All posts by jd

Real estate broker, civil engineer and general contractor.

Wealthy Real Estate Investor Goes on Medicaid to Save Money


Photo by Ward for News

Talk about trying to save money! A Brooklyn couple who are wealthy real estate investors, with seven bank accounts, including one which may have $2 million in it, canceled their health insurance.  They pretended they were poor so they could qualify for Medicaid. They managed to rack up $59,000 in Medicaid benefits over a four year period.

According to the NYDaily.com

“Ariel Soudry, 31, and his wife, Joyce, 28, live in a million-dollar home and send their children to private school.

They have rental and condominium developments in Brooklyn and New Jersey, an Audi and a Mercedes – and a real bad attitude.

“Lowlifes – get a real job,” Ariel sniped at photographers as he was taken into court to be arraigned on charges that include grand larceny and welfare fraud.

Prosecutors say that while the Soudrys were living royally, they canceled their own health insurance and pretended they were poor so they could qualify for Medicaid.

While the duo was taking taxpayer money, they were buying and selling real estate firms and converting a Brighton Beach condo complex, authorities said.

“Their seven bank accounts swelled to six digits each,” Hynes said. “One even reached $2 million.”

Joyce Soudry wore a gray Boss scarf when she appeared in court with her hubby, who had on a $200 Robert Graham shirt embroidered with the slogan, “Knowledge, wisdom, truth.”

The Midwood couple faces up to 15 years in prison if convicted. Both were released without bail.

“We deny all charges,” said their lawyer Solomon Anter. “We can’t wait for the truth to come out.”

Read more: NYDaily.com

Drink Enough Water – But Not Too Much

by Lisa J. Lehr

The weather is warming up, people are heading outside to exercise, and we’ve been told our entire lives to drink “plenty of water.” Not everyone realizes, however, that it’s possible to drink TOO much. How much is enough, and how much is too much?

You may remember back in January 2007, when Jennifer Strange, 28, a Sacramento-area mom of three, was found dead in her home of water intoxication. Jennifer had competed in a radio station’s “Hold Your Wee for a Wii” contest. The contest winner would be whoever drank the most water without going to the bathroom; the prize, a Nintendo Wii video game system. Jennifer wanted to win it for her kids.

“Holding it” against nature’s urging to get rid of it is intuitively a bad idea, and putting yourself in danger in order to gain some material thing is just foolish. The bulk of the blame lies with the radio station, however; station officials had been advised that someone had previously died of the same cause in a hazing incident, and they reportedly didn’t take Jennifer seriously when she complained of feeling ill. Still, this story should be a warning to everyone who might think that if drinking plenty of water is good for us, then there’s no such thing as “too much.”

Wrong.

We don’t know for sure how much Jennifer drank, but drinking too much can lead to water intoxication as well as hypothermia. Through perspiration during and after exertion, we lose both water and electrolytes; water intoxication and hypothermia result when a dehydrated person drinks too much water without the accompanying electrolytes.

We all learned about osmosis in school, yet perhaps we don’t all have a clear idea of what osmosis actually is. Osmosis is simply the movement of water across a semi permeable membrane from higher to lower concentration; both electrolytes and water move back and forth across the cell membrane in an effort to balance concentration. Electrolytes are more concentrated inside the cells, and water outside; cells try to regain balance by pulling in water, and could eventually swell to the point of bursting.

This is a simplified version of the events taking place in your body, but you don’t need a background in biochemistry to understand that burst cells cause serious bodily damage.

Anne Marie Helmenstine, Ph.D., describes the symptoms of water intoxication at About.com:

“Electrolyte imbalance and tissue swelling can cause an irregular heartbeat, allow fluid to enter the lungs, and may cause fluttering eyelids. Swelling puts pressure on the brain and nerves, Which can cause behaviors resembling alcohol intoxication. Swelling of brain tissues can cause seizures, coma and ultimately death unless water intake is restricted and a hypertonic saline (salt) solution is administered. If treatment is given before tissue swelling causes too much cellular damage, then a complete recovery can be expected within a few days.”

If you or your workout buddy shows any of these symptoms—GET HELP.

Dr. Helmenstine says that the kidneys of a healthy adult can process fifteen liters of water a day. You probably won’t suffer from water intoxication, even if you drink a lot of water, as long as you drink it over time rather than an enormous volume at once. Much of our need for water is satisfied by the food we eat, so 8-12 eight-ounce glasses a day is a common recommended intake.

We may need more water if the weather is very warm or very dry, or during exercise. While water intoxication is very uncommon, it is not unheard-of, so be careful. If you’re exercising a lot, especially in hot, dry conditions, drink enough water—but not too much. Be sure to replace your electrolytes by consuming essential elements like potassium and sodium, and to a lesser degree magnesium and calcium. Sports drinks and “vitamin water” drinks can help. And never enter any contests that involve drinking of any kind, water included!

