That Hits Home

In this episode, I talk you through the step by step process of buying a home and ~almost~ everything that happens within a transaction.

I share the journey it takes to find the right home, how clarity shows up in different ways for every buyer, and my perspective on how shopping for a house is like dating and looking for the right partner.

I go over so many little fun facts about purchasing real estate that most millennials don’t know if they’re not in the industry; for example, did you know that buyers don’t pay the commission here in NJ? That is fully the responsibility of the sellers. Another surprising factor is that despite our offer being accepted and in the attorney review process, some sellers might still be open to other offers and cancelling the deal before being under contract. Once we’re under contract, we can breathe a little bit better knowing that we’re in a safe zone.

This episode paints a picture as to the extensive work and detail that goes into buying a house; it’s not as easy as finding a cute home on Realtor.com and using PayPal - that’s for SHORE! ;) #seasyourhome

Steps:

1. Choose an agent to represent you
2. Connect with a mortgage lender and get pre-approved
3. We start the search and begin touring homes!!
4. Put in an offer, get accepted and commence the Attorney Review process before being Under Contract
5. Inspections of the home
6. Appraisal
7. Closing day!! Keys are received

Links: Episode 78 (Mark Demetriou) // @spirituallynutritious // @seasyourhome

   ---

   **Connect with us:**

   *   Website: https://linktr.ee/alleesprung

   *   Instagram: @seasyourhome

   ---

   **Credits:**

   *   Host, Editor and Producer: Allee Sprung

   ---

   **Please Leave a Review:**

   *   Apple Podcasts or Spotify

   ---

If you or anybody you know and love is looking to buy and/or sell real estate in the near future, reach out HERE with your questions!

Marianne Jones, a mortgage lender in the business for THIRTY EIGHT years, gets real & raw regarding the reality of buying a home with a significant other prior to marriage.

To be more specific, we talked all about the legality of purchasing a house with a significant other before being married - and that includes being engaged!

We discuss the risks of purchasing a home together without doing your due diligence, as well as the steps that Marianne believes we should take in order to be well educated and prepared. All of this advice is for anybody buying property, preceding the act of signing a contract of sale with a boyfriend or girlfriend, before being legally married.

Take out your pen and paper, ladies and gents, (or the notes app on your phone), because this is something you'll want to turn back to when the time is right.

Links: @mariannejones_grarate // @seasyourhome /// @spirituallynutritious

-Definitions from Google-

Martial property: "In New Jersey, just about any items that are obtained during the course of the marriage are considered marital property. ... Even if certain items acquired after the marriage have only one spouse's name on the title, a court typically still considers it marital property."

Title: "Title refers to a document that lists the legal owner of a piece of property. Titles can be issued to depict ownership of both personal and real property. The different types of real estate title are joint tenancy, tenancy in common, tenants by entirety, sole ownership, and community property."

Deed: "A legal document that is signed and delivered, especially one regarding the ownership of property or legal rights."

Note: "A real estate note or promissory note is a promise to pay a certain amount of money for a set time to purchase a piece of real estate. It essentially is a contract between the lender and borrower for a real estate transaction."

Mortgage: "A mortgage is a loan typically used to buy a home or other piece of real estate for which that property then serves as collateral."

Equitable distribution: "Equitable distribution is a legal theory whereby marital property is distributed equitably in a divorce proceeding. Property assets are classified as either separate property or marital property. ... If willing and without dispute, parties to a divorce can decide how to allocate assets and debts without a third party."

Marianne Jones

VP of Mortgage Lending

Guaranteed Rate Affinity

[email protected]

grarate.com/MarianneJones

Cell 973.722.1173 - f: 669.221.6877

106A E Main St, Mendham, NJ, 07945

NMLS ID: 65355

   ---

   **Connect with us:**

   *   Website: https://linktr.ee/alleesprung

   *   Instagram: @seasyourhome

   ---

   **Credits:**

   *   Host, Editor and Producer: Allee Sprung

   ---

   **Please Leave a Review:**

   *   Apple Podcasts or Spotify

   ---

If you or anybody you know and love is looking to buy and/or sell real estate in the near future, reach out HERE with your questions!

