inspections Archives - Page 16 of 39

Apache is functioning normally

April 30, 2023 by Brett Tams

Every day, we make decisions which help to protect our homes and properties.

We insure our vehicles, take out homeowners insurance, and make sure we sign up for the warranties on our items to ensure they are safe and covered for longer.

A home protection plan allows you to protect the essentials in your home in case of malfunction or breakdown.

TotalProtect can help you out by providing a plan which is designed to cover the expense of replacing or repairing your appliances if they go wrong—a fact which is inevitable over time following the general wear and tear of everyday life.

A home warranty means you are fully prepared for whatever life throws at you, and saves you from spending massive amounts on replacing your appliances.

About Home Warranties

A home warranty acts in a similar way to taking out an insurance policy on your home or vehicle.

Most homeowners have home insurance—a requirement for many mortgages—but this is limited to scenarios such as theft or damage to your property from fire or other disasters.

Any mechanical aspects of your home, from garage doors to dryers, will not be included, meaning you will be left with the headache of sourcing a repair person and facing a hefty bill if anything goes wrong.

What Home Warranties Cover

A home warranty, on the other hand, is designed to cover these appliances, as well as heating and cooling systems, plumbing, electrical, and more.

You pay a monthly sum and are fully covered for any repairs, replacements or breakdowns which occur during the life of the product.

In return for this regular payment, the company will provide technicians who can repair, replace or, in rare circumstances, offer a cash substitute for any items which have malfunctioned.

How Claims Are Processed

In the event of a claim, you can contact the customer services team by phone or email, and this resource is available 24/7, even during national and public holidays.

Upon receiving this call, the handler will be able to schedule a technician to visit your home and assess the situation, as well as carry out any repairs or replacements which are needed.

With over 40,000 pre-screened technicians, this is a fast and easy way to deal with the problem quickly.

What TotalProtect Has to Offer

TotalProtect is among our top picks for home warranties.

A plan from TotalProtect is ideal for busy homeowners who do not want to be calling a technician every time something breaks down.

This takes up precious time and often proves more expensive. Instead, a single call to your provider will take care of everything for you.

One key bonus is the ability to pick and choose your plans—we will discuss these in more detail later—and this allows you to adapt your policy to your lifestyle and needs, ensuring that you are not paying for anything unnecessary.

You can select the items, systems, and appliances which you require cover for, and tailor your plan to suit you.

TotalProtect Plans

TotalProtect offers three plans.

These are:

Appliances Plan

This plan covers all appliances in your home, with a particular emphasis on kitchen and laundry appliances. Items covered include:

Stoves, ranges, and ovens, including wall ovens
Range exhaust hood
Refrigerators
Washers and dryers
Dishwashers
Built-in ice and water dispensers
Built-in microwave
Integrated trash compactor
Built-in dishwasher
Garbage disposal

Systems Plan

As the name suggests, the systems plan is designed to cover all critical systems within your home, such as:

Heating and air conditioning systems
Gas and electrical systems
Interior plumbing
Water heaters
Toilets
Plumbing lines
Plumbing stoppages
Sump pump
Whirlpool bath
Central vacuum
All doorbells and chimes
Garage door opener
Smoke detectors
Interior electrical lines
Interior gas lines
Attic or whole house exhaust fan

Combo Plan

The combo plan allows you to pick and choose the elements of the systems and appliances plans, to create the perfect combination for your needs and requirements.

It also comes with additional benefits, including:

Homeowners insurance discounts
Unknown pre-existing condition coverage
No inspections required before taking out the policy
Coverage for rust and corrosion
No annual aggregate caps
Coverage for your pool or spa

Exclusions

As with any policy, there are certain exceptions and exclusion which cannot be claimed.

Unlike some of their competitors, TotalProtect will cover a pre-existing condition which you were previously unaware of.

That means you will not be abandoned without support if one of your systems or appliances suddenly develops a fault.

There is typically a price cap of around $1,000 per item, which may leave some homeowners out of pocket if you have invested in a particularly pricey product.

Alternatives

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#ap77488-w-placement-top10-v2 .mg-widget-filter-sorting-wrapper summary::-webkit-details-marker
content: “”;
display: none;

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position: absolute;
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border: 1px solid rgba(0,0,0,.15);
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box-shadow: 0 2px 4px rgba(0,0,0,0.2);
padding: 0.5rem;

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display: flex;
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padding: 0.35rem 0.5rem;
background-color: #fff;
color: #333;
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border-radius: 4px;
pointer: cursor;
width: 100%;

#ap77488-w-placement-top10-v2 .mg-widget-filter-sorting-wrapper .sorting-menu .action-group .action-group__toggle:after,
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content: “”;
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background-repeat: no-repeat;
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#ap77488-w-placement-top10-v2 .company-table-wrapper
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font-family: Montserrat, Verdana, sans-serif;
font-size: 12px;
line-height: 1.4em;
letter-spacing: normal;

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color: #3750DC;

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word-break: break-word

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top: 8px

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@media screen and (max-width: 768px)
body
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margin: 8px

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Should You Get a TotalProtect Home Warranty?

Pros

Work guarantee: 180-day guarantee on all work, repairs, and replacements, which usually far exceeds the warranty you may get from sourcing an independent technician or service
Customer service: 27/7 access to customer support, allowing you to make a claim at a time which is most convenient to you and your schedule
Flexible payments: Monthly repayments make this an affordable option, and it can work out as being better value than sourcing your own contractors and replacements, particularly if you are required to replace more than one item.
Easy booking: TotalProtect will provide the technician, saving you time and effort
Versatile plans: A range of plans, including the option to create your own providing flexibility and ensures that you are not paying for anything you don’t want or need

Cons

Limited selection: You are restricted to using the technicians and contractors supplied by TotalProtect. There is no option to choose your own supplier, even if you have a preference
Vague exclusions: TotalProtect is not clear on the exclusions from the policy. It is essential to be fully aware of any exceptions before agreeing to sign up
Low maximum: Price cap of around $1,000 per product for a repair or replacement, which could leave homeowners with more expensive items out of pocket

In Conclusion

A home warranty plan is an ideal way for busy and time-poor homeowners to ensure that every aspect of their home, systems, and appliances are fully covered.

