Who's Your Heros?

In the previous 2 posts I presented my view on what a hero is and what a hero does.

I now ask you to give some thought as to who are your Heroes. It could be Mickey the taxi driver who lives next door. Many of you will say it’s your Mom. Others will say it’s your Pastor. The beauty of Heroes is while the concept and definition is very public, identifying and appreciating heroes is personal. We are all entitled to have our own heroes.

While I cannot tell you who your Heroes should be, I can tell you who my heroes are and why.

Hero #1 – Warren Buffet – I admire this man for the humble way that he lives his life, his view on wealth and his desire to share his wealth with needy people around the globe. While I could go on for pages about Warren Buffet I will summarize just a few points. Warren believes that his children are entitled to a nice life and has provided for them to have a nice life. Warren doesn’t believe the being born from the “Golden Womb” is automatic entitlement to his vast fortune. He has chosen to donate a substantial portion of his fortune to the Bill and Melinda Gates Foundation for the benefit of mankind. Warren is smart enough to accumulate a vast fortune and has chosen to give much of it away. Warren focuses on the good that the wealth can provide versus the fame and recognition he could receive by establishing a Warren Buffet Foundation. Warren Buffet is one of my Heroes and I don’t even own any of his stock.

Hero #2 – Bill Gates – At one point of my life, I was not a fan of Bill Gates. I viewed him as an Attila, hell bent on extracting as much money from my wallet as possible. I am proud to say that “I am a PC”. While my first computer was an Apple, every computer I bought in the last 25 years has run on Microsoft Windows. What’s changed? First there are many evil people around the world that want to disrupt our lives with computer viruses, scams and other attack. Microsoft, under the guidance of Bill Gates, has taken a front line position in helping defend against these evil doers and works in our collective interest every day. In addition, Bill Gates recognizes that he has been blessed and has setup the Bill and Melinda Gates foundation. It is a little know fact that the Bill and Melinda Gates Foundation currently buys 90% of all the Polio Vaccine produced in the world and provides it to needy people around the world; FREE. I have an aunt who had polio when she was a baby. Every time I see her walking with her walker or riding in a wheel chair, I am reminded on just how devastating Polio is. Bill Gates very quietly works at eradicating this horrible disease; Bill Gates is one of my Heroes.

Hero #3 – Salvatore – You may be wondering who is Salvatore, he was my father-in-law. My own father died when I was 15 after being very sick for 5 years. I and my 2 brothers were raised by my mother who did a phenomenal job of raising 3 responsible men who are all married to their first, and only, wife for more than 25 years each. So what did Salvatore do? He taught me by example on how to be a man; to love my wife and family. He taught me to respect and help my extended family. He taught me when to be tough and when to be compassionate. He taught me to always be thankful to God for the blessings I have been given. He taught me about business and what’s important. The most impressive fact about Salvatore was that he taught me all this without the benefit of completing high school. Salvatore immigrated to the USA when he 35 years old, worked hard as a cabinet maker, invested in real estate and was able to retire at the age of 55. Salvatore is my biggest Hero.

It is now time to wrap up this discussion on Heroes and get back to the business of real estate. The Holidays is a time for Family. I encourage each of you to give some thought: on how you are blessed, how you can make a positive impact on the world, who has helped you become the person you are and who are your heroes. I encourage you to appreciate and cherish them.

Wayne O'Day

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What are the Responsabilities of a HERO? (part 2 of 3)

This is the 2nd of 3 posts on this topic.  The 1st post was on 12/21/2009

Atila the Hun and his horde terrorized the ancient world by thundered down the Mongolian Platues burning and pillaging every village that was unfortunate to find isself in their path.

Today Attila is still alive, well, and amoung us. He has traded his his horse for a Jaguar and his animal skinned trappings for a Brooks Brothers Suit; however his intent has not changed. He still plunder all in his path. Instead of swords and daggars, he now uses legal mumbo jumbo, very small print, glitzy advertis and FREE offers which turn into parisitic monsters that comsume the economic life blood of counteless families.

There are many Attilas among us, some are not so obvious. If you like eating chicken it is highly probable you’ve eaten chickens fed an arsenic laden food additive to improve the looks of the raw chicken in the butcher case. What is even more astonishing is that the addative was approved by the US Food and Drug Agency as safe. I ask you, when is an entreemly toxic poison ever safe in our food chain. Never in my book and not any more in Tyson Brand Chicken, who does not need this horrible adative to make a profit selling chickens to me and the american public. So why do the other chicken producers do this? I believe the motivations is the same as Attila’s; for unfair profit. Now this post is not about food, but if you are as concerned and passionate about healthy foods for your family, you may want to read more and buy only Tyson Brand Chicken. Go To http://pubs.acs.org/email/cen/html/040907093531.html

Atila is alive and well in the Mortgage Business. The economic mantra eminating from Washington D.C. is to help the homeowner stay in their home after the most serious real estate meltdown since the 1030’s. Last week the Treasury Dept released its report card as to how banks were doing meeting this national goal. Bank of America, the nations 2nd largest bank has sucessfully helped less than 100 of their clients modify their mortgages so they can stay in their home. The goal of this program was to modify 9 million for homeowners. Are there only 100 of Bank of A’s clients that qualify or is it just easier for the Atillas at Bank of A to push these homeowners to their economic death via foreclosure just as Atilla did centuries before.

