Law Enforcement 1st Home Buying Tool Kit - Opportunity

7. CLOSE on the property

Closing takes place at a title/escrow company. As we discussed in step 6 - Loan Analysis, you will need to know how much money to bring to the closing table.

There are a lot of documents, take the time to make sure you know what you are signing. If you don't know what a document is for, ask the title agent for clarity. While all of the documents are important, the HUD 1 is very important to review. This outlines who (seller, buyer) pays what and who (mortgage broker, Real Estate Agent, Title, etc.) gets paid what.

Take a friend, spouse, therapist, family member to closing with you. Remember this can be a very emotional experience, so if you need to have some 'support' with you, take it.

Team Members Needed - Title/Escrow Officer

Tools - Sample HUD 1

8. Execute your EXIT

Now that you have closed and own the property it is time to execute your exit. Is your plan to hold the house for a few years and then sell it? If so, you will want to talk to your CPA to discuss when to sell. Owning the property for 1 year and a day could be the difference between paying 30ish% tax (taxed as ordinary income) or using a 1031 exchange to roll the profit into another property, tax defered. If you own and have lived (occupied) in the property for 2 out of the last five years, you could take the profits with no tax hit. 1 day could be the difference between thousands of dollars that you may need to pay in tax.

Maybe your plan is to accelerate your loan pay down? Your mortgage broker should have tools to help you take what is normally a 30 year payoff to a 10 or 11 year payoff by using a combination of increased monthly payments and utilizing a HELOC (home Equity line of Credit).

Team Members Needed - CPA

9. EXPAND - What's Next

No matter where you are starting from, there are tremendous opportunities in real estate to create and make money...even in an up and down market. It often starts with your first home, and then you build from there.

So what resources are available to you get the education and find the right team members...

1. Join a real Estate Investors Club National REIA Website
2. Attend seminars in your area - you can find these in your local newspaper.
3. Attend the Community First Financial monthly book study Click here for details













Nick Porter

Community First Financial, LLC

7575 E Redfield Rd, Suite 235

Scottsdale, AZ 85260

480-305-8900 Ext: 308

541-231-3040 Cell

480-718-8802 Fax

www.lawenforcement1st.com