Better Than Success Real Estate News Brief for Sep 27 2021
09/27/21 • 5 min
Every week, the team at Better Than Success round up the biggest and most important news, policy changes, funding sources and investing opportunities for real estate investors and small business owners. It's the market information you need to know before pulling the trigger on your next or first investment.
Find each article mentioned in episode 17 below...
FHA loan limits in 2021: What borrowers need to know
Homebuilder sentiment improves for first time in three months after a big drop in lumber prices
https://www.cnbc.com/2021/09/20/homebuilder-sentiment-improves-after-big-drop-in-lumber-prices.html
Artificial intelligence is taking over real estate – here’s what that means for homebuyers
On Wednesday’s event, How To Invest in Commercial Multi-Family by Using Group Economics with Harold he shared insights on commercial investing. He shared that for a commercial property, the down payment is significantly higher than a residential property. Despite having experience, lenders want anywhere from 25% to 30% down. He also stated that if your commercial property is located near anything that’s environmentally unsafe like a gas station. You will need to have a phase report showing that there’s no soil contamination coming from the site next to your property.
On Thursday’s live Q&A session with Asia Denson she shared that if you're planning to buy land and build a property you will need to get approval from your city, this includes presenting your plan, stamped blueprints, how you’re going to pay for it and having an approved licensed contractor. As a contractor herself she shared that in order for you to get a GC license in Detroit, you have to complete 60 hours of education and pass a test. The total cost is around $1500 which includes taking the class, purchasing books, and paying for the licensing exam .
To see our upcoming events, visit betterthansuccess.com/events.
Every week, the team at Better Than Success round up the biggest and most important news, policy changes, funding sources and investing opportunities for real estate investors and small business owners. It's the market information you need to know before pulling the trigger on your next or first investment.
Find each article mentioned in episode 17 below...
FHA loan limits in 2021: What borrowers need to know
Homebuilder sentiment improves for first time in three months after a big drop in lumber prices
https://www.cnbc.com/2021/09/20/homebuilder-sentiment-improves-after-big-drop-in-lumber-prices.html
Artificial intelligence is taking over real estate – here’s what that means for homebuyers
On Wednesday’s event, How To Invest in Commercial Multi-Family by Using Group Economics with Harold he shared insights on commercial investing. He shared that for a commercial property, the down payment is significantly higher than a residential property. Despite having experience, lenders want anywhere from 25% to 30% down. He also stated that if your commercial property is located near anything that’s environmentally unsafe like a gas station. You will need to have a phase report showing that there’s no soil contamination coming from the site next to your property.
On Thursday’s live Q&A session with Asia Denson she shared that if you're planning to buy land and build a property you will need to get approval from your city, this includes presenting your plan, stamped blueprints, how you’re going to pay for it and having an approved licensed contractor. As a contractor herself she shared that in order for you to get a GC license in Detroit, you have to complete 60 hours of education and pass a test. The total cost is around $1500 which includes taking the class, purchasing books, and paying for the licensing exam .
To see our upcoming events, visit betterthansuccess.com/events.
Previous Episode
Better Than Success Real Estate News Brief for Sep 20 2021
Every week, the team at Better Than Success round up the biggest and most important news, policy changes, funding sources and investing opportunities for real estate investors and small business owners. It's the market information you need to know before pulling the trigger on your next or first investment.
Find each article mentioned in episode 16 below...
Feds Suspend New Limit on Federal Mortgages for Investors
House Democrats’ capital gains tax proposal is better for the super rich than Biden plan
Once the Pandemic Recedes, Where Will the Real Estate Investment Opportunities Be?
On Wednesday’s event, How to Underwrite Deals in 3-5 Clicks of a Button with Gary Jonas, Gary shares a resource on how you can underwrite deals and how to know if the numbers make sense using what he’s really good at... spreadsheets. He showed 2 things in them:
- What a deal would look like with something you want to buy and hold
- And what it would look like if you wanted to flip a property
He also shared the strategy to start investing in real estate. If you don’t have enough capital to purchase bigger buildings, start with purchasing single family homes. Once you build equity in them, you can use the equity to fund larger projects.
On Thursday’s live Q&A session with Devon, she shared one important thing to have when you have a property management company is a strong maintenance team. You need a team that is reliable, dependable. Also be sure you treat them well because they are going to make or break your success. Devon also shared what to look at when bringing in tenants for commercial properties.
- Be sure they have insurance
- Review their Bank Statements to see how much revenue they bring in
- And aim to have them sign long term leases.
To see our upcoming events, visit betterthansuccess.com/events.
Next Episode
Better Than Success Real Estate News Brief for Oct 4 2021
Every week, the team at Better Than Success round up the biggest and most important news, policy changes, funding sources and investing opportunities for real estate investors and small business owners. It's the market information you need to know before pulling the trigger on your next or first investment.
Find each article mentioned in episode 18 below...
Home-flipping profits are shrinking, but here’s where you can net the most
Mortgage Rates Will Spike If U.S. Defaults On Debt, Moody’s Report Finds
Fannie Mae Extends Multifamily Protections for Renters Indefinitely
On Wednesday’s event, Raising Private Capital to Invest in Philadelphia with Albert Wu, Albert shared that he used private money to invest in real estate for his first successful deal. He says there are 3 things to manage your reserves:
- Understand your financing portion
- Having a control of your mortgage, and
- Good construction management
On Thursday’s live Q&A session with Hoan Thai he shared one way to increase your rental income is by doing a rehab or improving the property. He said that he did this in one of his occupied rentals and added a washer and dryer. He was able to increase the rent to the average amount his tenant spent at laundromats. He also shared that it took him years to build his line of credits. He has a mix of credit both business and personal which he started when he was 18 which now helps him when investing in real estate.
To see our upcoming events, visit betterthansuccess.com/events.
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