Citizenship Not Just a Dream Anymore for Some Immigrants

The Dream Act will make it possible for several immigrants to become citizens of the United States.

The Dream Act is geared towards minors who entered the United States when they were under the age of 16.   The minors will have to have been living in the United States for at least five years.  It also requires that the minor receive a high school dipolma or GED.  The bill will also consider if the minor’s behavior and moral character in its decision to grant citizenship to the minors.

The bill was developed to keep these children from having to pay unfair foreign student’s tuition for a college education when they have been in the US for most of their lives.  The tuition for a foregin student is twice that of an out of state student.

Education is important to everyone and it is something that we can not do without.  It is up to us to ensure that all children get a quality affordable education.

Indiana/Illinois Real Estate Broker Reveals the Insiders’ Secrets To Making Money in This Market

The way that an individual makes money is by keeping expenses low and income high.  The latter is true for any business venture; however, you may be wondering how do you accomplish that in real estate? 

 

To keep expenses low you must be aware of your expenses.  Your expenses may be:

• Property taxes
• Insurance
• Maintenance
• Mortgage

 

Despite the fact that an investor is not eligible for exemptions on income property, there are other ways to decrease the property taxes. 

 

The investor must first understand how property taxes are calculated by the treasurer.  Taxes are calculated by multiplying the tax rate by the assessed value.  The tax rate consists of:

• Police
• Fire
• Schools
• Library
• Trash removal
• Health

The assessed value in most states including Indiana is some variation of the market value for the property. 

 

The investor can lower his or her property taxes his or her property taxes by examining what the property is assessed at.  If the property is assessed for more than the current market will bear or assessed for more than the investor paid, the investor can file an appeal.  If successful with the appeal, the investor can save a lot of money.

 

The investor can save money on insurance, as well.  The investor can have a higher deductible.  Unlike car insurance, the investor does not pay the deductible first, then the insurance pays instead the deductible is deducted from the claim.

 

The investor can also reduce his or her replacement cost to 80% of the value; therefore, reducing the premium for the insurance.  This tactic is only advised if there will be enough available after the deduction to pay the property’s mortgage and/or money available to start on replacement of the property.

 

Still yet another way the investor can save money on insurance is by changing insurance companies.  Yes, shopping around is another way to save money on your premium.  Use caution here make sure you are getting similar or better coverage than you had before when changing insurance companies for a lower premium.

The investor also can set aside a certain amount each month from the collected rental amount for maintenance.  By setting aside a little of the rent, the investor can be prepare for major maintenance issues.

 

Another way an investor can save money on maintenance is by having a home warranty.  The home warranty covers most major components in the property. 

 

Shopping around is always the best way to save money on a mortgage.

 

When looking to save money in real estate, research and shop around you will be amazed at your savings. 

The 5 Most Costly Mistakes A Real Estate Investor Can Make-How Many Are You Making Right Now?

The five costly mistakes that a real estate investor can make is not:

• protecting the assets in his or her portofolio
• researching the town or community the investor is buying in
• knowing the fair market rents
• knowing what type of property is most profitable for the investor
• knowing the cost of rehabing and maintaining a property

Protecting your assets is your number one priority because the real estate market is not yielding many opportunities for flips.  A flip is when an investor purchases a property and rehab it and then sells it to another buyer.  Sometimes this happens before the property has been owned by the investor for six months.   The longevidity of ownership is important because FHA requires that the owner owns the property for at least six months before he or she can sell it to a FHA buyer. 

The investor, on the other hand, desires to sell a property as quickly as possible to prevent paying holding cost.  Holding cost can be mortgage, maintenance, taxes, insurance, etc.

In today’s market, the investor is able to buy at a low amount, but may not be able to sell for the desired profit margin that have been enjoyed by other investors in the recent past.   Therefore, it is important to protect your asset because the investor will be holding the property  until such time that he or she can sell it for the desire profit margin.  The investor protects his or her asset with insurance.   It is also recommended that you form a business entity to protect your personal assets.

The insurance needed depends on whether the property is ready for occupancy at the time of purchase or not.  If the property needs rehab, you will need a builder’s risk policy.  A builder’s risk policy covers the building, the items needed and purchased during rehab from theft, vandalism, or from other disaster.

If the property is habitable then you will need a landlord policy.  The landlord policy covers the building and all items that you provide to the occupant.  Be sure to explain to the occupant and have it as part of your lease that the occupant will need to have rental insurance policy to cover his or her personal items. 

For added protection, the investor may consider additional liability coverage. 

The investor needs to treat his portofolio of properties as a business; therefore, it is recommended that he or she consider having the properties under a land trust and/or business entities.  Please read these articles for more information on the advantages and disadvantages for both the land trust and the business entities:

• Land Trust is a Good Option for Investors in This Market
• What is a Land Trust?
• Trust Transfer Made Easy

The investor must also understand the market, know the fair market rents, know the cost of rehabing and maintaining the property, and  research the neighborhood that he or she is interest in investing in.  Please read the articles below for more information on that:

• What to Look For In Income Property
• Thinking of Becoming A Real Estate Investor

If an investor is prepared and do research investing can still be as profit as it was in the recent past.

