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tv   Cashin In  FOX Business  March 11, 2018 7:30am-8:01am EDT

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on "mornings with maria." thanks for being with me this week. i'll see you next time. >> i'm bob massi. for 34 years, i've been practicing law and living in las vegas, the center of the recent real-estate crisis. lives were destroyed from coast to coast as the economy tanked. now, well, it's 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 show you how to live the american dream. i'm 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 ]
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thanks for joining me. i'm bob massi. what if you could build the ideal community with every detail designed to enhance the lives of those who live and work there? it's a bold experiment playing out here in a place called lake nona in orlando, florida. ♪ >> lake nona is an 11-square-mile city built from scratch. >> 11 square miles of an integrated, highly collaborative community that's anchored by these clusters of excellence in science, sports, and education with an underpinning and a foundation of technology running through it. and we've designed it from the ground up. >> that means homes, schools, universities, commercial... >> hotels, restaurants, hospitals, sports facilities, shopping centers... >> all built to complement each other with the goal of creating the perfect city of the future. >> most great cities or clusters
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take decades to come up. they grow organically. it's over 20, 30, 40 years in a helter-skelter fashion. we had the opportunity here to design everything from the ground up. >> technically, lake nona is part of the city of orlando. but not very long ago, there was only the lake nona country club and empty fields. >> lake nona is one of our jewels. eight years ago, lake nona was a cow pasture. and now, it is fairly unique within the entire country. >> behind me here is what it looked like when we started. it was a large cattle ranch. and this area was primarily used for grazing. ♪ >> then billionaire joe lewis, founder of the global investment company tavistock, bought the golf course and saw those empty fields as an opportunity to do something special. >> joe lewis and i asked ourselves, "where else in the country can you find a few thousand acres of land
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next to one of the world's greatest airports that is in a city that's known throughout the world for being family-friendly, is in a tax haven, is in a great climate?" and that's when it hit us. you can't find land like that. >> so lewis and tavistock started buying up the land, 8,000 acres in all. >> he made a challenge. and he said, "please, let's do somethin' special. don't give me more of the same." we don't want the typical, old suburbia. we took that challenge. it inspired us. we think we can make a difference in people's lives here. >> we really have had the luxury and the opportunity to plan everything, to think about where the retail goes, where the office goes, where our medical city is, and where the residential is. with that, you know, comes a great opportunity and also a great responsibility to take things to the next level and kind of push the limits of what we can do here. >> but where do you even begin? they were faced with the chicken or the egg dilemma. >> it's always the conundrum
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that developers face is, what comes first, the jobs or the homes? we felt that if we concentrated on the jobs, that everything else would take care of itself. >> so they teamed up with anchor institutions, major universities and hospitals, who agreed to build here in lake nona. >> to have jobs factories, you have to have amazing anchors or partners here, like the university of central florida, the sanford burnham research institute, nemours children's hospital. >> well, it worked. already, lake nona has created more than 5,000 permanent jobs with another 20,000 expected over the next 15 years. that is not counting the jobs created by the $3 billion-worth of construction that has already taken place. and more is coming. behind me, the federal government is almost done building the largest, most state-of-the-art va hospital in the country. >> it's 1,200,000 square feet and has their national simulation center. >> it's one of the biggest jobs engines
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in the state of florida. lake nona is the fastest-selling community in central florida. we're adding 1,000 new families to lake nona every 2 years. >> the community development model typically is build houses and then some retail comes in and then the jobs come in. we've been fortunate to be able to deliver on all of those things. >> so communities need to be built all at once. lake nona has six so far. but building communities does not just mean building homes. >> gone are the days where you live in a house in an isolated sort of place. it's really important that we have the nearby schools and we have the grocery store right down the street and we're close to your job. >> we have 7,000 students going to school here, right on our grounds at lake nona, from early-childhood-development centers and through to a graduate education where you can graduate from here with your m.d. or phd and never leave lake nona. >> because of the proximity of the medical city and the ymca and the schools
