WHYTE AIMS TO WIN OVER FANS

He has been dubbed the 'Whyte Knight' after emerging as the man with the millions who was set to ride to the rescue of debt-ridden Rangers and transform the fortunes of the Glasgow giants.

But, as the Sir David Murray era drew to a close on Friday after an association of more than 22 years with the club, and Rangers finally secured a new owner following a protracted six-month period of wrangling and due diligence, the question remains: who exactly is Craig Whyte?

Still, little is known of the Scots tycoon who is now the new owner of Rangers.

His was a name that was met with raised eyebrows and a shrug of the shoulders when his interest in purchasing Murray's shares first emerged in November.

Whyte has been described as both a millionaire and a billionaire, suggesting no-one actually knows exactly how substantial his fortune is.

What is clear, despite the vast wealth he has accumulated, is that the 40-year-old had successfully managed to fly below the radar for many years before going public with his plans to buy one of the most famous football clubs in Europe.

What is known about Whyte is that his interest in making money and the financial markets - and apparent talent in that area - was developed at an early age.

The most famous fact about his formative years was how he began dabbling in the stock market at the age of just 15 while still a student at Glasgow's Kelvinside Academy, using cash from a part-time job at his father's plant-hire firm.

Two years later, and with a £20,000 fortune of his own, Whyte started up his own plant-hire business, Whyte Hire, which went on to make a £150,000 profit in its first year.

He expanded his business interests to include security and contract cleaning and, by 1997, at the age of 26, Whyte was Scotland's youngest self-made millionaire.

These days, he makes his money as a venture capitalist and splits his time between London and his home in the Scottish highlands - the historic Castle Grant, near Granton-on-Spey, which he bought for £720,000 and renovated to make his family home.

The question which naturally follows on from 'who?' is 'why?'.

Born in Motherwell in 1971, Whyte is reportedly a lifelong Rangers fan. Right now, that appears to be the single, biggest reason for purchasing the club.

Rangers' financial woes have been well documented and the involvement of main creditors Lloyds Banking Group ever more significant in recent years.

Debts stood at around £20million before the takeover was completed and vastly depleted resources on the park means there will be pressure to make cash available for new boss Ally McCoist to strengthen his squad ahead of his first season at the helm.

Whyte first confirmed to the stock exchange he was considering making an offer for Rangers and was in talks with Murray International Holdings regarding a proposed takeover on November 18.

The journey since then has been a long and often frustrating one.

First convincing Murray and Lloyds of his credentials, before eventually receiving the green light from the independent committee of the Rangers board, headed by chairman Alastair Johnston.

Now he must convince the Rangers fans he is the right man for the job and really is the club's 'Whyte Knight' after all.

Source http://www.sportinglife.com/

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Source http://www.stockmarketsreview.com/

Real: Home-purchase contract needs clear writing

When buying a home, mean what you say and say what you mean when filling out the contract.

That's the advice of lawyer Jeff Marks, a partner with Ryan and Marks Attorneys LLP in Jacksonville, Fla. A real estate dispute in the Sunshine State illustrates his point.

Christine and Nigel Gibney contracted to buy a house from Helen and Randy Pillifant for $620,000. The purchase contract provided that the sale was "contingent upon this property appraising for no less than $620,000," according to court documents.

Two appraisals were done. One arranged by the Gibneys (the buyers) came in at $560,000. The Pillifants secured an appraisal that valued their house at $635,000. The buyers refused to close and terminated the contract.

The sellers sued for breach of contract, arguing that any appraisal of $620,000 or more obligated the Gibneys to buy the house. The Gibneys argued that any appraisal for less than $620,000 allowed them to terminate the contract.

Who's right? Florida's Second District Court of Appeal favored the would-be buyers, ruling in April 2010: "In our view, 'appraising for no less than $620,000' means that no appraisal may be less than $620,000," the court ruled. "The appraisal contingency allowed the Gibneys to terminate the contract if any appraisal valued the property at less than $620,000."

Too often, homebuyers and sellers think a contract allows for one thing, when the language says something else.

"Contingencies should be written in full sentences," Marks says. "In this case, it should have read, 'This agreement is contingent, at buyers' option, on the property appraising for at least $620,000 as determined by the appraiser for the buyers' lender,'" he says. "There's no confusion in that language."

Here are four ways to avoid making common contract mistakes.

