Community First Financial talks to hundreds of investors every month and there are some thoughts I would like to share with my Police Officers on my experiences with investors, particularly first time investors.
One of the top questions I hear from Police Officers is, What would you do?
If I could start my investing life all over again, I would buy a FOURPLEX as my first home. And when I say first home, I mean first home. Most people buy their single family house, live in it as their primary house, then look to buy their first investment property. For those that are flexible and motivated I suggest you buy a fourplex as your first primary home and investment property.
Here is why owner occupied fourplex's makes sense:
-Qualifying for a first time home buyers loan on a primary residence easier.
-You need less money down.
-Rental income helps qualify.
-You now have a primary home and an investment in one transaction.
-Potential cash-flow or you could pay for your primary unit with the other three units cash-flow.
-When you decide to move you have a 4th unit that becomes a rental.
-On site property manager.
Highlights of loans available for a fourplex (primary residence):
-Up to 95% financing
-Loan amounts to $801,950
-Only 3% of borrower's own funds/ 2% from flexible sources
-Only 660 credit score
-2 month asset reserve requirement
-This is also a great idea for individuals that have kids and are in need of an idea on how to get started in real estate investing.
Nick Porter
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
480-305-8900 Ext: 302
541-231-3040 Cell
www.LawEnforcement1st.com
Friday, October 26, 2007
Attention Police! Down Payment and Closing Costs Assistance Program.
Community First Financial has partnered up with Maricopa County's initiative to offer Police Officers down payment assistance. The program is designed to help homebuyers purchase a newly constructed or existing home by providing a below market mortgage interest rate with a 5% grant for down payment and closing cost assistance. The qualified borrower will receive the non-repayable grant that can be used anywhere in Maricopa county.
Eligible properties For Targeted and Non-Targeted Area's
-Single family detached houses
-Condominiums
-Townhouses
-Duplex older than 5 yrs
-Planned Unit Developments (PUDs)
-Within Purchase price limitations
•· New/Existing one unit: $311,625(Non-Targeted)
•· New/Existing one unit: $380,875(Targeted)
Eligible Borrowers For Targeted and Non-Targeted Area's
-First time homebuyers(have not owned home in last three years)
-If home is in a Targeted area the buyer does not have to be a First time homebuyer
-Primary residence
-Purchase only
-Within household income limitations
•· 1-2 Person household = $64,524(Non-Targeted)
•· 1-2 Person household = $74,203(Targeted)
Community First Financial has streamlined this process for the individuals or families who are wanting to qualify. Buyers purchasing a home in certain targeted area's within Maricopa county will receive a lower interest rate along with a 6% grant for down payment and closing cost assistance. To find out more on the downpayment assistance and to get a targeted area map contact Nick Porter.
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
480-305-8900 Ext: 302
541-231-3040 Cell
480-718-8802 Fax
www.LawEnforcement1st.com
Former Rich Dad executive creates opportunity in a down market and educates others how to do the same
2007-10-04 00:15:50 -
( EMAILWIRE.COM, October 03, 2007 ) SCOTTSDALE, Ariz. - This week, the National Association of Home Builders/Wells Fargo index of builder confidence plunged to 20, the lowest it's been since January, 1991. Foreclosures are up. Confidence is down. Buyers are waiting to buy and builders are postponing construction. The National Association of Realtors last week predicted the
housing slump would last until 2008, while Moody's Investors Service said the slump might continue into 2009.
Hardly a good time to get a new mortgage company off the ground, right? Not so, says Phillip Lechter of Community First Financial.
'While it may seem counterintuitive, it's actually a smart move to get into an industry when others are getting out,- said Lechter.
Despite the seemingly dismal market conditions, Lechter is enthusiastic about the prospects of his mortgage company. Prior to starting his new venture with partner Troy Schuricht in June 2007, Lechter served as Chief Communications Officer of the Rich Dad Company. Now, he's applying the principles he once preached at Rich Dad to propel the success his own company.
'What will really place a business above the competition is its value proposition,- said Lechter. 'It needs to be there. I am amazed at how many companies are discounting their services in a desperate attempt to attract business. If there ever was a time to ‘value up' and not ‘discount down', this is it.-
Community First Financial sees opportunity to survive and thrive in the current market by differentiating their services through financial education.
'Those who are looking to buy will be wary of locking a loan that will get them into future financial trouble, as has been the case with so many homebuyers over the last few years,- said Lechter. 'We are committed to building relationships, offering the appropriate financial education and providing investment opportunities for our customers to use what they've learned and make the right investments for the long term.-
Community First Financial has a comprehensive approach to offering financial education to both current and potential customers. First, partners Phillip Lechter and Troy Schuricht provide ongoing financial education through their blogs at http://www.philliplechter.com/ and yourlendertroy.blogspot.com. They are also developing tailored Home buying Tool Kits for teachers, emergency responders and health services employees - all groups who are having a particularly difficult time getting into a home in today's market. Additionally, the company has begun a monthly book review to help educate the public on real estate opportunities and pitfalls.
Community First Financial's next book review will be held Thursday October 18th from 11:30AM - 1:00PM at the company's offices at 7575 E. Redfield Rd, Suite 235, Scottsdale, AZ 85260. Space is limited, so seats should be reserved by calling 480-305-8900 or sending an e-mail to info@communityfirstfinancial.com. There is no charge for attendees. The book that will be covered at the October 18th meeting is Rich Dad's Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate Investors by Sharon Lechter and Garrett Sutton.
For more information please visit http://www.communityfirstfinancial.com/.
###
This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com/.
