🏡Few Tips on Real Estate Investment – #Irvine

Real Estate Investment Guide - via Christina Khandan - IrvineHomeBlog.com

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Investing in real estate can be a great way to boost your income and provide a steady revenue stream. However, as with any investment, there are many pitfalls in the real estate market. You need to do your research before you put your hard-earned money at risk. Keep reading for some great advice.

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1. Always be on time when you set up a meeting with a potential client. This will indicate that you mean business and will show no disrespect to your potential customer. Coming to a meeting late shows that you are unorganized and do not care about your customers, which will cause you to lose them.

2. When you invest in real estate to rent the property, make sure you’re able to get your money back within a reasonable amount of time. If it takes you years to get the money back in rental payments, then it will be hard for you to use the money on anything property related.

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3. When considering a prospective property for investment purposes, try to chose something that will increase in value. Things like properties by water or in business districts could become more important later on. As time goes on, you will get better at estimating how much the value of a property will increase by.

4. Try not to purchase poor properties in real estate. Even if you’re thinking it’s a good price, the property could be stuck with you for quite some time because nobody will want it. You want to purchase properties that will ultimately get you the best return for your money in the shortest amount of time.

5. Make sure that you know how much you can rent the home out for after purchase. This can elevate the property value and also give you plenty of extra money as you collect rent each year. After that, you can then sell the home for the profit you desire.

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6. You never want to dig on a property regarding home improvement because there might be buried lines. It may well be illegal for you to dig, and it can be harmful to the property also.

7. When investing in residential real estate, make sure you know the neighborhood you are buying in. Some neighborhoods offer better resale potential, while others are better for long or short term rentals. By knowing your neighborhood, you can create a smart business plan that nets you the highest potential for future profits.

8. When considering what real estate to purchase, the word “location” should come to mind. However, many people forget to think about all the concerns that are factored into “location.” Find out all the information you can about the neighborhood, such as surrounding home values, crime rates, schools, employment and more.

9. Understand the neighborhood prior to making any purchasing decisions. Location is essential as it pertains to investing, and you also need to know zoning laws. Talking to residents can help you get a handle on the conditions of the neighborhood.

10. Location means everything when you are going to be a real estate investor. If the property location is great, but the home is not, it is still worth more than a nice home in a bad neighborhood. Location is one of the most important aspects of real estate.

11. Never use your emergency reserve fund to invest in real estate. Investing in real estate can involve tying up large amounts of money for a long period of time. Don’t invest in real estate at the expense of daily living.

12. Now that you have read this article, you should have a better understanding of the real estate game. Use the information that you have just read to make sure that you are able to avoid falling into common real estate traps. With this advice, you can realize a big return on your investment.

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🏡Remove Paint and Electronic Waste – #Irvine

Paint and e-Waste - via Christina Khandan - IrvineHomeBlog.com

 

Moving isn’t one of the most enjoyable parts of the home purchase process. I have helped family members and friends during the move and cleanup and know first hand what is involved.

 

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While helping them sell and buy their new homes one thing I have noticed is that seller clients want to leave cans of paint behind for the buyers.
Sellers suggest that the new owners will use the paint for touch-ups and coloring of additional rooms along with future matching. I encourage the buyers I work with to have the paint removed from the home before they take possession because they are never going to use that paint.

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If a seller leaves you cans of paint for the above reasons, You can pickup all paint and electronics and take them to the following location in Irvine:


Waste Management e-Waste WM

City of Irvine Environmental Programs

Irvine has a great recycle center and you don’t even have to leave your car. Just pull up to the location and advise the person of the items in your trunk( kind of like drive-thru). If it’s paint you used for your own purpose then there is no charge. If you are dropping off 25 gallons of leftover paint then they know it’s not for personal use and it was a business ( so be prepared to pay). They don’t just take paint they take hazardous household waste including electronics.

Orange County Hazardous Waste Center Collection

There are four convenient centers located throughout Orange County that accept residential toxic waste. All of the centers are open Tuesday-Saturday 9a.m.-3p.m. and are closed on rainy days and holidays. Note: proof of Orange County residency is required.

Irvine Regional HHW Center Do not place in the trash bin
6411 Oak Canyon (adjacent to the City of Irvine O.S.F.)

