Should I buy a Condo, House, or Multi-Family|How to Get Started In Real Estate

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When I started my first time home buying process, I questioned myself whether or not if I wanted to move into a condo, single family home, or multi family.

Here’s what it came down to. I wanted to move into something that wasn’t going to need any work that was one. With houses, they typically require a lot of handy work, meaning you may need to replace some fixtures, in a few months time you may need to replace the roof, or the siding. There’s a ton of things you may have problems with. Houses are typically more expensive than condos price wise, monthly payment wise, single family’s are generally cheaper. You don’t have to pay for a HOA fee, which are tacked on fees that cover everything from building management, building upkeep, water bills, garbage fees, and so and so forth.

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Not having to pay that HOA fee means saving yourself an extra 200 to 500 dollars a month!

Now buying a two family home is even more expensive than buying a single family house, you have all the same expenses as buying a single family and then some. The only difference is, when owning a multi family, you have the opportunity to rent the opposite side out, saving you on your mortgage payment.

I chose to go with a condo, because A. I didn’t have to put any work into it, if I did I would end up making the home worth more so that was a place. B. the mortgage was affordable as was the HOA fee, C. the price tag compared to other condominiums 30 minutes away was generally cheaper by hundreds of thousands of dollars!

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Get a free sample of my Ebook on my social media, which will go into extreme detail on how to buy real estate. Or go to the link below and get the full book

A book that helped me in my journey was “rich dad poor dad” and it may help you! Link below

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Rental Alert: Huge 3 bedroom 1 bathroom Condo in Riverside Paterson, NJ – 30 mins from NYC and half the price of a New York City apartment!

Located 30 minutes away from NYC driving. This condo is a large open space with 3 bedrooms and 1 bathroom. Open floor kitchen with huge island and stainless steel appliances including stove, microwave, and dishwasher. Plenty of closet space in this unit, and lots of amenities and of course your own laundry washer + dryer in your unit!

Located 30 minutes away from NYC, driving. This condo is a large open space with 3 bedrooms and 1 bathroom. Open floor kitchen with huge island and stainless steel appliances including stove, microwave, and dishwasher. Plenty of closet space in this unit, and lots of amenities and of course your own laundry washer + dryer in your unit! This condo is Minutes from NJ train, bus, Trader Joe’s, plenty of colleges,and also the Great Falls National Historic park. With signing you are entitled to a parking lot, Entertainment room with ping pong tables, pool tables, and treadmills/fitness equipment.

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Upon signing lease you are given key remote to open secure gate to parking lot. Building has security cameras throughout complex. There’s is also a community room to throw pre-scheduled birthday party’s. First months and last month’s rent. No security deposit. Tenant pays electric and gas. Rental price $2100. Virtual tour here.

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7 Sensational Daily Routines That Will Create Success and Build Wealth

Follow these 7 routines to motivate yourself throughout the day. Start off small and then work you way up the list, this will keep you focus and unlock your potential to build wealth.

 1.  Write down 5 things that you want

Every Morning when I wake up the first thing i do is write down 3 things that i want, i’ll simply just grab my phone and type in the “I want 15 houses” or “I want to be a millionaire by 30 years old” the more you focus on what you want, the more you will bring what you want to yourself. It’s called the Law of Attraction, you have to keep a clear and positive mind to focus on what you desire most. By writing what you want down, you’re physically writing and seeing what you want at the same time mentally speaking what you want into existence.

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2. Write down 3 things you’re grateful for

Now that we’ve taken a minute to write down what we want in life, let’s take 60 seconds to write down what we’re grateful for. It could be ” I’m grateful for my health“, it could even be “I’m grateful for my family.” As long as your showing gratitude for the life you have and what you are receiving in it you will be rewarded tenfold. Spreading Positive feelings by showing gratefulness will only attract good things into your life. In order to create success we must start our days off to a great start, and by stating how grateful we are, we will boost our spirits.

