How to Make a Competitive House Offer in a Hot Market (Like Grand Rapids) Without Losing Your Shirt
Many home buyers are starting to get stressed about the market. We’re straddling the thin line between spring and summer, and houses are moving fast in Grand Rapids.
If you’re looking to buy now, how can you compete in the middle of a hot market? Generally, sellers are looking for a combination of three things:
- The highest price possible
- The highest likelihood of closing
- The smoothest process, with the fewest headaches
Different sellers will have different priorities. Some will only care about the highest possible price. Others will want the quickest and easiest closing, even if they get a little less money in the end.
Knowing this, there are several things you can do to make your offer more attractive. Let’s dig in to some specifics.
1. Get Pre-Approved by a Lender
Once you are serious about making offers, talk to a few mortgage companies. Shop around for services and recommendations, and don’t be afraid to ask for specifics like interest rates and fees. Once you feel comfortable that you’ve found a great provider, ask them if you can get pre-approved for a loan. Continue reading “How to Make a Competitive House Offer in a Hot Market (Like Grand Rapids) Without Losing Your Shirt”
5 Things a Toddler Taught Me About Real Estate Investing in Grand Rapids
Ah, toddlers.
Those of you who have been parents, aunts, uncles, or babysitters can tell you – a 2 year old kid is a wild ride! Amazingly, toddlers are also chock full of wisdom (despite not being potty trained). While it seems like their knowledge would be confined to crayons, toys, and books made out of cardboard, you can learn much more from them.
Fortunately, our two year old (we’ll call her Little Bear) has taught me a ton about real estate investing in Grand Rapids. Here are just a few of her lessons I’ve tried to apply to our work.
1. Be persistent.
Little Bear loves to go outside. LOVES IT. I think if she could live in a tree house 24/7, she would be overjoyed.
It doesn’t matter if it’s freezing cold, pouring rain, or windy enough to blow down a tree… she wants to go out. If we tell her ‘not right now,’ she will ask again about 20 minutes later. When we finally get outside (for as long as time and temperature allow), she doesn’t care about the nasty weather. She’ll splash water around, pick up snow, jump in puddles, anything.
In short, she doesn’t let the challenges stop her from having a great time. She sets her goal, and makes the best of it.
If you can apply this lesson to real estate investing in Grand Rapids, you’ll be nearly unstoppable. Whether you’re interested in buying a rental, flipping a house, or working with notes, you will face many challenges. You’ll experience unexpected delays, stressful conflicts, and plenty of self-doubt. If you push through the difficulty, and always make the best of your situation, you will find success. Continue reading “5 Things a Toddler Taught Me About Real Estate Investing in Grand Rapids”
5 Myths About Grand Rapids Renter’s Insurance
It’s easy to forget about renter’s insurance. The premiums can seem like an unnecessary expense, and when you’re first moving in, one more bill is the last thing you want.
However, don’t blow it off. Getting Grand Rapids renter’s insurance can be one of the best ways to financially protect yourself. Unfortunately, less than 1/3 of tenants take advantage of it.
So, let’s tackle some of the myths around insurance, and show how helpful the right coverage can be.
Myth #1: Your Landlord’s Insurance Covers You
Many renters believe that their landlord’s insurance will help them in case of emergency. They think that if something crazy happens (like a tree falling on the house), their belongings will be paid for.
Unfortunately, your landlord’s insurance is built to protect THEM, not you. So, if something catastrophic happens to your stuff, you’re on your own. Continue reading “5 Myths About Grand Rapids Renter’s Insurance”
How to Avoid Crushing Mistakes When Buying Your House
When you’re preparing to buy a house in Grand Rapids, you can almost feel the heat. The market is strong, and houses are getting bought up quickly. After searching for a few weeks (or months), the pressure to JUST FIND SOMETHING builds and builds.
However, panic and fear are your enemies. Don’t trust them!
Whether you’re looking to find your own house or an investment property, panic and fear will drive you to bad decisions. When you feel negative pressure, it’s easy to overpay for a property, buy in the wrong area, sacrifice your top housing priorities, or ignore inspection red flags.
Since purchasing a house is such a big decision, these momentary errors in judgment can have long-term negative consequences on your life (and your bank account). So how do we avoid these crushing mistakes?
1. Determine your goals (and priorities) in advance.
We would all love a giant house in the perfect neighborhood, with great schools, low crime, and quick access to our favorite attractions and stores. However, since few of us have access to unlimited funds, we often need to prioritize. Continue reading “How to Avoid Crushing Mistakes When Buying Your House”
The 3 ESSENTIAL Steps to Realizing your Real Estate Dreams
Many of us have real estate dreams. Perhaps you want to become a homeowner, or move to a bigger apartment. Maybe you’d love to upgrade to a better school district, or purchase an investment house.
Big dreams require big action.
However, the formula is simple. Deceptively, annoyingly simple.
- Decide on ONE game changing goal.
- Make a plan, and work your plan. Adjust as necessary.
- Do NOT quit until the goal is achieved.
That’s it. This formula is incredibly difficult to follow, but amazingly simple at its core. Let’s dig in to each of these steps further.
1. Decide on ONE game changing goal.
First, you must decide what you want. Most people never do.
Oh sure, they may have small goals, such as getting a bigger TV or a new pair of shoes. But real estate goals aren’t small. They are life changing. And remember, big dreams require big action. Continue reading “The 3 ESSENTIAL Steps to Realizing your Real Estate Dreams”
5 Money Saving Tips (So You Can Upgrade Your Home)
Many of us would like to upgrade our home. Whether that means moving to a nicer apartment, becoming a first-time homeowner, or adding an extra bedroom above the garage, having extra cash really helps.
But how do you get there? Reducing your expenses and increasing your savings is a lot easier said than done. How can you improve your financial situation without sacrificing too much of your lifestyle?
Some quick money saving tips are in order…
1. Set a Target
It’s difficult to hit a moving target. It’s even harder to hit an invisible one. So start by defining your goal. Do you want to free up $100/month so you can get into a better unit? Save $4,000 to improve your kitchen? Scratch together $417.50 to finally get the furnace fixed correctly?
Whatever the case is, write your goal down. Having vague money saving ambitions is a lot less effective than having a solid number to shoot for. In addition, if you tie your efforts to a worthy goal, you will have extra motivation to keep those dollars in your pocket. Continue reading “5 Money Saving Tips (So You Can Upgrade Your Home)”
8 Key Steps to Closing on a House in Grand Rapids
You’ve searched high and low, and finally found a great house in your price range. Congratulations! We’ve talked previously about how to prepare yourself for negotiations (so you don’t get bullied). But what happens once you agree on a sale price?
Unfortunately, the journey isn’t over. Here’s a quick breakdown of the steps you’ll walk through from offer to closing in Grand Rapids.
1. Escrow
When both parties are represented by a realtor and the house is bought from the MLS, an escrow deposit is expected. This is a good-faith deposit from the buyer, often 1% of the purchase price. This money is deposited with a neutral third party, such as a title company, realtor, or attorney. Continue reading “8 Key Steps to Closing on a House in Grand Rapids”