SellingNorthernNV

Posted By Josh Talayka on October 9, 2012

I’ve always been a big advocate of increasing our use of renewable energy sources, and on the surface, wind does sound like a great source of energy. However, before you decide to invest your money into the next wind farm or even just have a small windmill built for your personal property, you will want to make sure you factor in the high maintenance costs that you can expect with most wind turbines.

Wind turbines like all mechanical devices do experience wear and tear and will require continual maintenance. The extent of maintenance items will vary depending on the size and complexity of the turbine. However, you will generally at least need to conduct the following ongoing maintenance of a unit:

• Torquing and re-torquing the tower bolts. Because of the extreme forces and changing wind velocities the turbine experiences, the tower bolt will constantly be experiencing pull and therefor will need to be torqued down on a regular basis.
• Ensure that oil, belts, lubrication, and air filters are being changed out regularly. In some cases, just little dirt in the system or a faulty belt can lead to a catastrophic failure of a major system. There are now some vendors that have the ability to monitor these items for you remotely.
• Ongoing inspections, testing, and realignment of things like the turbines brake pads, shafts, and all the units’ hydraulic components.

General maintenance on a small turbine producing up to about 20 kilowatts, your annual maintenance can be as low as $1,000. However, large industrial units can easily be 10 to 100 times that amount. Even with the larger units, the general maintenance costs are usually low enough to ensure profitability. The main cost issues associated with wind turbines which can easily tip the balance sheets does not occur until a major system failure is experienced.

For example: One of the most expensive systems in a turbine is the gearbox assembly (most gear box failures can be prevented by ensuring proper lubrication). Even on a small unit, replacing a gearbox can cost up to $100,000 after you take into account crane rental. For large scale units, this type of replacement can easily cost up to $1 to $1.5 million. Depending on the manufacturer, you may also need to include high shipping costs if the replacement unit needs to be shipped from over seas. Keep in mind that while all this is happening, money is being lost do to the lack of energy production.

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my website: www.SellingHomesinReno.com

Joshua Talayka
Commercial Sales
& Property Management
Chase International
Office: 775 850 5953
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Legal disclaimer: I am not an attorney, tax professional, modification specialist or credit counselor. The information contained in this article/blog is intended to provide general information on the subject and not to provide any legal, tax, or credit advice. You should not act upon this or any information without first seeking independent tax and/or legal counsel.

Category: Uncategorized | No Comments »
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Posted By Josh Talayka on October 2, 2012

Because it’s a State with one of the highest foreclosure rates in the country, Nevada has been awarded over $150 million by the U.S. Treasury. These funds are targeted at assisting qualified homeowners avoid foreclosure. The funds will be applied through the Nevada Housing Division and will be overseen by a nonprofit Corporation: Nevada Affordable Housing Assistance Corporation (NAHAC) who has created four programs to assist Homeowners with Mortgage Assistance, Principal Reductions, and short Sale Acceleration with participating Servicers.

Programs Available:

Mortgage Assistance Program (MAP)

The Mortgage Assistance Program is designed to help underemployed and unemployed homeowners by providing temporary financial assistance.

The program’s financial assistance will be available to the homeowner for up to 9 months and will assist homeowners by paying no more than $1,000 of the borrower’s 1st lien holder’s mortgage payment. In order to take advantage of the program, homeowners will still be responsible for a partial contribution of $75 or more towards the total monthly payment and must meet the following eligibility Criteria:

• Legal U.S. Resident
• Owner occupied property
• Home must be the owners only property
• Income below 150% of AMI as published by HUD
• Borrower facing imminent default
• Financial hardship must be due to involuntary underemployment or unemployment
• Mortgage balance may not be over $729,750

Borrower will be required to complete a Hardship Affidavit. After acceptance into the program, the borrower will also be required to own and occupy the property for 3 years following the initiation date of assistance.

Principal Reduction Program

Homeowners may receive a principal reduction up to $100,000 from participating services. After qualifying, the Nevada’s Hardest Hit Fund will apply a maximum contribution of $50,000 which will be matched by the Servicer. To take advantage of the Principal Reduction Program, homeowners must meet the following requirements:

• Legal U.S. Resident
• Owner occupied property
• Home must be the owners only property
• Income below 150% of AMI as published by HUD
• Current principal Loan-to-value must exceed 115%
• Mortgage payment must be reduced to 43% of the homeowner’s gross income after the reduction is implemented
• Mortgage balance may not be over $729,750

Borrower will be required to complete a Hardship Affidavit. After acceptance into the program, the borrower will also be required to own and occupy the property for 3 years following the initiation date of assistance.

Second Mortgage Reduction Plan

This program essentially mirrors the Principle Reduction Plan with the following exceptions:

• Servicer to contribute 60%, and Nevada Hardest Hit Program to contribute 40% towards the reduction which is expected to extinguish the 2nd lien.
• Restricted to homeowners who have a 2nd lien interfering with a short sale/refinance/modification of the 1st mortgage.
• Must not have more than the 1st mortgage and the 2nd lien against the property.
• Borrower must be facing imminent default.

