Archive for April, 2013

Is renting the new American Dream?

Even though it’s 44% cheaper to buy a home than to rent one, many American’s are still opting to rent instead of buying. Why is this? For a lot of consumers renting is simply easier for them. They no longer have to concern themselves with the maintenance that comes with owning a home. For some after losing a home to bankruptcy or foreclosure the thought of homeownership may be too far out of reach or simply no longer a desire. For others a lifestyle change, such as divorce, or a new job in a new city makes homeownership less desirable.

Investors know this and realize there is a huge market for rental properties. (The demand for these properties have certainly taken off here in Wilson County.) And with interest rates at all-time lows, investors have been scooping up investment properties as fast as they can get to the closing table! You decided you wanted to invest in real estate; you’ve bought a couple rental properties, but now what? Often landlords find that maintaining their rental properties can become time consuming and even overwhelming. For this reason the GTeam is now offering Property Management services.

What can property management do for you?
-We can help you avoid bad tenants by running them through our extensive background, criminal, and credit check.
-We market the property, and find a tenant, and write the lease FOR YOU!
-Since we are local, we can check on the property.
-We handle all the financial operations by tracking income and expenses.
-We collect rent and track tenants deposits.
-We respond to tenant requests and deal with problem tenants.
-We comply with Federal, State, and local laws.

If you buy it, we can manage it! Call us to discuss how G Team Property Management can help you! 615.466.3030

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Life After Foreclosure

You’ve worked hard for your piece of the American Dream, but what happens when it’s taken from you? Where do you turn after foreclosure? Will you ever be able to own another home?
While the standard waiting period to purchase a home after a foreclosure is seven years, it is possible to purchase again in three years or less. The rules for qualifying for a mortgage vary widely between lenders and loan programs. So be sure to check with your lender before starting your new home search. Not sure where to start? Call us and we will glad to point you in the right direction and help you from beginning to end.
The same guidelines that I provided in last week’s blog “Buying after Bankruptcy” apply here in this situation as well. First and foremost work on IMPROVING your credit score. Installment loans, revolving credit, secured credit cards are the some of the ways you can do this. Even though a foreclosure can appear on your credit report for up to 7 years and lower your credit score by 200-300 points, paying your bills on time and working diligently to repair your credit will help your score tremendously. Lenders look very closely at the past two years of your credit history. Other factors include income, job stability, how much savings you have and your debt to income ratio. A large down payment (30% +) shows good credit worthiness. If you consistently focus on repairing your credit score you may be able to purchase a new home within a few years after foreclosure, while someone who does not focus on improving their credit score may have to wait about 4 to 5 years—or even longer—to establish acceptable credit.
Be sure to visit last week’s blog for other tips to repair and build your credit score.

The distressed homeowners of the past are now the home buyers of today! Let us help you make your home ownership dream a reality! Call the G Team at 615-466-3030. We can’t wait to speak to you!