The Real Estate Show

Radio Show Notes 07/24/24 Wednesday:

Read a summary of the show below or

Listen Here

Watch Live Facebook Video Here

Top 10 Tips to Assess Your Homebuying Readiness and Achieve Real Estate Success

By Eric Willner, Investor, Coach and 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.

My name is Eric Willner, known as the Voice of Real Estate, and I am the founder of America’s longest-running daily radio show about real estate. I’m also the creator of The Automatic Landlord System for Owning Cash Flowing Real Estate ‘Profitably and Hassle-Free’. Each episode is a virtual real estate seminar designed to equip you with the knowledge and tools to succeed in real estate investing.

Today is our “Tuesday Tools, Tips, and Techniques” edition, and we are continuing our series on Real Estate Success with Step 2: Assess Your Readiness to Buy in The Step-by-Step Guide to Buying Real Estate.

Tuesday Meditation: "Transformation Tuesday"

Lord, as we embark on this Transformation Tuesday, we seek Your transformative power in our work and personal lives. Guide us to be agents of positive change in the real estate landscape. Bless the properties we handle, that they may become places of warmth, security, and transformation for those who dwell within. Amen.

Did you know:

1. Did you know that homeownership is one of the primary drivers of wealth in America?
2. Did you know that a significant percentage of Americans have a credit score below 620, making it harder to qualify for a mortgage?
3. Did you know that many renters pay more in monthly rent than they would on a mortgage for a comparable home?

These are just a few of the alarming statistics about the current market. It is important to be aware of the challenges that you may face so that you can plan accordingly.

In today’s highlighted Tools and Techniques segment, let’s dive into the practical aspects of assessing your readiness to buy a home. Yesterday, I gave you 10 reasons why assessing your readiness is crucial for real estate success. Now, let’s break them down:

1. Understand Your Financial Health

Your financial health is the foundation of your readiness to buy. This includes knowing your credit score, debt levels, and savings. Use financial calculators to assess your affordability and plan accordingly.

2. Set Clear Financial Goals

Establish S.M.A.R.T (Specific, Measurable, Achievable, Relevant, Time-bound) goals for your real estate journey. Determine how much you need for a down payment, closing costs, and an emergency fund.

3. Evaluate Your Credit Score

Your credit score is a key factor in securing a mortgage. Aim for a score of 620 or higher. Check your credit report regularly and take steps to improve your score, such as paying down debt and correcting errors.

4. Create a Savings Plan

Saving for a down payment and closing costs requires discipline. Set up automatic transfers to a dedicated savings account. Consider cutting non-essential expenses to boost your savings rate.

5. Assess Your Debt-to-Income Ratio

Lenders use your debt-to-income (DTI) ratio to evaluate your ability to manage monthly payments. Aim for a DTI of 36% or lower. Pay off high-interest debt to improve your ratio.

6. Stabilize Your Employment

Stable employment and income are crucial for mortgage approval. Lenders prefer borrowers with a consistent work history. Avoid changing jobs or industries during the homebuying process.

7. Research the Market

Understand the real estate market in your desired area. Look at recent sales, price trends, and neighborhood amenities. Knowledge of the market helps you make informed decisions.

8. Get Pre-Approved for a Mortgage

A mortgage pre-approval shows sellers that you are a serious buyer. It also gives you a clear picture of what you can afford. Gather your financial documents and speak with a lender to get pre-approved.

9. Consider Your Long-Term Plans

Think about your long-term goals and how buying a home fits into them. Are you planning to stay in the area for several years? Do you anticipate significant life changes? Your answers will guide your decision.

10. Seek Professional Advice

Work with a real estate agent, financial advisor, and mortgage broker to navigate the homebuying process. Their expertise can help you avoid pitfalls and make the best decisions.

Today's Show is Brought to You By: TimeToFixMyCredit.com. Text "Credit" to 561-861-2366.

Now, let’s break down the tools we can use to achieve our real estate goals for the new year:

1. Experts Teaching About Real Estate Home Ownership Learn from experienced professionals who can guide you through the complexities of buying and owning real estate.
2. The Path To Home Ownership Free Workshops Attend our free workshops to gain valuable insights and strategies for successful homeownership. These sessions cover everything from financial planning to navigating the mortgage process.
3. Financial Calculators Use financial calculators to estimate your affordability, monthly payments, and potential return on investment. These tools are essential for making informed decisions.
4. A Financial Plan Develop a comprehensive financial plan that includes savings goals, budget management, and debt reduction strategies. A solid plan sets the stage for successful homeownership.

Today’s Show is Brought to You By: TimeFixMyCredit.com. Text "Credit" to 561-861-2366.

Sponsor Break: Today’s show is brought to you by TimeToFixMyCredit.com. If you're looking to improve your credit score and boost your financial health, text “Credit” to 561-861-2366 for more information and resources.

Summarize Today’s Show:

1. Assessing your readiness to buy involves understanding your financial health, setting clear goals, and stabilizing your income.
2. Credit score, savings, and debt-to-income ratio are crucial factors in mortgage approval.
3. Market research and professional advice are key to making informed decisions.
4. Attend our free workshops to learn more about the homebuying process.
5. Use financial calculators and develop a comprehensive financial plan for success.

Conclusion:

Tomorrow is our Wednesday Midweek Mortgage and Market Report, where you’ll get the latest updates on what's happening in the real estate world. Don’t miss it!

Thank you for listening to The Real Estate Show. Remember, don’t just listen – use our show to get started in real estate investing. Tune in every weekday for a literal seminar in every episode. And don’t forget to attend our free online workshops.

Have a fantastic day, and we’ll see you tomorrow on The Real Estate Show!

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.

#TheRealEstateShow, #The.Real.Estate.Show, #EricWillner, #AutomaticLandlord, #Saving vs Investing, #ThirdHome, #BestRealEstate, #WSBR, #AM740, #FM 96.9, FM 103.9, #WWNN, #AM1470, #MoneyTalkRadio, #TheRealEstateLife, #speakingempire, #GKIC, #makeamericagreatagain, #propertymanagement, #rent, #Saving, #Investing, #Debt Solutions, # So You Can Retire Debt-free, #RetireDebtFree, #VA Loan, #AutomaticDebtSolution