Should I Buy A House Vs Buying An Apartment Complex
If you’ve never owned any real estate and your in the market looking at homes and apartment buildings, you make want to consider who’s going to pay for that piece of real estate. Let’s say you’ve found a house you like and an apartment building in the same area. The mortgage on the new house is $1500.00 and the apartment building is $1500.00.
One person decides to buy the new house for his family. Now, he’s the only one responsible for that piece of real estate. So, if he loses his income, he’s going to more likely lose the house and hurt his credit. Now the other person decided to buy the 4 family complex. His mortgage is also $1500.00, however he decides to rent out 3 of the units for $500.00 each, which covers his mortgage. So whether he has a regular income or not his still keeps his piece of real estate.
Also, the second person decided to add solar panels to the property and switch everything over to electric, and increase rents to $850.00 for each unit. He decides to pay all utilities for those three tenants. He gains an extra $1050.00 in rental income and he still does not have to pay any of his income into this piece of real estate. He also gets to save up to buy the house the first person lost and the tenants from the apartment complex are paying for that house to.
Sometimes our self-confidence is shaken when we make decisions that are not supported by family, friends or people we respect. When we feel that we are by ourselves regarding our choices, it is important to apply the universal law of cause and effect. Acknowledging others rights to their opinions opens the way for us to receive the same treatment. The adage shows itself over and over, what you do unto others will be done unto you.
Remember you can create the life you want to live by your actions. Being gentle and loving yourself is the way to bring that behavior into your life from others. Although it may not feel apparent, life supports you. The universal order of life does support you. This may sound airy-fairy, but it is a real and important principle to believe in when feeling challenged. Understanding that everyone has a right to live and think as he or she chooses removes the emotional conviction that others opinions are personal attacks. Each adult is their life decision maker, and one’s opinion does not overthrow anyone else’s choice.
Your ability to hold this idea and conduct yourself on this principle will govern others manners when engaging or having a relationship with you.
Valuing yourself is a requirement for a successful life. Lacking self-worth is mirrored back to us through our personal and work relationships. The characteristics of caring and respecting yourself are reflected in how you address other people’s degrading and dismissive attitudes. Life already supports you; you are here. The statement, "you are an accident", is only an attempt to devalue your existence. It is your primary responsibility to embrace and love yourself.
Sometimes we allow the opinions of others to reign over our internal voice. That is a sign that we need to stop and remember what is important to us. Getting clear about the way you choose to live your life and what you value gives you the strength to make seemingly hard choices. You regret less when your actions are decided from how you choose to be in this world. Living this way opens you to new ideas and activates your potential.
Aiming for a successful life based on your values can sometimes feel like a struggle but the end results are worth it. Gaining self-confidence is the practice of making and moving forward with your decisions that are founded on what is important to you. Every opportunity you have to apply this principle will help you become self-confident authentically.
How to buy a new car with bad credit to drive for Lyft and Uber?
If you’re struggling with employment, bad credit, or transportation, you may want to consider ridesharing. Although, you need a car you have several options to get that transportation like the following:
1. Buying a car
Buying a car is a big challenge for a person with bad credit. However, you still have options to own a car and build a business through ridesharing. If you’re employed but have bad credit you can buy a car from a buy here pay here car company. They do not look at your personal credit which is perfect if you have bad credit. You may also have the option to borrow a car from a love one that has multiple cars and making payments to them. Understanding buying a car is no small purchase, however, having the opportunity to up $16 an hour ridesharing it may just be worth the investment.
2. Express Drive
Lyft has partnered with General Motors to provide rental cars via the Express Drive Program, with weekly rates between $135 and $250. Drivers are eligible for $0 weekly rates when they hit 75 rides a week.
You’ll need to drive most of the week to bank that many rides, so it’s best for people who are looking to test the full-time driver lifestyle but don’t want to commit to buying a car.
3. Hertz and Enterprise
Hertz has partnered with Lyft and Uber to provide rideshare rentals. Lyft's deal starts at $165 for weekly rentals of compact sedans. After a certain number of rides per week, which varies regionally, drivers can earn a Power Driver Bonus to cover the rental cost.
Uber’s deal with Hertz is similar to Lyft Express Drive, but the two programs are offered in different cities. The Uber program has a $180-per-week base rate, which drops to zero after 75 rides a week.
Enterprise’s rentals, specifically for Uber, are a pricier $215 a week.
Renting is typically more expensive than buying a car and making monthly payments, but if you're a high-volume driver it basically can become free. Plus, if you don’t like rideshare driving, you can quit after a short trial period.
