“Focus on what you love to do.”

Realtors get into this business because they love helping people buy and sell homes. “The skills that make you really great at helping your clients through this transaction don’t really bring any clients in the door — which is step number one for any real estate agent,” said YourWayHome founder Andrew Batson. “Our in-house marketing department will provide some incredible marketing they can run to strengthen their sphere business. And of course, we spend a ton of money generating leads for the agents, guaranteeing at least 30 per month.” Realtor Kate Rome knew she could take on more work and wanted to partner with a brokerage that could help her grow. “My previous brokerage was not lead generating,” she explained. The business is designed to take pipeline-building activities off the agent’s plate, letting them focus on what really matters: delivering excellent service to clients. Just focus on being trusted real estate advisors and we’ll handle the rest.” Those leads that Kate Rome was looking for aren’t being sold to multiple agents. “I got a great lead from out of state right away.” Morris also embraced the brokerage’s focus on the new home market. “YourWayHome has helped me to partner with the builders and become an authority on the new homes that are out there.” For Batson, he loves seeing phenomenal agents that truly love helping people. Learn more about how the team provides agents with exclusive new home sales territories and over 30 company-generated leads each month.

Can You Really Flip Houses With No Money?

To many, it seems like there’s no way you can get started flipping houses without at least a little money of your own. True, whether it’s buy and hold real estate investing, flipping houses, or any other kind of real estate investing, it is a lot easier to do it with money than without. Hard Money Lenders Another great source of funding for a deal is the hard money lender. And when interest is typically between 14 and 20% and often with 4 to 6 points on top of that, hard money loans are especially important to pay off quickly. Although hard money lenders are a great place to start in your real estate career, there are better sources of funding with better rates. Private Money Lenders Perhaps the best source of funding for no money deals are private money lenders. Private money lenders are just regular people with disposable money looking to invest. In many cases, they may not be actively looking to invest, but they might have funds sitting around and may be open to investing with you—but only if you ask them. The people you meet at networking events are usually the best starting points for potential partners, as well as funding for your no money house flips. Form your own local real estate investor’s association If you want to flip houses with no money, don’t wait for them to come to you.
Affordable Housing

Evansville Promise Zone Partnership Announcement

If you are available please join us on Monday, February 11th at 1:30 pm CST to announce our new affordable housing partnership. The Promise Zone has formed a partnership with TruVest...
video

Affordable Housing Project Aims to Revitalize Jacobsville Neighborhood on 44 News

Our affordable housing collaboration officially launched in Evansville, Indiana with Mayor Lloyd Winnecke and Evansville Promise Zone. We are thrilled to have such amazing coverage by 44News on how we are making an impact on families quality...

Student Loan Debt Still Impacting Millennial Homebuyers

Student loan debt, currently estimated at 1.56 trillion is still impacting Millennial homebuyers according to a recent report from Bankrate.com. According to the report “31 percent of Americans say they currently have or have had student loan debt stemming from their own education.” It goes on to reveal, "an additional 13 percent of American adults financed another family member’s school expenses through student loans.” People responding to Banknote’s survey, 31% report they have delayed homeownership. No matter how many possible solutions are tossed around Washington and beyond on reducing the crushing burden of student loan debt, it remains one of the top reasons Millennials (23-38) are putting off buying a home. Consider that 39% of the respondents earn an annual income of $80,000 and over. Bankrate.com’s Senior Economic Analyst Mark Hamrick based in Washington sees it this way. Michael Pulver, senior vice president residential mortgage manager at Genesee Regional Bank in Rochester, New York sees some light emerging from this very dark tunnel. “What we have been seeing is an increase in the number of Millennials who do want to move from renting to buying. There are now some better programs out there with minimized down payment requirements –less than 3% down. This increases the affordability to be able to get into a home for that Millennial buyer. Here in upstate New York affordability is good.” Consider a current listing price of $127,900 for a 1,454 square foot colonial with hardwood floors and “updated kitchen.” Rick Ross, longtime college educational financing consultant has some insightful thoughts on the subject.

Everything You Need To Know About The Fannie Mae HomeStyle Loan

However, before you commit to a loan, you should research as much as you can about the loan program. Read it over to get a sense of whether or not this loan program is right for you. What is the Fannie Mae HomeStyle loan? The Fannie Mae HomeStyle loan is a conventional loan that is aimed at making renovations to an existing property easier for buyers. By combining these costs, you'll be able to save on interest payments and closing costs. How the loan works The HomeStyle loan is unique in that, rather than being based off the current value of the home like most other mortgages, it allows buyers to borrow against the "after repaired value" (ARV) of the home, which estimates what the home will be worth once all the renovations have been completed. The remainder of the funds is disbursed to the vendors once the work has been completed and inspected by a qualified professional. This loan does allow for the homeowners to take on a portion of the work by themselves. Pros and cons of the Fannie Mae HomeStyle loan Pros The renovation costs get bundled into your mortgage so you only have one monthly payment Cancelable mortgage insurance once you have more than 20% equity in the property You can use it on any type of property, including vacation homes and investment properties You can use the funds for any type of renovation, including those with luxury items Cons These mortgages can't be used to tear down and reconstruct a house, only to make renovations to an existing property Stricter qualifying standards in terms of credit score and debt-to-income ratio Borrowers must submit a construction plan for approval before their loan can close Due to the extra steps required with this loan, it often takes longer to close than a traditional mortgage The Fannie Mae HomeStyle loan vs. the FHA 203(k) loan Unlike the FHA 203(k) loan, the HomeStyle loan can be used to cover any type of renovation that you can dream up, including ones showcase "luxury" items like pools or hot tubs. In addition, the HomeStyle loan requires a down payment of at least 5%, whereas the 203(k) loan only requires a down payment of 3.5%.

