EXCITING NEWS

I have exciting news to share with you. My new photo book “42 Encounters with Illumination” has arrived. It is the fifth book in the “42 Encounters” series. Another 37 to go, one a year. My plan is to finish the project when I will be 115 years old. You can think that I lost my mind. But in reality, I live day by day.

The new book has beautiful images of the manifestation of light. However, the illumination is actually coming from the short poems, or reflections. Here is one.

CHOICES

We are always faced with choices
Between what it is and it is not.
The difference between
Black and white, Yin and Yang
The decision to stay in shade,
Or to allow the light to reveal
Our real essence.
To choose the destination
Turn to the right or left,
To walk up the hill or down.
And what if we choose not to move?
Just to stay in the present moment.
Where is and is not does not matter.
Where black and white, Yin and Yang
Seem to blend together.
After all, it is our choice.

You can order the book on Amazon.
Meanwhile, please enjoy these three images from the book.

Enjoy and Share!

POLITICS, DREAMS AND REALITY

If you are watching the game called Presidential Elections, you know about $25,000 promised to the first-time buyers.

As a mortgage broker, I welcome any help home buyers can get. However, recent article in the San Francisco Chronicle, written by Kathleen Pender and titled “Harris’ homebuyer aid needs homes first”, pointed out that this experiment was already tried in 2008 through 2010. The new proposal was that the plan would help 4 million first-time buyers over four years.

However, I wanted to find out how much money the government needs to print to satisfy everyone. When I punched these numbers in my calculator, the message on the screen came up “Overflow”, i.e. my calculator did not have enough digits. And then apparently there is another problem – there isn’t enough new homes. Besides, $25,000 in Ohio can count differently than in San Francisco. And then the article asked the question, “Do we need another program?”

Turned out that there are more than 2,400 such programs from the state, local governments and nonprofits. The good news is that we do not need to wait for the results of the elections. We currently have at least three programs which can offer down payment assistance not only for the first-time homebuyers and without income limitation, such as FHA-DPA, CHENDA and CalHFA

We have discussed those programs with Sarah Pratt of PRMG during her recent presentation for our staff members. Please follow this link to view the recording posted on my YouTube channel.

With any questions on the subject, please call me at (415) 225-7920. Or send me an email at [email protected].

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602

WHAT ARE YOUR ROOTS?

I decided to write this essay during a conversation with a mortgage bank’s representative, who has an Armenian last name. She told me that her family came from Iran and that her husband speaks Russian. This would not be surprising if her husband was born in the former Soviet Union. Turned out that his grandparents were born in Armenia, but then had to run from the Russians to Harbin, China. Ironically, there were no Armenian schools, but they had Russian schools there. Later on, her family moved to Iran, and eventually to the United States, but his Russian language remained.

I like to watch the PBS series, “Finding your roots”. The host, Henry Louis Gates, Jr. discusses his guests’ histories and findings from where their ancestors came to America. It is fascinating how his team’s researchers find all of the information. His guests’ reaction to the events connected to their relatives they had no idea existed was especially emotional. We live in the times when people intermarry. And many times the new generation does not know their family’s roots.

Most of the people who live in our country have roots in other parts of the world. And you do not need to be a known person to find out what your roots are. Of course, you can find out about your relatives through ancestry.com or 23andme.com, but I would additionally suggest asking close relatives about their life story. I personally have many questions, but unfortunately, there is no one alive who can give me the answers.

I like to photograph the roots of trees. They look intricate and beautiful, to what these three images can attest.

Enjoy and Share with a Friend!

 

WHY REVERSE?

You have probably heard me discussing Reverse Mortgages before. One of the reasons is that a lot of people who reach the age of 55+ are in special need of money, and oftentimes the only source they have is the accumulated equity in their prime residences like single family homes, or 1-4 units, or condominiums.

The reasons for getting reverse mortgage can vary. I have recently helped a client who inherited the house from her deceased brother and decided to move there. There was an existing mortgage and she had limited Social Security income. There was a lot of work on our side, but at the end she received a reverse mortgage without monthly payments.