4. Uber Xchange
Uber Xchange offers short-term car leases from partnering car dealerships. Drivers pay a $250 deposit to start and make weekly payments over three years. Xchange leases to people with poor credit, but monthly totals and interest rates are much higher than with conventional financing.
For example, a 2013 Toyota Camry L Base leased through Uber Xchange may cost 156 weekly payments of $130, or $520 monthly. Comparatively, leasing a 2017 Camry through a Toyota dealer is only $199 a month — though you need a good credit score.
Xchange saves drivers money by including maintenance and insurance, but this means full-time drivers are dependent on Uber servicing their cars quickly.
“My car was in a shop over a month while a claim was investigated, and the people in the Xchange office had no willingness to work with me on payments since I was generating no income,” says James Taylor, an Uber driver from Los Angeles.
However, Xchange offers unlimited mileage, whereas traditional leases typically start charging extra after 12,000 miles. It also allows members to return the car and back out after 30 days – minus the $250 deposit.
Consider Xchange only if you’re driving 40-plus hours per week, want a car for personal use and can’t get other financing because of your credit. Remember, some lenders may be able to help you buy a used car at a better price.
Hyrecar is a peer-to-peer rental service specifically for ridesharing. Uber and Lyft drivers connect with car owners to use their vehicles at varying daily, weekly and monthly rates. There are no contracts or sign-up fees, and daily rates are as low as $35. Weekly rates float around $200 to $300.
Being a homeowner is a great feeling. You know you’ve made some progress in your life, when you’re no longer a renter but instead an homeowner. However, many of us struggle to get the chance to own a home because we have bad credit.
Now, you don’t have to be discourage anymore, because there are home buying programs and lenders willing to help you become a home owner even with bad credit. Although, they may have a few extra criteria’s, you can buy a piece of real estate.
With the FHA mortgage program, their criteria’s are fairly simple. They would like for you to have a minimum credit score of 580, 3 to 6 months of paystubs, 2 years of taxes, and debt to income ratio of 35%. They also want you to have a down payment of 3.5% of the mortgage value and you can even borrow that from a friend or family member. Another nice thing about the FHA mortgage program, if you have relative living with you, they will include their income to help you qualify for that mortgage.
There are also conventional mortgages that also have become very flexible when working with new home buyers, such as allowing a home buyer to put 3% down on that house. Also, they’ve made it easier for veterans to buy a home with no down payment.
So, can I buy a home with bad credit? The answer is yes, however I would encourage to fix your bad credit so you can get a lower interest rate.
Many business owners buy business trade line to help build their business credit. However, when purchasing these business trade lines, you may continue to face several challenges when trying to get funding for your business. One of those challenges is once you add the business trade lines, you may still need to have bank statements and tax documents in order to get qualified for funding.
Another issue you may have with adding business trade lines knowing if and when they’re going to show up on your business credit file. This is a big gamble because you cannot predict when the credit bureaus are going to report. This is why I try to encourage small business owner and entrepreneurs to focus on repairing there personal credit and pairing it with their company then apply for funding.
When you have good credit and a new business banks will start you out with business credit cards and business lines of credit. The reason for this is that you do not have a business relationship with the banks. You may also want to stay away from the business loans because they want your business to have been in existence for at least 2 years and you would have to provide bank statements and taxes.
So, if you’re trying to get funding for your business, I would encourage you to repair your credit and then apply for the funding under your business.
Hey guys, Houston here with Business Credit America and I wanna wish all of you a Happy New Year. I hope that you all had an amazing holiday season, and now it's the beginning of a new year; and with this year coming up, a lot of things are changing. The banks are gonna be loosening up on funding. So there's more opportunities. More real estate is gonna be coming on the market for those that are real estate investors. A lot of things are gonna start easing up for you to have the opportunity to grow your business and to get access to capital to help fund the business. So in this video, what I wanna do, I wanna talk about the three things that you do not want to ever share with your banker when you're trying to borrow money. Okay. And the first one we're talking about for business loan rejection key points.
And that first key point is, when you go to a bank and they ask you, "What do you wanna use the money for?" You do not wanna respond you wanna make use of the money for a business venture, or a real estate opportunity. The reason is, you sound like a gambler. Because you sound like you wanna take their money, and see if you have the opportunity to make profits, and then come back and pay them. You don't never sound like a gambler, when you're trying to borrow money. So never use these terms in explaining why you need money. And those terms are, you do not wanna say that you're looking into a business venture, or a real estate opportunity. This is just a poor way of communicating why you need money for your business or for your start-up. So this is Houston with Business Credit America. This is our first key point. We're talking about business loan rejection key points, and I hope that this is something that you can understand, and that you can work within your plan, as you move forward to get funding for your business. I really appreciate the support, and look forward to hearing from you. Thank you.
