First Home Buyers Quotes

Gross rental income (including utilities fee) –  Mortgage payment (including principal, interest, taxes, and insurance) – Cost of utilities –  Vacancy allowance (10 percent of gross rents) –  Maintenance and CapEx (estimated at 1 percent of the property’s value, divided by 12 for monthly cost) –  Property management (10 percent of gross rents) Cash flow

Okay, so how are you going to ask them for a referral without using the word ‘referral’,” Coach challenged him. Rick paused and took a deep breath, “David, it’s been terrific working with you and DeAnna; do you know anyone looking to buy a home soon?” Rick cringed, waiting for the cockamamie. “Rick, not great, but you would probably get a referral out of that,” Coach said approvingly, “Just a few small changes will increase your odds. Start with ‘who’ not ‘do’ and work ‘is another renter or first time buyer like you’ into your question.” Rick took a second. “David, it’s been great working with you. Who is another renter or first time home buyer like you who is looking to buy a home soon?” That sounded pretty good. “Yes,” Coach said, satisfied. “More specific is

In the field of education, it seems ‘normal’ to run stories about class sizes, teachers’ pay, the country’s performance in international league tables and the right balance between the roles of the private and state sectors. But we would risk seeming distinctly odd, even demented, if we asked whether the curriculum actually made sense; whether it really equipped students with the emotional and psychological resources that are central to the pursuit of good lives. When it comes to housing, the news urges us to worry about how to get construction companies working, how to make purchasing a home easier for first-time buyers and how to balance the claims of nature against those of jobs and businesses. But it doesn’t tend to find time to ask primordial, eccentric-sounding questions like: ‘Why are our cities so ugly?’ In discussions of economics, our energy is channelled towards pondering what the right level of taxation should be and how best to combat inflation. But we are discouraged by mainstream news from posing the more peculiar, outlying questions about the ends of labour, the nature of justice and the proper role of markets. News stories tend to frame issues in such a way as to reduce our will or even capacity to imagine them in profoundly other ways. Through its intimidating power, news numbs. Without anyone particularly rooting for this outcome, more tentative but potentially important private thoughts get crushed.

Broken Antler Gallery for three seasons, and I knew buyers sometimes disparaged a work as a ploy to negotiate a lower price. “I like it,” said her husband. I felt a rush of fondness for him but kept my expression reserved. Had he come in alone, he would have bought the first painting he saw and tomorrow morning I’d be crating it up for shipment to their home in Hoboken, New Jersey. Instead,

Back then, Ron Howell’s job might have seemed easy enough: he sold the gasoline and other fuels that Koch Industries produced at its refineries. As the senior vice president of supply and trading at Koch, Howell made sure that Koch’s fuel went straight from the refineries to the highest-paying customer. Gasoline was the kind of product that seemed to sell itself—there was always demand for fuel. People at Koch referred to Howell’s job as the “dispossession of molecules,” meaning that he simply had to find a home for the various fuels that Koch produced. This seemed straightforward. But Howell’s job was the kind of job that produced insomnia and ulcers. It forced him to retire when he was in his thirties before the job killed him. When he talked about oil trading, even decades later, Howell often used words like whippin’ and savage. The savagery of Howell’s average workday began when he walked into the office in Houston every morning and picked up the phone to sell the first barrel of gasoline or diesel fuel. The stomach acids started to boil the instant Howell tried to establish what might seem like a basic, simple fact: the price of oil that day. Determining the price of oil at any given minute was an arcane art practiced by a network of traders around the world. They spent their days on the phone with one another, arguing, cajoling, bluffing, and bullying. The fact is that nobody really knew the price of a barrel of oil, or gasoline, or diesel fuel. Everybody had to guess, and the person who could guess with the most precision walked away with profits that were almost limitless. The person who guessed wrong faced instant, brutal downsides in the market. There was a common misperception that the price of oil floats up and down on a global market. Every day, business commentators and journalists talked about the “price of oil” as if it were like the price of General Electric stock—a price that was determined by millions of buyers and sellers who traded on large, open exchanges. In fact, there was no global market for oil. Oil was bought and sold inside a constellation of thousands of tiny nodes where transactions and prices were totally hidden to outsiders.

the purpose of all this tacky architecture is to create a strong impression on a potential buyer in the first few minutes of a realtor-guided visit. These are assets, not homes.

