Zack Childress-An Insight Into Time Taken To Save Money Or Down Payment

Zack Childress-An Insight Into Time Taken To Save Money Or Down Payment

As with home ownership, down payment is a major concern, however, together with it, add up other expenses like closing costs and reserving funds for the unavoidable maintenance and other everyday expenditures. So, together with the matter of saving for your down payment, you need to be ready to spend for other operating costs as well.

If truth be told, very few are able to save money for down payment in a period of 12 months, and it is a matter of years, actually speaking. On the other hand, involving people who have been faced with other concerns of life like rising rental values and health care costs, it will take years and years of time to save money for down payment.

In view of the fact that, strong demands for homes coupled with the scarcity of available homes for sale are two significant factors that cause home prices to go up across the globe, this has paved a way to inaccessibility of homeownership for some buyers. With that said, now let us have a look at why you should consider giving a higher percentage of down payments and how it benefits you. Zack Childress Reviews Cons of Dual Agency

  • The chances of you getting that mortgage are high- An amount paid prior to buying a house is very important and only when you are ready to pay such high percentage of down payment for your home, banks will be ready to offer you a mortgage. With that said, the chance for you to qualify for a mortgage is high when the down payment is more. The once existed 10, 5, and zero down payments are not noticeable these days.
  • All rules pertaining to the consumer financial protection bureau has changed in the recent years- For a person to qualify for a mortgage amount, he/she will have to meet a 43% debt-to-income ratio meaning after you tot up credit payments, property taxes including other money owing, like credit card balances, your auto loans or education loans, your entire arrears has to be not as much of than $43 for every $100 in earnings you produce on a month basis. With this being the state of affairs, the probability for you to qualify for a mortgage is high.
  • With a higher percentage of down payments, you can enjoy smaller monthly mortgage payments together with the benefit of less interest rate. And by this means, you can save a significant amount of funds over the life of a mortgage. This paves a way to greater financial sense, in addition, it helps you to better prepare for sequestration.
  • With a more than expected percentage of down payments, you can also enjoy instant equity build up. For instance, a percentage more than 20% of down payment is said to put equity into a property as soon as you purchase it and that down payment defends you if the real estate market turns sliding in the interim.

Stay updated with Zack Childress real estate tips, learn more details regarding home mortgage loans. His articles help you know how to get into a scam free real estate transaction.

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Zack Childress Guidelines on Finding a Neighborhood That Suits You

Zack Childress Guidelines on Finding a Neighborhood That Suits You

Introduction

When you buy a home, it is important to find the right neighborhood. The right neighborhood depends on your tastes and situations. In this article, Zack Childress, gives guidelines on finding a suitable neighborhood.

Determine the kind of community you want to live in

What type of community do you seek? Some may love to live in the busy cities where everything is available at their doorsteps while others may love to live in the quiet and highly sociable suburbs. Some localities have a combination of suburb and city elements. These are city like suburbs. They have the quiet and peace of suburbs and have amenities like cities. Yet suburbs cannot cross cities with regards to facilities. So, to which category do you belong to? Ask yourself before you choose a neighborhood.

Pleasure activities that you enjoy

What type of entertainment do you like? Movies, walking, sports, travel, tennis, swimming and others are some of the universal leisure activities. If you love these, then you can go in for multi-family community homes.

Commuting distance

Do you like to commute long distances for work or do you prefer your office to be in close proximity? Do you have a car to traverse?

Other things to decide upon

Apart from these parameters, decide whether you want to live in single-family or multi-family homes. Do you like to live in historic communities or new ones? Well historic communities have strict standards and have high property value. But they lack in modern facilities. They will be close to the city center. Whereas, new areas are far from the city and have modern amenities. Determine whether you would like to live in a condo, townhouse or apartment. Would you like to have shops, supermarkets, bars and restaurants in the vicinity of the neighborhood? Prepare a list in which you jot down points on what your present community lacks in? If you are a parent, you will want to go and live in areas with good schools.  Also, carefully ascertain what you don’t want in your new neighborhood. For example: you may love a peaceful neighborhood. This way, you would not like to stay adjoining to the market areas.

Ensure the safety

A small thing such as sidewalks can be very crucial in deciding the safety of the home. When you are walking on the road, you don’t face the risk of getting hit by a speeding vehicle. This is very safe especially for children. Crime rates feature in the safety of a neighborhood. Don’t choose areas with high crime rates.

