Thanks for joining us. In a few minutes, were gonna take you inside two truly unbelievable homes. But first, i want to introduce you to a couple stuck in a property nightmare. Which one are you looking for, jacob . Let me tell you the story of mark and yessenia. Go like this. Theyre a typical young couple. Theyre trying to raise a family and provide for their children. Weve been married for seven years. Currently, im a firefighter with the city of henderson fire department. Yessenia is a stayathome mom right now with our three boys and running the household for us. We bought our first home in 2006. After we got married, we started our family and decided we needed to get into a bigger home. Throw it we were running out of room, and, at the time, the market wasnt the best for us to sell the house that we were in, so we decided to use it as a rental property. It was about three years of living into that house, and i lost my job. Once we realized my job alone wasnt gonna handle both the mortgages on the properties, we went to the bank to see if we could get a loan remodification or whatever processes they had at the time. They contacted the lenders. They wanted to try to save their homes. People who, their whole life, had great Credit Ratings they were being told, the only way to save your home is go late on payments. We were pretty much told that we were making our payments on time, so there was nothing they could do for us, but if we went delinquent and stopped paying, after six months, theyd reassess the situation and go from there, but they still couldnt give us a guarantee that thered be something they could do to help us. So many good people that bought the homes in good faith in 06 are now being asked to ruin their credit in the hopes only the hopes of saving their home. So, what did they do . Mark and yessenia contacted a lawyer, looking and hoping for help. We were told it was in our best interest to file a chapter 7 bankruptcy, to surrender both properties, and begin to reestablish our credit and our family. They filed a chapter 7 bankruptcy. They thought at that time that once a bankruptcy was over that they could move on with their life and eventually buy a home. So they moved in to a rental property and spent three years saving money and repairing their credit before trying to start over. Look, cruz. Want to play . We figured that houses would be sold and would be out of our name and we would wait our appropriate amount of time before we started searching for another house. But, suddenly, they discovered a problem. The home they gave up in the bankruptcy three years ago was never actually sold by the bank. The title of the house lists mark as the property owner. When i contacted bank of america, they said that bank of america rescinded on the foreclosure process. The title to the property was never taken out of their name. Its what we call a zombie foreclosure or zombie title. In other words, the lender, to this day, still has not foreclosed on that property, and what that means for mark and yessenia they cannot buy a property, a new home, to house their family until that lender decides to foreclose on that property, and they find themselves stuck in time. We dont technically owe the note on the home, and bofa doesnt technically have the note, but its still the title is still in marks name. For every problem, theres a solution. Were gonna sit down and listen to their story, and im gonna give them some resolution to get them out of this mess so they can rebuild their dream. Hey [ chuckles ] what are you doing back there . Hey, mark. Hey, bob. Good to see you. How are you, yessenia . Hello. Hey, honey. What did it make you feel like when they told you that you had to go delinquent, if you will, on your payments in order to even be considered . It was a hard pill to swallow, cause we had taken pride in, you know, providing for our family and doing all the right things and establishing our credit and not walking away from a liability and our responsibilities. We wanted to stay in that home. We loved that house. So, at some point, you approached a bankruptcy lawyer. He had told us that this was going to give us a fresh start, that we were going to be able to have those properties out of our names and the debt out of our name and we would be able to, in a few years, as long as we tried to reestablish our credit and save some money for a down payment, wed be able to buy a house again. Its been three years that this house has supposedly not been our responsibility. Now, three years later, were having to deal with trying to figure out what to do. This problem can be solved. But first i needed to see this property for myself. So, here we are at 9498. This is the property you thought was surrendered, and this is the property thats still in your name, right . Yes. Right. All right. Lets go in. Lets take a look. If you would have realized that it was still in his name, im assuming the condition of the house you would have changed and tried to rent it out again. Yeah, absolutely. We wouldnt have let any of this happen, and we would have hopefully had somebody in here that would have taken care of the house. At this point, were willing to do almost anything to just get the house sold. We talked to the gentleman from the Collection Agency that purchased the loan. We asked him, when are you gonna foreclose on the property . He said, we cant. Were just a Collection Agency. I dont even know where were gonna go from here. Do you have any motivation just to sort of fix it up and say, hey, lender, until you take it, im gonna rent my house out and make some money . Weve thought about it a great deal spend 5 or 6 grand as an investment, throw it back in here, and throw a renter in here till someone says, leave. Now that ive seen the property, the first thing that comes to my mind is the short sale. By definition, a short sale is where you sell it for less than what the debt is. There is no debt. I think that puts you in a huge advantage because now, since the lender has done nothing for three years, you may have a trump card to get rid of this home and get it out of your name. The other thing is i really still believe that either through the bankruptcy court, which takes a little more time, or just deeding the property back to the lender or the servicer of the loan, is definitely an alternative. What we want to try to do is keep it out of court, because, number one, its timeconsuming. You dont have to spend any money. So, i think were gonna approach this in a very practical way. Whats the quickest way to get this nightmare behind you so you can start rebuilding your dream, own a home in another year, and then move on with your life . So, will they be able to escape from zombie foreclosure . Were gonna follow mark and yessenias story, and in a few weeks, ill check in with them and ill let you know how theyre doing. Next, im gonna show you two of the hottest properties in las vegas. How bout this basketball court, wine cellar . Believe it or not, theyre right here in las vegas. [ woman vocalizing ] pssst. What . I switched to geico and got more. More savings on Car Insurance . Aha. And an awardwinning mobile app. That is more. Oh, theres more. Mobile id cards, emergency roadside service. More technology. I can even add a new driver. Right from her phone geico. Expect great savings and a whole lot more. Stay at la quinta. Where were changing with stylish makeovers. Then at your next meeting, set your seat height to its maximum level. Bravo, tall meeting man. Start winning today. Book now at lq. Com welcome back. Im bob massi, the property man. When the realestate market crashed, it took everything with it, from studio apartments to multimilliondollar mansions. But the American Dream is back, and real estate is hot again. At the end of the program, weve got some vital tips that you need to know if youre jumping back in the market. But first. If youre talking highend real estate in las vegas, well, let me tell you, youre talking for Florence Shapiro and ivan sher. This duo is responsible for listing some of the most unbelievable homes around, and they offered to show us two very different but equally stunning properties. This property has nearly 16,000 square feet under the roof. Listing price 11 million. To the left here is actually, like, an indoor outdoor pond. Yeah. Its a koi pond, and it goes right into the house. So, you have the sound of water wherever you are in this house. And immediate meditation, ivan you know, that warm feeling, home feeling. And then, as were walking in to the house, this is a very, very unique door. The home was obviously custombuilt for the owners. At the very end of the design and development and creation project, the door was unveiled to them, and, as you can see, it epitomizes the home. I mean, look at this. Look at this chandelier. Incredible absolutely incredible. Theres a peace about this property, ivan, that when you walk in, it doesnt overwhelm you. Youre immediately struck by the architecture. Yeah. You look at it, and you just youre inspired. Then you walk through the home, and you feel the light. You feel the air. You feel the zen of what it has to offer. And you come out to the backyard, and the backyard kind of cascades over. The nice thing about this is it opens up to the family room, and youve got the fireplace that looks like its outside, and the main thing in here is the glass ceilings, because the light comes in and its never right on you. Its, like, very gentle, very soft. This is a very functional type of kitchen, where its not overwhelming. No. But yet you still have the openness, where you have the dining area, you have the im sure they spend all their time like all families, right . Right in this area here. Absolutely. Absolutely. And the nice thing is look at the views you have. Yes. Thats an architect that thought about it. By the way, enjoy playing a little basketball . This house has you covered. Okay. So, there are such things as, like, basketball courts, you know, like backyard courts a little bit of cement. However. For their family, what they decided to do was what could they do to add some value for the kids . What an amenity and what a selling point for you to have. Property number 2 is like slipping in to a little piece of europe right here in las vegas. [ laughs ] this is getting to be torturous. [ laughter ] oh, my god. This 5bedroom, 5bath home has nearly 11,000 square feet of living area, and its listed only for 8. 