Real Estate in South Florida | Things You Must Know for First-Time Home Buyers

 

South Florida has been on the market for years and it's time to buy or sell your first home. In this article, I'll tell you what you need to know about buying property here in Real Estate in South Florida, how much it will cost, who can help you with that process, and more!

What Is It?

A house is a building made of wood, brick, or other material. A lot of people think houses are just one thing but they're not. They have different names like "the condo," "apartment" or even "townhouse." The main difference between them all is the size and number of rooms. Houses come in many shapes and sizes from small single-family homes to large apartment buildings.

Houses are also categorized as either owner-occupied or renter-occupied. Ownership means you own the house outright while renting out part of it (or both). Renter occupancy means someone else lives there. This could be a spouse, friend or relative. Some places allow you to rent out only part of the house, others don't let anyone do that at all.

When Can I Buy One?

There are two ways to get a mortgage on a house in South Florida: private or government-backed mortgages. Private loans require no money down and interest rates are usually lower than those offered through banks. Government-backed loans however usually require some money down and have higher interest rates, but you can get one even if you have less than perfect credit.

If you're a first-time home buyer, the government also has some programs in place to help you out as well. The more people that own homes, the stronger our economy becomes. This is why the government has special loans and grants for those that can't quite afford to buy a house on their own just yet.

A Little Bit of Everything

There are so many different types of homes to pick from down here in South Florida. You could buy a brand new home, one that's not even finished yet! These can be found in lots called "communities." Did you know there are special tax breaks for people who buy houses in these communities? Talk to a realtor and see if you qualify for one of these special deals.

Here are things you should know as first time home buyer:

Down Payment: A down payment is what you pay the bank when you buy a home. It's usually money for the house itself. Government loans usually require at least some money down. This is to make sure you're serious about buying a home and won't just be running away without paying later on.

You can put as much or as little money down as you like, but keep in mind the less you pay now, the more you'll have to pay later on. Your bank can tell you exactly how much your monthly payments will be with different amounts of money down. You don't want to over-extend yourself!

When you get a mortgage, you'll have to sign a bunch of papers. Make sure you read all these papers and the fine print very carefully before signing.

You'll also have to pay "points" when getting your house financed. A point is charged by the bank for giving you the loan. Although the number of points can vary widely, you can figure on paying at least one percent of the value of your house in points.

These are just a few things to think about before you buy a house, but there's so much more! Every mortgage and home is a little different so look carefully before you make a final decision.

 

Buying Or Renting?

This is probably the most important thing to think about as a first time home buyer. Should you rent or buy? Well, it's a personal decision and there are pluses and minuses to both renting and buying. Let's take a look at both so you can make an informed decision.

Most people believe that buying a home is the best possible investment you can make. While this may be true in the long run, you need to think about whether or not you can afford to make the monthly payments and if you have enough money for a down payment on a house.

If you decide you would like to buy a home, let's talk about the 3 types of loans that are out there.

Conventional Loans – These are the most common type of loans and they are available from any bank or savings and loan association. The minimum down payment for a conventional loan is ten percent of the purchase price.

Government Insured Loans - These loans are often called FHA loans because they are underwritten and insured by the Federal Housing Administration. Almost any income earner with a steady job can qualify for an FHA loan. One of the advantages of an FHA loan is that you can sometimes buy a home with little or no money down, as little as $100 in some cases!

Veterans Administration Loans - These loans, often called "VA" loans are underwritten and insured by the Veterans Administration. Eligible borrowers can get both a home loan and a mortgage loan. The money can be used to buy a house or to build a home. If you are a member of the armed forces, you may be able to use this benefit even if you are not currently on active duty.

In addition to the 3 main types of home loans, some banks and savings and loans offer what is called "shared appreciation," or "profit-sharing" loans. With this type of loan, the bank or savings and loan assumes a portion of the home's appreciation.

These are just 3 of the many types of mortgage loans out there. Your local bank is always a good place to start looking for information on them.

1. Start your search for a home with a good real estate agent.

2. A good real estate agent can help you find the home that is right for you,

3. As well as explain all the incomprehensible terms and conditions of the financial world of home buying to you!

Here are some other tips on finding a good Real Estate in South Florida agent:

• Ask friends or family for recommendations.

• Check to see if your employer has a list of approved real estate agents.

• Look in the phone book yellow pages for real estate agents.

• Check to see if the real estate agent is a member of any professional organization. The National Association of Realtors® sets strict standards of practice and ethics for its members.

If you plan on joining the armed forces, it would be a good idea to get your finances in order before you enlist. There are a few factors to keep in mind when preparing yourself to join the military.

First of all, you'll want to make sure your legal records (ie: criminal, emotional, financial, etc...) are in order. This includes things such as making sure all of your school loans are paid off, having your previous landlord references available, and making sure you don't have any outstanding warrants for your arrest.