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There are many perks to being a business owner, like being you own boss, making your own schedule, putting a higher dollar value on your time, and pride of ownership. Another great reason, you want to own a business because you can qualify for higher credit card limits and these credit cards do not affect your personal credit once you’re approved and if you’re set up as a C-corporation.
However, one the biggest most benefits are the business tax write-offs. Business ownership does have a price, especially when you’re using the banks money to help fund the business. The good news is that business bank fees can be tax deductible and we give you a few examples here:
Annual fees on a business card are tax deductible. This may be a great way to justify getting that card with the steep annual fee that also has amazing rewards. Yes, you can write it off, but keep in mind that the primary use of the card needs to be for business purposes and not for personal use.
Hopefully you’re not incurring late fees on your credit cards, but mistakes happen and you sometimes forget to make a payment. Those fees can be written off for your business taxes. Of course, it’s always best to call the company and explain you simply forgot and ask if they can waive the fee this time; saving $35 is almost always going to be better than claiming a $35 tax deduction.
Again, in an ideal world you won’t be paying interest on any of your purchases. But there are times when you need equipment, and there just isn’t enough cash in the bank to pay for it right away. Those interest charges are all tax deductible.
Swipe Fees (point of sales fees)
As a business owner, you pay the credit card company every time someone uses their card to pay you. These are always business-related expenses and fully tax deductible.
There are sometimes other fees associated with using a credit card. For instance, your cash advance fees are deductible.
When you’re trying to discharge a student loan in bankruptcy, you need to know which student loans are dischargeable. There’s a difference between a federal student loan, federal student loan serviced by a private student loan, and a private student loan?
A federal student loan is issued by the federal government and serviced by the federal government. They have a lower interest rate and the federal government usually can forgive the balance of the loan if you are not able to make the payments.
Now the federal student loans that are serviced by private lenders have been recalled by the federal government because the private servicer were not being flexible with the borrower with their payment plans. Which also cause the borrower to default as well as taint the borrower credit.
The third type of student loan is from private lenders, such as Sallie Mae, Citibank, Wells Fargo, bank of America, and Navient, which is a subsidiary of Sallie Mae. When these private lenders issue student loans they do not have the federal government protection, so those loans are treated like a regular personal loan. Which also means that these lenders make up their own rules when issuing loan and collecting on them. They can increase the interest rates, if you miss a payment, they’ll send you collections, file the insurance claim get your student loan paid off and then force you to may them too.
How do I get business credit cards and business loans with a 80 Paydex score?
Many people have come across misleading information of getting business credit cards with a 80 Paydex score. First, you must understand a paydex score is a three digit number that given to a business from Dun and Bradstreet. This number is generated once a business has four or more business tradelines or vendors reporting to them.
Once you’ve generate this number trade vendors use this number to make a decision on whether they are willing to offer your business credit. The higher the paydex score the better your chances are to being approved for credit. If you have a paydex score below 80 points this lets the creditor know you are not paying your other vendors on time.
Now, if you’re trying to build your paydex score to get business credit cards or business lines of credit, there are other factors that are used to determine,if you’re going to get approved for business credit. When you apply for business credit cards or business lines of credit, most lenders will want to look at your personal credit, your business bank statements, or your business financials.
The paydex score is irrelevant at this point when trying to get cash and credit for your business. This is the reason we suggest people to stop wasting money on Net30 accounts and just fixed their personal credit and put the money into a business bank account.
Should I Co-sign A loan, credit card, or Apartment for a Family member?
If you’re a parent then I suggest to add your kids on your credit accounts as authorize user. This will build up their credit, so you as the parent will not need to co-sign for their student loans, cars, and apartments.
Now, if you have a family member or love one that having credit issues and they ask if you would sign for them a car, credit card, or apartment, then I would suggest you not to do it. The reason is that it could ruin the relationship. For example, if a family needs to move into a new apartment and they ask you to co-sign and you decide to do it. If that person loses his or her job, then you’ll be stuck with making the payments or ruining your personal credit and the relationship.
I always suggest if a person is having credit issues offer to help them repair their personal credit, if they refuse, then you know that person is not the one to be offering help too. Some may argue that you should look at how financially responsible the person is in order to determine if it’s worth you putting your good personal credit on the line. However, you must factor in that things could happen to the person or their employment and that may leave you on the hook for extra bills.
So, in conclusion, I would suggest find other ways to help them, rather reserve the relationship then jeopardize personal credit if the person is not will to fix their own credit.
