Written by Lilian Rydge on July 18, 2011.
With only ten minutes remaining in the Texas House for consideration of non-local Senate Bills, Speaker Straus recognized Representative Bonnen for an important motion.
“I make the motion to move to suspend all necessary rules to take up and consider Senate Bill 516. Senate Bill 516 is Representative Fletcher’s bill, and it is appropriate to get this done tonight. It’s to support our veterans who have given so much to us, so I move to suspend all necessary rules to pull this bill up,” Representative Bonnen motioned.
The motion prevailed unanimously, and Senate Bill 516 passed 146-0.
This was Representative Fletcher’s first bill he filed on November 8, 2010, the first day of bill filing for the 82nd Legislative Session. Representative Fletcher asked Senator Patrick to carry this bill in the Senate, and Senator Patrick did so proudly and successfully. The enabl
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Written by Lilian Rydge on July 18, 2011.
That’s the trillion question, right? Well, at least now it is. For millions upon millions before us–and actually, even today– the answer seemed obvious. To own, was a sign of growing up. It was entering adulthood. But even more, it was a fulfillment of the American dream. And public policy has surely played a role in perpetuating these beliefs (think mortgage interest tax deductibility, Fannie Mae, and Freddie Mac). Surely then, there must be a sound financial justification for pushing this agenda, right? If not, it seems to be a fairly expensive exercise in supporting the American psyche. In theory, however, homeownership is thought to be an “essential building block to household wealth.” If we examine closer though, does this theory hold true?
The answer may surprise some. In a recent
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Written by Lilian Rydge on July 17, 2011.
The Texas House of Representatives passed HB 2761 which requires Texas Home Owners Associations to operate openly. Under HB 2761, HOAs may no longer foreclose on an assessment lien if the debt consists solely of fines assessed by the association, attorney’s fees incurred by the association solely associated with fines assessed by the association or amounts added to the owner’s account for open record requests. The bill places all Texas Home Owners Associations subject to Open Meetings, Open Records and records retention. The Bill also reforms HOA elections by establishing the right for homeowners to vote in HOA elections, the right to run for the board and procedures for open voting.
“The purpose of HB 2761 is to ensure that Texas HOAs operate with transparency and openness. The bill empowers homeowners with the right to Open Meetings, access to records, and voting rights without restrictions,” said Representative Garza.
The bill which passed the House unanimously was amended in the Senate by Senator Royce West to provide added protections during HOA elections. The Hou
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Written by Lilian Rydge on July 17, 2011.
To quote an often cited rule of thumb–and cliche–of the industry, “real estate is inherently local.” So it goes, successful investments depend on an intimate knowledge of the market: its demand drivers, demographics, growth potential, and the dynamics of the local economy. Unsurprisingly, this is why real estate investment funds require experienced operating partners in joint ventures. And why would we expect anything different? If an investor is willing to accept inexperience bordering on incompetence, well, there’s another over used expression, and I believe it has something to do about a fool and his money. But wait, isn’t this argument, and therefore the idea of local knowledge advantage, predicated on asymmetrical information? Of course it
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Written by Lilian Rydge on July 15, 2011.
If the last 40 years of commercial real estate history has taught us anything, it’s pay attention to what Sam Zell is doing. He was a buyer in the early 90’s and a seller at the very tippy top in 2007. This uncanny timing earned hm the epithet: Grave Dancer. Most rec
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