It offers an affordable way to repair and replace any aspects which begin to malfunction and has the bonus of coming with a team of qualified technicians who can diagnose and address the problem in no time.

The option of low monthly repayments is also an appealing alternative to the cost of a new air conditioning system or refrigerator.

As with any policy or warranty, it is crucial to read the small print and be confident that you have all of the facts and information you need to make an informed decision. It is particularly important to consider the exclusions to the policy.

Make sure that this information is available to you at the start of the process to reduce the risk of any unpleasant surprises when you come to make a claim.

If you are looking for a convenient solution to take care of your appliances and home systems, a home protection warranty could be precisely what you need.

Source: goodfinancialcents.com

Apache is functioning normally

April 28, 2023 by Brett Tams

After shopping for a home warranty for a few days, you may wonder how warranty providers stay in business.

Based on online reviews, you’d think every customer who’s ever bought a warranty had a terrible experience and feels cheated. Reviewers warn potential customers away as if they’re patrolling some kind of abyss.

Naturally, online reviews can’t represent all customers. Still, the high volume of discontent is alarming.

The Home Service Club, a relatively new warranty provider, stands out as an exception.

The Home Service Club Review: Top Highlights

The Home Service Club opened in 2008 with the goal of simplifying home warranties and providing a more straightforward approach to coverage and caps. So far, based on customer reviews, the company has succeeded.

You can find less expensive premiums and higher spending caps in other companies’ contracts, but you learn the real cost of a warranty when it doesn’t pay for your repair and you have to find some other way to cover the expense.

With The Home Service Club, you’ll have a more reliable way to know when the warranty will pay and when you’ve exceeded its limits.

Read on to see why the Home Service Club is one of our top home warranty providers.

The Home Service Club Coverage

The Home Service Club has two base levels of service, Standard and Comprehensive.

Standard Plan

Essentially, the Standard Plan covers the kitchen and laundry area and the primary systems in your home:

Refrigerator
Stove (ovens, ranges, cooktops)
Dishwasher
Clothes washer and dryer
Icemaker (freestanding)
Built-in microwave
Trash compactor
Built-in food prep center (processors, etc.)
HVAC system units
Electrical system
Water heater
Plumbing
Garbage disposal
Garage door opener
Ceiling fans
Central vacuum

Comprehensive Plan

The Comprehensive Plan includes items in the Basic Plan, plus the following:

Plumbing stoppages
Ductwork
Pest control
Gas leaks
Telephone wiring
Smoke detectors
Alarm system wiring
Attic fans
Exhaust fans
Sump pumps
Doorbells
Hot / cold water dispensers
Hot water pump

Additional Services

After you’ve purchased a Basic or Comprehensive warranty from The Home Service Club and waited the required 30 days for the contract to go into effect, you can add on services for an extra annual fee.

Optional coverage include protection for your:

Sprinkler system
Freestanding freezer
Additional refrigerators
Sub-zero freezers
Well pump
Water softener
Jetted bathtub
Roof
Pool and spa
Sewage ejector pump
Outside water or power lines (running to an exterior building, for example)

How Much the Home Service Club Costs

Payments

Home repair costs vary in different parts of the country, so The Home Service Club also varies its fee structures in different markets.

The following prices could be different depending on your location:

Premiums: The Basic Plan costs around $500 a year in most areas. The Comprehensive Plan will cost closer to $750 a year. You can break these annual fees down into monthly payments. To get a precise quote customized to your property, you’ll have to enter some contact information on the company’s site.
Fees: Like any home warranty, The Home Service Club will charge an initial service fee to send a technician. The fee could be $65, $95, or $125 depending on your contract.

The Home Service Club explicitly states in its sample contract what it will and will not repair, along with the spending caps for a one-year term.

Annual caps

Many of the caps are lower than some other warranties, although it can be hard to know for sure since so many warranty contracts are hard to decipher.

Here’s a sample of The Home Service Club’s annual caps:

Heating system: $2,500
Air conditioner: $2,500
Ductwork: $750
Water heater: $500
Electrical system: $500
Built-in microwave: $500
Refrigerators: $750
Garbage disposal: $350
Clothes dryer: $800
Icemaker: $400

Additionally, and this is important, the warranty will place a comprehensive cap between $6,000 and $9,000 per year on repairs at your home. If you exceed your annual comprehensive cap, you’re no longer eligible for any service on any system.

The Basic Plan usually caps annual payouts at $6,000.
The Comprehensive Plan usually caps annual payouts at $9,000.

The Home Service Club Claims Process

When a covered system in your home needs a repair or replacement (and you’ve waited 30 days after signing the contract) you can contact The Home Service Club to file a claim.

How to File a Claim

The company offers 24-hour coverage, but only online. If you want to phone in a request, you’ll need to call during business hours in the Eastern time zone.

The company also limits coverage on weekends and holidays, even online, so expect to wait longer — up to 48 hours — for a response. Ordinarily, the company does its best to get help to your home within 12 hours.

Who Will Fix My System?

The Home Service Club has a network of about 15,000 contractors and technicians, and the company’s dispatchers will decide which specialist to send to your home. As a customer, you have no control over the process.

This in-network requirement is not unusual for a warranty, and most customers find it preferable to the other alternative: paying for a repair out of pocket from a local contractor and then trying to get reimbursement from the warranty.

What’s Required of Me?

