Finding the right condo can be stressful. I’ll use the condo rental guide and these easy tips to assist in jump-starting my search for the right condo and shifting closer to a space that’s perfect for me and my lifestyle.

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Create a Wish List of What I’m Looking For In My Right Condo

The first step in the right condo search process is establishing what I’m looking for. Think about:

• Why type of condo do I want? I should decide if I’d prefer a leasehold condo or freeholdhouse, because each has goods and bads.
• How many rooms do I require? I might select a studio space for economy, a single bedroom or two bedrooms for maybe an office or guest room.
• Yard, balcony, patio or window? It’s thoughtful to decide if any of these are on my list for the right condo.
• Large pets, small pets, no pets? Not all condo owners are pet friendly.
• Security? Some condos offer the added security of restricted entrances.
• How much rent I’m willing to pay? Make sure my rent works within my budget. Also, focus a lower rent payment so that I can save for my first right condo.
• Fees: The fee structure is one of the basic factors that I need to take into consideration.Few associations fees merely cover basic necessities whereas others extend to a wider range of amenities.

Once I’ve determined what’s important for me, the fun of searching for the right condo begins!

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Take Advantage of Online Condo Resources

There are many sites to assist me to look for condos online. I can filter my search by location, type of condos, price range, and amenities, just to name some. I can also find the square footage, utility information, and pictures of both the inside and outside of the condo. By narrowing down my search, I’ll save time and money by looking only at available listings that include my preferences. Here are some condo search sites to assist you to find your right condo space:

1.Zumper

2. Cityrealty

3.Tripping

4.Trulia

5.Rentals

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Whether you are planning on buying a freehold condo or a leasehold one, this simple guide should be enough to help you get started. Which type of right condo do you prefer?

With this in mind, screening my potential tenants with a complete background check is incredibly vital. After all, it’s my money and my property that’s on the line.

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Red Flags in a Tenant Credit Report

A credit report is a key component of tenant screening. It assists landlords in spotting plenty of credit red flags, including:

• The tenant has a history of paying bills on time.
• He possess a significant amount of debt.
• If my tenant is likely to pay rent each month.

Continue reading to learn why landlords need to check a credit report and guidance on what to look for in a credit report.

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Why Landlord Checks The Credit Report?

My credit report shows landlords my credit score and financial history. Landlords check my credit to evaluate my likelihood to pay rent on time. They also check whether I owe rent to any previous landlords. 

Note: It is strongly suggested to contact a legal counsel that is familiar with both credit reports and tenancy laws.

What to Look for in a Tenant Report?

A credit report contains a gold mine of information for a potential landlord. I can find out, for instance, if a specific person has ever filed for bankruptcy or has been:

• late or delinquent in paying rent or bills.
• convicted of a crime, or, in many countires,even jailed.
• evicted (the legal right to get information on evictions, however, may differ among states)
• involved in another kind of lawsuit such as a personal injury claim, or
• financially active enough to establish a credit history.

Information in credit reports covers the past seven to ten years.

Depending on the type of credit report I order (the offerings vary according to the agency I deal with), I may also get an applicant’s credit score. The most widely used credit score is the FICO score. It ranges from 300 to 850 and purports to indicate the risk that an individual will default on payments. Great scores indicate less risk. Generally, any score above 650 is considered a medium risk or less.

Another kind of credit score is VantageScore. Credit reporting agencies created this score to compete with FICO scores. VantageScores have the same range (300-850) as FICO scores.

I should put too much value in a high credit score. It doesn’t reflect many other good-tenant characteristics (such as the ability to get along with neighbors and take good care of my property) that is very important.

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Landlords check credit reports to evaluate whether a tenant is capable of paying rent on time, but this is not the only metric that matters to them. I’ll not let a low credit score or a limited credit history stop me from pursuing a rental. I will definitely use the advices above to help set myself and my credit score up for success when I enter the rental market.

A home appraiser will surely visit my property to assess what it is worth. Their findings could also be very vital.

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3 Helpful Tips For Conducting Home Appraisal

The market value of my home could assist it to sell for more, provide me with more equity when refinancing. It will also make it smoother for a home buyer to get the financing. Let’s take a look at some of the things I can do to make sure the home appraiser values my home as greater as possible.

Boosting Curb Appeal

First impressions are mandatory when the appraiser visits to set the right tone for the assessment. With the exceptional initial impression, I can undoubtedly stand a better chance of getting the worth I expect.