( EMAILWIRE.COM, October 03, 2007 ) SCOTTSDALE, Ariz. - This week, the National Association of Home Builders/Wells Fargo index of builder confidence plunged to 20, the lowest it's been since January, 1991. Foreclosures are up. Confidence is down. Buyers are waiting to buy and builders are postponing construction. The National Association of Realtors last week predicted the
housing slump would last until 2008, while Moody's Investors Service said the slump might continue into 2009.
Hardly a good time to get a new mortgage company off the ground, right? Not so, says Phillip Lechter of Community First Financial.
'While it may seem counterintuitive, it's actually a smart move to get into an industry when others are getting out,- said Lechter.
Despite the seemingly dismal market conditions, Lechter is enthusiastic about the prospects of his mortgage company. Prior to starting his new venture with partner Troy Schuricht in June 2007, Lechter served as Chief Communications Officer of the Rich Dad Company. Now, he's applying the principles he once preached at Rich Dad to propel the success his own company.
'What will really place a business above the competition is its value proposition,- said Lechter. 'It needs to be there. I am amazed at how many companies are discounting their services in a desperate attempt to attract business. If there ever was a time to ‘value up' and not ‘discount down', this is it.-
Community First Financial sees opportunity to survive and thrive in the current market by differentiating their services through financial education.
'Those who are looking to buy will be wary of locking a loan that will get them into future financial trouble, as has been the case with so many homebuyers over the last few years,- said Lechter. 'We are committed to building relationships, offering the appropriate financial education and providing investment opportunities for our customers to use what they've learned and make the right investments for the long term.-
Community First Financial has a comprehensive approach to offering financial education to both current and potential customers. First, partners Phillip Lechter and Troy Schuricht provide ongoing financial education through their blogs at http://www.philliplechter.com/ and yourlendertroy.blogspot.com. They are also developing tailored Home buying Tool Kits for teachers, emergency responders and health services employees - all groups who are having a particularly difficult time getting into a home in today's market. Additionally, the company has begun a monthly book review to help educate the public on real estate opportunities and pitfalls.
Community First Financial's next book review will be held Thursday October 18th from 11:30AM - 1:00PM at the company's offices at 7575 E. Redfield Rd, Suite 235, Scottsdale, AZ 85260. Space is limited, so seats should be reserved by calling 480-305-8900 or sending an e-mail to info@communityfirstfinancial.com. There is no charge for attendees. The book that will be covered at the October 18th meeting is Rich Dad's Real Estate Advantages: Tax and Legal Secrets of Successful Real Estate Investors by Sharon Lechter and Garrett Sutton.
For more information please visit http://www.communityfirstfinancial.com/.
###
This press release was issued through GroupWeb EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com/.
Police Officers - Let Me Educate You!
This holds true whether you're a first time home buyer or an investor. I was talking with a group of seasoned investors and we were discussing "Real Estate Advantages", written by Sharon Lechter and Garrett Sutton. This book is from the Rich Dad series, if you haven't read it.....you need to! One thing that always gets a few laughs is when we start talking about the mistakes we made when first investing in real estate. The part that isn't funny is that most, if not all of those mistakes could have been avoided by properly educating ourselves.
When I say, "educate", I don't mean that you need to spend years learning the ins and outs of the market to be successful. You will be far better off by using your time to align yourself with the right group of people. Start using your network to find successful investors who can mentor you during the process. If you don't have anyone in your network, start seeking them out through referrals.
Phil Lechter and I were talking about having your first home be your first successful real estate venture. Why does this not happen more often? I know why it didn't happen for me, I didn't have the proper mentors to guide me through the process. I never looked at buying a duplex or fourplex, sure wish I would have! This can lead to positive cash flow on your first home. Some of the best deals for real estate are not on MLS. How do you find them? By finding a Realtor who is in the mix and comes across deals that may be 30% below market value and haven't hit the listing service. Now you have someone actively searching out investment opportunities for you as they come up.
Its important to be patient! The plan is to prepare yourself to buy when that deal comes up. This means having a lender that understands your financial snapshot and places your loan accordingly. This is just as important as your Realtor looking for the correct property.
Lastly, part of investing is learning. Mistakes will be made! Learn from them and apply those lessons to your next investment.
Nick Porter
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
541-231-3040 Cell
480-305-8900 Ext: 302
www.LawEnforcement1st.com
When I say, "educate", I don't mean that you need to spend years learning the ins and outs of the market to be successful. You will be far better off by using your time to align yourself with the right group of people. Start using your network to find successful investors who can mentor you during the process. If you don't have anyone in your network, start seeking them out through referrals.
Phil Lechter and I were talking about having your first home be your first successful real estate venture. Why does this not happen more often? I know why it didn't happen for me, I didn't have the proper mentors to guide me through the process. I never looked at buying a duplex or fourplex, sure wish I would have! This can lead to positive cash flow on your first home. Some of the best deals for real estate are not on MLS. How do you find them? By finding a Realtor who is in the mix and comes across deals that may be 30% below market value and haven't hit the listing service. Now you have someone actively searching out investment opportunities for you as they come up.
Its important to be patient! The plan is to prepare yourself to buy when that deal comes up. This means having a lender that understands your financial snapshot and places your loan accordingly. This is just as important as your Realtor looking for the correct property.
Lastly, part of investing is learning. Mistakes will be made! Learn from them and apply those lessons to your next investment.
Nick Porter
Community First Financial, LLC
7575 E Redfield Rd, Suite 235
Scottsdale, AZ 85260
541-231-3040 Cell
480-305-8900 Ext: 302
www.LawEnforcement1st.com
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