5 million. The custom and imported finish throughout this breathtaking estate are second to none. The floor that you see is reclaimed from europe. The terra cotta that youll be walking on was brought from europe. When im walking, the first thing i notice is the ceiling. All of the detail that you see on the ceilings were handpainted on canvas. And then it was stretched in here, and the beauty is the way theyve arched the ceiling so you get that impression when you walk in. And this is in an area called southern highlands. Right. Thats correct. So, now were going out towards the swimming pool. You walk in to Certain Homes that are this large, and sometimes there isnt that feeling of warmth. This feels like a home. It feels like its lived in. As large as it is and as beautiful, it feels like a place you could bring the family, bring the kids, bring the grandkids, and have a great time. Thats right. Look at this kitchen. They have this completely open space here where people could sit and talk, and you have the view out here. And then im looking out here. Theres even a barbecue area where they can go out. Yes. What some people do incorrectly when they build a home like this is they go for the european feel but they make it heavy. Thats not whats timeless, and this home is timeless. Its interesting you say that, because i notice that, literally, from room to room, theres different woods, so its not, like, overbearing, where you get all this dark wood and the house gets dark. Like, you look at this area over here, this cupboard area. Its not like something thats so heavylooking that it overwhelms the room. So now were on the second floor of this home. By the way, it has an elevator, correct . Yes, it does. Now, explain this hallway. Basically, you have at the end a trompe loeil that looks like a library, and then you have these antique mirrors that are on the side on the walls that gives that feeling of openness. And then you have this beautiful view out here of you got to suffer through these views. Yeah, thats the problem. This is tough. Puts a lot of pressure on you at night to look at the view, looking out towards the strip and the golf course. Youll notice that theres an indoor outdoor component because its vegas. Very interesting. Because of the weather, because of the climate, the people really use the space. So, now were gonna go down to what appears to be the basement. Now, this is not your average basement, with a soundproof theater, of course, a gameroom, wine cellar a little vino and a private office. This is the gameroom. This is where you have fun. Look at this. Oh, a nice pool wine every kind of wine you could imagine. Thats right. And now we go into surely what my grandchildren would love the theater. I mean, here we go. Youve got al the warmth and the nostalgia and the european feel, but then you still dont miss on the technology. Yeah, theres nothing missing in this room. Yeah. Yeah. Congratulations on having this. Youre representing them well, believe me. Thank you. Thank you so much. Thank you very much for the opportunity. Thank you. Thank you. Up next, you hear a lot about crowd funding nowadays. But could that concept actually work in real estate . Meet a man who says it already is. [ woman vocalizing ] look into my eyes you will see what you mean to me dont tell me its not worth trying for you know its true everything i do i do it for you my business was going nowhere. So i built this kickin new website with godaddy. Building a website in under an hour is easy 68 of people. Who have built their website using gocentral, did it in. Under an hour, and you can too. Type in your business or idea. Pick your favourite design. Personalize it with beautiful images. And. Youre done and now business is booming. Harriet, its a double stitch not a cross stitch build a better website in under an hour. Free to try. No credit card required. Gocentral from godaddy. Retail. Under pressure like never before. And its connected technology thats moving companies forward fast. Ecommerce. Real time inventory. Virtual changing rooms. Thats why retailers rely on comcast business to deliver consistent Network Speed across multiple locations. Every corporate office, warehouse and store near or far covered. Leaving every competitor, threat and challenge outmaneuvered. Comcast business outmaneuver. Welcome back. Im bob massi, the property man. Crowdfunding means raising money for a project by having a lot of different people invest. Well, the internet has enabled all kinds of things to be funded this way, from new inventions to independent movies. But now builders have turned to crowdfunding, turning people into overnight realestate investors. Is this a good thing, though . Youve seen it on indiegogo, kickstarter, sites like that, where theres been donationbased crowdfunding, charitable contributions for causes, but its now expanded. Normally, realestate investments are limited to people who are writing checks of 100,000 or more. We can take a deal, put it online, allow people to invest for 5,000 bucks. Giving an individual the chance for a few thousand bucks to own a piece of commercial real estate its really empowering. Its growing by leaps and bounds. In the past year, over 100 companies have popped up. Realty mogul, realtyshares, crowdstreet more and more realestate crowdfunding websites are popping up every day. The websites say that its bringing democracy democracy to realestate investing, enabling everyday people to invest in major building projects. Theres been a lot of frustration with wall street and banks, that theyre not lending to the right places for growth, and so the thought is that using technology to directly connect investors and borrowers it can create a more efficient process that i think will threaten the traditional centralized infrastructure. But is it really that simple . For the moment, most realestate crowdfunding is only open to socalled accredited investors. What does that mean . In short, got to have a lot of money. An accredited investor is a term defined by the s. E. C. It means an investor who has a net worth of 1 million or more or income of 200,000. But sometimes it is possible for the little guy to still participate. Fundrise recently celebrated the opening of their first ever crowdfunded project. We were the first crowdfunding platform and the only, as