WHAT DO YOU THINK ABOUT?

Many years ago, my motivational guru Earl Nightingale stated that “You become what you think about most of the time.”

My question is, “What motivates our thinking? How and why do people form and motivate their views and beliefs?” I decided to write about this subject after reading an article in the Wall Street Journal, “The Last Decision by the World’s Leading Thinker on Decisions” written by Jason Zweig. Apparently, Daniel Kahneman, a psychologist, winner of the Nobel Prize in economics and author of the international blockbuster “Thinking, Fast and Slow” (Read it!), spent his career studying what makes people make decisions, and ended his life (at the age of 90) a year ago, through a doctor’s assisted suicide.

He made a comment to Mr. Zweig that “people are neither rational nor irrational, they are simply human.” Mr. Kahneman is gone, he made his choice, but what about us who are still living? The answer might be in the moral compass each of us possesses. I would like to finish this essay with the words of the Jewish sage Hillel the Elder, who lived in Jerusalem about two thousand years ago.

“If I am not for myself, who will be for me?
If I am only for myself, what am I?
And if not now, when?”

This is why every Monday you will be able to join me on my new blog, “Manny Kagan’s Retirement Solutions”, to which you can subscribe. Please send me your comments.

These three images of water, which, like our thoughts, are in perpetual movement and colored by outside sources.

Care and Share!

WHAT ARE CO-OPS?

In San Francisco, unlike other cities, majority of high-rise buildings are condominiums. Nevertheless, there are1700 people residing in co-ops or cooperative apartments. In these buildings, proprietors are the shareholders of an organization that owns the buildings; thus, a coop structure is similar to that of a corporation.

Each owner is a shareholder with shares allocated based on the market value of their unit. Like any corporation, a housing cooperative has a board of directors, however, every shareholder has an influence on how the Co-op is run. The value of their shares – and thus the sales price of their unit – can fluctuate. I’ve compiled a list of co-ops currently on the market, with prices ranging from $525,000 to $25,000,000. However, financing options for co-ops can be limited and challenging.

Recently, a listing agent reached out to me, seeking my expertise as a problem solver. The agent had a listing for a co-op unit at 1200 California Street, Unit 8B, priced at $2,087,000. Typically, co-ops require 30% down payments and are funded by specific banks. But I was able to find a lender willing to accept a 20% down payment – a difference of $209,000 in this case. This lender even offers loans up to $1,200,000 with as little as 5% down.

For those interested in learning more about co-ops, I’ve attached a video that provides an in-depth look.

Need assistance? Feel free to call me: (415)225-7920, or email: [email protected]

Best wishes,

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983

NMLS #205637
DRE #00874630

SPRINGTIME IS HERE

March 20th marked the vernal equinox, the first day of spring, when day and night stand equal in length.

San Francisco, with its vibrant cultural scene, is buzzing with excitement. I’m scouring the city’s event calendar, and I just can’t wait to share some of the highlights with you. If you’re looking for a kickoff to the season, you can still catch the Renegade Craft Fair Market at Fort Mason on March 29-30. The quirky, eclectic vibe of the fair is the perfect way to shake off winter’s monotony.

April Fool’s Day, or as the locals call it, St. Stupid’s Day, is just around the corner, and the city is erupting in a colorful parade on April 1st.

For chocolate lovers, The Original and Premier Artisan Chocolate Festival on the West Coast is a must-visit, taking place at the San Francisco Chocolate Salon on April 6th. I have my eyes on this one, and I’m determined to indulge in the rich flavors and aromas.

The cherry blossoms, those delicate pink blooms, are taking center stage at the Northern California Cherry Blossom Festival and Grand Parade, running from April 12-20.

And, for those who dare to be different, the World Naked Bike Ride Through San Francisco is pedaling its way through the city on Earth Day, April 19th.

As the season unfolds, the city is hosting a multitude of celebrations, each one more enticing than the last. With three months to soak up the sunshine and fun, the possibilities seem endless. You can find more events and festivals on the San Francisco Festivals and Events calendar.

As spring arrives, so do the holidays. Passover is beginning at sundown on April 12th, and Easter is following on Sunday, April 20th.

