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Buying a House With High Income and Bad Credit

Aug 16, 2019 by

Lenders look at income and credit score when it comes to approving a mortgage application.

A combination of high income and a low credit score can make a lender think you don’t know how to manage money…making you a candidate for default.

So first, check your credit reports for errors that might affect your scores.

Or consider waiting to buy a house until you pay down debts and boost your credit.

Or offer to make a large down payment to improve your chances of getting approved.

Finally, some lenders, such as FHA, VA, and USDA offer programs for borrowers with bad credit, but they often have high interest rates.

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Should You Convert a House Into Apartments to Generate Income in Retirement?

Jun 26, 2019 by

Real estate could provide you with a steady stream of income during retirement. Converting a large, single-family house into two or more apartments and renting them out could give you financial security, but there are several risks to consider.

Should You Renovate Your Home or Buy Another House?
Converting your current residence to apartments could be easier than buying another house. You wouldn’t have to spend time looking for a suitable house to buy and renovate, and you probably wouldn’t encounter any unexpected problems if you had lived in your current house for years and kept it well maintained.

If your current home wasn’t big enough to split into apartments or if you wanted to keep it all to yourself, you could buy a new house. You’d need to take out a mortgage and put at least 20 percent down. Your interest rate on the second loan would probably be higher than the rate for your first mortgage because of your high level of combined debt.

You might be able to tap into your current home’s equity to buy a second home, but that could be risky. If you defaulted on your second mortgage and your first home was used as collateral, you could lose both properties.

What Would You Need to Do to Convert a House into Apartments?
Before you think about converting any single-family house into apartments, check your local government’s zoning rules. Regulations and procedures vary widely. In some cases, a property needs to be rezoned before it can be split into apartments. That process could be simple or extremely complex and time-consuming, depending on the location of the house. You might need to make major changes to the structure of the house, the HVAC system and plumbing. Those jobs would require permits before work could begin.

Other Issues to Consider
You’d need to plan for property taxes and the possibility that one or more apartments could be vacant for several months at a time. You should set aside money for repairs and routine maintenance to the rental property.

If you lived in one of the apartments, you could keep an eye on the place and be available as needed for repairs and maintenance. That could be convenient for you and your tenants and help you avoid paying extra money for your own place to live, but the apartment you lived in couldn’t be rented out to generate income. If another apartment sat vacant for a period of time, you could struggle to pay the mortgage.

Think Things Over Carefully
Converting a house and renting out apartments could provide significant retirement income, but it could be risky. Renovations could be expensive, repairs could be needed at any time and units could sit unoccupied. Whether you’re thinking about converting your existing house or buying another to divide into apartments, carefully consider all the pros and cons.

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Brokers: Downtime Draining Your Wallet? Build Business for Consistent Income

Jun 15, 2019 by

Brokers: Don’t let a lull in the market steer you off-track. Build your business so that you’re predictably profitable with the strategies in our upcoming webinar, “How to Build Business for Consistent Income.”

Register now!

What: RISMedia’s Webinar Series – How to Build Business for Consistent Income

Sponsored by

When: Wednesday, June 19, 2019 at 3 p.m. ET / 2 p.m. CT / 1 p.m. MT / 12 p.m. PT

Who: Featuring Dean deTonnancourt, HomeSmart Professionals Real Estate/HomeSmart Real Estate Network; Carrie Zeier, RE/MAX Elite; and Bill Yaman, Imprev; and moderated by Verl Workman, Workman Success Systems

For coverage of the webinar, follow @RISMediaUpdates and use #RISWebinar.

About the Webinar

Dean A. deTonnancourt is president and CEO of HomeSmart Professionals Real Estate in Rhode Island and HomeSmart Real Estate Network of Maine. deTonnancourt has 30 years of experience in real estate, and is the 2019 president of the Rhode Island Association of REALTORS®.

Carrie Zeier is CEO and owner of RE/MAX Elite in Tennessee. Zeier has over 10 years of experience in real estate, and has been awarded the RE/MAX international Broker/Owner of the Year, Howard McPherson Eagle Award and multiple Regional Showcase Awards.

Bill Yaman is president and chief operating officer of Imprev. Yaman drives Imprev’s operations and leads Imprev’s expansion efforts for all client channels, working directly with major franchises, broker/owners, real estate marketplace providers, enterprise solution suppliers and MLS organizations. 

Moderated by

Moderator Verl Workman, CEO and founder of Workman Success Systems, has delivered keynotes, seminars and more to thousands of real estate professionals worldwide. Drawing on his experience in sales, marketing, management and technology, Workman has empowered the masses to expand their knowledge and achieve their goals.

Each month, RISMedia’s webinars draw over 1,000 agents and brokers from across the country eager for exclusive insight from the industry’s most profitable professionals. To view our last webinar, “Arming Agents to Land More Listings,” please visit RISMedia’s Housecall.

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Audit Advice – True or False: You’re more likely to be audited if you don’t report adjusted gross income.

Oct 8, 2018 by

True. You’re 5x more likely to be audited if you don’t report AGI (5.26% compared to .85%, according to the IRS). It’s easy to avoid applying appropriate deductibles when you track your business receipts.

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