PROTECTING YOUR INVESTMENT

This week is going to be a quick KEY elements on PROTECTING your investment.  I saw this article and just think it is very smart.  Too many people, no matter what neighborhood are broken into, especially this time of the year.  Follow these easy tips and protect your INVESTMENT....

 Your Home - Keeping your Home Safe When You are Away

It is summer time and that means many people are leaving their homes for vacation! Before you leave for your trip, make sure to secure your home. To keep your mind at ease and have a more stress-free vacation, try following some of these tips:

Lights on a Timer

Set your timers on different hours or even different days to insure there is not an easily recognizable pattern.

Call the Post Office

Ask your local Post Office to hold your mail held for the length of your trip so it doesn't pile up in front of your house.

Social Media

Don't post any of your travel plans on social media. As more and more people tend to have their entire life documented on one of the social media sites; it would be wise to think twice before posting your travel plans or listing dates while you are away from your home.

Yard Work

If you are going to be gone for a while, have someone come by and mow the lawn. Call a landscaping company or ask a neighbor to stop by to do this at least once a week while you are gone.

INVESTING IN OTHER STATES

So this past week I spent some time in Denver.  I talked to numerous people about investing and having rental houses.
   DISCLAIMER;  THE FOLLOWING ARE THOUGHTS GENERATED FROM KNOWLEDGE AND INDUSTRY FACTS; THOUGH THERE ARE MANY EXCEPTS TO EVERY SCENARIO AND THE ONLY WAY TO GET AN ACCURATE UNDERSTANDING OF WHAT IS GOING ON IN YOUR MARKET IS TO CONTACT YOUR REAL ESTATE AGENT.


 The market in Denver much different than in Dallas.  In Dallas, people buy rental houses and try to rent them for a few hundred dollars over their mortgage payment.  Generating monthly income and a savings account for when things break. In Denver the houses are priced much higher and the rent is much lower, forcing investors to receive less than they mortgage payments.  This is of course if the house was purchased with the min. down payment- cash purchases or large down payments are exception to this. So the question is can you still make money if your revenue from renters is less than your mortgage? YES.
      So this goes back to long term or short term investments. (read previous blog) Each month you are generating equity in a house that you are not living in. A renter is covering most or even 3/4 of your mortgage payment.  The idea is to own something that creates money (equity) for the minimal amount of investment.  In other words, if you only have to spend a few hundred dollars on a house that you are not living in, in order to create thousands of dollars of equity, it is worth the investment and more than likely better than any investment with any bank in town. 
     Now of course this process takes time and patience.  When first buying a house, it takes money to put down and when selling a house it takes money to cover fees.  These costs need to be recovered with the equity generated by your tenant.  This always depends on the market and how fast house prices rise.  Of course this depends on the city which you live in as well as the neighborhood the rental is in. 
    The correct city and correct neighborhood and predictions of house valves is a completely different blog. Just know that in Dallas, the general housing market has increased 3-5% each year for the past 7 plus years. Some neighborhood prices in Dallas have recorded 15-20% increase in valve in the past 2 years. In general this means, with the average cost of investment being around 10-15% (explain that later) it typically takes 5 - 10 years in Dallas to recoup an investment and to generate a profit.  Now in Denver this process might take a little longer, but remember with each monthly payment you are generating equity even if the value of the house does not increase.
   Now lets break it down for simple explanation.  On most cases the mortgage is going to be a 30 year note.  Your payment is 2000 a month (including principal, interest and insurance) In Denver typically you  can rent the house to cover your principal and interest, but might not cover the insurance and taxes. The cost of your investment is the insurance and taxes each month.
  In Dallas the rent is higher and it is possible to cover the principal, interest, insurance and property tax with the tenants rent.
    So then the next question is.. is it better to invest in Dallas even if I live in Denver? Stay tuned for next blog on expenses of owning a rental house....out of state vs. local       management company vs self managing..

