Steven J Tepper, Associate Director of Vanderbilt's The Curb Center for Art, Enterprise & Public Policy, makes his point by first stating the obvious: today's world moves faster than ever before and this is, for many, resulting in increased stress and anxiety. Most likely we can all agree on that! And then he says that the secret to dealing with these symptoms is found in the nature of the creative spirit. Creatives are; less ideological, less authoritarian, less punitive, more flexible, more resilient, more adaptable. In short "we need to be creative in order to survive".
To support this statement he shares some statistics: • Creative businesses added $931 billion to our GDP. That's 3 times the value of the construction business. • 1500 CEO's of top businesses across the country say creativity is THE key skill they look for in new employees • People send on average $350/month on entertainment • 17% of college graduates want to be artists. That's equal to the number of students choosing medicine as their career. Compared to 3% wanting business degrees • Creativity is a better predictor of a successful graduate than SAT scores • The vast majority of graduates first choose the city they want to live in based on lifestyle they want and the cultural life of a city. They first move to their city of choice and only then look for work. This is the exact opposite of how things worked 15 years ago when most grads found a job then moved to where the job was. • Science majors on average make $66,000/year upon graduation. Add an art degree and that salary jumps to $72,000.
Bottom line? CREATIVITY - employers want it, graduates want it and its actually necessary to survive!
We at Thriving Artist Alliance agree whole heartedly! And we can't help but wonder: Is creativity an evolutionary trait being weeded INTO our culture as a method encouraging "survival of the fittest"?
A special thanks to Coloradans for The Arts for sponsoring professor Tepper's trip to Denver! Want to learn more about The Curb Center? Visit www.vanderbilt.edu/curbcenter/
"It felt like the walls were breathing & that quality inspired me to start SweetBrush Productions." shared Thriving Artist Alliance client, real estate investor & artist, Lisanne Libner. "Dad was American & Mom Swiss so as a child we spent the school year in Connecticut & summers in Switzerland. Italy was 20 minutes away. The frescos, villages and farm houses all had these plaster walls - they were so beautiful. I was fascinated."
LA: Tell us a bit more about your artistic journey
Lisanne: I got my Bachelor ofFine Arts degree at Clark University in Worcester, MA and moved to Denver in 1992. My last "real" job in the corporate world was working as the Director of Telecommunications at Berger Funds. I'd take faux finishing work for friends on the side. It was 2 things really that converted me to a full-time artist; I discovered joint compound and I met interior designer Rhonda Hiatt.
Everything here in the US is so new but when I discovered joint compound I realized I could recreate that same feeling of breathability & luminescence that I'd experienced in Europe. Rhonda loved my work & promised that she could keep me busy full time doing my art. So I made the leap & went to work with Rhonda. She was an amazing friend & mentor, teaching me how to stay calm, relaxed and focused as I strove for perfection in working with our clients. Working with Rhonda gave me the confidence to be an artist & a business women."
Then in 2003 my Dad got sick so I chose to move back to Connecticut to care for him & my life took another turn. I began managing some commercial properties Dad had. It was three years of caring for Dad but when he passed I missed Colorado everyday - in 2007 I returned to Denver.
LA: We'll get into the real estate side of your life in the next blog installment. For now tell me more about SweetBrush. Where does your inspiration come from?
Lisanne: I've recently rented space inside The Collection at 9th & Broadway to sell my furniture pieces. I still take private clients and I'm teaching classes on some of the faux finish techniques I've created, most of which were born of mistakes. Like one day I was working on a Venetian plaster piece for a client & I spilled my coffee on it. Where the big pool of spill was didn't look so good but where it splattered was very cool. Out of that accident came my "signature" joint compound with coffee technique. I'm inspired by the work of McKenzi-Childs too.
Once we are moved into the new house I'll have a home studio. In September I plan to offer classes in; Venetian plaster, furniture refinishing, relief stencil and burlap as canvas. The burlap as canvas creates such an interesting texture and can be used to create framable art or even to cover walls.
LA: In the first part of this blog you shared your journey as an artist and business owner. Would you share with us a bit about your real estate investing & how you balance it with your art?