During our staff meeting last week, we talked with Pete Kulis who works for Mutual of Omaha, the lender who specializes in HECM (Home Equity Conversion Mortgage) offered through FHA. I encourage you to follow this link to watch an eight-minute piece of Pete’s presentation he called “Reverse Simplified”.

With any questions on the subject, please call me at (415) 225-7920. Or send me an email at [email protected].

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602

WHAT IS LOVE?

After posting my last week’s newsletter, I received a response from one of my readers, who wrote: “Wise advice that I will try.” He referred to this passage of my letter: “in any conflict, if I feel upset about anyone, I should mentally connect this person’s image with my heart. Since then, every time I’ve been doing so, I am able to let go being upset. And then the only feeling left in my heart is love”. I feel this is a very important message and therefore I also posted it on Facebook.

But what is love? The description I found online was very dry and did not say much. The word “love” has many meanings, and people use it all the time to express their feelings. There is a belief that what we feel comes from our heart. And there is plenty of space to contain Love. I recently listened to a presentation on YouTube with an American author Kurt Vonnegut, when he was 81. He died in 2007 at the age of 84. The presentation was very funny, and he shared how he was in love with his typist, with whom his only connection was through mailing her his typed pages. Another woman he said he loved, was a postal clerk, whom he only met bringing his mail to the post office. It was difficult to tell how serious he was, since he was married.

All of us can express love in different ways and not only to people. Recently, I fell in love again as well. During our Sunday Walk in Golden Gate Park with our labradoodle Max, I encountered Dahlia. To call her beautiful, would be an understatement. I was not allowed to touch her, only to look. She was not alone but surrounded by equally beautiful companions. While photographing these beautiful flowers, my heart was filled with joyful love.

One of the important lessons that I’ve learned from the master-photographers, was that if you want to make a great image, photograph what you see with your heart. The eyes are only the lens. I hope that the three images of Dahlias serve as a testimony to this rule. And if you feel you need more love in your heart or want to share it with a friend, please buy my latest book “42 Encounters with Love”. You can do it by reaching me directly – [email protected].

I am grateful in advance and will sign each book. The price is $24.00, which includes tax and shipping.

Enjoy and share with a friend!

In every city there are so-called commercial streets. The buildings on those streets might be one- story with various businesses, like on Irwing and Judah streets in San Francisco. On some street, though, buildings might have two or more stories. The street level part is for commercial use while the above is residential. These buildings are called mixed-use or MUBs.

There are many mixed-use buildings on Taraval, Geary and Clement streets. And some are in other parts of San Francisco. Many are located in Oakland. In the past, the only way to finance them was through the commercial banks. Loans were from five to ten years and had balloon, i.e. the need to be refinanced, which could be challenging for a variety of reasons.

However, now we have other solutions. Instead of analyzing the loan based on the tax returns, which might show losses, we are working with the lender who is just using income from both commercial and the residential parts. The loan is amortized for 30 years, but also can be interest only, which can help to get loan approval.

We have learned about this program during our recent meeting with Tammy Blanchard who works at Brokers First Funding. A video piece of our recorded conversation is available at this link.

For more information, please feel free to call me at (415) 225-7920 or send me an email at [email protected].

I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602

WHAT IS OUR SECRET

I had two events last week, both of which relate to life. On Wednesday, I went out for ice cream with my friend Diana Romanovska, who is a family law attorney. We met a few years in a networking group. She then referred me to her client whom I helped to refinance a mortgage during his divorce. Diana and I exchanged books. I gave her my latest “42 Encounters with Love”, and she gave me her book, “Divorce Like a Boss”. Diana is a very busy attorney these days, possibly due to increased tensions with couples during the Covid-19 quarantine.

On Thursday, my wife Elfa and I celebrated our fifty-seventh wedding anniversary and just as well, thirty-nine years since both of us started our mortgage company Pacific Bay Financial Corporation. That evening, we celebrated at a lovely restaurant with our daughter Alona and her significant other. Each of us had a three-course meal with desserts. Additionally, the manager brought us another complimentary dessert in honor of our celebration. When I told him how many years Elfa and I had been together (actually fifty-eight), he said that he was planning to propose soon and asked what our secret is.