Is Your City Prepared For The Opportunity Zone Impact?

In the meantime, what are local governments and municipalities doing to prepare for an acceleration of Opportunity Zone investments? Under its guidance, 30 cities to date have drafted Investment Prospectuses, clearly outlining their preparations for OZ impact. “We are helping cities highlight assets, partnerships and investible projects and businesses that will directly help the communities and families to whom the legislation was targeted,” says Aaron Thomas, Accelerator for America’s Director of Economic Development and Opportunity Zones. Getty By having cities draw up Investment Prospectuses, Thomas explains, “We’re saying, ‘If you’re going to put capital into these communities, here are the communities that are ready, and these are the things the community actually wants to do.' During the first quarter of 2019, Maryland Governor Larry Hogan and his administration created an OZ Task Force that just held its first of many-planned regional summits to “align Opportunity Zone goals with state and local economic and cultural priorities,” According to a statement by Lt. Gov. Boyd K. Rutherford. Workforce development grants and technology investments are being put into place, and millions of dollars have been allocated by the State of Maryland to support various aspects of OZ revitalization, from affordable housing construction to demolition funding of dilapidated structures. All of these examples should give communities and residents reason to be hopeful that good change is coming: that jobs will be created and that necessary investments will materialize. And yet, some cities still aren’t on board with Opportunity Zones. Says Aaron Thomas of Accelerator for America, “The potential downsides are precisely why it’s important that the people and organizations already living and working within Opportunity Zones lead the way in improving these communities.” When private capital and communities work closely together, the best outcomes are the likely result.

Everything You Need to Know About Subdividing Your Land

What is a Subdivision? These legal definitions are important, because they will also define the rules that one must follow to legally complete a subdivision. How to Subdivide No matter where you are, the beginning of any subdivision process is going to begin with a description of the land being subdivided. Next, check your local regulations. One is zoning, and the other is subdivision regulations. No matter what they are called, these regulations are specifically designed to regulate the subdivision of land. If you find that no regulations exist, as may be the case in many rural areas, you can simply write up a legal description of the area you wish to subdivide — often using the legal description described above, place that description on a deed and have it recorded at your local courthouse. If the land you want to subdivide is zoned for one acre minimum lots, you are not going to be able to subdivide into 10,000-square-foot lots. These regulations as you may have guessed will spell out the legal requirements to subdivide your land. Once your plat is approved and recorded at the local courthouse, then you can write deeds and sell of the new tracts.

Prices In These Cities Have Seen The Biggest Increases Since The Housing Downturn

Good news, Denver. The real estate research site, HSH.com, uses the Federal Housing Finance Agency's Home Price Index to determine which markets have, or haven't, recovered and the latest analysis shows that Denver has seen the greatest amount of growth. As house prices start to slow around the country it is worth looking at which markets are still holding their own in a down market. Their analysis also showed that five markets have seen home values double. Here are the five metro areas that have seen home values more than double since their low point. Cape Coral-Fort Myers, FL (up 101.13% from bottom) Stockton, CA (+118.18%) Las Vegas-Henderson-Paradise, NV (+145.26%) Sacramento-Roseville-Folsom, CA (+100.56%) North Port-Sarasota-Bradenton, FL (+104.51%) One overall piece of good news was that the metro area that has shown the least recovery, Las Vegas, is only down by about 9% compared to its peak. Meaning, on the list of ten least-recovered cities it had the smallest gap compared to its peak. Thus, the worst performing city today (Las Vegas) is still better than the "best of the worst" about ten years ago. For more info and to see the cities that have recovered the least, check out the full report. Follow me on Twitter @amydobsonRE

Student Loans Proving a Barrier to Homeownership. We Have Solutions.

The role student loans play in denying would-be buyers from getting into a home of their own has grown to staggering levels. “Among buyers rejected for a mortgage from a lender, 40 percent had college debt, the NAR found.” Per the same study, 80 percent of millennials don’t own a home, and 83% of those non-homeowners said student loan debt was a barrier to buying. The upshot: “It’s not my dream home, but it got my foot in the door, and now I’m building equity,” she told them. Having student loans in the hundreds of dollars per month can make it harder to qualify. “If you can save a 20 percent down payment, your student loans are far less likely to affect your loan process,” said Student Loan Hero. Pay off your debts. You may be surprised that a scenario in which you redirect some of your down payment funds to smaller debts that can be cleared out could make it easier to qualify for a mortgage. Switch to an income-driven repayment plan on your student loans to make payments more affordable. “An income-driven repayment plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size,” said Federal Student Aid. While many first-time buyers opt for an FHA loan because of the low down payment (as low as 3.5%) and generous credit score requirements (as low as 580), there are other options.

TRENDING

The 8 Basic Rules Investors Should Know About 1031 Exchanges

This is the mental math I did when I first heard about the notion of a 1031 exchange: (Has to do with taxes + seems like older male investors use it) x (taxes are boring/complicated) = (Makes me feel stupid/I’ll learn about it another day) Well, people, that day has come and past! This list, compiled by the real estate experts at BiggerPockets, contains 20 of the best books to help you jumpstart your real estate career. A 1031 exchange is mostly relevant for people with a rental property. So, back to the basics: 1031 exchange is relevant for people who want to use the proceeds from the sale of one rental property to purchase another rental property. Why Would I Use a 1031 Exchange? So, if you sell a property and you’ve made some money on it, you pay 15 percent on your gains. How does a 1031 Exchange Work? From the day you sell your initial rental property, you have 180 days to close on a new property. If you do not close on a property within 180 days of selling your initial property, you pay the capital gains tax on your initial property. If you have more questions about a 1031 exchange, reach out to a 1031 facilitator, a trusted tax professional, or someone you know and respect in real estate.