There are many straightforward things I can do to enhance the exterior appearance of the home. Everything should give a tidy look. Additionally, a mowed lawn, neatly trimming bushes, and clean driveways surely give the right impression.

A fresh coat of paint on exterior features will bring a huge difference. This will show the home is well maintained enough.

Make Sure the House is Welcoming

Along with cleaning and decluttering, there are other aspects I can do to create a long-lasting impression. Shiny rooms are more appealing, so make sure I fully open blinds and drawback curtains. When the home appraiser is due, I should also turn on all the lights to add to the natural light.

Making the house look cozier can also assist. I’ll try adding some cushions and blankets. The temperature should be at a comfortable level as well. I can also focus on doing anything else I can to make the appraiser more welcome.

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List The House Improvements

Have a list of the house improvements I have completed ready for the home appraiser to see. If I’ve had a new HVAC system installed or the latest appliances, I’ll add them to my list to make sure I have receipts. However, I require to list improvements that I have made in the last previous years. Anything beyond that isn’t going to help.

This will clearly show the appraiser that extra value has been added to the house. It will assist justify their home appraisal findings. Even though the appraiser might notice the upgrades, showing them the receipts and the money I’ve spent should add to the worth.

What does this home appraisal cost?? Share your thoughts.

Being prepared for an appraisal is just simple smart, considering it is a considerable issue to clear in my house sale. I’ll take out the time to go the extra mile to make my house look its best. So, that the appraisal will be more than worth it.

If you need help selling out a house in my local area, feel free to reach out for assistance.

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Today I cover in-depth, the top 3 ways to refinance a mortgage without an appraisal, and what is the goal of doing it.  

Covering:

1. Property inspection waiver.
2. FHA Streamline.
3. VA Interest Rate Reduction Refinance.

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How to Refinance A Mortgage Without An Appraisal

There are 3 ways to completely refinance a mortgage without an appraisal. 

Please keep in mind, guidelines are always changing. I’ll do my best to keep this space updated with existing real estate market conditions. 

• Property Inspection Waiver | Conventional Mortgage

A Property Inspection Waiver Mortgage is a kind of home loan that is undoubtedly underwritten without an appraisal. It is also known as the Appraisal Waiver Mortgage

For this Appraisal Waiver to be functional, lenders should clearly use the already available data that assess the market value. They should surely not rely on the new appraised value. A lender doesn’t need a home inspection for financing with PIW mortgages. Thus, it will save money and time by skipping the realtor fee, appraisal fee, closing costs – it all adds up! With a PIW Mortgage, a lender can get that house of his dreams without breaking the bank.

The Government Sponsor Organizations including Freddie Mac, Fannie Mae, and GSEs already work on programs in place for appraisal free mortgage loans and refinances to facilitate. This Appraisal Waiver can substantially save both time and money for homebuyers. According to a statement by Freddie Mac, the lenders would surely save around $500 and will shorten the time it takes to get to the closing table by 7 days through this waiver program.

• Streamline without Appraisal | FHA Loan

If I currently have an FHA loan, I’ll look to streamline a refinance into a lower interest rate. I will try to refinance it without an appraisal. On an FHA streamline, I cannot roll in closing costs on the mortgage. So I either need to get a rate that has enough lender credits to cover costs, or I have to pay costs out of pocket. 

Other perks to FHA Streamline besides no appraisal:

• Low credit is fine.
• No income verification

An FHA streamline is a wonderful opportunity if I have been on my FHA loan for at least 6 months. 

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Interest Rate Reduction Refinance Loan | VA Mortgage

If I have an existing VA-backed home loan and I want to reduce my monthly mortgage payments—or make my payments more stable—an interest rate reduction refinance loan (IRRRL) may be right for me. Refinancing lets me replace my current loan with a new one under various terms.

Other perks to VA IRRRL besides no appraisal:

• I can roll in closing costs
• No income verification

Find out if I’m eligible—and how to apply.

Check your refinance eligibility

If you want to see whether you qualify for an appraisal waiver, you need to apply with a borrower. The initial application takes just some minutes and there’s never any obligation to proceed.

Show me today’s rate (Nov 25th,2021)

If all of this sounds exciting to you, you’re probably ready to pursue a career as a real estate agent! Our team at Illinois Brokers Academy is here to help you with our real estate courses for any real estate career you want.

