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KMBZ>Audio & Video on Demand>>Life As You Own It 4.2.14 Segment 2

Life As You Own It 4.2.14 Segment 2

Apr 2, 2014|

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  1. Life As You Own It 10.30.14 Segment 1


    Fri, 31 Oct 2014


    retirement planning found at 10:58

    five years ten years twenty years. Take a look at your general retirement planning and they knew it. Make your financial decisions based upon that working in Q a sensible plan. Unfortunately with mortgages what most
  2. Life As You Own It 10.30.14 Segment 3


    Fri, 31 Oct 2014


    craig miller found at 3:32

    this. Break in wyandotte Michigan ominous unique little known if not completely. Unknown effect for our listeners that is where I was born interest in. All right so so what's the fact frank that's where you're down one point 01 point early in Brett by Detroit there's so get through it you gotta all right frank you've probably. Gosh maybe you can drive by the birthplace of Craig Miller the guy I think his wyandotte how's that that regional hospital there's south Detroit maybe. OK so let's talk about your first of all your comment about your budget being tight frank chemists say. You gonna I wanna stay. He may be able to refinance to save money I don't think you're refinance and save enough money considering in a tight budget you don't wanna go shorter term. Mortgage in fact you could find yourself being hurt by that. It sounds good to get that low rate folks this goes to all of the other being enticed by that low rate but if your budget is all tiger not saving enough for retirement you're actually cheating yourself. Out of long term asset growth and additional money retirement. Even though he'd be paying your house off faster you're given up something that you could be earning
  3. Life As You Own It 10.30.14 Segment 2


    Fri, 31 Oct 2014


    building home found at 2:23

    are gonna. But your battery cell homer a new home or your building home from scratch is this a lot that goes into the focus on his let's face it that's where you go to bed
  4. Life As You Own It10.24.14 Segment 2


    Fri, 24 Oct 2014


    interest rates found at 1:48, 2:48, 7:54

    May be conventional but there's going to be some significant adjustments to interest rates . In a situation like this you're gonna wanna have a significant down payment if you're trying to go conventional because most mortgage
    a little bit now you're able to get a little bit better interest rates you're able to get the mortgage insurance products that are out there. And and it's going to be more formal process remind them home now 700 above is is really ideally where you wanna beat. And we tell you there's adjustments 707 when he sat between a 7474. You know above typically 760 or higher. He would qualify for the lowest PMI rates if you're not put in 20% and you can get the lowest mortgage insurance rates. Just gonna qualify for the lowest interest rates . 74760. There are some minor adjustments and once you get under 740 even though somebody with a 725 would be considered good credit score . He will pay slightly higher interest rates may even an eighth of a point higher the somebody with a 740 some odd score. You're over 700 but not quite the 720. You're probably paying about a quarter point higher rate than your neighbor who might have that 74575760. Score how much is an impact. Q well a 200000 dollar loan now thirty bucks so month. And I overtime nets in and a so it's important maximize the scores folks into get your foot in the door and deeply wanna be keep in mind to use that if you have a 76 year our credit score . Or 740 or seven when he or anything in there. Government loans there's not an adjustment so once you qualify for getting
    ugly Chris or what's gonna happen well you got some real pretty credit score a threat to get through pretty Chris the war. Anyway that much of the southern accent housing you got a real pretty credit score I don't know which your hand what's that mean mighty sale like that. Because I'm from the south right so all it does happen well we get this question a lot mark and you've got the answer what's it gonna be the effect with that. Lower spouse score well it is going to impair your ability possibly be at alone and it's definitely gonna hate you or interest rates they're gonna take the anyone who's gonna take the lower. Median score some median is gonna be that middle score. So if you've got to if you personally have a. 76740. And a 750. Your mid score is 750 if your spouse has a 68630. You know 610. His or her mid score is 630. So that means they're gonna have to they're gonna grade you as credit worthiness of a 630. Credit score which is going to make you work. Deal not real attractive if you even qualify. So yes it can edit what what

Automatically Generated Transcript (may not be 100% accurate)