How to get a business loan for people with bad credit?
The easiest way to get a business loan for people with bad credit is to take out a loan thru your 401k plan it’s called a ROB (ROLL OVER BUSINESS LOAN). If you don’t have a 401k or Roth, you may want to consider putting up some assets for a collateral loan. It’s a lot of lenders that will ignore your personal credit if you have an asset to borrow against. Those assets make be a piece of land, a car, or a family heirloom.
However, if you don’t have any assets to use as collateral, you make want to borrow the money from a family member of a friend or ask them if they would be willing go into business with you. You make want to also start putting a small portion of your paycheck aside to help you move toward you goal of saving up to start your business.
Now depending on what type of business you’re going into, you make be able to pick up a few clients and see if they will give you an advance toward future business.
Most don’t realize it really does not cost a lot to start a business the issue for most is finding the right customer for your product or service.
It can feel like a daunting responsibility to embark on how to achieve short term goals. This overwhelming feeling can lead us to energetic stagnation making us confused and sad. Once these feelings take root we could benefit from an external boost to return to empowerment and mental clarity. Below are three steps that you can use to find your way out of the cloud to achieve your short term goals.
Movein the direction: Once you know the short term goal you want to achieve, start moving yourself physically in that direction. If you have a full-time job then, it is imperative that you begin to write a schedule of when you can do one or two objectives per week in the direction of accomplishing your short term goal. If you want to be a real estate agent then, you start by finding out what classes are available, what real estate trade organizations that you can join and read success stories to learn how others are thriving in your career aim. An important step towards achieving your short term goals is to move in the direction of what you want to do.
GratitudePractice: When starting a journey to accomplish an objective it is easy to see what is missing or wrong with us. However, practicing gratitude keeps your mind open to possible opportunities and ideas that you would not receive if your mind is full replaying the lack and negative thoughts from your mental playlist. If you have a job that you do not like at this time, be grateful of the income that it provides that enables you to join a real estate organization and have access to all of its knowledge. Teaching your mind what to think and discard is a requirement when working toward short term goals. A success coach can show you how to work on discarding your negative thoughts.
Visualize: When you are sitting around and your mind drifts back to lack or ‘what’s wrong thoughts,' redirect them by seeing yourself living the life you want. If you need some help visualizing, write it down. The physical action of writing can lead your thoughts in the direction you want to go. Going back to the real estate example, if you want to become a real estate agent or broker in your area see yourself showing beautiful homes to prospective buyers. In your down time, watch million dollar listing and see yourself showing and serving your clients excellently to get their dream home. These actions will support you in accomplishing your short term goals.
Although it is easy to agree with and believe the above steps are beneficial to reach short term goals, it is difficult sometimes to do them. Just as New Year’s Eve resolutions, we start out well but then one thing leads to another, and we stop. We will write down our goals and resolutions, but not complete one thing we had listed. Before you realize it, one incomplete task becomes two then three. When this happens, contacting a success coach would be helpful. Success coaches can see your goals and co-create a plan of action when you feel confused on how to get started and support you in the process. Success coaches are your accountability partners; they believe that you can accomplish your goal, and they inspire you with ideas regarding actions you can take to reach your short term goals.
There is a practical method on how to achieve your short term goals. Actions, thoughts and beliefs can turn your life around when they are all compatible and moving toward to the same aim. If you find that you are in need of support, you are among many that also have the same situation. If this happens contact a success coach to help you move forward, get clear, empowered and reach your short term goals.
JoAnn Youngblood King is a CTA Certified Success Coach, Author and Owner of Live Your Potential is a member of the Coaching Training Alliance, the Association of Coaching & Consulting Professionals on the Web and the International Association of Coaching. JoAnn, who has a diploma in Small Business Management, is a Business Trainer and Facilitator for Project Enterprise, an organization that provides access to business loans, business development services and networking opportunities for entrepreneurs and small business owners. To find out more about achieving your goals visit http://www.liveyourpotential.blogspot.com/.
As business owners, we tend to become uncomfortable when talking about business taxes. A lot of us will try to avoid it all together. However, this is a key component to helping you acquire funding if your trying to grow your business, In my book, "The Insider Bank Secrets" I teach people how to reduce their business taxes doing this one simple strategy. Many small business owners don't realize they are over paying their taxes. http://www.businesscreditamerica.com/business-education/
Are you a small business owner that hates tax season? You have to think of how you can reduce your tax bill and walk away with a nice tax return. In this video I'll share with you a few resources that could save you thousands of dollars in your small business. Many small business owners accountants, CPA's, or Attorneys don't share these writes with the majority of their clients.