well, to offer an investment to nonaccredited investors. The first project, at 1351 h street northeast in washington, d. C. , we bought a 5,000squarefoot auto garage, rehabbed it, and leased it to famous local chef opened a concept called maketto. So, its a fusion kind of asian night market, retail store in the front, coffee shop upstairs. The market opened in washington, d. C. , after its construction was funded by 375 individual investors what a country we live in who put up between 100 and 10,000 each. They could invest in that project for as little as 100 bucks, which most people have never bought real estate at all, and the idea that that entry point is successful is really powerful. And this is big business. The crowdfunding website realty mogul has just invested listen to this more than 50 million from 16,000 accredited investors spread over 180 Properties Across this great country. In most cases, they invest themselves into the projects. They open it up to, at this point, only the accredited investor, with as little as 5,000. We recently raised 5 million for 3 World Trade Center. It really goes to show where crowdfunding has come since we started. You have some of the most institutional, wellrespected developers in the world using it, and you have places like 3 World Trade Center, which are iconic to everybody. What risk does that investor have . Same risk as they would if they were one person buying a piece of Investment Property. Its still a risky venture. Theres no guarantees. The way the payback works is, first, the bank gets paid. Then fundrise investors get in between 12 to 16 a year, and then the developer gets their upside, so the developer doesnt get any money back until were fully paid, and we like to have that level of protection for individual investors who are often just learning the process. So, you can invest as little as 5,000 and, say, for 12 to 18 months, get a return of 10 to 14 on your money, which you cant at the bank. Very shortly, itll be something thats possible for everybody, and i think thats when youre gonna see a big shift that people can actually participate in this, from the smallest levels, all over the country. Crowdfunding, zombie foreclosure, short sale well, listen, weve got a lot of information for you that you cant afford to miss. Stick around. [ woman vocalizing ] the day after chemo might mean a trip back to the doctors office, just for a shot. But why go back there, when you can stay home with Neulasta Onpro . Strong chemo can put you at risk of serious infection. Neulasta helps reduce infection risk by boosting your white blood cell count, which strengthens your immune system. In a key study, neulasta reduced the risk of infection from 17 to 1 , a 94 decrease. Applied the day of chemo, Neulasta Onpro is designed to deliver neulasta the next day. Neulasta is for certain Cancer Patients receiving strong chemotherapy. Do not take neulasta if youre allergic to neulasta or Neupogen Filgrastim . Ruptured spleen, sometimes fatal as well as serious lung problems, allergic reactions, kidney injuries, and capillary leak syndrome have occurred. Report abdominal or shoulder tip pain, trouble breathing or allergic reactions to your doctor right away. In patients with sickle cell disorders, serious, sometimes fatal crises can occur. The most common side effect is bone and muscle ache. So why go back there . If youd rather be home, ask your doctor about Neulasta Onpro. Welcome back. Im bob massi, the property man. Time now for the massi memo. You know, we covered a lot of ground today, and we met mark and yessenia, a couple stuck in a zombie foreclosure. But what is a zombie . Remember, its a property vacated by the homeowner, thinking the foreclosure was going to happen, and it never did. So, in effect, its dead and buried. What could you do once you find out . Immediately contact the servicer of your loan about the zombie. Many times, these people are so far removed, you got to wake them up from the dead. If you get no response from the servicer, contact the Consumer Financial Protection Bureau and file a complaint. And, finally, if theres no action at all, please get a tough, competent realestate attorney to bring the lender back to life. We also heard about crowdfunding. Now, this allows people to be involved in causes and investments they never dreamed of, including the World Trade Center and realestate ventures and businesses. Let me break down the different types of crowdfunding. Donation a crowd gives money because they want to support a cause. Or rewardbased crowdfunding individuals form a crowd. They give money to businesses in exchange for some type of reward. And then you have the equity crowdfunding. Members of the crowd they become owners of a business, and certain type of financial guidelines must be met, including, by the way, real estate not just businesses but real estate, also. And then you have debt crowdfunding. The company solicits from their crowd money and treats it as a loan, and you get interest back. Well, thats it for today. Be sure to send me your questions or property stories at. And check out our website at. Im bob massi. Ill see you next week. [ woman vocalizing ] im bob massi. For 34 years, ive been practicing law and living in las vegas, the center of the recent realestate crisis. Lives were destroyed from coast to coast as the economy tanked. Now, well, its a different story. The American Dream is back, and nowhere is that more clear than the Sunshine State of florida. So we headed from the strip to the beach to showyou how to live the American Dream. Im gonna meet real people who