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Question
Now, I'm faced with a dilemma. Should I buy a foreclosure(1990 brick veneer home with a very small lot and low property taxes) that is a good investment because there are already renters living there who are taking care of the place, or should I buy a house that has been remodeled (1969 pier and beam with a huge lot but very little square footage that is currently unoccupied) and that is selling above market value, but that has low property taxes as well and that I want to rent but would like to make it our future home? I would really appreciate it asap so that I can take advantage of it.
HI ESTHER--
I can't make this decision for you! Both have their advantages and disadvantages. Why don't you use the BENJAMIN FRANKLIN CLOSE to decide which home to purchase.
On a sheet of paoer, write the Address of the 1990 Brick Veneer Home on one side, the Remdeled 1969 house on the other.Under the Addresses, split these two areas down their middles and write ADVANTAGE & DISADVANTAGE (or PRO's & CON's) over each area under each property.
BRICK VENEER REMODELED PIER & BEAM
Advantage Disadvantage Advantage Disadvantage
(PRO) (CON) (PRO) (CON)
GET THE IDEA? Now start listing the Advantages/Pros AND the Disadvantages/Cons under the first home, then go on to the 2nd house and do the same thing. TRY TO FOCUS ON THE ONE PROPERTY THAT YOU ARE MAKING A LIST FOR--MAINTAIN OBJECTIVITY.
When you're done listing the "goods" and the "bads," count them up and see which property appears to be the best of the two!
Legend has it that this is how Mr. Franklin made up his mind whenever he had two choices!It's said to have worked well for bBnjamin--why don't you give it a try! To this day, many Realtors have their Buyer's use the Franklin Close whenever they can't make up their mind over two homes that they really love!
GOOD LUCK,Esther!
--JIM
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| Rating(1-10) | Knowledgeability = 10 | Clarity of Response = 10 | Politeness = 10 |
| Comment | Thank you, that makes sense. And I did start off by doing it, and then I don't know what happened and forgot about it. I'll refocus. | ||
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Jim Root
Expertise
How to select the right Real Estate Salesperson & Loan Officer--ones who will serve your best interests! House-hunting tips & suggestions on selection of the home best for your family needs. Introduction to the Home Buying Process & all the "Players" involved.What is of utmost important to the Homebuyer? Real Estate Contracts & Negotiations, Appraisal needs, Title Co. involvement, Home Inspection issues& the Closing/Escrow systems, etc. Whatever your question, the answer will follow, whether from personal knowledge or research! Gale, shown here with me, has been a Real Estate Office Administrator, licensed Realtor & has served as my Research Assistant over the years!
Experience
Over 30 years as a "Real Estate Professional." including Real Estate Marketing & Sales, Appraisal work, Mortgage Banking & as a Realty Officer with U.S Dept. of HUD's FHA Homeownership Division in Alaska, Washington & Idaho! Some experience in Montana, California, Utah & Nevada markets!Knowledge of National Markets by continuous Research!
Organizations
Former member of Nat'l Ass'n of Realtors (NAR) & Mortgage Bankers Ass'n of America (MBAA). Currently with National Association of Review Appraisers & Mortgage Underwriters (NARA/MU).
Publications
Published in various local, state, regional & national Real Estate-related magazines & newsletters!Co-author of various Govt. publications on Homeownership, Appraisals & Mortgages while with HUD/FHA.
Education/Credentials
Associate Degree in Real Estate Studies plus:
Numerous Real Estate-related Courses conducted by the U. S. Government & Private Industry over the past 30 years.
Bachelors Degree in Mass Communications,
Masters Degree in Education/Teaching
Awards and Honors
Professional Designations: Certified Residential Originator (CRO) from MBAA, Registered Mortgage Underwiter (RMU) & Certified Review Appraiser (CRA) from NARA/MU. Outstanding Peformance Awards for 10 of the 12 years with HUD/FHA & numerous Sales/Listing Awards while a licensed Real Estate Agent.
Past/Present Clients
No longer selling/listing Real Estate, nor Appraising properties, nor working in the Mortgage business, this "Real Estate Pro" serves as Director of a Company that provides Professional Development Seminars & Workshops to the "Real Estate Industry" and provides free (as needed) & fee-paid (on a sliding scale) consulting & inspection services to members of the general public.Your questions will be answered without "salesmanship" & with your best interests in mind!
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