Lisanne: I have 2 rental houses, 1 here & 1 back in Connecticut, I'm still managing the commercial properties and I've just bought a live/work home in Lakewood so soon I'll convert my current home into a rental once we've moved to the new place. As for achieving balance - I've discovered it works best for me to segment by whole days. So some days I only make art or work creatively and other days I do the administrative work for my real estate. I found it very difficult to switch hats, you know, spend 2 hours working on admin stuff then spend a few hours creating. So if I start with art in the morning then that's what I do all day. If I start with admin stuff then that's my day.
LA: What advice would you give other creatives thinking about investing in real estate?
Lisanne: I found my leases on LegalZoom.com. Their documents are pretty thorough, its easy and inexpensive. Over the years I've modified them to include things that have come up particular to situations with my renters. I know being a landlord isn't for everyone so if you don't that job then hire a property manager. I do spend time managing my properties and that works for me but may not be for everyone. Sometimes it makes sense to spend a little bit of your income from the property to get the freedom you want as an artist.
LA: We met when you called from one of my listings on the internet. You were looking for a property with a good amount of land, a small house and the ability to grow food, keep chickens and maybe even horses. At the time you didn't know about Thriving Artist Alliance or my specialties in working with creatives and live/work properties. What are you envisioning for your new home?
Lisanne: It's no accident how we met!! I didn't know about your affiliation with the Thriving Artis Alliance and your specialties...but what kismet that we had been put together. You helped us find the most charming 3 bed/1 bath place. It sits on 17,000 soft lot, has a 2-car detached garage with a small studio space attached, raised garden beds, and a 2-stall barn. So I'll be letting my rented studio go and moving SweetBrush operations to my new home. We are thinking of building an additional building/studio apartment along the NW line of the paddock, adding more food growing gardens, and we'll be getting some chickens. Meeting you under the circumstances of looking for homes was just the tip of the iceberg. The enthusiasm that you brought to the search of our new home and the interest that you showed in our needs, wants, desires made the whole process fun and enjoyable. I loved it when we started to quickly gel, and know what houses worked and what houses didn't. I'll never forget the time I somehow found a house on a lake in Wheat Ridge that was way out of my price range, but I wanted to see it anyway -- and you joyfully took me there. What I like best about getting to know you is your very easy spirit. You love to learn and you have a very sacred talent - you listen with attentive skill and compassionate understanding. Your sense of humor is amazing and you have what it takes to get people home. House hunting with you is an art form in and of itself.
LA: Lisanne, thank you so much for taking the time to share with us about your life and art. I'd like to let readers know we'll be doing a Thriving Artist Potluck at Lisanne's house in the Highlands sometime soon - so keep a look out for that invitation.
Scott Perlman has been in the creativity business for a long
time and he has a unique method of helping individuals and corporations tap
into their ability to manifest their dreams. He calls it 5D
Modeling, a process developed with Todd Siler, Ph.D. (M.I.T.), author of
“Think Like A Genius” (Bantam Books), and his brother Eric Siler, that results
in a physical 5-dimensional model/sculpture of your vision.
What is
Visualization? If you’ve ever
watched Olympic skiing then you’ve most likely seen athletes standing at the
gate waiting to take their turn down the slope. You’ll see them go thru the course in their mind. They literally visualize each gate,
turn & bump of the course – they see themselves successfully navigating the
course with perfection and of course, a winning time.
5D Modeling dimensionalizes visualization, making it
tangible, and giving form to one’s thoughts.
The 5 dimensions are as follows:
1D – The vision
is born, you have an idea or dream you want to make reality and you use words to describe your vision. This is akin to a white paper
document. It captures the ideas
but doesn’t necessarily inspire you or others.
2D – You use 2D images to illustrate the dream/goal
much like a “vision board” with photos & other imagery
illustrating/representing the vision.
3D– You get
invested in the process and you start to
see it. You run scenarios in
your mind (like Olympic skiers), you take steps in the 3D world. This is much like an architect’s scale
model of what a building will look like.
Most of us in one way or another have done these first 3
steps and intuitively understand how the more dimensions you add to your
visualization and communication, the more effective you are. The final 2 steps are where things get
more powerful as a manifestation tool.
4D – Involves leveraging Symbolism & Metaphor. For instance the sentence; “The band’s
song rose to the top of the charts.”