are facing serious problems, take you behind the gates of properties you have to see to believe, and give you the tips that Everyone Needs to navigate the new landscape, because information is power, and the property man has got you covered. [ woman vocalizing ] welcome to florida, the sinkhole capital of the world. Its an issue that many people never think about until its too late. But if youre buying or selling property, well, you cant afford to overlook it. Natural sinkholes happen when acidic rainwater seeps down through surface soil and gets to Something Like sandstone or limestone, which dissolves over time. And eventually, the land cant support its own weight and collapses. And its not just florida. Last year, eight corvettes were damaged after being devoured by a 30footdeep sinkhole at the National Corvette museum in kentucky. Imagine coming in to find that damage. Sinkholes have wreaked havoc across the country texas, tennessee, alabama, pennsylvania. Now, sinkholes dont get as much attention as natural disasters like earthquakes or hurricanes because many of them are localized. But they can cause just as much damage. Florida has more sinkholes than any other state. There have been more than 15,000 verified sinkholes across the state. Florida has what people call a swisscheese geology. [ chuckles ] we have a limestone bedrock underneath the state, and theres an aquifer. Over time, the rock is dissolved by the acidity in ground water. It creates caverns and voids that, when the surface cant support it, they collapse. A few months ago, this florida sinkhole reappeared two years after it opened up under the bedroom of a 37yearold jeffrey bush. He was sucked tragically into the 20foot sinkhole with his entire bedroom and died before he could be rescued. Im standing by lake rose in winter park, florida. Its named after mae rose williams. Her house was here until may of 1981, when the ground opened up and swallowed it. What happened here, which is now all water . Tell us the story behind it, please. Mae said she was looking out her window, saw a Sycamore Tree in her front yard disappear into the ground, and she realized that there was trouble. [ helicopter blades whirring ] it took with it a threebedroom home, a luxury car dealership with about five porsches and a truck, half of the citys olympicsized swimming pool, a portion of the street, and caused about 4 million worth of damage. It grew to 320 feet wide, 90 feet deep, and even became a tourist attraction until the city filled it in. Floridas laws change in about 2011. It was in response to what was seen as runaway abuse of insurance when it came to sinkholes. Insurance companies were paying out hundreds of millions of dollars in claims and taking in a fraction of that in their premiums. So the legislators responded. They changed the laws. And now a lot of people think that the pendulum has swung way too far in the other direction because sinkhole claims are incredibly hard to make. Florida state law requires insurers to cover catastrophic ground cover collapse. And those are the really extreme cases that you hear about. And theres four criteria for that type of coverage. You have to have an abrupt collapse of the ground, a depression that is visible to the naked eye. You have to have damage to the structure, including the foundation of the building, and the property has to be deemed uninhabitable. So, its condemned. Two years ago, a 60footwide sinkhole had opened up underneath the summer bay resort near disney world. Amazingly, a Security Guard heard some creaking, saw a window break, and the building was evacuated before it all collapsed. Outside of that, sinkhole damage is not covered unless your policy specifically includes it. They can offer it, but they dont have to provide it. And that typically comes at a higher premium, which is prohibitively expensive for a lot of property owners. A lot of states, you have a disclosure form. Is there a statement on there, has there been a sinkhole problem . Yes, so, on residential disclosure forms, youll find this most typically. It will have whether you know of any sinkhole activity or whether theres any reported on your property. But florida statutes require a certain level of disclosure from sellers, as well. So if youve made a claim to your Insurance Company and your Insurance Company has paid that claim, you have to disclose that fact, along with how much of that money you spent to actually repair the sinkhole damage. I always encourage people who are purchasing a piece of property to look for that specific disclosure, and if its not provided on the forms youre given, to mandate that the seller tells you whether they know of or have reported any sinkhole activity to their Insurance Company. A federal grand jury recently convicted a florida couple of wire fraud for pocketing a 153,000 settlement and then quietly selling their home. They made a claim. They were paid on that claim. And then they only made cosmetic repairs to the home, sold it, and didnt check the box that, yes, there has been sinkhole activity. So, if youre representing a seller, what would you be telling them, as their lawyers, to what they should do . During a duediligence or inspectionperiod phase, anytime youre gonna purchase a property, you want to first make sure that there are sinkhole disclosures in any of those closing documents that youre going to have. You want to also make sure that your property is even insurable. Make sure you can get coverage, especially when youre in those areas that have these high rates of sinkholes. Sometimes mortgage lenders will require that an