|Real Estate Information|
How to Buy a Home When Your in Your Twenties
A Single's Game of Real Estate
Due to the fact that most of us grow up in either a rented apartment or our parent's single family home, it stands to reason that most people, when beginning to ask themselves the question of purchasing their own dwelling, will come to the conclusion that a condo or small house is probably the way to go. That's a result of conditioning and it's a hard mindset to break! After taking the time to talk to or personally guide a respectable number of people in their twenties, I have come to find that firm, direct and accurate information can really adjust the reality of how real estate can be acquired and used to their best advantage starting with property that sets the tone for a much more profitable and rewarding future.
Everyone understands the concept of paying rent, so to begin with a great opening question to our real estate student is, "How would you like to collect that rent as opposed to pay it!" Naturally this question gets their attention and we can begin to open the door of enlightenment. I like to use the duplex example to illustrate the two homes under one roof concept. Some people are unfamiliar with what exactly a duplex is and how it works, so I simply state that quite often you find duplexes composed of one building that has two bedrooms and one bath on each side, all under one roof, some larger, some smaller.
These are as easy to finance as a single family home and in many cases allow you to qualify for a larger loan amount which leads to using leverage and more of other people's money to get ahead faster in life. Using an example lets say you find a duplex for $150,000 (California is higher), your loans interest rate is 6% that would cost $899.33 a month to pay principle and interest back on a 30 year loan. They would have to insure it, so we use an average of $5 per $1000 of home value to average insurance costs. So $5.00 x $150.00 = $750.00 a year for insurance. We divide that by 12 months to get a figure of $62.50 a month for insurance. We also have annual taxes that are based on what the home is worth multiplied by a millage, or mill rate. Let's use a tax rate of $11.00 per $1,000 of the homes assessed value: $11.00 x 150 = $1,650.00 a year. Now divide that by 12 months to get a monthly tax of $137.50 and by adding principle, interest, taxes and insurance (P.I.T.I), we get a total monthly mortgage payment of $1099.33.
Now when you rent one side out for (in many cases, approximately $750.00 a month) you are left to pay only $349.33 out of your own pocket every month. When I get this point firmly affixed to the gray matter of their brain, it becomes clear that this amount is much lower than the amount of rent they are now paying to live under someone else's roof and rules. Now the questions start coming in the following order. Well? How do I buy something like this? The answer most often begins with, "By getting pre-qualified for a loan," and I go on to say you will need to gather and bring the following things to the bank loan officer to get started:
1. Copies of three years of tax returns for first time buyers + schedules and W2 forms
2. Copies of most recent pay stubs within the last 30 days
3. Copies of your most recent three months of bank statements
4. A list of all creditors with name, address and account numbers
With these initial documents the lender can begin to process your application for a loan. They will determine your assets and liabilities (net worth) as well as verify where you live now, your credit history and a host of other information that begins to validate your existence and ability to borrow money now and in the future.
Once they've had a chance to review and verify your information they can pre-approve you for a certain loan amount. Once your approved you can begin your search for a home of your own, typically as a first time home buyer you will find that there are programs that let you put as little as 3-5% percent down in order to buy a home that satisfies the lender's guidelines according to its value and conformity. Now on a $150,000 loan the down payment can be anywhere from $4500.00 - $7500.00.
There are ways to lower these costs and a great place to start is by attending a first time home buyer's class. These classes introduce you to the basics and give you further information on programs that are currently available that may offer you the opportunity to buy with nothing down! So with that said, the next step is to get to a free class and get familiar with the process. Often I recommend going to the class before going to see a lender so you don't appear so green and unprepared upon your initial introduction.
Since I usually find these poor souls wondering and wandering in the land of the lost, the next frown I see come over them is the realization that they just don't have the money required to start. So the question comes up as to where to get it. I usually ask about savings, whether parents or grandparents can help, if they can sell valuable possessions or take second jobs, get grants, gifts, use trust funds, personal loans or co-signers, or a combination of these alternatives with a complimentary loan program usually gets the ball rolling. Options and hard money lenders usually come later as alternative funding and acquisition sources, so I won't confuse any one with those now.
