The Party is Over: GMAC Halts Foreclosures Amid Pervasive Foreclosure Fraud

The Party is Over: GMAC Halts Foreclosures Amid Pervasive Foreclosure Fraud

While this doesn't effect Utah directly, GMAC's lack of accuracy on foreclosures is a warning to other lenders.

Small Commercial Projects

Clear Day Capital has traditionally focused on single family homes in northern Utah. Recently we were approached by a borrower who has done a great job on a couple of projects and he asked us if we wanted to become an equity partner with him on a commercial loan.

It is a fairly small project- under $200,000. The building was a shell that would need to be built-out and tenants put in. Here is the interesting part: projected rents over $3,200 per month. Hmmm..... have you seen the rents on a $100,000 house? Let's be generous and call it $1,000 per month. So two $100,000 houses would bring in $2,000 per month, right?

So if we do the math, this project would bring in 50% more rent for every dollar of capital invested. This sounded so interesting that we decided to fund the project. Sure enough the build-out took less than $200,000 in capital and rents are over $3,200.

Nice....

Introducing the Northern Utah Real Estate Investors Association

I've written in the past about real estate clubs and how they are a great way to network with other real estate investors. I'd like to announce a new club that will focus on helping real estate investors who live in, or invest in, Northern Utah including Davis, Weber, Box Elder, and Cache Counties.

The focus for the club (known as NUREIA) will be:

• Providing education and resources that will help real estate investors make more money
• Create opportunities for real estate investors to network amongst themselves
• Give value to the club's members and sponsors well in excess of dues, meeting fees, or sponsorship costs

Our meetings are on the first Thursday of every month starting on September 2, 2010.

They meetings are held at the Ogden Golf and Country Club located at 4197 S. Washington Boulevard in Ogden, UT. There is a $15 fee for attending to cover the cost of the room. Beverages and snacks will be served and are included in the admission fee.

Any questions? Give me a call at 801.510.3566 and I'll tell you more!