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Millennial mortgage problem: Down payments and expensive cities #realestate #Homeowner #Economy #Investing

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What Is a Transaction Fee and Who Pays It?

While it's not as pricey as the commission, the transaction fee is a notable chunk of change that must be paid by either the buyer or the seller to offset the costs of processing paperwork. What is a transaction fee? This fee covers the cost of things like document storage and management. "A transaction fee is an amount that a brokerage will charge to each transaction regardless of who pays it," Higgins explains. In other words, the seller's agent pays her broker the transaction fee, says Paul Margerie, a real estate attorney from Elm Grove, WI. What are other transaction fees? Whoever pays transaction fees tends to come down to the city in which you're selling your home. However, Morgus says, in Los Angeles it’s common for the buyer and seller to both pay escrow fees, while the seller usually pays for any title and all HOA transfer fees along with the city and county transfer taxes. "The compliance fees will be different from state to state, county to county, and city to city—this all depends on what is in need of compliance in each area," he explains.

What to Vet When Seeking the Perfect Turnkey Investment Fit

There are great turnkey providers and markets all over the United States providing different levels of rehab, management, and philosophy, so it’s vital to understand what you are getting into and to do your homework on who you are working with. All of these things will factor into how desirable the property will be, the rents it will command, and the period of time you’ll have before needing to repair or replace the various items in the house. There will always be maintenance issues over time, especially small electrical and plumbing issues, but have a clear understanding of what work is being performed and the company’s philosophy on renovation. See what others have said about their work and what their properties look like, both on the company website and in the leasing marketing listings where the properties are marketed for rent. Make sure you take time to know what kind of returns, neighborhoods, and property types are being marketed. This will keep you as the investor from misunderstanding what you are buying and the returns and costs associated with that property over time. Understand the management company and how they communicate with both their tenants and their owners. Make sure your investment property and your partner on the ground are great fits for the kinds of properties you want to own and the management you want to work with.

Relaxation Awaits: 2018 Best Places to Retire

Lucky for you, U.S. News & World Report just unveiled their 2018 Best Places to Retire list to help you make your decision. But if you need strong housing affordability, then maybe San Antonio, Texas is for you. Weigh out your pros and cons before making a decision. Here are the top 10 retirement spots. Email her your real estate news ideas at For the latest real estate news and trends, bookmark

How to Invest Your Money When You’re NOT a High Net Worth Investor

Of all the questions investors ask me, I get this one more than any other. An investor will reach out to me and ask, “What investments and strategies do you recommend for those who are not accredited?” In this instance, maybe the investor is feeling discouraged, or maybe he/she doesn’t know what to do next or even what to do first. Related: What is an Accredited Investor? If you’re looking to invest your capital and you don’t have life insurance, maybe you should consider buying insurance first, especially if you have a family to support. One strategy is to over-fund the policy, borrow money out (at a low rate of 4-5%), and then re-invest in a vehicle that has a significantly higher return (i.e. notes or real estate), thus creating an arbitrage. My best advice is to get educated in what interests you, do you due diligence, and find a mentor in the space if you can.

Why I’ll Never Fix and Flip Houses Again

House flipping TV shows have caused an epidemic. New data from ATTOM, the leading provider of real estate and property data, shows that many are losing money, too. That means once all numbers are added up, these deals likely lost money. One big flaw in the house flipping model is taxes. That property can keep on generating cash profit regardless of property values and the market. The income on long-term rental properties is taxed at a lower rate than you get with flipping, too. You just don’t get that if you are rehabbing houses and are trying to flip them yourself. Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks, and techniques delivered straight to your inbox twice weekly!

The 5-Point Real Estate Market Crash Survival Guide

If you own a property and the market crashes, the crashed value of your property does not matter unless you try to sell or refinance the property. Unfortunately, loan payment requirements don’t stop or change with the market, so it makes sense that this is a primary source of panic because regardless of anything on your property, you owe the bank (or whoever) money every month. The market crashes. Because of the crash, the value of your property has tanked, so you can’t refinance to help make up for the monthly cash flow loss, and you can’t sell unless you are willing to take a significant loss. A lot of people speculate that it’s unlikely to see a major decrease in rents during a crash because of the current supply-and-demand of housing. So if Vegas’s one industry crashes for some amount of time, and the general demand for the city goes down, wouldn’t be be more likely that rent decreases may start occurring? Buy all the properties you can during a crash! If you buy a cash-flowing rental property, maybe you save your cash flow each month until you have a solid savings that you can use should any emergencies on the property come up or should a crash have you having to pay your mortgage out-of-pocket.