The bottom line is this: If someone wants something bad enough there is always a way!The nice thing about duplexes is that the lender will take into account the fact that 75% of the rental income from the other side of the property can be used to offset your qualifying ratios, so in this case they can use 75% of the rentals $750.00 income to reduce the amount you must earn to qualify for what appears to be an unaffordable loan. Seventy-five percent of $750.00 equals $562.50. Now subtracting that amount from the original mortgage payment of $1099.33 leaves you with a payment of $536.83 which the bank says you must be able to repay every month out of your own pocket. You can do this!
Can you begin to see how with a little information, effort and belief you can actually own something and pay less than what you are currently paying in rent?
Let's continue on with the way things begin to unfold once you begin the journey. Starting with the day you close the deal and become the new owner you will see that you now have just created a passive income stream that gives you an extra $750.00 a month without you having to punch a clock or trade a certain amount of hours to earn the money. Your new asset works for you day in and day out constantly generating income for you while you go and do other things. This is leveraging your time and money in a very beneficial way!
You also will notice that at the closing of your purchase that the old owners who sold you this property had to prorate or give you a share of the rents due and any security deposits that the tenants had given to them. Now add to that the likelihood that your first house payment won't come due until about a month and a half after you move in and you find yourself with, low and behold, extra money, probably for the first time in quite a while!
Let's calculate it using simple math. Assuming you close on the 15th of the month, you will have 45 days before your first payment comes due, you will be credited with 15 days of rent, you will receive all security deposits of the tenant and you will receive another month's rent on the first of the month from your tenant and you yourself will have no rent or house payment of your own to make for another whole month. What does all that add up to? Let's break it down:
1. Fifteen days of rent equal to $375.00
2. A half month's rent as a security deposit equal to $375.00
3. A full month's rent in another 15 days equal to $750.00
4. No payment to the bank for another 30 days and you're not paying rent to anyone any longer, so you keep whatever you normally would have had to give to someone else as rent that month (let's say that was $500.00).
5. Another payment to you for $750.00 from your tenant as well as you having to make your first mortgage payment of $1099.33 on the 1st of the month which comes 45 days later.
Side note: If you decided to rent your second bedroom to a roommate, they would pay $500.00 a month and half your utilities as well, thus your basically living and owning this property for free. Say goodbye to all those student loans as you divert all these freed up funds to pay off loans instead of a landlord!
Adding these up, we get $375.00 + $375.00 + $750.00 + $750.00 + 500.00 not paid to your old landlord. That equals $2,750.00 that you will now have as a result of your first month and a half of ownership. Now subtract your mortgage payment of $1099.33 and you are left with a reserve fund of $1,650.67 in your account. Take your parents out to a steak dinner and celebrate - you've earned it!
Let's review: You decided to buy your own home, you made the choice early to offset expenses by looking at a multiple income property, you went to the homebuyer's class, you went to see a lender and got pre-approved for a loan, you saved or arranged to have the necessary amount required to buy and you hunted, searched and analyzed more than a few properties in order to find a good one that would satisfy your criteria.
Your next phase is to begin to realize that you are now responsible for the welfare of another family or person due to your willingness to become a landlord. Your tenants pay rent and expect you to take care of their housing needs. If you chose a good property by carefully looking at plumbing, heating & A/C, electrical, foundation, structure, roof, location and price, then you should be well positioned to be able to successfully manage these duties. Often, you as the new owner will begin to make improvements to the property such as painting, installing new carpet and doing some inexpensive landscaping and repairs. These are the things that add value to your property and keep your tenants happy while at the same time not breaking the bank!
With $1,650.67 in your bank account, you're not exactly Donald Trump just yet, but you're getting there! Smart landlords establish 6 month reserve accounts and/or contingency funds, which protect them in times of vacancies or when expensive unforeseen repair bills pop up in addition to regular planned-for maintenance items. What I'm saying is don't spend your reserves frivolously. In my case, a steak dinner is a tradition but the major portion of your funds should only be used to build, protect and enhance your asset's ability to produce and sustain income generation.
By taking on responsibility in the housing market at such a young age, you will have some added benefits and opportunities coming to you. Let's look at what starts happening: the first thing is you have overcome fear and lack of understanding by acquiring your first property. In addition, you have begun to offset expenses while saving more money, you are establishing excellent credit while building assets, and you're gaining tax advantages while getting management, home buying and repair education at an early age. These are outstanding life skills that you can employ for the rest of your life and the longer the period of time that you have to use them, the further the compounding effects will help you to go.