3. Read the news find out what’s going on in the world

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It’s always good to know whats going on in the world and whats going on with the economy. You don’t want to buy into real estate when the housing market is down. But if interest rates are down, you might be able to save a lot of money. The interesting question is, would you know if interest rates were down if you didn’t read or watch the news? That’s a big NO. There’s a bunch of websites or articles that you can read! There’s even blogs that can help you invest in real estate, like my last bog where you can find by (clicking here).

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4. Spend 30 minutes on the stock market

Spending at least 30-45 minutes looking at stock charts, getting a hint of how they go up and go down, can get you acclimated to how companies react to bad news and good news. Investing in stocks is a great way to earn interest and dividends on your investments. Putting your money into well-run companies, that have an excellent financial history, will set you up for success in the long run. But we must be consistent and study how the stock market operates to profit from it.

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5. Spend 30 minutes looking at real estate on Zillow or Trulia 

Next is Real Estate, I went from investing tens of thousands of dollars in the stock market to taking that money out of stocks and investing it into Real Estate. One of the greatest ways to build wealth is investing in real estate. From buying a home i was able to make money off of rental income and also building wealth as its value appreciates year by year. Before doing this, i would spend hours on zillow and trulia, looking at the numbers of different properties. Focusing all of my energy on real estate apps kept me on track of my goals and helped envision myself in a home. One book that i suggest you to read to motivate yourself is “Rich dad poor dad” by Robert kiwosaki put your money to good use and invest in educating yourself.

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6. Hit the Gym

Not only is mentally preparing yourself the key to creating success, but also Physically. Exercise or any physical activity is going to get the heart rate up and blood flowing, releasing endorphins to raise your energy level. And everyone knows when your energy is up, your able to get through your day feeling strong and ready to take on the world. So go out there, lift some weights, and boost your confidence.

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7. Invest as little as a dollar on cash app

Whats easier than taking a dollar from you bank account and transferring it into an investment account to accumulate wealth. I mean unless you don’t have the money then i understand, that’s a different story. But if you have a dollar try putting it away into your cash app, where you can invest in stocks with as little as $1. If you don’t have cash app, use my referral code https://cash.app/app/LDJRRBT to give you $5 to start your account off . Back to fractional investing, so if Apple is worth $265 you can literally buy $1 worth of Apple and if apple goes up your dollar increases as well.

Real Estate Investing vs. The Stock Market| How to Make $500 in Passive Income Per Month

Learn How to Make $500 in Passive Income Per Month

 

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When it comes to finance, I started off my career investing in stocks, following the portfolios of some of the best stock investors of all time. Investors such as Warren Buffet, Charlie Munger, and Peter Lynch. I put everything i had in my savings into stocks. Every check I made, I put 50%- 75% of that into my investment account. After a year of buying tech stocks, retail stocks, and bank stocks, my portfolio grew about 12%. In total, I was able to save about $10k… The big idea was, if I save about $50k into one or a couple different stocks, I could potentially make $500 a month off of dividend income. But here’s some of pros and cons of making that decision.

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Pros and Cons of Investing $50k in Real Estate for Dividend Income

Pros Cons

1. Stocks are Extremely Liquid. Meaning you are able to sell you stocks immediately if you were in a sticky situation. However, in my opinion the best investor is a buy and hold investor.
1. Most dividends do not come monthly, them come quarterly. Which means every 4 months you’ll get to your dividend payout. 
2. If the price of your stock goes up you earn money. So if you invested $50K and the stock price goes up 6% than you make $3k totaling $53K. However, if it goes down you lose 6% or more.
2. To save up $50k, think about how much time that would take. A couple of years, realistically speaking. By that time you could’ve made a number of different investment.

3. You can reinvest your dividends to earn you more money. This method is called compounding, where you’re money is doubling over the years.

