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Georgia FHA Loan May Be For You

• Do you dream of buying a home in the Golden Isles area?
• Do you have less than perfect credit?
• Have you recently relocated to the area and don’t have time enough on the job?

Did you know that the GA FHA mortgage loans are just for you?  If you are 1st time home buyer, you are only required a payment of 3.5% down.  In addition, there are payment assistance grants to help you.  The FHA doesn’t make the loans, they back the loans made by private lenders.  Knowing that loan is lender backed provides a sense of security to the borrower.  Although the loans do require upfront mortgage insurance of 1.75% of the loan amount, it is normally financed into your loan.  There is also an FHA required monthly mortgage insurance of .55%.

Not a first time home buyer?  This applies to you as well. Georgia FHA loans are more lenient, making it easier for people that have undergone foreclosures or bankruptcy and have less than perfect credit.  Simply put-it is possible for you to purchase a home in Glynn County or surrounding area.  Because these loans are county specific, you’ll need to call to find out what the loan limits are in your county.

There is no better time to make your dream come true.  Don’t let fears keep you standing still in a buyer’s market.  Move past the negatives to see the possibilities.  I’d love to help you get to that next level.  Click here.

Jim’s Secret to real estate investing success. 10 rules that will help you retire in 20-25 years.

Jim had a secret.

The funny thing was that he didn’t keep it a secret. If you were willing to ask him and really listen to his answers, he was happy to share it with you. But you had to be paying attention. Because if you weren’t, you wouldn’t even know that he HAD a secret.

We worked together in a non-profit/volunteer organization. He was an adviser, a counselor if you will. I was a rookie volunteer. And over a few years of working on projects together, I came to realize that he always had time to work on things with us. He always had enough money to help out when needed. He wasn’t flashy about it. And he was certainly frugal. But when there was a good reason, he was willing to take care of things for others. Quietly. In the background. No limelight, no publicity.

He lived in a modest home in a nice, quiet, suburban neighborhood. Nothing fancy or pretentious. A typical California style 3 or 4 bedroom rambler with 2 bathrooms and an attached 2 car garage. Maybe 1200-1400 square foot. Probably built in the 1960’s. He drove an older car. Again, nothing fancy, just a good quality car that was well maintained.

And in his early 50’s he was preparing to retire. I wanted to know how.

One day I started asking him questions and he opened up and told me about himself. What he told me has provided the basics of what I’ve shared with  people who wanted to invest in Real Estate ever since.

Jim worked as an engineer. He made good money, not a ton, just a little more than the average for the area at the time. He had a steady paycheck, with good benefits. He had a good education from a good school. While in school, his father had strong armed him into buying a duplex rather than renting a room or living in the dorms.  This was a key in Jim’s future success. He became a landlord rather than a tenant. And paid for much of his schooling in the process.

At the time we talked (in the early 1980’s), Jim owned 23 rental properties and was worth over $3,000,000!

I wanted to know his secret. And he was happy to share.

Jim’s secret was really quite simple, but a stroke of genius nevertheless. Simply put, Jim bought an average of two homes per year. Some years he bought more and some years he bought less depending on the market and his own circumstances at the time. But on average it worked out to two homes per year.

Some of the homes he re-sold. Some of them he kept as rentals. Once in a great while he refinanced one. But most of the time he just paid them off as quickly as he could. And his secret, or system if you will, will work for almost anyone who is serious about having a comfortable retirement. It’s not easy. It’s NOT a get rich quick scheme! It takes a lot of hard work and some risk over the years. But it works. And almost anyone can retire in 20 to 25 years a multi-millionare by using Jim’s secret.

1. Have a good job that provides enough to take care of your family and has decent benefits.

2. Do your investing activities on the side. Richard Paul Evans calls this “Winning in the Margins.”

3. Plan on buying two properties per year. One you’ll keep as a long term rental. The other you re-sell.

4. Buy them right. You make most of your profit when you buy, and lose most of it when you sell.

5. Use the profits from those you sell to fund your purchases and repairs. Don’t try to live on it.

6. Every property must cash flow. If it can’t pay for itself, sell it.

7. Only refinance a property if the interest rate is 2% or more less than what you are currently paying.

8. Put excess cash flow into paying off the oldest mortgage first. When you’ve paid it off, roll that money into paying off the next oldest. And so on. DON’T increase your standard of living to eat up the extra income.

9. Manage the properties yourself. Do as much of the repairs yourself as possible.

10. Make sure that your rentals are better maintained than other rentals in the area. Better properties equals better tenants.

May you find peace and happiness in your life and eternal life in the hereafter.

Cleve

ps: Check out Richard Paul Evans book “The Five Lessons a Millionaire Taught Me”. It’s an easy book to read and has some good insights in it. His website is http://richardpaulevans.com/

You’d better not have any secrets from your significant other when you go into a meeting to discuss a home loan. If there was anything about your credit, income, debts, bank accounts or finances that you were keeping on the down low it will be exposed with a quickness to your significant other and some random stranger who will punch your digits into a computer and decide your fate.

In our case, there are no secrets but it is kind of odd to be sitting there so exposed. Things that you may not normally talk about even with people you are very close to is fodder for discussion. Nothing is off limits. Income, job title, bank account balances, who you owe, and what you owe. You can’t run and you can’t hide.

You may have an idea about what kind of house you want but as you divulge all of your financial matters you are about to find out what kind of house you can get.

Gone are the days where you could walk in there unemployed and be approved for $500,000. The banks actually seem to care about whether or not you can actually make your mortgage payment or not now. We went in there hoping for a certain amount and it turns out we may not quite get that but we are hopefully still going to be in a good position to find something decent within our budget. That is actually OK by me. I am fine with being “forced” into a house that we can afford rather then being ushered into something that may overextend us. From the get go that has always been my primary concern. I want a nice house but I am not willing to push the limits of our monthly income to get it. If that means we get a little bit less house then so be it. We will make it our own, be together, and be much better off in the long run by playing it safe.

We actually got pre approved already by our bank for exactly what we wanted but this home lending service works with the real estate agent we are hoping can get us into a foreclosure and he requires that we at least get pre approved with his preferred lender.

We have great credit and few debts. I wish I earned more money. Don’t we all? There is no point in playing the blame game but I know that would help A LOT. I regret that I already own a property which will count against me with a lender.

What I regret even more then that is an old student loan debt that I co signed on for my Ex Husband. It’s this black cloud over my head that won’t go away. I hate it that even in divorce he is still dragging me down. I take pride in my credit and I hate that what happens to it is not 100% in my control. I paid my student loan debts off but I still have his lurking in the shadows of my credit report. If I had been smart I would have insisted on him figuring out a way to refinance and get my name off before finalizing the divorce. Lesson learned the hard way on that one. Don’t EVER co-sign for anyone on anything. Just don’t. Especially when you know you are in a bad relationship and you know it.

We won’t have any problem getting a home loan. It’s just a matter of how much.

Your First Steps
In today’s market, 1 in 7 homeowners is having trouble paying the mortgage. More than 70% of these homeowners proceed without seeking assistance or getting the facts. Many do not even realize that foreclosure is a process, and that there is time to make decisions that may result in a better outcome.

You are not alone. Millions of other homeowners nationwide are in the same circumstances. To assist you, I’ve prepared a free report outlining the first steps a homeowner should take when facing a foreclosure.

Fill out your information below for this free report. Don’t hesitate. Get back on track today!

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