Build Wealth with Araceli PODCAST

How long does it take to get started in Real Estate Investing?
This is a question that beginners must ask, and it has many layers as this will depend on many factors from your skills, resources and motivation. Join this discussion today.

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What is micro-flipping and who is it for?
Microflipping is an intriguing investment strategy that appeals to those seeking to generate quick returns through small-scale real estate transactions.
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Benefits of forming a partnership in Real Estate
Unlocking Real Estate Wealth: The Advantages of Real Estate Partnerships Many new investors have these questions specially because sometimes they don't have enough money to do it on their own. There are a numerous advantage of getting into a partnership and we discuss some of these in today's show. if you find this magical person that have the same goals in your real estate investing venture you can enjoy some of these benefits. 
1. Shared responsibilities 
2. Enhanced skills 
3. More money & less risk 
4. Accountability 
5. Could be a lot of fun !
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4 ways to build equity in your house
Equity is the difference between the fair market value of your house and the money you owe in your mortgage, the more equity you have the better for your financial well-being and the sooner you build this equity the sooner you can build your wealth. Here are 4 ways to build equity fast:

1) Buy a fixer upper - If you are able, have the skills and time to take on a project you may be able to build some instant equity if you buy a fixer upper.

2) Upgrade your house as you live in it, if this is possible, depending on the level of repairs and with some planning you can upgrade different parts of the house, maybe finish your basement and create a secondary source of income.

3) Rent a portion of your house or a room to generate some extra income.

4) Use some or all money generated from your rents towards your mortgage payment, if you cannot rent but are able to add a bit extra the easiest thing you can do is change your monthly payment to a by-weekly payment instead and add a bit to the payment this will accelerate the repayment of your mortgage.
Attributes
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How often to renovate.
Renovations implicate various things and by definition is altering, adding or subtracting to the permanent structure of your home, making changes to walls like adding a door or window, adding or changing rooms layout, flooring, cabinets, plumbing or electrical changes are consider renovations.

How often you renovate will depend on several factors.

1) Your financial situation. Always refer to this as even if you do a small reno it may be costly, also always remember to leave some extra in case you need to repair something else that was not planned for.

2) Needs or urgency, if you have a plumbing issue or a broken pipe that maybe a good time to fix things around the area.

3) Lifestyle changes, here it will depend on changes happen, sometimes special equipment is required for older individuals and convenience for others, maybe a change of use of the room, as converting a bedroom into an office. Or you just simply want to have that fantastic kitchen you always wanted.

4) Disruption, make a detailed plan of how the reno is going to affect your current living and how long, especially when it comes down to kitchens and bathrooms. Maybe you can schedule your bathroom reno around the next vacation, so when you get back you will have this amazing new bathroom without disrupting your regular living.

5) How big is the renovation, renovations come is all sizes, if you are doing something simple like replacing a cabinet in the bathroom, may be a day worth of work, or you can go into a medium size projects like adding a door or window, which can go to a few days, or maybe you are doing a large project like a full kitchen reno or a full bathroom reno which can take a few weeks, plan accordingly for cost and time, as well as disruption on your regular living.
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Main reasons buyers don't buy.
Most people have an excitement when they are looking to buy a new property, but a lot of them don't end of buying for several reasons, the main one as follows:

1) Not having a strategy, there are lots of things to say about this but the main one is having a WHY. This will determine the reasons you are moving, list as many reasons as you can because this will narrow down your search criteria.

2) Not having finances figure out, here is a big one as sometimes buyer will be looking for homes that are out of their budgets, just to get disappointed and as a result won't be able to buy. Take as much time planning your finances, from down payment, credit score and projected monthly costs of your new home as this will allow you to buy with confidence that you can do this.

3) Fear of the unknown, as a result of not having step 1 and 2 even when buyers have the perfect home, they are still fearful about being able to get the house they want, ensure that you spend as much time on 1) having a good strategy and 2) Figure out your finances.

Happy hunting... I hope you get the house of your dreams.
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How do you know when to sell?
Whether you have been living at the same place or not a life transition is usually one of the main reasons decide to sell, at the end of the day, your decision will affect your financial life these steps will help you decided if you want/need to sell:

• Self-Reflection, do a timeline and imagine what it would be like and what you would need at time of selling.
• Do a budget on different scenarios if you are not sure which one is best for you.
• Do as much planning as possible, depending on your health, lifestyle and future activities, as they will pinpoint location and type of property that will suit your needs better.
• Remember that whatever decision you make is for you to be happier.

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Steps and time after your receive an offer

Remember that when you are selling this is a business transaction.

1.       Negotiation price and timing to close, also when the deposit is received and time for conditions like financing or inspections.

2.       Timing for appraisal, that is the inspection that will determine the value of the property and this is trigger when a buyer has financing of any kind.

3.       Disclosures from the seller, like environmental, grow house, electrical knob and tube, conservation land, or if anybody died in the property, anything that it may not be in the public records.

4.       Factor in timing for repairs that come back from the home inspection.

5.       Other items: tenants, liens, future use of the property or renovations to be done, etc.
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What is a HELOC and how to use it
These questions keep coming up from the audience and we have a few points about what a Home Equity Line of Credit is, how to obtain it, and some of the most common uses.
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Reasons to get decline on a mortgage.
Lately in the GTA (Greater Toronto Area) and while talking to mortgage brokers, this seem coming up, people are not getting approved for a mortgage, so today we discuss a few of the things that could be the reason you are declined when applying for a mortgage:

1) Credit score is low - one of the most forgotten things to look at, if your score is low you will get a higher interest or may be decline all together even if you make a good income.

2) Down-payment source - Majority of lenders will require to have a history of 90 days that you had the down-payment and where they are coming from.

3) Employment length - there may not be enough time working at the same place. For self-employed people proof of income.

4) The property has a stigma - some areas or type of properties may be more difficult to qualify for.

5) Appraisal doesn't come to the offer amount - with houses raising in price is creating an issue as there is a disconnect between the value that someone wants to pay for and the actual value that appraiser's issue.
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Learn how to start investing in real estate, join the next masterclass
www.wealthywomenandrealestate.com
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