Buying a foreclosure property has almost always been an option reserved for the speculator or investor who intended on "flipping" the property or holding it for future investment and/or rental income. Now, with value enhancement strategies and a wide array of inventory almost global to choose from, foreclosures are now being equally pursued by first time home buyers and are proving to be a great investment for the future if a buyer can find the right home in the right area. Today, buying foreclosures is not reserved for the investor, nor are banks necessarily interested in selling their properties strictly to investors. Owner occupants are now also looking at the foreclosed inventory in their markets, and see if the house they are looking for, with the things they want in it, happens to be listed for sale as a foreclosed property they will buy it.
“We have amassed an inventory of foreclosed and distressed real estate that we have enhanced the value of through rehabilitation and restabilizing, and as a result we are seeing offers from all kinds of buyers looking at our inventory,” says Charles Blumenkehl, CEO and managing partner of Blue Asset Management. "Buyers who want to buy for short term, long term and mid term investment, buyers who want to live in the home, buyers who are looking to buy something for a family member or help their children get started if the price is right and the rates stay low, have all been entering the foreclosure market.” Blumenkehl, who says his company who has bought properties from several dozen banks, says that many of the homes his company re-sells, and many homes available through other less travelled options have been representing good values in today’s market, and as a result sell more rapidly than others may.
The process for buying a foreclosure property is no different than buying any other home except the emotion on the behalf of the seller has usually been removed, and the company will work to close the transaction as much as makes sense. Blue Asset Management itself uses a network of Realtors from throughout New Jersey, many of whom worked at Blumenkehl's brokerage that was sold to Coldwell Banker in 2009 and are familiar with company guidelines and parameters. While buyers still have to verify their income in most cases, have good credit and be able to show they can make their mortgage payments Blumenkehl's company has a number of mortgage lenders that may have products to suit the buyer and help facilitate the transaction where other lenders may be unable to assist the borrower.
Blumenkehl points out that not all foreclosed properties are for all buyers. Some properties need work, others don’t and still others may present unknowns that require a more sophisticated buyer. Most importantly, a buyer should work with an agent who is familiar with foreclosures, understands the banks and the players, and has a reputation for honesty. Blumenkehl continued, “Since we have the good fortune of having both an experienced network of foreclosure agents and at the same time enjoy a network of offices throughout New Jersey that service all our local markets, we are able to offer our buyers the best of both worlds, providing them access to our foreclosed properties currently on and coming to the market while offering great service and local market knowledge through our network of highly effective Realtors.”
And, Blumenkehl pointed out, since Blue Asset Management does not take title to the property until after foreclosure, they also do not have to go through the short sale or pre-foreclosures process, enabling potential buyers to close much much quicker. “Mortgage companies do short sales, the term used when banks allow property to be sold for less than the mortgage balance owed by the seller, when they don’t want to keep them on their books,” said Bill Lawrence, Realtor and top producer at Coldwell Banker in Wayne, NJ. "The process can take forever, and by the time the bank has approved the sale, the buyer has often moved on to another property. By showing buyers properties like those of Blue Asset Management LLC we can provide our buyers professional negotiations, a property that is ready to move into and a deal that will close".
Home buyers should rely on professionals, such as real estate agents and home inspectors, to make informed purchases, said Keri Mason Roth, a partner at Atlanta-based law firm Morris Hardwick Schneider. These professionals can provide information on the neighborhood, tax history, and details about the property, such as lot size, footage or homeowners association dues.
To learn more about buying foreclosures or seeing foreclosed opportunities in the area, Blumenkehl invites you to contact your local Realtor. Blumenkehl and his companies are not real estate brokers, and will generally work through the brokerage community. For more informatin about Charles Blumenkehl or Blue Asset Management LLC visit the company website at www.blueassetmanagementllc.com or call the company directly at 973-835-1400.