Other than paying the premiums and the service fees — and staying within the annual caps on expenses — you’ll have a couple of other responsibilities:

Inspections and local codes: If your municipality requires an inspection of a repaired or replaced system, you’ll have to cover any associated costs. The warranty will not pay it. (Many municipalities do not charge for inspections.)
Regular maintenance: The Home Service Club does not require a pre-inspection of your home’s systems before you sign a contract, but it will not pay to repair systems damaged by a lack of regular maintenance. If you haven’t changed your air conditioner filter in, say, 18 months and this causes a breakdown, your warranty can refuse to cover the expense.

Also, you’ll need to be home, or arrange for someone else who is 18 or older, to be at your home during the repair process.

Canceling the Contract

You can cancel your warranty within the first 30 days at no charge except for an administrative fee up to $45. You can also cancel the contract anytime after the first 30 days, but you will not receive a full refund on premiums paid.

Your refund will be prorated depending on how much time has passed since you entered the contract.

The Home Service Club retains the right to cancel your contract if you don’t pay the premiums, of course. The company can also cancel your contract if you threaten service technicians or customer service reps or if the local laws in your area change in a way that makes service more expensive.

Transferring the contract: If you sell your home, you can arrange uninterrupted coverage for the buyer, but you’ll need to do so in advance. Warranties can be appealing selling points in the real estate market.

Alternatives to the Home Service Club

As you shop for a home warranty, be sure to consider some of the top alternatives to the Home Service Club below.

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Who Needs a Home Warranty?

Hundreds of thousands of homeowners opt for home warranties each year because they worry about how they’d afford a major home repair.

When you buy a new car or a new iMac, your warranty can almost guarantee your product will be repaired or replaced during the warranty’s period.

A home warranty can’t offer this kind of guarantee because the company didn’t make the products it agrees to protect. A better term for a home warranty may be “service contract.”

When you pay your premiums, you’re pooling your resources with thousands of other customers to shield yourself against unexpected home repair costs and service bills.

When Not to Buy a Home Warranty

If you don’t need this kind of shield, a warranty won’t make as much sense for you. For example, you may not need a home warranty if:

You could set aside money: Unexpected repairs could cost thousands of dollars, and you may need the money quickly, especially if your air conditioner needs to be replaced and it’s the middle of July. If you have a healthy emergency fund set up, you won’t need to rely so much on a warranty.
You could borrow money at low interest: Banks and other lenders, and even some contractors, offer low or no-interest borrowing promotions if you need a large repair and don’t have the cash. This option won’t work unless you have good credit, though. And stay away from this idea if you can’t repay the loan within the promotional interest-free period.
You could fix a lot of things yourself: If you are a contractor or if you’re experienced at repairing a wide variety of home systems, you may be your own warranty, though it’s still smart to set aside money for parts and new components.
Your house is brand new: New homes can have problems, too, but you may be less worried about replacing entire systems in a newer home. Also, many new systems in a home may already have their own manufacturer’s warranties.

When to Buy a Home Warranty

The best candidates for a home warranty such as The Home Service Club often include people who:

Have an older home: You can cross your fingers all day, but a 25-year-old HVAC system or a 15-year-old refrigerator may not last much longer. If you’ve bought an older home with older systems, a warranty could save you thousands of dollars on repairs.
Have limited financial flexibility: Sure, you’ll pay $500 or so a year in premiums with The Home Service Club, but the warranty could save you up to $6,000 if a lot of stuff went wrong at your home this year.
Wants a one-call solution: Some people just don’t have the time or energy to find quality contractors for expensive repairs. A warranty such as The Home Service Club’s plans offer convenience because you can call one number for most of your repair needs.

Is The Home Service Club Right for You?

Only you can decide whether The Home Service Club would be worthwhile for your home.

I will say this: I like the clarity of The Home Service Club when compared to other companies.

Premiums and fees may be higher than some other companies’ plans, and annual payout caps may also be lower with The Home Service Club in comparison to other contracts.

But with The Home Service Club, you have a pretty clear expectation for what you’re getting in return for those costs.

Too many warranties claim to offer instant service and complete coverage, all of which sounds great. Only later do customers learn about the warranty’s exclusions and limitations.

Studying the Contract Reduces Your Risk

Home warranties pitch the concept of “peace of mind” to customers who worry about excessive home repair costs. This is an abstract concept.

You need some concrete facts before signing a contract.

Fortunately, you can see a sample contract from The Home Service Club before you even share your email address or phone number with the company. Read the contract carefully to learn about its limitations.

Before signing, though, read over the actual contract you’ll be agreeing to because it could work a little differently from the sample contract.

A Warranty Isn’t a Long-Term Commitment

Unlike homeowners insurance, which you should always have in force to protect your property from external damage, a home warranty is an option. Most warranties, including The Home Service Club’s plans, work on annual contracts.

Someone who needs a warranty now but may not need it next year or in a few years can simply opt not to renew the contract.

Remember, too, that you’re not locking in a premium or fees for more than one year at a time. Next year the company could increase your premiums or raise service fees.

Bottom Line: Consider Your Options and Study the Fine Print

Warranties incite customer anger for one reason: when the peace of mind the warranty promises turns out to be a false sense of security.

Avoid this snare by reading any contract carefully before signing. Whether it’s the Home Service Club’s contract or another warranty company’s plan, it’ll be worth your time and money to understand each limitation of the contract.

Read it line by line. Make an evening of it after dinner.

Read it aloud if you need help staying awake.

This way you can find out exactly how the contract builds its promise to shield you from unexpected home repair expenses.

Source: goodfinancialcents.com

Apache is functioning normally

April 28, 2023 by Brett Tams

When you take out a mortgage, whether it’s for a purchase or a refinance, you must pay “closing costs,” which can vary considerably from transaction to transaction.

There are fees that must be paid to the bank/lender, along with optional ones, such as mortgage discount points, and fees that must be paid to third parties, such as title/escrow and insurance.