Relocating soon? If so, I will probably not be looking forward to the shifting process. For plenty of people, this is something they dread. It comes as no surprise as it’s hard work that causes a lot of anguish. One of the choices many people make is whether to hire shifting services or do it themselves own. There are certainly pros and cons to each scenario. In the article, you will find a complete review of each of the scenarios.

There are going to be advantages and disadvantages to hiring shifting services or doing it themselves. Only the shifter can decide what makes the most sense.

If you feel Illinois real estate is the industry for you, check out Illinois Brokers Academy. We offer pre-licensing and post-licensing courses, as well as state exam prep dates. Do check our updates now for more information.

Should I Hire Shifting Services or Do it Myself?

Purchasing a brand new living can be a very stressful experience, though how much stress I face will depend on the choices I make. One of these choices is how I shift my possessions into my new place.

Hiring shifting services will be the easier option, but shifting on my own could cost me less. There are many things to consider, I’ll review the pros and cons of hiring shifting services and doing it myself.

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The Benefits of Shifting Yourself

1. Save my money.

2. Controlling my move.

The Downsides of a DIY Move

1. Immense Hardwork.
2. Delays are possible.
3. Extra Expenses Involved.

The Advantages of Hiring Shifters

1. Leave it to the professionals.
2. Speed in getting the shift done.

The Disadvantages of Using Shifters

1. The Costs Involved.

2. Schedules are not always flexible.

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Can you please highlight some expert shifting services ??So that our digital community could also reach them.

While you could save money by shifting yourself, the costs might not be as less as you imagine. Hiring shifting services are likely going to be more costly but should save you time and stress. Hopefully, you can now weigh the pros and cons of shifting yourself vs hiring shifting services.

Take the time and think things through carefully. If you decide to shift without assistance and want to change your mind it could be hard to get a professional at the last minute.

As a real estate broker, it’s my job to know everything I can about a specific area. People are counting on me not just to search them their ideal living. They also want me to assist find a neighborhood or city where they can feel secure. As a neighborhood pro, it’s my responsibility to explore educational institutions and other particulars. So, that my client can seamlessly transfer from one place to another. Knowing these things makes it simpler to do my job.

But what if a client is searching for more? What if they require someone to assist coordinate shifting services, real estate services, and storage services? What if they need help furnishing their new living, or getting their freight from one place to another? People are intending to pay for these extra services. But these usually don’t fall under a real estate broker’s job description. That is where a real estate relocation expert comes in.

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Who is a Relocation Expert?

A relocation expert is someone who assists a client manage all of the details of a shift. Especially internationally, so that the client can only focus on their work.Relocation expert networks with a broader range of professionals.Such as shifting services, storage facilities, and regional service providers. It’s a bundle of work, but some real estate brokers find an easy way as they are the real estate champions. They may as well make a little extra profit by assisting with the relocation logistics. 

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What Does He Do?

Relocation experts are hired by businesses and corporations to assist their employee’s transfer from one place to another. They’re responsible for selling the client’s existing, searching them for a new living, and managing the paperwork and details involved with buying a new living. They manage the travel logistics (flights, getting a visa, buying travel insurance, etc) and make sure all of the belongings (including pets and cars) arrive safely. 

If the client is with children, the relocation expert will research educational institutions or daycare in the locality and manage all of the details in getting them set up and enrolled. They’ll be the contact person for contractors if there is some work to be done on the new living, arranging shifting and packing companies to pack and shift all of the client’s personal items to their new living. 

While the job of a relocation expert is to make relocating smoother, there are some tasks they will not perform. Examples are like they aren’t responsible for running errands, babysitting, or finding the client’s partner a new job in the area. 

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We would be glad if you share a few best relocation tips with us?? Whatever popped in your mind right now, it’s best for us.

When you expand your business to offer relocation services, you open yourself up to work with a wider range of clients. You can focus on international real estate, which is very profitable. If you’re currently a real estate broker and looking to expand your services, you have a lot of options.

 There are a lot of things I need to work on a few home places before the listing. Of course, cleaning is the key job. But this is not a minor cleaning task. This is cleaning like I may have never done before. This needs to be the exceptional deep clean, spotless, ideal clean of my life. Here’s where I require to put my skills in a few home places for good use. 

If you are passionate about real estate, you will have a great shot at having a successful real estate career. Find your online real estate classes today.

4 Home Places To Clean Before Listing

I asked 4 different real estate agents and those familiar with cleaning. Maybe I have never thought of cleaning that home places even before.

