3 Ways to Boost Your Monthly Income
If you are preparing for a special event
or are planning to raise fund for an upcoming big expense, it might be a good solution to start seeking alternatives to boost your income. Some simple or out-of-the-box ways might be available to raise some additional money. These are listed below.
Start Freelance Work
Various sites online propose effective solutions for people to sell their skills by doing additional projects and raise funds. This is done either by bidding on projects or creating pages where buyers would be able to contact sellers for particular products and services. One would only need to be aware of which skills might be in demand and to tap on that. Read the rest of this entry »
3 factors to consider when choosing a retirement portfolio
Going on retirement is liberating. It is the moment when you would finally get to relax and forget about your work and intent with which you were focusing on your career. The following questions will help you decide how to allocate assets for your retirement distribution.
Determining your budget and expenses
Making a list of all your necessary expenditures will help you evaluate how much you would be needing from your retirement plan. Your expenses are the main influencing factor of your retirement and having a strong understanding of how they are broken down is key. If are able to determine how much you would be withdrawing for your retirement, you would be able to find out what you would be expecting from your investments. Read the rest of this entry »
Calculations for a Comfortable Retirement
Generally, owners of small businesses decide to finance their through the sale of their company. While this may be a good plan, business owners often do not consider the amount of money that they will receive during the sale.
Develop a retirement budget in today’s dollars
While developing your retirement budget, you could start by considering your current expenses and forecasting whether these would still exist when you would be retiring. For instance, if you have children, they would probably have grown into adulthood and become self-sufficient. Other financial aspects such as a mortgage would have been paid off. Your retirement income would also need to cater for activities that you might want to indulge in once you would be free from professional obligations. Read the rest of this entry »
Tips for Buying a Multi-Family Home
Investing in a multi-family home offers numerous advantages, including rental income, tax benefits, and long-term appreciation. However, as real estate developer Dov Hertz cautions, “A real estate transaction is like walking through a minefield. Those who are successful are able to sidestep and pivot when necessary. Those who don’t end up stepping on the mine and blowing it up.” To navigate this minefield effectively, here are some essential tips for buying a multi-family home.
Understand the Benefits
Before diving into the multi-family property market, it’s crucial to recognize the benefits:
Rental Income: Dov Hertz notes, “Multi-family investments can generate consistent rental income to help you pay the mortgages and operating expenses.”
Economies of Scale: Managing multiple units on one property is often more efficient than managing several single-family homes.
Tax Advantages: You may be eligible for deductions on mortgage interest, maintenance, property taxes, and other expenses.
Appreciation: Multi-family properties typically appreciate over time, providing long-term financial benefits.
Assess Your Financial Situation
Evaluate your financial readiness for purchasing a multi-family home:
Down Payment: Expect to make a larger down payment compared to single-family homes—typically around 20% for the best financing terms.
Credit Score: A good credit score can secure more favorable mortgage rates.
Debt-to-Income Ratio: Lenders will assess your debt-to-income ratio to ensure you can handle the responsibilities of a multi-family property.
Research the Market
Conduct thorough research on the local real estate market:
Location: Seek properties in desirable neighborhoods with good schools, amenities, and low crime rates.
Rental Rates: Compare rental rates across the area to ensure a positive cash flow.
Vacancy Rates: High vacancy rates may indicate low demand for rental properties.
Inspect the Property
A comprehensive property inspection is essential:
Structural Integrity: Ensure the foundation, roof, and walls are in good condition.
Plumbing and Electrical Systems: Verify that these systems are functional and meet current safety standards.
HVAC Systems: Check that heating, ventilation, and air conditioning systems are working properly.
Pest and Mold Issues: Look for signs of pest infestations or mold, which could pose health risks.
Analyze the Numbers
Perform a detailed financial analysis to assess profitability:
Net Operating Income (NOI): Calculate the annual income from the property minus operating expenses such as maintenance, property management fees, and insurance.
Cap Rate: Determine the capitalization rate by dividing the NOI by the purchase price. A higher cap rate indicates a better return on investment.
Cash Flow: Subtract your mortgage payment from the NOI to determine your monthly cash flow. Aim for a positive cash flow to ensure the investment is viable.