Last week I was working on a Short Sales where Bank of America is the lender. I was uploading documents and hit “Save and Submit” instead of “Save and Submit Later”. Once I did this, My screen was locked and I could not upload any more documents. It appeared to be a matter of a simple call the Bank of A phone number appearing on the Home Page www.shortsale.BankofAmerica.com Two hours later and talking to 2 different departments, their supervisors as well as a 3rd party software company (Equator.com – which they use to aggregate loan data). I was unable to get the screen unlocked. Their recommendation “Fax it in”. Why not use Pony Express the results would probably be the same.

I deal with Short Sales and foreclosures on a daily basis. If I couldn’t get Bank of America to unlock the screen to allow me to finish uploading the info they requested, there is no way the average america will be sucessful in the current Bank of America Short Sale Process.

I am not suggesting that Bank of America become a public charity, I suggest they just use good business practices. It is a know fact that Short Sales are less expensive than foreclosing on a property and economically better for both the bank and the homeowner. The smaller banks I deal with go to great lenghts to work with the homeonwer to avoid forclosure by doing a short sale. Why wouldn’t Bank of A?

I don’t pretend to understand why Bank of America would take the more costly approach of forclosure which nagatively affects their bottom line as well as the neighborhoods we live in. A home purchased via a short sale with people, kids, dogs, cats and flowers is much more attactive and vibrant to our neighborhoods than vacant boarded up home falling into disrepair..

Heroes come in a variety of ages, ethnecity, socioeconomic classes and both sexes.

What do all Heroes Share? They share a deep conviction that their courage, tireless work and sacrifice will have a positive outcome for mankind or God’s floura and fauna.

A parent is a hero when they are committed to being a great spouse, parent and employee.  A business leader is a hero when they use to power of their position to make a profit for their shareholders, a living for themselves and the world a better place. Being a hero is much like baking a cake. You need all the ingredients to make a cake. In addition to the power, you need a commitment; look at the man in th mirror and do the right thing.

A celebrity or sports figure is a hero when they combine their physical gift with moral excellence to serve mankind; anything less is shamelss self indulgence.

The title of Hero is one that an individual earns. True Heroes are much more pationate about the causes that they believe in and fight for, then being recognized as heroes. They have no problem looking into the mirror and telling that guy or gal looking back, “You’re doing a great job. Keep it up”.

on my next post of the 3 part series – Who’s your Hero


Wayne O'Day

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What’s an American Hero?

The next 3 posts will deal with the subject of Heroes, while this is a rather general topic, and one that is quite subjective, I will address Heroes and real estate in the 2nd of 3 posts:

1) What’s a Hero

2) Responsibility of a Hero

3) Who’s your Hero?

Two weeks ago our nation was consumed as yet another modern day Titan’s fell from grace. The Tiger Woods saga, with one woman after another going public on how Tiger disregarded the promise he made to his wife Elin and his family.

In our American Culture, we have a predisposition to view athletes like Tiger as Model Citizens. We place them high on a pedestal and display them for public admiration and private emulation; it wasn’t in the too distant past that everyone wanted to “Be Like Mike”. But wasn’t the Michael Jordan story the same as Tiger’s, jut a different day?

A hero is defined as a person,who in the face of danger and adversity, displays the courage and will for self sacrifice for some greater good; originally material courage or excelence and extended to a more general moral excellence.

When I take this definition and try to apply it to celebrities de-jour such as Tiger, Micheal Jordan, Barry Bonds or “The Donand” (Trump), I come up short. There is no deniening that these individuals are very gifted in what they do, but they are clearly not Heroes. There is no self sacrifice for the greater good either materiallyor morally. They all have a strong dedication to themselves and to serving their needs, wants and desires. The fame our electronic and connected culture bestows on these individuals only excaserbates their narcistic view of the world and their distorted view of their own self worth.

When they get caught, their publicists go into damage control and just as the sun rises in the East, they all go public with admonition of their wrongfull deeds and asking their family and their public for forgiveness.

After the memory of Tiger have faded and America’s attention has turned to the next demagogue, the hurt, felt by Tiger’s wife Elin and their young children, will still be there. They may accept him as a spouse and father, but they will never consider him their Hero.

In my next blog - tomorrow – What is the responsibily of a Hero

Wayne O'Day

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What would Flash Gordon Do?

Part of the Real Estate business is networking and talking about real estate. As just about everyone in my immediate family holds a real estate license, we talk about real estate like Bubba in the movie Forest Gump talked about all the ways you can cook shrimp.