Anaheim Regional HHW Center
1071 N. Blue Gum Street

Huntington Beach Regional HHW Center
17121 Nichols Street

San Juan Capistrano Regional HHW Center
32250 La Pata Avenue

For more information on any of the aforementioned centers or materials accepted, please contact Integrated Waste Management directly at (714) 834 – 4000 or by visiting www.oclandfills.com. Click here to download a pdf about HHW from OC Landfills.

 

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🏡 Note to Seller: Cleanup Your #Home


Cleanup your home Prior to Listing for Sales - Christina Khandan via IrvineHomeBlog.com

 

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Many sellers like to leave excess items at the house after they have listed their home for sale. From old furniture to cans of paint to that old rug they don’t want anymore. When buyers come to look at an empty house, they expect to see a home which is actually empty without any leftover baggage.

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At times Buyers could get turned away by clutter which the seller refused to remove, specially if they do not have a good Agents which would explain to them how things work out during the offer process.

As a buyer you need to remember to view a home imagining your furniture and belongings in place, even if the seller did not do a good job cleaning and disposing of their trash.

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During the offer process you as a buyer can and should request for all items not yours to be removed from the property or you can impose a fee to seller for cleanup and removal.

Read more: Staging Your Home

If the seller wants the price you are offering they will be smart enough to clean the house and accept your basic request for disposal of their trash.

 

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🏡Must Have Documents for Your Loan Application – #Irvine

Must Have Documents for your Loan Application

 

It used to be possible to borrow vast amounts of money to buy a home with almost no documentation. But since borrowers who can’t prove their income are more likely to default, the banking industry has become much more careful about who can borrow money-which means even very strong buyers have to supply stacks and stacks of documents to prove they’re worthy.

 

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If you’re applying for a mortgage, you can expect your lender to ask you for most of the items on this list-and perhaps even more if your situation is at all unusual.

1. Tax Returns: The lender wants to be reasonably sure that your paycheck is high enough to allow you to meet the mortgage payments every month. They feel more confident if your salary has been relatively stable for the past few years. That’s why most lenders will ask to see tax returns going back at least two years. If your income has jumped recently, the lender may want additional documentation to assure them that it wasn’t just a one-time windfall, like a bonus that is unlikely to be repeated.

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2. Pay Stubs: The tax returns prove what you income was last year and the year before, but your recent pay stubs tell the lender that you’re still earning the same amount.

3. Other Proof of Income: What if you don’t have pay stubs, or if your pay stubs only tell part of the story? If you’re self employed, receive child support, or have another source of income that isn’t through an employer, expect to provide even more documentation. 1099 forms, copies of checks, and bank statements showing direct deposits all help to show the bank your income is reliable.

4. Employment Letters: A letter from your employer confirming your hire date, current employment status and salary will go a long way toward comforting a nervous lender. This is a fairly standard piece of documentation, and there are plenty of samples online. Employment letters can also explain gaps in employment, such as time off without pay for the birth of a child. Your employer should explain why you took the time off, and verify that your return to work is permanent.

5. Proof of Funds: Now that the lender is reasonably sure you’re gainfully employed, they’ll want to verify that you have the money to cover the down payment and closing costs. They also want to know that you won’t be totally broke after the purchase, and that you have the money to weather a reasonable emergency. Statements from your bank and investment company will usually do the trick. Again, you’ll need statements going back a few months. If you’ve recently received a big check recently, such as a gift from your family to help with a down payment, the lender may require you to supply a letter from the person who gave you the money explaining that it’s a gift and you won’t be required to pay it back.

6. Photo ID: That’s right–the lender wants to make sure you are who you say you are. A copy of your driver’s license is usually sufficient.

These are some of the standard pieces of documentation your lender may require, but they will supply you with a complete list

 

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🏡Retiring with a Mortgage – #Irvine

 Retire with a Mortgage - via Christina Khandan - IrvineHomeBlog.com

I don’t think I will be retiring. I’m sure down the road I will start to cut back on my hours but I have a long way until then.

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Based on Research from Realty Times - Many Americans are expected to owe on their mortgage by the time they reach Retirement age. Americans age 65 and older which have a mortgage have increased in numbers from 22% in 2001 to 30% in 2011. This data was gathered by Consumer Financial Protection Bureau via Realty Times.

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The above article also comments on how loan balances have doubled and more people will have mortgage payments after retirement. As we all know many people like to to refinance and take cash out. The great Recession and the Crash of housing market in 2007-2009 did not help the retired either.