Whether you pay these fees out-of-pocket is another question, but either way there will be a cost, and you must pay it in one way or another.

How Much Are Closing Costs on a Mortgage?

There is no set amount that everyone pays in mortgage closing costs
It can vary substantially based on the loan amount and loan type
Along with the lender you choose to work with
And the time of the month you close your home loan

It depends on your loan amount, the way you structure your loan, which lender you use, and when you close during a given month.

For example, if the lender you work with charges a flat 1% loan origination fee, that’ll cost $10,000 on a $1 million purchase and $5,000 on a $500,000 purchase.

Further complicating this is the fact that not all lenders charge origination fees directly. Additionally, some may charge processing and underwriting fees, while others may not.

Next, you need to determine if you’re paying discount points to obtain a lower mortgage rate, or if you’re simply taking the par rate offered. This can greatly affect total closing costs too.

Then there are third-party fees, such as title/escrow and appraisal fees, which can vary tremendously as well. And in some regions of the country they might be paid by the seller or the buyer, assuming it’s a home purchase.

Additionally, you need to consider prepaid items like property taxes, homeowners insurance, and interest, which could amount to a big sum if there are impounds on your loan and you need to set up an escrow account.

When you close in the month can also have a big impact on closing costs. Those who close late in the month can reduce per diem interest, whereas someone who closes early in the month could pay nearly a month’s worth of interest at loan closing.

Two Types of Closing Costs – Recurring and Non-Recurring

There are two main types of closing costs, including “recurring closing costs” and “non-recurring closing costs.”

Recurring closing costs are those that will be charged more than once, whereas non-recurring closing costs are charged just once.

Some examples of recurring closing costs (paid more than once):

– Homeowner’s insurance
– Mortgage insurance
– Flood insurance
– Property taxes
– Interest
– HOA dues

*Note that not all fees are necessarily applicable depending on the property, location, loan type, etc.

Some examples of non-recurring closing costs (one-time fees):

– Lender fees (underwriting, processing)
– Loan origination fee
– Mortgage discount points
– Credit report fee
– Appraisal fee
– Home inspection fee
– Termite inspection fee
– Building record fees
– Title and escrow fees
– Doc prep fees
– Recording and wire fees
– Notary and messenger fees
– Transfer taxes

As you can see, there are quite a few costs associated with obtaining a mortgage, and not everyone has the cash on hand to pay for all these fees. There are also those who like to hang onto their cash and put it elsewhere.

If you want to reduce your closing costs, there are number of strategies to do so.

Use Seller Contributions to Cover Closing Costs

If it’s a home purchase you can ask the seller to chip in money toward the closing costs
Either in exchange for a higher purchase price or just via negotiation
Or receive a credit as a result of repairs found during the inspection

One of the most common ways to reduce your out-of-pocket closing costs is to get a contribution from the seller (if it’s a purchase transaction).

These so-called “seller contributions” or interested party contributions (IPCs) can be used toward the closing costs mentioned above, but cannot be used for the down payment or reserves, nor can they wind up in the buyer’s pocket.

Note that while seller credit can’t be used for down payment or reserves, it can free up your own cash to use toward down payment and/or reserves that may have otherwise gone toward closing costs.

When negotiating a sales price, the buyer and seller can discuss these contributions, and their presence will likely lead to a higher contract price.

As a result, the buyer still pays the closing costs by accepting a higher loan amount associated with a higher purchase price. However, the costs aren’t paid at settlement, so it’s easier for the buyer short on cash.

It’s also possible to get a seller credit for repairs that come up during the inspection, which is why it’s so important to take the inspection seriously. If you’re buying a home, you may actually conduct 3-5 different inspections for separate items like the pool/spa, roof, termite, chimney, and so on.

This is your chance to get money for the many things that might be wrong with the house. Once you present the seller with a request for repairs, they’ll likely offer a credit that you can use toward closing costs or to lower the purchase price. Or both.

The maximum amount of seller contributions allowed will vary based on the type of loan (conventional vs. FHA), the property type, and the LTV ratio. The lowest amount allowed is 2% of the purchase price, and the highest allowed is 9%.

Get a Lender Credit to Offset Closing Costs

In exchange for a higher mortgage rate
You can get a credit from the lender to cover closing costs
So they won’t need to be paid out-of-pocket
But instead via higher monthly mortgage payments

Another way to reduce or eliminate your out-of-pocket closing costs is via a lender credit, which is essentially agreeing to take a higher mortgage rate in exchange for lower settlement costs. This works on both purchases and refinances.

For example, a lender might tell you that you can secure an mortgage interest rate of 4.25% paying $5,000 in closing costs, or give you the option of taking a slightly higher rate, say 4.5%, with a $3,500 credit back to you.

If all your costs are paid via a higher rate, it’s a no cost loan, though sometimes this definition only covers lender fees, not third party fees.

Either way, you’ll pay a bit more each month when making your mortgage payment, but you won’t need to come up with all the money for the required closing costs.

Again, your out-of-pocket costs are reduced here, but you pay more throughout the life of the loan via that higher mortgage rate. That’s the tradeoff.

Ask for a Credit from Your Real Estate Agent

Hello controversy!
While it’s frowned upon by some real estate agents
It’s perfectly acceptable to ask for a credit from your agent
Though they can decline your request

Another way to reduce your closing costs (not just out-of-pocket) is to ask your real estate agent to give you a credit toward closing costs.

If they want your business, or just want the transaction to close, they might be willing to part with some of their commission to help you with closing costs.

For example, if they’re earning 2.5% to close the deal, they might be willing to give you 0.25% of that to help with your closing costs. Sometimes both agents will get together and give a small portion of both commissions to the buyer to get the job done.

And this will actually reduce what you pay, as you won’t take on a higher interest rate or pay for the costs via the loan.

