Being a landlord is a great way to build your wealth and increase your net worth. In fact, Money magazine listed becoming a landlord as one of its highest-rated ways for the average American citizen to become a millionaire. Even after the housing bubble and credit crisis that hit the United States in 2008, real estate is a great way to increase your wealth, save for retirement, and supplement your income with a new stream. So, how do you go about evaluating if rental real estate is right for you? There are a few things that you need to … [Read more...] about How to Evaluate the Rate of Return on Rental Property
Real Estate
Pros and Cons of Downsizing Your Home When You Retire
Planning for retirement is one of the most important things every adult should do, but we often focus solely on the saving money aspect without considering what lifestyle we’d like to lead during our post-working years. For instance, do you think you’ll want to sell your home to live in a cheaper area or move into a smaller home once the kids leave the nest? To help you determine whether you should rent out your current home, continue to live in it, or sell it altogether, here are some pros and cons of downsizing before or during … [Read more...] about Pros and Cons of Downsizing Your Home When You Retire
The 6 Diamond Qualities Your Loan Officer Must Have
Getting loan approvals is not always an easy task. It may end up having multiple detours or even have more people involved that you initially hoped. But still, the thrill of it all, and getting your application approved is downright fantastic. Loans, especially the big loans like the ones enough to get you enough funding to buy your dream home, can have a lot of players involved. And in most instances, the number-one player should be your loan officer. Chances are that you won’t manage to get through all the realtors, escrow officer, flood … [Read more...] about The 6 Diamond Qualities Your Loan Officer Must Have
5 Ways to Save Money on Your Mortgage
If you’re like most people, your mortgage is the costliest payment you make each month. Making your mortgage payments can be a struggle, whether you’re buying your first house or twenty years down the road in a house you’ve made your home. While you might feel stuck in the monotony of your mortgage payments, there’s hope. Read on for 5 ways you can save money on your mortgage today. #1 Improve your credit score One of the biggest factors lenders look at when deciding on APR is your credit score. FICO credit scores are the standard measure … [Read more...] about 5 Ways to Save Money on Your Mortgage
5 Home Renovation Projects that Have the Worst Return on Investment
Not all home improvement projects come with a high return on your investments. In fact, some home renovations can be downright disastrous for your budget and home value if you don’t do some careful research in advance to avoid throwing your money down the drain. It’s all about home-buying trends and preferences of potential buyers in your area. While “smart” appliances and home security upgrades are currently popular, you might be surprised to learn that luxurious additions to your home or backyard might actually hurt your home’s resale … [Read more...] about 5 Home Renovation Projects that Have the Worst Return on Investment
The Trials, Tribulations, and Struggles of a First-Time Landlord
Last year, my wife and I joined the league of accidental landlords. We were upside down in our home and couldn't sell it without taking a big loss. So after relocating for work, we decided to rent our house out. I thought it would be a simple endeavor to charge enough rent in order to cover our mortgage payment each month. But that was hardly the case when the rubber met the road. There were several important factors I neglected to take into consideration that hampered my return. I was struggling just to break even. With a mortgage … [Read more...] about The Trials, Tribulations, and Struggles of a First-Time Landlord