Tag: home buying process

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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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

Top 3 Benefits of Becoming a Real Estate Agent | Rental Property Investing | HowtobuyNYC Podcast Ep. 2

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