So, I shared with him the lesson that my wife Elfa taught me many years ago. In any conflict, if I feel upset about anyone, I should mentally connect this person’s image with my heart. Since then, every time I’ve been doing so, I am able to let go being upset. And then the only feeling left in my heart is love. Perhaps, after you try this simple technique and share it with others, divorce attorneys will be less busy.

I am sharing with you these three images of roses, in celebration of love.

Enjoy and Share!

HOW TO BE AN EXPERT

Last week, I got a phone call from a real estate agent who told me that he had been regularly receiving my emails and reading my Facebook posts. As a result, he considers me an Expert. He also told me that he was in the process of buying a commercial building in Tracy for his own use. “Can you help to finance it?” – he asked. My answer was that the best solution for him was to get an SBA loan, and that I could arrange it for him.

Then another real estate agent called telling that he had potential buyers for a condominium in Russian Hill. They already spoke with a bank and a mortgage broker who for two weeks was still working on a reply. My first intention was to help another fellow mortgage professional to keep the deal going. However, after my conversation with him, I realized that there was something missing. I met with the clients, got a clear picture of their finances and discussed particulars with a number of lenders. It took me a few hours (including the meeting) to come to the conclusion that at that point they could not buy and needed to wait for at least three months.

And then, on Saturday, I received a message from an agent who had a condo listing in the Millennium Tower downtown San Francisco, and asked me to prepare a flyer. Since I do not work on Saturdays, on Sunday I asked my assistant to design a flyer. And then I visited the condo. It was a nice 2-bedroom, 2-bathroom unit with panoramic views. The building has recently finished fixing of the foundation, and the condo was well priced. As you may know, the Millennium Tower is a remarkable project with incredible amenities. As a result, it has high HOA dues as well. Because of the construction problems, it is challenging to find financing for it. But since we are the Experts, we can find solutions. As a result, we are currently helping our 7th client to buy a property there.

Please follow this link to take a look at the flyer and feel free to call me at (415) 225-7920 if you need an Expert.

Or send me an email at [email protected]. I promise to help!

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602

LIGHT LIKE A FEATHER

I usually come home after work at about 5:30 PM. We have dinner and since it is still light outside, our Labradoodle Max takes us for a walk in Golden Gate Park. We have a few routes there. One of them is around Blue Heron Lake, which used to be called Stow Lake. Besides other walkers and dogs, we encounter many birds there, such as geese, ducks, robins, blue birds, seagulls and crows.

 

I searched online to learn more about the birds that spend time there and was amazed at the great amount. Max loves to pull the leash to try to catch the birds, and probably feels disappointed when they fly away. During a recent walk, I noticed a feather on the ground with an unusual design. And there was another one and one more.

I did not know from which birds they came, but each of them was unique and beautiful. The question crossed my mind – why has nature or God (depending on your belief) created this kind of beauty? Who can see it and who can benefit? Obviously, I did not find an answer; however, when I got home, I looked up quotes about feathers. There were quite a few of them. I especially like this one: “Birds of a feather flock together”. How true it is!

Please enjoy the natural beauty in these feathers.

Enjoy and share!

LINE OF CREDIT vs LINE OF CREDIT

I have read recently that Lines of Credit (L/C) became the most popular mortgage products. Two obvious reasons. First, low interest rates on the first mortgages, second – need for money, thus accumulated income in the property became the savings bank.

Recently I received a phone call from the client whom I helped to get a mortgage (with the interest rate of 3.75%) during her divorce. Now she needs money to finish construction of an ADU (accessory dwelling unit). The problem is that because of her limited income, she cannot get conventional L/C or 2^nd loan from a bank of a credit union. She found out about this after reaching out to them.

“Can you help?” was her question. At the beginning, the only solution I had was reverse mortgage second loan. However, she was concerned about the interest rate of 9.99%. Then, during the presentation in our office by Robert Rodriguez from REMN Wholesale, we found out that there are other options available. You can learn more about those options from today’s video posted onto my YouTube Channel.

In the meantime, if you have questions, please feel free to call me directly at (415) 225-7920 or email me at [email protected].

I promise to help.

Manny Kagan,
President,
Pacific Bay Financial Corporation

NMLS #205637
DRE #00824602