Get Prepared Before Meeting With Your Lender
Let’s Make a Deal
Here is a question I’m often asked by home buyers after negotiating their best deal on a home: “I am meeting with a loan officer about buying the home. Any tips or suggestions?”
First, you should have your necessary paperwork together:
• Two years tax returns
• Two years W2s
• Current month’s pay stubs
• One month bank statements for any accounts where you have money that will be used for the transaction
That should be enough to get started. You’ll update bank statements and pay stubs once you’re into the process.
There are some potential pitfalls you should keep in mind. First, be aware that you’re going to have to document and paper-trail all money that shows up in the transaction. You’ll do this by giving the lender two month’s bank statements. If there are any “large” deposits (generally understood to be more than 10% of your gross monthly income), you’ll have to document and explain them. This would include transfers from other accounts; you’ll have to provide statements for those accounts as well. Continue reading
David Tipton was raised in Tampa, FL and has been a Florida licensed real estate broker since 1986. There have been massive changes in the real estate industry during the past 30 years and Dave has those experiences under his belt, which thoroughly prepares him for what ever comes in the future. Dave has become an evangelist for the Tampa Active Adult Lifestyle and loves working with folks of the 55+ age bracket preparing to retire. With a BA degree from the University of South Florida in Tampa he is a Huge Bulls fan, but roots for all the Florida teams that aren't playing the Bulls.
Posted in News & Views, Southshore Falls, Sun City Center, Tampa 55+, Tampa Active Adult Homes, Tampa Bay Seniors, Tampa Homes For Sale, Valencia Lakes Tampa
Tagged Buy a Tampa Home, mortgage loan, Search for homes Tampa, Tampa Mortgage Lender
Everybody knows it gets hot in Florida in the summertime. Most people who have not lived a summer in the Sunshine State however don’t know about factoring in the humidity to get the Heat Index or “Feels Like” temperature.
Here are 5 ways to beat the Florida Heat:
Time outdoor activities
If you want to go for a leisurely stroll with your dog, work in the garden, or get an invigorating bike ride, don’t do it during the heat of the day. I would often get my runs in during the pre-dawn hours. Finishing up a workout to the sunrise while listening to great tunes and running past my neighbor’s intoxicating gardena bushes was a great way to start the day. When I knew the area was safe and well lit, I would also run in the late evening or night hours. I had to dodge a few raccoons and possums, but it was worth it not to melt.
It may seem so simple, yet few of us actually do it. Hydrate, hydrate, hydrate! Drink plenty of water and sports drinks that replenished the electrolytes lost in sweating profuse amounts. Drink until your urine is clear.
Freeze water or sports drinks and carry one or two with you. I have also found that carrying a banana with you for a snack will give you an energy boost and help replenish magnesium and electrolytes. It can also prevent low blood sugar after physical activity that can cause dizziness and fatigue.
While no one likes to sweat, I can assure you that the alternative of overheating is far worse! Also, staying hydrated helps you feel more energetic. Who couldn’t use that on a hot day? Continue reading
Is it time to buy an investment property?
Is it a good idea to purchase a house to rent out to others (using them to pay off the mortgage) as an investment strategy?
Real estate has historically been a good investment. This is because it can provide cash flow (in the case of rental income property) and appreciation. While some will correctly point out that homes after 2008 declined in value (some by a great deal), most areas have recovered and have returned to pre-crash values.
To your question: before investing in rental properties, you should have an excellent idea of what your expectations are. This includes the cash flow (which could be negative at times). Here is how you might go about doing that analysis.
First, get a good idea of what the market rents are in your area. There are many ways to do this online, and the appraisal that any lender will require will include a rent survey. Use the market rents as your income. You should adjust your gross income by a factor for vacancy and collection losses—yes, some tenants do not pay their rent and have to be evicted. This is an expensive proposition. It happens rarely, but it does happen. Continue reading