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General Area in 44221 : Real Estate Advice

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  • Local Info6
  • Home Buying7
  • Home Selling2
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Activity 5
Mon Jun 18, 2012
Auntchach answered:
Mon Apr 2, 2012
Dan Tabit answered:
Tc,
You may get a different loan that requires less down, find a grant or down payment assistance, ask the seller to pay closing costs freeing up some of your cash, buy a less expensive house, save up some money, sell something for additional cash, ask a relative for a gift.
There are 7 options, would any of these help? I also agree with Mack, having money left over is really important. Your inspection will tell you what is working then, not in 30 days, 60 days or longer. If a roof leaks, furnace breaks plumbing leaks you may be in a difficult position.
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Wed Mar 28, 2012
Eric Veronica answered:
Hi Gia,

The answer to your question is dependent on whether or not your debt to income ratio qualifies with both the current mortgage payment and the mortgage payment on your new home.

A common question is whether you can rent out your current home and use the estimated rents received as income. In order to use expected rental income you need to have sufficient equity in your home (25% - 30%), at least a 12 month lease, proof of first month's rent payment, proof of secuirty deposit, and a savings account that contains 6 months worth of reserves.

The reserve savings requirement would be the amount AFTER the down payment on your new home. Let's say your current home payment (including taxes and insurance) is $1000 and the new home payment (including taxes and insurance) is $2000. Your total monthly housing expense is $3000. 6 months X $3000 = Savings of $18,000.
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Thu Apr 16, 2009
John Wirsing answered:
Good morning!
Congratulations. The Real Estate Profession is a very challenging one. But also an extremely interesting, exciting & fun business if you enjoy variety and working with people to help them achieve their goals.
As with starting any business (And as a independent Contractor-you need to think how You want to run YOUR business), it takes time to build up your client base and systems. You'll need to be prepared fpor a lean few months. So, for that reason, many Realtors start off in the business on a part-time basis.
You will need to Pre-licensing program before you can be licensed.
You will need to choose a Broker before you are licensed.
Interview several different Real state companies before selecting where you want to start. There are some very significant differences in the philosophies of different companies.
I would be happy to sit down with you & explain what makes my company different and what type of realtors succeed the most in our culture.
Feel free to contact me if you would like to know more!
John Wirsing
Realtor
Keller Williams Realty GC
440-487-2193
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Tue Apr 14, 2009
Cindy asked:
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