Determine how the neighborhood can withstand volatile markets

You should check the past history of homes to see if the worth of the home will be maintained in the long run or whether it will grow. You can check the bygone prices of similar properties to confirm how the home can perform in a volatile market.

Conclusion

These are very basic guidelines given by Zack Childress to determine the most suited neighborhood for you.

 

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Zack Childress Reviews – Choosing Between Renting or Owning and Advantages of Renting a House

Zack Childress Reviews - Choosing Between Renting or Owning and Advantages of Renting a House

You might be new to the world of real estate, and you might be looking for a new residence. There is a lingering question about whether you have to buy or rent. Let us go for a brief discussion on renting or owning a property to get a clear picture.

Aspects that need to be considered

There are many aspects to take into account before deciding if it is conducive to own or rent a property. The decision will influence an individual’s lifestyle also. One has to consider different aspects – the location that one is in, the financial stand, and the market trends in the vicinity. One has to have a clear idea regarding what the future holds.

Making a decision regarding owning or renting is unique to a person’s circumstances. The US realty market is large and very diverse. A certain aspect may make sense in one area, but not the other. So, how does one arrive at a decision regarding owning or renting? Generally, from the standpoint of realty, it is advisable to retain at least one property and source of income, even if one is renting out somewhere else.

The Plus Points in renting

    • The Flexibility:

The first advantage in renting is the flexibility. This is more important if you are the kind of person who moves around frequently. It might be that you are relocating for a job, or you want to have experience living in different cities. Moving around is much easier, consumes less time, and is less costly when one is purchasing a home. But, it is cumbersome if one owns a house, disposing of it is also much more difficult.

One might be pushed to selling the house for a lower price when it comes to quick sales. Other features of flexibility include different investing options, the added time you gain from not having to manage different kinds of properties. Consider the option when you raise a question as to whether it is better to rent or own.

    • Is renting really cheaper?

Particularly, if prices of homes are affordable, it is affordable to rent than purchase. With prices of the home having a steep hike, it is not a surprise that many people opt to rent. In the shorter run, this might make some sense, but when home prices rise, rents will also rise. When it is cheaper to rent now, in the longer run, it is advisable to purchase a house.

    • There is less hindrance

As a resident, you do not need to worry about problems like repairs, maintenance, and renovation. That is the responsibility of the landlord. It also implies that you should not incur additional monthly expenses to the rent. Resultantly, there is some kind of financial predictability when it comes to renting. Adding up to the mortgage and rent payments, one might have to pay for repairs, maintenance, and renovation. It is a big headache that the tenant never has to deal with.

    • Less risk:

When making the decision regarding owning or renting, it is very important to make out the risk factor. And renting a property is less risky than owning a property. Particularly, when one is renting a property, he or she should steer clear of fluctuations of realty market and the financial fluctuations. It means that there is no possibility of loss. Steep fall in home values will not prove a hindrance if you do not retain the property.

So, finally, is it better to be the owner of a house or a renter? There is no particular answer to this question. It entirely depends on your standpoint as an investor. You have to evaluate and weigh the pros and cons. The advice at the end of the article is that one should buy at least one property as a realty investor. This is what the entire business is all about.

Zack Childress is a real estate professional helping aspiring realtors to be successful with his teachings like real estate principles, markets, and finance. His seminars and boot camps are a blessing to people who wanted to stamp their mark in the industry. To learn more about the intricate concepts of real estate, do follow him on social media and stay connected to this real estate connoisseur.

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Zack Childress Steer Clear of Foreclosure Rescue Scams

Zack Childress Steer Clear of Foreclosure Rescue Scams

 

There is a widespread scam in the real estate scenario, and these scams result in the homeowner losing a lot of money.  Sometimes, the owners are put to difficulty and they lose their homes resultantly out of the scams.  Scammers make false claims which they cannot maintain. The scam artist says that he or she can retain your home or cut off the mortgage payments.

The way by which a foreclosure scam works:

Newspapers, web, government offices are just some means through which the scammer gets to know about a distraught homeowner. Then they will proceed with their scam through various methods. They may even turn up personally. The scammer promises that the homeowner can easily retain the home, maintain the credit rating or get immediate money.

The scammer will brainwash the homeowner in such a way that the homeowner loses contact with the legal financial solutions. The scammer usually prefers making an instantaneous profit by means which the lender never gets to see. In some cases, the scammer will even go to the extent of taking up ownership of the property. How? He does this by cheating the homeowner. So the key is that the homeowner should be very careful.

