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KMBZ>Audio & Video on Demand>>Life As You Own It 5.14.14 Segment 3

Life As You Own It 5.14.14 Segment 3

May 14, 2014|

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  1. Life As You Own It10.24.14 Segment 2

    Audio

    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
  2. Life As You Own It10.24.14 Segment 1

    Audio

    Fri, 24 Oct 2014

     

    john mark found at 10:16

    its keep on keep it on him. All right we're back live John Mark McDougal that I joined by Rosa vote you're filling in for Craig Miller we thank you for hanging out with a as
  3. Life As You Own It10.24.14 Segment 3

    Audio

    Fri, 24 Oct 2014

     

    tax efficient found at 4:23

    have more complexity but you have more opportunity. To put things any tax efficient fashion into you were the state. And to you know that's all we want avoid tax man pass on the warriors take
  4. Life As You Own It 10.17.14 Segment 2

    Audio

    Thu, 23 Oct 2014

     

    investment properties found at 12:36, 13:08

    hearts go South Carolina called the hotline to ask I purchase cheap investment properties in the last year and a and a total of five properties now. Including my house I live. I had mortgages on
    it to work at a higher rate of return and what does investment properties are yielding. And ideally they were cash flowing before you got this inheritance if not need to sell it anyway. And if they were your major money there. Get this inheritance to work for you at a higher rate of return then now what's writing off that expense for those investment properties is costing him so. You need to go you need to stay stay stay stay invest that money work with the financial
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Automatically Generated Transcript (may not be 100% accurate)

Okay. All right friends we are back final segment of life did you own it. -- hung in there this long you better hang in for the rest because we get some good stuff for you as we close it out and of course you know now if your first time listener. You better be back here again -- this next week so the you don't miss out on the fun stuff. We're gonna -- -- 877 number once again. And why if you need to call it if you got a question if you wanna get on the should used issued just scenarios if you need advice that you don't get hammered on some goofy deal he had no business doing. This is a number to call 87731536. You can say hey wanna talk to Craig Miller wanna -- some stuff by combining house and refinance and house on doing some else -- should or shouldn't be doing and won a narrow. I'll tell you I'm just somehow coming out -- to do anything to say you know. And it's 24 hours seven days that we can you give me some goofy stuff and others talking about it so yeah I mean let's not go too far though I mean I don't yeah because I won't opine on -- unless he keep it classy folks aren't so -- cash cash. Get a touch on some of the stuff yes there -- tons of cash -- nearly all I'll touch on some cash yet so the thing about it is is this. Paying -- -- home might be sensible strategy but rarely is it the is that the very best strategy. Oftentimes your pass on the major arbitrage opportunity there where you could invest your money elsewhere get a bigger -- returned them what the tax effective rate would be deficient. Tax efficient effective rate on that mortgage would be. -- what she did talk the financial planner talked to an advisor. Who understands this talked to a certified mortgage player who understands this before you make the final decision now if you do you find yourself in a situation. You're in a bidding war you've got the wherewithal to pay cash rent an auction requires cash anything of the sort in your bind at home for cash which you won a mortgage on. And you'd rather have a loan for your money back in the -- invested guess what you got folks you've got to narrow window of time to make that happen or you lose. The tax deduction. On that acquisition indebtedness that is part of the IRS code. If you -- -- your mortgage interest deduction here's how you lose it pay cash for home and don't take out a mortgage until after ninety days of acquiring I don't. So how do you collect that tax deduction or make you get to partake. If you do you pay cash. Make sure within ninety days of closing the clothes on a loan that allows you to pull cash out of that home and put it back wherever teams from. So that you can deduct that mortgages acquisition and -- and a three month window of their folks pay attention other than that he'd be limited to media. Cash withdrawal of a 100000 dollars to what may not if it's a small that may not but that's. Awesome. Thing to point out there Craig because a lot of people are missed the boat on that. Or what they're actually doing is they're going ahead now. To they're deducting that and what they don't know is that technically when deductible deaths are much. That's logic folks okay we're a re visible a little bit of a story that we covered may be 34 weeks ago as an opportunity to purchase our real state proper -- pursue investment property in the Detroit purchase may be your primary residence and we just picked Detroit because they -- got a thousand dollars of folks you know their foreclosure and auction opportunities all over the nation realty Trac dot com as one we recommend. You check out to find the -- close Iraq foreclosure activity in your market. Great information there and then auction dot com you can go to walls of the different different source but. Realty Trac dot com if you want to be real estate investor you can get this info too but in Detroit they -- they started auction thousand -- was opening bid. And doubt we thought that sounds good by a bunch of properties for a thousand bucks each when. -- didn't quite work out that way the first one sold for just over 34000. Dollars. On the so. You know -- started -- 2000 box the winning bid hit 34000 dollars to three bedroom 14100 square foot home that needs new furnace water heater. Otherwise is in good condition. While -- that's probably pretty good deal looks like can overcome in the pictured it does all brick -- -- -- as Marie how looks Saddam -- so so folks we just wanted to come back on the story and say. There are opportunities for real estate investors to have a strategic plan. That mean you have to give Detroit. Go any other place there might be writing your own backyard. You may have the opportunity if you got some somewhere with all -- names weren't on some and some carpentry skills. Now still can be a good time but it is a business and it is a more serious business. Then what we consider buying your primary residence which we encourage you to look at just like a business he's not a business worth it and it is and is is an -- All right folks who was been another installment of life that you own it we appreciate you joining as. We hope you come back remember check us out where frank we're gonna check it out FaceBook and YouTube Twitter I heart radio I tinged tune in radio in all the of the stations in your area with Anderson. All right and remember to -- the community.

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