The mind responds to this statement differently than, “The band’s song
had a meteoric rise to the top of the charts.” The mind draws on the metaphor “meteoric” bringing an emotional sense of power &
speed. Scott makes the point that
“the use of symbolism and metaphor is a natural process for the human brain and
when we apply that ability to our ideas with intention it brings more dimension
& meaning. That added power taps
the emotions and enrolls others in the process of making our dreams reality.
This is not just conjecture, but is backed up by current brain science.
Specifically Elaborative Encoding, which shows that adding dimensionality, such
as a tactile element (3D) and an emotional hook (4D), is how are brains
integrate information.”
Making dreams reality requires more than just the individual
dreamer. This has certainly been
true for my vision of Thriving Artist Alliance as a company dedicated to
helping artists build wealth with real estate & benefit from the economic
wealth that they create. Dozens of
people from strategic partners who provide complementary components of expertise for clients, to
people who love the idea invite me to speak to their members, to clients & friends who refer me to new artist interested in buying, selling or investing
in real estate, to people who host TAP (Thriving Artists Potluck) Evenings – all have
helped build & improve TAA.
Which brings us to the 5th Dimension of Scott’s
technique:
5D – Sharing your
vision with others. Putting your
idea out into the world. Inviting
others to participate. Thru
vividly sharing your vision with others you’ll learn more about your dream, and
how others react to it. You’ll get
new ideas that feed the vision, participation from others, a deeper
understanding of how to bring your dream into reality.
The process looks like this:
The 5D Modeling process always begins with a “Focal
Question”. To develop your focal
question ask yourself: “Ideally, what is my vision for my ... art, company,
project, life… (fill in the descriptor that best fits you) over the next three
to five years?”
As you work through the process consider:
-What does “success” look & feel like to you?
-What hurdles must you/your team overcome”
-What resources do you need?
-What is you unique contribution to the world and
how does your project reflect your core values”
-Who will benefit from you product/service?
-How will you inspire, enroll & empower
others to help fulfill your vision?
Scott, along with his partner,
Sheri Burnham, and their company Rayo Strategic Partners, are passionately
dedicated to the empowerment of his clients. He works primarily with socially responsible companies, both
for-profit and non-profits, to help them define their vision, get buy-in from
the essential people and raise the capital necessary to bring their vision into
reality. If you’d like to know
more, you can reach Scott directly at:
Laurie Miranda - aspiring author, feng shui master and interior designer
ForLaurie, manifestation is about alignment of thought,
word & deed. "Some people think in different ways. The majority
probably thinks in words, others in images. Imagery is one of THE most powerful ways to manifest & when
you attach feelings, the ability to bring it to reality is potent.It'sall about what you are declaring to the universe."
Laurie's power to create is so strong she's pioneering a new genre of
literature - BuddhistSci-Fi.
Due out sometime in the next year, Laurie's book uses the
Mayan calendar as its jumping off spot. Hollywood has portrayed 2012 (the
Mayan calendar's end point) as an apocalyptic event. Laurie's story uses it as
a critical turning point for our planet - an awakening of consciousness
bringing mankind & nature back into balance.
What brought Laurie to the verge of publishing her first
work of fiction?
An interesting story that started during a rafting
adventure down Cataract Canyon in Utah,
(Laurie comes to Denver via New Jersey) progressed with years of studying
Japanese Buddhism & chanting, and fed consistently with a nightly dose of
visualization.While on the raft, she was
overwhelmed by an image to write a book. Years later, while unable to fall
asleep, a story arrived in her imagination. "My bed-time movie picks up
each night where I left off the night before." Twenty years after the rafting
trip, while engaged one morning in her Buddhist practice, she was encouraged to
share this nighttime story, currently in the editing process.
The book is a story which teaches us the power of
thought-that we are creating our reality. "The ability to manifest is grounded in our
awareness and genuine knowing of who we are." Laurie shares.
"Its critical to know yourself, to know what you want & how you
are dealing with your thoughts & feelings, throughout the course of the day. The sequence of your
thoughts is key. Be mindful of what you want. Anytime a negative
thought, a doubt or trash thinking that doesn't serve your goals comes up; if
you are aware then you can intentionally let the counter productive thought go
and shift back to the path of what you want to create. It's critical to not give doubt
power." When she closes her eyes at night she sees a "movie" of
the life she wants to build complete with experiences she wants to have, the
people she hopes to meet, the milestones she seeks to achieve. It is this
SEEING the desires come true and then allowing herself to FEEL what it feels
like to actually DO those things that makes her realty.
