By Stacey Moncrieff, Editor in Chief, REALTOR® Magazine
When writer and real estate broker Richard Courtney visited REALTOR® Magazine’s offices on a rainy day in April, I realized how firmly the Beatles oeuvre is implanted in our brains—at least for those of us of a certain age.
I awaited Richard’s arrival humming “A Day in the Life” (“I heard the news today, oh boy, about a lucky man who made the grade.”). Knowing that we’d be heading out for lunch, I looked out at the cloudy day wishing for “Good Day, Sunshine.” After we finished the interview, the taxi ride to the restaurant was “The Long and Winding Road.” And our lunch was at the aptly named “Blackbird” restaurant (though the whimsical menu seemed to be inspired more by the Mother Goose rhyme — “4 and 20 blackbirds baked in a pie” — than the Lennon-McCartney song.)
Like me, Richard and co-author George Cassidy seem to think in Beatles lyrics, and they’ve used the words to mostly good effect in their book “Come Together: The Business Wisdom of the Beatles,” (Trade Paper Press, 2011). But that’s not why you should read the book. The two drew on their encyclopedic knowledge of the Fab Four to teach practical business lessons to aspiring entrepreneurs. The writing’s breezy, the advice is straightforward, and the Beatles trivia is abundant. The lessons are apropos for real estate practitioners, and even though I don’t operate my own business, the book made me look at my own career differently.
Erica Christoffer and I had a great time interviewing Richard. Katie Tarbox shot the video, and she just finished editing it before heading out for a well-deserved vacation (thus, the timing of this post!).
A random suggestion from a New York Times reporter has set the writing duo off on their next quest: a book on the business wisdom of the Rolling Stones. Can’t wait. Should be another satisfying read!
By Brian Summerfield, Online Editor, REALTOR® Magazine
Of all the books I’ve read that attempt to get at the central causes of the economic downturn, Matt Taibbi’s Griftopia (Spiegel & Grau, 2010) is the definitely the most vitriolic. It’s also the funniest, and the author’s humor and flair for language help push the reader through complicated, often depressing subject matter.
Interestingly, Taibbi draws many of the same conclusions about the financial meltdown of 2007-08 that Michael Lewis did in his book The Big Short — chiefly, that the system wasn’t brought to the brink by a few bad apples, but rather by extensive rot in the tree itself.
The main difference between his book and Lewis’ is that Taibbi covers a lot more ground. Whereas Lewis offers corresponding narratives of a handful of investors to explain why the financial system collapsed a few years ago, Taibbi focuses much more on the big picture, exploring complex business, political, and regulatory problems that have affected the U.S. economy for decades.
Taken together, these books can give anyone a comprehensible explanation of not just the recent financial crisis, but also how economic bubbles get inflated, then popped.
FROM THE BOOK: 5 LESSONS FOR REAL ESTATE
▪ Predatory lending is real: Although he generally doesn’t get into the impact of these macroeconomic issues on individuals, Taibbi does recount the interesting story of Eljon Williams. An African-American sheriff’s deputy from Dorchester, Mass., Williams owned a three-flat and rented out two stories. One day, he heard a “mortgage expert” on the radio talking about scams that targeted minority home buyers. Williams contacted this man, who then reviewed his mortgage and actually did find some irregular fees. Naturally, when Williams later sought to move up to a two-bedroom single-family home, he sought this individual’s help. However, despite Williams’ insistence on getting a fixed-rate loan, the man put him in an adjustable-rate mortgage. When Williams demanded an explanation after receiving a notice that his monthly payments were going up, the guy initially dodged inquiries, then disappeared. The reason Williams and so many other home buyers were put into ARMs, sometimes against their explicit wishes, was the fact that loan officers collected bigger fees on these loans than the standard, 30-year fixed mortgages. Continue reading »
By Erica Christoffer, Multimedia Web Producer, REALTOR® Magazine
Tax code is complex and often difficult to understand, including when it comes to the sale of a home. Help your sellers understand the rules and ways in which they can save money with Julian Block’s new book, Home Seller’s Guide to Tax Savings.
A nationally recognized tax attorney, Block outlines clear and easy-to-understand methods to lower one’s taxes. Specifically, Block’s book offers advice for home owners who profit more than $500,000 on a sale for married couples and $250,000 for single sellers (or couples who file separately). Those who profit below these respective amounts at closing are exempt, as they qualify for tax exclusion.
What was your main goal in writing this book and how can it serve as a resource for REALTORS®?
Block: My perception is there is a need for this type of book. It’s a way for the REALTOR® to reach out to their clients and provide them with a resource that clearly outlines tactics to reduce the amount of taxes owed following the sale of a home.
Maybe your client is operating a business out of a home. Maybe they’re going through a divorce. Or maybe they’re a widow or widower who is selling a home. Or they live in a vacation home-turned permanent residence. It’s all covered in the book. People can also make deductions to reduce their taxable profit if they’ve kept track of the improvements they’ve made to their home. More than 150 items qualify.
This book is really a way for the REALTOR® to point out this information to the client – including the fact that whatever commission the REALTOR® is receiving is tax deductible by the client. All of this will help the seller build up the cost and reduce the taxable profit.
How should real estate professionals respond when they get questions about taxes? Continue reading »
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