-- Give yourself time to get a loan. Many contracts are contingent upon the buyer getting financing by a certain date. In today's tough lending climate, buyers are wise to allow themselves plenty of time to get mortgage approval for a loan. If the date passes and no financing has been secured, the sellers may terminate the contract and keep the earnest money deposit.

"You should also be realistic about your closing date," says Patti Lawton, a broker with Welcome Home Realty in Brunswick, Maine. "Don't try to close too quickly. There are a lot of things that need to be done properly and you must give lenders, title companies and others time."

-- Be specific about which items stay with the house. You've heard the story of the buyer who walked into a new home only to discover that the refrigerator and chandeliers were missing. Check the contract. As a seller, be sure you specifically state on the contract what will stay with the home. As a buyer, pay attention. Don't assume that the Sub-Zero refrigerator is yours once you close.

-- Know the effective date. The contract doesn't always go into effect on the day you sign it. In every contract, certain things "must be done within X number of days from the effective date: inspections, loan applications and approval, title searches," Marks says. "If you don't know the date that the contract went into effect, you may not have a valid contract."

-- Get everyone to sign. "Sometimes the home is owned by both spouses, other owners or an entity such as corporation," Marks says. "Make sure all of the parties sign the contract. If a party to the transaction fails to sign, they're not bound to perform the contract."

You've heard it before: Buying a house is one of the biggest financial decisions you're going to make. Says Lawton: "Make sure everything that's important to you is in writing."

U.S. mortgage rates declined in the last week, according to Bankrate's latest national survey, while a major lawsuit by the federal government accusing giant Deutsche Bank of defrauding the Federal Housing Administration showed the mortgage crisis' legal dust is far from settled.

The Bankrate survey found the benchmark 30-year fixed-rate mortgage averaged 4.88 percent, off by 7 basis points from the previous week's 4.95 percent. A basis point is one-hundredth of 1 percentage point.

Meanwhile, the bellwether 15-year fixed-rate mortgage fell by 9 basis points, settling at 4.05 percent. With jumbo mortgages, or generally those for more than $417,000, 30-year fixed-rate mortgages averaged 5.36 percent, down 4 basis points.

Adjustable-rate mortgages took a sharper drop. The 5/1 ARM was 3.56 percent, a slump of 13 basis points. With a 5/1 ARM the rate is fixed for five years, then adjusted annually thereafter.

(Distributed by Scripps Howard News Service. Reach Tracey C. Velt at editors(at)bankrate.com.)

Source http://www.scrippsnews.com/

Robert Cagnetta: Before beginning a house project, have a plan

Sprouting flowers. Budding trees. Honey-do list. The rites of spring. Many friends and family say a home improvement project is not complete without several trips to the store. First piece is wrong, second breaks and third is forced in. A simple one-hour project takes days, weeks or so long that it creates friction.

Things always take longer at home no matter who you are. If I charged for my time at home, I would be broke. Well, here is how to reduce the trips, save money and make the best of your time.

Plan

I have said it over and over, plan, plan, plan. Take pictures, research parts and options, talk to professionals… all before you start.

Describe the project, create a summary of what you want to do.

Photograph the parts, close and far. Print them out or put them on your smartphone. Show them to the vendor, professional or other confidant.

Make a list of parts. If you need a new toilet flapper, write down the name brand, style, age, etc. Maybe even remove it before you get the replacement.

Think about the time it will take. If it goes wrong, does the project/part need to function? When does the supply store close?

Talk to a professional, not just a sales clerk. You can hire a professional for advice, or go to a specialty store first.

If you’re not sure, buy a couple of different things. You can always return them.

Expertise

Home center staff help you find the right aisle, most of the time, rather than having the skills or experience to find the right part. Specialty stores have skilled, trained staff, as well as the resources to fix the problem. They also know qualified professionals. They allow returns, too. The challenge is balancing convenience and cost vs. quality and service.

Convenience

Most home improvement projects are done on weekends. Specialty stores, like plumbing or electrical supply stores, and lumberyards are open six days a week, usually closed on Sundays. Home centers and local hardware stores are open seven days a week.

Yet convenience can come at a cost. The part you seek may not be an exact match, so it takes someone with experience to know if the replacement part will work. And many home centers do not stock the highest quality, since they are advertising lowest cost. Home centers are cheaper for two reasons: volume and quality.

