Obviously, Zillow.com and Trulia.com and getting more and more popular than ever before. However, some dinosaur type of real estate professional still discredit the property value estimate from these platforms.
No value estimate is 100% accurate. That’s why it is called an ‘estimate’. Even property value estimated by a professional certified and licensed appraiser is still considered an opinion. It’s just a professional opinion.
Watch for my professional insights and share this video with your loved ones.
In this video, I share some insights about interest rates. I explained how it affects everything from spending power. I also reveal why it’s at historical love levels and how long you should expect it to remain that way.
Hey, what’s going on? Welcome to Episode 4 here at OLALawrence.com. I have something special for you today. I’m very excited to be bringing this to you. Three things:
I have a special guest on today. His name is Mike Okechuku. He’s an attorney-at-law in New Jersey, and he’s going to be sharing a quick tip with you today on your very first step in buying your dream home.
The other thing that I have here is that today I am launching SELLitFastCASH.com. Essentially, if you find any home that needs to be sold fast, all you have to do is give us a call. Our number is right here on these pages. Give us a call, and we’ll make an offer on it.
The other thing that I have for you today is a workshop that’s going on April 8th-10th. It’s about a month from now.
If you want to learn how to flip homes for a profit and you want to have and extra $10,000, $20,000, even more than that to your monthly income, simply let me know by sending an email to me at email that shows on the video screen.
I was able to speak to my friend who is holding the workshop and I secured a deal. It’s a 3 day workshop on the weekend. Instead of his regular $197, he’s going to let you in for $97.
That’s a whole 3 days to learn everything there is to know about flipping homes for a massive profit. You can wholesale, you can rehab, you can do the work, you can just be a middle men.
You don’t need cash
You don’t need credit
…and you can profit heavily from real estate too just like I’ve done for years.
If you’re interested in that, just let me know by sending an email request to that email showing on the video screen. The subject can be… “I’m interested in the workshop,” and the first 5 people will only be $97. Anything after that is $197.
That’s what I have for you personally today, and I’m excited, again, to introduce you to Mr. Mike Okechuku. If you need anything with regards to legal services, he can help you, but he’s going to give you some tips today and over the next several weeks… right here.
Thank you for staying plugged in. Help us share, click like, thumbs up, thumbs down. Just share this video with your friends and family, and that will be highly appreciated. I will see you on the next episode.
…is when you do much more with less–when you get much more from less.
The conventional idea that we have in our minds is this. Just work hard, go to school and work harder. That’s the thing they teach you in school; pretty much to become part of the system.
All of the the information I’m going to share is on Google everywhere. The beauty of this kind of setting is that we emphasize it. We’ll bring it out, pull it out for you, pull out the most important information from all the information.
There’s so much information out there…
Leverage means you’re getting more from doing less. The idea here is this, if you multiply 2 by 2 by 2, 22 times, it’s not the same thing as 2 x 22, which is 44. It multiplies out pretty nicely.
One of the best ways to do that is to leverage real estate to work for you. The opportunity that comes with real estate is because everybody need a roof over their head.
About 7 years ago, all the big companies started to disappear so there were less and less real estate that was needed when it comes to commercial part of it. You would go into a tall building and half of it would be vacant.
The reason for that back in 2008 and 9, was because the market was crashing. When you see market crashing, that creates a lot fear in the mind of people. It has a domino effect because the more fear that’s in the marketplace, the more people pull out money from the marketplace.
Here’s the trick about that. The more people are pulling money out, the more smart people (like you and I) are sitting down somewhere and seeing it as an opportunity.
There’s only so much of “money pull out” that we’re going to do as human beings, period. Somebody’s going to see an opportunity and start putting money back. People just don’t know when that’s going to happen.
Smart people like us will prepare ourselves for that. My point there is that it’s all a cycle at the end of the day.
Money is going to come back. When you’re buying real estate, when’s the right time to buy real estate. I’ll tell you when the right time is to buy real estate is when you realize that, “why am I spending so much money to rent.”
You can write that down E-Q, equity. You have to learn how to build equity, because equity is a form of leverage for you. That by the time you’re turning 50’s, 60’s 70, you have some things that other people will want to use and you can make money from that.
If you have low credit, it limits your abilities financially speaking in a developed country. Credit has always been there, it’s a form of leverage. You get to use other people’s money to do so much.
There’s something called consumer loans and there’s obviously the other side of consumers loans. If somebody tell you to run away from loans and run away from credit, it’s not a complete truth.