The rent is too damn high (but so are home prices)

Renters believe it's a good time to buy, but are unable to save because of rent growth and high home prices outpacing income. According to the RealPage Q3 supply and demand report, the national average rent has increased by 0.9 percent month-over-month and 2.6 percent year-over-year, bringing the average rent to $1,316. Sacramento remained the rent growth leader in Q3 with 6.9 percent annual growth, followed by Las Vegas with a 5.8 percent year-over-year hike. Meanwhile, cities such as Atlanta (3.5 percent); Dallas (2.8 percent); and Charlotte, North Carolina (2.5 percent); which are usually rent growth leaders, are absent from the Q3 list thanks to increased rental construction. Apartment occupancy is at a robust 95.5 percent. Occupancy typically peaks in the third quarter and then falls off a bit due to seasonally slow leasing at the end of the year, according to Jay Denton, vice president of RealPage’s Axiometrics group. “We have some concern about how much occupancy could deteriorate during the next few months, given big blocks of new supply are set for delivery during the seasonal leasing lull,” he said. In the National Association of Realtors’ (NAR) latest Housing Opportunities and Market Experience (HOME) survey, renters said even with rent increases they’d resign their lease (42 percent) or find a cheaper rental (44 percent) instead of buying a home. NAR Chief Economist Lawrence Yun said renters are deciding to stay put because income growth isn’t keeping up with home price growth, the latter of which has risen for a consecutive 66 months to a median average of $253,500.

7 Lessons to Raise Your Kids as Good Entrepreneurs—Not Good Employees

In doing so, they raise good employees, who go out into the world ready to be managed by someone else. Don’t get me wrong—everyone should be an employee at times in their life. Budgets have expenses, not just income. That’s lateral thinking, and it will serve your children well over their lifetimes, no matter how the economy or job market evolve. Your children should have some of their own money in the investment with you, however little. Here’s a simple example: If you rent, you’re paying property taxes; you just don’t realize it because it’s indirect. That works too.)

Common Repairs Needed After a Home Inspection: What Must Sellers Fix?

If you're selling your home, you might wonder if there are common repairs needed after a home inspection. So if your home inspection turns up flaws that your home buyer wants fixed, what then? If a home inspection reveals such problems, odds are you're responsible for fixing them. "Some contracts will expressly state that the buyers cannot request any cosmetic repairs to be made and can only ask for fixes to structural defects, building code violations, or safety issues," says Lerner. "While buyers are always advised to have a home inspection so they know what they are buying, when there are a limited number of homes for sale and buyers need to compete for homes, they are more likely to waive their right to ask a seller to make repairs," says Lerner. In fact, "the best contract for a seller would be for the buyer to agree to purchase your home as is or to request an 'information only' home inspection, thus absolving you of any need to pay for any repairs."

The 6 Non-Negotiable Habits of Elite Real Estate Investors

What does it really take to become a successful real estate investor? The reason that so many self-help, motivational, and real estate books fail to truly deliver new secrets or fresh information is that the real keys to success in real estate are small, often daily actions and habits. One famous trainer said that the only thing that will make a difference between where you are now and where you will be in five years is the books you read and the people you meet. Sleep. In fact, if you expect not to get anything, you’ll enjoy giving of yourself even more. It’s really tempting just to rush into action and stay busy all the time. Every year, take time to identify that top 20% of tasks—and delegate the rest. If you simply connect with 10 new people each week, you’ll have more than enough leads to fulfill all of your real estate goals. For some, it is just reading their goals. Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks, and techniques delivered straight to your inbox twice weekly!


Where Do Most Renters Want to Live—and Where Are They Trying...

Unable to commit. Nearly two-thirds of renters, about 64%, plan to settle down in a different city, according to an Apartment List report. The most popular destinations are Los Angeles and Washington, DC. The Los Angeles and Washington, DC, metros are also quite expensive—but they're not forever cities for everyone. That is, if they're happy with their jobs, says Bennet. San Antonio, TX, renters were the most likely to want to stay put—about 45%. Overall, about a third of renters, 34%, want to move for better job opportunities elsewhere. An additional 30% want to relocate due to affordability concerns. And 5% are hoping that moving will provide more opportunities for dating and making friends. "You’re probably not going to leave New York or San Francisco for Detroit," Bennet says.