Spelling Manor on the Market for $150 Million

The home of the late producer Aaron Spelling has been placed on the market for a whopping $150 million by widow, Candy Spelling. The French chateau-style mansion, located in the exclusive Holmby Hills neighborhood, is the largest residential property in Los Angeles County, coming in at 56,500 square feet. The three-story mansion, built in 1991, is set on more than 4.6 acres and neighbors the Playboy Mansion and the Los Angeles Country Club.

The "Manor" has been reported to have more than 100 rooms, however neither Spelling or her Coldwell Banker agent, Sally Forster Jones could confirm the total number of rooms as the mansion has continued to evolve over the years.

With literally more rooms than one could count, the mansion features a bowling alley, a media and projection room, a wine cellar and tasting room, a library, a gym, a humidity-controlled silver storage room, among many others. Even the 17,000-square-foot attic is lavishly equipped with both a barber shop and a beauty salon.

Also on the grounds is a tennis court, 16 car ports, a pool and spa, a reflection pool with an adjoining pool house and kitchen, several fountains and waterfalls, a rooftop garden, a citrus orchard and an exquisite 18th Century-style garden.

According to the Associated Press, Spelling plans on moving into her two-story Los Angeles condominium, which she purchased last year with a considerably less price tag of $47 million.

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Obama'S Address Urges Nation To Move Forward

If nothing else, Obama's address to Congress was a much needed band aid applied to the wounds of the American public, along with a kiss on the forehead, and the promise that "things will be better tomorrow".

He acknowledged that the economy was in crisis and he was aware of the challenges that every American was facing. His message was built around hope and the promise that "We will rebuild, we will recover, and the United States of America will emerge stronger than before."

He described the country's current economic situation as the result of a combination of factors that occurred over a series of years, preceding the market collapse:

- The high cost of healthcare
- Inadequate education standards that have prevented graduates from competing in global economy
- Poor planning for future needs of the country
- Irresponsible lending practices
- Living beyond our means at an individual and government level


His plan of attack works to reverse these wrongs, take steps to prevent them from reoccurring, and eventually create a stronger, healthier nation going forward. In part, the recovery plan includes the following goals:

- Increase job creation by reinvesting in education, health care, solar powered construction industry, mass transit, and law enforcement
- Stimulate the real estate market by providing assistance to lenders
- Offer housing plan designed to assist millions of homeowners threatened with foreclosure
- Hold banks accountable for all monies received. Among other stipulations, they are expected to provide evidence that the funding is increasing lending accounts.
- Health care and Social Security reform
- Tax cuts for 95% of working families. Those making over $250,000 a year will see fewer tax breaks.
- Remove tax breaks for work contracted out overseas.
- Double the country's supply of renewable energy in the next three years and support research to develop new technologies.

With credit being the basis for the whole economy, this recovery plan is based on giving the public the confidence to get off the fence and purchase that new home or car they've been putting off.

Obama goes on to state,"That is why this administration is moving swiftly and aggressively to break this destructive cycle, restore confidence, and re-start lending."

He emphasized the analogy that out of every tragedy comes something positive, and sited the example of a town in Greensburg, Kansas that was destroyed by a tornado.

"The tragedy was terrible," said one of the men who helped them rebuild. "But the folks here know that it also provided an incredible opportunity."

Recently, The Wallstreet Journal reported that the combination of declining home prices and low interest rates in many markets, are making it more attractive to own a home than rent. Green Street Advisors, a real estate firm in Newport Beach, California, reported that in the last 18 years, mortgage payments averaged between 26 and 66% more than rent. By the end of 2008, the average monthly rent for the key 50 metropolitan areas was $1,045, compared to the after-tax mortgage payments of $1,300 – a difference of only 24% more than rent payments.

If interest rates fall to 4.5%, which a number economists are predicting, then mortgage payments would only be 14% higher than rent payments.

American's have been so overwhelmed by this crisis, that many, unfortunately, can't see the opportunities that may be sitting in front of them. Obama's recovery plan may not solve all the nation's problems, but it may provide the boost that American's need to get back in the ring.

By: Adam Robinson

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The New Road to Home Ownership

For many a beautiful family, a large yard in a good neighborhood and home ownership are still part of the American Dream. It's time for this to stop being a dream and become reality. With lending institutions tightening there lending requirements it all but seems impossible for the dream of many to become reality. But there are choices, options and other avenues for a person to pursue. That option being Lease Optioning a home.

What is Lease Option? A lease option provides a way for many people to become home owners in today's market. A lease option allows a person to obtain there piece of the American Dream without having to qualify for traditional lending up front.

Here's how it works. You find a real estate investor with a home to sell that fits your needs and criteria. Once you have viewed the property and agreed to terms on the home you would then pay an option fee. This option fee is paid because you are asking the seller to take his/her home off the market to sell so that you may lease the property until you can get enough money for a down payment or work out whatever credit issues you may have prior to purchasing. Your lease term is agreed upon by you and the seller. The other terms should be established at this time such as monthly lease payments, purchase price, extensions, penalties and any other issues you or the seller may have.

There are some Pros and Cons to purchasing a home on lease option terms, let's review them.

Pros:
1. You can enjoy the pride of home ownership right away

2. You lock in your purchase price today even if the home is worth more when your lease term is up and you must purchase.

3. You gain property appreciation which equals equity

4. It's easier than dealing with banks

5. If you have credit issues that prevent you from getting traditional financing this gives you time to work out those issues (a good seller should be able to assist in this area)

6. Your option fee and any rent credit can go towards your down payment reducing the amount of out of pocket expenses you will have when getting traditional financing Cons:

1. If for any reason you decide not to or you can't purchase the home when the lease term is up then you would forfeit your option fee payment.