3. You may lose money big time, if the stock market goes down. Look back at the 2008 crash, everyone lost money, houses, and jobs.
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Referring back to this chart, there are companies that will continue to appreciate in price. But what will go up, may go down (click the link for examples). There are also companies that do pay monthly dividends. But if you were put $50k into one or two different stocks, how do we know how stable that stock is? Do you want to put your money at risk? If you’re a low risk investor, that would be the smartest decision. So I thought to myself what if I bought a condominium, and rented it out after a year of living in it? How much would I have to spend out of pocket to buy it?

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To answer that question. Using the purchase price of $100k, the down payment and closing costs would come out to $9k. Let’s fast forward a year from after i bought my property.. The time has come for me to move on, and now i want to rent my unit out. I could potentially make $500 monthly, i would just have to rent out the unit for 30%-50% more than the actual cost of my mortgage payments but that is doable if you bought the property at a good price. On top of the monthly cash flow, you can ask for first months rent or last months rent. During the 2008 recession, one of the most stable investments were rental properties. The best part about real estate is that its in constant demand. Somebody’s always looking for a place to rent, just do your due diligence when you do choose your tenant. The most important part about investment properties is the guaranteed monthly rent check. While other investments such as commercial properties during a recession might be a lot more risky, a rental property still brings in a steady flow of passive income.

Top 3 Ways to Buy a Home with Bad Credit |No Money Down| Essential Real Estate Tips

There’s many hidden costs when it comes to buying real estate. You have inspection fees, attorney fees, appraisal fees, and so on and so forth. All of these fees, what you call closing costs, sum up to be anywhere from 3 to 6 percent of the total loan. And that depends on if you go with a FHA loan or a conventional loan. With an FHA loan you may pay more fees than what you would if you went with a conventional loan. This is all because you may be a little riskier credit wise, FHA loans have less strict lending restrictions so people with lower credit scores go with these loans making the closing costs more expensive.

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But fear not there are a number of ways to work your way around paying these closing costs and even down payment. You just have to use your resources well, and search through the internet until you find a blog that will guide you through the way, like this one! Being a first time home buyer opens up a lot of doors when it comes to avoiding closing costs and high percentage down payments.

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1 Find Grants that will give you up to 10k to fund your down payment and closing costs.

Let’s go into further detail on what grants are. Grants give you money that does not need to be paid in return. Money that comes with no strings attached is by far the single and best kind ,and it can help tremendously with your down payment. There are various grant programs out there designed to cater to your areas of need. Whether it’s money for a down payment or closing costs. You can receive grants from nonprofits, local governments, and even employers.

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Examples of Grant Programs (click the programs for more information):

Freddie Mac Home Possible 

HomePath ready buyer program

NJHMFA state-wide Down Payment Assistance Program

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2 Apply for a VA or USDA loan which will allows no money down

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The U.S. Department of Agriculture also insures 0% down payment loans. The requirement is that you must buy a house in a rural area and meet certain income restrictions. Closely consider what’s important to you in a home and a location. When it comes to a VA loan, these mortgages are usually offered through a Department of Veterans Affairs program. They’re mostly available to active and veteran service members and their families, VA loans are backed by the federal government, but are issued through private lenders. VA loans have generous terms, such as no down payment, no mortgage insurance, no prepayment penalties and limited 

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3 Ask for Seller Concessions, and let the seller pay for your closing costs 

When going with a FHA loan you can only receive up to 3 percent of sellers concessions. So if your house’s purchase price is $100k, you’re getting $3k from the seller. This should cover the closing costs in full if it doesn’t you can roll the rest of closing costs into the end of the loan. 

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The next step would be paying the down payment, which would equal $3500. If you want to take it even further, you can borrow the $3500 from a family member. If you go with this method you would end up paying $0 to own a piece of land and a piece of property. 

How to Trade Options in The Stock Market: A Beginners Guide to Make $100 a Day | with Low Risk Day Trading

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Hi all and welcome to my Website/blog Ingramuniversal.com. I appreciate the fact that you have taken time out of your day to scroll through. Be sure to follow and subscribe to get to the latest info on Investments and Personal lifestyle. By clicking the social media icons you can share our posts, we have Facebook, Instagram, Pinterest and many more. Don’t forget to like and comment!