PERSONAL INVESTMENT

So investing in Real Estate....Last time I mentioned BIG and SMALL investments and the return which certain types of investing can give you.  Comments came about and people asked, but I don't have very much money or I don't have cash just laying around.  Well neither do I, so how can people like you and I invest in REAL ESTATE.  Well..
  There are a couple of ways, first of the simple way--rent out a room out of your house.  Rent a house with an extra room and rent it out for half the rent. This will save you money and create a cash flow to start investing.  Or if you own a house, rent out a section. Either the garage, or a room.  Or if you think you are handy, convert your house to a duplex!  Okay, so that sounds far fetched, but that is what I decided to do.
  So I have a 1100 sqft 3 bdrm 1 bath house and I decided to create a studio apartment on one side.  One of my bedrooms is 20x12. I closed off the door to the rest of the house and put in an exterior door to this room.  Then I took out the ceiling and created vaulted ceilings to give the space a bigger feel.  I split one side of the room in half and put a studio kitchen on one side and a bathroom on the other side.  We added stairs and created a loft above the bathroom and a separate bed area with AC above the existing living room in the attic.  Two of us added the sewer lines, water lines, move and added electrical lines, framed all the walls, textured and painted everything in about a week.  (Granted I have to add cabinets and finish some tile and put in the floor, -which might take me another month-but everything else is done.) So the first question people ask.. wow!  How much did that cost and is it worth it.  Well, Thank You Home Depot!  They financed almost all of it via a Home Depot card.  Even with the interest, the rent I will receive from this studio apartment will pay my card off in about 6-7 months.  So is changing one room in my house and creating a cash flow for as many years as I want worth it? ABSOLUTELY 
 If you are interested in pictures, let me know or if you are interesting in creating your investment and have questions on how to get started, call me; 972-322-1717

BIG or SMALL

BIG or SMALL

First of all, I have been involved in Real Estate for many years.  I have created my business as well as other businesses off of investors.  This blog is concentrated on investing in Real Estate.  My goal is to give a wide variety of thoughts and plans and ideas as well as pros and cons in investing in Real Estate.

This article is going to be about SMALL sale PRICE vs. BIG sale PRICE.

So do I purchase a condo for 20k or a small run down house for 15k or do I purchase newer home for 200k or a newer home that needs work?  This really comes down to how you want to spend your money and how you want your investment to come back to you.  Of course  there are many thoughts on this and the results vary per purchase, but rule of thumb is  higher the price of house you purchase the longer it will take for you to recoup your money.  Also, the dollar figure has a potential to be higher, the longer you hold on to the property and the longer you rent it for.    To put things short.

In Dallas you can buy houses for as little as 15-20k and rent them out for as much as 750 a month.  This is a great return on a monthly basis; though do not expect to sell it for big cash in 10 years and retire on this investment.  Now of course if you have a bunch of these and know how to do the maintenance on them, you could live off this residual income. The idea is to recoup your investment in 2-3 years and have the freedom to sell whenever, knowing you have made money; no matter what you sell the property for.

Now if you buy a house for 150-200k and your mortgage payment is 1500 a month; you can typically rent it for 200-300 more than your mortgage payment.  Even if you rent it just to cover your PITI you can essentially break even on a monthly basis.  If you rent it for more than your payment, save this money for repairs and months you do not have a tenant. The advantage of this type of investing is that the tenant is paying for your house.  When you go and sell it, all the equity that has been created by your tenant becomes cash in hand.  So in  20 years (depending on how long your mortgage is set up for) when you want to retire you can sell the property and walk with all the cash. The idea of course is to sell it for much more than what you paid for it, though this depends on how long you keep it.  Even if the market continues to be steady, after 20 years the price will still increase; or at worst it will be the same.  Some argue that if it is the same, you have not gained a profit; though on the other hand you have still.  If the tenant pays the mortgage and your monthly investment is minimal, after 20-30 years the house will be free and clear, netting you all the cash from the sale, no matter what the sale price is. The disadvantage of investing in something like this is that first you are more than likely will be required to put down 20% when you  buy it and it does not make financial since to sell it within the first few years.  This is more of a long term investment (it takes an avg. of 8 years before PITI starts to really effect the Principal)

Comments on real life experiences and thoughts are always welcome..

Five Great things about Homeownership

On the fence about purchasing a home vs. rentals?