Short Sale Acceleration Program

Under this program, homeowners will receive financial assistance which may be used towards closing costs, Legal fees associated with their short sale, servicer incentives, or relocation costs. The maximum financial assistance a homeowner may receive is $8,025. The funds may not be applied toward rental assistance if the homeowner chooses to leave the State. To qualify for the program, homeowners must meet the following eligibility criteria:

• Legal U.S. Resident
• Owner occupied property
• Home must be the owners only property
• Lender must have issued a short sale approval letter
• Applicants must apply prior to close of escrow
• Can have only one mortgage
• Must complete a Hardship Affidavit.

Should you have any questions or need further information, please don’t hesitate to contact me, (775) 220-1630 or the Nevada Hardest Hit Fund Directly.

Or visit my website at www.SellingHomesinReno.com

Joshua Talayka
NAR designated: Short Sale & Foreclosure Resource
Chase International
Office: 775 850 5953
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Legal disclaimer: I am not an attorney, tax professional, modification specialist or credit counselor. The information contained in this article/blog is intended to provide general information on the subject and not to provide any legal, tax, or credit advice. You should not act upon this or any information without first seeking independent tax and/or legal counsel.

Source of Information: Nevada Hardest hit Fund

Category: Loan Modification Series, Northern Nevada, Short Sale & Foreclosures | No Comments »
Tags: MAP, Mortgage Assistance, NAHAC, Nevada Affordable Housing Assistance Corporation, Nevada Hardest Hit Fund, Nevada Housing Division, Principal Reduction, Second Mortgage Reduction, short sale, Short Sale Acceleration, U.S. Treasury

Posted By Josh Talayka on September 18, 2012

According to the U.S. Department of Agriculture; Following last years rise in commodity prices, we began to see an increased demand in farm land as Farmers, institutions, and private investors began to bid up prices to record highs. The National Council of Real Estate Investment Fiduciaries Farmland Index has also released data that showed returns for farmlands had increased 1.3 percent in just the first quarter of 2011 when compared to the previous year.

In addition to the rapid increase in food prices, the agricultural market is also being driven up due to a lack of inventory as most farmland owners are reluctant to sell. In fact, according to the Illinois Society of Professional Farm Managers and Rural Appraisers 2010 annual report, 57 percent of farmland that did sell was sold through estate sales.

Another drive for the increase in demand and decline in inventory is due to the sharp increase in rental rates for high-quality farmland which was going for $319 per acre in 2011. That’s almost a 75% increase from where rental rates were just 4 years earlier.

Even though we have seen an increase in demand, there are many investors still on the fence about jumping into this market. One of the biggest concerns in the Agricultural market is the fact that commodity prices are set by traders and speculators rather than the industry itself. And with prices reaching as high as $10,000 an acre in the Midwest, an investor can loose a lot of money should traders get squeamish and decide to pull out of the commodity market. However; as countries around the world continue to develop, so does their demand for importing food from the U.S. and other countries rich in farmland.

In addition to the high demand in the use of the land, farmland also presents itself as a very low risk investment due to the extremely low debt-to-asset ratios. Since most buyers coming into this market are primarily paying with cash or with a high down payment (50%), there is little risk that this market is entering into any type of over inflated bubble.

Is it to Late to Invest?

No. Even though prices have jumped over the last few years (especially in the mid-west), the evidence suggests that we still have a long ways to go before we begin to see the pace appreciation slow. However, the main problem you can expect to run into is being able to find a willing seller.

Probably the best way to find a willing seller is to team up with an agent who has their finger on the market (an agent like Josh Talayka) who will already have access to owners who want to sell. One of the best methods I’ve found effective for finding a willing seller is to track both the probate hearings and also tax records in order to try to find absentee owners who may have recently inherited land that they live far away from, or just don’t have any real use for it. These hidden sellers are not only great because other investors are unaware that they exist, but they will also generally be more open to selling the property at or below market value.

Another method for finding valuable farmland is to look for property that is outside the current demand areas such as the Mid-West. As values in these areas continue to increase, it will only be a matter of time before buyers begin to look to other areas like Northern Nevada for prices that aren’t as inflated. This will eventually give buyers today the opportunity to see a substantial return on investment.

In addition to looking into other regions, you may also want to look toward farmland that is growing less than favorable commodities in today’s markets. Crops that are seen more as luxury items (such as wine grapes in Northern California) haven’t been preforming very well, and neither has their land values. However, it’s easy to predict that demand for these types of properties will increase as the demand for the crops increase.

Chase International Commercial Real Estate is licensed in both Nevada and California. Because of this, I am able to offer you access to the highest quality and lowest priced listings available on or off the market. This is made possible through the exclusive regional, national, and international affiliations Chase International has acquired over the last 25 years which allows us to have access to properties that would otherwise be unavailable to most investors.

Should you have any questions or need further information,
please don’t hesitate to contact me, (775) 220-1630
Or visit my website: www.SellingHomesinReno.com

Joshua Talayka
Commercial Sales
& Property Management
Chase International
Office: 775 850 5953
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521

Legal disclaimer: I am not an attorney, tax professional, modification specialist or credit counselor. The information contained in this article/blog is intended to provide general information on the subject and not to provide any legal, tax, or credit advice. You should not act upon this or any information without first seeking independent tax and/or legal counsel.

Category: agricultural-Farm Land, Investment | No Comments »
Tags: Agriculture, Commercial Real Estate, Department of Agriculture, Farm Land, Farmland Index, investment property