So you’ve purchased your first rental property and are now ready to dive into the world of being a landlord. You got a pretty good deal on that house, have run the numbers and have decided in order to cut costs to manage the property yourself instead of hiring a full service property management company. How hard can it be; you know how to fix a leaky toilet and paint. Plus it would be fun taken on a more hands-on approach with your investment.
Have your agent follow up daily: Make sure you are working with an agent that knows the Highlands Ranch homes market and has successfully bid on Highlands Ranch foreclosures. Typically, once a bid is submitted, it can take 2 to 3 days to get a reply from the bank. Make sure you have an experienced dallas area realtors agent that knows the market and is persistent with the bank. Many times a good agent gets their client the home because they followed up with the bank and discovered that their clients only needed to raise their offer by a few hundred dollars to get the home.
Loan To Value Ratio (LVR): This is simply the amount of the loan divided by the value of the property you are buying or re-financing, turned into a percentage. So if the property is worth 0,000 and you are borrowing 0,000, your LVR is 400,000 / 500,000 = 0.80, or 80%.. Typically a lender can go to an LVR of 80%, but under certain circumstances can increase this to 90% or sometimes higher. The higher the LVR, the bigger the potential risk to the lender, and thus the higher the costs you can expect to pay.
It is probably difficult to think about being out of the picture, but most people realize it is going to happen. If you plan for the future by providing your family with resources and enjoyable things to do, it will not be so difficult to think about leaving them.
He then told me about a deal where I could invest in a gold mine in the Congo. That’s right–gold in the Congo. The rate of return was great if I were to put money in it, but what in the world do I know about mining gold in the Congo? Absolutely nothing!
Countrywide Financial Corp had a net loss of 4 million in 2007 and let their CEO Angelo R. Mozilo go. He walked away with a 4 million dollar parachute. Countrywide laid off 11,000 workers between his ouster and January of 2008.
Or, if you prefer it the other way around, you can decide to go someplace cool. This is simple, you just need to stay away from the equator and you will surely find a place that is cool enough for you.
The attorney went on to explain that he had to do some involved research and then there was the time I took to get the letter exactly correct and the secretary’s time to do the task and then file the appropriate back-up if further work were required.
I’m sure you’ve heard of this technique before. Sometimes you can get a foreclosed home at a great price and are able to immediately turn it around and sell it at a great price. But more often than not, you will have to put some repairs into the home in order to build up the value of the home and put it at an attractive price.
Take a look at your subtle beliefs about money. Do you think business is somehow “dirty?” Or that it’s too risky? Or that you need to work so hard to succeed that you couldn’t enjoy it? These are all common money myths, and if you’ve been struggling to make money or keep it, you may need to change your thinking.