Cost and Value

Cost and value are the biggest obstacles to completing good work that lasts as long as it should. Let the buyer beware, home center products are not the same as specialty stores, lumberyards and hardware stores, even though they look the same. Faucets may look the same outside, but the insides are not. Cheaper models have plastic inside instead of brass. Same goes for large appliances. That could be the difference between 5 and 20 years.

Selection

Do-it-yourselfers love home centers. The wide range of products, lots of colorful promotional banners, and helpful staff lead people to believe they have all the knowledge and products you need. I personally do not get the warm and fuzzies. It is overwhelming, confusing and the stuff with the biggest profit is front and center. Sort of like the candy next to the register. You don’t need it, but you can’t help but want it.

While the perception is home centers have everything, specialty stores have way more.

When you have something unique or just can’t make the part you got at the home center work, go to the specialty store. You can wait the two days.

Shop Local

Local can be national, regional, statewide or your town. Many American-manufactured parts compete by quality, not by price. Things like fasteners are not all the same. I have seen Chinese galvanized nails shed their protective zinc when hit by a hammer. Or aluminum-gutter parts that are thinner sheet metal than “industry standard.” Manufacturing location can dictate quality.

Money spent in locally owned stores keeps most, if not all, local. They use local banks, local suppliers, or spend most of the money that goes through their business locally. Money spent at a home center keeps far less local.

So know what you have, ask for what you need and buy what you expect. Without that, the fifth trip to the store for the third part is no longer so convenient or so cheap.

Robert Cagnetta is the owner of Providence based Heritage Restoration Inc. and president of the Preservation Trades Network. You may e-mail questions to pjfeat@projo.com, and be sure to put “House Remedies” in the subject field. You can also mail items to Features Department, The Providence Journal, 75 Fountain St., Providence, RI 02902. House Remedies is featured twice a month in Saturday Décor.

Source http://www.projo.com/

5 common home hazards

Now that you own your own home, you can't depend on your landlord to take care of these common home hazards anymore.

Owning your own home gives a great sense of freedom. No more worrying about keeping a landlord happy! As a homeowner, though, you now have to worry about some of the home-safety hazards that your landlord previously took care of for you.

Perhaps you were always aware of some of these hazards but didn't worry about them because you were "just a renter." Maybe they've been flying under your radar (and your landlord's) and endangering you and your family for years.

Whatever the case, take the time to address these common home dangers and prevent injuries and accidents from happening to your loved ones. As most of these issues can be fixed with a minimal investment of time and money, there's no reason to delay.

Here are five of the most dangerous hazards in your home and suggestions on how to fix them:

1) Hot water heaters:

At times, you may have wished that your landlord would turn up the water temperature. Now that you control the thermostat, don't give in to the temptation to crank the hot water heater temp all the way. Not only is it a waste of energy but it can also be a serious burn danger. It is especially a danger to young children who are just learning to wash their hands or who can reach over and change the knob on when their bath is running. As a rule of thumb, if you can't turn the hot water up all the way, the hot water heater is definitely on too high.

2) Carbon monoxide poisoning:

Many states require a landlord to install carbon monoxide detectors along with smoke detectors. Now that you own your own home, take up the slack and make sure that you have carbon monoxide alarms installed throughout your home. Carbon monoxide is an odorless, colorless gas that is harmful to both people and pets -- and there is no way to detect it without an alarm. If you do detect a buildup in your home, you'll need to hire a professional to fix the problem -- money that is obviously well spent!

3) Clogged dryer exhaust ducts:

If you've only been doing your laundry in a laundromat or a shared laundry room at your apartment building, you probably haven't even thought about cleaning your dryer exhaust ducts. You should, though, as lint can build up in these ducts and easily catch fire. You can easily remove the buildup with a do-it-yourself dryer duct cleaning kit that can be found online or at many home and hardware stores.

4) Dirty chimneys:

Just as with clogged dryer exhaust ducts, chimneys that get a buildup of tarry creosote and ashes can easily become flammable hazards. All it takes is one errant floating ember to spark a fire and possibly burn down your home. You should clean your chimney at least once a year and though there are do-it-yourself methods discussed online, you should consult with a professional chimneysweep to ensure that your cleaning efforts are enough.