There are things that you can leverage loans for that will get you forward and faster. If you have a bad credit, it’s a domino effect. You go more into holes. Where as if you have a good credit you can do, and you can undo in this country.
If you have a decent job that pays you $50,000 or more per year and you have a good credit. That means you can afford to engage in million dollar transactions. If you can do that, then the sky or beyond the sky is the limit.
Don’t say, “I don’t have time for that right now.” Just make sure you have good credit at the very minimum and if you don’t, credit is a very simple thing. We have some in the room that can help you with that.
It’s very simple thing. One of the reasons why we mess up our credit is because of habits. Just habitual stuff which you can just turn around today and just say, “You know what? I’m going to start writing some things down and take advantage of what credit can do in my life.”
What I’ll tell you is this. When you have good credit they’re going to approach you. Like Pastor said, they’re going to approach you with all kind of stuff. You have to be careful.
I’ll tell you how it worked for me. When I graduated from college, I had never had any credit at that time. I had a credit that they gave to me at Macy’s back in 1999, for $300.
I swiped the card, I used it and I never paid back until 6 years after that. That was the mess up that was on my credit. For all those years.
As soon as I started to do okay in 2006. They start to see that money coming into the bank account. So Wells Fargo decided to send me a credit card of $5,000, because they see money coming in.
They also gave my father even another $6000 in credit line because we had a joint business account. As soon as we had a little bit of a set back in 2008 when the market crashed.
Guess what happened to that credit too. We used it and that shoot us backwards. You have to be careful on what we call credit. They will give it to you, once you are doing okay, but if you don’t have financial education it will get worse.
Of course, the number one thing that you should be doing with your credit is, real estate. If you don’t educate yourself on what you should be doing with it, what you’re going to find is that you will use up the credit they give you and then you’re back to square 1.
The most important thing about why we’re here today is financial education. Credit is a double edge sword. It can build you and it can destroy you.
Thank you very much for your time and we’ll hang around. We’re going to be learning too. If you have any questions with regards to finding a home and someone to help you facilitate the whole process all the way from finding a home to closing, ask.
It’s about 15 total steps in between them. You have 6 steps there but we break it down a little farther. Write this down right now…
You can go attend that. It’s 60 minutes of complete full-blown information online workshop. From start to beginning, there are 7 different professional that you have to deal with. The job of the Realtor is to help you facilitate that whole process; from start to end.
The first person you deal with is a loan officer, to check your credit, to make sure of what you can afford. And also to make sure you have the right ratios that is safe for you to buy a home at any point in time.
They do that and then they will show up towards the end, to give you credit you can leverage to buy a home. The job of a home inspector is to make sure that what you are buying will not get you in trouble. There’s about 7 of those kind of different people.
Again, the job of the Realtor is to facilitate that whole process. Chances are, you have a full-time job, you don’t necessarily have all the time in the world. A Realtor gets paid to make sure that you are protected.
Let me say one more thing, there are other opportunities too. If you find a run-down home, that can save you thousands, tens of thousands of dollars. There are loan programs that you can get into to buy them and save some money.
You can get dirty a little bit yourself to save $50,000. My father has done a few rehabs. We also have that in our team to help you through that process as well. Thank you very much for the opportunity.
If you have any further questions, feel free to reach out to me and my father.
Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. We call home ownership the best “accidental investment” most people ever make. But, we believe when it is done right, home ownership becomes an “intentional investment” that lays the foundation for a life of financial security and personal choice. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out.
Base your decision to buy on facts, not fears.
If you are paying rent, you very likely can afford to buy
There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run
The lack of a substantial down payment doesn’t prevent you from making your first home purchase
A less-than-perfect credit score won’t necessarily stop you from buying a home
The best way to get closer to buying your ultimate dream home is to buy your first home now
Buying a home doesn’t have to be complicated – there are many professionals who will help you along the way
2. Hire your agent.
The typical real estate transaction involves at least two dozen separate individuals-insurance assessors, mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer’s agents, seller’s agents, bankers, title researchers, and a number of other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout.
Seven main roles of your real estate agent
A Buyer’s Real Estate Agent:
Educates you about your market.
Analyzes your wants and needs.
Guides you to homes that fit your criteria.
Coordinates the work of other needed professionals.
Negotiates on your behalf.
Checks and double-checks paperwork and deadlines.
Solves any problems that may arise.
Eight important questions to ask your agent
Qualifications are important. However, finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective. Use the following questions as your starting point in hiring your licensed, professional real estate agent:
Why did you become a real estate agent?
