The Real Estate Show

Radio Show Notes 05/13/24 Monday:

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"Boost Your Buying Power: Doubling Down on Down Payments for Real Estate Success"

Unlock the Door to Homeownership: 10 Powerful Ways to Secure Your Down Payment

By Eric Willner, Host of The Real Estate Show, America’s longest running daily radio show about real estate.

Welcome to the Real Estate Show – South Florida's #1 Real Estate Radio Show and America's longest running daily radio show about real estate. It's a virtual real estate seminar in every episode!

This is the Monday On A Mission Edition of The Real Estate Show, and today we're talking about how you can double down on your down payment! This strategy is crucial for real estate success.

Did you know that a larger down payment can significantly improve your offer's strength and potentially lead to a lower interest rate on your mortgage? It can also help you build equity faster in your property.

Today's show is all about "You Can Double Down On Your Down Payment," and why understanding this strategy is so important for your real estate success.

But what should I do if I don’t have a saved down payment already?

Don't despair! Even without a saved down payment yet, there are still paths to homeownership. Here are some options to consider:

Increase Your Savings Power:

• Boost Your Income: Explore ways to increase your income through a side hustle, a promotion, or negotiating a higher salary. Every dollar extra can be directed towards your down payment.
• Scrutinize Your Expenses: Create a budget and identify areas where you can cut back on spending. This could include dining out less, reducing entertainment costs, or canceling unused subscriptions.
• Automate Savings: Set up automatic transfers from your checking account to a high-yield savings account dedicated to your down payment.

Explore Down Payment Assistance Programs:

• Government Programs: Research programs like FHA loans, USDA loans, or VA loans (for veterans) that offer lower down payment requirements (as low as 3.5% in some cases).
• State and Local Programs: Many states and municipalities offer down payment assistance programs to first-time homebuyers. Explore what your local area offers.
• Non-Profit Organizations: Certain non-profit organizations might offer down payment assistance grants to eligible homebuyers.

Creative Financing Strategies:

• House Hacking: Consider buying a multi-unit property and renting out one or more units. The rental income can contribute towards your mortgage payment and potentially help save for a down payment.
• Gifts: If you're fortunate, family members might be willing to offer financial gifts to help with your down payment. However, have open communication about expectations and repayment terms, if any.

Additional Tips:

• Improve Your Credit Score: A higher credit score can qualify you for better loan options and potentially lower interest rates, reducing your overall financial burden.
• Work with a Mortgage Lender: A good mortgage lender can help assess your financial situation and explore different loan options that best suit your needs.
• Consider a Smaller Down Payment: While a larger down payment is generally better, some programs allow for lower down payments. Weigh the pros and cons with a financial professional.

Remember, homeownership is a long-term commitment and a long term REWARD!. It's important to be financially prepared and comfortable with the monthly mortgage payments, property taxes, and maintenance costs. Believe me, they are better for you than rent payments!

Before we dive in, let me remind you of this week's special FREE Workshops:

• Tuesday 8pm Path To Home Ownership Introduction – Online by Invitation Text "Path" to 561-861-2366
• Wednesday night 8:30pm Financial Edge University Overview – Online by Invitation Text "Edge" to 561-861-2366

Real estate requires skill, strategy, adaptability, and an unwavering determination to cross the finish line successfully. The road to financial victory may not be a straight path, but it's certainly an exhilarating one!

So, are you ready to DOUBLE DOWN on your down payment? Here are 10 solid reasons why I believe this is a winning strategy:

1. Stronger Offers: A larger down payment shows sellers you're a serious buyer, increasing the likelihood of your offer being accepted.
2. Lower Interest Rates: Generally, the bigger your down payment, the lower your interest rate, which translates to significant savings over the life of your loan.
3. Reduced Private Mortgage Insurance (PMI): With a down payment of at least 20%, you often avoid PMI, an extra monthly fee on loans with a down payment of less than 20%.
4. Faster Equity Building: Your equity is the difference between your property's value and what you owe on your mortgage. A larger down payment means you'll start building equity faster.
5. Smaller Loan Amount: A bigger down payment translates to a smaller loan amount, making your monthly payments more manageable.