Take a look at what's in store when you decide to take the "leap"

1. Equity.Equity.Equity:
We all know that when you pay rent into a place that at the end of the day, you're money is not invested. Granted, it is becoming more popular for some apartment complexes to add a equity rider into the lease however, not many do this. By renting, your basically lining the landlords pocket. Sure, homebuying comes with heavy cost up front (closing cost, downpayments) but if you look into the future of your home, you will easily earn that money back overtime with equity that's put into your home. Historically, homes appreciate by about 4 to 6 percent a year.

2. Relationships:
People who rent typically sign year leases while others sign more temporary leases anywhere between 3-9 months. Gernerallly, renters tend to see their neighbors come and go these days which in turn make it difficult to build relationships and socialize. On the flip side, homeowners tend to have yards, clubhouses or community spots where those of the community are able to meet, greet, and get to know each other. Typically, neighbors seem to stay in their homes at least 5 years to regain their closing cost. In turn, there is more time to develop relationships. On another positive note, recent research has proven that people with healthy relationships have more happiness and incredibly less stress.

3. Predictability:
As long as you have a fixed-rate term on your mortgage it's predictable. Most people buying homes today know that a fixed-rate is the way to go. This means your payment amount is fixed for the life of the term. If your mortgage payment is $500 today, then it will still be $500 a month in 10 years. This allows for people to budget and make solid financial plans. The sub-prime crisis meant many homeowners with adjustable rate mortgages saw their monthly payments rise and then rise some more. Homeownership, though, generally comes with a predictable table of expenditures. Even the big purchases are predictable. You know most roofs last just 15 years. You know that each year you'll need to pay for the gutters to be cleaned, and so on.

4. Ownership:
Homeownership means you "own" your home. And, this means you can renovate, update, paint, and decorate to your heart's desire. You can plant trees, install a pool, expand the patio, or almost anything you want to the home... that the HOA allows. The bottom line is this is your home and you can personalize it to your taste. Most renters are stuck with the beige carpet, stock cabinets and bland white walls.

5. Great Deals:
It's a great time to buy. Interest rates are at historic lows. We're talking 4.0 percent instead of 6.0 or higher and this means HUGE savings!!

GET OUT OF THE CITY..

Nothing like living in style on the lake. Minutes away from the lake with over 2 acres, private pond, separate apartment to rent, huge 40x40 garage, fenced in yard, private drive, the list goes on. Come and see what relaxation is all about. Wrap around porch with views of the front and your pond.

Lawyers vs. Real Estate Agents

"My wife is an attorney, I don't need an agent"
"My best friend has a law degree, why do I need to hire an agent"
"I have bought many houses in my day, there is no reason to hire an agent"

I have heard them all. But if I said, that I work for free? Would you hire me? What if I said, I will represent you and provide you access to multiple attorneys for free? Would you hire me? What if I told you, I would save you money, protect your house from any loss and negotiate on your behalf, as well as do all the paperwork for free? Would you hire me then? Would you still say you don't need to hire a real estate agent? Well, okay, maybe you feel like you do not need an agent, but would you like one to do all the work for you and pay you for it? Still NO? Good, I do not want anyone to hire me, I want to hire them. What do I mean by this...buyers can not hire agents, that would mean that they are paid and are working for the buyer. All I want to do is work with you and consult with you and guide you in the right direction. (Can I hire someone as a buyer?...I promise I will pay you more than you pay me!)

I get frustrated when I here people say these things, because they are completely uneducated on what agents do and what benefit they provide and how much they cost. So I am going to explain things in a simple way.

1. Buyers do not pay anything to have representation.
2. Real Estate agents are paid from a listing agreement with the seller and the sellers agent, before a buyer even comes along.
- So, the thought that one is getting a better price because the seller is only paying one agent is false. That seller has already agreed to pay XXX amount. The only difference is that they are either paying two agents and splitting it 50/50 or they are paying ONE agent the entire amount. Again this amount is determined when the house is first listed on the market.
3. My buyers, as well most buyers when they use a real estate agent are not only represented by a Licensed agent, but are backed by errors and omission insurance and multiple attorney's. All of my contracts are review by an attorney. (Yes all of this is still free)
4.Real Estate agents are required to update and continue their education with a min. of 15 hours each year. These classes are to understand changes in contracts and real estate law. (which changes every year)
5. Real Estate agents are more qualified and more knowledgeable in the field of Real Estate, than attorneys are. Period. Oh, and they cost a whole lot less.

