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Renovation update. Swipe for the before and current state of both bathrooms. Currently waiting on some plumbing parts to ship and once I reinstall those, the new bathtub should fit and I can get the ball rolling on the rest of the work.
Em and I closed on our first house on the 20th! Here’s a breakdown of what we had to pay down to get the house 💰 - For my lender, I needed 5% down. Since I went with my credit union, I was able to avoid PMI even though I was putting less than 20% down, which was a plus. For the total of closing costs and down payment, check out the 2nd pic. - Another plus was since I have my real estate license, I was able to act as my own agent and take a 3% commission on the deal. This worked out to be $6630. This, along with a $500 seller credit, brought my overall cash into the deal to be $5,766. Not bad!
I wanted to go over how I’m saving up to buy my first property. This is no doubt the hardest, and most important part of getting started. - To start, how much do you need to save? For me personally, I’ve talked to my credit union and I need 5% for the down payment, plus another 5% cushion (not required, just for my own peace of mind) for closing costs and other fees. So 10% is what I’m looking at to get my first place🏠 - People go about saving up this money in different ways. You can invest it into stocks, bonds, etc...You can keep it in your savings account...you can even keep it under your mattress. Personally, while it is the riskiest option, I’m investing my money into (in my opinion) safe stocks. This gives me the ability to have my money grow much faster than the other options, while also allowing me to put it away for my down payment in the future. If you’re more risk adverse, bonds/savings account is your best bet for saving this money.
Life Update! - Since my last post, a few things have changed with me. I’ve graduated college and started a new position in the banking industry. - Due to this, being a real estate broker and marketing my services publicly is seen as a conflict of interest and I won’t be able to continue with the usual posts on my social media. - My plan for this page is to change the content up. From now on, I’ll use this page to post updates on my real estate investing. You can expect me to post new properties as I build my portfolio, diy projects that add value, and other things I find relevant. - Hopefully, you won’t mind the switch. I look forward to this new journey!