Review Legal and Zoning Requirements
Ensure the property complies with local zoning laws and regulations:
Zoning Compliance: Confirm that the property is correctly zoned for multi-family use and that all units are legal.
Lease Agreements: Review existing leases to understand tenant rights and responsibilities. Dov Hertz advises, “I’ve seen the smallest, immaterial issues blow up a deal. Solve problems, don’t create them.”
Consider Property Management
Decide whether to self-manage or hire a property management firm:
Self-Management: While potentially cost-saving, self-managing can be time-consuming and demanding.
Professional Management: A property management firm can handle tenant screening, maintenance, rent collection, and legal issues, allowing you to focus on investment strategy.
Plan Your Financing
Explore financing options to secure the best terms:
Conventional Loans: Traditional mortgages are available but come with stricter requirements for multi-family properties.
FHA Loans: The Federal Housing Administration offers loans with as little as a 3.5% down payment, provided you live in one of the units.
Commercial Loans: For larger properties, commercial loans have different terms and requirements compared to residential mortgages.
Prepare for Landlord Responsibilities
Understand the responsibilities of being a landlord:
Local Laws: Familiarize yourself with local landlord-tenant laws, fair housing regulations, and maintenance requirements.
Education: Consider joining a regional landlord association or taking property management courses to enhance your skills.
Develop a Contingency Plan
Prepare for potential challenges with a contingency plan:
Reserve Fund: Create a reserve fund for unexpected repairs or vacancies.
Strategy: Develop a strategy for managing potential issues and maintaining profitability.
Purchasing a multi-family home can be a rewarding investment with rental income and long-term appreciation. By carefully assessing your financial situation, researching the market, conducting thorough inspections, and planning for all aspects of ownership, you can make an informed decision and navigate the complexities of multi-family real estate with confidence.
You may also want to read : NYC Developer Dov Hertz discusses Developing Iconic NYC Sites on a Podcast
Expert Tips for Purchasing a Home in a New City
Relocating to a new city can be an exhilarating experience, yet it also presents the challenge of finding the perfect home in an unfamiliar location. Successfully navigating this process requires thorough research, preparation, and strategic planning. Here are some expert tips to simplify the process of buying a home in a new city.
Explore the City and Its Neighborhoods
Begin by researching the new city and its various neighborhoods. Important factors to consider include safety, school quality, commute times, amenities, and overall lifestyle. Utilize online resources, forums, and social media groups to gather valuable insights from current residents. Understanding the city’s layout and the characteristics of its neighborhoods is crucial. As real estate developer Dov Hertz has noted, “I’ve seen the smallest, immaterial issues blow up a deal. Solve problems, don’t cause them.”
Establish a Realistic Budget
Develop a budget that reflects your current financial situation, taking into account the cost of living in the new city, property taxes, homeowner’s insurance, and utility bills. By setting a realistic budget, you can ensure that the home-buying process remains enjoyable rather than stressful.
Secure Mortgage Pre-Approval
Obtaining pre-approval for a mortgage is a critical step, particularly when buying a home from a distance. A pre-approval letter from a lender demonstrates to sellers that you are a serious buyer. This not only helps you understand what you can afford but also allows you to make informed decisions during your home search.
Engage a Local Realtor
Dov Hertz advises, “A knowledgeable local real estate agent can be quite an asset in long-distance house hunting. They, of course, know the market and the inventory, but usually, they are somewhat knowledgeable about the neighborhoods themselves.” Ensure that your realtor is experienced in handling out-of-town transactions, can provide virtual tours and video walkthroughs, and offers comprehensive details about listings.
Leverage Virtual Tools
Take advantage of virtual tools to investigate properties from afar. Many real estate websites now offer virtual tours, 3D walkthroughs, and high-quality photos. You can also request your agent to conduct live video tours, allowing you to ask questions in real-time. These tools provide a better sense of the property’s layout and condition.
Plan a Visit if Possible
If circumstances allow, visit the new city to personally view potential homes and get a feel for the neighborhoods. Exploring the area firsthand helps you make a more informed decision. Use your visit to tour several properties, assess local amenities, and meet with your real estate agent.