Lisa J. Lehr is a writer, copywriter, and fitness enthusiast living in Grass Valley. She can help you promote your business with a full range of online and offline marketing pieces. A member of Empire Toastmasters, she’s available to speak to your business or professional group. Visit her website www.justrightcopy.com for more information, opt in for a message series, and receive a free Marketing Guide.


Lisa J. Lehr
I write words that make you money–just ask me how.
www.justrightcopy.com
Visit my website and sign up for my fr~ee marketing tips.
New! No~cost Marketing Guide now available at my website.

The Gap Narrows Between Buying or Renting a Home


Affordable home prices and low interest rates have created an ideal time for many buyers to purchase homes, and now a new week-long look at homeownership confirms it.  The national study, conducted for The Associated Press, shows that the difference between monthly rents and mortgage payments is at its lowest level in nearly 20 years.

MAKING SENSE OF THE STORY FOR CONSUMERS

  • The analysis of 45 metro areas found the difference between the monthly mortgage payment on a median-priced home and the median rent has declined to $256.  In some areas, the difference is as low as $100, according to the study.  The last time the price gap was that close was in 1993, when it decreased to $264.
  • The study, conducted by Marcus & Milichap Real Estate Investment Services, used median prices for the last three months of 2009 and calculated mortgage payments by assuming a 10-percent down payment and a 30-year fixed loan at 5.07 percent.  It also assumed borrowers paid for private mortgage insurance and didn’t include repair costs and tax benefits.
  • Although the difference between monthly rent and monthly mortgage payments is at its lowest level in nearly 20 years, more stringent lending standards have made the home-buying process more challenging.  Home buyers can prepare by ensuring their credit reports are up to date and saving for a down payment of at least 20 percent.  Borrowers putting down less than 20 percent likely will have to purchase private mortgage insurance.
  • Owning a home has significant tax benefits, including deductions for property taxes and loan interest.  Homeowners also can enjoy building equity and creating a means of forced savings as they pay down the principal on the home.
  • Although home buyers should not focus solely on future home price appreciation, according to data collected by the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) over the last 40 years, homeowners who purchase a median-priced house, live in it for at least five years, and sell it at the then-current median price, have averaged an annual rate of return of more than 11 percent.

To read the full story, please click here

John J. O’Dell
Real Estate Broker
Looking for property in Nevada County?
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Nevada County Fairground Seeks Nominations for Fair Family of the Year

Community Encouraged to Nominate Nevada County Families

The Nevada County Fairgrounds is seeking nominations for the 2010 Fair Family of the Year. Each year a family is recognized at the Nevada County Fair, and this year the Fairgrounds is asking the community for its help in nominating a family for this special award.

To be considered, the Fair team is looking for a family who is very involved with the Fair, either through exhibiting or volunteering, and passionate about the Fair. Families chosen in previous years were recognized for their commitment to, and involvement with, the Nevada County Fair and the community.

If you’d like to nominate a family, please submit a one page summary of why you think the family of your choice deserves recognition as the 2010 Fair Family of the Year. The family chosen will be honored at opening ceremonies of the Nevada County Fair, and will also receive daily admission to the Fair, a season parking pass, ride coupons, and a family portrait from Schaffers Originals of Grass Valley.

Contact Sandy Woods, Chief Executive Officer
(530) 273-6217;  sandy@nevadacountyfair.com

John J. O’Dell
Real Estate Broker
Looking for property in Nevada County?
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Flip This House Rip-Off

Here’s one for the books on how to get ripped off. This guy was even on A&E  Flip This House!  Moral of this story, be careful who you deal with. Sam Liccima was promising a return on investment of 16% and the actual return on investment turned out to be – zero percent.

Part One

httpv://www.youtube.com/watch?v=3aG5G38GzhU

Part Two

httpv://www.youtube.com/watch?v=zM8pXjLyGtE

John J. O’Dell
Real Estate Broker
Looking for property in Nevada County?
Click Here

New Home Sales Spike 27% in March

Sales of new homes soared in March, breaking a 4-month losing streak, according to a government report released Friday, as buyers snatched up properties ahead of the tax credit expiration.

New-home sales rose 26.9% to a seasonally adjusted rate of 411,000 last month, compared to a upwardly revised annual rate of 324,000 in February, the Census Bureau said.

A consensus of economists surveyed by Briefing.com expected February sales to rise to an annual rate of 330,000.

New home sales jumped 23.8% from March 2009.

Source:  CNN Money

Want Spacious Living Quarters? Welcome to the “A” Yacht

Want Spacious Living Quarters? Welcome to the “A” Yacht, so called because the name of the Russian billionaire who owns the yacht is Andrey and his wife Aleksandra, Mr. Melnichenko’s Servian-born supermodel.

It has 23,600 square feet of living space and a 2,583-square-foot master suite wrapped in bomb-proof, 44-milimeter glass. At 394 long, it cost over $300 million to build and broke several of the contractors working on the yacht.

