$6,500.00 buys this property for first time homebuyers who qualify for this special financing
. This property is located only a few steps from the University of the Sciences, Philadelphia College of Pharmacy and Medecine and olny a few minutes from University of Penn, and Drexel
University. This home has a new Bradford and White water heater and a new furnace. The home is in need of light cosmetic repairs. This property is a great buy for the savy investor or an owner occupant student that doesn't want to deal with a landlord. Rent rates for a home of this type range from $850.00 to $1,000.00. That's a 10% to 12% Rate of return on your investment, not counting after repair value and appreciation. Contact me now to schedule your showing.
Establish a form of steady income
I know that you have heard this a thousand times, but I am going to put a twist on it. Steady income doesn't just mean you have a job that pays you good money every week. It means that you have money left over after you pay all of your outstanding short-term obligations (current bills).Â
Most peopleÂ earnÂ enough money to purchase a home, but they areÂ strapped with a large amount of debt. The first goal before purchasing a home should be to eliminate or minimize the amount of outstanding debt that you as a homebuyer have. Owning a home is an obligationÂ not only to the lender or yourself (if you are buying cash), it is an investment in the area where your property is located.
So many of what used to be the most prominent neighborhoods in the US are no longer that because a majority of the homeowners in those areas defaulted on their loans. This has made the value of the homes owned by those who are still in the area plummet to amounts that are almostÂ half their original sale values. My point is that if those buyers would've made better decisions. Their neighborhoods would still be intact today.
Save as much money as you can before you purchase your home
Reserves are very important in today's economy. Job losses are at an all time high and real estate prices are at an all time low. Most people would ask, "Why buy a house if I think I am going to loose my job?" The answer is simple. You "think" you are going to loose your job. Even though the media might make it seem as if everyone is loosing their job, that isn't the case. There are a host of industries and individuals that are getting promoted and earning more money than they ever did. Take an inventory of your current position and decide whether or not you should take the risk and purchase a home.
Get pre approved for a loan
Getting pre approved early is the best bet to understanding how much and what type of home you can purchase. A pre approval lets you as a buyer know that your credit and income as stated to the lender are good enough to purchase a home. The pre approval process is simple and it takes onlyÂ a few minutes to get pre approved by either yourÂ bank where you are saving your moneyÂ or aÂ lender thatÂ you areÂ referred to by your real estate agent (me).Â
Research the marketÂ
Know that you know how much home you can afford. You must match that number with the area that you plan to purchase your home in. A knowledgeable buyer is the best buyer. If you take the time and study the real estate market before your ready to purchase a house, you will actually find the home you want faster.
Contact me as your real estate agent
IÂ know theÂ Philadelphia real estateÂ market. I am a master in contract negotiations. I understand what you want as a homebuyer. You can come to my real estate office and see where I am making residential real estate history. Buying a home can be a complex and stressful process. I deal with this complexity on a daily basis as a full time agent. I love real estate, but I love helping people achieve their financial goals even more. Thanks for reading my blog.