There has been a lot of waiting and talking about whether or not the first-time home buyer tax credit would be extended, and it seems as though the wait is over.  A tentative deal was reached among the Senate negotiators agreeing to extend the it!  Although this time around, first-time home buyers may not be the only ones with the ability to cash in.  They are looking to add an additional new credit for those who have been in their current home for a consecutive 5 year period (within the past 8 years).  Although this tax credit is not quite the $8,000 many first timers are receiving, $6,500 sure looks better than $0!  This is a positive note, especially considering what we wrote about last week, people who tried to take advantage of the tax credit by less by less than honest measures.  We have been seeing signs of recovery in the housing market, could it be because of this tax credit?  If they extend the offer to current home owners, might we see an even bigger boost in the market?  If so, we can’t rely on tax credits forever, and this could all turn into one huge band-aid fix, and come time to pull it off, we might not be feeling so hot.  Nonetheless, it is nice to see some life being brought into the mainstream of this market.  Senate lawmakers are still arguing over how this new program will be brought to the senate floor.  And with the IRS currently examining the program for fraud, we will just have to wait for finalization.  But it’s looking really good for those of you hoping to take advantage of the first time, or what would be, current home buyer credit.  Don’t forget, those of you who are first-time home buyers still have until the end of this month to utilize the program, no matter what, so don’t wait!

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Motorola Inc. and Verizon Wireless are aiming to give the iPhone a run for it’s money.  On Wednesday they introduced their newest venture, the Droid phone.  This device is the first to run Google Inc. software and promises to amaze.  It’s about time that Verizon put up a little competition.  The iPhone and AT&T  have been dominating the cellphone and provider markets leaving Verizon to suffer a loss of almost half their subscriber numbers.  The Droid does have many new features that the iPhone does not provide.  For example, It will have a slide-out keyboard and the ability to run multiple applications at once.  Will the partnership of Google and Verizon prove to be a worthy one?  It is a major partnership.  We will have to wait and see if The Droid can combat the iPhone when it hits stores November 6th.  Will you be going to check out or pick up the Droid?

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The victims of Bernard Madoff’s ponzi scheme have thus far received $530 million dollars in compensation.  The money is coming from the Securities Investors Protection Corporation, more commonly known as SIPC, and marks a record for the company.  While $530 million may sound like a lot, as you can imagine, that is just scratching the surface of the damage that Madoff created.  A court-appointed trustee has reported that 2,300 accounts have seen a combined total of $21.2 billion in losses.  SIPC has been authorized by congress to guarantee brokerage accounts for a maximum of $500,000.  Huge mess does not even begin to describe this ordeal, and you have to feel for everyone involved.  I’m sure we will continue to hear about this for quite some time.  Madoff, of course, is serving his 150-year jail sentence.  But don’t be surprised if you see him roaming the streets this Saturday…Madoff masks for Halloween are selling like hot cakes!  At about $40 a piece, maybe THAT money should go to the victims as well!  Fat chance.

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I am so excited to be in Toronto this weekend train during my FREE no fluff all content event.  Now that the Bank of Canada has declared the recession as over, it’s your time to shine!  I will personally be there to invest in your future success, and all you have to invest is your time!  Some subject we will cover include:

•    Starting and growing a business in today’s post recession market.
•    How to evaluate Canadian and US real estate deals in less than 3 minutes.
•    How to brand yourself and your business.
•    Lean how to network like and with multi-millionaires.
•    Lean how I bought and sold and over 500 properties without using any of my own money.
•    Learn how to use social networking (Facebook, Twitter, Youtube, Myspace and Google) to get more deals, exposure and larger profits.
•    Learn also how Apple computer became one of the best businesses in the world and see how you can apply it to your business and life.
•    Learn how to find real estate partners to fund your deals and how private money does not work.

You REALLY do not want to miss out on this opportunity!  The event falls on
Halloween, but don’t worry, we will have some treats for you!  Just for attending you will
get free gifts and if you bring guests, you are in for an even bigger treat.  Anyone who
brings more than two guests will have a sit down meal WITH ME at the event.  Anyone
who brings more than 5 guests will automatically be eligible to be a part of my new
Canadian Mastermind group.  Membership is valued at $15,000, but in reality, it is
priceless when it comes to you and your success.  SO DON’T MISS OUT!!  Make sure
to register right now.  I guarantee you a great time and information crucial to your success!
Can’t get any better than that, right?

REGISTER HERE

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Commercial real estate in the United States is just not what it used to be.  Obviously, it has been greatly affected by the economy and foreign investors are making some smart business moves and taking advantage of this.  History repeats itself, and this happened almost 30 years ago when U.S. commercial real estate was beginning to get back on it’s feet.  While foreign investment in U.S. property is not ideal in the eyes of many Americans, it may help the struggling economy.   Not many of us are investing in commercial real estate today which is resulting in bargains for these investors.  Foreign investments are projected to reach up to $5 billion by the end of this year.  While this may be nothing compared to the 2007 property boom, it is certainly still a huge number that can help put commercial real estate back on the map.   It’s all about making deals, and making them consistently!

Click here to read a great article on the subject

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Fast food giant McDonald’s seems to be one of the few big guys not feeling the economic crunch.  In fact, McDonald’s seems to actually be doing better.  It seems pretty obvious that quick and cheap food would prevail in an economy where people have less time and even less money.  But this generalization cannot be applied everywhere.  Iceland, which is home to three franchises, is closing down all McDonald’s locations next weekend.  The collapse of the Icelandic Krona has caused the restaurant’s profits to plummet showing that the chain is not invincible throughout the world.  Franchise owners were having a very difficult time keeping the food accessible because of high import tariffs on imported goods.  The price of a Big Mac was already pretty pricey at 650 krona, which is about $5.30.  But now, in order to create any sort of profit, the price would have to be raised at least 20% resulting in a 780 krona ($6.36) Big Mac.  Currently, the most expensive version of the sandwich is in Norway where it costs $5.75.  This really shows that no business is globally indestructible, because if any were, it would be McDonald’s.  The same structure simply cannot work in every country.  Iceland is really facing difficult times, after the credit crisis tore apart their banking system, resulting in a severely damaged economy.  Unlike Americans, icelanders will not be able to bury their economic woes in the dollar menu.

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The first-time homebuyer tax credit has literally opened many doors for people across America during this tough economic time.  It is clearly a great opportunity that not everyone can take advantage of, but there are some people who are not first-time homebuyers that are trying anyway.  The applications for the credit are a little too trustworthy for this day and time.  For example, there is no minimum age requirement for the applicants.  This has resulted in “applicants” as young as 4 years old.  In fact, there have been over 500 applicants under the age of 18.  And that’s just the beginning!  Treasury oversight officials say they have found 74,000 claims where they now have evidence of previous ownership, these credits were valued at $500 million.  They even reported at least 19,000 filers, which clocks in at $139 million, that hadn’t even bought a home!  Something is seriously wrong here.  As sad as it might be, the reality is, we need stricter rules when dealing with our government’s money.  Hundreds of thousands of citizens should not be able to even find a way to fraudulently take advantage the stimulus plan.  It is really too bad that it has come to this because the tax credit is not a bad idea.  You have to wonder if this new information will hurt the chances of the tax credit being extended.  As of right now, it ends on November 30, but there has been heavy talk about an extension.  I expect there will be a complete overhaul of the application process, if there is an extension.

Check out this article to find out more

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