Real the full story at the Wall Street Journal

John J. O’Dell GRI SFR
Real Estate Broker
Looking for spacious homes in Nevada County?
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Equity Loans Can Follow You After You Sell Your Home

Are you facing foreclosure?  Has someone advised you to do a short sale in lieu of foreclosure? Well, be careful, there could be a lot of problems down the road for you if you took out an equity loan to pay off debts or buy goods such as a car, boat, furniture or other such items.

Whereas California is a nonrecourse state, meaning lenders cannot pursue borrowers for unpaid balances on home-purchase loans. However, home loans not used for the purchase – home equity lines of credit and second loans taken out after purchase – are recourse loans, which means lenders are legally entitled to collect the unpaid balance. Depending on the type of loan, they have four to six years to pursue borrowers.

Refinanced mortgages do become recourse loans, but in California a nonjudicial foreclosure – the most common kind – eliminates the borrower’s liability to the lender that carried out the foreclosure, which is generally the main lender. A second lender for a nonpurchase loan, however, still has “recourse,” or the right to pursue the borrower.

The problem becomes that in the normal course of business, when you take out an equity loan, you sign a promissory note.  That note is a promise to pay the lender, regardless if your property is sold as a short sale or sold in foreclosure.  In short you may be stuck to pay off your note that you signed when you got your equity loan. This is what is called a recourse loan. Ouch, it can hurt.

Millions of borrowers do have recourse loans that they took out after purchase, which means lenders have a legal right to pursue them for unpaid balances.

In California during the boom real estate years – 2005 to 2007 – homeowners took out 2.88 million home equity lines of credit and 1.18 million nonpurchase second loans, according to First American CoreLogic, which tracks loan data. The total was 4 million such recourse loans totaling $485.3 billion.

Some experts think lenders may pick whom to pursue by probing defaulted borrowers’ net worth.

Rick Harper, director of housing at Consumer Credit Counseling Services of San Francisco, which staffs the federal HOPE for Homeowners hot line, said his workers tell borrowers who are considering default that their second loans could make them liable to debt collection.

“Depending on what the holder of that note wants to do, it can make their (the borrowers’) life miserable,” he said. “Most of the (lenders) do an asset test to see if there’s anything there. They can run credit reports, use investigative services, get their hands on the applications they used when they applied for a loan.” Applications for loan modifications and short sales also require disclosure of assets.

Most of this story was taken from an excellent article in the San Francisco Chronicle.

To read the full story Click Here”

John J. O’Dell GRI, SFR
Real Estate Broker
Looking for property in Nevada County? Click Here

Fannie Mae Changes Borrowers Requirements for Home Mortgage Loans

Fannie Mae today announced it is updating several policies impacting the future eligibility of borrowers to obtain a new mortgage loan after experiencing a preforeclosure event, including a preforeclosure sale, short sale, or deed-in-lieu of foreclosure.

Among the changes is the amount of time that must elapse after the preforeclosure event before a borrower is eligible to obtain a new mortgage loan owned or guaranteed by Fannie Mae. This waiting period may be dependent on the loan-to-value ratio of the transaction and whether extenuating circumstances, such as loss of employment, contributed to the borrower’s financial hardship. Additionally, Fannie Mae is updating the requirements for determining that borrowers have re-established their credit after a significant derogatory credit event.

These changes apply only to loans owned or guaranteed by Fannie Mae and do not impact those owned or guaranteed by Freddie Mac or the Federal Housing Administration (FHA).

For more information about the changes, including the new waiting period requirements, please visit Fannie Mae Selling Guide

John J. O’Dell
Real Estate Broker
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Foreclosures May Hit One Million Mark in 2010

RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009. More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said.

“We’re right now on pace to see more than 1 million bank repossessions this year,” said Rick Sharga, a RealtyTrac senior vice president.

Foreclosures began to ease last year as banks came under pressure from the Obama administration to modify home loans for troubled borrowers. In addition, some states enacted foreclosure moratoriums in hopes of giving homeowners behind in payments time to catch up. And in many cases, banks have had trouble coping with how to handle the glut of problem loans.

These factors have helped slow the pace of foreclosures, but now that trend appears to be reversing.

The states with the highest foreclosure rates in the first quarter were Nevada, Arizona, Florida and California, with Nevada leading the pack, RealtyTrac said. Rising home prices and speculation fueled a wave of home construction there during the housing boom. But now the state, particularly around the Las Vegas metropolitan area, is saddled with a glut of unsold homes. Still, the number of homes in Nevada that received a foreclosure filing dropped 16 percent from the first quarter last year.

All told, one in every 33 homes in Nevada was facing foreclosure, more than four times the national average, RealtyTrac said. Foreclosure filings rose on an annual and quarterly basis in Arizona, however. One in every 49 homes there received a foreclosure-related notice during the quarter. Florida, meanwhile, posted the third-highest foreclosure rate with one out of every 57 properties receiving a foreclosure filing. California accounted for the biggest slice overall of homes facing foreclosure – roughly 23 percent of the nation’s total. One in every 62 properties received a foreclosure filing in the first quarter.

John J. O’Dell
Real Estate Broker
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