Tag Archives: home buying

flipping housesIf you enjoy watching renovation shows or HGTV, you are most likely aware of the process of flipping houses.

If you aren't sure what this means, flipping a house is basically investing in a house, fixing it up as quickly as possible, and selling it to reap a profit. But, can you start flipping houses as a side hustle?

Research Flipping Houses

First things first, know what you are getting yourself into. Flipping houses can be a lot of work. While it can make a great side hustle, sometimes it's going to take working long hours on the weekends and after your full-time job.

You'll have to understand the ins and outs of real estate, understanding the costs and how things can add up, negotiation strategies, and more. Flipping houses isn't for the faint of heart, but knowing what you're getting yourself into can save headaches down the road.

Have Cash (or Know Someone Who Does)

If you're struggling to pay your bills or save money, flipping houses is not for you. In fact, I only recommend this side hustle if you can put some money upfront for a house and the repairs, or if you can find an investor willing to work with you.

If you choose the latter, make sure you have a contract in place and that everyone understands their roles and duties. Remember to talk profit percentages. Who gets what, and when? Whos job is it to sell the home? Asking questions like these will make sure everyone is on the same page.

If you choose to buy the homes yourself, understand that trying to finance a home for the purpose to flip requires jumping through a lot of hoops. It may be easier to pay for the home in cash and then getting a loan for the repairs (if needed). ...continue reading

afford a houseMany Americans are starting to feel as if they will never be able to afford a house, especially in areas like San Francisco, New York, and even Miami.

While many people choose to rent instead, you can still afford a house when you're broke. Here are a few steps to take if you want to own your own home.

Weigh Your Options

If you live in an area that buying a house is cheaper than renting (even factoring in insurance and repairs), it may be your best option to buy a home instead of rent. When trying to afford a house when you're broke, you may think that moving is expensive, but it doesn't have to be.

Some expenses may come up in your first few months of owning a home, but that is to be expected. Think about it this way: If you typically rent for $1,500 a month and you buy a home that only costs $800 a month, you are already saving $700 every single month. If something breaks down, and it costs $500 to fix, you still get ahead by $200 by having your own home.

Now, owning a home isn't always cheaper, so it's best to weigh your options. However, in many areas, including my own, owning a home tends to fare better than renting.

Look Into Assistance to Afford a House

Every state has home buying programs that can help you afford a house when you're broke. While the assistance varies from state to state, it's still worth it to look into what yours offers. Some will help you secure a loan as a first-time home buyer, even if you are low-income.

Some states even offer grants to move into less desirable areas or moving into more deserted places. It's best to look into these programs to see what you qualify for, you may be able to get your home for a lot cheaper than you first thought. ...continue reading

house-435618_1280Home-ownership has a lot of perks, including the possibility of being a good investment, but that doesn’t mean it’s the best decision for everyone. Sometimes renting instead of buying a house is the best decision for personal or even financial reasons.

But, if you think you are ready to buy a house, don’t forget about these important considerations first.

Saving Up a Down Payment

Sure, you can sometimes get a 100% loan for the purchase of a house but the market has moved away from these in past years since the housing market crashed, and the first homes to be foreclosed were the ones financed at 100%. Usually a down payment is about 20% of the homes’ value and you finance the remaining 80% with a mortgage loan.

...continue reading