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within the neighborhood, i can ride a bike to work, ride home, and pick up the kids by 6:00 at the after-school program. ♪ >> we've taken the best of what we've seen throughout the country and really the world, brought all different parts and pieces over here. >> to my left, we have the adult pool section of our aquatic center. across the street here, under construction, we have a new restaurant and a market that we're building. we're working right now on a million-square-foot, regional mall, the first phase of which is two hotels and an office building and a bunch of restaurants. we have a wide range of housing types, town homes all the way up to very large, custom-built homes. we have a 290-unit apartment complex that's under construction right down the road. this community is built around neighborhood parks and schools and jobs and all of these things. so we're also building a community that is better. >> when we come back, we'll take
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a look at lake nona's groundbreaking medical city. [ woman vocalizing ] copd makes it hard to breathe. so to breathe better, i go with anoro. ♪go your own way copd tries to say, "go this way." i say, "i'll go my own way" with anoro. ♪go your own way once-daily anoro contains two medicines called bronchodilators, that work together to significantly improve lung function all day and all night. anoro is not for asthma . it contains a type of medicine that increases risk of death in people with asthma. the risk is unknown in copd. anoro won't replace rescue inhalers for sudden symptoms and should not be used more than once a day. tell your doctor if you have a heart condition, high blood pressure, glaucoma, prostate, bladder, or urinary problems. these may worsen with anoro. call your doctor if you have worsened breathing, chest pain, mouth or tongue swelling, problems urinating, vision changes, or eye pain while taking anoro.
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♪ >> welcome back. i'm bob massi, the property man. i'm standing in lake nona, an 11-square-mile city built from scratch within the borders of orlando. lake nona is being built by the private investment company tavistock and is already grabbing nationwide attention for its medical city. >> there are five major components. ucf has a medical school and a life-sciences college there. the university of florida has a research institute. sanford burnham has a research institute. nemours built a children's hospital. and then the crowning piece is a brand-new, state-of-the-art va hospital. >> they found that the secret to making a great city is clusters. it's the collaboration within the cluster that makes it all work. >> i don't think the eureka
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moment really happens while that scientist is in the lab, poring over his test tube. i think what happens is, the eureka moments occur when they're out here socializing at lunches and dinners, getting together. and the geneticist is with the physicist, who's with the scientist, who's with the surgeon. >> many of us are working in the local businesses or the medical life-science community and industry. so i've made deals and collaborations on the soccer fields. [ chuckles ] >> we felt that collaboration was going to be the turbo mechanism for us. the nemours children's hospital, they're able to recruit better doctors, same with the va medical center. because this doctor, if he wants to, can teach at the medical school right across the street, can do cutting-edge research, as well, in the next building across the street. the scientists, they're able to teach. they're able to practice. it's resulted in one of the most richest technology foundations that we could have. we have one gigabit bandwidth
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that we deliver to the homes and businesses here. it's basically over 200 times the average speed of a u.s. internet connection. >> we started from scratch and put in all of the conduit and the fiber and all those things. >> that means everybody's internet in lake nona is not just the fastest in the country, but in the entire world. >> you can do amazing things with that. scientists need it. doctors need it when they're getting x-rays across their screens and the type of quality that they need. and the homeowners just absolutely love it. 20% to 30% of our residents work out of their home. and they're able to do so because we give them the right technology to be able to access what they need to. >> two critical quality-of-life components are integrated into every aspect of lake nona -- health and wellness and technology. >> the lake nona community is really a purpose-built place. >> so many people talk
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about health and wellness today. but how many people really do it justice? >> how do we nudge activity? we all know that exercise is important. we need to move more. how do we design activity where it doesn't feel like somebody's forcing it upon us? we have 44 miles of trails throughout this community. if you look at urban settings now, a lot of them are having to go back and retrofit with sidewalks and bicycle paths. and all of that is master-planned into the community. >> i ride my bike to work at least once a week. and i've noticed a lot more people. because there are bike lanes, there's sidewalks and trails, a lot more accessibility to running, walking, biking. >> we've retained about 40% in preserves and park space throughout our 8,000 acres. >> there's public parks that are close proximity to everybody's home. >> every morning, there's a switch that goes off, and everyone comes out of their homes, and parents are walking kids to school, kids are walking to school.