It’s currently day 27 of waking up to the same exact routine of being home and pacing around the house looking for something to do. Since we’ve been in a state of inertness, I’ve been able to learn more and more each day. One of the most intriguing things I’ve learned since being stuck on the couch, has been day-trading.

What is Day Trading? Day Trading is known as the art of buying and selling equities or stocks in a short time usually a day. The goal is to earn a small profit on every trade.

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Each day I’ve been able to profit at least $80 to $100 day trading stocks that are affordable and I know well. Day trading can be risky but only if you’re trading money that isn’t yours, it’s not as if we work on Wall Street and make tons of money. So let’s be realistic, trade with an amount that your comfortable with. Not with an outrageous amount, an amount that if you lost it you would go crying to your mommy about it… I tend to use only about $30-$70 of my own money buying call options, it’s always best to buy in the money. Meaning your break even percentage is extremely low so it doesn’t take a long time to profit. You simply buy a call option only if you believe that the stock is going to rise. I typically buy 1 contract every trade. If you don’t know what a contract (click the link above for a full description). A contract is 100 shares of a single stock. If you buy 2 contracts your purchasing 100 shares of a stock, so be mindful of what stocks you choose. The market may go down rather quick, and your portfolio could drop to zero. This is where cancelling your contract comes into play. You are able to cancel at any given time, so if you feel like you’ve made a bad move, Exit the contract. Timing is always key, buy at the right moment and you may make yourself quite a pretty penny.

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Buy the dip, and exit quick. The best time to buy an equity, is when its hitting its bottom or the dip. Stocks are known for quick jumps up after being in the red, this is the best time to buy in. Once your in the money, or making your profit you’re able to cancel your trade at any time. I try not to play around and wait to get the most gains possible, that would be a buy and hold strategy, with options you want to get in and get out. Make your money, exit, and repeat. You can easily compound your money this way, just remember keep your trades reasonable by spending what you can afford to lose. A book that i suggest for you to read is How to trade options: A complete guide for beginners. This will guide if you have any unanswered questions, also feel free to ask away down below in the comment section.

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After much practice you can find a stock that your profitable with and continue to trade it over and over. The stock that has been my winning stock has been MFA, a real estate investment stock that is at its 52 week low, and with recent good news it has been ticking up slowly. Who knows perhaps after a few days trading this may take over your mornings and start day trading for a living. It never hurts to have more than one streams of income!

Don’t let the Corona Virus stop you from investing in Real Estate! Use the Stimulus Bill to your advantage!

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Real estate is one of the most simplistic ways to earn money. With a relatively small monetary investment and some sweat equity, you can turn a substantial profit. The future outlook on real estate investing is positive and constantly evolving. For new investors, one of the most difficult hurdles to overcome is learning the ropes of the real estate business. Real estate transactions are complicated, and if you are not educated on the ins and outs of the business, you potentially could lose large amounts of money, fast. Before you get started in real estate investing, spend some time thinking about the best approach for your financial situation, personality, and risk tolerance. One in four residential homes is bought as investment property. Many real estate investors are regular people just like you who make impressive side incomes. Some people even earn enough to make real estate investing their primary income. 

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This website will teach strategies you can use when investing in real consider – like real estate law, tax implications, and non-traditional real estate investment options. While being a real estate investor is, at times, stressful, it also can be mentally and financially rewarding. 

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Your First Real Estate Investment 

Making your first real estate transaction, either as your primary residence or as a 

planned investment, can be profitable and exciting, but it can be overwhelming 

too. Follow these steps when starting out in real estate investing. 

1. Educate yourself. This doesn’t mean that you need to go back to school, but you do need to take responsibility for what you need to know, and learn it. Study the market you’re interested in entering. Use the internet, local land records, and area real estate agents to find the sales prices of comparable properties. Learn about the transaction process, each person’s role and responsibility, the legal requirements, and insurance. Each component carries fees that vary, and by researching prices you can avoid losing money. 

