w/ ceramic tile counters, "wood" laminate flooring, family room w/ fireplace, MBR w/ access to patio, MBA w/ dual sinks, large backyard, walk to "Views West Park" & more! Contact Me

Coming Soon
(Click Contact Me to be contacted BEFORE these properties hit the market!)

New – Carmel Valley – Foreclosure! End unit townhome in the beautiful “Elysian” complex. Has 2-car garage, central a/c, more! Contact Me
2BR/2.5BA, 1178 sqft
Loaned to 469K >>> To be low 400s?
– Carmel Valley – Foreclosure! Upper end “East Bluff” condo overlooking greenbelt. 2-car garage, interior laundry, FPL. Contact Me
2BR/2BA, 942 sqft
Loaned to 390K >>> To be 200s?
– Chula Vista – Foreclosure! Cute house w/ hardwood floors, 2-car garage, nice yard, in great Hilltop neighborhood. Contact Me
3BR/2BA, 1444 sqft
Last sold @ 516K >>> To be low/mid 200s?
– Chula Vista – Foreclosure! Enjoy southerly views, designer pool/spa, & more from this spacious 2-story home. Contact Me
4BR/2.5BA, 2394 sqft
Last sold @ 665K >>> To be 400s?
– Encanto – Foreclosure! Spacious 2-story 1984-built home on quiet street. 2-car garage, nice yard. Contact Me
4BR/3BA, 2088 sqft
Recently loaned to 510K >>> To be high 200s?
– Escondido – Foreclosure! Sharp “Laurel Valley” 2-story house w/ pool, granite, parklike view. Near Escond Country Club. Contact Me
4BR/2.5BA, 1856 sqft
Last sold @ 475K >>> To be 300?
– Escondido – Foreclosure! Fantastic custom home w/ front courtyard, private & secluded area, pool + covered patio, views! Contact Me
3BR/3.5BA, 2317 sqft
Last sold @ 663K >>> To be 400s?
– La Jolla – Foreclosure! Breathtaking ocean views from this one-level oceanfront condo @ 333 Coast Bl. Contact Me
2BR/2BA, 1342 sqft
Last sold @ 915K >>> To be 700s/800s?
– La Jolla – Foreclosure! Delightful single-level home, sweeping ocean views from most rooms, large lot. Contact Me
3BR/2BA, 2107 sqft
Previously appraised @ 1.44M >>> Price TBD
– Lakeside – Foreclosure! Spacious 2BR view home on 1.14 acres. Needs some fixup. Built 1974. Contact Me
2BR/2BA, 1351 sqft
Loaned to 360K >>>To be 200s?
– Lakeside – Foreclosure! Dirt-cheap condo ideal for investor or first-time homeowner. Contact Me
2BR/1BA, 728 sqft
Appraised @ 131K+ >>> To be in the 80s?
– Nestor – Foreclosure! Ranch-style home w/ 2-car garage, fireplace, good-size backyard. Contact Me
3BR/2BA, 1152 sqft
Last sold @ 395K >>> Price TBD
– Nestor – Foreclosure! Gorgeous 2-story “Ocean Hills” home w/ views, 3-car garage, vaulted ceilings. Contact Me
5BR/2.5BA, 2353 sqft
Last sold @ 585K >>> Price TBD
New– Mira Mesa – Foreclosure! Spacious home on corner lot w/ 2-car garage, nice yard, quick I-15 access.t Contact Me
4BR/2BA, 1720 sqf
Loaned to 555K >>> To be high 300s?
– Ocean Beach – Short Sale! Short sale! Stylish upgraded condo w/ hardwood floors, travertine, private patio. Gated complex. Contact Me
2BR/2BA, 1050 sqft
Last sold @ 420K >>> Value Range $220,000-$250,000
– Pacific Beach – Foreclosure! Enjoy bay & downtown nitelite views from this 1-level condo in a bayfront complex! Contact Me
2BR/2BA, 913 sqft
Last sold @ 535K >>> To be 400K?
– Pacific Beach / Mission Beach– Foreclosure! Mission Beach view condo w/ 2-car garage, walk to beach/bay, quaint 4-unit complex. Contact Me
2BR/2BA, 955 sqft
Last sold @ 420,862 >>> Price TBD
– Pacific Beach – Foreclosure! Beach house w/ private backyard, California room, 2-car garage. Contact Me
2BR/2BA, 1400 sqft
Last sold @ 700K >>> To be high 500s?
– Rancho Bernardo – Foreclosure! Handsome 2-story home in Chateau Bernardo. Breathtaking panoramic views, 3-car garage. Contact Me
5BR/3BA, 3179 sqft
Last sold @ $789,000 >>> Price TBD
– Rancho Penasquitos – Foreclosure! 1983-built 1-level home in Trailwood w/ tile roof, a/c, covered patio. Near park. Contact Me
3BR/2BA, 1571 sqft
Appraised @ 525K+ >>> To be mid 400s?
– San Carlos – Foreclosure! Affordable “Carefree” condo w/ only one common wall. Walk to Mission Trails Park! Contact Me
2BR/1BA, 880 sqft
Last sold @ 253,500 >>> To be 100s?
– San Elijo / San Marcos – Foreclosure! Stunning 6-year-new home in gated “Westcliffe” on culdesac w/ panoramic views. Contact Me
5BR/4.5BA, 4302 sqft
Loaned to @ $919,000 >>> To be 700s/800s?
– San Marcos – Foreclosure! Affordable "Lake Park Villas" townhome. Near Restaurant Row & multiplex. Contact Me
2BR/1.5BA, 957 sqft
Last sold @ $221,500 >>> To be very low 100s?
– Spring Valley – Foreclosure! Two detached 3BR houses w/ 2car garage, yard, both inside laundry. Live in one + rent other. Contact Me
3BR/2BA + 3BR/1BA
Last sold 642K >>> To be hi 200s??
– Spring Valley – Foreclosure! Sharp family home on oversize .24 acre lot w/ 2-car garage, large yard, more. Contact Me
3BR/2BA, 1280 sqft
Last sold 265K >>> To be 200K?
– Vista – Foreclosure! Culdesac home w/ panoramic views, ocean breezes, FPL, RV parking, 2-car garage, more. Contact Me
3BR/1.5BA, 2424 sqft
Loaned to 424K >>> To be high 200s?
– Vista – Foreclosure! 2-story mountain view home on large lot. pool. Sparkling pool, 2-car garage. Contact Me
3BR/1.5BA, 2424 sqft
Last sold @ $600,000 >>> Price TBD

