My Blog

MOST INDIVIDUALS DO NOT KNOW THAT THE $700 TO $1,000 A MONTH THEY ARE PAYING IN RENT EACH MONTH THEY COULD BE PAYING THAT SAME AMOUNT IF NOT LESS TOWARDS THEIR OWN MORTGAGE. ONE OF OUR GOALS AS A REAL ESTATE COMPANY IS TO EDUCATE INDIVIDUALS ON LOOKING AT REAL ESTATE AS A LONG TERM INVESTMENT. RIGHT NOW YOU COULD PURCHASE A HOME OR CONDO IN LAS VEGAS NEVADA FOR $110,000. YOUR DOWN PAYMENT BEING 3.5% PLUS CLOSING COSTS WHICH WHEN ESTIMATED SHOULD BE $6,000. YOUR MONTHLY PAYMENT ON A LOAN AMOUNT OF $106.150, WHICH IS WHAT YOUR LOAN AMOUNT WILL BE MINUS THE DOWN PAYMENT , WOULD BE $703.01. THIS MONTHLY PAYMENT INCLUDES YOUR TAXES, INSURANCE AND PMI. PMI BEING AN INSURANCE YOU WILL PAY WHEN YOU DO NOT PUT 20% ON THE LOAN. RIGHT NOW IN LAS VEGAS DUE TO THE DROP IN HOUSING PRICES YOU COULD FIND MORE HOMES FOR THIS PRICE RANGE THAN YOU COULD TOWNHOMES OR CONDOS. THESE HOMES RANGE IN SQAURE FOOTAGE FROM 1,100 TO 2,300 AND ARE MOSTLY 3BDRM 2BA WITH THE LOT SIZES BEING 1700SQFT TO 6000SQFT. THE CONDO AND TOWNHOMES RANGE IN SQAURE FOOTAGE FROM 1,000 TO 2,100 WITH MOST BEING 2BDRM AND 2BA AND OF COURSE NO LOT SIZE. YOUR FIRST STEP IN PURCHASING YOUR HOME SHOULD BE TO SIT DOWN AND DO AN INCOME AND EXPENSE WORKSHEET THIS WILL GIVE YOU AN IDEA OF WHAT YOU HAVE EACH MONTH TO PAY FOR YOUR MORTGAGE. KEEP THIS IN MIND AFTER YOU HAVE COMPLETED AN INCOME AND EXPENSE WORKSHEET , THE MOST YOU WILL WANT TO BUDGET FOR A MORTGAGE PAYMENT IS 31% OF YOUR GROSS INCOME. SO IF YOU ARE MAKING $3,200 GROSS PER MONTH THAN YOUR MONTHLY MORTGAGE PAYMENT SHOULD NOT BE MORE THAN $992.00. AS YOU CAN SEE IN TODAY’S MARKET THE RENT YOU PAY OUT IS COMPARABLE TO IF NOT MORE THAN WHAT YOU WOULD BE PAYING TOWARDS A MORTGAGE.