This type of initial home-buying strategy can and does lead to further opportunities to grow and achieve further benefits besides those already mentioned. Individuals who learn to accept responsibility early will by nature grow more mature throughout the process and in effect create for themselves a higher status in the minds of others by being looked upon as a current homeowner and landlord. Once established, you will become known for what you can do. If you were single when you undertook these challenges, then you will appear and become more self-sufficient to the opposite sex.
What do I mean by that? What I'm saying is when you meet someone who may become your spouse in the future, they will recognize your ability to provide for their safety and protection and they won't question or complain about your fooling around with wild ideas of becoming educated in real estate now. They will accept that this is something you do and will respect your ability to manage this part of your life.
As time passes on and you find this love of your life and the eventual marriage proposal ensues, the time will come when you're going to want to separate business from pleasure. As a young couple the time will come when you may want to start a family or at least separate yourself from your tenants while moving up to a nicer single family home that suits your changing needs more appropriately. Perfect, because now is the time to consider renting out both sides of the duplex while you begin to investigate your new single family home.
How does this phase work? Hold on, I'm getting there! Okay, let's assume its two years later and you have been living in and improving your duplex all along. Now taking into account that you bought a decent property in a good neighborhood and inflation and appreciation has been adding value in addition to your improvements, your $150,000 duplex should command a new appraised value of $175,000. Let me explain how the value grows: 3% annual inflation multiplied by $150,000 equals $4500.00 the first year. Let's also say that appreciation due to demand also adds 5%, so 5% x $150,000 equals $7500.00. Now $150,000 + $7500 + $4500 = $162,000, which represents the new value for year one. The second year we do the same math on $162,000 and we get $12,960 for year two. Adding that to $162,000 equals $174,960. Okay, I was off by $40.00. Don't forget any improvements and that you may have bought it at a discount because the old owners where motivated and you might find its worth even more.
Now over those two years you have also been paying that old mortgage of $1099.33 each month and the principle amount that you owe on your loan has been reduced by an additional $3,965.96, leaving you with a loan balance of $146,034.04. The difference between the new appraised value of $175,000 and the current amount of $146,034.04 which you owe equals $28,965.96. This number represents the equity, or value, that you currently own in the home. Knowing this, it is entirely possible to apply for and receive a home equity line of credit up to the full value of the new appraisal! If you haven't gone overboard on buying cars, boats and running up other revolving debt while at the same time your significant other or spouse-to-be has a job and good credit with manageable debt, than the bank is going to approve this line of owner-occupied credit.
Now what you have done is set up a line of credit which can be used to buy a $145,000 single family home with a 20% down payment. This allows you to avoid paying private mortgage insurance (PMI), thereby creating a very affordable new mortgage on your new family residence.
NOTE: Do not confuse homeowner's insurance with private mortgage insurance. PMI protects the lender while homeowner's insurance protects you. When you put down 20% of value on a home's purchase in the form of a down payment, you are in effect protecting the lender from yourself because if they foreclosed on you for non-payment, they could sell the home fast for less than full value and still be paid in full.
Don't pay for private mortgage insurance if you can avoid it!
Let's not forget that as the value of your duplex has risen the rents should also be increasing along the same lines. Now instead of $750.00, you should reasonably expect to get $800.00 per month, per side, which now delivers $1600.00 a month to your bank account. Unfortunately you still have to pay for 28 more years on the original loan amount, so you will make that good old $1099.33 payment as usual. That leaves you with $500.67 left over to pay that new equity line back with. Your new $29,000 equity line which you used as a down payment on your new home costs you $336.71 @ 7% for 10 years. Now $500.36 minus $336.71 leaves you with $163.96 left over to maintain a nice little reserve account for vacancies and maintenance/repairs. This is a good example of how to transition to a secure lifestyle while using your existing asset base to buy more.
