As a real estate agent and investor, I’m here to answer the most common first-time homebuyer questions about minimum down payments, shopping, HOA fees and other simple investment strategies about how take advantage of the buying market during the COVID-19 recession.
#Coronavirus #Investments #RealEstate
In this video, I’m going to explain a simple 4-part real estate investing strategy about how to buy a house during coronavirus, as well as things to look out for and things to avoid.
The first step is get a pre-approval letter. While many people start by shopping, the pre-approval letter takes a look at your finances gives you a realistic budget established by your lender. It also shows sellers that you’re serious and gives you a leg up during competitive markets.
The second step is to research the rental market. While most people buy homes thinking that they’ll live in them forever, the reality is that most people move about 12 times during their lifetime. So considering the rental market is a great way to protect your investment if you decide to upgrade after a few years or if you’re moving to a new job or city far away.
The third step is to look at the HOAs. HOA fees, or Homeowner Association fees, are additional fees that are tied to the cost of ownership that pay for community amenities. While amenities are great, HOA fees are often the deciding factor between a great property that can also become a great rental. Because HOA fees make the cost of living in a certain location more expensive, it will drive up the rental price, sometimes above the demand and end up costing you hundreds of dollars every month in an already rented unit.
Finally, the last test is all about finance. Financing your home is important, so I offer a brief explanation about some of the most popular financing options, as well as FHA loans, VA loans and conventional financing.
This video is the first in a financial series.
Thank you for clicking on my channel! I created this channel to share and discuss all the practical finance knowledge that we need as adults, but rarely have an opportunity to learn. Prior to being a real estate agent, I received an undergraduate and graduate business degree and tutored college economics and business courses for over ten years. However, I realized that a lot of the useful information about taxes, retirement, credit cards and finance I had to learn on my own and I’m happy to share it all with you.
I do not own the copyright and was not sponsored by any of the companies used today, like Quickenloans or Realtor.com.
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