Save a Life – Recognize Symptoms of a Stroke

You could save a life.

STROKE: Remember The 1st Three Letters…

S.T.R .
My friend sent this to me

and encouraged me to post

it and spread the word. I

agree. If everyone can

remember something this

simple, we could save some

folks.

STROKE IDENTIFICATION:

During a party, a friend stumbled and took

a little fall – she assured everyone that she was fine and just tripped over a brick

because of her new shoes. (they offered to

call ambulance)

They got her cleaned up and got her a new

plate of food – while she appeared a bit

shaken up, Ingrid went about enjoying

herself the rest of the evening. Ingrid’s

husband called later telling everyone that his wife had been taken to the hospital –

(at 6:00pm , Ingrid passed away.)

She had suffered a stroke at

the party . Had they known

how to identify the signs of a stroke, perhaps Ingrid

would be with us today.

Some don’t die. They end up in a helpless, hopeless

 

condition instead. It only takes a minute to read this…

 

STROKE IDENTIFICATION:

Just Reduced $19,900 3877 Colbourne Hobart, IN

Originally posted 2009-03-10 08:36:33. Republished by Blog Post Promoter

Priced to sell.  Add this lovely home to your investor portofolio for as little as $54.52 a day.  Make your appointment today by calling Serena at  219 803 4489.

 

Seniors Do You Need More Money Consider A Reverse Mortgage

The Facts About a Reverse Mortgage

1. What is a reverse mortgage?

A reverse mortgage allows homeowners who are 62 years of age and older to utilize their equity as income.  By the way, equity is the difference between how much you owe on your home and the appraised value of the home.  For instance, you may owe $80,000, and the home appraises for $100,000.  The difference is $20,000.  $20,000 is the equity in the home.

The reverse mortgage is called “reverse” because instead of the borrrower paying the lender a monthly payment; the borrower is paid a monthly payment from the lender based on specific criteria.

2. How much money do you get?

The amount that you will receive depends on several factors such as,

• your age and/or the age of the youngest spouse
• the value of the home
• interest rate charged
• the governmental program that you qualify for

3.  does your home qualify?

As long as your home is a single family home, condomium, townhome, 2-4 unit building, or manufactured home (built after June 1976), your home qualifies for a reverse mortgage.

4. What are your payment options?

If you elect to utilize a reverse mortgage, you can receive a one time lump sum or installments.

5.  What features does the reverse mortgage have?

The reverse mortgage has a growth feature.  The growth feature does not, however, go to you as the borrower as in accrued interest in a savings account.  “The growth factor, which is equal to roughly the interest you’re being charged, takes into consideration that your home has appreciated in value over the past twelve months and that you are one year old”.

6.  How can you use the proceeds of the reverse mortgage?

Once you receive the proceeds, you can use it for whatever you like.

7. How does the interest work on a reverse mortgage?

Interest is charged only on the amount that you receive.  Remember, if you elect to receive the money as a line of credit, the interest is only charged on the amount of credit used.

8.  What if you owe a mortgage?

You may still qualify for the reverse mortgage; however,  the reverse mortgage must be the only mortgage on your home.  In other words, if your home appraises high enough the existing mortage will be paid off and the remaining equity will be yours.

For example, if you owe $125,000 on your existing mortgage and based on the factors discuss earlier ie age, home value, and interest rate you qualify for $175,000.  Then, you have $50,000 available to use as you like.

9.  What is the service set aside fee?

The reverse mortgage is regulated by FHA’s HECM program.  FHA charges $30 to $35 a  month to service your loan.

10.  Will you lose governmental assistance if you get a reverse mortgage?

The reverse mortgage will not affect your social security or medicare benefits.  However, it will affect Medicaid.  Medicaid consider the proceeds from the reverse mortgage as an asset, and it may affect your eligibility.

11. When do you pay the loan back?

There is no money due as long as you reside in the home.  If you decide to sell the home, pass away, or move out permanently, you will be obligated to pay the money back. 

12.  Under what circumstances should you not consider a reverse mortgage?

The upfront fees for this mortgage is high so you may not want to do the loan because of this.  Another reason is that if you are considering moving in the next couple of years it will not be worth it.  If you are consider leaving your home to your children then the reverse mortgage may not be for you because the home is usually sold to pay the reverse mortgage back to the lender.

If you would like more information on the reverse mortgage contact AARP at 800-209-8085 or National Foundation for Credit Counseling at 866-698-6322.

 

Related Articles

Is a Reverse Mortgage Right for You? - Understanding a reverse mortgage.

MC2 Home Inspections Coupon

Originally posted 2008-12-26 18:19:55. Republished by Blog Post Promoter