Now, do not get me wrong, if you work with a real estate agent and want to hire an attorney separate to review everything, well than sure, more power to you. I will however tell you that I have never had anyone question my team of real estate attorney's and hire their own.

I only have one question to leave with...

IF YOU GET A DWI.. DO YOU CALL A REAL ESTATE AGENT, WHAT ABOUT A CAR SALES MAN (they know all about cars)? NO, SO WHY WOULD YOU HIRE AN ATTORNEY TO DO A REAL ESTATE TRANSACTION?

2011...everything is going up

So we ask ourselves what is 2011 going to bring? I say it is going to bring wealth..though what is wealth and for whom is going to get wealthy? First gas prices are going higher and higher, everyday they increase .10 at a time. I wish I could increase my rates that much! Interest rates are getting higher...though have you seen them lately, they are still below 5%, so why are you not buying a house! The market is getting better, the amount of houses on the market is getting higher (allowing the buyers to have more choices) the amount of short sales is increasing and sellers are selling their houses. So if you want to keep up with the rest of the world and have a wealthy 2011, increase your sales, increase what you charge and go buy a house! (From me of course!)

SUPER BOWL RENTALS

Anyone going to the SuperBowl? Want to be close to the SuperBowl? Want to be part of the action?...Rent this house for the weekend and be right. Okay, so this month I am completely using this BLOG for advertisement for my listing.. but really I have 10 days to rent this house. Don't you want to rent it? Truly, lets think about this for a minute, why would you NOT want to be minutes away from JERRY's WORLD during the SUPERBOWL. It does not matter who is playing, even though GREENBAY is going to win, what matters is that YOU want to be CLOSE and you want a NICE place to stay during the weekend. YOU want to be play XBOX 360 with KINECT, Wii, PLAYSTATION 2 all weekend and drink and party and not worry about anything except how you are going to return the chair you stole from the stadium during the outrage after you realized that the STEELERS lost. Okay, seriously, I understand why would you pay to trash someone else's house during the largest party of the year, and during the something that happens minutes from you once in a lifetime....well...because even if you dont have tickets.. this is where EVERYONE is going to be. PLAYING pool all night and watching late night movies on the 55in TV's.--WHO cares, because it is SUPERBOWL weekend.
See this AMAZING house and opportunity below.

Video of the HOUSE you are going to stay IN during the SUPERBOWL.

NEW CREDIT SCORES

If you have ever looked at your credit score recently? Or the main question is have you looked at what is required now in order to buy a house? 640! Yep you read that correctly, all investors are now requiring 640 credit scores. ALL THREE credit scores higher than a 640. Now the government and Fannie Mae and Freddie Mac are still saying anyone above a 600; but does it really matter what the government says, if investors are not buying any loans with a purchaser who has less than a 640. So now lenders can not sell their loans to investors if they approve a buyer with a score below a 640. What does this mean in ENGLISH?
If you are looking to purchase a home, you must have great credit. Check your credit score before you even think about buying a home. I understand the housing market was bad, because everyone was approved. Just two years ago I was doing loans with 540 scores, but this is a dramatic change. Basically this is going to assure that if you are buying a house, than you WILL be able to afford it AND MAKE PAYMENTS and the banks are going to make sure of that. There are two things you can do to help yourself in this situation.

1. CALL JOHN PAYNE AT FIRST NATIONAL BANK. THEY ARE STILL DOING 620 SCORES

2. BUY CASH

and the number one thing you should NOT do is to pay someone to fix your score. If you want free advice and help, call a lender or myself. All the companies out there that say they can fix your credit for $XXXX are all there to make a quick buck and will stay around as long as they can while the requirements are high.

Johns number is :972-673-1909
My number is: 972-322-1717

Where are People Moving...Where can People afford to Live

Now that the census is complete, statistics are coming out. With the national average of home prices dropping, where can people get a solid job and afford to live? Many things are considered when these statistics are put together, but the one thing that is most accurate are the actual numbers. Numbers of people moving in to a particular state and numbers of people actually moving out of a state. (Or in this economy being forced out). Out of the top 10 states that have an increase in population, Texas is number 9; ranking in with a 55.4% increase in population during the year 2009. The census even shows that Texas actually brought in the largest influx of people. In terms of the total number of inbound and outbound moves, Texas ranked second only to CA.