"How does one do that?" I asked.
"When
you become aware of a doubt that counters the vision your a creating, imagine yourself put it inside a balloon. Then take a pin and pop the balloon and let the doubt go with
it. Then make your declaration of the reality you are wanting. This
is how we can change the world. Embrace determination and imagery to set a course for the life
you choose."
DARICE JOHNSTON:Efficiency Training & Life Coaching for the Entrepreneur
What does "manifesting your desires" mean to you - personally ... professionally?
People come to me as an efficiency coach so they can get new results, they are looking to manifest different result - ultimately manifestation hinges on who you are wanting to become. It must come from the point of BE-ing not the point of DO-ing. People know what they need to do but they don't always do it. It’s important to understand that it’s NOT a lack of action that's the problem its who they are BEING that is the problem.
There is action that feels like it’s a big effort or there is Inspired Action. Most people are in a state of lack and then decide they need to make changes. But we can't be successful when making change from a state of lack. When we take action from a state of inspiration, possibility and excitement that is when success is attainable. So I focus my efforts with my clients to get them into a state of inspiration, excitement. I don't do "accountability coaching" because its frequently given and taken in a state of Do-ing. So I work to re-frame clients' thinking into a state of BE-ing.
Once the Be-ing is in place then they are ready to take inspired action and greater success results.
When you work with coaching clients, how do manifesting techniques play into the sessions? How do you help people get into sate of BE-ing?
Through shifting feelings. There are only 2 visceral feelings - one feels good, one bad. The Law of Attraction is the basis for all of my coaching. If you take action from a place of felling good then more of same will come - I always go back to the question of "what do you want?" and how does that feel to have what you want? Once you can really FEEL the good of having what you really want then that's the place from which to launch into action.
Shifting into a new space of positive feeling - whatever they are feeling - they must take ownership of where they are now & that they have manifested their current state. Then we focus on their belief that they are capable of turning things around.
I attribute my style of coaching to Abraham Hicks & Michael Bernard Beckwith. I study Universal Law to help my clients. Their current state of affairs has nothing to do with the potential of what they can create.
What's the single most important thing anyone can do to manifest what they want?
Be clear about what is wanted and trust that they do NOT need to be clear about the HOW. Stay focused on elevating your feelings to be continuously good.
Truth is in a realm of its own - Meaning, it can't be altered, changed or touched, but beliefs CAN be altered. That's how you know the difference - Beliefs are simply thoughts we keep telling our selves - you thought it and then looked for the evidence of it to support it. If one wants to change a belief then go look for the evidence of the correctness of the new belief.
Our beliefs are the greatest road blocks to achieving our greatest desires. They can also be the greatest propellant to what we want to achieve.
I live with tear filled gratitude to be doing this work. The more I see my clients excel the more blessed I am. Seeing people move from the perspective of I have to effort my way through life to realizing life is easy.
I'm living my heart-felt calling and I get as much if not more back from working with my clients.
How to manifest what you want ... ? There are so many paths that lead to a life of your dreams. Bottom line, the target zone, the Holy Grail ...
FEELING THE EMOTIONS OF ALREADY HAVING WHAT YOU ENVISION.
the next 4 posts offer an interesting array of intriguing people, each with their own unique approach to creating what they want in their own lives & the lives of others.
First up, Jonathan Manske – an expert in the field of human energy, Jonathan has worked with thousands of people addressing a spectrum of conditions from terminal cancer to the simple headache. Recently Jonathan released his latest book: “The Law of Attraction Made Simple” - an easy read, jam-packed with simple tools & exercises for “how to” manifest what you want in your life.
I asked Jonathan, “What one piece of guidance would have the most powerful impact on a person’s ability to manifest?”
Jonathan: “Inner work is essential in order for things to change. It is impossible to out perform your self-image. Like a field of dandelions, if you only remove the tops the weeds come back because the roots below the surface will continue to push up new flowers. “ Here Jonathan is referring to the conscious mind/above the ground and the non-conscious mind/under ground.