Once you've taken care of all of that, you will want to make sure you have some money saved up for the future. This doesn't mean go blow it all on riot gear and night vision goggles, but having a little nest egg saved up for emergencies can never hurt.

One of the most important things to enlist is a trade. The military offers enlistment bonuses for those who enlist in a high demand career path.

The Armed Forces Qualification Test (AFQT) covers six areas in which you can enlist with a career in. These are:

1. Clermont - Programs that require those interested to already have a high school diploma.

2. Electronics Commissioning Programs - Commissioning programs for students who complete Electronics Training (CSAT).

 3. Hospital Corps - An enlisted program for students who complete the Medical Assistant Training Program (CSC).

4. Designated Ground - Enlisted programs for students who complete these programs: Air Force Food Service, Aviation Informatics, Boom Operator, Diesel Mechanical, Flight Equipment, General Maintenance, Instrument Mechanic, Munitions Systems, Parachute Racker, Satellite Communications Systems and Tool and Supply.

5. Designated Aviation - Enlisted programs for students who complete these programs: Airborne Communication, Aviation Maintenance, Avionics, Helicopter Maintenance, and Pilot Trades. You can also be eligible for the enlisted programs by being a student in one of these five programs and having a strong grade point average.

6. Other Enlistment Programs - There are many other enlistment programs besides the ones listed in AFQT. These include, but aren't limited to Air Force Entertainment, Army Ranger, Military Police, and Navy Seals. Many of these enlistment programs have strict qualifying factors that must be achieved before one can enlist under them.

The other option you have is to enlist and then go to school while in the service.

If you have any questions about the things you should know before you buy a home, call our professional licensed real estate in SouthFlorida for more information and assistance in finding you. True Oak Realty will help you! Call (954) 280-7778

Real Estate in South Florida: What an Attractive Investment For 2021?

 

In the past few years, real estate in South Florida has been on everyone's mind. From the Great Recession to the recent housing bubble and bust, people are now looking for ways of making money from their investments. One way that many have tried is through buying property in South Florida. While this may seem like a good idea at first glance, it can be very risky business if you don't know what you're doing!

If you do decide to buy property in South Florida, there are several things that you need to consider before putting down any cash.

First of all, if you want your investment to make money for you in the future, then it needs to be worth something. If not, then why would anyone pay more than they have right now?

Second of all, it's important that when purchasing property in South Florida that you look around for properties with the highest potential value. This means that you should look for properties where the owner or owners have made improvements over time, such as new roofs, windows, doors and so forth.

Finally, it's also important to remember that the price of land in South Florida tends to fluctuate due to various factors outside of its control. You might find a great deal on one property but find another much cheaper soon after.

In any case, if you follow these three simple rules, then you should be on your way to making a good profit. Of course, as with any investment, there is some risk involved but proper due diligence should minimize the risk and maximize the reward!

How Real Estate Florida forecast the investment this year 2021

Real estate has been and will always be an important investment for people looking to make some money. However, it's important to realize that there is risk involved with every business venture. It doesn't matter whether you're flipping houses or tending to some farmland, there is always a chance that you could lose your initial investment. Now, with that being said, there are ways to decrease the amount of risk involved in any real estate investment.

There are many methods that people can use to estimate the risk involved with future real estate deals. A popular one is the FCF Yield 5 method that was created by Frank Gallinelli, a real estate investor and speaker. With this approach, you only focus on Conventional Cash Flow (which can also be called Net Operating Income) and a discount rate. The discount rate, or "yield", is determined by looking at the annual rents and dividing it by the value of the property.

For example: Let's say I'm looking at two different apartment buildings. The first has annual rents of $100,000 with a value of $1,000,000. The second has annual rents of $20,000 with a value of $800,000. The first one has an FCF Yield of 100% (100k/100k) and the second one has a yield of 25% (20k/80k). This means that the first property is much riskier because it is less likely to provide positive cash flow each year.

The main problem with this method is that it only focuses on the income and discounts the value of the building entirely. This might cause you to ignore great investments if the yield is too low. However, this could also help you avoid falling into the trap of assuming that all properties are valuable just because they have a high income. Be sure to use this approach wisely!

If you're looking for another way to lower your risk, then look into areas where property damage isn't very likely.

True Oak Realty is a Real Estate brokerage in South Florida that helps people invest in real estate. They have many programs that can help you learn more about how to make money in the real estate business and also guarantee that they will refund your purchase price at any time if you are not satisfied with their services.

They recently created a video about 2018 being a great year for real estate due to low number of properties on the market and high demand from people who need a home. They aren't the only brokerage saying this. It makes a lot of sense that property values are going to rise over the next few years due to this information. Buying properties now and holding them for a few years could lead to massive profits. Getting started with real estate investing is easier than ever before.