Okay, so Texas is a large state, so you would expect large numbers, but Wyoming ranked 3rd in the highest percentage of increased population! Lets be honest, Wyoming? Whats there? Job? Big cities? I will let you think about that.

MSN.com constantly puts Texas in the top ten places to acquire a job; so with the housing market staying stable, at least in TX, and job market being one of the best in the US, why wouldn't you want to be one of the numbers? Move to Texas now so we can be number one!

HOW TO GET THE CREDIT SCORE YOU WANT.....

The following 2 items count for about two-thirds of your credit score:

Your Payment History
Having a long history of making payments on time on all types of credit accounts is one of the most important items lenders consider before approving a loan.

Owed vs. Available Credit
This compares the amount you owe versus the total amount of credit available. Your credit score can be lower when you use more than 50% of your available credit for each account. This is because when you are at the point of possibly maxing out your credit limits, lenders see you as a higher risk and more likely to have late payments in the future.

The following 3 items count for about the last one-third of your credit score:

Length of Credit History
A credit report containing a list of accounts opened for at least 5 years or more will help your credit score.

New Credit
Opening several new accounts in a short period of time can lower your credit score. Along the same lines, multiple inquiries may also lower your credit score.

Type of Credit Used
A mix of credit cards, retail accounts, finance company loans, installment loans and mortgage loans will help your credit score, as long as they all follow the above rules.

About 13% of Americans have a credit score of 800 or higher. If you were to look at their credit report, they generally have:

· 4-6 credit card accounts
· No late payments in the last 3 years
· At least one installment loan (mortgage or car) with excellent payment history
· An average of 3 years credit history and a few accounts with 5 years of good history
· Low number of credit inquiries (less than 3 in a 6 month period)
· No bankruptcies, foreclosures, judgments, charge-offs or collections
· Debt limits at no more than 35% of their overall credit limits per account

To sum it up, having a long history of on time payments, using the right mix of credit and not maxing out on available credit are the keys to having a great credit score.

Richardson Hoping to ADD more Parks, Green Space

Just a few things that are on the agenda for Richardson;
Parks Plan
Among the Priorities of Richardson's proposed master plan:
1. Rebuilding Heights Recreation Center
2. Rebuilding Arapaho pool (at Heights Center)
3. Acquiring and developing park land in Richardson Heights and Northrich neighborhoods
4. Building hike and bike trails and an indoor aquatics facility
5. Buying land for and developing a community "Central Park" possibly including open space, nature trails, and a dog park

Look for more updates and if you know of updates in your city PLEASE comments and add what is going on in YOUR CITY.

A Real Story...Can you afford a house?

The girl: Katie
Age: 24
Job: government contractor
Where she calls home: the Midwest
The place she wants: $127,000

Her sitch: Katie wants to buy a home, and she has her eye on one in particular: a foreclosed two-bedroom condo in a neighborhood she describes as "absolutely perfect."
Asking price: $127,000.

"Eventually I'd like to buy a townhome," she says, "but I see this as a great starting point".

Her finances: Katie makes about $38,000 a year doing government contract work, but her job isn't permanent and she has no health benefits -- she's still on her parents' insurance for now. She has about $40,000 in student loans, and sends $475 a month toward the balance. She also has about $20,000 in cash, and her parents would likely help her out with a down payment, if necessary. She rents an apartment for about $650 a month, not including utilities, and she's saving $700 a month toward an eventual down payment.

The expert's take: It might be a good time for Katie to take the home ownership plunge, says Boston financial planner Cheryl Costa. "She can probably more than afford this home," Costa says. But there are a few things she should keep in mind before plunking down her hard-earned savings. For one thing, Katie may not meet certain bank requirements. When you're purchasing a home, banks like to see that all of your home-related expenses (principal, interest, taxes and insurance) don't exceed 28 percent of your gross monthly income. And they typically require that all of your long-term debts (including the house) don't exceed 36 percent either.
If Katie picks up a 30-year mortgage for $127,000 at 5 percent, she'll owe $682 a month. Assuming about $150 a month for property taxes and homeowner's insurance, the house would cost less than $887, or 28 percent of her monthly pay. If she puts down a 10 percent down payment (or more), she'll have even more breathing room. The problem is her student loans: The additional $475 a month puts Katie's total debt over the 36 percent that some banks require.