Ethan Waldman is a Tiny House enthusiast who has a podcast of his own called, Tiny House Lifestyle Podcast.

I don't know about you, but the Netflix show Tiny House Nation really got me thinking a few years back in 2019 and I've been inspired ever since!

In this episode, Ethan and I discuss: Ethan’s journey with his tiny home, how rules and regulations are slowly changing in regards to tiny houses, the evolution and benefits of going tiny, some of the cool projects Ethan’s learned about over the course of having a podcast of his own where they discuss tiny houses in depth, as well as where we can find resources for more details of the tiny house movement.

Links: Ethan's website where you can find his podcast and all of his other resources // Tiny House Engage on fb // Living Big in a Tiny House on YouTube // @ethanwaldman // Tiny Home Industry Association // Tiny House Alliance // Appendix Q Tiny Houses // @seasyourhome // @spirituallynutritious

   ---

   **Connect with us:**

   *   Website: https://linktr.ee/alleesprung

   *   Instagram: @seasyourhome

   ---

   **Credits:**

   *   Host, Editor and Producer: Allee Sprung

   ---

   **Please Leave a Review:**

   *   Apple Podcasts or Spotify

   ---

If you or anybody you know and love is looking to buy and/or sell real estate in the near future, reach out HERE with your questions!

First time home buyers, this one's for you!!

MORTGAGES - "WTH AND WHERE DO WE START," you ask? Right here, actually :)

Marc Demetriou is an expert in all things finance and mortgages, but from a holistic POV. I love this so much because there's way more to buying a house than the sale price and the down payment. We cover MANY of those topics in this conversation, including, but not limited to....

Taking educated chances and risks, as well as what it means to take out a mortgage with a lender when buying a house.

Marc goes over what exactly he looks into when approving you to buy a house, we cover bits of pieces of conventional loans versus an FHA loans, we touch on appraisals and what it means when a house under-appraises, and the list goes on, but that's only part of it all in the thirty minutes we had!

Links: Marc's book on Amazon // @marcdemetriou // @themarcdemetriouteam // @seasyourhome // @spirituallynutritious

Definitions:

1. Credit Score - "a number assigned to a person that indicates to lenders their capacity to repay a loan."
2. Assets - "property owned by a person or company, regarded as having value and available to meet debts, commitments, or legacies."
3. Down Payment - "an initial payment made when something is bought on credit."
4. Lien - "a right to keep possession of property belonging to another person until a debt owed by that person is discharged."
5. Defaulting on a house - "A default occurs when a borrower is unable to make timely payments, misses payments, or avoids or stops making payments on interest or principal owed. Defaults can occur on secured debt, such as a mortgage loan secured by a house, or unsecured debt such as credit cards or a student loan."
6. Foreclosure - "the action of taking possession of a mortgaged property when the mortgagor fails to keep up their mortgage payments."
7. Title to the house - "A title is a legal right to ownership of a property, including the right to sell. ... Legal purchase of a house transfers the title to the buyer, so if you do buy a house, the title will be yours along with the deed."
8. Deed - "A property deed is a legal document that transfers property ownership from a seller/grantor to a buyer/grantee. A deed contains a description of the property (including property lines) and denotes the seller/grantor and the buyer/grantee. Both parties must sign the document to make it official."
9. Private Mortgage Insurance (PMI) - "PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home's purchase price."

   ---

   **Connect with us:**

   *   Website: https://linktr.ee/alleesprung

   *   Instagram: @seasyourhome

   ---

   **Credits:**

   *   Host, Editor and Producer: Allee Sprung

   ---

   **Please Leave a Review:**

   *   Apple Podcasts or Spotify

   ---

If you or anybody you know and love is looking to buy and/or sell real estate in the near future, reach out HERE with your questions!

HAPPY FALL, Y'ALL!

This Q3 solo recap covers what I've learned this Summer through the lens of "Grace;" from difficult conversations to stressful moments in relation to finances and love, I've come to terms with trusting the timing of my life by using the quote whenever necessary.

As the seasons are changing, I'm really feeling the benefits of exploring new things and letting them go.... that's the beauty of the transition from one season to the next!

