Real Estate

I got a job that pays really well. I have a company car, a gas card and I don’t do anything physical, but I hate the type of people I have to work with. I hate getting up in morning and driving home after work (Traffic) I spoke to my g/f about this. She has a 3year old and a 7year old child. She lives in another city about a 45 min drive. Her home is about 3000sf and is in a new neighborhood and home (2007). Her job sends her away for days at time, she loves her job and she makes a thrid more monies then i do and I make damn good money. We talk about her selling her home, move in with me. My home is half the size of hers and it’s an older house in an older nieighborhood. (Not in a bad way the homes were built in the 70’s) my backyard is twice the size of hers. I want to stop working and be a stay at home dad. Plus I want to start buying up homes in the historical district. I have an opportunity to buy one now. If she sales her home we would have the money to do this (Her home is worth almost twice as mine). I want to stop working and stay at home with the kids when she goes to work and goes out of town. She is on board… with some reservations. She’ll be losing her first home and taking a chance in the realestate game. She loves the idea of me staying home with the kids, because it cuts down on daycare and all the after school things that kids have. If I keep my job and keep my income we would be really well off, but her income alone is more then 6 X the average income. I really hate my job and I want to do this. My question is; would you do this? What are things you would be asking yourself ? (NOTE: This is an adult question.)
I like to add the investment income from the homes would bring money in and keep me busy without leaving the kids alone.
SHAYAN FC; I will have income when I start buying homes. I have a home that I am buying, the wheels are in motion as we speak. Would you give this advice if I were a women?
The home I have is more then enough room and the kids could careless about which school they go too. You are with me on this other wise. Thank you.

if you are totally commited to each other you could go ahead with some sort of plans like this. why cant you live in her home if you give up work? it sounds more comfortable and the kids could stay at their school etc. also it sounds like you could live off her income if you stay home. the kids would benefit heaps from you being there for them so its a great idea . dont be trying to get rich. having a nice house and cared for kids is enough for a VERY happy life

My husband and I move to Ft Myers, Florida 2 years ago (the height of the realestate boom) as he had a government contract here. The contract will be completed in August 2008 and he is scheduled to start working with another group in another city. I’m afraid that we won’t be able to sell our home due to all the short sales, foreclosures, and bankruptcies. We have no equity in our home as we moved at the height of the the realestate boom – and home of our current size are selling for $100,000 less than what we paid.

My questions are as follows:
Should we list the home and give incentives (like offer $20,000 in cash at signing)?
or
Should we try to deed the home back to the lender? (Is this actually possible?)
or
Should we foreclose on the home?
My husbands new employers have offered numerious times to co-sign on any loans we may need – if our credit is adversely affected (and it most definetly will be affected) by this foreclosure.

Thank you for your thoughts.

You will obviously be best off if you can sell it. You could work with your bank on a possible short sale if needed. This is where they take less of a payoff than what is currently owed. You need to work this out with them prior to accepting a contract as you could get into a real mess requiring you to sell and having to come up with the difference at closing in order to pay off the lender if they didn’t agree to a short payoff. Most Lenders would rather do that than go through a foreclosure process especially with the current market conditions. If that didn’t pan out the next best option for your credit would be to offer the bank the deed in lieu of foreclosure. Good Luck!

interested in buying another house but afraid that my other house wont sell before i close on the other one. i cant afford 2 mortgages, yet it seems people do this all the time. how do they do that?

Better idea is to get a bridge loan from your lender. Anyone who will buy the house under the conditions you are stating will offer you a very low amount. Real Estate people will be very happy fo offer you 50% of what the house is worth and then flip it at a higher price to someone.

