The three typesIf you're looking for a piggyback loan to finance your Miami Beach luxury condo purchase, you have three options: 80-10-10, 80-20-0, and 80-15-5. Each number corresponds to a specific element of the mortgage. The first number indicates the 80 percent of the total homes value, which will be provided by the first lender. The second is part of the down payment, which will be provided by another lender. Lastly, the last number is the...more
CreditJust like defaulting on the primary mortgage, if you fail to pay the second mortgage on your Miami luxury home, your credit will suffer. Once you start missing on your payment, your lender, regardless if the first or second, will typically report the delinquency to the three credit bureaus. This will automatically reflect on your credit report and pull down your FICO rating. This will only happen, though, if you continuously miss your...more
Negligent De-valuersAs a resident of a particular neighborhood in the city, its your duty to contribute to the wellbeing of the community by taking care of your Miami real estate property, especially your personal curb appeal. But in every neighborhood, there is always this one family who continuously or even intentionally forgets to mow their lawn, cut overgrown shrubs and take care of their exterior. Homes without proper outside maintenance can pull down the value of other properties around them. What you can do is to talk to the family and tactfully remind them of their lawn maintenance duties. You must show a level of savoir faire when it comes to dealing with these people since you are not aware of the reason for the neglect. Oftentimes, neglect on maintenance is caused by personal reasons, e.g., divorce, this is the best time for you and other neighbors to step in and help out. Dangerous NeighborsLike the aforementioned type of neighbor, there is also always someone in your Miami real estate neighborhood that is just not worth getting close with. You shouldnt mistake this, though, for with not worth getting to know. Dangerous neighbors are often those who tend to keep to...more
PiggybackOne of the most popular types of home equity loan is piggyback loan. This is particularly helpful if youre planning to buy a second Aventura real estate property but cannot come up with the complete 20 percent down payment usually required by conventional mortgages. You have the option to get a Home Equity Line of Credit (HELOC) for the 10...more
Looking for REO homesWhen you are searching for REO Miami foreclosures, you can start at the Multiple Listing Service or MLS. If you already hired an agent, you can ask him or her to check for bank-owned properties and contact the listing agency directly. However, if you do decide to use a listing agent, the potential bargain often decreases. The...more
The ProsFor starters, subleasing, for the third party tenant, is a more affordable way of leasing a Miami commercial real estate property. In addition to that, this type of properties are easier to find and obtain because the qualifications are less stringent compared to an exclusive lease.Subleases Miami commercial real estate properties are also good for small business. This is greatly useful if you find it hard to look for a specific space that can efficiently accommodate your business. By providing a lot of options in terms of choices, marketers can easily start small and slowly expand without much trouble.Subleased properties are also accompanied by simpler commercial leases. They are pretty straightforward and the terms are quite simpler than exclusive leases. However, subleases are still legally binding. In terms of upgrades and renovations, you dont have to worry about the amount of money you need to shell out for such changes. Subleased properties are often already finished and need little or no changes. Another option that subleasing provides is the opportunity to take an entire space. If your sublessor decides to relocate before their lease is over, you can have the...more
Rehabbing a home shouldnt be that expensive. In fact, there are many ways to transform an ugly fixer upper house into a work of art in just a few hundred dollars. If youre a rehabber of properties who want to save big bucks when fixing and flipping...more
If you want to earn extra money, rehabbing a home for profit might work for you. Also known as fixing and flipping properties among real estate investors, rehabbing involves the process of buying and refurbishing an undervalued or distressed property...more
Author: ChristinaWell, if you think you know the best deals in home builders around Perth, then you are in for a surprise. Just switch to your desk and turn on the internet and you would be able to find amazing packages online. You would have the...more
Contrary to popular belief, you dont need millions of dollars when rehabbing a home. You really dont need your own construction company to become a successful rehabber. With just a dose of creativity and ingenuity, you can turn an ugly house into a...more
Rehabbing houses is a mode of real estate investing wherein an investor buys and renovates an old property before selling it a higher price. It is an enjoyable and easy way to make money in the housing business nowadays. And with real estate prices...more
Rehabbing houses on your own has advantages and disadvantages. To help you decide on whether you are going to fix and flip a property on your own or hire a group of workers, here are a few things you might want to consider.Going solo on rehabbing...more