1. Break the mold and look at multiple income property to start.
2. Go to a first time home buyer class to get ready.
3. Go to a lender prepared to qualify for an affordable loan amount.
4. Focus your effort on learning how real estate works.
5. Realize the sooner you start, the better off you will be.
6. Offset expenses by renting to others.
7. Manage tenants, deposits and property responsibly.
8. Plan for the future using assets and equity lines to start.
9. Keep reading and learning how to do new things with real estate.
10. Find mentors and use knowledgeable people to help you along the way.
I hope this little plan of entering into homeownership has given you some ideas in your quest for independence. Wishing you all the best! Your investment pal, Dan
Dan Auito is a dual-licensed real estate agent and appraisal assistant. In addition to being a 20-year veteran of the United States Coast Guard, Dan has also founded a non-profit drug prevention corporation, a real estate consulting group and is the author of "Magic Bullets in Real Estate." This 300-page power-packed book (due out in late Sept 2004) comes with a website (on line in late Sept 2004) that further supports its readers. Please visit with the family at http://www.magicbullets.com we look forward to seeing you!
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A handful of condos in Miami were frozen by the U.S. Department of the Treasury as part of an Argentinian drug trafficking and money laundering scheme.
Blackstone targets $5 billion for real estate debt fund Crain's Chicago Business
(Bloomberg)—Blackstone Group LP is seeking $5 billion for its latest fund that invests in real estate debt, according to a person familiar with the matter.
See inside 'true' mid-century modern house, on market for $1.05 million Knoxville News Sentinel
A "glass pavilion in the woods" sits as a prime example of mid-century modern architecture.
Spain’s Richest Person Bets Billions on Prime U.S. Real Estate Bloomberg
Amancio Ortega is a Spaniard conquering the U.S. in the 21st century.
Columbus nations fourth-hottest real-estate market in April The Columbus Dispatch
Central Ohio was the fourth-hottest real-estate market in the nation in April, a month after being the nation's hottest market.The country's hottest real-estate ...
Waterfront planners push real estate leaders on district's potential, future Austin Monitor
For roughly half a decade, whenever Alan Holt has talked with community members about the scope of the planned South Central Waterfront District – a ...
WhyHotel Announces New SF-Based Real Estate Development Business Unit and Expands Executive Leadership Team - Hospitality Net
WhyHotel Announces New SF-Based Real Estate Development Business Unit and Expands Executive Leadership Team Hospitality Net
WASHINGTON -- WhyHotel, a DC-based alternative lodging *service* that operates pop-up hotels in newly built, luxury apartment buildings, today announced the ...
Random Lake Tahoe real estate ramblings Tahoe Daily Tribune
It has been a very interesting start to 2019 for real estate sales in Incline Village and Crystal Bay.Inventory levels have remained extraordinarily low while sales ...
Need To Know: Melcor Real Estate Investment Trust (TSE:MR.UN) Insiders Have Been Buying Shares - Simply Wall St
Need To Know: Melcor Real Estate Investment Trust (TSE:MR.UN) Insiders Have Been Buying Shares Simply Wall St
It is not uncommon to see companies perform well in the years after insiders buy shares. Unfortunately, there are also...
Marine towing magnate’s trust sells waterfront Fort Lauderdale home The Real Deal
The trust of a towboat company magnate sold a waterfront Fort Lauderdale estate for $8.1 million.
In the High-Flying Hamptons, Real Estate Is in a Rut The New York Times
David and Sindhu Nordquist deliberated for years about where to buy a second home, and then last summer, while renting a house in the Hamptons for the first ...
Prominent WNY Real Estate Developer Facing Federal Charges Spectrum News
Prominent Western New York real estate developer Robert Morgan is facing multiple federal charges, including conspiracy to commit wire fraud and bank fraud, ...
Challenges of Successful Albuquerque Real Estate Deal CEOWORLD magazine
Are you a business owner? Do you reside in Albuquerque? If you answered yes to the two questions, then this article is for you. Specifically, should you seek ...
Real Estate Earnings Recap: Housing REITs Lead Recovery Seeking Alpha
Following several years of floundering stock price performance, REITs have outperformed in 2019, boosted by receding interest rates and strengthening ...
The residential real estate business needs digital disruption The Washington Post
It is one of the few sectors of the U.S. economy yet to be transformed by the Internet age.
ERA Real Estate partners with HomeAdvisor for concierge services Inman.com
ERA Real Estate is launching a series of concierge services for its homebuyer clients as part of a new partnership with HomeAdvisor. ERA Real Estate ...