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they're on bikes and scooters, and other small kids in tow. so it's very vibrant. >> as you walk through the front doors of most of our businesses, you'll see the stairs immediately, and you'll have to search for the elevators. and so the percentage of people that are actually utilizing the stairs is clearly increasing. >> the lake nona life project is a voluntary study that will give researchers ways to keep improving the quality of life. >> it's a multi-generational, multi-decade research project. >> it's sponsored by johnson & johnson, studying how health behaviors can be impacted and how behavior change can take place. >> the insights that come from a project like this can be transformational in terms of the future for medicine and health and wellness. >> and the corporations and the universities that are part of the medical city, well, they enable them to keep finding ways to improve how people live. >> we're excited about a new home that we're building called the intelligent home. the intelligent home of the future
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is gonna be a lot about sensors and other things, too, as we continue to drive, you know, new technologies integrated in the house. g.e. is helping us with our new kitchen of the future. and how are we using digital devices and other things to help us with menu preparation and inventory of your foodstuff in your pantry and all those kind of things. >> we've worked very hard to find partners and anchors that think alike, that have the same dream that we have to create the ideal place that inspires human potential through innovative collaboration. we really bound out of bed every day. we think we can make a difference in people's lives here. >> coming up next on the property man, i'll go meet a woman who thought her only options were to let her beautiful property go into foreclosure or do a short sell. but then, she heard of a program that just might save her property. [ woman vocalizing ]
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♪ >> welcome back. i'm bob massi, the property man. i'm here on a beautiful piece of land just outside of orlando, florida. a woman named suzanne and her mother bought this property in may of 2005. ♪ what a rustic, warm feeling this is. talk about a log-cabin effect, you did a great job. >> yeah. thank you. >> so this is all just -- what type of wood is it? >> this is actually cedar. and then, you have the pine floors. >> the 2,400-square-foot, 3-bedroom, 2-bath property sits on 5 acres with a log-cabin home. >> i needed a place to move my horses. and i wanted to live out here with them. >> was the structure on this property at that time in '05? >> just the home. >> she went on to build a horse barn and two sheds. the area, at that time, was just orange groves, swamp lane and single-lane roads with one blinking light. >> we had just a couple gas stations with a volunteer fire department and a daycare.
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>> mm-hmm. >> the closest grocery store was around 25 minutes away. >> suzanne purchased the home for $340,000. she took a home-equity line of credit for $150,000 to improve the property. >> i was able to purchase the home. and it was at a good rate, good value. i put the 20% down. then i took a home-equity line of credit out and was able to clear the property, built the 4,500-square-foot barn, fenced the property, put just a lot of investments into the property. >> unfortunately, suzanne went through divorce, which resulted in both of them moving out. they tried to sell the property, but then, well, the economy collapsed. almost overnight, the value dropped, and she found herself underwater. suddenly, she had very few options other than to try to short-sell the property for $236,000, almost half of what was owed. and she really had no interest in doing that or letting it go to foreclosure.
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with no decent offers, well, she decided to rent it out even though the monthly rent was less than a mortgage payment. so you ended up going into your savings, your other sources of money, in order to make the payment. >> correct. i was just paying out of pocket every month. >> she then heard of the program called h.a.r.p., the home affordable refinance program. h.a.r.p. was set up by the federal housing finance agency in march of 2009 to help underwater and near-underwater homeowners to be able to refinance their mortgages. >> i met timothy lucero. he's a friend of mine. >> mm-hmm. >> he is an attorney. and he informed me about the h.a.r.p. loan. >> is that the first time you heard about the h.a.r.p. loan? >> absolutely. my banks did not advertise this loan at all. >> after being unable to refinance through traditional routes, well, she was able to get a h.a.r.p. loan of $401,000. >> the great thing about it was the home wouldn't appraise for what i owed on it. and i wouldn't -- i didn't have to worry about a reappraisal. i didn't have to worry about another credit check or anything like that. they just took the loan and pretty much refinanced it
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without any reappraisals. >> people get the h.a.r.p. program mixed up with loan modifications, but they're very different. for example, in a loan modification, you had to show a hardship. you had to be behind in your payments, which upset many people. with h.a.r.p. -- unnecessary. no appraisal necessary. you submit the paperwork, and if you qualify, you get approved for the h.a.r.p. program just like suzanne did. the h.a.r.p. process allowed suzanne to reduce her mortgage payment about $700 a month. the h.a.r.p. refinance cost about $7,250 with a 4.8 interest rate, substantially less. so now, when you rent the house, are you in the good? are you in the black now? >> it is pretty much almost break-even. >> yeah. >> we get a little bit more than the mortgage payment. but it does not cover the taxes or insurances. >> so, let's go through some of the h.a.r.p. bullet points to qualify. first of all, the loan had to be before may 31, 2009. the homeowner had to be current on the loan, not more than 30 days late in the last 6 months.