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Sunday, December 26, 2010
Sunday, December 12, 2010
Blumenkehl Companies Enter Into Agreement with Energy Plus
According to Charles BLumenkehl, CEO and managing partner, Blue Asset Management LLC has entered into an agreement with Energy Plus, an independent utility company licensed by the State of New Jersey, to supply electric on a test basis to one of their properties in New Jersey. According to Blumenkehl, the property, a garden apartment complex located in Paterson, New Jersey, hopes to save between 10-15% on its electric cost, which will translate to several thousands of dollars saved in electric costs a year.
According to Charles Blumenkehl, "With the deregulation of utilities in New Jersey, we have chosen Energy Plus as a potential partner to service our utility needs. We are hopeful to reap the benefits of the anticipated savings made available though deregulation of utility providers, and hope to add more buildings once we are satisfied Energy Plus has implemented meaningful savings and service to our company."
Blue Asset Management LLC is a buyer and seller of performing and non performing notes and distressed real estate. The company also maintains a portfolio of properties in Bergen, Passaic, Hudson and Morris Counties in New Jersey. For more information about Charles Blumenkehl or Blue Asset Management LLC lo onto the company website at www.assetmanagementllc.com
Energy Plus® is an independent energy company that has been licensed by the Connecticut Department of Public Utility Control (DPUC), the Maryland Public Service Commission (PSC), the New Jersey Board of Public Utilities (BPU), the New York Public Service Commission (PSC), the Pennsylvania Public Utility Commission (PUC) and the Public Utility Commission of Texas (PUCT license # 10172) and works with local utility companies. Energy Plus provides electricity services through Energy Plus Holdings LLC and natural gas services through Energy Plus Natural Gas LP. and maintains its mission to supply energy to home or small business at the lowest possible cost.
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According to Charles Blumenkehl, "With the deregulation of utilities in New Jersey, we have chosen Energy Plus as a potential partner to service our utility needs. We are hopeful to reap the benefits of the anticipated savings made available though deregulation of utility providers, and hope to add more buildings once we are satisfied Energy Plus has implemented meaningful savings and service to our company."
Blue Asset Management LLC is a buyer and seller of performing and non performing notes and distressed real estate. The company also maintains a portfolio of properties in Bergen, Passaic, Hudson and Morris Counties in New Jersey. For more information about Charles Blumenkehl or Blue Asset Management LLC lo onto the company website at www.assetmanagementllc.com
Energy Plus® is an independent energy company that has been licensed by the Connecticut Department of Public Utility Control (DPUC), the Maryland Public Service Commission (PSC), the New Jersey Board of Public Utilities (BPU), the New York Public Service Commission (PSC), the Pennsylvania Public Utility Commission (PUC) and the Public Utility Commission of Texas (PUCT license # 10172) and works with local utility companies. Energy Plus provides electricity services through Energy Plus Holdings LLC and natural gas services through Energy Plus Natural Gas LP. and maintains its mission to supply energy to home or small business at the lowest possible cost.
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Saturday, December 11, 2010
Blue Asset Management Aggressively Seeking NPNs
Blue Asset Management, managed by Charles Blumenkehl, CEO and managing partner of Blue Asset Management LLC, has announced that his company will be aggressively seeking non-performing mortgage notes throughout the state of New Jersey.
According to Charles Blumenkehl, "regional and local banks will be hard pressed to retain many of their non performing notes on their books, and will need to liquidate their non performing inventory to adhere to FDIC banking guidelines. We hope to be in the forefront of this activity, and look forward to leveraging our relationships and liquidity to help solve the problem that exists for many of these affected holders of mortgages that need to be monetized quickly."
According to Blumenkehl, several hundred banks have been placed on the FDIC watch list, and will have to act to comply to regulation. By enabling banks to liquidate their New Jersey portfolio, Blumenkehl hopes his company will leverage the opportunities at hand while helping banks comply to federal guidelines and remain solvent.
Blue Asset Management was founded by Charles Blumenkehl in 2008 and is a buyer of non-performing and performing notes and distressed real estate. For more information about Charles Blumenkehl and Blue Asset Management LLC log onto the company website at www/blueassetmanagementllc.com or call the company directly at 973-835-1400.