And it's. Art -- we are back light as you noted. Yeah discovered a little -- stuff where you so far today if you just now tune into the show we highly recommend. You can set your podcasting that we need to -- -- never miss an episode of life as unit we've covered a few things of course we've covered rates we've covered the old. Home prices in the seem to be coming up in people -- -- one bought because it's hard to find the right home and then there will pay. We think is fair what they think it's fair than the prisoners as a regular -- request that management we've covered what to do you and we may. Revisit some of those things as we wrap up the show because we -- -- caller 800 number. Asking further clarification on something we might have time to address that will see. All right mark let's continue on with our. Five -- to consider before investing in real estate buried on a -- reminder that 800 number it's 877300153624. Hours day seven days a week. Call us okay. On -- -- recap -- quickly five Crist consider before investing in real -- number one is that the house price may go up it may go down if it goes up. Before you pull the trigger then you're gonna lose a little bit if it goes down after you've purchased the house have you factored via. All the costs associate -- can you afford to that investment if it drops -- to. To hold out until it appreciate again one day I'm understand you're carrying costs. Also understand. The costs associated with liquidating that property or selling property. There it's it's you don't. You've got to calculate in the real estate commissions the transfer taxes etc. okay and that number four is judged church Craig -- -- -- forest. Obvious when your folks that a lot of you may not consider if you're gonna rent the house. What is your vacancy risk and what are the -- costs and those addiction costs can be different state by state. But but what does tenant defaults on the -- and you have to hire -- go through. A costly addiction processor what if you can't find -- that's why it's important -- risk reduction techniques like nonrefundable deposits. Sale lease backs in debt or rent to own strategies and when you're doing your pro forma when you're putting together your little small business plan to identify. -- whether you make money on this or not. Put of -- conservative. Number for the amount you can rent the property for. And also a conservative number for the vacancy in other words if if you believe -- you'll habitat. 70% of the time it will be occupied take your Europe ran at times a thousand bucks a month times twelve. That's going to be 121000 dollars total cash flow one that. Or revenue generated higher than at all put all your expenses and -- to include that number times 75 that number times 80%. One other thing make sure if you're gonna pay someone else to market who ran it. Most of myriad of pay. Almost up to one this month's rent so. That can be factored in -- vacancy however you do it. But make sure you don't. Assume that you're gonna have 121000 dollars each and every year because you own -- -- -- -- because you will not use of the pitfalls we see all the time I have a lot of people come across my desk it's a lot got this great idea adamant about his property here's amateur I think Jamaican. They haven't factored a lot of these things and it's the it did you know optimistic viewpoint which is a good viewpoint to have. But being -- Complete optimist in situations like -- will bite you and how easy yet right the numbers damn this is a business work with a mortgage -- -- -- crunch these don't work with you -- -- what the expenses one of the taxes what's the mortgage carrying costs. What is the vacancy rate would we take that 121000 dollar if you believe that's three right before we take that times. 75%. 80% 85% Max what's gonna cost -- when you do the math. You might be looking at a negative cash flow situation when Euro land on another important component is lack of liquidity what do you need access he accessed your capital and you can't sell the house. That's why you should never. The 100%. Invested in real estate folks we talk about this all the time whether it's an investment property whether your primary residence your second home. Make sure you are diversified. Means if you budget for real estate investment your budget realty investments is 200000. You should keep part of that cash in the bank sitting on the sidelines. This way you won't get into trouble with the property sits vacant for a few months also cash cushion allows you to quickly take advantage. -- other investment opportunities. When a rock case. -- the stuff crank out -- -- I mean we've guys just as they should stay or should you go segments and we have Andy in south side Alabama. Ruled side or. Maybe it's war eagle one of the -- I'm sure I'm buying my first home and the lender the real to referred me to. Seems to be charging a lot of feet. My friends think it's do I we're supposed to close in twelve days. And -- too late switch lenders and brought it up to the -- she told me if I switch lenders I may lose the house. Which would not overwhelm -- my wife stay or go wow we've got to. Conundrum. You need to find them for -- sharemarket. Summers ago actually I think you may or may not have enough time depending on who you choose as a lender alone can certainly get done in twelve days you you required by law to have eight days anyway. You get testimony sufficient who has your complete -- gonna be cooperative to work within -- given what they need but here's the thing. If you -- another lender and you get a really solid quote. And they say that yes they can get it done you need to know up front you needed in twelve days will then. You can go back the original winner Sam giving you one last shot at making this thing right these fees are you buying you can stick with him as they've already on the other earlier long ways now. You can also -- contract. -- the UST if you get a good realtor in years she is really representing you well. You ran into a situation where you need to change your financing they can't get an extension for a weaker Q on the contract. News. I don't know. I don't know what the situation isn't your particular case usually get some type of an extension but I -- that Southside is hot hot -- -- hot market. So might my position is definitely check out another lender. Either uses a negotiation tool or go ahead make that move and it's always sad to see someone come down on their price and say OK yeah. Since you're gonna shop around your smarter now on dvd is better deal he rewarding people like that was my business in the end anyway is he still benefited rather than just give me the best you upfront. But again. And the one thing we don't know here is those east maybe they're not hiring they're not -- also letting you check it out yet and talk with the mortgage planner or the loan officer so they can explain those fees if they can't explain them. And you get a problem like you -- it stay tuned back if you. -- -- is gonna we're back mark McDougal Greg Miller. Wanna give a shout out to our friends that are following is on now social media platforms so we've got FaceBook Twitter. Also you can watch the show we do some goofy things in here sometimes I actually look at the camera most times I just flail my arms around in the air some pocket into the microphone. Com and -- check our website -- life is you own it dot com there's great information to include recaps of the show also won this weekend's the from this weekend show we're gonna have via. The illustration for your appraisal seeing kind of look very basic one if you want more information about it. Contact a mortgage planner or reach out was at my usual and remember point 47. 