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How To Buy Real Estate - Yes, YOU CAN!
If you want to buy a house but don't think you can for any of the following reasons, this article is intended to give you correct information so that you can make smarter choices and open yourself up to a world of wealth, possibilities and realistic expectations. The truth is you are being unrealistic when you believe the following reasons to be true: I can't buy property now because?
I am here to tell you that you CAN buy property, regardless of any of the above. In this day and age, there is absolutely NO reason why anyone can't own their own home. The strict days of the 20%-down-excellent-credit-and-stable-well-paying-job loans are over, replaced by no-down-payment-prior-bankruptcy-and-stated-income loan programs. With the wide array of today's diverse lifestyles comes an abundance of opportunities and programs created for each and every possible situation. Businesses need to make money, and the best way to open themselves up to a larger range of customers is to offer services for the vast and varied circumstances of each individual. Many lenders today offer little to no down payment programs, poor credit leniencies and even no proof of employment or salary requirements (in lender speak, it's called "stated-income programs" where you simply state your income to the lender without having to prove it with pay stubs, W2's, etc. This is widely used by freelancers and consultants). In addition to the countless programs offered by lenders, there are now government grants and (often free) services available for the low-income, low reserve home buyer as well as plenty of programs for first time home buyers. Government programs and many private loan programs also offer assistance for closing costs (the costs required up front to pay for lender fees, escrow & title charges, etc.), with some programs requiring the seller to pay for most of them. For a list of government grants, go to www.cfda.gov (The Catalog of Federal Domestic Assistance) or www.firstgov.gov (The US Government's Official Web Portal). Click on "Benefits & Grants" to get to their grants page. "Ok, that's great," you're thinking, "but the real estate market is so inflated now, even if I could qualify for a loan, how am I going to afford a house in the neighborhood I want?" Welcome to the wonderful world of foreclosures, tax auctions and rehabs (otherwise known as fixer-uppers)! It is a myth that all foreclosures and tax-defaulted properties are in poor, run-down neighborhoods. One good thing about foreclosures and tax-defaulted properties is their indiscrimination. They occur in gang-ridden crack neighborhoods, middle class neighborhoods and elite million dollar communities alike. Another benefit is that they are generally much cheaper than the lowest priced house in the same neighborhood. We all know the difference between retail and wholesale. You could go to the mall and buy a shirt for retail at $20 or you could go to the garment district in the city and buy the same shirt for wholesale at $10, or better yet, with the advent of the internet, you could do all your wholesale shopping online in the comfort of your pajamas. The same is true for real estate. If you wouldn't spend that extra $10 dollars to buy a shirt at retail, why would you spend an extra $10,000 (or usually more) to buy a house at retail? In the industry, houses that are listed on the market are considered retail. Houses you find through foreclosures and tax auctions are considered wholesale. These are discounted houses, available at a low price for a quick sale, usually because the Bank or County is seeking to simply make back the money they've spent on it before (and after) the buyer defaulted. This equals to huge savings for the educated buyer. Rehabbing is buying houses that are a little less than perfect and fixing them up, either to sell for a profit or to keep as a residence. Some people enjoy the challenge of buying a property that needs a complete overhaul (new roof, extensive remodeling, structural fixes, etc.) while others prefer a "cosmetic fixer," a house which needs a little touch up paint here and there, some flowers planted in the yard, maybe even a new kitchen countertop, etc. Cosmetic fixers are a fun and easy way to make money. You get to do a little artistic handiwork (even if you've never done it before) and make money at the same time. The quick profits you yield can be rolled over into a bigger and better house, you can repeat the process over and over again, working your way up from a $50,000 house to a $500,000 house within a few years - and the best part, it's all tax-free! Called a "1031 Exchange," the gains you receive from selling the house can be tax-deferred as long as you continue to buy an equal or higher priced house with the proceeds you make from the sale. Unlike a straight sale of a residence, there are no occupancy requirements or live-in time restrictions for a 1031 Exchange. For a residence, federal law states that you must live in the home for 2 out of 5 years of ownership in order to avoid capital gains tax. You may choose to live in it for 2 years and bank the proceeds - yes, tax free! - or you may choose to flip it and do a 1031 Exchange - yes, tax deferred! If you're sitting there scratching your head, thinking all this sounds like too much work when all you want is simply a house to call your own, chances are good you can still find a great deal in the retail market as well. If you are convinced, or even slightly convinced that you just might be able to buy a home after all, here are some steps for the average, traditional home buyer.