Consider Renting First
If you are unsure about committing to a new city, consider renting temporarily. Renting allows you to familiarize yourself with the area, explore different neighborhoods, and make a more informed choice. This approach reduces the pressure and risks associated with long-distance home buying.
Be Prepared to Act Quickly
The real estate market can move swiftly, especially in popular cities. Be prepared to make quick decisions when a property that meets your criteria becomes available. Having your pre-approval letter and financial documents ready can give you an edge over other buyers and help you secure the home you desire.
Trust Your Realtor and Ask Questions
Dov Hertz emphasizes the importance of relationships in real estate, stating, “Real estate negotiations are personal.” Building a strong relationship with your realtor is essential, particularly when working remotely. Trust their expertise and guidance, but don’t hesitate to ask questions. Request detailed information about the property, neighborhood, and market conditions to make well-informed decisions.
By following these expert tips, you can make the process of buying a home in a new city more manageable and successful.
Listen to a recent podcast by Dov Hertz – Founder @ DH Property Holdings, LLC.
Investment tips for beginners
Investing can be an intimidating process for beginners. The following tips could be helpful to ease up the process.
- Choosing the right investment partner
The most crucial choice when it comes to investment revolves around which brokerage company to solicit. This is an important decision as it will impact on the amount paid in fees, the type of investments that you would be proposed and the expected returns on investment that you would get. A good long-term solution is to choose a discount broker. Choosing one that would not charge high fees and charge low commissions would be ideal. Brokers that offer mutual funds or ETFs (exchange-traded funds) without charging for a commission are perfect for beginners.
- Start with basic funds
Mutual funds and ETFs are great for beginners. The advantage of these funds is that they would split your investment across several stocks. This creates a buffer for risks associated with the downfall of any given individual stock. Mutual funds and ETFs are ideal if you want to learn about investment. Some target-date mutual funds offer the advantage of automatic computation of the risk level associated with your investment as you approach the goal you had set (such as your retirement, for instance).
- Opt for safer stocks
Safer stocks can come in the form of consumer staple products such as food, clothing and medical supplies. These stocks tend to be less volatile as even when the economy is tough, people would still be looking for buy those products. These stocks have a good long-term prospects but require patience to yield their return.
Understanding the Mechanics of Car Title Loans
During times of financial urgency, having access to a swift and convenient source of funds can be a true lifeline. Car title loans have gained popularity as an appealing option for individuals seeking immediate cash, leveraging the convenience of using their vehicle as collateral. To grasp the mechanics of this financial solution, let’s delve into the details.
Comprehending Car Title Loans
Car title loans, also referred to as auto title loans or pink slip loans, involve utilizing the title of your vehicle as collateral to secure a loan. These loans are typically short-term in nature and entail minimal paperwork, making them an attractive choice for those in need of fast cash. The loan amount is determined based on the assessed value of the vehicle and the borrower’s ability to repay the loan.
The Role of EZ Car Title Loans
EZ Car Title Loans is a reputable lender specializing in auto title loans across several states, including Texas. By offering accessible financial solutions, they assist customers in times of financial need. EZ Car Title Loans prides itself on a streamlined process, ensuring that borrowers can swiftly obtain the funds they require. With their efficient services, borrowers can receive cash within hours, enabling them to promptly address their financial obligations.
The Loan Process
Application: EZ Car Title Loans has simplified the application process, often allowing applicants to complete it online. To apply, individuals need to provide basic personal information, details about the vehicle, and proof of ownership.
Loan Approval: Once the lender verifies that the vehicle meets their criteria and assesses the borrower’s ability to repay, the loan is approved. During this stage, the terms and conditions of the loan are discussed.
Loan Repayment: EZ Car Title Loans offers flexible repayment options, allowing borrowers to manage their payments through installments over a predetermined period. Timely repayment is crucial to avoid incurring any additional fees or penalties.
Advantages of Car Title Loans
Rapid Access to Funds: Car title loans provide a swift means of obtaining cash in urgent situations.
Minimal Requirements: The application process is straightforward, with credit history being just one of several factors considered for loan approval.
Continued Vehicle Usage: Unlike traditional pawn shops, car title loans enable borrowers to retain ownership and use of their vehicles while repaying the loan.