Just be careful when combining credits to ensure they don’t exceed the maximum allowed by the lender. Assuming you find that you’re leaving money on the table, consider using the excess to buy down your mortgage rate or to cover prepaid items like escrows.

Negotiate and Shop Your Closing Costs

Like mortgage rates
You can negotiate your closing costs
Which can vary considerably from lender to lender
You may also be able to shop certain third-party costs

It’s also possible to shop around for certain settlement costs, instead of just blindly using the companies your real estate agent recommends.

For example, you can comparison shop for title insurance and/or your homeowner’s insurance and save on costs there. The same goes for your home inspection.

If refinancing your mortgage, ask for the “reissue rate” or “substitution rate” when purchasing the lender’s title insurance policy.

There is no reason you should have to pay full price again for a title search when you’ve been the only person living in the property. This could save you a significant amount of money on closing costs with as much as a phone call to the title company.

Similarly, when looking for a bank to work with, be sure to look closely at the fees they charge. They don’t all charge the same fees or the same amounts, so finding a lender with a low rate and low fees could save you big.

Also watch out for unnecessary junk fees, which can really add up. But remember that certain closing costs just aren’t negotiable, like property taxes.

What Else Should I Know About Closing Costs?

Closing at the end of the month is one way to cut down on closing costs
Because you can reduce per diem interest
But your first mortgage payment may be due sooner
If refinancing you might be able to roll closing costs into loan
Also look out for closing cost specials

There are a few other ways to cut down on closing costs. Prepaid interest, which is the per diem interest due between the time you close and your first mortgage payment, can be costly depending on the size of your loan and when you close.

If you close near the end of the month, you can greatly reduce the number of days of per diem interest due at closing. This can significantly reduce your closing costs.

However, the tradeoff is that it’s a very busy time for lenders, and they might not close in time.

For those refinancing, it may also be possible to roll closing costs into the new loan, instead of paying them out-of-pocket.

Again, the implication here is that you’ll be paying interest on those closing costs for as long as you hold your mortgage, as opposed to just paying them at face value upfront.

But it’s worth consideration, especially if you don’t plan to stay in your home, or with the mortgage very long. There’s also a thing called inflation that makes today’s dollars less valuable over time.

Lastly, check out special programs like HomePath and HomeSteps, which offer closing cost assistance if you take part in homeownership education courses. And be sure to look into state programs that offer incentives to first-time home buyers.

Source: thetruthaboutmortgage.com

Apache is functioning normally

April 27, 2023 by Brett Tams

Buying an investment property before your first home can be an interesting and financially sound plan. There are clear advantages — generating cash flow or building equity in your asset could benefit you and your family for years to come. You may be able to qualify as a first-time home buyer and take advantage of programs that allow you to buy a multi-family property. You may also be able to produce a strong enough income for the unit to pay for itself.

Yet, there can be significant sacrifices you may need to contemplate in order to make this dream happen. Here, learn what needs to happen if you’re planning on buying an investment property before your first home, including:

• Is buying an investment property before your first home a good idea?

• What are the steps for buying a house to rent?

• What are the benefits of buying a house as an investment while still renting?

Purchasing an Investment Property 101

Purchasing an investment or rental property is similar to a regular home purchase. When you’re looking at buying an investment property for which you qualify as a first-time home buyer, however, there are some special considerations. Here is a guide:

Step 1: Decide if you’re going to live in a part of the investment property.
One of the first things you should decide when purchasing a rental property is if you’re going to live in a part of the investment property. This decision will affect what types of properties you’re going to look at, how you’re able to finance the property, and how much down payment you’ll need to come up with.

For example, if you can buy a house to rent with two to four units and live in one yourself, you may be able to finance the purchase as an owner-occupied property. This may qualify you for lower interest rates, lower down payment options, and more favorable loan options. However, you do have to live on the property. You cannot finance a property with an owner-occupied loan without living on the property as this is considered a type of mortgage fraud.

Here’s a quick summary of the difference between owner-occupied and non-owner-occupied rental properties.

Owner-Occupied	Non-Owner-Occupied
Down payment options from 3.5%	Down payment typically around 15%
Lower interest rates by about half a basis point	Interest rates higher by about half a basis point

Step 2: Get preapproved for a loan.
Before you go shopping, make sure a lender is willing to give you a mortgage. Qualifying as a first-time homebuyer has some positives. On the one hand, you may have a better debt-to-income ratio since you don’t own a home yet. However, you may have a shorter credit history or a smaller down payment. Whatever the case, it’s helpful to get some numbers from your lender to assist with your investment.

Factors your lender will take into account when deciding what to lend to you include:

• Amount of your down payment

• Owner occupied status

• Credit score

• Debt-to-income ratio

• Employment history.

Your lender will also take into account what programs you qualify for. Financing options for an investment property are wide. Some may include:

• FHA

• VA

• USDA

• Conventional

• Private lending

• Seller financing

Quick note: If you do decide to purchase a rental property and live in part of your investment property, your lender may be able to use the potential rent from that to qualify you for a mortgage.

Step 3: Find a property that meets your criteria
Now that you have your budget and parameters set, you’re ready to find a property. You may want to enlist the help of a real estate agent who can serve as your first-time homebuyer guide, especially since you want to buy an investment property right off the bat.

Your agent can help you write an offer while your lender may be able to help you apply for a mortgage online. You’re well on your way to buying a house to rent at this stage.

Step 4: Start your rental business.
Be sure to check local ordinances and business requirements for becoming a landlord. If you’ve got a plan and do your research, you may see success. Just don’t believe what you may see on TV, which makes owning a rental property look easy. Landlording is a tough job, and there’s a lot you need to know about the business before you start. Buying a house while renting is an endeavor that takes time and effort.

Buying a House While Still Renting

The benefit to buying an investment property before your first home is that your debt-to-income may be more favorable than for someone who has a mortgage. What this means is it’s possible you don’t have too much debt to qualify for a rental property.