Back in January LA Times reported that Nearly 1/3 of American’s own their homes free and clear. To get yourself in this group, you need discipline and continuous saving / payoff plan for your loan. Avoid refinancing with the intention of equity removal and stop paying for your kitchen remodel with your home equity.

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I know all these things might not sound like the norm but it works and many clients I know have used this simple method to save and be mortgage free today.

Many people will hit retirement age and still have a mortgage to deal with. The monthly payments may be a bargain compared with rent and are sure to be much lower than assisted living or a nursing home.

 

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🏡Tips For Choosing Home Owner’s Insurance – #Irvine

Home Owner's Insurance - Christina Khandan - Irvine California - www.IrvineHomeBlog.com
Natural disasters and accidents could happen at any moment, You could have a burglary in your neighborhood, many unexpected changes damages to your homes foundation etc. You should know how to protect yourself before it is too late.

 

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If you have a mortgage you are required to have home owner’s insurance. You can be out in the cold if a natural disaster or other home disaster strikes.

Below are a few helpful hints regarding home owner’s insurance.

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1. When considering home insurance, consider how important it is to have a higher or lower deductible. With a lower deductible, your rates will be higher throughout the year, but you’ll have to pay less for damages to your house.

2. If you have recreational amenities in your backyard such as pools, hot tubs, trampolines, or other contraptions that are likely to cause injury, these can raise your insurance premiums.

3. Install smoke alarms in your home. It will not only help to protect your family in the case of a fire but it will also get you about a ten percent discount on your home insurance policy. Many newer homes already have them installed but if they are not, it is an affordable thing to add to your home.

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4. Before getting a renter’s insurance policy, take a look around your apartment and take photos of the things that you would like to have covered if there was a disaster. Calculate each item’s worth and find an insurance policy that will cover at least that amount in the case that you have to file a claim.

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5. Know your coverage limitations if you own equipment that insurers consider high-risk, such as swimming pools or backyard trampolines. Your insurer may not pay liability claims for accidents involving such equipment or you may be required to purchase extra insurance to cover any injuries or damages that occur because of them.

6. When shopping for homeowners insurance, try to choose a user-friendly company. Hassle-free claims processing is key. Consumer Reports is one of many consumer advocacy organizations that provides unbiased, comprehensive information about various companies.

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🏡Plan Your Mortgage – #Irvine

Plan Your Mortgage -  - Christina Khandan -  Irvine California  - www.IrvineHomeBlog.com

 

Planning your Mortgage is almost more important than looking for your Home. There are few key points you need to make sure are taken care of prior to searching for your home.

Here are a 10 Items to You Will Need For Your Mortgage:

 

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  1. Drivers License
  2. Secondary IDs (Social Security Number/Card, Passport)
  3. Most recent pay stubs
  4. Copy of Tax Return (Signed)
  5. W2 forms from Employers for last 2 years, Document Employment History (Each Lender will vary)
  6. Most Recent Bank and Asset Statement
  7. Fully executed purchase contract for the property you are buying (needed later)
  8. If refinancing, a copy of your deed
  9. Name, address and phone # of your landlord – if you are currently a renter.
  10. Name, address, phone, fax #s and e-mail address for your Agent/attorney – to coordinate the closing (depending on which state you live in)

 

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🏡 8 Home Selling Tips – #Irvine

If you are preparing your home for sale, you need to follow these 8  tips which will increase the chances for a quality offer and help you get the price you want for your home.

 

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Read the Article on Trulia Below:

Home Selling Tips Every Seller Should Know

 

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Read More: Choose Your Realtor Wisely

 

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🏡Landlord #Home Guide – #Irvine

 Landlord Guide -  Christina Khandan - Irvine California - www.IrvineHomeBlog.com\HomeDecor
Several of my clients are Landlords and often they have to re-lease their property due to Tenant leaving early, Tenant can’t afford the rent anymore, owner becoming landlord or just basic re-lease due to termination of the current lease.

 

 

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Depending on the location, size and price of the property, homes might not always lease quickly. You or your Realtor need to keep an eye on several things to make sure you list your home for lease at the correct time with the correct lease amount. Here are some basic guidelines to follow:

 

1. Make sure you and your Realtor do a full price check on comparable leases in the community, so you know what you are going up against. If you are leasing your home for $5000.00 / month and two streets over you have a neighbor with fully upgraded house leasing $4500.00 / month you need to re-evaluate your lease price.

