Buying A Home, Buying Your Investment

download Buying A Home, Buying Your Investment

of 16

Embed Size (px)

description

Before you buy watch this video. Make an informed decision on your future investment. www.JacksonPropertyInfo.com

Transcript of Buying A Home, Buying Your Investment

  • 1. My Home, My Investment Darouny (D) Kommany Residential & Commercial Specialist The Kommany Group, LLC 601-454-5714 www.JacksonPropertyInfo.com [email_address]

2. A Home, an Investment

  • How many renters?
    • Many
  • How many home owners?
    • Not Enough

3. Renting Vs. Buying

  • Renting
  • Advantages
    • Little responsibilities
    • Cost
    • Low Commitment
  • Disadvantages
    • Pay your landlord, 100% Expense
    • Rent usually increases after lease term
    • Neighbors
    • Area Vs Price
    • Rules

4. Total Annual Rent Payments Monthly 1 Year 3 Years 5 Years $500 $6,000 $18,000 $30,000 $1,000 $12,000 $36,000 $60,000 5. Purchasing

  • Disadvantages
    • Money i.e. down payment, closing, etc.
    • Commitment
  • Advantages
    • Pay yourself, Equity
    • Deductions
      • Interest rate & PMI
      • Real Estate Taxes
      • Others
    • Many Mortgage Programs

6. Purchasing Continued

  • Based on 100K@6% 30 yrs

7. Tax Deductions

  • Schedule A - Deductions
    • Real Estate Property Taxes
    • Interest Paid
    • PMI Paid
    • Closing Costs (Points)
  • Form 5695
    • Residential Energy Credits
  • Profits on Sale of Your Home Not Taxed
  • (restrictions apply)
  • Others

8. Hows the Market? Oh My

  • What started this?
    • 2000 Federal Reserve Board Chairman
    • Flexible Mortgage Programs
  • Media
  • Local

9.

  • Transactions from January 1 July 10

Area 2008 2007 2006 Clinton 199 211 241 Southwest 686 587 579 Northeast 299 371 400 Madison/Ridgeland/Canton 666 788 830 Reservoir 393 493 505 Flowood, Pearl 195 205 162 Crossgates/ Brandon 262 333 321 Total Transaction 2,700 2,988 3,038 10. Should I Buy?

  • 5 Reasons to buy now
    • Great Prices in your interested area
    • Length of stay in the home (5 yrs or more)
    • Rent rivals a mortgage payment
    • Youve found the right house
    • You moved in a home with equity & leave with tremendous profits

11. Example of buyers investment

  • List price was:
  • 135,900129,900 125,700
  • Negotiated Price 116,000
    • $19,700 in instant equity
    • 3br/2ba plus bonus room
    • 2,200 sq ft,
    • Great schools & desirable neighborhood, etc.

12. Example of selling client

  • Current Home Listed for $65,900
    • 2br/1ba
    • 900-1,000 sq ft
    • Equity where she was able to give up
    • In order to Gain:
      • A NEW HOME
      • HOME WITH EQUIY
      • UPGRADE 4BR/3BA
      • GREAT SCHOOLS & LOCATION

13. Should I Buy?

  • 5 Reasons to wait
    • Youve lived in your home less than 2 years
    • Your job security is uncertain
    • Length of stay in the home
    • Credit Challenged &/or No Money
    • Existing home location

14. Steps to homeownership

  • Get a good real estate agent
    • Experienced
    • Knowledge
  • Get a good mortgage officer
    • Approval versus Affordability
  • Area
  • Your life plans

15. You Found a Home, Now What?

  • Write the Offer
    • CMA
    • Negotiate
  • Contract
    • Due Diligence
      • PhysicalDue Diligence
      • Financial Due Diligence
      • Legal Due Diligence
      • Resalable Due Diligence

16. Close

  • Final Walk
  • Review Paper work
  • Others
  • Thank you and please visit
  • www.JacksonPropertyInfo.com
  • Darouny (Dee) Kommany
  • 601-454-5714