…So I decided to bring it down.
I know some of you are probably thinking great work James, you just put more money down and refinanced… but that would be a really short article.
…Anyway, Moving on———
– Small recap on the current standing of our market. We have incredibly low inventory, average purchase price on the rise, we are predicted to be one of the top 3 cities in the nation in both population and job growth through 2020. Professional sports teams have embraced Las Vegas with the Golden Knights in hockey as we prepare to welcome the Raiders in football and soccer on the way.
———-So I felt, as many of us do, that my mortgage was too high, and I wanted to proactively do something about it. I could have put down that Christmas bonus or tax return towards my principal and refinanced to see a safe, yet minimal, change. If you couldn’t tell by the tone of this article, I didn’t do that.
I sought out a secondary (investment) property that I could get into with favorable terms. I looked for either a good home with little to no HoA, a home that needed minor repairs that didn’t already have multiple offers on it, and/or a home that already had a tenant that was happy, was taking good care of the home, and wanted to stay.
There was actually more options than I thought there would be. Being that most buyers in our market want to occupy the home as soon as possible; homes that weren’t available to be shown as easily or that had an outstanding lease were the options that seemed to sit on the market longer than homes that were vacant or owner occupied.
I offered on quite a few considerable options that fell into the previously mentioned categories until I was able to negotiate favorable terms on a winner. Moving forward I was able to keep my mortgage at a little below $1100/month on the investment property. The HoA is less than $50 monthly, and the happy tenants pay $1450/month. Yes our rental amounts in town have skyrocketed due to the lack of inventory and the abundance of Owner-occupant buyers. My profit here is roughly $300 per month. That amount is applied directly towards my current mortgage on the home I live In, and my payments are now essentially $300 less every month because of this tactic.
You guessed it… It gets better! Not only is that money working for me to bring down the mortgage I deemed “too high”. Now, having multiple properties in a market where inventory is low, the home itself is building equity while everyone scrambles for properties they can move into immediately. Let the neighbors do the heavy lifting as they compete against multiple offers during tax season.
That’s a position of power.
I can do the same for you. I have Trained my team to specialize in these “outside the box” scenarios to benefit our clients.
Call today or at your convenience and My team and I will be happy to listen, discuss, and present creative ways to bring down your mortgage, increase your options, and take a well deserved position of power.
🔎Your Sherlock 4 Homes🔍
“Your Team of Pros, From Open to Close”
The McGuire Group@Signature Real Estate 702-280-3410 Sherlock4homes@gmail.com