NEWLY LISTED (Your Property Here!)

Cute, cozy, & affordable top-floor condo in “Pacific Isle”. Ideal starter home or rental.

1 Bed, 1 Bath 547 Sqft Price: $150,000!

Fieldstone “Summit” home w/ hrdwd floors, oversize BRs, huge backyard, canyon vu.

4 Bed, 2.5 Bath 2482 Sqft Price: $670,000!

MORE GREAT HOMES & INVESTMENTS (Your Home Here!)

Cute single-level home with pool. Great starter home.

3 Bed, 1 Bath 1536 Sqft Price: $219,800 Recently appraised @ 510K

Ugly fixer 3BR house in upgrading neighborhood near Bay Park. 7000 sqft lot.

3 Bed, 1 Bath 1168 Sqft Price: $306,000 Recently appraised @ 500K?

“Palermo” studio/1BR loft w/ private patio. Complex has pool/spa, fitness, business ctr.

1 Bed, 1 Bath 860 Sqft Price: $230,670 Last sold @ 354K

Gorgeous “Hard Rock” condo-hotel suite in the Gaslamp Quarter. “Rock Royalty” service & full hotel amenities.

1 Bed, 1 Bath 459 Sqft Price: $489,000! Last sold @ 589K

Oversize commercial loft in the Gaslamp’s “Samuel Fox” building. Granite, 2 parking spaces.

0 Bed, 2 Bath 1705 Sqft Price: $189,900 Recently sold @ 468K

Beautiful & spacious 1BR “Treo” condo built in 2003. Gas FPL, washer/dryer in unit, more.

1 Bed, 1 Bath 707 Sqft Price: $225,000 Recently appraised apx 423K+

Charming craftsman w/ huge master suite, updated kitchen, private backyard

3 Bed, 2 Bath 1568 Sqft Price: $215,900 Last sold @ 500k

Remodeled home w/ city views, 2-car garage, more.

3 Bed, 2 Bath 1247 Sqft Price: $190,400 Last sold @ 358K

Lovely redone home w/ spectacular remod kitchen w/ granite & walnut, 2 FPL, partial bay view, 2-car garage.

3 Bed, 2.5 Bath 1,717 Sqft Price: $575,000 to $625,000

Remodeled 1-level beachfront penthouse condo w/ panoramic whitewater ocean, beach, sunset views!

2 Bed, 2 Bath 1000 Sqft Price: $1,175,000

Attractive .49 acre horse property w/ canyon vu, FPL, 2car garage, culdesac. Built 1988.

3 Bed, 2 Bath 1693 Sqft Price: $309,900 Loaned to 454K

Sharp house on culdesac w/ red tile roof, 8494 sqft lot, big yard, views, a/c.

3 Bed, 2 Bath 1727 Sqft Price: $450,500 Last sold @ $575,000

Large home on private culdesac w/ open view, oversize backyard, 2-car garage.

5 Bed, 2.5 Bath 2115 Sqft Price: $339,900 Recently appraised apx 650K

5-year-new 1-story home on 2 acre view lot. Has 4-car garage, granite, 2 FPL, huge yard.

3 Bed, 1 Bath 1,168 Sqft Price: $332,000 Recently appraised @ 500K?

Due to production and shipping expense, free items are available only to residents, owners, and people planning to purchase real estate in San Diego.

This free e-newsletter tells you how to be more successful with your real estate transactions. You receive it because you subscribed, entered your email address at my site(s), or were referred. By reading it, you agree you: 1) understand this is opinion & not advice; 2) will seek professional tax, legal, and real estate advice; 3) are solely responsible for use of content, 4) hold Gary Kent, Gary Kent Homes & Estates, Kent & Associates Inc., and RE/MAX Associates harmless. Questions may be paraphrased for clarity/brevity. Disregard this email if you have a listing or buyer-broker agreement.

Copyright 2009 Gary Kent, All Rights Reserved.