First Time Home Buyers- Mortgage Qualification Process

If you are interested in purchasing a home I have listed some required steps that must be taken to qualify for a mortgage. If you want something you’ve never had you must be willing to do something you’ve never done.

  1. CREDIT- You absolutely need to know what your credit score is, you can check this at https://www.creditchecktotal.com for $1, make sure to cancel the FREE 7 day trial after you get your report because after 7 days you will be charged $29.95.

  2. If you have NO CREDIT, you need to go to your local bank with $500 cash and get a secured credit card, make sure to only use 1/3 of the total available credit. You can also check this link that offers introductory deals for people trying to build their credit, I recommend https://verified.capitalone.com/sic-ui/#/esignin?Product=ENTERPRISE https://wallethub.com/credit-cards/free/

  3. If you have LOW CREDIT score, ask someone you know who has a least a 20 year + credit history and have them add you as an authorized user, this will help boost your score.

  4. DEBT- there is good debt and bad debt, but before you can even think about good debt you need to get rid of the bad. If you have COLLECTIONS, call the collector and negotiate the debt down and pay it off ASAP. Make sure they give you a payoff letter and remove from the credit bureaus, If you need help with the removal process ASK ME.

  5. INQUIRY- Inquiries hurt your score a lot. HARD inquiries hit your credit SOFT inquiries don’t; ASK before you agree. During this process DO NOT apply for miscellaneous things car, credit cards etc. Inquiries stay on your credit for up to 2-3 years, there is a process for this removal but If most are accurate they will stay on your report until the 2-3 years is over.

  6. If you are diligent and patient this can be done. I was able to grow my score from low 500’s to over a 720 in 3 years.

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Refreshing Real Estate Writing

The best part of Real Estate for me is doing business with people around the world. You learn culture, tradition, attitude, perspectives and stigma's. Being so wrapped up in the business sometimes you forget the visual perspective. This young lady tells a story on what we see everyday is a very refreshing way. This is just a snippet from her short story you can find the full story in the link below.

A LIVING

My father made his living gutting houses. Copper, aluminum, brass, nickel, tin. Lead and bronze. A concrete floor will be veined with steel, and the steel will fetch a good price. In smaller quantities, gold, silver, platinum. These are found in the derelict mansions. It is a tedious assignment, though, like mushroom hunting. Plucking a gold-plated faucet from the wall, gathering the doorknobs. There will be imposters, alloys. Any fair merchant will only deal in unalloyed metals. If you mistakenly throw an alloy on the pile, he will turn you away forever. My father never made this mistake. He did honest work. My father studied engineering, but there was no work for an engineer. --- I was born in lean times. I don’t remember, so I go by how my father told it. He told it: The expense of heating and illuminating a house grew enormous, untenable. People did without water indoors. Then heat. A luxurious utility. Electricity went last. Finally, a person will not endure shivering stinking in a black house. They left, abrupt as birds. (I don’t remember the great migration, I was too young.) They went south. They went west. The houses sat. The houses filled with rot and rats. Most everyone, my father tells it, locked the front door. A quaint habit. A sentimental gesture. But they must have known they would not return. He would go in through the windows. He worked alone. He was sometimes unnerved by the empty houses, eerie, echoing. Moss creeping across the floors, a damp green carpet. Rosettes of black mold unfurling on the ceilings. Once, he came across a golden deer in a dining room, sniffing the lace curtains. More often, he found the lice-livid sleeping bags and piss-pots of squatters. The squatters were skittish as deer. They made themselves scarce when they heard his work-boots on the stairs. By the time I came up, the houses had been picked over. There is no money to be made in it anymore. I had to find work of my own. My work is not so different from my father’s.

 

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By: Heidi Kaloustian

Find more of her work at the Kresge Arts In Detroit

Crowdfunding Real or Fake

This article applies to the following persons and companies 

Winnie Lee (My Client)

Joel Lam Kok Wai (Business Owner)

First Asia Alliance (Marketing Company)

Mycofarm Mushroom PTE LTD

Long story short my client was offered a 17.8% return on 30K in 9months, sounds great, but little did this sweet soul know she would be in for it. My client has lost a total of roughly 165K. This bothers me because this is someone who genuinely just wanted to use their retirement funds to secure investments for their own personal goals and family savings. The best advice I can offer is know your source. There are thousand's of things to invest in, but honestly when you make a decision to invest it is a risk, but you are not investing in a thing you are investing in a person you trust to achieve the desired result you are looking for. Bigger is not always better research, research, research, referral, referral, referral! 

I could go on for days about the system, the banks, red-lining, sub-prime mortgages and etc, who really has your best interest at heart? Look for someone who has credentials and shares content. It is easy to be fooled but go along with your gut it's usually right.  

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Give and Receive

A business relationship is supposed to be beneficial to both parties. In Real Estate most of us are our own boss, some are new at this and some have been in the business for years. I have encountered many clients; some I have built recurring business and others have purchased a home and I never heard from them again or they didn't buy at all. If you have been in this business long enough you will come to find that you won't close every deal and the things you do today may not materialize until months from now. 

I have heard the saying "Realtors are disposable" many times. There are over 9,000 of us in Metro Detroit. "Buyers are liars", people will use you as long as you are valuable to them and then they move on, clients will call you and 10 other Realtors. I don't know many people who want to deal with people they don't like, so as much as people say "it's business not personal", that's not entirely true. Are you going to buy a brand you don't relate with, are you going to buy a car you don't like, are you going to eat at a restaraunt you don't like? Probably not, and If you do that was that one time you tried something out and discovered you didn't like it. 

People will talk to people they like, people will do business with people they trust. In this business you will sit next to many people, you will talk over coffee, have dinners and cocktails If you're lucky. If you are always giving something to a client and the only thing you get is monetary in return it better be some big deals, because money is temporary, relationships last years, you want the people around you that are doing recurring business and that value your position and know that by dealing with you, you are the best. 

Help and advice goes a long way, this is a referral business and referrals should not be taken lightly. If you are the reason a transaction happens you need to be compensated. In closing, don't waste time with clients who don't respect your position and If they can't handle it move on, after all there are 7.4 Billion people on this planet. 

 

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Death Before Closing

This post is dedicated to a young man whom I only knew for a moment. We met at a OREI (Oakland Real Estate Investors) meeting, my first and his last. Most people there don't deal with Detroit but he had a property in Redford that was right up my alley. We chatted for a moment, exchanged information and I got the deal under contract. This guy was 30 years young and me and him seemed to be on very similar paths. I didn't know he had a son, as do I. 

We began communicating via email, he was very nice and professional and even said "Please let me know if you have any questions, and thanks for working with me!" It was my pleasure to have worked with him before he left this place. I am thankful to have met his acquaintance; young and successful.

Moral of the story

Death is promised, Life is a blessing. Most of us that are seriously involved in Real Estate it takes up ALL our time. Make time for the things that matter most to you, family, friends and fun. If you leave this earth tomorrow Real Estate won't matter. Take it easy. I encourage you right now as you're reading this, stop for a moment and do something you love, something that makes you happy. Work will be there when you get back.

-MB

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