One of the recurring themes we all hear is “I want to move, but I lost too much value in my home to afford it”

Let’s look at this simple example: You Mr. and Mrs. Big Bucks own a home free and clear that use to be worth $100k and is now worth on $90k due to the drop in market prices.

The home you want was worth $200k and is now worth only $180k due to the same drop in market prices.

Look at this simple example to see why it is to your advantage to sell your existing home and move to the larger home that you want and need.

                                          Sold & Bought Before        Sell and Buy Now
Sell Existing home @ Market          + $100,000                    + $ 90,000
Buy new home @ Market                - $200,000                    - $180,000
Amount of New Mortgage            - $100,000                    - $ 90,000

This example shows that by selling your current home for less money and buying your new home at a lower price, the mortgage on your new home will be less than if you made the move a few years ago.

Now take a deep breath, look at your significant other and ask yourself if you have the courage of Flash Gordon to move forward in the face of uncertainly.

If you would like help reviewing your specific situation, give me a call at 708-274-3830. Together we can complete your analysis in about 15 minutes.

Wayne O'Day

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Frankfort IL - Builders have a 30% off SALE

Recently I showed some brand new homes in Frankfort IL and I could not believe the Builders’ prices. By my calculations, these homes are priced 30% below replacement cost.


THESE ARE NICE HOMES; 4+ bedrooms, 3+ baths, master suite with tricked out showers & walk-in closets, large kitchens with upscale appliances, fireplace, 3 car garages and landscaped. WOW! – That’s a lot of house to get for $450 - $550k.

So why are these homes so Cheap????  I spoke with some of the builders and they have been carrying these homes for 2 years. The answer is obvious; they can no longer afford the carrying costs. If a builder borrowed $500k from a bank at 7% interest amortized over 30 years, their monthly payment would be $3,327. Add to that taxes, utilities, landscaping and cleaning, the monthly bill could easily reach $5,000; that’s $60,000 per year for a home that you don’t live in.

THESE HOMES, AT THESE PRICES, ARE INCREDIBLE VALUES.

I rubbed my crystal ball to see what the future market would look like for homes like these. What I see are fewer builders, being very reluctant to build spec homes in this price range. Homes will be built only after large non-refundable deposits have been received and the ultimate home price will need to increase substantially to cover construction costs and provide a profit for the builder.

These low prices and the low mortgage rates make these homes extreemly attractive.

The Cherry on the top of this ice cream sundae is the $6,500 buyer credit the government just announced for existing home owners who have lived in their homes 3 out of the last 5 years.

If you are interested in seeing any of these beauties, or similar new homes in other areas, just give me a call at 708-274-3830.

Happy House Hunting

Wayne O'Day

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BUSINESS WEEK's 2009 BEST Place to Raise Kids - TINLEY PARK IL

Business week announced yesterday its 2009 pick for the Best Place in America to Raise Kids. This years choice:

TINLEY PARK ILLINOIS

Click to view the Business Week Video

If you are interested in finding out what homes are availalbe in Tinley Park IL give me a call and I can set you up to search for homes as if you were a member of my Team.  Give me a call at 708-274-3830

Happy House Hunting

Wayne O'Day


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Are YOUR Expectations Reasonable?

I was in McDonalds this morning waiting to get a cup of coffee when a guy walked in, walked up to the counter and placed a McDonalds coffee cup down and requested a refill. The McWorker behind the counter advised the guy that the free refill offer ends the moment you leave McDonalds and by the way, the fall color of the coffee cups is now red and the color of your cup, Mr. McGuy is tan.  McGuy’s response was priceless; “You got to be kidding!”


What was McGuy’s expectation? Did he expect McDonalds to give him Free Coffee for life as long as he had his McCup which he paid $1 for and originally came filled with a pretty good cup of coffee?

Yesterday afternoon I was pulling out of my subdivision. Pulling out of the subdivision across from me was a dark haired girl that was multi-talented. She was able to race up to the intersection, assess the traffic, and driving like a bank robber, made a very fast left turn onto the main street all while lighting her cigarette. I turned out behind her and my route requited that I follow her for a few miles. About a mile into the journey, the cigarette smoking, fast driving dark haired girl, with people to see and places to go, jettisoned a fast food restaurant napkin from the driver's window and continued driving like a bad chase scene from Cops.

What was Ms Speedy’s expectation? How did she rationalize tossing a napkin from her window was the right thing to do? Who did she expect would pick-up her discarded napkin?

Last week our Congressmen and Senators extended the first time buyer credit for another 4 months until April 30, 2010 which puts up to $8.000 cash into the pockets of first time buyers. With home prices and mortgage rates at historically low prices, homes will never be this affordable in out lifetime, but why are so many first time buyers afraid to go into the water?

Are they expecting home prices to go significantly lower and mortgage rates will substantially decline, making the existing Great Deals Incredible Deals?

This brings us to where we started, are these expectations reasonable?  I welcome your comments and perspective.

Wayne O'Day

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