Why should I work with you?
What do you do better than other real estate agents?
What process will you use to help me find the right home for my particular wants and needs?
What are the most common things that go wrong in a transaction and how would you handle them?
What are some mistakes that you think people make when buying their first home?
What other professionals do you suggest we work with and what are their credentials?
Can you provide me with references or testimonials from past clients?
3. Secure financing.
While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. Many first-time buyers start out confused about the process or nervous about making such a large financial commitment.
From start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home.
Six steps to Financing a Home
Choose a loan officer (or mortgage specialist).
Make a loan application and get preapproved.
Determine what you want to pay and select a loan option.
Submit to the lender an accepted purchase offer contract.
Get an appraisal and title commitment.
Obtain funding at closing.
4. Find your home.
You may think that shopping for homes starts with jumping in the car and driving all over town. And it’s true that hopping in the car to go look is probably the most exciting part of the home-buying process. However, driving around is fun for only so long-if weeks go by without finding what you’re looking for, the fun can fade pretty fast. That’s why we say that looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms.
Questions to ask yourself
What do I want my home to be close to?
How much space do I need and why?
Which is more critical: location or size?
Would I be interested in a fixer-upper?
How important is home value appreciation?
Is neighborhood stability and priority?
Would I be interested in a condo?
Would I be interested in new home construction?
What features and amenities do I want? Which do I really need?
5. Make an offer.
When searching for your dream home, you were just that-a dreamer. Now that you’re writing an offer, you need to be a businessperson. You need to approach this process with a cool head and a realistic perspective of your market. The three basic components of an offer are price, terms, and contingencies (or “conditions” in Canada).
Price-the right price to offer must fairly reflect the true market value of the home you want to buy. Your agent’s market research will guide this decision.
Terms-the other financial and timing factors that will be included in the offer.
Terms fall under six basic categories in a real estate offer:
Schedule-a schedule of events that has to happen before closing.
Conveyances-the items that stay with the house when the sellers leave.
Commission-the real estate commission or fee, for both the agent who works with the seller and the agents who works with the buyer.
Closing costs-it’s standard for buyers to pay their closing costs, but if you want to roll the costs into the loan, you need to write that into the contract.
Home warranty-this covers repairs or replacement of appliances and major systems. You may ask the seller to pay for this.
Earnest money-this protects the sellers from the possibility of your unexpectedly pulling of the deal and makes a statement about the seriousness of your offer.
6. Perform due diligence.
Unlike most major purchases, once you buy a home, you can’t return it if something breaks or doesn’t quite work like it’s supposed to. That’s why home owner’s insurance and property inspections are so important.
A home owner’s insurance policy protects you in two ways:
Against loss or damage to the property itself
liability in case someone sustains an injury while on your property
The property inspection should expose the secret issues a home might hide so you know exactly what you’re getting into before you sign your closing papers.
Your major concern is structural damage.
Don’t sweat the small stuff. Things that are easily fixed can be overlooked.
If you have a big problem show up in your inspection report, you should bring in a specialist. If the worst-case scenario turns out to be true, you might want to walk away from the purchase.
The final stage of the home buying process is the lender’s confirmation of the home’s value and legal statue, and your continued credit-worthiness. This entails a survey, appraisal, title search, and a final check of your credit and finance. Your agent will keep you posted on how each if progressing, but your work is pretty much done.
You just have a few preclosing responsibilities:
Stay in control of your finances.
Return all phone calls and paperwork promptly.
Communicate with your agent at least once a week.
Several days before closing, confirm with your agent that all your documentation is in place and in order.
Obtain certified funds for closing.
Conduct a final walk-through.
On closing day, with the guidance of a settlement agent and your agent, you’ll sign documents that do the following:
Finalize your mortgage.
Pay the seller.
Pay your closing costs.
Transfer the title from the seller to you.
Make arrangements to legally record the transaction as a public record.
As long as you have clear expectations and follow directions, closing should be a momentous conclusion to your home-searching process and commencement of your home-owning experience. 8. Protect your investment.
Throughout the course of your home-buying experience, you’ve probably spent a lot of time with your real estate agent and you’ve gotten to know each other fairly well. There’s no reason to throw all that trust and rapport out the window just because the deal has closed. In fact, your agent wants you to keep in touch.
Even after you close on your house, you agent can still help you:
Handle your first tax return as a home owner.
Find contractors to help with home maintenance or remodeling.