The city is coming alive with the vibrant colors of blooming flowers, and I’m sharing a few of my favorite snapshots with you. So, come and join the fun! Spring is here, and it’s time to Care and Share the joy of the season!

THE GOOD NEWS IS I CAN HELP YOU!

I’ve been highlighting the challenges in financing condominiums over the past few weeks. Yesterday’s article in the San Francisco Chronicle (March 24th, 2025) confirms these issues, stating that over 700 California condominium complexes are flagged as ‘unavailable’ in Fannie Mae’s database.

In my experience, this merely indicates which lenders can finance specific projects. So far, we’ve found solutions for all projects brought to us by real estate agents.

To assist you, I’ve created and posted a short video on my YouTube Channel explaining this point. If you need help with a specific project, please provide the address and project name to me. It may take a few days to receive feedback from various lenders.

Meanwhile, here are sample responses I have recently got from lenders:

2999 California Street, #302
2999 California Street Homeowners Association
– YES, THIS HOA IS FNMA APPROVED, EXPIRES 5/10/2026.
ONLY HOA INSURANCE IS REQUIRED.

153 N. San Mateo Drive, #106
Villa del Sol – San Mateo
– NO RECORD FOR THIS HOA, SO REGULAR CONDO REVIEW APPLIES. 

740 Promontory Point Ln, #3102
Promontory Point – Foster City
– NO RECORD FOR THIS HOA, SO REGULAR CONDO REVIEW APPLIES.

***

Feel free to call me: (415)225-7920, or email: [email protected]

Best wishes,

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983

NMLS #205637
DRE #00874630

Retirement Solutions for Smart People

Three recent events, which I had been part of, sparked the idea to create a Telegram channel based on my book, “Retirement Solutions for Smart People™: How to Accomplish Financial Comfort.” This book outlines my approach to helping people retire comfortably.

Event 1: Reverse Mortgage Inquiry

A caller asked me about obtaining a reverse mortgage for his uncle, who has Alzheimer’s, to cover the $14,000 monthly cost of assisted living. The uncle’s doctor estimated he could live for another five years, totaling at least $840,000. That’s exactly the case where reverse mortgage could help. However, reverse mortgage borrowers must reside in the property, creating a challenge.

Event 2: Low Mortgage Interest Rate

Another client consulted me about their low mortgage interest rate, which may increase in five years. After our meeting, I recommended them saving more money each month before retiring in ten years.

Event 3: Rightsizing for Retirees

Last, but not least, one of my recent recent website posts discussed how retirees can “rightsize” by selling their home, buying a condo with a reverse mortgage, and saving for emergencies.

The Need for Better Understanding

Those three events highlighted the need for retirees to better understand the issues they face and how to address them. I’ll cover a wide range of available solutions in my weekly postings on Telegram.

Weekly Updates

Every Monday, I’ll share ways to prepare for and enjoy retirement. In the meantime, you can look at three images from the book, available for order on Amazon.

Care and Share!

How to Sell, Buy and Finance Condominiums?

Over the past seven weeks, I had been sharing information on Wednesdays about buying, selling, and financing condominiums. My goal was to address a concern that many real estate agents may not be aware of the challenges in financing and qualification for condo buyers.

A recent article on the front page of The Wall Street Journal, “A Secret Mortgage Blacklist Leaves Condos Unsellable,” highlights the issues disrupting mortgage lending. I have firsthand experience with these challenges.

For example, we financed eleven mortgages for the Millennium Tower Building and found lenders for condo projects with adequate insurance coverage. We even worked on a project that required balcony repairs due to an engineering report (SB 326), and I was able to find a lender that didn’t require the work to be completed before closing.

Before presenting offers, it’s essential to understand the project’s status. As an example, after Edwina, a listing agent, sent me the condo address and the project name, I forwarded that information to a number of lenders and received the following response: “We can do this loan on limited review”. In other words, the project requires approval by Fannie Mac and extra time is needed for financial contingency. In the meantime, I’ve prepared the attached flyer for you to look at. Click on this link to review.

You are also welcome to send me your listing information and I will gladly prepare similar flyers for you.

