4 Quick Tips On Becoming A Young Real Estate Investor in Nutley

Investing in property at a young age seems like a bit of a daunting prospect sometimes. Most young people don’t have a lot of disposable income, often have poor credit and perhaps even student loans.

When you are in your early 20s, you are not likely thinking about investing in property in Nutley and are probably focusing on other things. However, investing in property at a young age can bring you a lot of advantages.

It requires a different approach and style and you might be the only one of your peers who is doing so, but you will definitely reap the benefits later on in life. When you invest long-term, you will start building your financial independence.

Some might believe that it is impossible for a young person to start investing so early in life, but investing in your 20s is completely possible.

You are not “too busy”, in fact you will find that you have even less spare time as your responsibilities grow when you get older. You will need a little bit of money to get started, but often you can purchase your first property in Nutley with as little as 3.5% down.

If you want to get started early, here are some tips that will help you along the way:

  1. Get into very good saving habits from a young age by putting aside your money from first jobs. When you want to take out a mortgage, you will typically need to be able to show savings of 3% of your purchase price.
  2. Maintain a clean credit history and pay all of your bills on time in order to build a great credit rating, so that you can obtain a mortgage with a good rate.
  3. Make the most of technology and social media to learn more about investing in property and to find the best opportunities. You have a wealth of information on investing, all at your fingertips.
  4. Find an older mentor – someone with successful experience who can give you tips on how to choose the right investment.

Another main advantage to investing when you are young is that if anything goes wrong, you will have more time to make mistakes and still recover without affecting your retirement. You have nothing to lose and everything to gain, so why not get started?

Related Blogs

    Nutley Home Selling Production Has Just One Star

    Nutley home selling is not so different from home selling in any other desirable community: the nearly universal underpinnings haven’t changed through the years. So when a homeowner watches a “Just Sold!” sign go up on a neighborhood home he or she just knows isn’t nearly as good a buy as his or her own property, “why them/why not me?” is the normal response.

    The answer can be quite simple. If you want your own Nutley home selling campaign to proceed as smoothly as possible, veteran sellers offer some reliable advice:

    • Remove yourself from the equation. Specifically, remove the family photos off the walls and store them in an out-of-the-way place. That evocative stairwell lined with pictures of the kids and family vacations might be a trip down memory lane for you, but it’s a roadblock for potential buyers. The goal in home selling is to effectively showcase the property — don’t make the star of your production share the stage!
    • Store extra clothes. Sort through the clothes you and your family aren’t going to wear this season and remove them from the closets. Overstuffed, cluttered closets give prospective buyers the impression that there isn’t enough storage space, whereas a sparsely hung closet just feels luxurious. If needed, purchase wardrobe boxes to store in the garage.
    • Use the professional talent that’s already on deck — ask your agent for a truly forthright opinion on how your home stacks up against the other current listings in Nutley. Since you’re on the same team, you’ll get the best of both worlds: real, up-to-the-moment comparisons with competing area homes, and suggestions for how to further improve your property’s profile among them.

    Preparing to sell a home can seem daunting at first, but once you begin in earnest, with the help of your real estate professional and a few proven guidelines, the process can be fully in motion quickly and easily. The most important thing to remember is that the better you display your property, the more money it is likely to sell for. It all starts when you give me a call!

    Related Blogs

      Nutley Homeowners Should Track This One

      A few weeks ago, Bank of America initiated a pilot program allowing homeowners facing foreclosure to remain in their homes as renters. There are important reasons why Nutley homeowners should be interested in the success or failure of BoA’s approach.

      First, a note about the term “bank owned homes”. It’s not technically correct to say that there has been some huge rise in the number of them, because “bank owned homes” actually describes every home with a mortgage. The mortgage holder always technically “owns” the property, even when the homeowner retains title. However, what is true is that over the last four years, many homeowners learned the hard way just what it means to face the reality of your home being owned by someone else.

      Enter Bank of America. Their press release quotes Ron Sturzenegger, a Legacy Asset Servicing executive with the Bank: “Our priority is designing a solution that helps our customer.” Although we might be justifiably skeptical of this as BoA’s sole motive, allowing homeowners to remain as renters in bank owned homes is hardly just a PR move.

      The program certainly makes bottom-line financial sense for a whole host of parties, including Nutley homeowners who have no difficulty meeting their own mortgage payments.

      Under the program, a former homeowner who qualified would be able to continue working and contributing to the economy without the costs, loss of time, and anxiety involved in moving. For all property owners, the ultimate effect is to keep the market from being flooded with distress sales. Every neighborhood would benefit if home values stabilize.

      Under the pilot model, bank owned homes convert to investor ownership in a much smoother transition than the foreclosure/short sale model. Instead of the lender being left with an empty property generating zero revenue in the interim, former homeowners simply become renters, making it easier for them to get back on their feet financially.

      In my opinion, any move or policy that helps more people stay in homes is a policy worth discussing. BoA’s program is only in a limited test stage, but here in Nutley we can hope that it will prove to have multiple beneficiaries: banks, investors, agents, homeowners and neighbors. Everyone benefits when his or her neighborhood’s real estate market is healthy!

      Have a question about real estate in Nutley area? Feel free to contact me anytime with questions. I represent Nutley buyers and sellers, and am always available to chat about your own plans.

      Related Blogs

        See All Available Homes in Nutley, Clifton & Belleville, Nutley Real Estate For Sale

        See All Available Homes in Nutley, Clifton & Belleville NJ SEARCH NOW! See All Availabe Nutley Real Estate For Sale

        Related Blogs

          New Nutley Real Estate Web Site

          Check out my new site I just launched http://www.NutleyNJRealEstate.com

          Related Blogs

            Homes For Sale in Nutley NJ

            If your in the market for a new home that is affordable and you want to be in a town that has a great school district Nutley is the place to be!

            Show Buttons
            Share On Facebook
            Share On Twitter
            Share On Google Plus
            Share On Linkedin
            Share On Pinterest
            Share On Youtube
            Share On Reddit
            Share On Stumbleupon
            Contact us
            Hide Buttons