First a little story about buying investment property. My wife and I stayed at a motel in Tucson for a week one winter. Our bill was for twice what it should have been, but since I already paid the correct amount in cash, I thought nothing of it. During our stay, we noticed that the lobby and swimming pool were unheated, and passed it off as frugality. A year later, however, when I read a news story about a new owner struggling to make the motel...more
A cash-out mortgage allows you to refinance your mortgage and pull out part of your equity. Before deciding how much to cash to use, be aware of the impact of PMI and equity amounts. However, you may find the benefits of refinancing outweigh the costs.Cash-Out Mortgage BasicsWith a cash-out mortgage, you can refinance for lower rates or to just get part of your equity out. Once the refinancing process is completed, you will end up with a check....more
Debt negotiation and debt management/consolidation both help consumers pay off their debts through two different approaches. Each affects your credit score, payoff period, and taxes differently. Before choosing either options, be sure you understand the long term consequences of each debt management option.Influence On Credit ScoreDebt consolidation is better of the two when it comes to influencing your credit score. By consolidating your different loans into one, you are using the same amount of credit and will be dinged only slightly for opening another account.If you choose a debt consolidation company, your creditors may report delayed payment. However, after regular payments have been established for several months, you will be able to apply for more credit if needed.Debt negotiation leaves a lasting impact on your credit history, much like a bankruptcy. When creditors agree to reduce your debt, a record of the debt reduction will stay on your credit score for seven years. However, you will be able to qualify for credit as your score improves, usually within two years.Payoff PeriodUsing a home equity or personal loan to consolidate your debt can extend your payoff period up to...more
Here's a phone interview tip worth considering: smile. A smile is a magic thing, and in addition to being seen in person it can be felt from a distance. When doing a phone interview, don't think that because the person on the other end of the phone can't see you that smiling and other positive body gestures are not important. The best interview...more
The best debt management gives you the most financial options. By making regular payments and having a low debt to income ratio, you can access credit when you choose. If you aren't in that situation, then ask for help from the variety of debt management companies out there. In the end you have to pick the plan that will best fit your unique...more
Debt negotiation companies that claim they can wipe your credit clean or guarantee they can reduce your debt are bad because they can't deliver. But reputable companies can negotiate with your creditors, often reducing your debt 10% to 50%. They can also help you rebuild your credit score by reducing debt and getting a handle on your monthly payments.Claims That Are Too GoodCompanies claiming that debt negotiation has no impact on your credit score or that they can remove negative scores are lying. Creditors will report accounts that have been reduced, and it will stay on your credit history for seven years. All other negative scores, such as late or missed payments, will also be on your record for seven years even if accounts are closed.Guarantees that your all your debts can be reduced should also be avoided. Creditors have no requirement to negotiate with you or a debt negotiation company. But if creditors see that you are struggling with payments, they may lower your debt to recoup at least some payment from you. With bankruptcy, lenders may never see repayment.Promises You Can BelieveReputable debt negotiation companies can reduce your debt. They are skilled at bargaining with...more
Many people believe that once they file for bankruptcy they will have a difficult time getting a mortgage loan. However, there is still hope for being approved even with a recent bankruptcy. If you have bad credit and apply for a mortgage loan, more...more
As a business, non-profit, government agency or association manager, are you overly preoccupied with communications tactics like special events, broadcast plugs, press releases and brochures? Yes? Well then, you're probably not getting the best...more
Is there any good reason to do your own home inspection? How about to get a better deal. Every flaw you can find is a negotiating point. You don't have to learn building codes, and you probably should use a professional inspector in any case. The...more
Credit card debt can be reduced through lower rates or negotiating for reduced balances. With reduced interest, you can pay off the principal quicker with the same monthly payment. The other approach is debt settlement, which eliminates part of your...more
Secured loans make your creditors feel more secure about loaning you money. When someone takes out a secured loan, that simply means there is collateral to back up the money they borrowed. This could be a car, or more commonly, a house. There are...more
How to buy an apartment building? You could start with a look in the newspaper, a visit to a broker, or a search online - all good ways. Of course, since you're looking at the same properties as every other investor, it's not always easy to beat the...more