Pretty Girls in High Places

Growing up, I knew girls like Nicole John. They weren't just pretty, they were flames that drew all the guys. They were also a human tornado of mental and emotional issues. Using their feminine charms and looks, they left path of destruction littered with broken hearts, psychotic ex-boyfriends, bottles of vodka and lots and lots of drugs.

Somehow these girls turn themselves around by collecting an M-R-S degree at the end of their 4 years and marry a doctor or lawyer. There was one girl I knew who got engaged in college, yet treated her college experience like Vegas. What happened at college, stayed at college. Besides having a wild streak, her husband to be was living halfway around the world. Her fiance knew she was screwing around his back, but they still got married and had kids.

Nicole John will never ever be able to turn around.

Even before her demise, Herald Towers did not have the greatest reputation in the world. And it appears it is doing its part to keep it that way.


Ilan Nassimi is the unlucky man in the middle of this hell storm. Go to his Linkedin profile and you will see a list of accomplishments. His academic credentials include attending SUNY Stonybrook and Zicklin School of Business at Baruch. I do find it interesting that there is no mention of when or whether he graduated from these institutions.

He currently works as a Commercial Broker at Metropolitan Property Group and is the President and Owner of Llann Enterprises. What is Llan Enterprises exactly" It appears to be an amalgam of ventures which are the following

Third Degree Jean Company

theLimed.com

Venture Capital & Private Equity industry

My take on Nassimi is that, assuming that he did graduate from these esteemed institutions, that he showed up ready to rock the job market. Problem was there were no jobs to rock. Whatever was out there was far and few and were going to the top tier graduates. Don't get me wrong. SUNY Stonybrook is a great school with an outstanding medical program. As far as business schools go, Zicklin is the best deal in New York City. Unfortunately, Manhattan is a brand centric society and with the economy the way it is, Wall Street's standards are higher and tighter.

So Mr. Nassimi decides to put his business skills to use. Gets a real estate license and gets entrepreneurial. And he parties. Parties very hard.

In its simplest form, a real estate broker makes money by taking a piece of the action from a transaction between a buyer and seller. It is the same wherever you go. How a broker acquire these deals is through their networks which can come from church, volunteering or friends. Judging from Mr. Nassimi's extracurricular activities, he was probably searching for deals through the Manhattan night life scene.

Baller Brokers like Mr. Nassimi are not uncommon. They are Type A personalities, who went Greek all through college. They often hit the hottest clubs and restaurants with a fistfuls of business cards and cash. They get an exclusive spot in the VIP section and make friends by dropping rolls of paper for bottle service. As the old adage goes, "You have to spend money to make money." When a baller broker blows an equivalent of one semester of tuition at NYU for one night, it shows that he has it going on. And when people see that he is a high roller, he attracts other high rollers. Bernie Madoff used a similar strategy by using his country club as a way to get new customers. In fact he was a master since everyone came to him in droves.

It is not a foolproof plan, however by using an exclusive social gathering as a way to qualify customers, they can land some pretty sweet deals. It is tantamount to the strategy I described regarding landing rich Chinese customers.

So what was Mr.Nassimi's motivation in inviting Nicole to an after hours party? Was it for a one night stand? Perhaps, but I believe it was purely for social and business purposes. Pretty girls like Nicole bring the boys in droves, particular boys with big bank rolls. There is no doubt she was probably one of many pretty girls invited back his apartment for the after hours party. And it does not hurt a man's reputation to be in the presence of beautiful women. How do you think Raffaello Follieri was so successful?

Just to being able to party on his level indicated that she had her own juice and with her family connections and money, it appeared she had a lot of it. Just a sip from her cup would have made Mr.Nassimi's position in the business world very strong.

As you may notice, I am not ragging on Mr. Nassimi. Professionally speaking, I applaud him for his efforts. He was doing what every young and hungry business man would do. If this accident never happened, there is no doubt that Mr. Nassimi would have made a name for himself.

Of course the future of these two is all speculation at this point.

A combination of unfortunate circumstances and an environment that was not conducive to good judgment has resulted in this horrible accident resulting in a tragic loss for a family. I am not unsympathetic to Mr. Nassimi.He will be hurting for awhile, but he should consider himself fortunate. He's still alive.