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and here's what you need. it could've been a primary home, a second home, or one- to four-unit investment property. obviously, it had to be a fannie or freddie loan. and the loan to value had to be greater than 80%. the h.a.r.p. program still has legs, but if you talk to most lenders today, it's not really that effective. it did help a certain percentage of people like yourself and others. but a lot of people it didn't. but i will say this to you. some of the people, the reason it didn't work, was because they were fed up with what they went through with lenders and they were so emotionally, just, broken. so what's your message to those who are watching the show here? >> people are so quick to take the fast act and short-sell or foreclose. and they need to research and evaluate the situation. >> here's what's important to understand. you have to do your own due diligence as a homeowner. you have to ask the proper questions
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of the proper professionals to find out what programs are out there to be able to try to save your home. they're still there. be very aggressive in finding out what is still available to save your home. >> i think people need to take responsibility and not act fast. >> the one thing that i try to tell people all the time is they got to ask. go to professionals, ask. go to lenders, ask what programs are out there. find competent brokers, real-estate brokers. find out what's going with the property. and also, really try to understand the different kind of loans. congratulations on your decision. you did good. >> thank you. >> up next, the massi memo with information on refinancing that you can't afford to miss, so stick around. [ woman vocalizing ] (female vo) breaking news from washington as lawmakers; (male vo) raging wildfires continue to scorch parts; (male vo) allegations of misconduct; ♪ oh, why you look so sad, ♪ the tea are in your eyes,
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♪ >> time now for the massi memo. earlier, we met suzanne, who was able to successfully refinance by the h.a.r.p. program. now, in 2009, the obama administration launched "h.a.r.p." as part of the making home affordable program. what it does, it provides the ability to refinance for people who may not otherwise qualify because of declining home values or reduced access to mortgage insurance. they could get a lower interest rate or what they call a more stable mortgage product. they've existed the program through the end of 2016, which is a good thing. but it's not always easy. you have
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to be current on your mortgage, no more than 30 days late in the last 6 months and no more than once in 12 months. this is good to know. not only does it cover primary residence, but second homes and one- to four-unit investment properties -- important for you investors out there. it must be a freddie mac or a fannie mae loan. the loan also has to have been originated prior to may 31, 2009. loan to value -- greater than 80%. this is not, by the way, a loan modification. it is a refinance of your present mortgage payment. and usually, appraisals are not necessary. there are definitely not as many h.a.r.p. refinances being accepted anymore, but if you meet the criteria, please look into it. that's it for today. as always, there's more info on our website at and be sure to send me
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your questions or your property stories at i'm bob massi. i'll see you next week. [ woman vocalizing ] paul: welcome to "the journal editorial report" i'm david asman in for paul gigot. in a week of breaking news, an extraordinary announcement from south korea's national security adviser on thursday night saying that president trump would meet face to face with north korean dictator kim jong-un in the upcoming months. just hours after his own secretary of state said the u.s. was quote a long way from direct talks. the president himself tweeted out, quote, kim jong-un talked about denuclearization with a south korean representatives, not just a freaz. also, no missile testing by north korea during this period of time.


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