Quick Tips for Getting Started on Your Home Purchase

Here is a video that every real estate investor must watch! Join Chris Yates in this two-part interview with Securities Fraud Investigator, Gary Garcia, from the Colorado State Attorney General’s Office. We all read about so-called Fraudsters and other “criminals” that supposedly stole money from some unassuming retired folks, but how many of these people are really trying to steal from people, and how many were honest, hard-working real estate investors trying to do a good job, but didn’t know all the rules? These questions and more will be answered here. Watch this, raise a lot of private money for your deals, and do it all safely and legally!

I am planning on getting a real estate license but how do I go about getting a job?

Are you interested in purchasing your first dream home, but don’t know if you can afford it? You wouldn’t be the first – there are lots of people out there who are worried about whether or not they can afford to buy their first dream home. However, there are many home buying assistance programs out there that you can use to improve your chances of buying just any home that you want. Let’s check out some of your options to buy a house.Home Buying Assistance In Your Area:You can find home buying assistance in nearly every state, and in many counties. Your local city offices or county offices are probably the best choice for getting detailed information. While most of these programs are education focused, rather than money-providing, they can still be a big help. They can help you find the right home for your situation.You can also find state and community funded tax incentives for people who buy during a certain time period or in a particular part of town. They’re often very helpful in cutting down the cost of your first house.Help From The Federal Government To Buy New HomeOne federal option is HUD, an agency designed to help people buy their own new homes. They assist people in converting their rental payments to mortgage payments, and also run the Good Neighbor Next Door program. These programs are designed to get important workers to live in the same community they work in. If you have a support job, like a firefighter, police, EMT or teaching position, you might qualify. If you don’t currently own a home, you may be eligible to move to the same neighborhood where you work.Recent programs have also introduced tax incentives to encourage people to buy homes even in the current market slowdown. The original dates covered by these programs have also been expanded, so that more people who want to buy will have the opportunity to take advantage of them. Be willing to spend a little time talking to your local HUD representatives to find out more about your options.Your Real Estate AgentMany real estate agencies also have programs that will help you become a homeowner. These include programs that don’t need much of a down payment, and rent to own programs that don’t require bank approval. They might be just what you need to become a homeowner. Just make certain you read everything very carefully before you sign.

Buying a home is considered the great American dream. For some people, it’s been a dream that seems to be just out of reach. Fortunately, real estate markets like El Centro are affordable, making it easier for residents to finally stop renting and own a home of their own.

Even with affordable prices, buying your first home can be a bit of a stretch. Most people find the biggest hurdle is trying to save money for the down payment. While savings can be a bit challenging, it’s certainly possible if you take it one step at a time.

First, open up a savings account and delegate it strictly as funds for your future down payment.

Next, create a savings plan. Sit down and calculate just how much you can afford to save from each pay check. Even if it’s only a minimum amount at first – say $50 – those savings add up quickly. Once you start saving, you may get excited about finding other ways to add to your account.

Look carefully at your debts. This is the time to focus on paying down all of your bills, especially any high interest credit cards. Look for some low (or even 0%) interest rates. Transfer your debt to the low interest loans. Make sure that you use the low interest to pay off your loans, not increase your debt.

Take advantage of any work related investment plans. Lots of employers have retirement plans that include matching funds from the employer. Some of these plans even allow you to borrow from the plan for home purchase without being charged a penalty.

Do you have anyone willing to help you with a down payment? You may be surprised by the amount of people that receive down payments from relatives. Family members are often willing to help you realize your dream, especially with down payments being so low with some of the government programs.

Are there any short-term changes that you can make to your lifestyle? Maybe you have some property that you could sell and put the proceeds into savings (an extra car, boat, or camper). Maybe you can take an extra job on weekends or evenings and save that income.

While it’s a bit of a challenge to save for a new home, it’s well worth the effort. Before long you’ll be living in your own home, and your investment will grow. You’ll be building wealth and financial security for your future – truly the great American dream.