Blog

Tara Mortgage Services Featured Blog: “Getting a Home Improvement Loan: Scenario by Scenario”

DHREA 01/05/2019
This image has an empty alt attribute; its file name is download.jpg

(Every week we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

Home improvement loans can be used for minor upgrades or major repairs or even complete remodels. Everything from replacing old plumbing to making your home more energy efficient are great reasons to consider a home improvement loan. With much better rates than a credit card and more options for repayment, homeowners just like you are discovering how easy it is to make those necessary home improvements.

Speaking of options, you have quite a few and there are some that are better than others depending on the situation.

For a clearer picture of which home improvement loan is right for you, please contact Tara Mortgage Services!

Home Improvement Loans by Scenario

Little or No Equity Scenarios

If you’re doing minor repairs: An unsecured loan would be your only option. An unsecured loan means that your home is not used as collateral. Since you have little to no equity AND the repairs would not increase the value of your property, there is essentially nothing to use as collateral.

While not the best scenario to be in, we understand that there are circumstances that require getting a home improvement loan. Despite having a higher interest rate than other home loans, it’s often a more attractive option than putting it on a credit card.

If you’re doing major repairs remodeling: A few options in this scenario. If your current mortgage rate is low, consider a second mortgage. In this case, you keep your current low-interest home loan. However, if your current home loan has a higher rate than what is now available to you, refinancing your loan under a renovation loan or a cash-out refi would be the way to go.

In the latter scenario, we would need an itemized repair and remodel plan so that we could better assess the “after-improvements value” of your home. Both of the loans mentioned above have lower interest rates than an unsecured home loan, but remember to still include closing costs.

Significant Amount of Equity Scenario

If you’re doing minor updates: Consider getting an unsecured loan or even a line of credit if you’re in this situation. With a loan this small, it’s often better to use the option that has low or no closing costs. Another benefit of a home equity line of credit (HELOC) is that you can reuse it if needed.

If you have major updates or remodeling: In this scenario, you’re eligible for several different home improvement loans. A HELOC, a second mortgage, or a cash-out refinance are ones to consider. Ultimately, what will determine the best option is your particular financial situation or the desired goal. For example, if you want to keep your current interest rate, get a HELOC or second mortgage.

While they have higher interest rates on these, you’ll save on closing costs. However, if you prefer cash flow or can lower your interest rate on your first mortgage, look into a cash-out refinance.

We’ve outlined the basic situations for choosing the right home improvement loans, but there are many more factors to consider. Contact Tara Mortgage Services today for a no-obligation consultation with a mortgage professional.  We look forward to helping you!

Network with over 650 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
670 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
140 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Read More

🎙🔥 Get caught up on all of Deacon Hoover Real Estate Advisors’ podcasts! 🔥🎙

DHREA 25/04/2019


Click below to get caught up on over 45 HOURS of FREE learning content in our podcast series! You can also search for these great listens on Apple Podcasts, Google Play Podcasts, Stitcher, Spreaker, and many more! Just search the show title!

Network with over 650 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
668 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
138 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com


Read More

Tara Mortgage Services Featured Blog: Considering Investing in Real Estate? Here are Five Tips to Know

DHREA 23/04/2019
This image has an empty alt attribute; its file name is download.jpg

(Every week we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

What’s the ultimate form of income? Passive income! And that typically comes in the form of investments. While there are many options, from stocks to funding start-ups, one of the most reliable investments in terms of return lies in real estate.

When purchasing an investment property, there are generally two intentions: either you plan to rent it or you plan to resell it. Both are great options and have the potential for earning a significant amount. In fact, many first time buyers are choosing an investment property before they buy their first home!

But investment properties aren’t without challenges or risks. Here are some things to consider before buying an investment property:

Decide What Type of Investor You Are

Decide if you are more of a “flip and resell” or landlord-type investor. Flip and resell is attractive because the payout occurs as soon as you sell the property. With renting, however, you have the benefit of building equity, the rent will pay off your loan, and you’ll enjoy “passive income” as long as you own the property.