The possible downsides are that you may not have the cash reserves to protect yourself from the risks of being a landlord. There’s always something that needs to be repaired or replaced.

What to Know As a New Landlord

Unlike what you may have heard or imagined, becoming a landlord can be anything but passive. You’ll also want to research all you can and put proper systems in place. Here’s a little of what you can expect to encounter as a new landlord.

• Learn local housing laws. Housing laws can make or break you. Are short-term rentals allowed (if that’s what you’re planning)? What rights does your tenant have? If you need to evict a tenant, what does the process look like? Will you benefit by putting your property in an LLC?

There’s a lot to navigate, and you may want to consider hiring a property management company that specializes in this.

• Determine how much to charge for rent. You’ll want to look at what other properties in the area are charging for rent and position yourself competitively. Also, consider what other landlords are allowing and charging when it comes to pets.

• Prescreening is key. The reliability of your tenant is so important. It’s incredibly stressful when you’re not paid rent. Don’t rent to someone who “feels” like they would be a good tenant. Do your due diligence. Check credit and their background, and call references.

• Create a plan for home maintenance, repairs, and other issues. If you’re hiring a property management company, plan for the expense. If you’re doing it yourself, make a list of contacts to call for the different issues that come up (electrical, plumbing, locks, handyman, etc.).

• Have procedures in place for unit turnover. It’s an incredibly intense time when a tenant leaves and another needs to move in. How are you going to handle inspections? Cleaning? Deposits? You will need a system for logging such events and being prepared for turnover.

Recommended: Fixed-Rate vs. Adjustable-Rate Mortgages

The Takeaway

While landlording has a lot of responsibilities and risk, there can also be a lot of reward. If you’re really interested in buying a house while renting, you’ll find a way to make it work.

If you’re starting to shop for a new home and need a partner to help with your lending needs, see what SoFi has to offer. With a wide range of loans to choose from, low down payment options, and competitive interest rates, SoFi Mortgage Loans can be a great fit.

A SoFi Mortgage: Smart, simple, and flexible.

FAQ

How much profit should you make on a rental property?

There’s no easy answer for how much profit you should make on a rental property. Some investors buy property for the appreciation alone. There are also a number of methods for determining how much profit investors want to make on an investment property, such as cash flow, the 1% rule, gross rent multiplier, cash on cash return, cap rate, or internal rate of return. Those can help provide guidelines.

Should I buy an investment property and live in it?

If you’re able to live in your investment property, you can qualify for owner-occupied financing, which means lower down payments and better interest rates. But it also depends on your plans. If you want to renovate an investment property, living in it during renovations could be challenging.

Is rental property a good investment in 2023?

Rental demand is strong in 2023, but buying property is more dependent on your individual situation rather than market conditions.

Photo credit: iStock/luismmolina

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
This article is not intended to be legal advice. Please consult an attorney for advice.
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Source: sofi.com

Apache is functioning normally

April 27, 2023 by Brett Tams

Home Warranty of America prioritizes environmentally friendly solutions and provide coverage for every home, individual, and state.

While Home Warranty of America is headquartered in Illinois, the company provides coverage for all fifty states in the US.

They have more than 20 years of experience with delivering affordable coverage solutions to homeowners with great energy efficient upgrade options.

Home Warranty of America Overview

Home Warranty of America started in 1996 and is now one of the leading providers of home warranties.

Below is a review of their coverage, plans, pros and cons, to help you make an informed decision.

Coverage Features

Home Warranty of America provides comprehensive coverage for all of your home repair needs, putting them among our top picks for home warranties.

If you encounter problems with anything covered under your home warranty, they’ll send someone out to help right away. Some of the common coverages they offer are listed below.

Ductwork

Your ductwork circulates hot and cold air throughout your house. It keeps you warm in the winter and cool in the summer.

Without it, your house would feel stuffy with stale air.

If something is wrong with your ductwork, you can file a claim with Home Warranty of America to have it inspected and fixed so you can get back to your normal life.

Water Heater

When it comes to doing dishes or taking a bath, you need hot water. Your water heater provides your home with the water you need to go about daily living.

When your water heater is on the fritz, Home Warranty of America can send someone out to inspect and fix it quickly so you can go back to showering every day.

Electrical System

Whether you like to make a light breakfast every morning in your toaster or read with a lamp by your bed at night, you need electricity.

Electricity flows through your electrical system just like air flows through your ducts.

You need it every day to enjoy most of your home’s features. When the lights go out, Home Warranty of America will be there to turn them back on.

Doorbells, Burglar Alarms, and Fire Alarms

One unique coverage feature from Home Warranty of America is doorbell, burglar alarm, and fire alarm options.

Most home warranty providers don’t cover these systems, but Home Warranty of America does.

For your safety and the safety of your home, this coverage goes above and beyond other home warranty solutions.

Home Appliances

Your home appliances do all sorts of things for you. Your refrigerator keeps your food cold, your microwave heats up leftovers, and your dishwasher gets everything clean when you’re done.

Other covered appliances include your garbage disposal, range, cooktop, oven, and trash compactor.

To make life easier for you, Home Warranty of America covers all these items.

Warranty Plans

Home Warranty of America provides comprehensive plans at low prices so you can have the peace of mind you need.

Their choice of $75 or $100 service fee saves you money over hiring your own contractor to diagnose and fix the issue outside of a home warranty plan. Pricing varies by state.

Premier Plan

The Premier Plan includes coverage for the following:

heating system and furnace
ductwork
plumbing system and stoppage
toilet
permanent sump pump
water heater including tankless water heaters
instant hot water dispenser
whirlpool bathtub
electrical system
ceiling fans and exhaust fans
doorbells, burglar alarms, fire alarms
central vacuum
dishwasher and garbage disposal
built-in microwave, range, cooktop, and oven
trash compactor, garage door system, kitchen refrigerator with ice maker, and clothes washer and dryer.