2. You discover that the property has major defects that were hidden

When looking to purchase a home in this manner we suggest knowing who you are doing business with, getting a home inspection, and understanding all the terms of the transaction.

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How to Select Your Rental Property

First of all before you think about buying, you want to select your rental property with care. Selecting your rental property with care can save you so much money in the long run. Can save you a lot of unnecessary repairs and all sorts of nagging problems

Always remember location is your number priority and is definitely just as important with rental properties as it is with homes. When you select your rental property with care look for rental properties were people need to live, such as around colleges or within easy access to parking, highways, and public transportation.

You must avoid areas with a high crime rate. An area with a high crime rate will not only reduce the value of your property but also scare away the better tenants leaving you with less desirable tenants who are more likely to damage your property or skip out of paying rent.

When you're just getting started renting property try to keep it simple. Start with single family homes, duplexes, and four unit apartment building because these properties provide the ideal combination of size and manageability until you're ready to take on bigger property.

Larger apartment complexes might be more profitable, but they can be difficult to manage for someone just getting started in real estate investing. Most of the time starting off larger will work if you're partnering up with someone else with the same passionate desire as you.

You must look out for buildings made up primarily of one bedroom apartments because they attract single people which generally translates into a much higher turnover rate.
Every time someone vacate your property, you have to clean the unit, including the carpets. Sometimes you have to replace the carpeting and repair appliances.

One bedroom apartments can also be more tough to rent because people are generally willing to pay less by sharing a two bedroom apartment. Vacancies are a cost that you don't pay for directly, but you lose whenever the unit stays vacant. When you're investing in real estate just make sure you select your rental property with care before you buy.

By Colon Bolden

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What to Ask a Potential Flatmate?

Now that you've advertised and have a list of potential flatmates, comes the time to choose the "right" flatmate. Many of us find ourselves in a dilemma; debating what to ask and what not to ask. Remember here that no question is silly.

To help yourself make the interview more effective, you should probably have a set of questions prepared. Each of these questions should help you decide if the person you're interviewing is the "right" flatmate for you. It helps you organize your thoughts and frame questions based on what you'd like to know about your potential flatmate.

What do you want in a flatmate? Knowing what you want in a flatmate can help you structure your selection process. Are you looking for someone who shares similar interests and can become a friend too? Or, are you just looking for someone who minds his own business and pays bills on time without necessarily giving you company?

Find out what's important to you when living with a flatmate. It could be personality, hygiene, privacy, or habits. Frame your questions around those topics aiming to gain relevant information to help you decide.

Why an interview is essential to find a good flatmate/housemate? Taking in a flatmate is an important decision and you should feel comfortable and confident with the choice you've made. The time spent interviewing a potential flatmate is like a prelude to living in the same space, giving you an opportunity to gauge the person from close quarters.

Try to remember that the other person would also have come prepared and will be putting their best foot forward. No matter how perfect the interview might have gone, trust your instincts. The best way to get to the real person you're interviewing is by making them comfortable. That's when people let their guard down and are being just themselves.

What questions should you ask at the interview? The questions you ask can be specific to your situation and requirements and also cover some more basic areas. These areas are:
- Personality
- References and past flatmate experiences
- Financial stability
- Living habits
- Student/Employment status
- Length of stay
- References

Some questions that you can ask:
- What are your working hours? - This can help you match your schedules.
- How do you hope to pay the rent (cash in hand or by direct debit or cheque?) - Set financial responsibilities.
- Have you shared a house before? - Ask for references. This provides you an opportunity to ascertain stability and compatibility from other sources.
- Do you smoke or drink? - If this is an issue for you.
- What do you look for in a flatmate? - Gives you a personality check on your potential flatmate.
- How often do you entertain guests?- This can set grounds for dealing with privacy issues.

These are just a few. However, you can always build on the questions leading to more specific areas. If sexual orientation or religion is one of the factors, don't hesitate to ask it. But approach sensitive issues with caution and word your questions carefully.

Don't hesitate to end an interview if the person does not offer information that can help you decide. Be clear in your communication, polite and respectful throughout the interview. Also, ask if he/she has any questions to ask. This can give you more information about what they're looking for and it aligns with your requirements. Besides, it's the polite thing to do.

Try to keep in mind that you're entering into a commitment once you take in a flatmate. Be absolutely sure that you've covered all aspects and have all the information necessary to make a decision.


By Edward Shin

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Free Money For Housing

Those who are facing financial hardship have an opportunity to receive free rental grants, or money that the government gives to people that never has to be paid back. These programs are available to help people who are facing a tough situation and need temporary relief.
Generally people end up having trouble making their rent payments because of a recent life event. It may be a job loss, lay off, medical condition, or simply having too more expenses than income. With just a little debt relief in any way, even if it is to help you make your rent payment, gives you an chance to get back on your feet and take back control.

Otherwise, as things continue to worsen individuals could get evicted, lose their cars, and eventually lose their jobs. Not only can that lead to homelessness, but filing for personal bankruptcy becomes a last resort reality. All of these things are bad for the economy, and the government is willing to do whatever it takes to help you avoid that.

Rental grants can often be obtained from your local government agencies. You can make a trip to your city hall to inquire about the available programs or you can search the government database online. What you'll find is a list of available funding options along wit the qualification requirements. In some cases to qualify you must have missed your last two payments, where other programs may need to verify your income and look at how much debt you are carrying. Either way, there is no down payment, collateral or credit check to obtain free money to pay your rent.

By Melissa Sabella

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