This blog is not just about sunshine and roses! Sometimes, it's about a lesson learned. You will not invest in real estate and make thousands of dollars tomorrow! Well, you might, but then you might as well consider yourself the equivalent of winning the lottery. One thing that I am a HUGE believer in is paying it forward and allowing others to learn from your mistakes. No need for the next newbie to make the same mistake. Let them make a … [Read more...]
How to Use a 1031 Exchange
Did you know that the 1031 Exchange helps everyone from the novice to the professional keep money out of Uncle Sam’s pocket legally? The 1031 Exchange is an integral part of our “retirement” plan. Unlike stocks, the IRS provides a method for you to move your houses around the country without having to pay capital gains or repay depreciation as long as it is a like kind real estate exchange. What is a 1031 Exchange? It is a program that … [Read more...]
The VA Loan: How are You Using it?
Did you know that the VA loan is a great tool? It can be used for multiple loans at the same time as long as you don't exceed the guarantee. There are many other uses for the VA Loan, make sure you are using it right with these tips! Pros and Cons of the VA Loan Pros No downpayment required. The funding fee is rolled into the loan. It currently has lower interest rates. Cons Funding Fee (Rates vary based on if it is your … [Read more...]
A Simple Guide to Understanding Mortgages
The first time we met with a mortgage broker it made my head hurt. Mortgages should not be this hard! Use this post as a guideline to understanding mortgages. This way when you go into a meeting with your mortgage broker, you can feel more prepared and able to understand what is being discussed. Understanding Mortgages: Loan Qualifiers Debt to Income. Your debt (Monthly fixed debt payments: car, boat, new house, loan, etc) to income … [Read more...]
How to Strategically Choose a Home Loan
It's your first time buying a home and you need a loan! Which one home loan do you choose? How do you know which one is better for you? Look no further because below I have listed the pros and cons of several different types of home loans. Single Ownership Single ownership is if you do not plan on owning multiple houses at one time. There is no need to worry extensively over the type of loan to take in this situation. You should take the … [Read more...]
Thinking of Selling Your Placeholder Home? Read This First!
Are you planning on coming back to the area eventually? Do you want a house that is building equity and keeping place in the market? If the answer is yes, then why are you selling your placeholder? A house that keeps you in the market that has a mortgage that would be reduced by your tenants paying it is a good choice to keep. While there are certainly downsides, keeping your house in the city has a lot more positives beyond the … [Read more...]
Should You Rent or Sell Your Home?
Not sure if you should rent or sell your house? Take this quiz to find out! Rent or Sell Quiz: Can you afford to cover maintenance on the house or other sudden expenses? Are you willing to treat the house like a business and not a home? Can you hold onto this house without being prevented from qualifying for future houses? Are you willing to hold onto the house for long term? Do you like other people paying your mortgage? Are … [Read more...]