inspection is done on a property, but that generally isnt performed by a licensed geologist. Its typically by contractors that theyve hired. So you can have other types of testing done, but that can be prohibitively expensive. If you make a claim with your Insurance Company and they send out somebody to inspect the area and if they find sinkhole activity, that engineers report is going to be filed in the county clerk of courts. So you can find those on a title search or a publicrecord search whether theres been any filings against your property cause it is tied to the legal description and the owners name whether there are sinkhole claims that have been made and how much has been paid out on it. So, a buyer, in their Due Diligence, should probably get either a capable lawyer like yourself or do some Due Diligence, get the title report done from an escrow company, make sure you understand whats going on on the property, what the history is, so if youre gonna go in and buy. Correct. You have the knowledge and you have the risk. Yes, you want to get on top of property insurance, titled insurance. That way, you can find out what types of risks that youre gonna undertake when you do own this property. When y n ou do ow is p broe pesurtrey. To stickr at the end of the show, in the massi memo, ill explain the specific ways to protect yourself and your wallet from sinkhole damage. Also coming up, an exclusive peek at a property you just dont want to miss. Plus, it was not just primary residences that got squeezed when the housing bubble popped. Many people lost their investment properties. And that includes rentals with tenants living inside. So, what canyoudo when the place youre renting goes into foreclosure . Ill tell you next. [ woman vocalizing ] welcome back. Im bob massi. Let me talk to you about dennis and patty. Dennis served in the marine corps. In the early 2000s, he decided in florida that he was gonna make an investment in some property. We didnt have retirement because weve always been selfemployed. And our intention was for it to be a rental property. But in 2008 or 09, all of the realestate values in florida, like different parts of the country well, they dropped. The problem was the property was upsidedown in the sense that we werent making any money on it for the rent. It began to be tough in the rental market. We were kind of at the top of what we could ask for that property. And so we began to have to put money of our own into making the mortgage. They contacted the lender in the hopes of getting a loan modification. I asked them if they could lower the Interest Rate so that we could actually make some kind of a profit on the property. I dont have to tell you. What did the lenders say . Go late on your payments. How could they think like that, you know . I mean, we want to make some payments on the property, just a little less, with lower interest. So they did. They went late on their payments. And, of course, no loan modification occurred. Ultimately, they lost their house to foreclosure. We agreed to pay all the back payments, all their charges, all their interest, whatever they wanted. But we just wanted the Interest Rate down so we could get a cash flow. Thats all. And then we got notice that it was going to court. Im gonna go in and talk to dennis and patty and talk to them about Loan Modifications and how lenders look at a primary residence versus an Investment Property. And in addition to that, you, the homeowner who rents out, im gonna give you some tips. And you, the tenant who decides to rent, im gonna give you some tips. Both of you, pay attention. How many times did you try to contact the lender for purposes of a modification . I think he probably called them at least once a month, if not more. Over what period of time . Probably a year and a half. And during that period of time, were you current on the payments . Yes. So, what well, until he told us not to make them anymore. So, lets talk about that. Yeah. How did you react to that . Well, we both thought it was kind of a wacky idea. Did you let your tenant know that your house was going into foreclosure . I tried not to do that because i didnt want them upset. So, i didnt do that, no. They were there for a while, but i heard that the Mortgage Companies dont really want anybody to move out of the property, anyway. At some point, we quit expecting her to pay the rent. Yeah. And she stopped paying, which, you know, we werent making a payment, so we didnt think she should have to. Theres a couple issues we should talk about. Okay. First of all, floridas a little different cause it has judicial foreclosure as opposed to nonjudicial. It goes through the court to foreclose property. But essentially, lenders look at homes. They look at primary residence versus Investment Property. And they dont have a lot of sympathy for Investment Property for the obvious reason. I understand that a private or primary residence is important and that they would think it was more important to work with them. But on the other hand, were not flipping houses, and we feel like were providing a primary residence for somebody. The lenders opinions were very simple you called that an Investment Property. Sometimes you win, and sometimes you lose. And in this particular case, like many cases, Loan Modifications were denied. On the other hand, we had the issue of tenants who were in homes that were being foreclosed on. And they didnt know that there was a foreclosure. And there was a law passed several years ago called the tenant protection act, which basically said that if a lender forecloses on a piece of