Tag Archives: #tips

Real Estate Investing w/ Alex Deacon (Podcast): How To Be The Winning Bid

DHREA 05/08/2019

In this episode of Real Estate Investing w/ Alex Deacon, Alex delivers valuable tips on how to “be the winning bid”! 

What strategy, tools, and finances will best position you to be the winning bid? From alternative financing to cash on hand, The Deacon of Real Estate discusses some of the better practices to help you win almost every time!

Network with nearly 700 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!

Analyze a Buy and Hold Property. Its not all about the numbers.

Saturday, Aug 10, 2019, 10:00 AM

Hampton Inn Bridgeville
150 Old Pond Rd Bridgeville, pa

21 Members Attending

This workshop is one of the most important sessions if you want to learn how to analyze deals for buy and hold. Its not all about the ROI. There are many other factors to consider when you have a long term strategy. We will go into detail and look at various scenarios and different property styles and types. From an A area single family property to…

Check out this Meetup →

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
168 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

Red Tree Mortgage: https://www.redtreemtg.com/

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Real Estate Investing w/ Alex Deacon (Podcast): Home Inspection Tips for Flips

DHREA 20/06/2019

In this episode of Real Estate Investing w/ Alex Deacon, “The Deacon of Real Estate” reminds you of the little details you may miss when looking for your next flip, and what home inspections are essential.

Alex details some of his personal faux pas to use as reference points, and reminds you to look through a buyer’s or home inspectors eyes. Sometimes the little details can be the most costly in the end.

Network with nearly 700 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
687 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
157 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

Red Tree Mortgage: https://www.redtreemtg.com/

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Tara Mortgage Services Featured Blog: Mistakes to Avoid as a First-Time Homeowner

DHREA 15/05/2019
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(Each week we feature a blog from one of our fantastic affiliates, Tara Mortgage Services!)

Buying your first home is a thrill. Browsing homes online, daydreaming when driving through neighborhoods, and creating a Pinterest board to save remodeling ideas is great fun. But don’t let the excitement of buying your first home cause you to make silly mistakes.

Here are the most common and avoidable missteps for first-time homebuyers.

1. Falling in love with a home before applying for a home loan

Many first-time buyers start by looking for a home before applying for a mortgage. What happens if you actually find a home you want to buy? Without pre-approval, you have no way to make an offer on your dream home. Instead, start by applying for a home loan. That way you’ll know how much you can afford as well as have a letter of approval showing that you are a qualified buyer. 

2. Going over on your budget

A little bit here and there may not cause too much harm. But going over your homebuying budget can eventually cost you your home if you’re unable to make payments. In other words, just because you were approved for a $300k home loan may not mean that you can afford the monthly payment.

Instead, consider the required monthly payment as well as how much you qualify for. Make sure that you can comfortably make the monthly mortgage payment and avoid the temptation of buying more than you can afford.

3. Rushing to move

Buying a home in 2019 is much faster than it was two years ago thanks to digital convenience, but the actual process of moving still takes time. Rushing to move could cause cost you –and the last thing you want to do is charge up your credit card or tap into your savings to cover a rushed relocation.

Instead, plan well ahead of time to save up for your downpayment, extra for buying appliances and furniture, packing supplies, a moving company or truck rental, and other “surprise” expenses for moving.

4. Being casual with credit use

One of the first things we do when you apply for a home loan is pull your credit. However, many first time homebuyers don’t realize that it’ll get pulled out again just before closing to make sure that nothing has changed. If significant changes are found, then your approval status could also change!

Instead, attempt to keep your credit the same or, if possible, improve it. Try to keep existing balances down to about 30 percent of the credit limit and make your payments on time. You also want to avoid opening new credit cards and keep your credit rotating on the ones you currently have.

5. False believe a 20 percent down payment is necessary

You don’t NEED a 20 percent down payment to buy a home. You can buy a home with 0-3 percent down. The advantage of having a 20 percent down payment is that you can avoid the cost of private mortgage insurance (a requirement if you put less than 20 percent). However, many home loan programs allow for little down, so there is no need to spend years saving for a large downpayment.

Instead, consider an FHA loan. It requires only 3.5 percent down or sometimes even zero down. If you’re a veteran or qualify for a USDA loan, there are even more perks! VA loans are for active-duty and veteran military service members as well as for their spouses. They don’t require a down payment, but a funding fee is sometimes necessary. USDA loans are meant for moderate- to low-income borrowers that want to buy homes in rural areas. There are specific eligibility requirements and some qualify for zero down.

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
144 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

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Buying a starter home? Here’s what you need to know!

DHREA 28/11/2018

Many first-time homebuyers, especially in competitive markets, end up in starter homes as a part of their first foray into the real estate market.

The idea of a “starter home” goes back to World War II. After veterans completed their service, they returned home and took advantage of a provision in the G.I. Bill that guaranteed them affordable mortgages. The increased demand caused a housing boom, specifically for smaller, low-cost homes where the veterans could start their families.

Historically, these properties tend to be smaller in size than one might expect from a single-family unit, but the idea behind them is two-fold: these smaller properties help introduce individuals to the responsibilities of homeownership, while also serving as a launching pad– something to help a homeowner build equity before eventually moving on to a bigger and better property.