Read More: Choose Your Realtor Wisely

2. Timing is key to releasing your property with best results. you need to do whatever it takes to avoid holiday time or back to school times for start of lease terms. Many potential renters make  holiday plans in advance and as a landlord you have to know the major holiday dates and try to avoid having your home available for lease during these times. Also, Just prior to schools starting, families do not want to bother with moves and school district changes. Add this to your schedule of when not to look for tenants.

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3. Spend a little money and make sure the house is clean, clutter free and painted. These are pretty self explanatory, so do what you need to do to make sure the house shows well and if you have a Garden make it shine and add some new flowers.

You might also like to read : Keep Your Tenant Happy (click here)

4. Always keep communications lines open with your existing tenant. Many landlords like to never hear from their tenant and when they get the surprise notice of wanting to leave at the end of summer just prior to school start, they get all surprised.

These are some basic guidelines to follow when you are a landlord. This entry is not about upkeep or maintenance of your property, but just  for you to know when to list your property and to avoid potential pitfalls of bad timing.

 

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🏡How to Save on #HOME Closing Costs – #Irvine

 Home Closing Costs -  - Christina Khandan -  Irvine California  - www.IrvineHomeBlog.com
Typically you can expect to pay anywhere from 2% to 5% on the price of the home as closing costs.
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Purchasing a property will always have certain costs associated with it. These costs are called the closing costs and are normal and customary for a home purchase, although some will differ from one state to another,  but the components of closing costs are pretty much uniform regardless of which part of the country you live in.

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Closing costs are made up of:

Closing Costs Fees - Christina Khandan - Irvine California IrvineHomeBlog.com

(depending on the transaction you might or might not be responsible for all of the above)

A standard closing cost will usually run you about 2% to 5% of the purchase price of the home. Assume you are buying a $800,000.00 home in Southern California, The Closing costs can be a substantial amount if the range is between $16,000.00 to $35,000.00. These amounts are affected during the price negotiations and the offer process for your home. There are several things you can do to save money on your closing costs and here are few examples of them.

1. Negotiation Process:
during the offer process you have to negotiate with the seller. Find out what your estimated costs will be and make sure you try to build some or all of it into the offer. The payment of all closing costs can be a very important part of the negotiation with the seller. This can vary depending on what kind of a Real Estate market you are in. The Sellers motivation to sell and their timing is also very important. Know why they are selling. Do some work and find out why they are selling. Having some facts can help you in the offer process and come out ahead at the end.

2. Shopping:
prior to making the offer for your dream home, do some research and shop for your closing costs. Mortgage rates are not the only item you need to shop for. Everything from Inspection to Title insurance you can do some shopping around and ask for best prices. This can be a great way to save money. One peace of information you might want to keep in mind, is that the seller has the right to choose the Title and Escrow company.

3. Community:
different communities around the country will have closing costs which are higher and lower depending on the locality of the property. Many high-tax areas of the country have much higher closing costs which will get you toward the upper end of the range 5% to 6%. Some areas will have flat rates on certain parts of closing costs like Title insurance or Escrow fees. Take the time and ask around in your community, friends and family, Realtor advice always helps too. Its always best to research the estimates close to your community, better doing some research, rather than blindly assuming a wrong number as the basis for your closing costs.

4. Timing the Closing Schedule.
It is suggested to try and keep the closing date toward the end of the month. It might seem like penny pinching but every penny will count towards how much you will end up paying for your home. Bottom line many lenders assess a charge between the settlement date and the last day of the month. This is to cover the lenders fees and compensate the lender before you will be paying the full principal and interest payment the following month after closing. Even if a nominal amount is involved this cost can be reduced by a good margin if you schedule your closing toward the end of the month.

5. Full checkup.
make sure you get a good faith estimate right up front. Between the initial good faith and final closing the Escrow, title and others tend to add additional fees and expect you to not notice it. Always compare your Good faith estimate with your final cost sheet and make sure the numbers are what you had initially been promised. If you do see a significant price change on any line item make sure you have access to a good Real Estate Attorney and keep all your legal options open.

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Don’t let the process stop you from getting a deal on your next home purchase. Do not be embarrassed to negotiate on the price or costs. If the tables were turned they would be asking or the kitchen sink. So make sure you work on your skills, information gathering techniques and remember if you don’t ask for it the seller will not be offering you any price breaks.

 

 

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