Foreclosed Property

There is a lot of great foreclosed property available with a lot of bang for the buck. A lot are listed around $50 per sq ft and under.  

The paperwork for foreclosures is getting more tedious. The contracts are made of course to be a to protect the banks or the companies owning the foreclosed properties. Paperwork is getting to be a bit much and buyers are going to have to be responsible for turning on the utilities for their inspection too.  There are definitely great deals available for any new home owner or investor. 

With foreclosed properties banks will not normally pay for surveys or title insurance on foreclosed properties.  Sometimes you can get the title insurance paid for if you use the seller’s title company. As for the survey, if you can find an existing survey then you can save about $500.00.

Who Wants to Increase Their Credit Score

 I’ve completed a little personal test myself with one of my clients to find out if I can increase their credit score by at least 20 points within 60 days. The goal is to get credit with one of these credit card companies to establish new credit. These companies sometimes have additional charges too.  This is one way you can increase your credit score. Apply, charge, and pay on time. I normally tell my clients to charge something like gas, because you always need it and it’s a constant. Also, you don’t want to over charge. If the company only gives you $250.00 then only charge $250.00 and no more. Allow the charges to hit your credit. Don’t pay the bill off before you get the statement. I had one client that charged gas and as soon as he charged it he paid it off. Well that didn’t help him at all and it made him taken longer than the 60days. You can make payments one or two ways. Pay your bill down to twenty dollars or pay a little more than the minimum amount due.  You have to remember you don’t want any collections, judgments or bad credit reflexing your credit. This is how I help my clients bring their credit scores up. Remember to always pay on time.

Orchard Bank                          Merrick Bank              Capital One

800-395-2120                          800-253-2322              800-955-7070

Flipping A House

I don’t know what it is but I get so excited when it comes to remodeling or flipping a house. My juices getting to pouring and my blood get heated and my mind gets excited.  It’s just hard to describe everything but this energy from nowhere just comes out of me.  It’s so bad that I have to tell myself, “Calm down and settle yourself”.  I definitely have to make sure I’m not just running into something that I’m not ready to tackle. For me it’s a get joy and an adventure. Planning is everything.  You first have to plan, do your research, and make sure the prices are right for the task at hand.

Outline your plan for your timeline you are setting for yourself. What do you think will be cost effective for the repairs? Give yourself a budget. What if the property sits on the market for a while? What would plan B be if the property sits? What type of timeline will you give yourself to flip the property before you go to plan B? Get all the estimates you will need for your remodel. Cost is everything. It can either make or break you.

Do your research for the area you will be in. Complete a Comparative Market Analysis to find out what you could sell the property for before you purchase it. 

Know what you would sell the house for a quick flip. Does the house you want to flip have the potential to pull in the profit you want to make? After everyone gets paid would you reach your goal? 

What you want to know is in the end was it worth it?

View YouTube on this: http://www.youtube.com/watch?v=dDuHjFiAj7E

CHANGE

Definition of Change:

change

[ chaynj ]

1.    become or make different: to become different, or make something or somebody different

2.    substitute or replace something: to exchange, substitute, or replace something

3.    pass from one state to another: to pass or make something pass from one state or stage to another

Here are some ways to use change in a positive direction. Here are some positive Thoughts spelling out the word C-H-A-N-G-E.

C- Challenge their comfortable routine

  H- Halts their mental slump
 
  A-   Addresses their fears

  N-   Narrows their excuses

  G - Gives today power over yesterday

  E- Ends that part of the journey
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   C- Creates Confidence

   H – Has the power to correct the wrong

   A – Allows you to adopt a new course

   N – New possibilities are exposed

   G -  Gives today a new meaning

   E – Energize you from the inside out

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Best Interest Rate Ever

My client was able to get a great interest rate as a First Time Home Buyer. I told her about all the available programs we have in our area and she decided to go with VA program being that she is an ex-Marine. At one point in time after our option period she did want to change to the First Time Home Buyer program, but her interest rate wasn’t going to be nearly as good. So she stayed with the TxVet program and a low interest rate of under 3% (you can’t beat that). With the regular First Time Program rate she wouldn’t have been able to touch those rates. I’m very glad she stayed with her current program and was able to purchase the house that she wanted.

I’ve also received a referral from her for one of her family members. I love referrals.

YouTube: http://www.youtube.com/watch?v=9XLM7fhXtB0

Refinancing Your Home

I was just on vacation in Saint Croix having a great time with friends.  The water was beautiful and clear. Everyone was talking about their jobs and then my turn came. As you know I am a Realtor, so a good friend of mines sister refinanced her house last year and now she wants to sell it.  She said she is saving a few hundred dollars by refinancing it. I didn’t go into any specifics but to me a few hundred means three maybe four.  I asked her why she refinanced only to want to sell.  She said she wanted to lower the payment and the refinancer rushed her through the process.  I asked her about the fees and she said there were a lot. Later that day I talked to her other sister and she was inquiring about refinancing her house and then selling it too. It just completely surprised me that she wanted to refinance then sell the next year.  I asked again why she was willing to refinancing only to sell.  She said she just needs to do something to bring her payments down. (Washington D.C.)

I believe the reason why a lot of owners are willing to refinance is because they don’t have to pay any out of pocket fees. My advice to her was, “Talk to a good Real Estate Agent”. Let them complete a comparative Market Analysis for you and let you know what your house can sell for and what it would cost you to sell your house.  She would need to sit down and write out her plans for her home. 

My tips:
***Don’t refinance if you intent is to sell within a few years.
***Don’t refinance if you can’t bring your interest rate down by at least 2%
***Don’t refinance without talking to a Real Estate Agent first.

 Before my husband and I were married I always advised him against refinancing but he had to fine out for himself.  So he called or they called him to sit down and talk about refinancing.  He sat down with an agent and saw all of those fees and enough said.  My mission was completed no refinancing for him and he wasn’t sure if he was going to sell it or keep it either. Bottom Line is he didn’t listen to the resident expert.

Some home owners entering into serious relationships or ending a marriage sometimes began to see their houses as burdens instead of what it are “an investment”. They may not want the hassle. For some it’s like being on a raft that is slowly sinking and your reaching our for anything to keep you a live.  You just want to stay a FLOAT.

Mentoring

Definition: A wise and trusted counselor or teacher

What is the importance of mentoring? It’s a balance of learning from others and you have no obligation to partner or work with. It’s a two way relationship to encourage and learn from each other.  When I was in the military they always pushed mentoring all the time. I understood its importance then but never really took the opportunity to get a good mentor.  Fraternities and sororities are big on having mentors and establishing connections as well. Churches are another great place to find a mentor.  These different organizations are great places that provide opportunities to discover mentors.

I’m looking for a mentor not only for my job, but also for a financial advisor that I can bounce ideas with and it wouldn’t be a payment method of advice. Mentoring is a person volunteering their time.  Not only do children need mentors but also adults need to be mentored.  Rather they are first time parent, have a new job, or need more life skills.
http://www.youtube.com/watch?v=O6XKksys-XI