Having a word of the year since 2015 is one of my favorite annual traditions and I HIGHLY recommend starting to think now about what word you might feel like diving into deeper come 2022. Now's the time to take a look interpersonally to discover what you think you could use more of moving forward.

Links: Deepak's 21 Day Abundance Challenge on YouTube // @spirituallynutritious // @seasyourhome

   ---

   **Connect with us:**

   *   Website: https://linktr.ee/alleesprung

   *   Instagram: @seasyourhome

   ---

   **Credits:**

   *   Host, Editor and Producer: Allee Sprung

   ---

   **Please Leave a Review:**

   *   Apple Podcasts or Spotify

   ---

If you or anybody you know and love is looking to buy and/or sell real estate in the near future, reach out HERE with your questions!

If you didn't think niche was a thing in the real estate industry, think again!!

Avery Carl bought her first rental property at 26 years old on a $37k salary. Now scaled, Avery is the CEO and founder of the Short Term Shop, a real estate team that helps investors acquire short term rental properties in "recession resistant markets."

In this episode, we discuss short term rentals and the different kinds of markets, as well as how technology has come into play and changed the game for investors looking to own short term rental properties.

So many of my curiosities were answered about being a short term rental investor. It seems overwhelming, but the reality of it is that we don’t need to do as much as we think we do…. at least to get started!

Avery also shares with us the biggest myth investors don’t know regarding purchasing a rental property outside of where they live.

Links: AirDNA // Evolve Vacation Rentals // Bigger Pockets forums (fb) // Short Term Rental, Long Term Wealth // shorttermshop.com // mortgageshop.co // @theshorttermshop // @seasyourhome

   ---

   **Connect with us:**

   *   Website: https://linktr.ee/alleesprung

   *   Instagram: @seasyourhome

   ---

   **Credits:**

   *   Host, Editor and Producer: Allee Sprung

   ---

   **Please Leave a Review:**

   *   Apple Podcasts or Spotify

   ---

If you or anybody you know and love is looking to buy and/or sell real estate in the near future, reach out HERE with your questions!

Edna Keep is a real estate investment and mindset transformation coach who has a 90 day program as well as a book titled, "Multiple Ways to Wealth."

In this episode, we discuss how real estate investing and mindset intertwine and play a huge role in how big of an empire you'd like to create, because there are always new mindset shifts that come with more responsibilities and leveling up in life to reach that next goal.

We also discuss how working with a coach and taking classes are undoubtably the best way to get started on our journey of buying real estate, as well as working with a team and spending money where we can save ourselves time to work on other, more important or less time demanding tasks.

Edna shares with us the delivery that works for her students and team when pitching to an investor.

Links: ednakeep.com // 90 Days to $5k // [email protected] // @edna_keep // Rich Dad Poor Dad by Robert Kiyosaki // Think and Grow Rich by Napoleon Hill // @spirituallynutritious // @seasyourhome

Definitions:

Rent to Own - "A rent-to-own agreement is a deal in which you commit to renting a property for a specific period of time, with the option of buying it before the lease runs out. ... You pay rent throughout the lease, and in some cases, a percentage of the payment is applied to the purchase price." - Investopedia.com

Lease options - "A lease option is an agreement that gives a renter a choice to purchase the rented property during or at the end of the rental period. It also precludes the owner from offering the property for sale to anyone else. When the term expires, the renter must either exercise the option or forfeit it." - Investopedia.com

Money Partner - "The money partner is the term for the person in this arrangement who has capital to spare. As for the person that has time or scouting skills or other resources, they are sometimes called the entrepreneurial partner. Other terms for these types of arrangements include credit partnership and partner funding." - Royal Legal Solutions

Managing Partner - "A managing partner represents an individual who has an ownership interest in a company and also manages its day-to-day business activities. This position exists within companies structured as partnerships and limited liability companies (LLC)." - Indeed

Buy, Repair, Renovate and Refinance and keep - "This method of investing in rental property has grown in popularity over the past decade and focuses on finding adistressed property to buy, rehab, rent, refinance, then repeat. The BRRRR method of real estate investing has proven to be a great way to build cash flow and financial independence through rental income, but it isn't right for everyone." - Million Acres