Our non-conscious mind process something like 11 million bits of information per second, our conscious mind about 40. Obviously the lion’s share of information is processed without our being aware that it is happening. And these non-conscious processes and patterning houses beliefs, automated responses, decision tactics & ways of being that comprise the “head trash” standing in our way of manifesting what we want in our lives.
DIYHTR – Do It Yourself – Head Trash Removal
Is a system for identifying & clearing out non-conscious programming that can prevent you from manifesting your dreams. It seems kind of silly at first but I have had success with it so here goes:
Using your body as a “feedback device” make a clear statement about a dream/goal/desire you have. For instance; “It is okay for me to make money selling my art.” Then notice how your body feels. Did it come out smoothly or did it catch in your throat? Did the little voice in the back of your mind say, “Yea, right?”
If you get an adverse or disconcerting reaction then you know there is a conflict between your conscious & non-conscious programming.
THE STEPS:
1)Keeping your statement in mind, tap repeatedly for 30 seconds on each of these spots: the karate chop point of either hand, the bone beneath your eyes, the outside edge of the toenail of your second toe. Cycle through each spot tapping for 30 all while focusing your mind on your statement.
2)Tapping the karate chop point on your hand, slowly roll your eyes (not your head) from floor to ceiling, tapping as you do.
3)Say your statement out loud again. If it feels strong & true you have succeeded in clearing the non-conscious programming. If not, go through the procedure again. Perhaps, a few times a day, over several days. You can also think of other ways to make the same basic statement. For instance: “It is easy for me to make money… “ or “I enjoy making money…”.
This is my shortened version of Jonathan’s instructions for this technique. For a fuller explanation & more easy to use tools for manifesting your dreams, goals and desires check out a sample of his book on his web site: www.JonathanManske.com
Next up we’ll hear from three powerful manifesters and how they
In my continuing exploration of interesting live/work arrangements I recently had the opportunity to talk with Sarah Tedford Owner/Operator of Ladybird Poppy Floral Design and part-time floral designer for the Brown Palace. After working as an employee of 6 different floral shops, 3 years ago Sarah made the bold choice to go into business for herself. "It was the bottom of the economic collapse and my family thought I was nuts. Now I do 30-40 events a year designing primarily for weddings and special events for clients with sophisticated tastes.
The toughest part was getting set up as a business - setting up my accounting & bookkeeping." When I talk with small business owners, the business set-up always seems to be a big issue. Sarah uses FreshBooks. This allows her to track project costs, bill clients, and determine if her project margins are on track.
Sarah has a unique live/work situation - her entire operation is run out of the 2 bed/1 bath bungalow in the North Country Club neighborhood she shares with a roommate. A small storage room in the basement holds the little bit of inventory she needs to keep on hand; vases, ribbon, florist tape & foam, dried flowers. An enclosed back porch acts as her staging area for creating floral
arrangements. All her pieces are built fresh either the day-of or day-before an event. Working from home keeps her costs down, and those savings she's able to pass along to her clients.
How do you like to work with clients? "I'm very intuitive and like to get to know my clients' design style, color preferences, themes they are considering, and budget of course. Knowing these preferences then guides my choices when I go to the floral market."
Like all entrepreneurs who operate their businesses from home, "When I have a job it can take over the house for a short period, 2-3 days." Sarah faces the challenge of keeping life & work in balance. "I currently hire help seasonally and have an event planner I work with periodically whenever the job calls for it."
What does the future hold for Ladybird Poppy? "I'd like to build a small team that would offer 1-Stop shopping for weddings & events. Eventually a studio space where we could meet with clietns would be nice. I love going to the flower market early in the morning to buy what I need to complete a job but it would be nice to have some refrigeration to keep some basics on hand."
What I found most impressive about the way Sarah approaches her live/work situation is the individual, client-centered approach she takes with each project, and her calm awareness that when a job takes over her home & her physical space could be viewed as chaotic, she knows its only for a short while. She keeps her eye on fulfilling her promises & exceeding client expectations.
Check out http://www.ladybirdpoppy.com/ to see samples of Sarah's creations or to get in touch regarding your next event.
