Real Estate Community Digital Guide Book 3RD Edition

By Takuma Guzman

We've put up a bunch of excellent ideas and strategies that you may use right away to boost your revenue in this edition. Starting from the ground up, learn how to go into real estate and profit from million-dollar opportunities. We'll show you how to use the most up-to-date marketing strategies, as well as a lot more!

So don't wait any longer and order your copy today!

• Language: English
• Publisher: BookBaby
• Release date: Jan 14, 2022
• ISBN: 9781667826370

Book preview

1.

INTRODUCTION

The 3rd edition of the Real Estate Community Guidebook is a real estate-focused edition. The sole purpose of this edition is to educate you about the ins and outs of the real estate industry and how in this digital era, you can benefit from it.

In this edition, we have put together a bunch of amazing ways and strategies that you can utilize instantly to level up your income. Starting with the fundamental part of getting a loan, we walk you through every aspect of the industry.

Continuing the legacy of the first two editions, TGFLIP Marketing Agency has compiled this knowledge-packed edition with updated techniques.

This edition contains the basic real estate rules, million dollars opportunities, trending real estate approaches, and a lot more! All the information added in this edition is well researched and up-to-date.

The last part of this edition consists of the digital side of real estate and businesses in general. We put together the hottest ways to scale your growth within a short period.

After reading this guidebook, you would be able to take massive action towards a brighter and wealthier future!

So, let’s begin!

QUICK FACT

"Most buyers, 86% of them, purchase a

previously owned home."

(NAR)

2.

GETTING LOANS FOR REAL ESTATE

Real estate investment is a great way of getting steady passive income but it is obvious that real estate investment requires some money to get started. If you don’t have that much savings to start your investment portfolio, you are left with the option of getting a loan.

Choosing the right kind of loan and understanding the criteria hugely affect your success. It’s integral to understand the requirements and pros and cons of different loan types. In this section, we are going to provide you with various types of loans, their advantages, and disadvantages.

CONVENTIONAL BANK LOANS

Bank loans are one of the most favored options for investors. Basically, conventional bank loans are the ones that are not backed by any government agency. Therefore conventional loans do offer flexibility depending upon the lender.

With a minimum of 20 percent down payment, you can buy real estate. And you can repay the loan over a period of 20 years. Bank loans have mostly low-interest rates and processing fees making them more beneficial for borrowers.

For getting a conventional loan your credit history and score matter a lot. The loan’s interest rate and approval depend upon them. Some banks also review the income and assets of borrowers.

Conventional loans are available from a variety of mortgage lenders, including banks, credit unions, and online lenders. These types of loans make up a large portion of home purchases and refinance.

Fixed-rate and adjustable-rate loans are the two primary forms of conventional loans. Your interest rate on a fixed-rate mortgage will never vary. An adjustable-rate mortgage (ARM) has a rate that fluctuates based on market conditions at predetermined intervals.

Requirements:

A. Credit Score

The first requirement for approval of a conventional loan is your credit score. To qualify for a conventional loan, you must have a minimum credit score of 620 but that’s the least. You'll need a significantly higher credit score, usually 740 or higher, to get the best interest rate and price.

B. Debt-to-Income Ratio

The next requirement is debt-to-income(DTI) ratio. The debt-to-income (DTI) ratio is the next piece of information a lender will look at. Other obligations you have to pay each month, such as auto loans, student loans, and credit card debt, are factored into your DTI ratio. Although some lenders may make an exception and allow up to 50%, most lenders will not want this ratio to exceed 43 percent.

C. Down Payment

A lender won't offer you 100 percent of a purchase price in a conventional loan, unlike some government-insured loans; you'll have to make a down payment. Many fixed-rate conventional loans for primary residences allow for as little as a 3% or 5% down payment. If you're getting a 3-percent down payment loan to buy a $250,000 house you'll have to put down at least $7,500.

D. The Size of Loan

Another requirement for a conventional loan is determining how much money