OF APPRECIATION.     5.  WHAT DID THE CLIENT SAY OR DO TO LET YOU KNOW YOU DID WELL? (INCLUDE THEIR TESTIMONIAL OR THAT THEY REFERRED ME. FOR EXAMPLE, THEY REFERRED ME TO CHRIS HILLS, ANOTHER FIRST TIME HOME BUYER.)     6.  ASK FOR SPECIFIC AND RELEVANT REFERRALS EXAMPLE: WHO IS A PERSON YOU KNOW BUYING THEIR FIRST HOME - COULD BE A RENTER OR EVEN A SON OR DAUGHTER OF SOMEONE YOU KNOW?     7.  CALL TO ACTION. USE A SENTENCE LIKE: “PLEASE REPLY TO THIS E-MAIL WITH THE NAME AND THEIR SITUATION. I PROMISE THEY’LL GET THE EXCELLENT SERVICE THEY DESERVE.

THE 7 STEPS TO A SUCCESSFUL SUCCESS STORY:     1.  WHAT WAS THE CLIENT’S NAME AND SITUATION? (BE SPECIFIC ABOUT THE PROBLEM OR CHALLENGE.) FOR EXAMPLE: JOSH AND JILL WERE FIRST TIME HOME BUYERS.     2.  WHAT WOULD HAVE HAPPENED IF YOU WEREN’T INVOLVED? (WHAT IS THE WORST POSSIBLE THING THAT COULD HAVE HAPPENED?) JOSH AND JILL COULD HAVE BOUGHT THE FIRST HOME THEY SAW - BACKED TO HIGHWAY.     3.  HOW DID YOU HELP THEM SOLVE THE PROBLEM? EDUCATED THEM ON WHAT MAKES A GOOD INVESTMENT.     4.  WHAT WAS THE RESULT? BE SPECIFIC. THEY BOUGHT A GREAT HOME THAT IS A GREAT INVESTMENT. ON CUL-DE-SAC, DESIRABLE PLAN, AND NEIGHBORHOOD THAT HAS A GOOD HISTORY

In a market where multiple offers are raising prices, Teri Toombs, Principal Broker at Living Room Realty, says she discourages people from overpaying for homes. But some can’t resist. Some people don’t want to continue renting. And they don’t care what that costs. An in-house poll led by Toombs’ colleague Alyssa Isenstein Krueger, Living Room found more than a few first-time buyers with cash to throw around. The Living Room agents that responded said that of 148 first-time buyers served in 2014, 42 percent came to the table with funds from friends and relatives to help grab whatever edge they could leverage. The sums ranged from up to $470,000. It’s not scientific, but it suggests a hard new reality in the market. For those without cash? Those that can’t overpay? “It’s torture. And I try my best to prepare them for what they’re in for and I see them starting to glaze over like, ‘Why is this lady saying all this? Why can’t we just start looking at houses? Why is she bringing us down like this?’” said Toombs. “With determination and being really diligent about it, they can get into a house. But they have to realize that they’re going to be moving into emerging neighborhoods.

lead in water and in the paint of older homes continues to present a significant hazard for pregnant women and young children. Lead paint poses a risk when young children eat or suck on paint chips, or when pregnant women or children breathe dust from deteriorating painted surfaces. Houses built before 1978 are especially suspect, and under a new law passed by Congress in 1992, owners of targeted housing have been required to reveal any information about known lead-based paint to potential buyers or renters

Often buyers make the mistake of believing they must have a specific home in mind first. That’s counterproductive, counter-successful thinking. Moving through the loan application process early is the most productive and most successful.