I recently finished college with an associates degree, and currently I work at Amphenol in Sidney, For about 2yrs I have wanted to step into the realestate field and now I just need to know the best way to get started.

i took my test ( i have a high school education) i passed it first time..and have a license…i think you could get abrokers license but you should just ask dept or real estate in your state…i studied my test at home with a video tape ..i wathced it over and over and over again and when i wen to take my test…i knew 95% of the answers including the math..the way the tape was presented to me was.."if you watch a movie once..and someone askeds you ?"wahat did theat guy say about the bomb"? you might not remember..but if you saw the same movie about 20 times in a row.., you would be able to quote the actor..word for word! its all reptiton and that s how i got my license good luck on getting yours..then just join a real estate office and your in like flyn…

we have about 30,000 in CC debt ( all collections ) we were told by a debt solutions co. to stop payments on out CC. and they would help us cut that debt in half. we ended up paying them 3,000 and only paid off one CC. and didnt get nowhere. We would always try to pay off all our credit cards when we would get the statement. Then my husbands job started goen downhill. he is in realestate.He went from making 100,000 a yr.. to making about 10,000. this yr. he has made nothing in realestate and got another job about a yr. ago making 23,000. so our income decreased drastically. well we now have two kids and no way of paying all of that debt. due to the fact that my husbands checks dont even cover our bills… My husband is being sued ( did get a summons ) from one of the CC. and we are afraid since we dont know what to expect. We have no money to pay they need 8,000 and they would only settle for 7,500 in two payments. will they garnish his wages?what will happen,if we cant pay this? jail?
just want to add that, these 30,000 include some medical collections, when i didnt have insurance.. also dont want people to think that we would go crazy shopping with CC. we would have to most of our bills with CC because there were months here was no money cming in so that is what blew the CC up so high…

If you live in the US, which I am assuming you do, you cannot be jailed for debt. You need to talk to an attorney about bankrupcy. It may cost a little but in the long run you will end up better off.

I’m in the process of trying to start a small DJ company called "Sheba Rocks". Well, that’s one of the names I’m looking at. And it will be a group of female DJ’s in the Washington D.C., Northern VA area. But I want to open up a studio in the Northern VA area for recording and to house the business. What should I do? Where should I start?

I don’t know who to contact about a small business loan (much less if I even qualify with my low credit score and I don’t know how to acquire the equipment and realestate I will need to get things going.

You can get a lot of good information from the Small Business Administration. I recently discovered that they have on-line tutorials about small business management.

I don’t know if they still do it, but at one time I attended an Entraprenerial semimar that included lecture, handouts, and a workbook. We gathered in an Adult Education facility and had mock business startups. We would divide the classroom into teams.

We would be assigned a type of business and how we would promote it; location, advertising, funding, ext. Along with that we studied the form for a business plan. If I remember correctly, it was a standard format that would be like a blueprint of projected profit and loss that you would take to a lending institution.

Remember, the first two years will be the hardest; many small businesses run on a shoestring budget. The thing I remember most, is that you will need a " just in case ‘ account.

If equipment breaks early on, that will be an unforseen expense that you will have to replace to stay in business, for example.

I would also recommend surfing the net for other business tutorials that cover basic business topics. I am currently registered with a free accounting course that can be found at www.dwmbeancounter.com.

There is a part of the course that explains types of business partnerships. Perhaps, you could piggyback on someone elses good credit is yours is lower, to get the initial start-up loan.

Good luck, I wish you the best.

I am really wanting to learn the field of realestate and need some information due to I have no experience in this field.

i believe you just study and have to take some classes. i think you can even take the classes over the internet. they are also really short. then just take i test. it is fairly easy to become one, but its hard to be good and successful at it.

I am doing a business card for a client. Do I put the equal housing opportunity logo? My client says she needs the Fair Housing logo… Isn’t that the same thing. She say the equal housing opportunity logo is for equal opportunity for people. I say that equal opportunity not equal housing opportunity….. I need to send these cards off. Please any realestate agent or anyone who knows reply… Thanks

You are right. Go to National Association of Realtors website and look at the logos. The picture of a little house with the writing on them. Make sure you don’t use the one for mortgages.

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Coldwell Banker: Phil Mathyer Real Estate – Bradford PA

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