Both options require time and money in addition to what you are paying for the property.

Do Your Research

Find out information about comparable investment properties in the area. If you plan on reselling, how is the market in the area? If the property requires upgrades or repairs, will the cost of repairs still allow for a profit considering the price of the comparables?

If you plan on renting it, does the property have curb appeal and is it located in an area where rental properties are in demand? You’ll also want to research property managers unless you plan on managing the property yourself.

Calculate Your Expenses and Profit

Along with doing your research and well before you purchase an investment property, you’ll want to take an honest look at what your expenses and potential profit could be. Being analytical about this part will help prevent making decisions based solely on emotions or “hunches.” Although the profits are certainly exciting, the risk is also high so it’s best not to romanticize investment property ownership.

Secure Your Downpayment

Unlike primary residences where 0-3% down is possible (depending on the loan program — call us for more details), investment properties require 20% down. If you’re thinking about buying an apartment complex, then you can see how this can be quite a big investment from the start. Remember that your 20% down does not take into account what you need to make upgrades or repairs. That’s why many investors take on partners. Which brings us to our next point —

Choose Your Partners Carefully!

Investing in an income property with a partner can go very well and be profitable but it can also go bad if the partnership sours. When partnering with friends or family, be careful not to blur the lines between relationship and real estate partnership. Make sure that all aspects are spelled out in a formal contract and consult legal advice before making decisions that could negatively impact the partnership.

There’s so much more to buying an investment property, more than we can share in this article. If you’re looking into buying a second home or possibly a multi-family home for profit, please contact us for guidance. It’s obligation free and the right place to start your investment opportunity.

Network with over 650 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
668 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
137 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Read More

🎈NEW LISTING! FANTASTIC INVESTMENT/STARTER OPPORTUNITY!🎈

DHREA 19/04/2019

Beautiful brick home in Sheraden! Nicely updated and well maintained. Nearly 2000 square feet! Three floors, and huge rooms for plenty of space. The first floor carries a half bath and laundry. Off-street parking in the rear. Taxes on this property are only $600 a year! Centrally located. Only a 10-minute drive into downtown and 5-minute walk to the west busway!

Currently has tenants renting for $850 a month. 2954 Zephyr is a great addition to any portfolio, or perfect for a starter home!

Contact Jeremy Taggart Real Estate for more deails, or to set up a showing!

Click this link for full property details, and check out the slideshow below!

Network with over 650 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
668 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
137 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Read More

Realtor Nation w/ Ian Hoover (#Podcast): Sit Down Interview w/ Ian Hoover, Co-Owner & Broker of Record at Deacon Hoover Real Estate Advisors!

DHREA 16/04/2019

In this episode of The Realtor Nation, we turn the tables and put host Ian Hoover in the hot seat! Ian discusses what led him to real estate, his goals, the importance of planning, and much, much more. Don’t miss this special episode!

Network with over 650 Real Estate Investors! Join Alex Deacon’s Real Estate Networking Group on MeetUp.com, and be one of the first to receive updates on upcoming events!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
668 Members

Learn investing from a local expert with a vast amount of experience in the Pittsburgh market. Alex started investing in 1993. We will review hands on examples, analysis, and …

Check out this Meetup Group →

Join Alex Deacon’s fast-growing Pittsburgh Landlord Group on MeetUp.com! Connect with other Landlords for monthly seminars with Q & A! Click below!

Pittsburgh Landlord Group

Carnegie, PA
137 Members

This is a great venue for Real estate investors, real estate agents and property managers to expand your knowledge and to help others in the field of being a landlord. We will…

Check out this Meetup Group →

Visit our affiliates!

MACE Property Management: www.PittsburghPropertyManagement.com

Tara Mortgage Services, LLC: www.Tara-MTG.net

HDH Settlement Services, LLC: www.HDHTitle.com

Burkhead Insurance Services: Burkhead.Insure

Bin There Dump That: www.PittsburghDumpsterRental.com

Read More
Call Now Button