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According to Charles Blumenkehl, "regional and local banks will be hard pressed to retain many of their non performing notes on their books, and will need to liquidate their non performing inventory to adhere to FDIC banking guidelines. We hope to be in the forefront of this activity, and look forward to leveraging our relationships and liquidity to help solve the problem that exists for many of these affected holders of mortgages that need to be monetized quickly."
According to Blumenkehl, several hundred banks have been placed on the FDIC watch list, and will have to act to comply to regulation. By enabling banks to liquidate their New Jersey portfolio, Blumenkehl hopes his company will leverage the opportunities at hand while helping banks comply to federal guidelines and remain solvent.
Blue Asset Management was founded by Charles Blumenkehl in 2008 and is a buyer of non-performing and performing notes and distressed real estate. For more information about Charles Blumenkehl and Blue Asset Management LLC log onto the company website at www/blueassetmanagementllc.com or call the company directly at 973-835-1400.
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Friday, December 10, 2010
Blue Asset Management Expands Markets
According to Charles Blumenkehl, CEO and managing partner of Blue Asset Management, the company is expanding its markets to leverage opportunities sustained by additional pressures from new entries into their local markets. Blue Asset Management has been focused primarily in Bergen, Essex, Morris, Passaic and Hudson Counties has included distressed real estate in Monmouth, Somerset and Warren Counties as well.
"With the increase in players in the counties we have been active in, the expectations of our local sellers have become less reconcilable with our model and market expectations," Blumenkehl continued, "By increasing our markets, we can still control our product flow through existing networks while increasing our ability to leverage the opportunities in our markets." Blumekehl's company controls close $10 million in holdings and is hoping to increase their property flow in 2011.
Blue Asset Management LLC is a buyer and seller of non-performing and performing residential and commercial notes and distressed real estate. For more information about Charles Blumenkehl and Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com
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"With the increase in players in the counties we have been active in, the expectations of our local sellers have become less reconcilable with our model and market expectations," Blumenkehl continued, "By increasing our markets, we can still control our product flow through existing networks while increasing our ability to leverage the opportunities in our markets." Blumekehl's company controls close $10 million in holdings and is hoping to increase their property flow in 2011.
Blue Asset Management LLC is a buyer and seller of non-performing and performing residential and commercial notes and distressed real estate. For more information about Charles Blumenkehl and Blue Asset Management LLC log onto the company website at www.blueassetmanagementllc.com
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Blue Asset Management Closes on Six Multi-Unit Properties in Paterson
Charles Blumenkehl, CEO and managing partner for Blue Asset Management LLC has recently closed on six multi-family apartment buildings in Paterson, New Jersey
According to Charles Blumenkehl, “I view Paterson as a city short in good habitable housing supply. Projects have sprung up in the past few years, and have helped to support that need, but the opportunity to acquire these multiple family properties and help stabilze both the buildings and neighborhoods they are in is a big win for everyone involved.”
Charles Blumenkehl and his companies have renovated and filled more than 90% of the units that came with the properties, and is working to complete the turnaround and stabilization of these properties shortly. Blumenkehl predicts he will be close to 100% occupancy of the more than one dozen properties throughout the city currently controled by Blue Asset Management by the first quarter of 2011.
Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage the opportunities resulting from the mortgage and liquidity meltdown that began a few years ago. For more information about Blue Asset Management LLC or Charles Blumenkehl log onto the company website at www.blueassetmanagementllc.com
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According to Charles Blumenkehl, “I view Paterson as a city short in good habitable housing supply. Projects have sprung up in the past few years, and have helped to support that need, but the opportunity to acquire these multiple family properties and help stabilze both the buildings and neighborhoods they are in is a big win for everyone involved.”
