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I was going to write about the many reasons I believe everyone should own real estate and then I came across this article by Hasani Pettirod. I'll save myself a few hours and just share what he wrote. -Natasha The eleventh habit of wealthy people is that they own real estate . For wealthy people who have found their path to financial independence, it can be summed up in two words: Investment property. FYI- Owning a home is an investment in property.   Theodore Roosevelt said, “Real estate is the basis for all wealth.” In fact, all wealth since the beginning of time has been founded in real estate . Over a third of the world's wealth is tied up in real estate. Fortune Magazine states, 97 out of 100 self-made millionaires made their fortune through Real Estate Investing.  Wealthy people own real estate because it is an ideal investment.   Real estate is ideal because it provides: 1) passive income/cash flow, 2) appreciation, 3) tax advantages, and 4)...

Prepaid interest, sometimes called “points”, is generally tax deductible when a person pays them in connection with buying, building or improving their principal residence.  When points are paid on a refinance, they are not a current deduction but have to be taken prorata over the life of the mortgage. For instance, if $3,000 in points were paid on refinancing a 30 year mortgage, a deduction of $100 per year is allowed.  When the loan is paid off or replaced by refinancing again or the home is sold and the mortgage paid off from the proceeds, the balance of any un-deducted points may be taken in that tax year. Your tax professional needs to be made aware of any of these situations so that he or she can accurately reflect the deductions in your return.  Currently, the most common situation is homeowners may be refinancing their home for the second, third or even, fourth time. If there are points that have not been completely deducted, they need to be treat...

FHA “Back to Work” Program About the Program Under the new federal program called “Back to Work – Extenuating Circumstances”, if you have had a foreclosure, short sale, deed-in-lieu of foreclosure, or have declared bankruptcy you may qualify for a new home loan if you are back to work and can document the extenuating circumstances. Do You Qualify? FHA will consider you for eligibility if you had a financial hardship in the past but can now document the following circumstances about yourself: You meet FHA loan requirements You can document the mortgage or credit problems resulted from a financial hardship You have re-established a responsible credit history You have completed HUD-approved housing counseling A lender will first have to determine if you meet the FHA loan requirements before you can apply for a FHA loan under the Back to Work program. You will need to explain how the financial hardship was something beyond your control that reduced your income or cause...

The Qualified Mortgage Rule came into effect on January 14, 2014 as one of the results to the Dodd Frank Reform Act to protect consumers from predatory lending practices.  This will affect the underwriting standards that the majority of lenders will use to qualify borrowers. The ability to repay rule states that financial information must be supplied by the borrower and verified by the lender.  The borrower must have sufficient assets or income to pay back the loan which limits the maximum debt-to-income ratio of 43%.  In an effort to present a more accurate picture of the costs to the borrower, teaser rates can no longer hide a mortgage’s true cost. A maximum of 3% in upfront points and fees can be paid on behalf of the borrower.  There can be no negative amortization, interest-only or balloon payments and the loan term limit cannot exceed 30 years. While there are more requirements, most deal with good underwriting practices that are followed by reputab...

A water meter key is like insurance; buy it before you need it. Imagine a pipe has burst and there is water flowing like a river through your home.  There may a cut-off valve to each sink if it works and if that’s where the leak is coming from. Your home may have a master cut-off valve but if you haven't used it before, you might not know where it is. The last resort is to cut off all the water to your house at the meter. In most cases, you'll need a key to get into the meter.  With water starting to rise in your home, concern over the damage being done may add to your anxieties.  You don’t have time to call a plumber or even go the store to buy a water meter key. Emergencies are handled much better when you plan for them in advance and practice, even though you hope you’ll never need it. 1. Determine what kind of key you need to open your water meter. 2. Purchase it at the home improvement or hardware store. 3. Practice opening the meter to ...

Check out this property:  Price reduced to $221,900  HURRY!  It won't last! Watch the Video Tour See the MLS listing ------------------------------------------------------------------ If you are interested in BUYING this home, contact me to get pre-approved for a mortgage loan and schedule a showing. If you want to SELL your home, contact me to find out how much you can get in today's market.  Give me a call at (404) 857-2508! ------------------------------------------------------------------------------------------------- Natasha Liburd Bazile  is a Realtor with Keller Williams Atlanta Partners and the Lead Home Stager with Heart of Decor  in Georgia (virtual services available). She prides herself in being a guide to her clients and finds fulfillment in helping them achieve their goals. Direct Phone: (404) 857-2508  www.SoldbyNat.com -  Email - Facebook - Twitter - YouTube