Open Homes

Tips for a Successful Real Estate Open House


By Paige Tepping



RISMEDIA, August 31, 2010--The Sunday real estate open house is a longstanding ritual in the real estate marketplace, and many homes have been sold on a lazy Sunday afternoon. When used properly, open houses can be a great marketing strategy.



According to the experts at Buy-and-Sell-House-Fast.com, the following steps will help you get the most out of your real estate open house and increase your chances of selling your home for the price you want.



-Be sure to meet with your agent in advance of the open house. Discuss all the various details about what is involved in holding a successful open house. While many home sellers are comfortable with an open house, others are not. If you choose not to host an open house, there are other ways to sell your home.

-Be certain to go through the entire home with the real estate agent the day before the open house. Take careful notes and follow all of his/her recommendations.

-Try not to become emotionally involved when evaluating the condition of your home prior to the open house. Remember that your real estate agent is trying to make your home more appealing to potential buyers, not criticizing your decorating style or choice of accessories.

-Any needed home repairs should be completed before the open house begins. This includes things like peeling paint, loose stairs, banisters in need of repair and the like. It is crucial that guests see a home that is in immaculate condition.

-Never underestimate the importance of making a good first impression. Many visitors make a decision about the home in the first few seconds. Be sure the entranceway to the home is immaculate, and that the steps leading up to the home are well swept and free of debris.

-Ask the real estate agent to create a professional-looking sign in sheet for all visitors. It is important to get the name and phone number of all attendees to the open house.

-Always discuss the price of the home prior to the open house. This will allow the agent to negotiate the price on the spot if a good prospect attends.

-Be sure to consider unusual ways to market your open house. For instance, if you belong to any special groups or organizations, be sure to market the upcoming open house to the members. For instance, the local garden club may be very interested in attending an open house that includes a beautiful outdoor garden.

-It is a good idea to provide cookies, brownies or other snacks for guests at the open house. A punch bowl is also an attractive addition.

-Pets should be kept away from open house visitors. It may be a good idea to have a friend or family member takes care of your pets until the open house is over.

-Be sure to lock up all medications, both prescription and non-prescription. Also be sure to lock up any cash or valuables in the home prior to the open house.

-Make sure that the home is spotless and free of unpleasant odors prior to the open house. You may want to bake a fresh batch of cookies an hour or two before the open house begins. Not only will the aroma mask any unpleasant smells, but it will create a warm and inviting ambiance as well.

-Be sure the temperature in the home is pleasant. A home that is too hot or too cold can make visitors uncomfortable, and lead them to wonder about the quality of the heating and air conditioning system.

-Play soft music in the background during the open house. Background music helps set a good mood for visitors.

-Always open the curtains and the drapes prior to the open house. This will allow fresh air and sunshine in and help give the impression of a larger space.

-If your home does not have plants, you may want to buy a few before the open house. Plants can provide a warm feel and help make guests at the open house feel more at home.

Taxes on a second Home

For Your Clients: Can I Deduct Taxes on Second House?


By Claudia Buck



RISMEDIA, August 31, 2010--(MCT)--Do I pay taxes for household workers? Can I take a deduction for a second home used by family? The IRS' Jesse Weller and the California Franchise Tax Board's Brenda Voet tackle those questions from readers.



QUESTION: I bought a house a mile from my primary residence with the specific intent of renting it in the future to my daughter. If my daughter lives in the house this year and pays the utilities in her name (but pays no rent), does the house still qualify as a second residence?



ANSWER: Yes, you are considered to have personally used the second property all year because your daughter used it as her primary residence. Accordingly, you may deduct the entire amount of the property tax and mortgage interest as itemized deductions.



Q: If I hire people to work in my yard or do housekeeping, is there a limit to the amount I can pay them without having to fill out 1099s like an employer does? And if there is a limit, does it only apply for one person, or can I hire another for the same limit for a different type of work?



A: When a taxpayer hires people to work in and around his/her personal household — such as housekeepers, baby sitters, gardeners and yard workers — those workers may be considered employees.



Although you usually do not need to complete a Form 1099 for paid work that is performed in and around your home, you may need to issue a Form W-2, Wage and Tax Statement. You also may be responsible for withholding and paying employment taxes on wages paid to workers who qualify as your employees.