Acquisition fee - "An acquisition fee is a charge from a lender or lessor to cover the expenses incurred for arranging a loan or lease agreement. Common examples include closing costs, real estate commissions, and development and/or construction fees." - Investopedia.com

Cap rate - "Capitalization rate is a real estate valuation measure used to compare different real estate investments. Although there are many variations, the cap rate is generally calculated as the ratio between the annual rental income produced by a real estate asset to its current market value." - Wikipedia

Vendor financing from the seller - "(also sometimes called “vendor take back,” or VTB) usually involves the owner agreeing to be paid a percentage of the sale price over time with interest." - BDC.ca

Appreciation play - "In real estate, appreciation refers to your property's value or, more specifically, how much its value increases over time." - Million Acres

Investor Capital - "the procurement of money by a company in order to further its business goals and objectives. The term can also refer to a company's acquisition of long-term assets such as real estate, manufacturing plants and machinery." - Investopedia.com

   ---

   **Connect with us:**

   *   Website: https://linktr.ee/alleesprung

   *   Instagram: @seasyourhome

   ---

   **Credits:**

   *   Host, Editor and Producer: Allee Sprung

   ---

   **Please Leave a Review:**

   *   Apple Podcasts or Spotify

   ---

If you or anybody you know and love is looking to buy and/or sell real estate in the near future, reach out HERE with your questions!

.

Abi Micki is a DIY queeenn! We discuss her new subscription box that services the person who wants a little bit of help in redesigning their space.

.

We talk about how sometimes it’s just not yet the time to pull the trigger and buy a house; however, we still want change!! Instead of doing anything too crazy, Abi dives into multiple ways that we can affordably spice up our space as if we’ve picked up and moved. We discuss how change in the home, big or small, can have an impact on how we feel.

.

Abi gives us little tips and tricks on DIY projects and how we can start from where we are with our current skill levels.

.

Links: @abimickidiy // @seasyourhome

See acast.com/privacy for privacy and opt-out information.

If you or anybody you know and love is looking to buy and/or sell real estate in the near future, reach out HERE with your questions!

Abi Micki is a DIY queeenn! We discuss her new subscription box that services the person who wants a little bit of help in redesigning their space.

We talk about how sometimes it’s just not yet the time to pull the trigger and buy a house; however, we still want change!! Instead of doing anything too crazy, Abi dives into multiple ways that we can affordably spice up our space as if we’ve picked up and moved. We discuss how change in the home, big or small, can have an impact on how we feel.

Abi gives us little tips and tricks on DIY projects and how we can start from where we are with our current skill levels.

Links: @abimickidiy // @seasyourhome

   ---

   **Connect with us:**

   *   Website: https://linktr.ee/alleesprung

   *   Instagram: @seasyourhome

   ---

   **Credits:**

   *   Host, Editor and Producer: Allee Sprung

   ---

   **Please Leave a Review:**

   *   Apple Podcasts or Spotify

   ---

If you or anybody you know and love is looking to buy and/or sell real estate in the near future, please don't hesitate to reach out HERE with any questions!

.

Shake and I discuss his journey of buying property in his 20s and having friends move in to off-set the mortgage payments as well as provide a place for his friends to stay with a reasonable rent.

.

We talk: using real estate to invest in a certain kind of lifestyle, how covid enabled Shake’s dream of buying a place in NYC possible, as well as the absolutely hilarious story behind the scenes of this decision coming to fruition.

.

We also discuss how some careers aren’t necessarily recognized or deemed qualifiable in the eyes of a mortgage lender, such as a trader, so cash or a second stream of income is imperative when purchasing a home depending on the state and probably SO many other variables.

.

Last, but certainly not least, we go over some of the benefits and unanticipated surprises of homeownership, and some top takeaways after buying his second property across the country.

.

Links: @shakepryz // @tradingexperts // Episode 16 on Apple Podcasts // @spirituallynutritious // @seasyourhome

.

Definition(s):

Non-gauranteed Income: "Non-guaranteed income is anything that's subject to market changes and are not guaranteed to last a certain amount of time. Guaranteed income, on the other hand, is fixed and structured for a certain amount of time and can even be designed to last a lifetime." - Google

See acast.com/privacy for privacy and opt-out information.