17 real-estate agents reveal the worst parts of their jobs, from the lack of steady income to being on call 24/7 - Business Insider
17 real-estate agents reveal the worst parts of their jobs, from the lack of steady income to being on call 24/7 Business Insider
Business Insider asked real-estate agents about the worst parts of their jobs. Several agents said it was managing clients' unrealistic expectations.
Property in Vineland sells for $505,000 | South Jersey real estate transactions NJ.com
Here's a roundup of recent home sales in Cumberland, Salem and Gloucester counties.
'This was a steal': Campaign real estate deal that 'thrilled' Trump could be illegal - Washington Examiner
'This was a steal': Campaign real estate deal that 'thrilled' Trump could be illegal Washington Examiner
President Trump was “thrilled” that his campaign acquired northern Virginia office space at “bargain basement” rates, a campaign official told the Washington ...
Real Estate Transactions — Big Deals With a Little Help From South Florida Attorneys | Daily Business Review - Law.com
Real Estate Transactions — Big Deals With a Little Help From South Florida Attorneys | Daily Business Review Law.com
South Florida real estate attorneys have the advantage of working in a deal-driven region which makes their skills valuable wherever the sales are closing.
Top 10 Tips For First-Time Real Estate Investors Forbes
Real estate can be a tremendous investment opportunity. But when it comes to taking that crucial first step, most people aren't sure where to start.
Loudoun friends lead a platinum real estate team Loudoun Times-Mirror
When veteran realtors Vicky Noufal and Karen Cooper first decided to open Platinum Group Real Estate together, fellow agents warned them against it.
Raiders acquiring additional real estate near Las Vegas stadium for parking - Silver And Black Pride
Raiders acquiring additional real estate near Las Vegas stadium for parking Silver And Black Pride
The Las Vegas Stadium Co. COO, Don Webb, announced at Thursday's stadium authority board meeting that the Raiders are in the final stages of a ...
Grayblock Power Selects Fusion to Bring Clean Energy and Real Estate Digital Asset Investments to the Masses - EnerCom Inc.
Grayblock Power Selects Fusion to Bring Clean Energy and Real Estate Digital Asset Investments to the Masses EnerCom Inc.
Grayblock Power Selects Fusion to Bring Clean Energy and Real Estate Digital Asset Investments to the Masses. New York, May 24, 2019 (GLOBE NEWSWIRE) ...
Google comes to aid of Punch Line, says it doesn’t want its real estate San Francisco Chronicle
Comedian Dave Chappelle (right) attends a rally at City Hall to announce an effort by Supervisor Aaron Peskin to prevent the Punch Line comedy club from…
Latest Vancouver real estate pitch: Free wine for a year with pre-sale condo purchase - The Province
Latest Vancouver real estate pitch: Free wine for a year with pre-sale condo purchase The Province
Whether it is free wine or avocado toast, creative offers are signs of the times in a Metro Vancouver real estate market with slowing sales.
This week in celeb real estate: Tinder co-founder eyes breakup with Montecito home, Beck’s former home lists for sale… and more - The Real Deal
This week in celeb real estate: Tinder co-founder eyes breakup with Montecito home, Beck’s former home lists for sale… and more The Real Deal
Aside from one $16 million sale in the South Bay, celebrities looked outside L.A. for their real estate fix this week. Two multi-million-dollar listings came up in ...
Perry Wellington Real Estate WTAJ - www.wearecentralpa.com
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4 tips for avoiding toxic behavior in real estate Inman.com
Whether it's clients creating roadblocks over the smallest details or other agents working to bring their colleagues down, today's entrepreneur needs to be ...
Recharging Your Personal Real Estate Brand Forbes
Those who sell real estate sometimes find themselves challenged to remain *fresh* in the marketplace. There is increased competition from other real estate ...
Buying Your First Investment Property
"Begin With The End In Mind"I first heard the phrase "Begin with the end in mind" in a Steven Covey book called "The 7 Habits of Highly Effective People". This expression makes a lot of sense because the fact is, you can't get where you're going, unless you know where you want to go.
If Your House Is a Mess, You Dont Have To Sell For Less
Don't be tempted by "We Buy Houses" or "Sell Your Ugly House in 9 days for Cash" ads.These savvy real estate investors look for sellers under duress.