Usually a household worker is considered an employee if the payer can control both what work is done and how it is done. If the worker controls how the work is done, the worker is normally considered self-employed and not an employee.



For example, (individuals) who work in your home like carpenters, builders and plumbers are normally self-employed, independent contractors and are not employees. Self-employed workers usually provide their own tools and offer their services to the general public.



To answer your question about the payment threshold: If you pay an individual household employee cash wages (including wages paid by check or money order) of more than $1,700 in 2010, you generally must withhold Social Security and Medicare taxes from all cash wages.



You have the option to pay your employee's share of taxes from your own funds rather than withhold it from their salary. You are not required to withhold federal income tax from wages you pay to a household employee, unless your employee asks you to withhold income tax and you agree. In some situations, you also may be responsible to pay federal unemployment taxes on a portion of the cash wages.



If you must withhold and pay Social Security and Medicare taxes, or if you withhold federal income tax, you will need to file a Form W-2 for each employee after the end of the year. In that situation you will also need to file a Schedule H, Household Employment Taxes, after the end of the year with your Form 1040 individual income tax return.

Oh Hell No!

As everyone knows, I have issues with Philadelphia. Here is something to add to the list.

Philly requiring bloggers to pay $300 for a business license

Moonlighting

If you google Commercial Mortgages, you get a lot of stories, a lot of them bad.

I have heard chatter that it is so very difficult to get a commercial mortgage that I know of one broker who is moonlighting in another industry.

Further signs point to an L shaped recovery.

Yes, it sucks but at least we know what we are dealing with right now. More importantly it indicates where everything stands.

The one thing that stands is Cash is King. If you have enough paper, you have more leverage than most people and have more flexibility. People in that position who are real estate centric are right now looking and taking notes. Recoveries do not happen over night, so they have the luxury of waiting to see what is available at their price point.

The upcoming winter will be quite a show.

To Be The Shepard

When someone commits a social transgression against you. It hurts. It is especially painful when you made the effort to follow societal norms while that person has decided to ignore them. That pain releases in your head a cacophonous set of emotions which include rage and frustration. You feel like kicking ass and taking names. And of course if you are a normal person, which most of us are, you hold back and try to let it go. Until the next time it happens again.

Perhaps it is a sign of old age, but I find this cycle tiring and unnecessary. I desire now to get beyond that. And some recent news has come to my attention that reinforces that position.


It recently came to my attention that a former noisy and obnoxious neighbor recently sold his home and the evidence indicates that he had to engage in a short sale. He either could not hold onto it or the rapid deprecating value of his home was driving him nuts. Or it was a little bit from column A and column B.

A while back, I wrote about the awful tragedy of Annie Le and compared her murderer to an entitled miscreant that used to bully me in high school. It recently came to my attention he has the proud distinction of owning a home in an area where the housing market's prospects of recovery are between zero and negative 10. Due to this and many other factors effecting his finances, it is highly unlikely that we will ever cross paths again which is fine by me.

As much as I want to be the harbinger of justice, I realize that in certain situations it is not my place. Something else is in play that will deal with these cretins. It is also a strong reminder to myself that what has befallen these individuals can take me down too. Especially if I stray from my path.

Which is why any personal satisfaction has dissipated and replaced with a strong sense of humility and compassion.

Besides, life is very short. So why should I waste it on people who really don't matter to me? Why should give into tyranny when I can try for something so much better?

One should always stand up for themselves. But be aware when it is time to walk away and let nature take it's course. And have the fortitude to let go.

I mentioned the following quote in a previous entry. And I think it is more than appropriate to conclude this entry with it.

In the long run, every man will pay the penalty for this own misdeeds. The man who remembers this will be angry with no one, indignant with no one, revile no one, blame no one, offend no one, and hate no one.

-- Epictetus

New Home Sales in New Bern

New home sales in the New Bern area have been steady as compared to 2009. Through 8-20-2010 there have been 202 new home sales. There are currently 305 new homes listed in the MLS although some of these are proposed construction. Of these only 13 percent are over $200,000. All this equates to a 10-11 month inventory of new homes. The defination of a buyers market is over 6 months of homes for sale.

For the same time frame in 2009 there were 204 new home sales. At first glance it looks like sales this year are about the same as last. However, some builders are giving deep discounts to buyers. This is not healthy for anyone in the long run as it will hurt everyone's appraisals.