The Simple Man’s Logic.
When I started looking into real estate, I was somewhat confused. I gathered all my important papers and marched to the first Real Estate Agent in town. Boy was that a big mistake! That agent took me through hoops and I literally jumped over rope! I got frustrated and mad! I called the agent up and said, ” I no longer need your services”. I had some experience since my father was in the military and he careless for the military quarters so he bought a house every time the military said go! Eventually, this was a hobby of my father, and being a daddy’s little girl I got the itch.
Well, what I did was I started doing my own research in real estate. I asked everyone that I know about his or her experience in real estate. I called real estate investors who were friends of the family, local judges, and attorneys in the area. What I found I compiled and started to implement what I learn from the Real Estate Experts. I was determined not be made of a poo poo head by any Real Estate Agent that wanted me to do all the work and he/she takes all the money!
I committed to make a real estate list, its sort of a ” To do” list that works! Here are my four “To do” of what I needed. You can modify it to meet your need, but the concept will always be the same!
1. Know Your Income! This is where you gather all the income in your household or your income. At the time is making only $43,000 as a Special Education Teacher. Not bad earning, but that was it, an EARNING! I was tired of punching the clock!
2. Know your Housing Market! I live in Hampton, Virginia. The cost of living doesn’t not equal to the real estate market. For example, in Jackson, Mississippi I could qualify for a house of $200,000 based on my income and more, but in Hampton, Virginia I can only afford $122, 000 to $130,000 price range. I would be pushing it, if I would say, $150,000. The housing market is astonishing! And we are only talking about a standard 3bedroom/2bathroom. This brings me to the third step. Your debit to income ratio. That’s how much you owe and home much you take in.