Window and door tracks.

Most people neglect these home places whether they reside in them for five minutes or five years. But, buyers will look over my house with a fine-tooth comb and eagle eyes so I’ve to make sure I go around to every door, sliding glass door, and window and clean those tracks out to perfection. A smart way to do this would be to grab a sponge and cut out the notches in the sponge that fit the track’s ridges. I’ll spray with bleach or other cleaning solution that won’t stain the neighboring walls or windowsill and claim back and forth. If essential, I’ll use a vacuum in the corners to pick up those small extra dirty pieces. They also make an innovative “slime” material that’s ideal for cars picking up small lint pieces and things that are just hard to get to it. This slime or jelly will roll around in the tracks and pick up all of those small pieces in the corner that are hard to get to.

Deep clean the carpets.

Deep cleaning of carpets is a must when I will list my house. If my carpets have not had a good tidy and glossy look for at least six months, it’s time to bring in the pros. I’ll clean all stairs, corners, and carpeted spaces. It’s critical to clean all the carpets and have a regular cleaning schedule for carpets, tile, and floor.

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Blinds and curtains.

Leveler blinds and curtains usually absorb dust over the years. It can be one of those home places that I neglect to clean on a regular basis. But buyers will definitely notice dust, dirt, grease, and grime that is collected on my blinds. There are tons of ingenious ways to wipe out blinds with feathered dusters and such, but I can also research online the best way to clean leveler blinds. This is definitely not a home place to neglect when selling.

Bathroom floors.

Obviously I’llclean my bathrooms before listing my home but does my bathroom really need more of a refresher, not just a cleaning?

I’ll take a look at the caulking around toilets and bathtubs. Does it need to be refreshed, scraped down, and re-done?

I would really scrub those floors and refresh them with either new caulking, weatherstripping, or I might even need a new toilet, which really isn’t a big expense. If my toilet is rocky, doesn’t drain well, or just isn’t functional, updating my toilet can make the full bathroom sparkle.”

In the end, do a final walkthrough of the home to make sure you’ve cleaned every inch. Pro tip: When you’re done, rest!

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What do you think about the final walk-through? Does it have any influence on your home listing?

Though not entirely without risk, real estate is widely regarded as one of the best long-term investments I can make. In this article, I’ll take you through 4 smart real estate investment options with a detailed introduction as to which need the most time, effort, and money to pursue.

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4 Kinds of Real Estate Investments

Each option has its highs and lows. These various real estate kinds can benefit different types of investors depending on their needs and goals. There are four main categories of real estate investment:

Residential real estate

Residential real estate refers to any property used for residential purposes. Such as family homes, cooperatives, duplexes, and condos. This type is perfect if I’m looking to begin building my dream home or start a family. 

Residential real estate is a wise investment because of the returns I’ll get. Few real estate companies have a pre-selling period when I can purchase properties at a lesser price. Investors take this opportunity to buy and sell them later on when their worth in the market increases. 

Commercial real estate

Commercial real estate refers to any property where the main goal is to host business operations and services. A few examples are apartment complexes, stores, gas stations, hotels, hospitals, parking facilities, etc. 

Investors in this real estate category are generally business owners who want to flourish their business in a specific location or create a working space for their employees. While sales and transactions do play a substantial role in creating cash flow, most of its returns come from the rental profit of the property. 

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Industrial real estate

When I talk about Industrial real estate, all lands, buildings, and other properties that accommodate industrial-sized activities come into my mind. These investments include the activities such as production, assembly, warehousing, manufacturing, research, and distribution of goods and products. 

Zoning laws will generally regulate which regions in a city these real estate properties can be designated so they won’t disrupt residential and other nearby places during its operations. The ROI is affected by multiple factors, including the kind of property I go with.

Real Estate Investment Trusts (REITs)

I can look at a REIT as a way of niching down in real estate investment. Trust acts as a company that focuses on a particular kind of income-producing real estate — such as hotels, apartment buildings, senior housing, and so on.

As with most investments, the more money I put in, the more I stand to gain in the future, but REITs are an attainable pathway into real estate investment for the everyday buyer.

Which real estate investment you are looking forward to doing?

You have no shortage of options when you’re all set to add real estate to your investment portfolio. You have to be very clear on your personal goals. Real estate is a notoriously illiquid investment, so make sure you understand the time commitment for your funds prior to investing. Master plan out your perfect exit strategy, then create a contingency plan in case you need to switch to Plan B.

