HOW TO BUILD UNSHAKABLE CONFIDENCE AS A REAL ESTATE INVESTOR
Real estate investing is a process that can be both thrilling and nerve-wracking. On the one hand, it’s an opportunity to earn passive income and grow your wealth. On the other hand, it’s also a big risk. This is where MY SMART COUSIN comes in! At MY SMART COUSIN, we offer tailored solutions in every aspect of real estate investment and homeownership, with a particular focus on Black, Brown, and women real estate investors. Whether you’re looking to buy a house for the price of a car, or are looking to buy at a higher price point, we can help you proceed confidently and take you from strategy to a targeted list of matching properties, to negotiation, financing, closing, and property management. There are so many things that can go wrong when considering property investment, and it’s easy to second-guess yourself. So, how do you build confidence and knowledge in your gut that you’re making the right decisions as a budding real estate investor? The answer is simple: knowledge. The more you know about real estate investing, the more confident you will be, positioning you to grow your experience, the second component in building confidence. And the best way to gain knowledge is by doing your research and learning from others who have gone before you. Here are a few tips to get you started: · READ BOOKS AND BLOGS ABOUT REAL ESTATE INVESTING There is a wealth of free information available. Of course, caution is a must, as not all that glitters is gold. To sharpen your Spidey senses and ability to find hidden property gems, start reading and educating yourself about the process of real estate investing. And don’t stop at just one book or blog post—keep reading and learning as much as you can. The more you know, the more confident you will be. · JOIN A LOCAL OR ONLINE GROUP OF REAL ESTATE INVESTORS These groups are full of experienced investors who are happy to share their knowledge with newcomers. By joining one of these groups, you’ll have access to a wealth of information and experience that you can tap into when needed. · MEET WITH OTHER REAL ESTATE INVESTORS IN YOUR AREA This is a great way to network and learn about different investment strategies firsthand. You might even find some partners for future deals! · DO YOUR DUE DILIGENCE Before making any investment, you must do your due diligence. This means doing your research and being armed with as much knowledge as possible about the property and the market. When you have all the facts, it’s easier to make decisions with confidence. If you’re ever feeling hesitant, go back and review your numbers. This will help remind you why this is a good investment. · HAVE A MENTOR Having someone who can guide and support you is crucial when starting any new venture—and real estate investing is no different. Find someone who has been successful in this business and ask for their advice. Having a mentor will help boost your confidence because you’ll know that there’s someone in your corner who believes in you and wants to see you succeed. · TAKE SMALL STEPS Investing in real estate doesn’t have to mean buying a huge property, sight unseen. Start small by focusing on wholesaling or low-cost fix-and-flip properties in your local area. Once you have some skin in the game and see first-hand what it takes (and how rewarding it can be), then you can start thinking about bigger investments down the road. · SET SMALL GOALS AND ACHIEVE THEM One of the best ways to build confidence is to set small goals and then achieve them. When you take the time to celebrate your wins—no matter how small they may be—you’re reminding reiterating yourself that you can achieve your goals. This will give you the boost you need to keep going when the going gets tough. · GET OUT OF YOUR COMFORT ZONE One of the best ways to grow as a person—and as an investor—is to regularly get out of your comfort zone. When you challenge yourself and step outside of your norm, you’ll expand your learning, gain new skills, and build your confidence in the process. You may not always succeed when you attempt something new, but each time you try, you’ll become just a little bit better and more confident. FINAL THOUGHTS Building unshakable confidence as a real estate investor takes time and effort. But it’s worth pursuing because when you’re confident in your abilities, you’re more likely to succeed. So start reading, join some groups, and get out there and meet people. The more you know, the more effective you can be! YOU CAN ALSO READ: WHAT IS THE GROSS RENT MULTIPLIER (GRM) IN REAL ESTATE? FOLLOW US: @MYSMARTCOUSIN
HOW TO FIND SHORT-SALE HOMES IN 5 STEPS