Tony & Lisa had just arrived in Denver and the college sweethearts were ready to find their first home. They wanted to be in central Denver; Baker, Park Hill and they wanted a great deal. Tony is handy so they were open to distressed properties- short sales or foreclosures. We found a charming bank owned bungalow in Park Hill. The house was in great shape with room for Tony to apply his building skills to improve the unfinished areas.
We proceeded thru the due diligence period and then days before closing the city placed a sewer lien against the home and they were requiring the sewer be replaced before closing! I set to work negotiating with the city to allow Tony & Lisa to close on their home as planned. The city agreed, Tony & Lisa closed on time, moved in & then fixed then sewer line. One year later they were married.
I met first time buyer, Jeff, when he was Executive Director of TOSA (The Other Side Arts) a non-profit arts organization he created. Jeff, a photographer (http://jeffballphotography.com/), & his partner Remy, writer & assistant to Mondo (Project Runway runner up) had been working with a real estate agent but to no avail. Jeff shared, "She isn't hearing us and doesn't get what we are trying to do." Approximately 25% of my creative clients come to me after working with another agent who "doesn't get" them. What Jeff & Remy wanted was a way to Live & Work from home. As a photographer, Jeff needed a space he could achieve black out conditions in but would have natural light when he wanted. They also wanted higher ceilings, a place for guests, 3 beds, 2 baths & wood floors - all for under $115K.
We found their home our first day out! A turn of the century ranch-style farm house in the E-OP Arts neighborhood that had been added onto. That owner had dug a basement under the addition that was perfect for Jeff's photo studio! The original house had 1 bed/1bath attached to a living room with walls covered in the pressed tin ceiling panels you see in old Victorians - very funky, charming, uniqueness that Jeff & Remy loved. The addition held 2 additional bedrooms: a master bed & bath plus an additional room for Remy's writing office. An extra benefit - the back yard gate opened out to the bike path that runs along the Platte River Greenway. And it was in their price range!
Web Designer, Eric Nance and his wife Sara needed a bigger home. They had two young boys, two large dogs and Eric's business, Epiphany Graphics (http://epiphanygraphics.com/), all operating out of their 2000sq ft home. Eric needed a separate work space, away from the rambunctious play of their boys and accessible enough that he could help out if needed. Sara had done her research on schools and was intent on being in the Divinny schooldistrict of Jefferson County. They are avid gardeners and given the dogs a large and sunny back yard was also in their top 5 "must haves". And of course they wanted a great deal! To achieve their goals we needed to sell their current home and finding the perfect new Live/Work home to accommodate both Eric's growing business and their expanding family.
Sara & Eric went to work completing the work we'd identified together that needed doing before going on the market & the TAA team got busy putting together the marketing materials to sell Eric & Sara's home. In April we went active in the MLS. Two weeks later we received a full price offer and began the transaction process to close on the sale. Once past the inspection phase for the sale we began in earnest to look for their new home. All together we looked at approximately 20 homes over the course of a few weeks. Working with TAA lender, Matt Hanson, http://hansonplanninggroup.com/ they got a great mortgage and chose a 5 bed, 3 bath short sale house that met all their criteria but desperately needed some TLC. The house was ideal in every way - 3 beds on the main level including a master suite, formal living & dining rooms, a working kitchen with an opening overlooking a large playroom that opened out on 2 sides to a wrap-around deck & the huge back yard. And downstairs - a fantastic TV/Media room w/ fireplace, laundry w/ tons of built-in storage and best of all towards the south end 2 bedrooms and a 3rd bath easily divided off from the rest of the downstairs space and perfect for Eric's offices!
Comparing Basics Current Home New Home
5 Must Haves:
Sq footage: 2,108 2,940
Beds: 4 5
# of Baths: 2 3
Lot Size: 10,057 10,541
DOM: 15 days 92 days
Appraised: At list price $10,000 over purchase price
• Separate work space for Eric
• School District
• Generous Family/Play room for the boys
• Sunny Back yard for gardening
• Master Suite w/ private bath
Were there challenges? YES! The biggest being that short sales take longer than usual to close. In this case, 2 months longer. So Eric & Sara stayed with friends while we worked with the bank through the bureaucracy of a short sale. The in June the family moved into their new home.