Trader Joe’s first private label food product was granola. We installed Alta Dena certified raw milk, to the disgruntlement of Southland, and within six months were the largest retailers of Alta Dena milk, both pasteurized and raw, in California. We began price-bombing five-pound cans of honey, and then all the ingredients for baking bread at home. We installed fresh orange juice squeezers in the stores, and sold fresh juice at the lowest price in town. By late in 1971, we were moving into vitamins, encouraged by my very good friend James C. Caillouette, MD. Jim spent a lot of time talking with the faculty at Cal Tech. He was convinced that Linus Pauling was on to something with his research on vitamin C. I set out to break the price on vitamin C. At one point, I think, we were doing 3 percent of sales in vitamin C! Later, Jim forwarded articles from the British medical magazine Lancet, describing how a high fiber diet could avoid colon cancer. But where could we get bran? The only stores that sold it were conventional health food stores, who sold it in bulk, something that I have always been opposed to on the grounds of hygiene. And still am! Leroy found a hippie outfit in Venice—I think it was called Mom’s Trucking—which would package the bran. But bran is a low-value product. They couldn’t afford to deliver it. Since they also packaged nuts and dried fruits, however, we somewhat reluctantly added them to the order. And that’s how Trader Joe’s became the largest retailer of nuts and dried fruits in California! Brilliant foresight! Astute market analysis! By 1989, when I left Trader Joe’s, we regularly took down 5 percent of the entire Californian pistachio crop, and we were the thirteenth largest buyer of almonds in the United States—Hershey was number one.

Investment firms are buying up more vacation homes, aiming to cash in on growing demand from tourists and remote workers. Most vacation rental homes are owned by small-time owners who list their properties on websites such as Airbnb Inc., but the number of financial firms investing in the sector is growing. New York-based investment firm Saluda Grade is launching a venture with short-term- rental operator AvantStay Inc. to buy about $500 million of homes, the companies said Tuesday. Saluda Grade said it is also looking to raise debt by selling mortgage bonds backed by its homes to investors, the first vacation-rental mortgage securitization, according to the company. Andes STR, a startup that buys and manages short-term rental homes on behalf of investors, also recently signed a deal with Chilean investment firm WEG Capital to buy roughly $80 million of properties in the U.S., Andes said. These investors are betting they can get higher returns if they rent out homes by the night instead of by the year. Low-interest rates have made it more attractive to borrow and Buy Traditional Rental Homes, inflating property prices and making it harder for new buyers to turn a profit. That has prompted some institutions and wealthy families to look in more obscure corners of the property market where competition is smaller, investment advisers say. Some are turning to investments in vacation homes, where demand has surged in many places during the pandemic as more people choose to work from remote locations and leisure travel heated up last year. “There’s a lot more yield available in the short-term market,” said Saluda Grade’s chief executive, Ryan Craft. It is the latest sign of how the pandemic is changing the way people work and live, and how real-estate investors are angling to find new ways to profit from these shifts. Saluda Grade is targeting homes within driving distance of major population centers, Mr. Craft said. His company will buy the homes and AvantStay will manage them for a fee. But while vacation-rental homes can offer higher returns, they also pose challenges to investors. Mortgages are usually more expensive and harder to get for short-term rentals than for owner-occupied homes, said Giri Devanur, CEO of reAlpha Tech Corp., a startup that wants to pool money from small-time investors to buy short-term-rental homes.