Real Estate is a great way to build up your net worth, particularly if you buy a house for the price of a car. We at MY SMART COUSIN specialize in helping investors, particularly Black and Brown folks and women, with this process so that you can get started on your investing journey, experience homeownership, and begin building real wealth! If you’re looking to buy a house, one of the first channels you may want to consider is short-sale homes. Short sales, as well as foreclosures, can be a great way to get a good deal on properties that are usually below the radar of most buyers. But finding them can be tricky—especially if you’re not familiar with the process. That’s why we’ve put together this guide on how to find short-sale homes and foreclosures in 5 simple steps. So read on and start shopping! WHAT ARE SHORT-SALE HOMES AND HOW DOES THE PROCESS WORK? A short sale is when a homeowner sells their house for less than what is owed on the mortgage. These homes are sometimes referred to as underwater or upside down. The reason is that the value of the house has dropped to a level that is below the amount of the remaining mortgage amount, meaning you’re essentially paying more to the bank than the house is worth. To be approved to get out of your mortgage and sell your home through a short sale, the homeowner must prove that they are experiencing financial hardship and that selling the home is in the best interest of all parties involved. Once the homeowner is approved to sell the home through a short sale, they will work with a real estate agent to find a buyer for the property. The proceeds from the sale will go towards paying off the outstanding mortgage balance, and any remaining debt will be forgiven. While a short sale can be a stressful and time-consuming process for homeowners, it can be an excellent way for them to avoid the foreclosure process and get out from under an upside-down mortgage. THE BENEFITS OF BUYING A SHORT-SALE HOME A short sale is when a homeowner sells their home for less than the outstanding balance on their mortgage. While this may seem like a lose-lose situation for both the bank and the homeowner, there are a few benefits to buying a short-sale home from the point of view of a buyer. · One advantage is that you can often get a large discount on the purchase price. Both the homeowner and the bank holding the mortgage are anxious to get the house off their books. As such, the sales price is usually much lower than the price for comparable properties. · Second is that short sales have fewer interested buyers because the process can stretch out over months before a sale is approved. The pool of buyers who are able and willing to tie up their time and investment capital on a property that may or may not sell is usually quite small. beylikdüzü escort bayan, gaziantep escort, ataköy escort, esenyurt escort, seks hikayesi, kayseri escort, şişli escort, beylikdüzü escort, beylikdüzü escort · Finally, because the homeowner continues to live in the house until the short sale is finalized, you essentially have a live-in property manager who is providing some level of minor maintenance and upkeep on the property. So, if you’re looking for a deal on investment property, keep an eye out for short sales in your area. THE RISKS ASSOCIATED WITH BUYING A SHORT-SALE HOME In a short sale, the lender agrees to accept less than the full amount owed to avoid foreclosing on the property. While a short sale can be a great way to get a good deal on a home, there are also some risks to be aware of. · One risk is that the approval process for a short sale is entirely up to the lender. The seller may say that the sale is approved, only to have the lender later deny the request. This can lead to lengthy delays, and in some cases, the deal may fall through entirely. · Another risk is that repairs may not be covered by the seller. With a traditional sale, the seller is typically responsible for making any necessary repairs before closing. However, with a short sale, the repairs are often the responsibility of the buyer. This can add considerable costs to the purchase price of the home. As such, it is important to be aware of these risks before buying a short-sale property. HOW TO FIND SHORT-SALE HOMES IN YOUR AREA It’s no secret that the real estate market has been hot and a seller’s market in recent years. However, there are still plenty of great deals to be had if you know where to look. Here are a few tips on how to find short sale and foreclosure properties: · Look for a real estate agent who specializes in short sales. This person will have access to a list of properties that are currently in the process of being sold for less than what is owed to them. · Pay attention to off-book listings through Facebook groups. These are often used to advertise short-sale homes and foreclosures. You can also ask your real estate agent to keep you updated on any new listings that come onto the market. · Drive around neighborhoods that you’re interested in and look for homes that appear to be in disrepair. These may be short-sale or foreclosure properties. · Once you have found a few potential properties that you are interested in, it is important to do your research. This includes finding out as much as you can about the property itself, as well as the surrounding neighborhood. In addition, it is important to research the stage of the foreclosure or short sale process that each property is in. · Attend local foreclosure auctions. This
WHAT ARE THE WAYS HOME BUYERS CAN AVOID CLOSING COSTS