property, the lender has to honor the term of the lease or a portion so that they stay there for a period of time cause a lot of tenants got thrown out in the street, and they didnt know. Mmhmm. So, youre only asking for a reduction in interest, but as you can see, they didnt care. Yes. They didnt. And im sure you knew other people that probably was going through this. Oh, yeah, so many other people ive talked to. Now, what about the other side of the street . Lets talk about the tenants. A lot of tenants were victims of foreclosures. They were paying good money to people over the years, and then, all of a sudden, they got a foreclosure notice, and they were thrown out of the house. There has to be a certain amount of time given to the tenant before they get thrown out of that house. So, those of you who are tenants that are living in a home, go through a realtor. Have that realtor check as best as they can if the homeowner is current on their payment. The bottom line is, whether it be the homeowner or the tenant, do your own Due Diligence to protect yourself. Ive got more tips for both tenants and landlords at the end of the show. But up next, ill take you some place cameras are not usually allowed inside isleworth, central floridas most exclusive community. [ woman vocalizing ] how do you win at business . Stay at la quinta. Where were changing with stylish makeovers. Then at your next meeting, set your seat height to its maximum level. Bravo, tall meeting man. Start winning today. Book now at lq. Com start winning today. My business was going nowhere. So i built this kickin new website with godaddy. Building a website in under an hour is easy 68 of people. Who have built their website using gocentral, did it in. Under an hour, and you can too. Type in your business or idea. Pick your favourite design. Personalize it with beautiful images. And. Youre done and now business is booming. Harriet, its a double stitch not a cross stitch build a better website in under an hour. Free to try. No credit card required. Gocentral from godaddy. We use so why do we pay touters thave a phone connected. When were already paying for internet . Shouldnt it all just be one thing . Thats why Xfinity Mobile comes with your internet. You can get 5 lines of talk and text included at no extra cost. So all you pay for is data. Choose by the gig or unlimited. And now, get a 200 prepaid card when you buy an iphone. Its a new kind of network designed to save you money. Call, visit, or go to xfnitymobile. Com. Everyone talks about what happens when you turn sixtyfive. But, really, its what you do before that counts. See, medicare doesnt cover everything. Only about eighty percent of part b medical costs. The rest is on you. Consider an aarp Medicare Supplement Insurance Plan insured by unitedhealthcare Insurance Company. Like all standardized Medicare Supplement Insurance Plans, it could really save you in outofpocket medical costs. So, call now and request this free decision guide. Discover how an aarp Medicare Supplement plan could go long™ for you. Do you want to choose your doctors . Avoid networks . What about referrals . All plans like these let you visit any doctor or hospital that accepts medicare patients, with no networks and virtually no referrals needed. So, call now, request your free guide, and explore the range of aarp Medicare Supplement plans. Sixtyfive may get all the attention, but now is a good time to start thinking about how you want things to be. Go long™. Welcome back. Im bob massi, the property man. Ive been given the opportunity to go behind the gates of isleworth, one of central floridas most exclusive communities and a place where cameras are usually not allowed. I get a lot of emails from people saying, bob, why are you showing us these multimillion dollar homes that most people could never afford . Well, heres a few reasons. First, theyre just amazing to look at and something that most of us would normally never get to see. And two, if youre buying or selling a home, whether its worth 200,000 or 20 million, you can learn a lot from seeing how these luxury listings are showcased and how they handle them. I asked mark hayes, president of isleworth and stockworth realty, to show me around. Isleworth was a citrusproducing operation for several decades before golf legend Arnold Palmer uncovered its potential for a worldclass golf course and country club. This land was protected by the surrounding chain of lakes, which produce some of the best oranges, so it became known as the isle of worth. And then Arnold Palmer, who wanted to build the best golf course in the world, located this to build his ultimate golf experience. In 1993, the billionaire investor joe lewis and tavistock reimagined isleworth by constructing magnificent estates. Isleworth is home to celebrities like nba legend Shaquille Oneal and multiple members of the pga tour. And the place let me tell you it is immaculate. They like to say that the leaves get picked up before they hit the ground. Its a 600acre luxury community. Uh, we like to say, you know, we provide anything any time. Isleworth is comprised of 320 luxury homes, ranging from 20,000squarefoot multimillion dollar lakefront lots to more modestly sized golfcourse villas. One of those lakefront lots holds the property they call the bermudan. This 13,519squarefoot home sits on more than 2 acres and has 7 bedrooms and 9 1 2 bathrooms. Bob, this home is a love story. Media mogul rance crain took his bride to bermuda for a honeymoon, fell in love with the architecture. He hired the worldrenowned architect Taylor Taylor and gave them