Above all, the BEST thing you can do for your success is believe in yourself, believe it CAN be done and go out and do it! Stop wasting your time making up excuses why it CAN'T be done and start spending your time more effectively by finding ways it CAN. Teresa Franklyn is author and publisher of The Daily Dose, a popular inspirational online publication. When she's not passionately typing away at her computer, she enjoys investing in Real Estate for fun and profit. For more information and helpful links about how to get into Real Estate, visit her website at http://www.followyoursoul.com. To read about her adventures as an Owner/Builder, visit her Blog at http://followyoursoul.blogspot.com
MORE RESOURCES: South Dallas real estate group tackles property ownership deficit The Dallas Morning News Mixed-use project Cypress Waters looks to ramp up amenities The Dallas Morning News Would You Do Acupuncture to Win a Listing? This Real-Estate Agent Did The Wall Street Journal More Than 1 in 4 American Homeowners Is 'House Poor' The New York Times No commercial real estate bailouts | Marco Rubio South Florida Sun Sentinel Taking the Hamptons Real Estate Market's Temperature Behind The Hedges Navigating the Summer Real Estate Market: What to Anticipate with ... morethanthecurve.com The Louis Vuitton of real estate, Living Vogue seeks to glam up ... Business Observer Island real estate transactions - 05-31-2023 - Anna Maria Islander The Anna Maria Islander Herrick Lutts Realty Partners Brokers Sale of 6-Unit Apartment ... Boston Real Estate Times Marc Nassif on how to get investment back into real estate Crain's Detroit Business Sirius Real Estate completes early refinancing of debt Proactive Investors USA Yarmouth home reflects ongoing high prices for Maine real estate Bangor Daily News REAL ESTATE | Owner of Pedal Moraine buys building, 1421 S ... washingtoncountyinsider.com Tim Becker talks UF Real Estate Graduate program Mainstreet Daily News Gainesville East Cobb residential real estate sales, May 8-12, 2023 East Cobb News Where The Community Owns The Real Estate Next City News briefs: Fairfield County Auditor's Real Estate Office to be ... Lancaster Eagle Gazette Former MMA fighter Al Iaquinta opens real estate office The Real Deal Mark Spain Real Estate Review Bankrate.com We remain reasonably overweight on housing finance space within real estate sector: Deven Choksey Economic Times Enhancing accessibility: ADA compliance solutions for real estate ... New York Real Estate Journal Online Seattle commercial real estate luminary Jim Klinger dies - Puget ... The Business Journals Tennessee and Georgia real estate markets stay hot despite ... Chattanooga Times Free Press Spinoff companies manage real estate for teams, outside projects Sports Business Journal Susquehanna Introduces Real Estate Major – Susquehanna ... Susquehanna University Inside Lewis Hamilton’s Global Real Estate Portfolio Architectural Digest California, United States Luxury Real Estate Home California Listings Charlotte area’s pipeline of residential real estate projects includes several facing opposition WSOC Charlotte April's high-end real-estate transactions in Erie County, New York ... The Business Journals George Yungmann, real estate accountant and sailor, dies Baltimore Sun How Will The EV Transition Affect Real Estate Planning? CleanTechnica 5 red flags in a real-estate agent, according to experts Business Insider Billionaire Investor Says 'Sell Real Estate' Seeking Alpha California, United States Luxury Real Estate Home California Listings Introducing RiVirtual: Revolutionizing the Real Estate Industry with Cutting-Edge Realtor Platform EIN News Aspen real estate snapshot, May 29 Aspen Daily News Mixed-use real estate percolates in New York Crain's New York Business Bellwether Enterprise Real Estate Capital secures $26.6 million in ... New York Real Estate Journal Online The Top 25 Cars Real Estate Agents Love to Drive RealtyBizNews Top commercial real estate transactions for May 16-22 in Charlotte ... Business Observer Real estate sales in Peoria, Tazewell and Woodford counties for ... Peoria Journal Star Meet the most charming fraudster in GTA real estate Toronto Life FTC Suit Leads to $16.7 Million Judgment Against Principals and ... Federal Trade Commission News SmartCentres Real Estate Investment Trust Closes $300 Million Series Z Senior Unsecured Debenture Issue Yahoo Finance Law report: Prosecutor targets Ventura County real estate fraud Pacific Coast Business Times Lawsuit of the Week: Former real estate CEO claims company still owes him millions Business in Vancouver Husband and Wife Real Estate Developers Arrested for Loan Fraud ... Department of Justice Why Underperforming Private Real Estate Managers Survive Institutional Investor A Full Look at Tina Turner's Worldwide Real-Estate Portfolio House Beautiful Canadian Apartment Properties Real Estate Investment Trust Un stock rises Monday, outperforms market MarketWatch What to Know About the Changing Real Estate Market in North Texas NBC 5 Dallas-Fort Worth Routt County real estate sales eclipse $19.1M from May 19-25 Steamboat Pilot & Today Houston's real estate market tops among U.S. cities, study finds Houston Chronicle |
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