Credit is an important factor in real estate investing, as well as in life in general. With a low credit score or no credit, it is often difficult to get any kind of financing and causes you to have to pay much higher interest rates. If you aren’t following my articles, I talk about credit scores. More importantly, how...
As a real estate investor, you’ll have to take out mortgages. The hardest part of this (besides paying them off!) is deciding which mortgage option to go with. Is a 15-year mortgage best so that you can pay it off more quickly and save on interest? Or should you go for a longer mortgage period and pay less each...
Over the past couple of weeks, I have shared with you some basic knowledge on credit scores. We talked about where to get your credit report, as well as spent some time on some of the things that affect one’s credit score. You don’t have to have perfect credit to invest in real estate, but it is much easier...
Here are some of the questions we’ve recently been asked about rental property taxation. When do I have to pay taxes on my rental income? You need to report your rental property income in the same year that you earn the income. Are expenses deductible even when the property is vacant? As long as the property is listed as being available for rent,...
If you saw my last post, in it we talked about monitoring your credit. We talked about where you could find this information, and what to look for. Now, I’d like to talk to you about working on getting these scores to the area that is considered good credit. Experian.com states that a score of 700 and above is considered good,...
C R E D I T.......those 3 digit numbers that can make or break you when it comes to finances. You want to get a loan? You want to get a credit card? You want to rent an apartment? You want a certain job? You want to buy a car or a house? On any path to property ownership- whether...
Lenders classify properties in different ways depending on how the property will be used. Financing a primary residence is different than financing an investment property. Here are the differences between the two main types of properties. We’ll also explain why the rules are different for each one. Financing a Primary Residence What Constitutes a Primary Residence? A primary residence is, of course,...
The Federal Reserve raised its overnight rate again a little over a month ago, and as a result, there are a lot of people who were expecting that mortgage rates would go up as well.  However, this assumption has gone wrong as mortgage rates have since declined in the period after. Current mortgage rates have slid to around 4.04%...
Understanding the concept of Return on Investment (ROI) is essential for every investor. It is a term that is used to indicate how much money you will get back from an investment after accounting for all of the expenses. It is expressed as a percentage of the original investment cost, and is one of the simpler metrics used when...