Help your friends find homes.
Keep track of your home’s current market value.
Attention to you home’s maintenance needs is essential to protecting the long-term value of your investment.
Home maintenance falls into two categories:
Keeping it clean: Perform routine maintenance on your home’s systems, depending on their age and style.
Keeping an eye on it: Watch for signs of leaks, damage, and wear. Fixing small problems early can save you big money later.
So the whole real estate professional world are going crazy. They are falling all over each other because of this new thing called TILA-RESPA. Let me break it down for you.
The whole thing stands for Truth in Lending Act & Real Estate Settlement Procedures Act. They basically used to be 2 documents that was always there but it is now combined into one documents.
It also has to be disclosed to a real estate buyer 3 days before closing if institution bank financing is involved. That’s why they now call it the “know before you owe” law. It is designed to protect you from predatory lending.
TILA-RESPA basically tells you all the numbers at least 3 days before closing. It was suppose to effect on August 1st 2015 but it has been delayed till October 3, 2015. It consolidates everything and makes it even easier to go through your loan contract.
Of course, our team is always here to protect and guide you through your home buying process.
The Truth in Lending Act (TILA) protects you against inaccurate and unfair credit billing and credit card practices. It requires lenders to provide you with loan cost information so that you can comparison shop for certain types of loans.
For loans covered under TILA, you have a right of rescission, which allows you three days to reconsider your decision and back out of the loan process without losing any money. This right helps protect you against high-pressure sales tactics used by unscrupulous lenders.
Time does not wait for anyone; New Jersey is the right place for you to shop for you dream home now. Why? Experts see New Jersey real estate industry to rebound in the future. It was revealed in the weekend 07/17/15 as follows:
“The real estate industry has recovered since the 2006 slumber but apparently, New Jersey has not. According to Realtor, there are properties in New Jersey that were still below the 2006 slumber despite the fact that the industry is on the rise.
An expert in the real estate industry said that citizens of New Jersey are still afraid to have their property listed on the market because of a possible price undercut once mortgage finally goes to the market.
Experts also see two more reasons why the property price in New Jersey is still in slumber; first, the number of foreclosed properties at 8-12% and secondly, the state’s population, which is half the national average.
On the other hand, this could be a potential for investors and home lookers most especially from its neighbors New York. Despite of New Jersey’s ridiculous state taxes, properties and homes are cheaper compared to New York.
Although, this can be considered as half and half good/bad news; there are still some who know and believe that the New Jersey real estate industry will recover.
“Housing wire pointed out four reasons why New Jersey’s housing is set to bloom at this point, they said
1. The real estate industry is really threading on a thin ice, but in time , the low interest rates and low down payment will pave way to the industry’s recovery.
2. With the technology today, advertisement can be very aggressive and rampant. Social media is a great example of free ads. Full and smart utilization of keyword optimization is also in the picture that can and will lead into sales if used properly.
3. The emerging of demographics – Not unlike before, it takes two to tango; it takes a family to own a house. But today, although the family is still the biggest purchasers of properties , especially, houses; single people who look to own a house is on the rise.
4. The Real estate Brokers – Before, one need to meet face-to-face with a Broker before you can close a deal or at least take interest on a property. Today. All they need is a stable internet connection and one can talk about a certain property.”
My point is this, as a new home buyer, this is the right moment for you to take advantage of this opportunity. Call us today…
As you may have read in our previous memo, my son Ola, who is our real estate investment specialist and myself, Lawrence, a new jersey licensed realtor have simplified the whole process of buying AND selling real estate.
With improvement in the nation’s economy, this is the right time to swing into action concerning YOUR NEXT real estate transaction. Talk to us; we will help you in whatever aspect of real estate you need us – we buy, sell, list and invest in real estate.
Are you a first time home buyer?
You cannot get a better time than now to find your own dream home. Do not wait in making a decision now. I know, decision making is tough. But I have come to let you know, this is the right time to act.
Procrastination is a delay tactics which can elongate or rob you of getting a great deal on your dream home, you must avoid this. Talk to us, we will get you started. it is as simple as ABC.
You have to take a seemingly giant but simple step by calling our number 1 866 208 1444. Talk to us or set an appointment with us, we will make the whole process of getting your dream home easy for you from making your decision even till beyond closing the transaction.
We are confident of this because the market indices and rates are favorable now. We know what’s happening in the real estate market. That is a key factor and assurance that you will get a deal of a lifetime in this market regardless of whether you are the buyer, listing seller, or investor.