87731536. We are here for you. During the period that the question we had at the -- that 877 number that that toll free number. Was what if I just. Say fine you know in a paid -- from my house it I'm I'm just gonna take a chance to sell to somebody else somebody else who will pay. More it you know can I do that of course you can't just keep in mind. That if you say okay well it -- to praise -- -- -- language -- -- you guys can fighter to get anywhere anyone to stick to your guns it's only worth 190 -- the 200 ourselves for that -- originally agreed to pay. You and tell those buyers to -- later and went for another buyer to come along with -- a warning about. It's common to have. The same thing didn't come right back anti India other buyers as a yuppie 200 and then they get -- 190 appraisal or even less so. Sometimes bird in the hand is worth two in the bush we know that so it's if you can swallow it if you can take the lesser price for your home. He knew what was the sale a breakthrough need you so but by all means you have the right to say hey forget it a waited out and you may find a buyer that says. Tea -- 200 Fordham put a bunch of money down I don't care what the appraisal is. I've I've looked at enough houses and knows what it's worth so. You can certainly right in that situation I personally have paid ironically exactly 101000 dollars more. For a piece of property that it would -- for and that appraiser is doing all he could get that value there but it wasn't gonna happen so I paid the extra 101000 dollars. Over and above what the appraisal was for the home and I knew it was going to be good it was to make that and I -- by the united -- and I did make money on it. So I was I assumptions about the value worker -- are right. You're a good as you're gonna -- Imus -- sometime all right folks let's talk about some. Keep up with jones' we've heard him try to keep up with the joneses. Leave them in my best that's right well folks sometimes as it relates to your home it can't. Make sense and it does make sense to keep up with the -- -- -- -- mean keeping up with the trends in your neighborhood having similar amenities similar options within your house. And obviously the basic ones that we've discussed of the last couple episodes are. The maintenance to your home whether it's making sure that its energy efficient making sure that it's got. The that that the the things they'd keep it whether paints. Whether it's though ongoing maintenance the you need to do to keep her house looking fresh landscaping. -- -- all the just TLC it needs to. Keep up with the -- keep it so it's ideally at a minimum on par with that the market has offer. So we've got three suggestions some from money magazine. -- -- seem like simple ones but they are amenities that will help you possibly not just keep up with the -- depending on your market but may be out. Outdo the jones' number one is expand your closets is as you probably know if you're an older house and in this mainly applies homes they're gonna be maybe twenty years or older. -- outweigh her closets used to be did you know that they closets. -- Pena attacks. On -- that's why years ago closets were so small. Is that -- you I'm my timing -- -- up. And -- if you think I'm making it up then call us that 8087731536. Did you was there a surcharge or tax in mini municipalities. Based upon the square footage of the closet was there was there or not that's the question I don't know. I'm saying there is coming out from wrong vomit so a lot obviously adds some closet space and many times to people walk in the house is one of the first things -- rose is not yes. Browsing you need some -- plus space. Yes nice close one -- down that so. Make sure you've got -- -- space you can find ways to expand those just -- creative it's not real expensive as you don't generally need. Much electrical and a closet. Other light that's it you know general need HBC in the closet on yeah they need those things to rewire or Islam those -- where you get a little more expensive. On the so. Expand -- number two is open up the kitchen. -- -- how many times he can walk and now it has been very popular for many years to have the open kitchen slash hearth room. You'd be amazed at many house as long as there's not a load bearing wall there that you can create a much more open. Space by the removal of -- law and this will bring you inline. Was -- current offerings are and what people are looking for in their housing and another one seems like a simple one but it can't incur a little bit -- cost is. Get laundry out of the basement. -- upstairs stated in a master bedroom located in the closet upstairs get it somewhere but get it out of the basement -- that this these are simple. They may cost you a little bit this one's gonna have a little plumbing work involves potentially but these are severe re low cost things you can do -- -- real meaningful amenities. To your home. Better life you -- it endorsed. Are -- that washer dryer for a torture out on your back like a pretty gutsy run extension record. Is run that step outside if you get a cover from portrait deck that's -- do right by your hound dog. -- accounts -- -- -- -- but they liked that the war that comes off the -- it speaking of warmth there when we come back from the break we're gonna talk about those those five things that. We think will help you live a happy -- five rules for a happy life from the author Charles Marie and cranked. Before we get into that installment is there anything that you wanna share what their listeners to warm up for that session maybe some deep thoughts maybe. Deep thoughts and a neo I don't put a charity -- that's a topic -- theft that -- -- -- I'm -- I'm segments get -- and I -- and ideas that don't have any thoughts in the days trying to. If you get your friends one's name is Slovenian and missed him -- which what do you think like dolphins. -- now we're gonna come I can't serve and return why did you wanna stay tuned.

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