IS NOW A GOOD TIME TO BUY?
Hey friends! We are so excited to share this blog with you. We will be discussing all things BUYING. It's important to know your options so that you can make wise real estate decisions. It starts with understanding the basics...
Loan Programs & Lenders
Locations
Length of Time
Whether you are looking to buy your first AIRBNB, a new home OR maybe you're not even sure where to begin - let's dive into the points below and get down to the basics. If anything in this newsletter stands out to you I'd love to catch up over coffee and chat through the details together.
Loan Programs & Lenders
We choose to partner with more than just a set a lenders, everyone has a different set of needs so we seek out specific lenders who have incredible programs to help.
For example, did you know it’s possible to get a 0% down conventional loan that can also potentially come with FREE money from a lender that doesn’t have to be paid? We just helped one of our clients purchase his home using absolutely no money of his own. Even his earnest money deposit was refunded to him!
How Do You Know Where To Start Looking?
How do you know if the location is right for you? There are different ways that you can determine the location is the best for you. You might want to shorten your commute, be in a certain school district - we can help you determine the best way to set up your search.
How Long Does It Typically Take To Sell A Home?
If you’re getting a loan the typical timeframe to close is 30-45 days after accepted offer. That being said, the seller may need or require occupancy which could mean you not getting keys to the property for a couple months after closing. Because of this factor, the time to start your search may vary.
Investing in my first Airbnb is NOT what I thought...
"Recently I was showing some homes to some investor clients of ours, and we looked at a small 3 bedroom, 2 bath ranch home. Our clients were super excited about the idea of renovating it and turning it into a rental property. However, at the inspection, they decided it wasn’t the property for them- as they ultimately felt it needed too many renovations.
We let the listing agent know they would not be pursuing the purchase based on the results of the inspection. But because I had become acquainted with the property through this process, I started thinking about acquiring it as a rental property for myself. Ultimately, we negotiated terms everyone was happy with - and I ended up closing on the home!
As part of the renovations, we tweaked the layout and ultimately made it into a duplex with the front part being a 2-bedroom 1 bath home, and the back part being a studio with full bath. The front unit will serve as a long-term rental property, and the back part will serve as an Airbnb. The process of major renovations went rather quickly actually- but we found the smaller details took longer (mainly because I was the one doing them LOL).
With the uncertainty of the banking systems and the volatility of the stock markets, many people are choosing to invest more heavily into long term, mid-term, and short-term rentals (aka Airbnb’s). If you are considering doing the same- we’d love to chat with you in more detail and share what we’ve learned in this process, and guide you on your own personal journey- wherever it may take you!"
-Nick Tong
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