When it is already late, the scammer assumes ownership of the property.  Else the owner loses the home as foreclosure is taken up.

Legitimate companies will spare enough time with the property owner. They involve themselves in the documentation process            by gathering it from the homeowner. They will keep you well-equipped about the process so that you don’t have any problem whatsoever. Writing is the mode of dealing the agreement. When you desire to seek the assistance of a legal expert , lawyer etc. the representatives will not stop you from doing so. Also, upfront promises are not made by these companies.

Here are some tips when you are finding it difficult to pay your mortgage

  • Be cautious of individuals who ask for payment of fess for mortgage modification services. In majority of cases, claiming fees beforehand for a modification is not within the law.
  • Only the mortgage company could scrutinize and give a loan modification.
  • The address that is available in the mortgage statement will be different from the address the scammers ask for payment. Be careful with such things.
  • Don’t fall for a person who tells that he will assist you with your application process. Don’t make any sort of payment for this type of scam.
  • Don’t pay money to someone blindly through wire transfer for the purpose of upfront payment.
  • Be cautious of those people who suggest that you suspend your mortgage payments or sever ties with the mortgage company.
  • Don’t fall under the trap of someone who tells you that he will deal with the deed of the property.
  • A HUD-approved housing counseling agency will assist you in the process.

Zack Childress has profound knowledge of real estate. He wears many hats and gives training on the real estate scenario.

 

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Zack Childress Real Estate Advantages and Disadvantages of Home Loan Modifications

Zack Childress Real Estate Advantages and Disadvantages of Home Loan Modifications

You might be applying for a home loan modification.  You have to make out the advantages and disadvantages of the home loan modification before the application is handed over.

The main objective of home loan modification is to make the homeowners reside in their property. This is done by carrying out some modifications in terms of mortgage terms and payments.

Several borrowers are asking for home loan modification so as to make mortgage payments within their reach and to get away from foreclosure. Certain aspects include that you have to show a proof that the present payment is not affordable but a lesser payment is affordable.

The home loan modification can be fruitful for homeowners and lenders alike.  The home loan modification comes to the aid when the homeowners require avoiding foreclosure.

 Also, loan modification is a well-known solution to attain lesser payment of mortgage in a monthly basis.  So as to be deemed for the home loan modification, homeowners need to adhere to all of the qualifications that are put forth by the lender.  Loan modification may prove to be a puzzle for many homeowners.

Having said that there are the plus points and minus points in home loan modification.

Advantages of Home Loan Modification

  • One of the best methods is to stretch over the payment terms. Here the interest or the principal remains the same.
  • Short-term strategies are considered in certain instances by lenders; they decide to decrease the mortgage’s interest rate. This will be of great assistance to a property owner during financial problems.
  • Home Loan Modifications makes way for money to clear other debts including auto loans, education loans etc.

The disadvantages of Home Loan Modification

  • Home loan modifications are sometimes very puzzling also due to the plethora of terminologies in the paperwork involved.
  • There is a big hassle to borrowers when it comes to the modifications of the home loans. It comes in the form of lengthy delays and it demands some time to acquire replies from the mortgage lenders and servicers. It can be really frustrating sometimes.
  • The sordid truth in spite of the benefits in home loan modifications is that one cannot evade foreclosure. As a matter of fact, the homeowners are evicted when they are waiting for some answer from the lender.
  • Home loan modification can be tiring also because it doesn’t restrict itself to only one approach.
  • When it comes to home loan modification, the borrowers are left with only a single chance. Not capturing the idea can put the homeowners in a quagmire.  Before applying for a home loan modification, an expert has to be consulted.  It is not a bed of roses with respect to home loan modification in all cases.

Zack Childress, the proprietor of REI Success Academy, is the actual creator of the co-wholesaling real estate investing system.  The REI Success Academy works towards getting the best result when you put in time and efforts for the real estate deal.

 

 

 

 

 

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Zack Childress Tips to Increase a Home’s Value During Resale

Zack Childress Tips to Increase a Home's Value During Resale

 

Introduction

There are some key elements to increase the resale value of homes. In this article, Zack Childress, the creator of automated real estate wholesaling systems writes a review on how to increase the resale value of homes.

Start renovation with structural/electrical/plumbing issues

We should always fix a watery ceiling or a leaking tap first and then attend to the cosmetic renovations. It will be bad if we finish the extra fittings and then come to the mandatory repairs.