5) Window Coverings:

Now that you've got your own place, one of the first things that you probably invested in was nice blinds and curtains for your windows. If you've got children in your home, you should be extra attentive to the straps and cables that come with most window coverings -- especially those that end in a loop. On average, one child a month dies from strangling on a window cable. Install a safety tassel or tie down the end of each cord, or just cut them short. And never, put a child's crib or bed within reaching distance of a window covering cable.

Once you've fixed these household dangers -- and this list is just a starting point -- your work is not over. Make a point of going room-to-room a few times a year to examine the state of your home and eliminating any new dangers.

Though it would be nice to depend on a landlord to take care of these hazards for you, it's far nicer to have a home of your own!

Mortgage Rates at MortgageLoan.com

View the original story here: http://www.mortgageloan.com/5-common-home-hazards-8619

Buying Investment Property

Question: Recently my wife and I were approached to invest in property, the funding was the split line revolving line of credit. We would have to borrow 85% of our our home evaluation.We had never heard of this type of lending. This would cut our existing home loan to seven years, currently it is twenty years. We would like to know obviously what risks are attached, how safe is this, what are the tax benefits, is it too good to be true?

Answer: I am always concerned when anybody is "approached" to buy any investment because it is a strong indication that the person approaching is doing it for their benefit and not for yours. Yes, it is possible to make money in real estate and there are tax breaks but at the end of the day you have to be convinced that the capital gain is going to be more than your net expenditure. I feel the best profits in real estate are made by buying a run down house in a good location but you will find these are never offered to you by the property floggers. If property is your thing talk to a lender about your borrowing capacity and then talk to respectable local agents about any bargains they may have in the area where you would like to buy.

Source http://www.smh.com.au/money/

Louisvillians renting homes to strangers for Derby

LOUISVILLE, KY (WAVE) - As tens of thousands of people flock to Louisville for Derby weekend, finding a vacant hotel room may be like finding a needle in a haystack, so some entrepreneurs are coming up with creative ways to make money.

Jeff Cross is mowing his yard to welcome friends to town.

"Two in one bedroom, two in another, I have a sectional so two on that--that's six," said Cross. "There's a fold out futon in another bedroom."

But these friends, he's never even met.

"I went with the Craig's list route," said Cross.

They are paying $800 a night to stay there.

"$2400 total," said Cross. "It was a three night minimum."

He got the idea from his friends Ashley and Dominic Gratto, who live in St. Matthews. Who did it last year and are doing it again.

"They're coming from New York and there are I think eight," said Ashley.

She spent the weekend before cleaning up to host strangers they're trusting with their home.

"People who are willing to pay that kind of money and sign a contract," said Dominic of his guests. "We also require that they pay up front so we have a security deposit, plus we have all the money before they check-in, so you think those kind of people really aren't going to come destroy your home."

Of course Derby goers can always go the traditional route and stay in a hotel.

"As far as a good, comfortable clean place to sleep at night, we're right there," said Nina Mosley of Hotel Louisville. "$199 a night no minimum required."

Hotel Louisville is like most raising rates for Derby, but this one has a different story.

"The dual purpose of this building as being home for our homeless women and families and then also a hotel available for the public," said Mosley who is also with Wayside Christian Mission.

As far as Mosley knows, there is nowhere else like this in the country. Guests and residents are on separate floors. Many staff members are homeless, but at the hotel to earn money and get job experience. Mosley says most guests don't mind.

"Most people are perfectly fine," said Mosley. "We've been open now for about a year and a half I think we've had three folks who didn't want to stay."

One hotel guest says he plans to stay for six months.

"I've been here two months," said a long-term guest. "I love this place. I could have gone anywhere, but there's God in this building and there's a lot of good people here."

For Derby they're expecting folks from all over including repeat customers from Ireland. They've even hosted a celebrity.

"We had one rap artist that stayed with us on the 12th floor and the producer was so happy with it he brought several other folks throughout the year to stay in that same suite," said Mosley.

In the end everyone needs a place to stay on Derby weekend and it just take a few creative ideas to figure out how cash in, which could be staying at Hotel Louisville...

"That's weird, but at the same time if it's a good value people are going to say, so what if it's a homeless shelter," said Dominic Grotto. "It's a heck of a lot cheaper than staying at the Marriott."

Or it could be opening up your home for the right price.

"Is it enough?" asked Cross laughing. "Yeah."

Source http://www.wave3.com