Charles Blumenkehl and his companies have renovated and filled more than 90% of the units that came with the properties, and is working to complete the turnaround and stabilization of these properties shortly. Blumenkehl predicts he will be close to 100% occupancy of the more than one dozen properties throughout the city currently controled by Blue Asset Management by the first quarter of 2011.
Blue Asset Management was founded by Charles Blumenkehl in 2008 to leverage the opportunities resulting from the mortgage and liquidity meltdown that began a few years ago. For more information about Blue Asset Management LLC or Charles Blumenkehl log onto the company website at www.blueassetmanagementllc.com
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Tuesday, December 7, 2010
Blue Asset Management is active in New Jersey
Managed by Charles Blumenkehl, CEO and managing partner and a long-time veteran of REO and distressed real estate disposition. Blue Asset Management LLC are buyers and managers of first lien, non performing mortgages, distressed, pre-foreclosure and REO seeking to leverage market condition opportunities and achieve robust returns through strategic disposition and long term growth.
Through Blue Asset Management LLC Charles Blumenkehl has purchased from banks, lenders, REIT's, asset management companies, real estate brokers auctions and private individuals.
Blue Asset Management welcomes all confidential inquiries and will provide quick bid analysis and timely closings
For more information about Blue Asset Management LLC, log onto the company website at http://www.blueassetmanagementllc.com/ or call the company directly at 973-835-1400.
Through Blue Asset Management LLC Charles Blumenkehl has purchased from banks, lenders, REIT's, asset management companies, real estate brokers auctions and private individuals.
Blue Asset Management welcomes all confidential inquiries and will provide quick bid analysis and timely closings
For more information about Blue Asset Management LLC, log onto the company website at http://www.blueassetmanagementllc.com/ or call the company directly at 973-835-1400.
Monday, December 6, 2010
Is now the time to buy apartment buildings?
Maybe. Probably. Depends. Hi. its Charles Blumenkehl, and I'll share with you some of what I've leared these last 30 years in the real estate property management business'
Maybe, because prices are definitely low, particularly if you factor the return based on anticipated rents, and buildings are selling, or at least opportunities exist, for buildings at the lowest multiples seen in decades. Factor in the low interest rates you could finance these at today, leading to higher cap rates, and thats where the Probably bomes in. On the other side of maybe is what if, in the short term more multi families hit the market, due in part to the naturing process of the foreclosure process, more investors buy more multi family homes, and a surplus of rental inventory exists. Now, you are saddled with vacancies, carry, and buildings whose value is still contracting. Well, it could be. That's where the Depends comes in. You want to make sure, particularly if you are buying non-performing notes collateralized by these properties, that these numbers are factored into your model. It's been said you can't pick the lows of the lows and the fighs of the highs of the stock market, and the dame can be said for the real etate market. Also, you want to make fure you are fincnced yourself, that if your building hits a bump in the road, larger vacancies, smaller rents, more or unforseen events or mailtenance items (there's a reason the priorowner went belly up). At Blumenkehl companies, we expect the unforseen, and it has served us well.
Maybe, because prices are definitely low, particularly if you factor the return based on anticipated rents, and buildings are selling, or at least opportunities exist, for buildings at the lowest multiples seen in decades. Factor in the low interest rates you could finance these at today, leading to higher cap rates, and thats where the Probably bomes in. On the other side of maybe is what if, in the short term more multi families hit the market, due in part to the naturing process of the foreclosure process, more investors buy more multi family homes, and a surplus of rental inventory exists. Now, you are saddled with vacancies, carry, and buildings whose value is still contracting. Well, it could be. That's where the Depends comes in. You want to make sure, particularly if you are buying non-performing notes collateralized by these properties, that these numbers are factored into your model. It's been said you can't pick the lows of the lows and the fighs of the highs of the stock market, and the dame can be said for the real etate market. Also, you want to make fure you are fincnced yourself, that if your building hits a bump in the road, larger vacancies, smaller rents, more or unforseen events or mailtenance items (there's a reason the priorowner went belly up). At Blumenkehl companies, we expect the unforseen, and it has served us well.
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