By comprehending the inner workings of car title loans, borrowers can make informed decisions when seeking financial assistance, ensuring that their immediate needs are met without unnecessary complications.
How to Solve Financial Shortfalls
If you notice a financial shortfall after calculating your expected expenses, you might have to find solutions in order to eliminate it. Several possibilities might be presented to you and you might have to adapt your solutions as per your situation. The guide below might help you come up with ideas to raise some extra funds.
Reconsider your expenditures
You might wish to go through your expenditure again and to try to eliminate anything that feels unnecessary. However, there are certain expenses that you must not drop. For instance, you might feel tempted to drop your insurance coverage, but dropping them now might be turn out to be problematic in the future. And this decision might turn out to be detrimental in the future.
Review bills and find out how to save
Take a moment to review each of your bills and think about ways to reduce your expenses. You may gather around with your family to decide how you may save on groceries, clothes and other items. You might have to change some of your consumer habits.
Consider your employment
To eliminate certain financial shortfalls, you might think about working extra hours or doing a part-time activity. If your children are teens, you might encourage them to find a job to be able to earn some extra pocket money.
Start Keeping a Log
The log would help you keep track of your expenditure and find out where the money goes. It might be some expensive lunch that you tend to forget about or a habit that has become part of your routine, such as smoking. It could be useful to note these down.
Working from Home Can Make You More Productive
There is a range of opinions about remote work, especially now that many companies have been forced to adopt it out of necessity due to the ongoing COVID-19 pandemic. Some companies are fairly cold toward the idea of working from home, because they believe that working from home comes with too many distractions, and unmonitored remote work may result in reduced productivity. However, studies are showing that the right mindset can even result in increased productivity when working from home.
Lucy Lyle, entrepreneur and Perch founder, observes, “While some employees may get more distracted and less productive while working from home, certain types of employees actually flourish under remote work conditions.” Lucy Lyle added, “Traits necessary for success during remote work include high self-motivation, an active lifestyle, and a good work environment that promotes productivity.”
In one study by ConnectSolutions, teleworkers or remote workers were generally more productive and less likely to take time off work, even for sickness. 77% of respondents who worked remotely said that they were more productive while working off-site. 30% of remote workers went further and said they were even able to accomplish more in less time.
Lucy Lyle suggested, “Increased productivity goes hand-in-hand with a comfortable, organized workspace with no distractions, and good time management. If you’re working from home, you should make sure there are no phone calls, TVs playing in the background, or chores to distract you during working hours. Also, make sure you get some exercise before starting your workday, even if it’s only for 30 minutes to an hour.”
With a well-planned schedule, an organized home office, and no distractions around you, you can reap the unique benefits of remote work while becoming a better professional in the process.
Learning the Art of Meditation Helps You Remain Grounded and in the Now
Create Abundance by Zhang Xinyue is a wonderful book that inspires with wise teachings demonstrating how we can create abundance in our lives through mind-body-spirit cultivation.
Learning to meditate is an art and can provide you with a tool that is positive and powerful. Grounding is one type of meditation that will help you to remain in the present. It shows how to focus attention on something in the physical world. Many situations will require you to cope and these easy-to-implement exercises will help you.
When you enjoy being aware of your surroundings and relaxed in your environment then meditation will help you and can increase this relaxed state of attentiveness. When developing your meditation skills you will experience a sense of spiritual awakening.
In her book of wisdom, Zhang Xinyue suggests that “In actuality, what we feel short of
is nothing more than money, love, attention, and meaning. If you avoid facing them,
then get ready to fight for a few more lifetimes to come. Once you decide to face this issue, it will not be so difficult.” this is an excerpt from her book Create Abundance.
Meditation practices that help you remain grounded and focused also show you how to face your issues as a way of overcoming them and growing positively. Meditation ensures that you are always aware of the psychological issues that need your attention.
Zhang Xinyue author of Create Abundance wrote this book of wise inspirations in 2012. It has been translated from Chinese into several languages and has become an international bestseller. Create Abundance by Zhang Xinyue shares innovative and positive ways to navigate and manage the philosophical issues of life.
For more information visit Create Abundance