What to look for in a starter home

If you think you might be in the market for a starter property, here are some features you’ll want to keep in mind:

Affordability

Since this is your first time worrying about a mortgage payment, you might not be able to borrow as much, or you may not feel comfortable doing so. As the buyer, you’ll want to ask your lender to work up closing costs for you until you feel confident that you’ll be able to confidently make your payment each month.

Size

Starter homes tend to be much smaller than other homes on the market, both to keep costs down and upkeep manageable. As you look at homes, think seriously about how much space you truly need. Often, just one extra bedroom is more than enough room for first-time buyers.

Upkeep

Townhomes and condos are particularly popular options as first-time homes because they allow buyers to experience a lot of the positive aspects of homeownership without too much responsibility.

If you’re in the market for a living situation where much of the home maintenance is taken care of for you, a condo or townhome may be a good option. Just be sure to research the specific services that each community offers, as well as any associated fees.

Resale value / income potential

Since starter homes tend to be more of a stepping stone than a permanent solution, many first-time buyers go into to the purchase with a vague idea of what will happen once they outgrow this phase of their lives. Whether you’d rather sell the property or keep it and rent it out for passive income, the ability to attract future interest is key. For this reason, most starter homes are located in popular neighborhoods, with easy access to amenities like restaurants, bars, and public transportation options.

Should you buy a starter home?

While, ultimately, only you can decide whether or not now is the right time for you to join the real estate market, here are a few signs that you might just be ready to take the jump into first-time homebuying:

You’re financially stable

Even though starter home values are lower, you should still have a stable income, a handle on your debt and credit rating, and some amount of savings to put towards a downpayment. Additionally, you feel comfortable with the idea of being able to handle a monthly mortgage payment, as well as any unforeseen maintenance expenses that could crop up.

You’re settled (for now)

Even though your starter home probably won’t end up being your forever home, it’s still much more permanent than simply signing a year-long lease. Before you get your heart set on buying, you should double-check to make sure that you feel comfortable maintaining your life- your job, social circle, and surrounding area – as-is for the foreseeable future.

…But not too settled

These days, people are starting their path to homeownership later in life. If you’re in a place where you’re almost ready to start a family and you have a decent income, it may make more sense for you to keep saving and skip the starter home in favor of a larger property that will allow you and your family to grow as needed.

You’re willing to compromise

Too often, buyers are surprised to find that their starter home budget isn’t nearly enough to get everything on their wishlist.

Homeownership, especially in the first-time home bracket, is bound to come with a certain degree of compromise. Ideally, when you’re ready to make a purchase, you’ll be able to focus on foundational details like the home’s location and square footage rather than aesthetics. Those surface projects can often be changed to your tastes over time as you settle in.

This article originally appeared on OpenListings.

 

We’re almost at 600! Join Alex Deacon’s real estate networking workshop group today, and connect with nearly 600 other real estate professionals. You’ll also be the first to receive updates on Alex’s monthly workshops!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
589 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 →

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

 

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Last Minute Winterization Tips!

DHREA 19/11/2018

There are two kinds of home winterization tips. The first variety often involves spending a load of money to upgrade your energy efficiency. While definitely worthwhile and timely, these fixes can still be very costly (think adding insulation, getting a new energy efficient furnace, energy efficient windows, etc.).

The other variety of home winterizing tips focus on the things that you can do on a weekend afternoon for very little money (or free) with a little bit of elbow grease. The cost savings of doing such work generally comes in the form of preventing costly fix-it repairs that come from neglect. Since the weather in the Steel City will probably fluctuate for the next 3 or 4 months, take advantage of one of the more temperate days we have coming and keep your home warm for the rest of winter!

Clean Out Your Gutters

Gutters that are dammed up with leaves can result in ice dams, which can lead to all kinds of costly outdoor repairs (damaged shingles, roof leaks, broken gutters, etc). Additionally, if your gutters are clogged up, water could be falling right next to your foundation and leads to possible flooding in the basement.

Drain Your External Faucets

Water that is sitting in pipes that lead to outside faucets can freeze and burst, ultimately flooding your basement and leading to possible water damage and mold problems. Simply close off the interior faucet valves by turning them clockwise all the way to the right. Then go outside and make sure that every last drop has come out of the faucet.

Caulk

Search for drafts around windows and doors on a cold windy day. Place a tissue paper over the suspected draft area. If the paper flutters, you’ve probably located the draft. For drafts under doors, you may have to buy a rubber draft stopper to place at the bottom of the door.

Repair Your Shingles

If you have cracked, missing, or otherwise damaged shingles, have them replaced immediately so that you don’t get roof leaks. Strong winds, falling tree limbs, and sun weathering can all lead to damaged shingles. You might as well check them out while you’re up on your roof cleaning out your gutters.

Flush Your Hot Water Heater

You can flush a hot water heater any time of year, but you might as well throw it in with the other maintenance work you’ll be doing since you really only need to do it about once a year. If you don’t, sediment can build up at the bottom of your water heater and cause it to lose efficiency or even leak.

Simply take one of your water hoses and fasten it to the water faucet at the bottom of your water heater. Turn off the water heater so that you don’t get burned by hot water accidentally. Run the hose outdoors, preferably, but if you can’t do that, then a laundry tub should be sufficient. Open the valve and let the water drain out completely, rinsing out the sediment with it.

 

 

 

Join nearly 600 other real estate professionals in Alex Deacon’s Real Estate Networking Workshop group on MeetUp.com! Click below!

Alex Deacon Real Estate Networking Workshops

Carnegie, PA
588 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 →

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

 

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