How She Can Get in the Door: Get prequalified. Many banks buy into the 36 percent number, but not all. "Sometimes there's a lot of leeway on that," Costa says. But Katie won't know either way until she picks a bank and goes through prequalification. The bank will do a detailed analysis (including a credit check) and tell her how much she's approved to borrow -- or if she's approved at all. "You'll find out in advance whether they think the student loan thing is a deal-breaker," Costa says.

Extend her student loan terms. Katie's student loans are currently on a 10-year term, but if she extends them to 25 years, her monthly payments drop to $288 a month -- which would probably get her in under the 36 percent mark. If prequalification reveals that she needs to do that, it's a smart move. Then -- and here's the secret -- she can keep paying it off at the 10-year rate to nix the debt sooner. (So long as she can swing it.)

Put down as much as possible. "Nowadays, banks like you to have at least 10 percent and even 20 percent for a down payment," Costa says. Twenty percent for this condo is $25,400, which is more than Katie has in the bank, but if her parents can help her make up the difference, she should take them up on it. A down payment of that size could keep her from having to pay PMI, or private mortgage insurance.

But don't put down everything. Katie has $20,000 in savings, but that doesn't mean she should clean out her bank account. Home ownership comes with surprises, and it's wise to have some cash on hand, just in case. "They could raise condo fees," Costa says. "Or any number of unexpected things could happen that she might need some padding for." Consider a new gig. Katie's job now is contract work, meaning she has no guarantee that she'll still be employed when the contract ends. "If she were to lose her job, she's kind of screwed," Costa says. "If she really senses that her job is uncertain, I'd encourage her to be looking for a new job before she commits herself to a mortgage that she may or may not be able to afford."

I want to buy a home and dont know where to start?!

Here is a simple list of key things that you need to do in order to make the process of buying a new home simple and easy. The process can be complicated, but with a little guidence the process can be fun and exciting. Read the below for a step-by-step process that will guide you through the process and make everything much simpliar.
1. Find a mortgage professional who you trust. Provide your financial information and get pre-qualified for a home purchase. A good mortgage person will help you determine not only what you can afford (or tell you what price range to search to stay within a specific monthly budget), but they will also help you ensure that you get the best interest rates. They may make recommendations on how you could easily lower your debt to income ratio or raise your credit score so that you get the best mortgage rates available.
2. Decide on what you want in your perfect home. Besides the obvious questions like # of bedrooms, consider some of these questions as you determine the right home for you: How far away do you want to be from work or family? How long do you plan to live in your next home?
3. Find a Realtor that you feel comfortable with and that you can trust. Work with them on your specific wants/needs. Your agent will provide advice throughout the process as well as send you home choices to view and tour properties with you. They will also assist you with negotiations, inspections, and attend closing with you. Don't ever pay a Realtor to represent you as a buyer - the sellers pay the real estate commission for the transaction.
4. Begin your home search. Start on-line with the help of your Realtor. Then view the homes that interest you. Once you find the right home, your Realtor will provide you with comparable sales data for that neighborhood and help you prepare your offer. Your agent will also help you through negotiations.
5. Once you are under contract to purchase your home, your Realtor will assist you with home inspections, selection of a home warranty company, and may help you with utilities, moving companies, and home owner insurance.
6. Your agent should be there with you throughout the entire transaction to help make sure that your move goes smoothly. After you complete and "close" the transaction you will receive your keys to your new home.

Of course there are other minor things that go on during the process and every situation has a unique circumstance, though with the right consultanting and the right realtor you will be please with your new home and a set of NEW KEYS!