one task build me a home and keep me on my honeymoon forever. [ chuckles ] and he did. And he did. Well, lets go look at this home. Bob, the first thing you notice is just the fabulous walnut herringbone floors with inlaid, handpainted marquetry modeled after a Vanderbilt Estate in newport, rhode island. When you walk in, though, you feel like theres a sense of history, and you could you really could feel the memories in this type of home. Its so beautiful, looking up here at the, you know, the stairway and all the details. The second floor has three guest rooms and a childrens bedroom that would be any kids dream. The room is a painted forest with custombuilt logcabin furniture, including two bunk beds, fiberoptic, sparkling stars in the ceiling, and a sound system that plays chirping noises, frogs, and jungle sounds. The stunning Library Features a full bar, ceilinghigh wine cellar, temperaturecontrolled closet, floortoceiling bookcases, and a secret, hidden panel with access to the master bedroom. Youll notice the high ceilings, just the amazing, handcarved woodwork on the doorways. This room is unbelievable. Crystal chandeliers everywhere, candles on the walls. This looks like where heads of state would meet. Absolutely. And, as you said, probably have. Yeah. The kitchen has a beautiful barrel ceiling made of chicago brick, an antique French Market counter with original ironwork. Every room stands on its own, with its own character, with its own personality, and its own memory. Absolutely, absolutely. And Something Else youll notice is, as we walk down this hallway, we have a view of the lake almost from every room. This property sits on 300 feet of lakefront on lake butler and overlooks the 14th fairway of isleworth country club. Two covered terraces, a heated pool and grottostyle spa, shimmering waterfall, and a private boat dock. Coming out to one of the most extraordinary views on all of lake butler. Oh, this is beautiful. We are right across from the worldfamous bird island, where dozens and dozens of different species of birds attracts a lot of visitors. Worldclass bass fishing. And this deck easily holds several hundred people. But if it was just four of you, it would still feel very cozy. People refer to this area as the blue lagoon. I feel that. I feel that. And private. Up next, the massi memo, with information you cant afford to miss. Stick around. [ woman vocalizing ] whispering with the capital one venture card, youll earn unlimited double miles on every purchase, every day. Not just airline purchases. Think about all the double miles you could be earning. yelling holy moly, thats a lot of miles shhhhh shh whats in your wallet . Man shhhh its abor it isnt. Ence in 30,000 precision parts. Shh its inspected by mercedesbenz factorytrained technicians. Or it isnt. Its backed by an unlimited mileage warranty, or it isnt. For those who never settle, its either mercedesbenz certified preowned, or it isnt. The mercedesbenz certified preowned sales event. Now through february 28th. Only at your authorized mercedesbenz dealer. Theres a me no one knows waiting to be set free so, whats the empty suitcase for . The grand prize trophy i was born to be somebody time now for the massi memo. At the start of the show, we looked at sinkholes. Theyre formed when part of the earth erodes underground, and it causes a collapse. If youre buying property, its important to check the area and ask about the history of sinkholes. Ask the homeowner selling the property for total disclosure of any history of sinkholes in the area. Look over your insurance policy very carefully. Insurance companies do not automatically cover sinkholes. They can refuse to cover them, particularly if they know that sinkholes exist in the area of the real estate. Usually, it can be added as additional coverage, which can be quite expensive. We also heard about a couple who lost their Investment Property to foreclosure while it was rented to a tenant. Tenants living in most foreclosed properties dont have to worry about being evicted until their leases end. Now here are some tips you should keep in mind when you intend to rent a home or an apartment. Examine the actual unit or home you intend to rent, not just a model, not another new unit like yours. Two, check all the appliances. Take pictures once you decide to rent. Remember, the lease is a final contract. No verbal agreements or understandings are enforceable. Do a walkthrough before signing any lease to see if there are any deficiencies within the property and understand the laws of the security deposit. It is the Biggest Issue faced when you finally vacate the property as a tenant. Make sure you have rental insurance covering your personal contents. Its very important. And read the lease closely, particularly as it relates to the right of the landlord to inspect the property once you occupy the property. As always, there is more information on our website at foxnews. Com propertyman. Thats it for today. Be sure to send me your questions or property stories at propertyman foxnews. Com. Im bob massi. Ill see you next week. [ woman vocalizing ] good night from new york. Announcer from the World Economic forum in davos, switzerland, the new wall street week. Maria welcome to a special davos edition of wall street week, the program that analyzes the week that was and helps position you for the week ahead. Our program is one hour tonight and we have a lot to pack in. Im maria bartiromo. U. S. Treasury secretary Steven Mnuchin and commerce secretary wilbur ross. Then micro some of the founding erbil gates. Blackrock ceo larry fink, the