Real Estate and Home Investing Blog: Destiny Watson

Making a million dollars from real estate investing can be a challenging but achievable goal. Here are some steps that can help you get there: Educate yourself: Learn about the basics of real estate investing, including property types, market analysis, and financing options. Develop a strategy: Decide on your investment goals and create a plan for reaching them. This might include identifying target markets, setting a budget, and determining a timeline for your investments. Network and build relationships: Connect with other real estate investors, agents, and industry professionals to learn from their experiences and gain access to potential investment opportunities. Start small: Start with one or two properties and gain experience before expanding your portfolio. Diversify your portfolio: Consider investing in different property types and markets to reduce risk. Manage your finances carefully: Keep a close eye on your cash flow and make sure you have enough reserves to weather a

Avoid costly loan churning https://www.hsh.com/homeowner/homeowner-when-should-I-refinance.html If you look only at rates and payments, you can be a victim of loan churning or serial refinancing. Those are scams which stick borrowers with needlessly high costs and bigger debts. Or, you may simply pay too much to refinance. Loan churning is a form of refinancing in which the borrower appears to benefit but does not. For instance, the Smiths have a mortgage at 4.25%. The lender says they can refinance to 3.875%. The new rate is lower than the old one. The payment is lower and the loan broker shows them the "savings" the new loan offers. Sounds pretty good. However, this refinance costs thousands of dollars and in fact it would take decades to break even. The Smiths might not notice this because the lender allows them to wrap the refinance costs into the new loan. So they don't pay upfront to close the loan, and they do see the lower payment right away. But every time the