MONEY 101 FOR TEENS
CONSIDER THESE WAYS TO TEACH THEM FINANCIAL MANAGEMENT
1. Model good money management. If you're mired in credit card, debt, your teen will notice.
2. Encourage your teen to get a job. This will provide disposable income and an opportunity to learn about the value of time and hard work
3. Show your teen how to bargain-hunt. You can often find same items at target, or simply checking internet sites like FROOGLE.com or other cost-comparisons sites
4. Require your teen to contribute to big purchases, such as car insurance
5. Avoid credit cards at least until your teen has demonstrated a high level of responsibillity. Plastic tends to add a sense of unreality about money.
6. Manage those cellphones provide a unique opportunity to teach your child about-obeying limits and the high costs of exceeding them.
7. Open an IRA for your child and contribute a percentage of each paycheck by offering to match the contributions

Just some ideas to get our teens in the right mind set about money. Who knows how much the government is going to be able to support them when they become our age!

Interest Rates...and NO PAYMENTS FOR A YEAR

Have you ever seen interest rates at low as 4%! I have NOT!
With the market the way it is, the interest rates as low as 4%-and the government giving away enough money to cover mortage payments for the next 6 months OR MORE...ask yourself one question:

Why would I NOT buy today?

Think about it. Did you hear what I said, "the government is giving you enough money to cover the first 6 months of payments OR MORE". I know that sounds wrong and not what they are saying, but let me explain.

If you purchase a house up to $250,000; the total payment (principal and interest) will be approx. $1305 a month. * The government is giving $8000 CASH, not tax credit, to all new home buyers- or people who have not owned a home in the past 3 years. $1305 a month times 6 months is only $7800.. still less than what they are giving you- simply for purchasing a house and increasing the economy.

Of course if you purchase a house for $80,000; with the current interest (4.75% for 30 years) your monthly payment (principal and interest) is $420. With $8000 that is enough money to cover payments for OVER 18 MONTHS!

I might as well be saying.. NO PAYMENTS FOR THE NEXT YEAR!



*(payments calculated on current interest rates of 4.75% for 30 years. Payments do not include taxes, which vary from city to city)

Dallas-Fort Worth preowned home sales skyrocket as homebuyers take advatnage of tax credit

The North Texas housing market came roaring back in NOVEMBER.

Pre-owned home sales rose by 31% last month from a year ago -- one of the biggest such increases on record.

And Median home sales price were up 5%.

The big jump in residential transactions came as large numbers of homebuyers rushed to take advantage of the federal home buying tax credit, which has been extended.

Real Estate agents in October sol almost 5, 500 preowned home through their MLS, according to statistices relesased MOnday by the NOrth Texasd Residential Information Systems and the Real Estate Center at TX A&M University.

November's robust sales activity is the latest in a string of recent indicatiors, which show the atht North Texas home mareket has bottomed out and is turning the corner.

November was the second consecutive month that Dallas-Fort Worth area home sales rose from the previous year -- ending more than a year of consecutive declines.

Sales in North Dallas neighborhoods rose 48%.

By Steve Brown...Dallas Morning NEWS

ITS OFFICIAL

Check out this website for all the UP to DATE Real Estate News...

Today we celebrate.. another great feat for not only our President, our country, but for the Real Estate Market. We will survive this market and the smart ones WILL take advantage of this FREE money!

Click the link below for all the details, but in summary all you need to know is...

CALL ME! lol

http://newsletter.rismedia.com/newsletters/preview/2032/59729/1038001

Senate votes to renew tax credit for first-time home buyers

The Senate voted Wednesday to renew the government's $8,000 tax credit for first-time home buyers through the first six months of next year as part of a broader bill designed to extend unemployment benefits.

For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 refund.

The bill, which passed 98 to 0, should reach the House floor by Thursday, House Majority Leader Steny H. Hoyer (D-Md.) said in a statement. His office said the legislation would then go to the White House for the president's signature.

The Obama administration has previously supported extending the $8,000 tax credit, and without congressional action the program would end Nov. 30.

Under the bill, first-time home buyers would receive the $8,000 tax credit if they sign a contract by April 30 and close on it by June 30. The plan would also make those who buy a new primary residence eligible for the $6,500 credit if they owned their current home for at least five consecutive years in the previous eight years.

In the Senate's measure, taxpayers would be able to claim the credit on their 2009 income tax return for purchases made in 2010.