Feel free to call me: (415)225-7920,
or email to: [email protected]

Best wishes,

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983

NMLS #205637
DRE #00874630

LESSONS FROM PURIM

Thursday evening was the first night of celebration of a Jewish holiday called Purim. It is based on the story of Esther, which was included into the Hebrew Bible. It describes events which took place in the 4^th century B.C. in Persia. After Babylon destroyed Solomon’s Temple in Jerusalem in 587 B.C.E., the Judeans from the Kingdom of Judah were exiled to Babylonia, which was captured by Persia.

The plot of the story describes how Haman, the King’s highest official plotted to kill all the Jews in Persia. He convinced King Ahasuerus to issue an edict to destroy all the Jews. After the king’s wife Esther revealed to her husband that she was Jewish, he issued another edict allowing the Jews to defend themselves.

Of course, the story has a happy ending, and it is read in the synagogues two days in a row, while children and adults are dressed up in costumes (a Jewish Halloween). Since then, there were others who wanted to destroy the Jews for various reasons.

Germans during WWII managed to kill six million. The latest attempt was by Hamas and other Iran’s Islamists proxies. As we have learned from history, there is only one way to preserve Jewish lives and to protect Israel — by destroying the enemy. History never stops to repeat itself, and there is always happy ending, which needs to be celebrated, as the three images accompanying this story are attesting.

WHAT ARE CONDOTELS?

I frequently receive emails from lenders promoting financing options for condotels. Recently, I had the opportunity to discuss condotels with Kathleen Kaylor from Luxury Mortgage during our office meeting.

A brief video is available at this link on my YouTube channel.

Condotels are a type of property commonly found in resort areas, such as Squaw Valley. Although I don’t recall securing mortgages for condotels specifically, our discussion shed light on these unique properties and their financing options.

We also explored what makes a condominium “non-warrantable” and the exemptions offered by lenders like Luxury Mortgage.

For personalized assistance, call me: (415) 225-7920, or send me an email to: [email protected]

Best wishes,

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983

NMLS #205637
DRE #00874630

 

ENCOUNTERS WITH MYSTERY

Living in the city, it’s hard to imagine a time when buildings didn’t dominate the landscape. Recently, I discovered that approximately one-third of the Earth’s surface is covered in deserts. You don’t have to travel far to experience this unique environment.

For me, this encounter took place in Desert Hot Springs, a city just fifteen minutes from Palm Springs. My wife and I visited it to celebrate our daughter’s birthday at her husband’s house, which sits on the edge of the desert. During my morning strolls, I’d briskly walk through the dry underbrush, taking in the breathtaking views of distant hills dotted with windmills and snow-capped mountains.

The desert landscape was shrouded in mystery, but it was also marred by the remnants of human neglect – trash discarded by unknown individuals. I found myself pondering the stories behind the waste. I kept asking myself, “Who are these people? Why are they doing that? What is the stuff they are discarding?”

Over the course of our three-day visit, I captured enough images to fill a book, which I’d title “42 Encounters with Mystery.” Stay tuned for more. For now, enjoy these three images.

Care and Share!

HOW TO BUY A CONDOMINIUM WITH A REVERSE MORTGAGE?

When you hear the words “Reverse Mortgage,” what’s your reaction? If you have any reservations, I invite you to explore my book, “Retirement Solutions for Smart People. How to Accomplish Financial Comfort”. It shares inspiring stories of clients who achieved financial comfort in retirement, often by leveraging the equity in their homes.

Interestingly, my first reverse mortgage clients were buyers, not homeowners. Many people overlook the potential of reverse mortgages for “rightsizing” – a concept that’s evolved from traditional “downsizing.” When selling a larger home, it can make sense to purchase a smaller condominium. While some may have enough cash for the purchase, others might find it more practical to use a reverse mortgage, preserving their cash for future needs.  Alternatively, buyers can purchase with cash and establish a reverse mortgage line of credit later.

For a deeper dive into this topic, you can watch my discussion with Brad Byrnes from Finance of America Reverse.

For personalized assistance, call me: (415) 225-7920, or send me an email to: [email protected]

Best wishes,

Manny Kagan,
President,
Pacific Bay Financial Corporation
Your professional mortgage broker since 1983

NMLS #205637
DRE #00874630