I just met with Eric and Sara for their first anniversary in their new home. Life is unfolding even better than they'd imagined. Eric's business has gone through a focused evolution specializing in marketing for the medical community (http://omnimedicalmarketing.com/), baby number three is on the way! They've renovated the master bath, put wood floors in the playroom, added a dog run to the back yard, installed A/C and completed some upgrades to the kitchen. From start to finish the process took about 5 months. Eric & Sara got everything they wanted for the sold price of their previous home with $10,000 in instant equity and great terms on their mortgage.
We love musicians at TAA! Bassist, Dwight Thompson and his wife Danielle came to us via referral from another musician client, drummer, Matt Amundson. Dwight & Danielle were ready to start their family and Dwight needed private teaching space for his students. A young couple with no "fix it" skills, they wanted a home that wouldn't need any work, centrally located to the DPS schools Dwight teaches in and to Danielle's job in the Tech Center with room to grow, a nice yard and a garage. It so happened that another TAA client had just completed a fantastic fix n' flip that was perfect. Danielle instantly fell in love with the 4 bed/3 bath tri-level in the Fitzsimmons Medical Center neighborhood and we began to move forward with the purchase. That's when we hit the first big snag.
Danielle is from Tobago, a US citizen by marriage, but she had no credit history here and that posed some problems with the mortgage approval process. So TAA negotiated a deal that allowed Dwight & Danielle to move into their new home and rent from the Seller for 4 months until her credit history got established. It was a win-win for everyone: Dwight and Danielle moved into their new home on time and the Seller received a profitable monthly rent equal to what would be the mortgage payment once financing came through.
The second snag came when the appraisal was done. Appraisals are the wildcard in real estate these days with new rules & regs that have appraisers making "CYA" conservative valuations. The appraisal came in considerably lower than the agreed upon purchase price. Why? This deal happened at a key juncture in the market. Fixed up homes had just begun coming on the market. So when the appraiser pulled comparable sold properties there were no fixed up comps to compare it to. The appraiser's hands were tied. So again TAA set to work negotiating - everyone gave a little and in the end Dwight & Danielle got their home.
It's possible that up to 45% of our market is “distressed” property, meaning short sale or foreclosed homes. So I thought it might be beneficial to take a quick look at this distressed segment and offer some alternatives if you or someone you know is feeling the pinch of a mortgage that’s eating up too much of the monthly budget.
A Short Sale is when the lien holder(s) agree to accept less for a property than is owed on the mortgage(s). Being "up-side-down" on your mortgage means the mortgage is higher than the current value of the property. Short Sales can be a better choice than loosing your home to foreclosure for a variety of reasons:
- Its a softer hit to credit scores
- You can continue to live in/rent the home while the short sale process proceeds
- It falls off your credit history sooner
- Short Sale homes don't typically sit empty for months so they can be more appealing to Buyers
Is a Short Sale Right for You?
A recent client called and shared this story:
“My neighbors went into foreclosure 2 years ago and it deeply effected the value of our home so much so that my house is now worth $100,000 less than we paid for it back in 2005. We paid $335K for the house and now the market is showing the value at closer to $250K. We owe $290K on our two mortgages. Our youngest heads off to college in 6 years. We’d planned on downsizing at that point in time. Our monthly mortgage is simply too high and we don’t think our house is going to appreciate fast enough to get us back to what we paid for it, let alone give us any equity. So we are looking at paying a mortgage for the next 6 years that’s too high and when it does come time to sell it will most likely cost us to sell. What would you recommend?”
Another version I often hear is this one:
"When we married and moved into my husband's place I decided to keep my townhouse as a rental. But I've had to pull a minimum of $200 out of pocket every month over and above the rental income. I know I'm at the top rental price I can charge. I'm tired of loosing money every month & I know I can't refinance right now.
After a bit of conversation, both decided it was best to do a “strategic short sale”. Want to know more about this option? Send me an email - La@ThrivingArtistAlliance.com
It's my JOB to help creative people Buy, Sell & Invest in real estate. It is my GOAL to help America's rising creative class benefit from the economic wealth that they create. To lay to rest the starving artist archetype and build in its place a new paradigm - an economically prosperous Alliance of Thriving Artists.
Lisanne Libner