Hold discussions with realtors and designers

We should hold discussions with realtors and designers regarding the improvements for our home. Realtors will hold discussions for courtesy sake and designers will charge fees for it. Designers will charge around $100 for an hour. They can give us lots of tips in an hour which will add value to our homes.

Choose current trends

We should choose in the vogue design and trends for renovating our homes. This will attract the prospective buyers. The kitchen is the most crucial room of our houses. It is the trump card for selling our houses. We should choose the best fixtures and designs for the kitchen to make the sale a hit.

Paint

Giving a coat or two is the best option for revamping the look of our homes. Painting gives freshness and a luxuriant appearance. Neutral colors of paint are the most alluring and will entice any potential buyer. So we should try this method

Make uniform renovations

We should uniformly update the rooms. If we leave some rooms non-updated, then these rooms will make the house look very old. We should choose appropriate lights, fixtures and switches for all the rooms. Appropriate paint colors must be selected for all the rooms. This will surely fit in our limited budget.

Plant trees

We should consider planting more trees

  • Mature trees cut down cooling costs by 40%
  • Greenery attracts potential buyers towards our homes
  • Mature trees provide a natural and clean habitat for living

Increase the energy efficiency of homes

We should increase the energy efficiency of our homes. Energy efficiency helps in cost saving, energy saving and also protects the environment by releasing less greenhouse gases.

Install a water filtration system

We should install a water filtration system in our house. Installing a water filtration system will lower our bills and purify water. It is a cheap yet attractive addition which will make a mark in the minds of potential home buyers

Kitchen updates

Kitchen updates are important for selling any home. If the kitchen is attractive, the home will sell like a hotcake. Kitchen updates need not be as big or expensive as fitting in a modular kitchen or something. It can be as small as cleaning the kitchen floor, shelves and equipments.

Conclusion

Zack Childress, the founder of REI success academy which is a quick cash system gives these . His tips on any real estate topic are really good. There are many bad reviews about him on the internet but these are scams.

Zack Childress Tips for Real Estate Mistakes

Zack Childress Tips for Real Estate Mistakes

 

Introduction

Real estate buyers and sellers make some sure shot real estate mistakes. These are to be solved by using the guidance of an expert real estate agent. There are also many articles on the web and magazines which have compiled together these flaws. Zack Childress, the owner of REI success academy which promotes automated wholesaling systems gives us a general overview about the common real estate mistakes that are made in this article. So let’s read this to learn about it.

Buying a house for its decorations

We are not buying the objects inside the home but the home itself. The decorations should not be considered above the home. We should give more importance to the square footage and the floor plan. We can also measure the dimensions and plan on how our belongings will fit in with the new home.

Don’t blindly believe what is seen on the internet

We cannot afford to blindly believe what is there on the internet. The internet is full of cheats who will fleece us into paying for a property which is not theirs. Also the property may be different when we see it in person. The pictures that we see on the internet do not reveal everything. For example: We may have not seen in the pictures that a house is backed up by train tracks and dustbin areas. So, we should always ascertain what we read or see on the internet.

Give easy access to the home

We should give easy access to the home. Our home must have a nice parking facility and it must be easier to get into the home. If buyers don’t find it comfortable, then it is a put off factor. They will start looking for alternate properties if this happens.

An owner’s title insurance should be brought

When we buy homes, we must buy an owner’s title insurance. The owner’s title insurance must be brought along with the lender’s title insurance. Otherwise if something goes wrong, the lender will be made responsible wholly financially. If we buy with cash, then we must order our own owner’s title insurance. There can be so many things that can go wrong with the title. A former owner will pop out from nowhere and claim his right to the house and so can tax liabilities.

Doing everything on our own

It’s not good to do everything on our own when we sell or buy a home. We should take the help of a real estate agent. We should select a good real estate agent who has deep knowledge on the subject. He will direct us on the market trends and a few other crucial aspects of the sale or the buy.

Conclusion

The above compilation of some of the real estate mistakes by Zack Childress is most vital for every real estate seller and buyer. We can benefit greatly from this reading. There are plenty of other real estate mistakes too. We must be really careful while making a real estate buy or sell since it is the most coveted purchase or sell of our life.