In its 150 years of existence, Dar es Salaam had grown from a small settlement and prospective summer home of Sultan Seyyid Majid to one of the largest cities in Africa, with a population of more than four million. People from all over Europe and Asia poured into its streets daily, jockeying for space with local tribesmen. Dar es Salaam was a disorienting experience for the first-time visitor. Hawkers and peddlers sold their wares in the crowded streets. Muslim women scurried by, shrouded in buibuis. Indian traders enticed prospective buyers with a myriad of spices and silks from the world’s most exotic corners

obvious reason: giving people extra money to buy a home just filters through the market and makes them all more expensive. The real winners of the first home buyer policies are people who already own

In the first case, you fear setting the price too low; in the second, you fear setting it too high. It is the job of your real-estate agent, of course, to find the golden mean. She is the one with all the information: the inventory of similar houses, the recent sales trends, the tremors of the mortgage market, perhaps even a lead on an interested buyer. You feel fortunate to have such a knowledgeable expert as an ally in this most confounding enterprise. Too bad she sees things differently. A real-estate agent may see you not so much as an ally but as a mark. Think back to the study cited at the beginning of this book, which measured the difference between the sale prices of homes that belonged to real-estate agents themselves and the houses

Of course, “conventional wisdom” at the time held that there could never be a pickup in demand for homes. Instead, most people were convinced that the American dream of home ownership was over; demand for homes would remain depressed forever; and thus the overhang of unsold homes would be absorbed only very slowly. They cited the trend among young people — having been burnt by the collapse of the housing and mortgage bubbles — to rent rather than buy, and as usual they extrapolated it rather than question its durability. As in so many of the examples in this book, for most people, psychology-driven extrapolation took the place of an understanding of and belief in cyclicality. It was clear to me and my Oaktree colleagues, from the graph and from our knowledge of the data behind it, that because the greatest economic crash in almost eighty years had halted additions to the housing supply, home prices could recover strongly if there was any material increase in demand. And, rejecting conventional wisdom, we were convinced that housing demand would prove cyclical as usual, and thus would pick up sometime in the intermediate-term future. This conclusion — supported by other data and analysis — contributed to our decision to invest heavily in non-performing home mortgages and non-performing bank loans secured by land for residential construction, and to purchase North America’s largest private homebuilding company. These investments worked out quite well. (It’s interesting in this context to note what the Wall Street Journal said in a May 12, 2017 article headlined “Generation of Renters Now Buying”: “In all [first-time home buyers] have accounted for 42% of buyers this year, up from 38% in 2015 and 31% at the lowest point during the recent housing cycle in 2011.” So much for extrapolating widespread abandonment of home ownership.)

NeighborhoodScout.com and Movoto.com offer information about neighborhoods and crime statistics. NextDoor.com helps you identify neighborhoods you might want to live in and connect with neighbors, while Safewise.com helps you figure out how safe that neighborhood is.

A home in a fast-growing city, next to a popular park and high-end grocery stores, in a great school district, that is also the worst home on its block is likely to experience a wonderful appreciation rate.

On average, property management will cost about 10 percent of gross rental income.

These four make up the holy quartet of home expenses: mortgage, maintenance, CapEx, and utilities.

The instability of a white neighborhood under pressure from the very possibility of integration put the neighborhood into a kind of real estate purgatory. It set off a downward cycle of anticipation, in which worried whites no longer bought homes in white neighborhoods that might one day attract colored residents even if none lived there at the time. Rents and purchase prices were dropped “in a futile attempt to attract white residents,” as Hirsch put it. With prices falling and the neighborhood’s future uncertain, lenders refused to grant mortgages or made them more difficult to obtain. Panicked whites sold at low prices to salvage what equity they had left, giving the homeowners who remained little incentive to invest any further to keep up or improve their properties. Thus many white neighborhoods began declining before colored residents even arrived, Hirsch noted. There emerged a perfect storm of nervous owners, falling prices, vacancies unfillable with white tenants or buyers, and a market of colored buyers who may not have been able to afford the neighborhood at first but now could with prices within their reach. The arrival of colored home buyers was often the final verdict on a neighborhood’s falling property value rather than the cause of it.

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The median home price in the U.S. is six times the median annual income—fifty years ago it was two times—and the share of first-time buyers is barely half the historical average and the lowest on record.