2. Get your financing in order.

A common mistake made by first time investors is to find the property first, then get financing. Before you go out to find that hidden gem, get pre-approved for financing. Decide on a lender by choosing a bank, mortgage company or online loan company. When talking with your lender, tell them how much you are looking to invest. They’ll gather lots of financial information about you – income, credit history, liabilities – and give you an idea of how much they’ll finance. With the many different financing choices available today, you’ll need to decide which option works best for you. Financing plans have different variables including different rates, initial cash investment, and tax implications. 

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3. Look for your property.

Finding real estate that you can make a profit with can be tricky. Use the internet and local newspaper’s “Real Estate” section. Look for abandoned and “For Rent” homes. Drive around the area you’re interested in and try to find “For Sale by Owner” properties. 

4. Negotiate a fair deal.

Once you’ve found the perfect house, you’ll need to negotiate for the best price. Don’t expect that you’ll get a steal. Sellers are trying to the most money for their property, and buyers are trying to pay the least amount. Negotiating well involves working together with the seller to find a win-win situation. Be assertive, but plan to make concessions. Inflexibility often causes expensive delays and added stress. 

Is Real Estate Investing for You? 

Real estate is an intricate business that involves many different legal, financial, and interpersonal aspects. Are you ready to jump into this complicated business? Think about these essential questions before you make your first move. 

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1. How much money can you invest? 

Investing in the real estate market requires capital. The initial outlay of cash needed upfront to acquire a property may be large or small. Whether, it’s cash coming from your pockets, or cash that will be coming very soon, in the form of the stimulus bill, that millions of Americans will be receiving. You can use some of that money to put towards your down payment.But be sure you can afford to invest by looking closely at your personal financial situation. How much cash do you have? What amount of debt and how much interest can your finances handle? Think about how much you can lose. 

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2. Are you risk tolerant? 

Risk and capital go hand-in-hand. How much risk are you comfortable taking on? A large loss to a small investor has a much larger impact than the same amount to a wealthy investor with deep pockets. While risk-taking can be exhilarating, be honest about your finances and think about the level of risk that will be comfortable to you. Do you naturally enjoy taking chances, or do you tend to be more risk adverse? It’s essential to success to know your comfort zone. 

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3. What are your future financial plans? 

Are you interested in investing to maintain capital or to get the highest return in the shortest amount of time? Consider the amount of time, money, and risk associated with each scenario. Be logical. A straight 15% profit over a couple of weeks is not realistic. If you are interested in a high return, this usually means there’s a longer time commitment, which means your money will be tied up. The value of property can change quickly, leaving you in a higher risk situation. 

4. Do you have what it takes? 

To be successful in real estate investing, you need to be detail oriented, a quick learner, and have excellent interpersonal skills. You need to have the self-management skills required to determine what you need to know, then go out and learn it and apply it. 

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5. How much time can you spend? 

Think carefully about how much time you can commit to the day-to-day tasks required to be successful in this business. In the beginning, you’ll need to spend a lot of time researching and learning about the business. With every endeavor you’ll need to spend time working on legal issues, zoning and town issues, insurance, tax concerns, contracts, market research, financing. If after considering these questions you are still interested in real estate investment – congratulations! This field is one of the most exhilarating ways to make a living. 

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Thank you for so much for reading! Feel free to comment, like, and share to others to inform them of the vast benefits of Real Estate Investing.

How to Save Money for a Down Payment on Your Future HOME|Create Wealth for Yourself

Paying rent for the rest of your life, isn’t all that it cracked up to be. Having a roof over your head is fine and all, but not having that security of that roof over your head being yours is honestly really stressful. Because lets face it, what if you cant pay rent, you get evicted, what if you make a hole in the wall, do you lose your security deposit. There’s a lot that comes with renting that’s extremely negative. Now when it comes to owning your house, its yours. You can do whatever you want to it, depending on how expensive it is and what your down payment is, it is usually less expensive.

