With interest rates hitting record lows, you’ve likely heard that now is a good time to refinance. Although refinancing could be a good idea in some cases, it is important to understand why refinancing
is a bad idea for some.
Instead of highlighting only the positives of refinancing, we will also explore the drawbacks of refinancing. Here’s what you need to know before you decide to move forward with refinancing.
Refinancing a loan is when you take out a new loan to pay off an existing loan. The goal of refinancing is to secure a loan with better terms. …
As you explore your mortgage options, an FHA loan may be at the top of your list. With low credit requirements and minimal down payment options, the FHA loan can be an attractive loan for any homebuyer. But is it a good idea to get an FHA loan?
We will explore whether or not it is a good idea to get an FHA loan. Once you have a better understanding of the pros and cons, you’ll be able to decide for yourself if an FHA loan is right for your home buying needs.
So, is it a good idea to…
If you have rental properties that are producing an income, that income will need to be reported to the IRS. If you are wondering what happens if you don’t report rental income to the IRS, there would be significant consequences.
We will explore the consequences of not reporting rental income to the IRS. However, the easiest solution to avoid major issues is to simply report your rental income.
Rental income is taxed as ordinary income . With that, the amount you owe in taxes will depend on the marginal tax bracket that you fall into.
However, there are legal ways…
As you dive into real estate investing, you’ll find that there are many types of properties on the market. A few of the listings you might encounter include pre-foreclosure and foreclosure listings.
Although the two types of listing may seem extremely similar, there are significant differences that set them apart. Let’s take a closer look at the difference between pre-foreclosure and foreclosure properties.
First things first, it’s important to understand what a foreclosure property is. Let’s say a borrower took out a mortgage for their home purchase. Unfortunately, they were unable to keep up with the mortgage payments. After a…
Let’s take a closer look at everything you need to know about a hoarder house.
First, let’s define what a hoarder house is.
Although most homes have a fair amount of clutter, hoarder houses have more than a single layer of superficial clutter. Instead, the house has years of accumulated items that have slowly grown to unmanageable heights over time.
Often, you’ll find that these hoarder homes are stacked to the ceiling with piles of clutter. Typically,
there is barely a pathway to scoot from room to room. …
As you start the journey into real estate investment, it is important that you learn the language of landlordology. Without a clear understanding of the terms, it is easy to get confused in the world of real estate quickly.
Luckily, we have the complete guide to landlordology with all of the basic real estate investing terms you need to know. Let’s take a closer look.
If you want to succeed at real estate investing, it can be helpful to understand landlordology. Here are the terms you need to know.
Cap rate is provided by a formula that real estate investors…
A better understanding of the cashflow quadrant can help you achieve financial success. As you are working to build a solid financial foundation, the cashflow quadrant can help you set up your income in the most productive ways.
Here’s what you need to know about the cashflow quadrant.
The cashflow quadrant is a concept that Robert Kiyosaki shared in his book Cashflow Quadrant: Guide to Financial Freedom . The quadrant is a table divided into four corners. Let’s take a look below:
A concept of the cashflow quadrant is a guide to maximize your cashflow success. The cashflow quadrant is…
Rental units can be a great way to build an income stream. You’ll find that rental income is typically less active than a day job. But it will still require some planning and effort to get the ball rolling.
As you start to build your real estate portfolio, it is important to understand exactly what rental income is and how it can affect your finances. Here’s what you need to know.
According to the IRS , rental income is any income that you receive for the use or occupation of property. …
As you start to consider your financial future, it is critically important to think about your retirement savings . When you take action to boost your retirement savings today, you can breathe easier in the future.
We will take a closer look at the importance of retirement savings and how you can get started today.
Before we dive into the vehicles that can supercharge your retirement savings, consider why you should save for retirement. The most obvious answer is that most of us don’t want to work forever.
Even if you would like to work forever, many are unable to…
Buying a home can be a significant financial step — but what if you could get a house without paying for it? Although it may be difficult to believe, house hacking can turn your goal of living for free into reality.
But how can you live for free in your own home? You’ll need to get creative with a house hacking strategy that fits into your dream of living for free. Let’s take a closer look at how you can live for free on your way to reaching your financial goals!
When you are considering a real estate purchase, you…