Off to Foxwoods

Larry is off to Foxwoods again. He won another $10,000 seat and plans on using that to buy into smaller seats and then end up at the big table. He will be there, but you know he never stops working, so keep those East Coast hours in mind from October 30th through November 15th. Marta is traveling with him and she is always available to help. You can email her at marta@LJHoff.com.

Burien Investment Opportunity

Single Tenant NNN Property in South Seattle/North Burien. SOLID tenant with three locations. 6 cap rate with rent increase to fair market value in June, 2009. 13,167sf building on half-acre lot. Please visit LJHoff.com for our listings link. $1,400,000

Baja Cantina - A Great Sequim Opportunity

The Baja Cantina Restaurant and Bar offers so much for the investor. It has built-in clientele as well as a great facility for catering and events. The locale is set on the busy Washington Street thorough-fare in the heart of Sequim, offering high traffic and great visibility.

For more details visit LJHoff.com and select "Our Office Listings" link.

Our Mascot is NOW Officially our Mascot

There was much debate between the walls of Larry J. Hoff Realty as to Waldo playing a larger role in our marketing efforts. There was the argument that animals should not be part of selling real estate. But the other side beckoned that since Waldo joins Larry on most of his appointments, it was only appropriate to include him in the team marketing efforts. So alas, the rebutters accepted their lot. Of course, let it be known that the anti-Waldo efforts were never directly against the cute puppy himself. After all, those big brown eyes of his are irrefutably adorable. - So, as you can see, Waldo now christens Larry's marketing photo.

Best in Client Satisfaction

An independent survey was taken in King, Pierce, Kitsap and Snohomish Counties. Out of 14,000 Agents, we were voted to be in the TOP 900 for BEST in Client Satisfaction.— It has been an honor to work with all our clients and we plan on keeping our standards high. Look for our listing in Seattle Magazine’s December issue!

Larry Wins Another Round

Larry won another Poker tournament, which got him a seat in another big game. He loves how playing poker and selling real estate intertwine...you have to know your competition, be patient, and even if others are unethical you can be honorable and still win.

Co-Op Housing for Middle Class

Housing Co-ops
Cooperative housing can provide an affordable alternative, plus the chance to build up equity.
Formal housing cooperatives, or co-ops, have become a vital component of urban housing in the U.S., particularly since the 1960s. Today, more than 1.5 million American families live in co-ops ranging from low-income apartment buildings to luxury town homes to entire housing communities. When you buy into a housing co-op, you buy much more than four walls and a roof -- you buy into a way of living and a ready-made neighborhood. In fact, you don’t actually buy the four walls and roof of a co-op home. What distinguishes buying a co-op from purchasing other forms of real estate is that you are buying shares or membership in a cooperative housing corporation. It is the corporation that owns or rents the real estate. Unlike standard rental housing, however, your monthly share loan payments help you accumulate equity in your co-op share. And, generally speaking, buying a co-op share is more affordable than buying real estate, which makes it an attractive choice for those with limited resources. Getting a share loan Share loans are available through banks and credit unions in much the same manner as standard mortgages. They are also known as co-op mortgages, co-op apartment loans, or end-unit financing, depending on where you live. In order to qualify for a share loan, lenders typically expect you to make a down payment of five to 10 percent of the purchase price. Like a mortgage, the loan is then amortized over a period of years, and each month you pay back the loan with interest.
Are there other fees? Closing fees are lower for share loans than they are for mortgages. The sale is treated as the transfer of personal property (the stock certificate or cooperative ownership contract) rather than the transfer of land, so land transfer taxes do not apply. You should expect to pay additional monthly fees, however, for maintenance, similar to the way condominiums charge monthly fees. The fees vary according to the co-op, and may also include insurance premiums, utilities and real estate taxes. The good news is that even though you aren’t paying the real estate taxes directly, you can usually still deduct your share of the tax payments and mortgage interest on your personal income tax return. (Consult a tax advisor about your situation.) There are three types of housing co-ops, each with slightly different characteristics:
Market-rate housing cooperatives: Buying into this type of housing co-op is the most similar to buying a condominium or single-family home. The share price is determined by fair market value. Accordingly, this type of co-op has the potential to allow you to build up the most equity.
Limited-equity housing cooperatives: In a limited-equity housing co-op, there are restrictions on the amount sellers can get for their shares when they leave the co-op. The co-op housing corporation places these limits in order to ensure the housing remains more affordable. Members benefit by receiving below-market interest rates on loans, breaks on real estate taxes and other cost-saving measures. The co-op bylaws may also set a maximum income limit for new members as a method of ensuring the housing is accessible to families in need.
Leasing (or zero-equity) cooperatives: In the case of a leasing co-op, the co-op housing corporation doesn’t actually own any real estate, but rather, leases it from an outside investor. As a result, it doesn’t build up any equity. In some case, if the property eventually comes up for sale, however, the corporation may buy the property from the investor and convert the co-op into one of the other two types of cooperatives.