(Text "Edge" to 561-861-2366 to learn more about Financial Edge Academy and how you can gain a strategic advantage in real estate.)

6. Flexibility for Future Investments: By doubling down on your down payment now, you potentially free up future capital for other investments, like additional properties.
7. Stronger Financial Position: A larger down payment demonstrates your financial strength, which can be helpful when negotiating with sellers or lenders.
8. Peace of Mind: Knowing you have a significant financial stake in your property provides a sense of security and ownership satisfaction.
9. Potentially Avoids Mortgage Insurance: Depending on the loan program, a larger down payment can eliminate the need for mortgage insurance altogether.
10. Boosts Long-Term Return: Lower interest rates, faster equity building, and a smaller loan amount all contribute to a greater return on your investment over time.

Today's Show and BETTER CREDIT is Brought to You By: TimeToFixMyCredit.com. More than just Credit!

Remember, a larger down payment can be a powerful tool for real estate success. But how do you double down?

(This is a good spot for a commercial break.)

We'll be back shortly with more strategies on doubling down on your down payment and achieving real estate success on The Real Estate Show!

Let's summarize today's show. We discussed why doubling down on your down payment is a powerful strategy for real estate success. Remember, a larger down payment can strengthen your offer, lead to a lower interest rate, and help you build equity faster in your property.

Tomorrow is our Tuesday Tools, Tips, and Techniques Edition of The Real Estate Show. We'll be diving deeper into the practical steps you can take to save more money and secure a larger down payment. You won't want to miss valuable resources and insights to help you profit and succeed in the real estate world.

Thanks for tuning in to The Real Estate Show – a literal seminar in every episode! Don't just listen – use our show to get started in real estate investing. Tune in every weekday and remember to attend our free online workshops this week. See you tomorrow!

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Also, you can listen to the entire 30 minute broadcast of any day’s edition of The Real Estate Show by clicking on the audio link on that days summary post. You can also watch the Facebook Live video at www.facebook.com/TheRealEstateShow.

Want to know more? If you are serious about real estate and paying off debt, then find out more on today and every day’s episodes and learn more about Real Estate Investing and learn HOW TO by listening to The Real Estate Show with Eric Willner , Live every weekday morning at 9 o’clock (EST) on Florida’s Money Talk Radio stations WWNN AM1470, FM 95.3 and FM 96.9. You can also hear us on the free apps: iHeart Radio and TuneIn. Recorded Rebroadcasts are available 24/7 on Facebook. Please share this and our Facebook updates.

 Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.

 Also listen to the rebroadcasts on demand on Facebook.com/TheRealEstateShow 

 Eric Willner is the Host and Founder of The Real Estate Show, an informative show about how to buy, own, and improve real estate the right way, on autopilot. - The Automatic Landlord way. (AutomaticLandlord.com) You can reach Eric Willner at Eric@Ericwillner.com or 888-595-7779.

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Sincerely,

Eric A. Willner, CAM, RFC, CMC, LUTCF, CSAEXP Agent & Certified Mentor  Court Certified Expert Witness
Managing Branch Partner
Evergreen Property Advisors, LLC
1279 West Palmetto Park Road, #3730
Boca Raton, FL 33427-3730

561-395-5069 T
561-526-1085 F
561-400-8892 C
eric@ericwillner.com
REAL ESTATE

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"Building the Framework for Your Financial Future while Providing Affordable Homes for Deserving Families"

Member:
Florida Landlords Association, President
Florida Association of Mortgage Brokers (FAMB)
Million Dollar Round Table
International Association of Registered Financial Consultants (IARFC)
National Association of Insurance and Financial Advisors (NAIFA)
Florida Association of Insurance and Financial Advisors (FAIFA)
Business Network International (BNI), Chapter co-founder, Past President
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