My New Blog

Now is the time

For first time home buyers...

Now is a time to buy bank owned property...Sellers are eager and rates are still ok.

Look at inflation. Despite official figure you and I know …everything I use is costing more. Especially in north east. If our local own inflation is way off than national average what do you do?

I think having a home with fix monthly payment will have positive impact on your future inflation squeeze…

This is like your own personal remedy…Good luck protecting your self from Arab sheikhs (on gas and heating exp.) and skyrocketing health expense…

For investors...

Now is a time to put your ducks in order.

Where do you think this monumental money supply end up? I think in real estate.

Costs are escalating all over the world. You know in your own backyard fixing and constructing a home cost more money. This is the best chance to buy … in this market.

Move-up buyers

Now is a time to squeeze out extra value from builder inventory...or get a great deal from a desperate seller.

We all know costs are going up. Ask the builders who are sitting on finished homes. Can they again build it at same cost? Except where land values are dropping …New homes are going to cost more…Grab that deal. You will be sorry if you do not grab this.

I have seen hundreds of cases where borrowers are asset rich and cash poor. Many in foreclosure and being locked out of their own hard earned equity. Remember cash is King.

Best way to handle is discuss freely with every one involved and not to take any matter personally.

Here are some ideas.

I was hoping to come up with 101 ideas. I was short...Please send me more. These are not in priority order...I just wrote it as they come to my mind.

Email me: dj@realpronetwork.com

Or dj@aqmtg.com

101 Ideas for not missing a mortgage payment.

1) Keep a reserve account

2) Share the place reduces your cash burden. (Have a Memorandum Of Understanding ahead of the time with your renter. )

3) Create an in law to help you pay mortgage. If you have grand parents they may help you baby-sit too.

4) Finish the basement and rent it.

5) Refinance the mortgage take the cash out to support your cashflow.

6) Payoff early by sending extra payments when you have any extra income.Best mortgage is no mortgage.

7) Use your Christmas or a rainy day reserve.

8) Call your church group if they can help you make a mortgage payment. They can at least point you to right direction.

9) Call your city or town government see if they have any emergency funds that can help.

10) Worry about it on the first of the month. Do not wait until 15^th.even with your grace period. You will feel the pinch ahead of the time to preserve your credit.

11) Have it ready and pay early so if your check bounces for some reason you still make a payment in time.

12) Borrow from your mother, father, brother, sister, uncle or grand parents.

Just for only this reason have a good working relation with them

13) Borrow from your work or against the bonus.

14) Borrow against IRA account.

15) Make contingency plan when you do not need cash. That way you are ahead of problem.

16) Make up a neighborhood club to help each other.

17) Sell the property quickly.

18) Find an equity partner. This is by far the best option if you are going to be in a foreclosure. Make that payment on time.

19) Call your bank/lender well in advance. Some allow skipping a payment. Call ahead of the time.

20) Call your mortgage broker at least 2 months before you are in cash trouble.

21) Take a second, third or a weekend job.

22) Call your state house to see how they can help you or point to the right direction.

23) Borrow from your kid’s trust fund.

24) Convert your home in to two families home. Ask your town.

25) Rent your home out and move to smaller cheaper apartment. These can really work if you are not using school system for some time.

26) Move back with your parents or family members. Rent your place.

27) Have a foster kid in your family. Ask your local government. Most of the time they are looking for help. They pay well. Cash will help you with your situation.

28) Start doing babysitting. ( If you do not have a regular job or if you are home bound.)

29) Take a tutoring job.

30) Take a translation job, if you know multiple languages. You can do it from home.

31) Take an online job.

32) Take a self guided lesson in cooking. You can reduce your weekly grocery cost. (Our inflation rate is low because of substitution and choice in our food shopping.) Exercise this choice. Challenge your self.

Can you live on$ 120/week in grocery? 80/ week? 50/week?

Any body with shopping idea? What kind of grocery and cooking mix is the cheapest? Fast food is cheapest? (Watch out for nutrition and junk food in your choices).

Cheap does not have to be lacking in nutrition.

33) Stop eating in restaurant. It saves cash.

34) Plan out your trips. Save gas.

35) Start a car pool. Charge the riders a fee.

36) Start a ride service. (Check out first with your insurance and town laws.)

37) Have a yard sale. Use cash to chip away mortgage balance. Pay down as much as you can.

38) Have a book sale. Get rid of extra books.

39) Go on e-bay and sell all the extra stuff on line. Cash it.

40) Buy used stuff. Do not pay top $. Even if you are financially ok. Save money and pay down your mortgage balance. You will save thousands in future interest expense (built in to your mortgage note). You can pay off this closed end loans 5-10 to 15 years early. Save hundreds of thousand in monthly interest expense.

Call us. We will be glad to help.

41) If you have a renter, boarder or a roommate collect entire year in advance. Give him or her discount to encourage. You can pay that off in principal payment and save thousands on compounding interest charges.

42) Take a job out of country. Rents are probably cheaper or your employer may pay for room and board. Rent your place pay in if you get anything extra.

43) Have a credit line ready. Use it if you have to pay in time.

44) Use your renter to finish your basement and give free rent in return.

45) Borrow from your work against future pay.

46) Break in to that piggy bank and pay in time.

47) If you have credit card line do not borrow cash. Charge it for some one (a friend or a family member) who need to buy a merchandise or a furniture. Collect cash in return to make a mortgage payment on time. You may be able to earn some bonus cash back or free miles from charge card co.

Pay the balance off before it is due. You got a free ride. (Very dangerous game if you do not have a discipline. Have your spouse or vouch it for you and follow up with you.)

48) Get the cash advance if you have to. Charge card co. charges 3%.Very steep. But I would prefer that to being late one time. Once you are late it takes another 12 months to get the favorable interest rate…if you need to refinance.

49) Use 0% initial rate offered by millions of charge card offer. Use them. Pay it off in time. ( You can use 0% to pay off additional principal as long as you can pay it off in lump sum with out incurring 18% interest rate charges.) Another free ride but dangerous one.

50) Do not be cash poor.

I have seen hundreds of cases where borrowers are asset rich and cash poor. Many in foreclosure and being locked out of their own hard earned equity. Remember cash is King and Queen. Spend wisely and keep access to cash at any given moment. Line up a family member promise. Use it just to test out. Be honest and open in your relations. Guard it do not abuse it. If you have few siblings and one them is abusing it…he or she is closing door for you too. Best way to handle is discuss freely with out taking any matter personally.

Best mortgage is no mortgage. (It is different when you are leveraging your home equity for investment. We will save that topic for next time.)

I am hoping to make 101 ideas. Please help. I need more ideas.

Email me: dj@realpronetwork.com

Or dj@aqmtg.com

We can help each other.