In the last real estate downturn when many were wiped out, Peter Wells and Marcel Arsenault were thriving. They had timed the cycle brilliantly, selling 85% of their properties in 2005. With lots of dry powder, their company Real Capital Solutions made tremendous deals acquiring and building from the bottom of the cycle through the present. Given their flawless execution in the last cycle, and long term track record of several decades, I was eager to read this article in Inc magazine about their current plans. Real Capital Solutions has doubled their budget for acquisitions in 2017. They see great opportunities in housing, and offices. Their method of managing the company is also quite noteworthy. It's an interesting read. The way banks report mortgage interest to the IRS has changed. While a new tax form isn't usually newsworthy, this change could hit people in the wallet. Specifically, there are rules about what type of mortgage interest is deductible. The old form allowed for more ambiguity, and some portion of debt that shouldn't have been deducted was being deducted anyway. The Washington Post has useful coverage of the change, as well as clarification about what is, and is not, deductible. If you have refinanced your mortgage, or taken out a home equity loan, this will be especially important to understand.Intel is resuming construction on a $7 billion factory in Arizona. It's another positive announcement for our state, with Apple, McKesson, State Farm, and several other household names having also made huge commitments here recently.
