👀 Sometimes the people closest to you won’t see your real estate vision. I remember when we got the keys for our first rental we were so excited and invited a few friends and family over to see it and they were like 😳 . They couldn't see the vision. The place really didn't look all that great but we saw SO much potential in it. (Swipe to see what this kitchen looked like BEFORE.) Since we spent a huge chunk of our money on the down payment we didn't have much money to renovate so we did a lot of the renovations ourselves (thanks to Youtube and Jesus 🙌🏽). We spent MANY late nights working on this kitchen wondering if our friends and fam were right. Like wtf were we thinking? Y’all see how much counter space it started out with? 🤣How sway! Four years later and this rental property has earned crazy returns and the property value is steadily rising. The point is- Not everyone will see the vision and 👏🏽that's 👏🏽okay👏🏽. If you live your life limited by everyone else's fears, you'll never reach your full potential. 👊🏽
If you’re out there waiting for the perfect” time to take the leap into real estate... stop it. . Real estate investing isn’t about waiting until the perfect time when you’re not scared anymore. Or the perfect time when the perfect deal comes along. It’s about being scared and DOING IT ANYWAY. Do your research, run the numbers and DO IT. With all investing there’s a level of risk, but you will learn the best lessons by doing. . Did you listen to Jason Stubblefields podcast interview on the @toddmillionaire podcast? He said he was scared when he bought his 34 unit but DID IT ANYWAY, learned from it and then did it again, bigger and better👊🏽
😍 Spotted this multi unit getting a makeover in DC and had to snap a pic. It reminds me of the doorway on our house. I love the modern vibe! What do you think?
S E L L E R F I N A N C I N G. In a seller financing situation, you would not need to use a bank. Instead, the owner of the house that you want to buy would “lend” you the money to buy the house. Okay...they aren’t really GIVING you cash money, but they are the lender... here’s how it works: 🏦 Instead of using a bank to get a mortgage, you and the seller would come to an agreement where you pay them a down payment and pay them monthly installments. With seller financing, the interest rate is usually higher, so typically there is a clause in the agreement that says that you can refinance and switch to a traditional mortgage when possible. 📝 Seller Financing is good for buyers who can’t qualify for traditional mortgages because: ☑️ They are self employed ☑️ Don’t have stellar credit ☑️ They want to buy quickly ☑️ An investor who has too many traditional mortgages ☑️ Or other reasons 🔑 Why would a seller want to agree to seller financing? ☑️ They want to sell the house fast. (Going through the traditional loan process can take a while) ☑️ They want to sell the house for a little more than market value (Sellers can usually get away with listing the home higher if they agree to do seller financing) ☑️ They want to get passive income with those monthly payments ☑️ Or other reasons 🔑 And YES, you can still use a real estate agent if you go with this method. 👊🏽 *Just because this option allows you to avoid the strict guidelines of dealing with getting a loan from a bank, doesn’t mean that you should use this option before you are ready financially! ➡️➡️➡️ [Tag someone that may want to use this method]
H O U S E H A C K I N G. This is something you'll hear me talk about a lot because I found out about it way too late and wasted money because I didn't know this opportunity existed... and then when I did finally find out about it, I couldn't see the value in it. I know better now! And House Hacking is my JAM! 👊🏽. 🏢 House Hacking is when you buy a multi unit property, live in one unit and rent out the others so that the rental income covers your living expenses. Multi family properties include- duplexes, triplexes and 4plexes. Anything over 4 units is considered commercial real estate (That's a whole other lesson). ⬇️ House Hacking is so amazing because you can get a property for 0% down using down payment assistance or as little as 3.5% down using an FHA loan. (Compare that to the 25% down needed to buy a rental that you don't live in...it makes a HUGE difference!) 🔑 No matter what loan you use, or how much you put down, House Hacking is a great way to lower or eliminate your living expenses while owning real estate and building up equity. 💰 Would you House Hack? Let me know in the comments below. AND ➡️Tag someone who needs to know what House Hacking is! (Image from Pinterest)
I know that fear and money hold a lot of people back from buying real estate, but I think there's something else that holds people back as well... ➡️O V E R W H E L M⬅️. Real estate can be overwhelming if you don't understand the lingo and aren't sure of all of the opportunities out there. That overwhelm leaves a lot of people standing still. Let's change that! I want to help you make informed decisions! ⬇️⬇️⬇️ So for the next few days I am going to be demystifying some terms that will help you better understand this real estate thing. This will be helpful for first time home buyers and first time rental buyers! Tag someone that you think would want to follow along! The posts will start tomorrow!