5 Rock-Solid Real Estate Investment Strategies
Investing in real estate is more complex than simply buying and selling homes. To help new real estate investors to decide which strategy might work for them I put together 5 rock-solid strategies.
FSBO: For Sale By Owners Chapter One
She reached the phone on its second ring. "This is Tami!" She confidently answered.
Real Estate: Buyers Agent, Sellers Agent & Dual Agent (defined and explained)
There is a relatively new and not always well understood practice in Real Estate sales; it is called Buyer Agency or Buyer's Agent. Until recently Realtors and agents usually represented the seller, in opposition to the buyer, during the real estate transaction.
Buying Land For Development Requires Careful Planning and Execution
From the desk of Colm Dillon ..
Advantages and Disadvantages to Selling a House on Your Own
As with any business transaction, there are pros and cons to selling your own home. Many people are intimidated by the whole process, but if you know what you are up against, and if you are aware of what needs to be done, you will be more effective at selling on your own, or you will be better at making sure your agent does what you prefer.
How to Negotiate a Successful Short Sale
Anyone who has ever profited from doing a short sale has also without a doubt had one or two rejected at some point. Guess what? It is just the nature of the beast?As with all types of sales; you're playing a numbers game.
Why is Now the Time to Buy in Turkey?
Turkey is a paradise of sun, sea, mountains, and lakes that offers the vacationer a complete change from the stress and routine of everyday life. From April to October, most places in Turkey have an ideal climate that is perfect for relaxing on sandy beaches or enjoying the tranquility of mountains and lakes.
Real Estate Investing - "The Neighborhood Factor"
Real estate investing can be a dream career when the process of buying and selling is mastered. The biggest challenge in real estate investing is not the money to get started or the availability of the product.
Quality of Life in Sussex County Delaware. Facts, Statistics, Observations and even opinions!
We Sussex Countians are fortunate in many ways as we have a wonderful quality of life here.Climate:Our climate for one thing is the best in the region.
Talk to a Lender Before You Sell Your Home
If you're looking to sell your home quickly, and for top dollar, the best thing you can do is to be able to offer your buyers some sound financing options. That's why developing a relationship with a lender can be the key to a quick sale, and to more money at closing.
Real Estate Investors: How to Get a Powerful Marketing Education for Free
I am a total geek.A few weeks ago, late at night, I wasn't in the mood to go to bed yet so I turned on the TV.
What Makes Fractional Shares Different from Owning Other Kinds of Vacation Properties?
Fractional shares ("fractionals") are sometimes confused with other vacation property options, such as time shares and condo hotels. While there are similarities, there are a number of things that make fractional shares unique, and thus suited for a certain type of vacation property buyer.
10 Easy but Essential Steps for Home Selling Success
They say that the whole process of selling up, buying new and moving on is one of the most stressful series of events any of us goes through in a lifetime: and yet with careful planning, attention to detail and a clear focus, the whole process can be relatively stress free.While there will always be factors outside the control of any home seller, those factors that fall within their control sphere can proceed fluidly and smoothly when they take the time to plan and think one step ahead.
Real Estate Bankruptcy
Although real estate bankruptcy cases no longer dominate the bankruptcy courts' dockets as they did in the early nineties, but they continue to be filed with great frequency in UK. At its essence, the real estate bankruptcy is a two party dispute between mortgagee and mortgagor.
We Buy Houses Scams - How to Spot Them and How to Avoid Them
There are many reasons why a home owner would want to sell a house fast. Job change, relocation, debt problems, divorce and inheritance are just a few.
7 Different Ways Anyone Can Become a Real Estate Investor
Being a real estate investor is not really that hard, Sometimes you do not need any money down. Other times you do not need any of your own money down.
Helpful Hints for First-Time Home Buyers
Buying a house can be a daunting task, even for someone who has owned several homes. My husband and I recently purchased our first home together, and it was hard to find good advice that we truly found useful.
Real Estate Professional in the Palm of Your Hand
GETTING THE MOST FOR THE LEASE-TRACKING YOUR REAL ESTATEIf you own rentals and/or investment properties, you know that you have to keep track of your portfolio, maintenance profiles, property managers, and related financial matters. There are a multitude of programs for the Palm-Pilot system to keep up with lease dates, lease expirations, and rent due dates.
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