Premier Plus Plan

The Premier Plus Plan includes everything in the Premier Plan, plus the following:

air conditioning system
increased toilet replacement
plumbing fixtures
faucets
showerheads

The Good

Home Warranty of America not only provides excellent coverage options, but they have several additional benefits that customers will enjoy if they sign up.

Nationwide Coverage

With a name like Home Warranty of America, you would expect them to cover every state in the US, and they do. They even cover the District of Columbia.

Anyone in the United States can rest assured that as long as they find a plan and pricing they like, they’ll qualify for coverage.

Easy Quotes

While price varies based on state, it’s easy to find, and they provide an easy-to-read format for anyone interested in a home warranty plan.

They offer coverage for homeowners, real estate professionals, buyers, and sellers. You’ll see a list of your covered services and your payment options so you can make an educated decision.

Online Tips

Home Warranty of America offers an extensive list of home maintenance tips as well as information about home warranties and how they work.

This provides a great benefit for any homeowner who might want to troubleshoot the problem themselves before paying the service fee. For a do-it-yourself approach to home ownership, Home Warranty of America can help.

GreenPlus

Home Warranty of America provides GreenPlus to customers who choose to add it to their plan.

It can help cover the cost of appliances that should be replaced with Energy Star appliances including refrigerators, dishwashers, washing machines, and more.

Home Warranty of America’s membership with the Ethical Directory and United States Green Products makes this benefit possible.

Online Claims

Home Warranty of America makes it easy to submit a claim anytime. Their easy online claims section allows you to request a repair or replacement whenever it’s convenient for you.

Just fill out the form and send it for review, and you’ll be met with a quick response from the company.

No Inspections

No matter what your house looks like, how big it is, or the age, you will qualify for coverage with Home Warranty of America.

They won’t require an inspection to cover your home or the appliances within, so you get the peace of mind you need when buying a home or trying to protect your home from normal wear and tear.

The Bad

As with any company, there are some downsides to what Home Warranty of America offers.

Customer Service

They don’t have great customer service options. The only way to submit a claim is online, so while it’s easy to do, some customers may feel that the lack of a mobile option prevents it from being convenient.

When contacting customer service, you have live chat, phone, and email options, which seems fine until you realize that it’s not 24 hours a day like some other providers offer. However, when they are available, it’s easy to hop on a chat session when you need help.

Contractual Obligation

Home Warranty of America requires that all customers sign a one-year contract. Other providers will let you go quarterly or even month-to-month.

With Home Warranty of America, you’re locked in for a year whether you like the services or not.

If you don’t want to sign a long-term contract, it’s not a great option for you.

Alternatives to Home Warranty of America

As you shop for the perfect home warranty company, take a look at some of Home Warranty of America’s top alternatives.

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The Bottom Line

Home Warranty of America provides extensive warranty plans with add-on options to help you customize your offering.

The prices are low, but they do require you to sign a one-year contract. Their GreenPlus plan is an excellent choice for the economically-minded individual and a fantastic way to get a discount on new appliances.

If you’re in the market for a home warranty, Home Warranty of America is available to all individuals in all fifty states including the District of Columbia.

They also have options for real estate professionals, buyers, sellers, and existing homeowners.

Source: goodfinancialcents.com

Apache is functioning normally

April 26, 2023 by Brett Tams

“You have to attend college to get a good job.”

That was a phrase that my father continually beat into my head harder than Lars Ulrich could pound on his bass drum (in case there is a generation gap, Lars is the drummer from the rock band Metallica).

Even though on average college graduates do earn more in the long-run and online colleges are bringing down costs, the current job market is saturated with sustainable careers that don’t necessarily require a degree.

Taking a closer look, it seems a major shift in employer priorities is occurring in certain fields, such as manufacturing and information technology (IT), where soft skills and on-the-job training are deemed more beneficial than a formal educational background.

Individuals bringing these resources to the table are now in high demand, especially since many companies now offer assistantship programs or even paid training for high-achieving candidates.

In this day and age, it just might be more about the right skills than the right schooling.

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25 Highest Paying Jobs Without A College Degree

Margin Department Supervisor
Air Traffic Controller
Automobile Service Station Manager
Real Estate Broker
Landscape Architect
Lead Carpenter
Director of Security
Elevator Mechanic
Cable Supervisor
Flight Services Manager
Freelance Photographer
Personal Trainer
Funeral Director
Commercial Pilot
Truck Driver
Nuclear Power Reactor Operator
Firefighter
Emergency Medical Technician
Railroad Jobs
Medical Coder
Information Technology Technician
Criminal Investigator
Brick Mason
Postal Service Worker
Pharmacy Technician

If you have decided to not attend a four-year college right out of high school, or are looking for a fresh start at a new career path, 25 of the highest paying careers with virtually no degree are featured below.

Looking for a fun job that pays well? Scared that the cause of unemployment may be growing? Sign up for free and see who’s hiring in 2023 at www.FlexJobs.com.

Disclaimer: While there are definitely some good paying trade jobs on this list, I still think having a college degree is worth it. Yes, tuition is high and will continue to rise, but the experience, connections, and mindset that college offers are invaluable. Now on to the jobs…

1. Margin Department Supervisor

Average Salary: $74,799

Prior Education: A finance or accounting degree is not required, but knowledge of all basic processes is needed.

On-the-Job Training: Moderate to high training and/or shadowing.

Job Description: A Margin Department Supervisor oversees a company’s credit department, which manages customer credit accounts and approves or denies credit to customers.

As would be expected, approving or denying credit sometimes involves unhappy customers, so you’ll need strong communication and negotiation skills for this role.

Since the scope of the job requires mathematical calculations as well as debt analysis and recognition of accounting principles, make sure you are confident with these basic processes. Some companies may increase pay if you have a degree under your belt.