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Paying rent for the rest of your life, isn’t all that it cracked up to be. Having a roof over your head is fine and all, but not having that security of that roof over your head being yours is honestly really stressful. Because lets face it, what if you cant pay rent, you get evicted, what if you make a hole in the wall, do you lose your security deposit. There’s a lot that comes with renting that’s extremely negative. Now when it comes to owning your house, its yours. You can do whatever you want to it, depending on how expensive it is and what your down payment is, it is usually less expensive.

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Instead of using that security deposit on a rental put it towards a mortgage. Save up for that down payment on your house, and build up equity within in. For those who don’t know what equity is, it’s a homeowner’s interest in a home. It can go up over time or it can decrease over time. Now once you have enough equity in your home, you have a plethora of options available to you, you can take out a heloc loan and buy more properties. You can refinance, and decrease your interest rate and also take out money for home improvements. Or you can sell and reap the benefits owing less than the total value of your home and selling. But the only way you can do this, is if you take that first leap, and start saving for your down payment, put away at least

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$100 per month, and let it add up. You can take my strategy and put $100 to $500 into an investment account and let it grow. Earning you extra money for your future home.

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But wait let’s not forget about closing costs!

When it comes to buying a home you don’t only factor in the down payment, you also have to include closing costs, These are usually your appraisal fees, attorney fees, inspection fees, etc. Closing costs are generally 3 to 6 percent of the total cost of the loan.

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There are ways to not pay some or any closing costs, you just have to get a little creative and negotiate your way through these fees. One way to do that is to roll some of the closing costs into the life of the loan. I haven’t personally done this, but i feel like it may give you a little breather as far as having money left over after closing.

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Although it does make your monthly payment higher at the end of the day, you could always refinance at a lower rate. The second option is asking for seller concessions. All you have to do for this option is include it into your offer. You would just communicate with your agent that you are interested in receiving sellers concessions. There is a limit on how much you can get when asking for concessions, but whatever you do get, if you are lucky, can go a long way. I have been lucky enough to receive $3500 from the sellers of my first deal, part of this is because i had a very good agent. With this information you won’t need to rely on a good agent, you would just bring this up yourself right off the bat, be patient, and reap the rewards. To learn step by step how to buy your first home check out my e-book using this link https://payhip.com/b/729x. Purchase a copy for just 99 cents.

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Is It A Good Time To Purchase A Home Today in America?! To Buy Or Not To Buy That Is The Question.

Implications like these tell us that a Buyer’s markets, within the next couple of months, could possibly be coming. Inventory may come on the market at much more accurate prices. The people who will benefit from this, will be essential workers, who have strong cash reserves on hand

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undefined De-listings are up way over 100 Percent this quarter, that is the highest it has been in history today so what does this mean to us Real Estate Investors and Home Buyers. The corona-virus has put a wrench in this years real estate market —but don’t expect buyers to lower their prices. Today’s Sellers are simply not giving in to the temptation to lowers prices accordingly. Along with the Sellers making it hard for buyers, Lenders are also making it harder to close new loans even though rates are low, staff are laid off or working from home, and the Covid-19 environment makes things like getting inspections and appraisals much more difficult.

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Implications like these tell us that a Buyer’s markets, within the next couple of months, could possibly be coming. Inventory may come on the market at much more accurate prices. The people who will benefit from this, will be essential workers, who have strong cash reserves on hand. Potentially you may actually have less competition and a more level playing field when it comes to offers and closing cost concessions, because showings are – No pun intended- virtually limited.

Key Takeaways

  • It’s a Great time to buy if you’re not at risk of being laid off
  • You have an ample amount of cash reserves to use as a safety net
  • Get a Number or Price you can work with, Negotiate the price down

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The work from home experiment has proven to workout for the economy, this means that the demand for homes with office space will be up. So when scouring the market for a home be sure to add extra space/ home office as a requirement to the menu.  Evidently the big winners will be home-buyers who have patience, however if you can get a discounted deal in today’s market with a low interest then your in the game.

90 Percent of Millionaires become so through owning real estate

– Andrew Carnegie