All Forum Posts by: Kiara Colon

 One brokerage i've ran into is New Western. Their strategy is very different from most, as they almost exclusively work with investors. They are pretty much wholesalers, cash or hard money almost exclusively, and a lot of buyers have an. offer accepted sight unseen. Very different business model from the KW's and EXPs of the world, but a strategy that works for some. 

I would honestly recommend getting on mailing lists for properties. That's how I see how these different businesses operate, by what type of properties they're advertising.

Good luck on the exam, and good luck in your search!

As you embark on the exciting journey of purchasing your dream home, I want to provide you with some important information about upfront fees that are typically associated with buying a property. It's essential to be aware of these fees to ensure that you are well-prepared and can make informed decisions throughout the process.

1. Earnest Money Deposit (EMD): When you submit an offer on a property, you'll usually be required to provide an earnest money deposit. This deposit demonstrates your commitment to purchasing the home and is held in escrow until closing. The amount can vary but is often around 1-3% of the home's purchase price.

2. Home Inspection Fee: It's highly recommended to have a professional home inspection to uncover any potential issues with the property. Home inspection fees can vary based on the size and complexity of the home but typically range from a few hundred to a thousand dollars.

3. Appraisal Fee: Your lender will likely require an appraisal to determine the fair market value of the property. Appraisal fees typically range from $300 to $600, depending on the location and size of the home.

4. Credit Report and Application Fees: Lenders often charge fees for pulling your credit report and processing your mortgage application. These fees can add up to a few hundred dollars.

5. Closing Costs: These include various fees associated with finalizing the purchase of the home. They can include title search fees, title insurance, attorney fees, recording fees, and more. Closing costs typically range from 2-5% of the purchase price.

6. Prepaid Expenses: You may need to prepay property taxes, homeowner's insurance, and mortgage insurance (if applicable) for a certain period.

7. Homeowner Association (HOA) Fees: If you're purchasing a property in a community with an HOA, you'll likely need to pay upfront HOA fees.

It's important to budget for these upfront fees in addition to your down payment. I recommend speaking with your lender to get a clear estimate of the total costs associated with buying your desired home. Keep in mind that some fees may be negotiable, and your lender can provide you with a detailed breakdown.

Buying for payment stability is always a good move. As others have already noted, HOA fees can sometimes be higher than the actual mortgage. Also, if it's a coop, see if it's able to be rented out after 1-2 years, or if they require everyone to be an owner on the property.

100% I’d mount it. All the reasons already mentioned. And also, people steal.

Im at -$500/mo for the first two years. Its not the best, but hopefully for a bigger payoff 

My best friend always reminds me that 'if it was easy, everybody would do it,' and this sentiment couldn't be truer in the world of real estate. Thanks for the post, Jim!

Congratulations on your upcoming closing and entering the real estate market! When considering properties in Detroit, it's vital to conduct thorough research and evaluation. Consulting a local owners association can provide valuable insights and information on the local housing market, helping you make informed decisions. Utilize their expertise to gain a deeper understanding of the specific neighborhood, property condition, and market dynamics. By tapping into local knowledge, you'll be better equipped to navigate the Detroit market and maximize your investment potential. Best of luck on your real estate journey!

When facing pricing difficulties, I focus on thorough market research, clear communication about market factors, and emphasizing my value as an experienced professional. Active listening and finding a collaborative pricing strategy are key. Looking forward to hearing others' strategies and experiences.

Great blog post!

I watched a lot of BP YouTube videos and tried to read some books. The long and short of it is if the seller is willing to entertain creative financing. If they aren't then it's a moot point. But BP talks about all the creative financing options seems to be the most important point. But i'd go back to the BP basics and watch some of their recent content, because they go into seller financing in-depth. Good luck!

- Kiara Colon-Torres

Hey, Justin!

I am an investor in SE DC and a licensed DC REALTOR. let me know if you want to grab a cofee and talk about the market sometime. Thanks!