Rolling Hills Estates Investments. Why is it good?

There are fewer investments that have shown a better return than real estate. However, the key to investing wisely in real estate is understanding how the industry differs from others. Real Estate is actually an industry and investment driven by local conditions. One community may suddenly lose a manufacturing facility, and almost overnight the market is flooded with properties for sale. Obviously this is not a good thing. At the same time, communities with strong job markets and proximity to business centers have real estate that is in high demand. As with any investment, you should begin with the end in mind.

What are your goals and objectives?
How does real estate fit in with your overall investment plan?

It is important to get pre-approved with a lender. Take the steps necessary to get a letter from the lender stating you are “pre-approved” for a loan in a specific price range. It’s important to have this letter before you make a contract offer to buy real estate. Once you are pre-approved, you know what price range of homes you should be looking at.
Then you need to determine the specifics you want or need in a home.

• What are your day-to-day and future needs?
• Do you enjoy swinging a hammer?
• Older houses have great charm, but may need updating.
• New homes offer the latest energy efficiency and design features.
• Larger lots can give room for additions and swimming pools.
• A fixer upper can dramatically increase in worth.
• A PUD may have private recreational facilities such as a pool and play parks.
• A condo or town-house will relieve you of yard work and exterior maintenance.

Sit down with your real estate agent and make up a wants and needs list. Knowing your price range, your agent can help you determine in what neighborhoods or towns to start looking. You may find that you are limited to where you look based on your situation. There is no sense in wasting your or your agent’s time looking in areas out of your price range.

Right now is a great time to invest in property.

There are many short sales and foreclosures available on the market, and The Inman Team can help you through this process as efficiently as possible. Call them at 310-944-5554 to get started today!

How to Successfully lower your Mortgage payment in Rolling Hills Estates

Most homeowners are seeking creative ways to lower the mortgage payment but many of you fail to look at your first line of defense – property taxes, homeowners insurance and deductibles.

Just like your auto insurance, everyone can lower his or her homeowners insurance by increasing his or her deductible, thereby saving money each month on their mortgage payment. It’s not the best solution for everyone but tough times require tough decisions. Many homeowners pay their homeowners insurance into a escrow account that’s a part of your monthly mortgage payment; by lowering your homeowners insurance your required escrow payment will change, thereby lowering the amount you must pay.

Some homeowners also add riders onto their policies and years later forget to review for changes. You may not even need the riders anymore and don’t think the insurance agent will remind you that you could be saving money. Another area to review is you’re Property Taxes. Home values plunged over the last few years and your property taxes should have been re-assessed. Property taxes are based upon the market value of your home – what it would sell for right now. If the value of your home decreases then your property taxes should follow suit. And many homeowners have stampeded their assessor’s office, especially during the last year to demand hearings about their taxes.

Normally a county assessor will come around to review your home and prepare comparisons in your neighborhood – or that’s the way it’s supposed to work. But it’s really up to the homeowner to make sure they are properly assessed the fair market value. Your property assessment is recorded on the books and your tax amount is prepared and forwarded to you and the mortgage lender. The mortgage lender calculates how much you should pay into escrow each month and calculates your monthly mortgage payment.

If your property taxes are lower than your monthly mortgage amount should be lower each month as well. This is yet another way to lower your monthly mortgage payment.