Financing Your New Construction Home

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After you've found the lot of your dreams, the next step is determining how you're going to purchase it and finance the building procedure.

First, go to your local banker and talk about your plan. Typically you want to buy the lot or the tear-down house with cash, and then finance the build and convert that loan into a permanent mortgage. This way, you don't have to deal with double-billing.

Again, you're looking to determine what your build cost will be. At that point, you need to hire an architect, lay out what you want, and how much you want to spend. Typically, architects charge between 10% and 20% of the build cost. Included in the architect's services is management of the general contractor and builder to make sure everything is done according to plan.

At that point, your architect will help you find a builder. If you have any other questions about the new construction process, please give me a call or send me an email. I look forward to hearing from you!

Make Your Home an Investment

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Lately, a lot of people have been asking me if your personal residence is an investment. It's a difficult question, but I will answer it in today's video. 

Generally speaking, the answer is no. However, if you rent your residence or rent out rooms to boarders, your residence would be considered an investment. An investment has a revenue stream, which would be the rent you collect. 




All investments of personal property are valued by their revenue stream and by the appreciation of property in direct location to it. Your home's price can be affected positively or negatively by things such as imminent domain or freeways. 

The thing to remember about your home is that's just what it is: your home. The best way to look at your home is as a place to live, and maintain, and enjoy.

If you have any other questions about real estate, please send me an email or give me a call. I look forward to hearing from you.

What's the Easiest Way to Build Your Net Worth?

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Today, I want to discuss the topic of net worth!

Net worth is what you own minus what you owe. For most of us, it's a lifetime project. For example, if you owned a condo that was worth $100,000 and you only owed $90,000, the net worth of that asset would be $10,000! 

When building net worth, you have the advantage of leverage when investing in real estate, which is the primary reason it's used to grow estates quickly. Stocks and bonds are other assets that can help grow your net worth. Generally, personal property (like cars) tends to depreciate in value, while real property (your home or condominium) tends to appreciate.  

Building net worth with the advantage of leverage is the way most millionaires begin their development. If you have questions about how you can begin building your net worth, or if you need real estate assistance of any kind, give me a call. I would love to help you reach the financial success you've always wanted! 

Scottsdale Arizona Property

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Today, I want to talk briefly about a beautiful property at 7117 East Rancho Drive MLS #5271516. 

The 2-bedroom/2-bathroom condominium located in Optima at Camelview, at the corner of Scottsdale Road and Camelback Road, is located on the ground level. It's surrounded by a lush landscape and has all the benefits of a contemporary lifestyle. 

The property includes 2 car spaces and a storage area located underneath the unit in the parking garage. There are two indoor pools and two outdoor pools, so swimming is always an option, regardless of the weather. There are two spas on the property, a dry cleaning service, and a meeting room that's available by appointment.

The Optima at Camelview is adjacent to Fashion Square and is only one block from Old Town Scottsdale, with its multiple art galleries, restaurants, and theaters.

Give me a call at (480) 231.0782 if you or anyone you know is interested in this beautiful property. It's listed at $663,000 and occupancy is on the close of escrow! I look forward to hearing from you soon! 

Buying and Selling Real Estate in Hawaii

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Today I'll be discussing how to buy or sell a home in Hawaii. The rules are different than what you would find in the states, and this is due to the rule of King Kamehameha. Originally, he owned all the land in Hawaii. He leased parcels of land to people around the Island, and eventually these lands were purchased. 

This purchased land is called fee-simple land. We now have fee-simple land with condominiums and homes, but there is also leased land around the islands that have properties on them. 

There is also home land, which is still technically owned by the monarchy and managed by the state of Hawaii. This land is all leased, and it must be owned by native Hawaiians. These people can sell their homes on the land, but they cannot sell the land itself. 

The same thing goes for condos in Waikiki. Sometimes a person will own the land and the property on it, and sometimes a person will only own the condominium. 

Sometimes this is confusing for home buyers and sellers on the island. Hopefully this has cleared things up a bit, as it sometimes creates problems for us in our transactions.