When you’re buying a home, the last thing you want to worry about is closing costs. But unless you’re paying in cash, they’re inevitably going to be part of your purchase price. So how can you minimize them? Not everyone knows this, but you can Buy a house for the price of a car. At MY SMART COUSIN, we help investors and aspiring homeowners, particularly Black and Brown folks and women, scale their finances and build up wealth by investing in Real estate. As a Real Estate Investment Coach, we specialize in teaching you how to Buy a house for the price of a car and obtain the pride and momentum of starting your real estate investment business or fulfilling your dream of homeownership. Purchasing a house comes with many expenses, but there are ways to minimize the various costs, including closing costs. One often-overlooked way is to negotiate the price of the house down to effectively cover the fees. Another is to investigate programs in your city, county, or state that provide grants and mortgage buydowns that cover the closing costs for first-time homeowners. Let’s continue reading to learn more! WHAT ARE REAL ESTATE CLOSING COSTS? The fees that one pays to the mortgage lender for originating and providing the mortgage are termed closing costs. When you buy a new home, there are many costs involved in the closing process. These include paying your mortgage lender’s fee for structuring and financing your mortgage, taxes on property deeds that will be recorded when it changes hands at the end of the purchase agreement period (also known as “due-on Sale”), appraisal fees for the property, and title search fees which help ensure that the title is properly recorded and any liens against it are identified and satisfied. Your local government may charge additional fees such as for a certificate of occupancy, or if architectural or engineering modifications will be made. When it comes right down to it, it’s hard to say precisely what real estate closing costs include or exclude because there is no standardization. The fees you pay your lender will depend on many factors including your lender’s profit targets and how strong or slow demand is. That said, generally, closing costs include the following: · Home appraisal fee · Loan origination fee · Application fee · Credit report fee · Title search fee · Lender’s title insurance · Owner’s title insurance · Monitoring fees · Tax monitoring fee and tax status research fee · Survey · Attorney and notary fees · Government recording fee · Transfer taxes · Escrow property taxes · Prepaid daily interest charges · Mortgage insurance HOW TO REDUCE CLOSING COSTS In today’s hot housing market, it’s very difficult to eliminate closing costs through having the seller, for instance, pay for them in full. There are, however, a few ways that homebuyers can reduce their closing cost tab. Here are a few tips on how to make it happen. SHOP AROUND FOR A GOOD MORTGAGE RATE The mortgage process is a negotiation, and for that, you need to start with your lender. Shop around to find an offer without any closing costs- most of which can be negotiable! For instance, if you have your checking account, savings account, and credit cards from one bank, don’t expect that bank to necessarily provide you with the best deal. Certainly give your home bank the benefit of the doubt and offer them the opportunity to compete for your business, but spend time researching other lenders as well. Your objective is to line up your roster of potential lenders and compare each on a cost component by cost component basis. This will ensure that there are no hidden fees and that you’re able to negotiate each element of your closing costs. · ASK THE SELLER TO PAY SOME OF YOUR CLOSING COSTS If you are purchasing a home from a seller who is anxious to sell, or are buying a house that has very few interested buyers, then consider asking the seller to pay some of your closing costs. This could include paying for attorney fees and title insurance, which are necessary when buying a home in most cases (but not always). · GET PRE-APPROVED FOR A MORTGAGE BEFORE YOU START SHOPPING FOR HOMES Shopping for a home is an exciting process, but it can be overwhelming too if you don’t know what to look out for. One of the most important things that anyone looking at buying their first house needs is pre-approval letters from banks or other financial institutions. A mortgage lender issues a pre-approval letter only after determining that your credit history and budget fit within their lending profile and options. A pre-approval letter can save you money in the closing process because it minimizes the possibility of last-minute and often unexplained fees to be added to your loan or required at settlement. · ASK YOUR LENDER TO SCHEDULE YOUR CLOSING DATE AT THE END OF THE MONTH A closing date that is scheduled for the end of the month rather than one in the middle or beginning of the month can reduce the amount of cash required at closing. This is because the interest portion of your closing costs will only amount to a day or two of interest if you close at the end of the month rather than at the beginning. · DON’T BUY POINTS IF YOU WON’T BE STAYING IN YOUR HOUSE LONG TERM A point on your loan equals one percent of your mortgage. Meaning, that if your mortgage is $200,000, then one point is a $2,000 cost. Lenders will sometimes suggest that they can reduce your mortgage rate by having you buy points. The costs for points, however, have to be paid at settlement, which increases your closing costs. Also, if you only intend to live in your house for a few years, you won’t be able to benefit from the lower mortgage rate long enough to make up the cost of the points. · VARIOUS GOVERNMENTS PROGRAMS Look into municipal, county, and state government programs, which are often targeted at first-time homebuyers. Such programs offer a range of benefits including