Real Estate in South Florida - Home & Properties For Sale

 

Real estate agents in South Florida are always looking for new properties to sell and they're willing to pay top dollar for them. However, there's another group of people who also want to buy property in the area that you don't have much contact with; realtors themselves! They need homes too, but they can't get them because of their own financial constraints. So what do you do? You offer your services as an agent to the realtors for free! The problem is, you aren't really qualified to be one. In fact, if you were any more qualified, you wouldn't need this job at all.

Real State in Florida Downward Trends

Homeownership in South Florida has been on a downward trend since the early 1980s when it peaked at over 50% of households. Today it stands around 25%. This means that the number of homeowners in South Florida has dropped from roughly 1 out of every 4 households to just under 1 out of every 5. What happened?

Well, many factors contributed to this decline including the housing bubble burst in 2008, which caused a severe recession to hit our economy. Then there was Hurricane Andrew in 1992 which destroyed thousands of homes and businesses along the coastlines. Finally, there's the ever-present threat of hurricanes like Irma and Maria. Not to mention the rising cost of living, skyrocketing real estate South Florida and insurance premiums and stagnant wage growth.

These factors have caused a decline in homeownership from 25% down to 15% in just over a decade. What happens when these factors are combined with higher than average vacancy levels from foreclosed and abandonedhomes? A severe housing shortage! Offering your services as a realtor for free will open many doors for you. You'll be able to pick and choose which homes you want. And if a homeowner wants to sell in a hurry, they're practically begging you to buy their home!

This may be difficult for you since you have no knowledge of the real estate business. That's why I'm going to show you how to get started as a real estate agent without all that "boring" licensing stuff! That's right, after this article, your license to make money will be "pending".

How to get started as agent of real estate in South Florida without all that "boring" licensing stuff!

•       First of all, take the $5,000 and buy as many home listings as you can that are located near areas where foreclosed homes are being cleared out in bulk. (You can get those addresses from South Florida Mortgage) Then buy a few hundred newspapers. Go door to door and offer to buy people's houses outright for CASH! Explain to them that you're working for realestate in South Florida Mortgage and they want all their properties occupied. Offer a couple hundred dollars more than their asking price if they accept your offer right away because you have others lined up.
  
  
• Once you've collected a few of these listings and the paperboy has quit ringing your doorbell by mid-afternoon, it's time to start sorting them out. Start making your sales calls with the homeowners who are ready to sell. Get them to accept your offer (whatever it is). Make sure you get everything in writing though and make sure the sale price is for both the house and the lot. This is very important. You can't sell just the house because then you'd have a bunch of empty lots which would be bad since this is South Florida and land is always at a premium here. You're going to be making cash sales, so keep all that money safe in a bank. Remember, even though you have dozens of homes, nobody is paying you for them yet. You're not a real estate agent, so you don't have a realtors trust account.
  
  
• Next you'll need to find some people who need homes but don't have much money. What better place than the local homeless shelter? You'll be surprised how many people live there, and even more surprising is they all have Social Security numbers! Go there with your fists full of hundred dollar bills. Let them know you can help them get a house. Of course it won't be free, but they can have it for $1 if they put all the money they "really need" in your hand right then and there. Also explain to them that they need to go with you that day so you can take care of some paper work at the bank.

Get all the down payments and follow them to the bank

Once there you can take their identification and go by yourself to see a loan officer. Explain that these people need housing help, so you want to get them a temporary loan until the government gets around to doing it correctly. The bank should comply since they'd look pretty bad to the public (and their regulator) if they turned away people in need.

When you get the loan (which you should immediately cash), bring everyone to a notarize the deeds. Get them notarized as quick as you can and then take everyone back to the bank to settle up. Make sure you get everyones identification back. If for some reason they don't all have proper ID, give them a month to get it to you before moving on to the next step.

You'll need someone to run the houses for you so you can keep moving. The easiest way is to get some very desperate people to do it, or some big desperate people. Big desperate people won't let you push them around like the smaller ones will so you'll have to be extra careful with them.

Things you need to do | Real Estate in South Florida

The first thing you need to do is get all the addresses of your properties, which should be easy since you collected that info when you were buying them. Now divide them into groups of four so you've got eight manageable "neighborhoods". Go to each neighborhood and approach the toughest looking person you can find and offer them free rent in one of your houses if they'll help protect the other people in their neighborhood. You are their boss now, so make sure they know it and what is expected of them. Give them a nice big stick and take them to their neighborhood so they can start leaning how to do their job.

If you need to, hire some thugs off the street to beef up security at the houses. To make sure they stay motivated, have them live in the houses too an tell them they have to work off what they eat and drink.

Remember, this is all just a stop gap measure until your "real"