Since its anticipation, IBA has been the premier Illinois real estate school. The academy enables the students to prepare for a promising career in real estate and other business concentrations.

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The Vision of Illinois Brokers Academy

Founded by Raheel Shehzad, IBA takes pride in offering a well-rounded and beneficial curriculum. The real estate academy immensely prepares students to get real estate licenses and practice smartly in the field. Illinois Brokers Academy is the preferred Illinois real estate school, with a proven track record. With over 50,000 students that have attended Illinois Brokers Academy and more than half of all practicing licensees in the Illinois real estate trades coming from Illinois Brokers Academy, it’s difficult to deny that Illinois Brokers Academy is the Illinois real estate school to attend.

With insightful instructors and helpful materials, IBA offers everything one should expect from an Illinois real estate school.  Since day one, IBA is offering only the very best real estate education. When you’re deciding on an Illinois real estate school, why settle for anywhere less than the best? IBA guarantees you to prepare for an astonishing real estate career.

Interested in starting your real estate classes? Get in touch with IBAs team immediately so we can together work on your future goals.

Illinois Brokers Academy Broader Spectrum

IBA is not only exclusive to Illinois but also offers training in: Schaumburg, Bloomingdale, Glendale Heights, Addison, Lombard, Villa Park, Carol Stream, Oak Brook, Naperville, and Algonquin Illinois. If you want a well-rounded and beneficial education, make Illinois Broker Academy your first choice. Our faculty know the industry, because they work in the industry. They also prepare you with skills, knowledge, and insight to help you thrive. IBA currently provides placement at over 50 respected and reputable Illinois companies.

Can you share some of the reasons not to join IBA right now? It will help us to grow more.

If you’re interested to enroll in the premier Illinois real estate school, learn how you can do so at our webpage. We offer classes and training in real estate, appraisal, inspection, mortgage lending, property management, association management and so much more! IBA offers the very best interactive classroom settings, online work, and flexible courses to better suit your delicate time. Let IBA prepare you for your real estate future today!

Maybe I’ve heard the conventional wisdom about a higher down payment. I should aim for 20% of the house’s buying price. But for a bundle of people in a bundle of markets, that’s a bundle of money. I can buy a home with as minimal as 3.5% down with an FHA loan. So sticker shock, I must be wondering whether putting a full 20% down payment is really all that essential.

To become a successful real estate agent, do check out Illinois real estate courses and kick-start your real estate career.

Here’s Why a 20% Home Down Payment Is So Vital

It’s actually not impossible to get a mortgage with a lower down payment. But 20% down payment really is the gold standard for a reason. Specifically, we can think of four reasons:

Zero PMI premiums. If I at least pay a 20% down payment of my buying price, I won’t have to pay private mortgage insurance or PMI. Lenders routinely need this of housebuyers who borrow more than 80% of the house’s value. This kind of insurance never results in any compensation. Its goal is to save the lender if he defaults (fail to pay back the loan on time). PMI generally costs from .5% to 1% of the loan amount, which can add several dollars annually to the home costs until I’m able to get my equity to the 20% down payment level, at which time PMI is no longer needed.

Small monthly mortgage payments. If I borrow less money, I will obviously have less to pay back. This leaves me off course with more cash for other things or potentially enables me to take out a shorter-term mortgage with a lesser interest rate.

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Greater loan options and terms. The greater my down payment is, the more flexibility I’ll have in terms of loan amounts and loan programs. Most loans over the conforming limit (jumbo loans) will need at least a 20% down payment. Whereas most ARM (adjustable-rate mortgage) programs don’t begin to offer lower rates than fixed until I get to at least a 20% down payment.

Greater purchasing power. A greater down payment means the person can afford to purchase a more expensive home. For example, if I’m budgeting for a $1,000 monthly mortgage payment and can receive an interest rate of 3% on a 30-year mortgage, with a 5% down payment I could afford to purchase a $171,000 home, which would include roughly $685 a month for principal and interest, about $90 in PMI and the remainder for taxes and other expenses. But with a 20% down payment, a $213,000 house would fit into my budget for that same $1,000 monthly payment, since I won’t have to pay PMI.

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Can I find more options low-down-payment loan options?

If you find yourself questioning what down payment to make, reach out to a pro mortgage loan officer. They can suggest to you all your loan options, as well as the prices they’ll come with.