BENEFITS OF HOMEOWNERSHIP YOU MAY HAVE NEVER CONSIDERED
You may have heard that buying a home is a great investment. And it is true: over time, homes usually appreciate. But what if you could Buy a house for the price of a car? Buying a house for an exceptionally low price is among one of many benefits of homeownership that you may not have considered. At MY SMART COUSIN, we are dedicated to being your most trustworthy Real Estate Investment coach. We are dedicated to and laser-focused on raising your awareness about real estate investment strategies. We support all aspiring homeowners and investors, and particularly Black and Brown folks and women, in helping them to scale their finances and Buy a house for the price of a car. Are you considering buying a home? If so, you may be wondering about the benefits of homeownership. While there are plenty of reasons to buy a home, some of the benefits may surprise you. Here are a few advantages of homeownership that you may not have considered. BUYING A HOME BUILDS WEALTH Buying a home is the best way to build your wealth. When you buy, not only do you get an asset that will grow in value over time, but your house provides you with important tax benefits. Another benefit comes in the form of refinancing your mortgage should interest rates go down— something that seems more like a wish than a likelihood these days, but keep in mind, the economy is often cyclical. Refinancing allows you to capture a lower interest rate, or, should the value of the home appreciate, refinance at a higher value and thus unlock these funds for use in an investment or to pay off more expensive debt. Another benefit of a home is that the increased value over time contributes to your net worth, something which can be very important as you near retirement. A higher-valued home allows you to pay off the mortgage completely, and use the increased value above the mortgage to subsidize your living expenses. THE BENEFITS OF HOMEOWNERSHIP · TAX BREAKS AND INCENTIVES As a homeowner, you may be eligible for various tax incentives. The existence of these deductions might shock first-time homebuyers who have never heard about them before. And while taxes may strike most as a ho-hum and to-be-avoided discussion, when it comes to opportunities to save you money, it pays to dig into the weeds. Homeowners can lower their taxable income by deducting property tax. Owning and living in your own home gives you the benefit of avoiding paying taxes on rental income, as well as being exempt from up $250K after selling a property due to an exemption in capital gains tax- there are certain eligibility requirements but generally through this tax, homeowners will see some relief when they sell their home. · YOU CAN CUSTOMIZE YOUR HOME TO YOUR UNIQUE STYLE As an owner of a house, you have complete freedom in making changes and renovations to suit your needs. As the home is your long-term residence, there is no limit on how much customization can be done according to your personal tastes or requirements. Changing the layout of the home is particularly important as you grow older and evaluate your options to age in place, so this benefit should be carefully considered. · YOU CAN BUILD EQUITY IN YOUR HOME OVER TIME, WHICH CAN BE USED AS COLLATERAL FOR LOANS OR OTHER INVESTMENTS Your home is one of the most valuable assets you have. It’s also an important part of building equity, which can be used as collateral for loans or other investments. The longer you hold onto your home before leveraging it up or selling it, the more you increase your equity in the home. · YOU ARE IN CHARGE OF MAINTAINING YOUR HOME AND THE REPAIRS THAT NEED TO BE DONE One of the best things about being a homeowner is that you can decide how much money goes towards repairs and other maintenance. Unless your mortgage lender decides otherwise, this will remain constant throughout its duration. This contrasts significantly with living in a rented home where your landlord decides the pace and extent of improvements. · YOU CAN CREATE A SENSE OF COMMUNITY BY GETTING TO KNOW YOUR NEIGHBOURS When you make your home a permanent residence, you not only provide yourself with your own little nest, but you also become a part of the greater community. SUMMARY So, now that you know some of the benefits of homeownership that you may not have considered before, it’s time to ask yourself – when are you purchasing your house? If you’re still on the fence about buying a home, take some time to think about the unique benefits that come with homeownership and how they might fit into your life. And if you’re ready to start house hunting, be sure to get in touch with MY SMART COUSIN so that we can help you develop and implement your strategy to Buy a house for the price of a car. YOU CAN ALSO READ: REAL ESTATE INVESTING: WHAT IS PREHABBING? FOLLOW US: @MYSMARTCOUSIN