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Other Costs Related to Housing as Reviewed by Zack Childress

Other Costs Related to Housing as Reviewed by Zack Childress

Introduction

Apart from the list price or the purchasing price of a home, there could be many other costs related to home ownership. These can carry a range of costs from property taxes to lawn mowing. First time home buyers often don’t know about the other expenses related to housing. So, they can read this article where in Zack Childress, a real estate mentor, investor and author gives tips on this.

 

Home inspection costs:4

Home inspection is a very important part of home buying.

  • Home inspection helps buyers to know about the future home repairs
  • Home inspection helps first time home buyers to learn about the property’s worth
  • Home inspection also helps them to learn more about the property
  • Home inspection results can be used by buyers to negotiate housing prices

Home inspection times vary depending on the size of the house. A condo can be inspected in just 2 hours whereas a big house can consume 6 or more hours in accordance with its hugeness. Agents can charge roughly about $100 per hour.

Pest inspection

Pest inspection is very important. After buyers buy a house and find them to be infested with termites, rats and other types of pests, they will feel really annoyed. Not only this, they will have to make arrangements to stop pests. This comes in at a time when buyers can least afford to do so.

Agent fees

Agents have to be paid. The buyer’s as well as the seller’s brokers receive charges. Charges are usually between 2.6 to 6% of the selling price and are paid by the seller. Rates are not fixed and can be transacted.

Closing costs

Closing costs are legal fees, property taxes, utility adjustment costs and land transfer taxes.

Legal fees

The lawyer has to do the following

  • Registering the title deed and mortgage
  • Reviewing the terms of the offer
  • Doing a title search on the property
  • Directing the terms of property transfer from one ownership to another
  • Settling adjustment costs

He needs to be paid for that. In addition to this, there are costs for email, phone and fax

Land transfer taxes

In some places such taxes are levied upon transfer of ownership. It varies with the purchase price of the property

Property taxes

A home buyer’s monthly mortgage payments encompass PITI that is principal, interest, property taxes and insurance. Property taxes take up a good chunk of a buyer’s income. It can run to several thousand dollars a year.

Utility adjustment costs

The utility costs will be adjusted as part of the conveyance or the adjustment statement. These should include all the prepaid utilities

Costs related to transfer of belongings

These can often run to several thousand dollars. Unless one has a large group of friends or the house purchased is near the old home, one cannot escape these costs.

Conclusion

These guidelines by Zack Childress will serve to be useful for first time home buyers as they are often taken aback by the amount of other housing costs incurred as the deal progresses and at the end

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Zack Childress Tips to Make an Intelligent Real Estate Purchase

Zack Childress Tips to Make an Intelligent Real Estate Purchase

 Introduction

There are many complaints on blogs about people paying more than what is needed for a house and then finding many problems with the place since they have not had a proper home inspection. In this article, Zack Childress, a real estate mentor and speaker gives premium guidelines on How to make a clever real estate purchase.

Don’t exceed your budget

You should plan your budget within which you should purchase your house. When you plan your budget, you should consider all housing related costs and not just the list price. The article on other housing costs enumerated by Zack Childress gives more details regarding this. Make sure that your housing costs and other expenses do not exceed your income minus the savings.

Start thinking about your credit

You have to get an approval for your mortgage beforehand. It’s really painful to target a house and then find out that you don’t have enough money to buy it. Some real estate agents will work with you only if you have a pre-approval of credit.

Look for other crucial factors rather than the look of the house

The look of the house as you see in the pictures matters the least. Don’t forget that it can be remodeled or revamped. So be careful about what neighborhood the house is in and your own price range.

Think long term

Ponder on whether the house will serve the intended purpose. Not just this, think whether it can fulfill the purpose for a long term. Imagine your own disappointment if you realize that the house will not accomplish your intended purpose of buying, at the immediate or after a certain longer period of time.

Take the services of a realtor and that too a good one

You need the assistance of a real estate agent. Select one with knowledge so that he can easily guide you through the market processes. For more information on this check this article- A first rate real estate broker – The trump card to buy a home.

Don’t be afraid to walk away from a bad purchase

A home is your most crucial asset. It is important to select one carefully. This is the place where you fall in love with your spouse, take care of your parents, invite friends and most important of all- raise your children. The home is going to see all your emotions – both good and bad. So this is an emotional purchase. So get a home inspection done. If you feel that you cannot afford or maintain this home, don’t go for that one. It is better to walk away as soon as you feel uncomfortable.

Conclusion

These are the general standards for making a hot real estate deal. These specifications can help first time home buyers exceedingly. So please read and benefit.

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