You’ll also primarily be in charge of ensuring all department employees adhere to federal policies and regulations.

2. Air Traffic Controller (ATC)

Average Salary: $124,540

Prior Education: A college degree is not required, but the nature of the field is very competitive where experience is highly valued. A combination of progressive work experience and formal education is generally preferred.

On-the-Job Training: Rigorous training and testing is required.

Job Description: An Air Traffic Controller is required to pass rigorous testing by the FAA, which includes health checks, as well as mental stability tests. You must initiate the testing process before age 31.

Being an Air Traffic Controller has been voted the most stressful job in the United States for many years because of what the job entails on a daily basis. Air traffic controllers also often work night shifts, weekends, and even holidays.

A typical work day may include monitoring and directing in-air traffic, including routine take off/landing. Sometimes in-air emergencies must be handled, hence the high stress associated with the position.

Strong organizational and problem-solving abilities along with excellent communication skills are highly valued in this role. It does help to know someone already in the business to land a job in this field.

3. Automobile Service Station Manager

Average Salary: $45,204

Prior Education: High school diploma or equivalent. Some employers may prefer a Bachelor’s degree in management or similar field and/or several years of experience in automotive service management.

On-the-Job Training: Most can obtain this type of position by working one’s way up the ladder through on-the-job experience. Obtaining certification may also be required.

Job Description: Essentially, the role of the Service Station Manager is to run the day-to-day operations of a gas station.

The scope of the work includes setting the gas prices for the day, scheduling and training the rest of the employees who work at the station, ordering new merchandise to keep the shelves stocked, ensuring service station safety, as well as being the direct manager for the other employees.

Some skills that would be helpful in obtaining this job would be good personal skills as well as some managerial and accounting experience.

4. Real Estate Broker

Average Salary: $56,730

Prior Education: High school diploma or equivalent. However, a college degree in finance or related field may prove beneficial.

On-the-Job Training: Even though you must take a couple of classes to obtain your certification, these courses are much less of an expense compared to financing a college degree. Licensure requirements typically vary from state to state.

Job Description: To become a real estate broker you will still need to take a couple of classes to become certified. But still, these courses are still much less of an expense to you compared to financing a college degree.

You will be trying to sell houses as well as filing the paperwork for the transactions. In addition, you will help customers with their loan agreements.

However, if you are considering this career, you should be very friendly and have flexible hours since you will most likely be working on your customers’ schedules.

You typically are self-employed setting your own hours and working on a commission basis. Good negotiation skills along with market research experience will prove helpful in this role.

5. Landscape Architect

Average Salary: $65,760

Prior Education: Typically a minimum of a Bachelor’s degree in Landscape Architecture is preferred. An internship experience is highly encouraged. This job may require you to take some classes at a community college on horticulture as well as landscape design, but these types of courses are not required.

On-the-Job Training: With this career, you will have the option of whether you would like to be becoming certified or not. However, if you are certified, you will have access to larger contracts and a wider scope of work. Most states do mandate licensure, though, and the requirements vary from state to state.

Job Description: If you do not mind getting a little dirty and working hard for a living, then this might be a good career for you. Typical job duties include designing functional yet attractive outdoor spaces and parks for a variety of clients.

Landscape architects spend a large portion of their time creating blueprints and preparing cost analysis reports. You would also analyze environmental conditions for projects and even participate in restoration initiatives.

Make sure you have a good eye for design and a strong work ethic to consider this career. Understanding GIS technologies and project management is a must.

Here’s a how-to guide for starting your own lawn company and making some serious money (in turn being able to and saving some serious money, too!).

6. Lead Carpenter

Average Salary: $51,150

Prior Education: High school diploma or equivalent. Most Lead Carpenters begin their careers as skilled apprentices.

This job requires a high amount of experience in the field either through attending a trade school to master technical skills or by being an apprentice to a lead carpenter.

On-the-Job Training: By going to trade school you will actually have to obtain some type of certification, possibly making you more marketable in the field.

Often training includes learning how to expertly handle a variety of power tools, such as power drills or saws.

Job Description: Serving as an apprentice would most likely land you in a job replacing your teacher. Either way, you can be very successful in this type of career if you enjoy working with your hands.

Although highly dependent on the type of industry, job duties may include analyzing construction plans, creating project timelines, and managing and overseeing team production activities.

Carpenters often work in both indoor and outdoor settings and may need to eventually join a union.

7. Director of Security

Average Salary: $78,608

Prior Education: Typically a minimum of a Bachelor’s degree in Computer Science or related field is preferred along with years of experience in related positions.

In reality, this job will involve starting off in an entry level security position before working your way through the ranks to become the Director of Security.

On-the-Job Training: You might also be required to pass a security guard training program, but this will most likely be paid in full by the employer so the actual educational cost to you would be zero.

Depending on the company you will work for, you might also be required to pass a background check as well as some minor health inspections.

Job Description: A typical work day would include reviewing and implementing security department policies along with ensuring relevant local, state, and federal laws and regulations are adhered to. This role may also involve actively participating in training programs with the security staff.

Some good skills to have for this type of job would be some above average physical characteristics, as well as integrity to always choose what is right.

This position often involves being on-call for any emergencies after-hours, so make sure you can fulfill this requirement.

You can also try going the Police Officer route. If you decide to pursue this career, make sure you study with the Police Exam Guide.

8. Elevator Mechanic

Average Salary: $77,806

Prior Education: High school diploma or equivalent.

Just like the Lead Carpenter job, this job will most likely be acquired through a trade school degree, assistantship, or lots of years of experience. Being an elevator mechanic does have a couple more stipulations, though.

On-the-Job Training: Moderate to high training; may need to attend trade school to contract with large corporations.

Job Description: Lots of major corporations will require you to have a license and work for an insured company, which in this case would then force you to go the trade school route so that you could work on these large corporate jobs.

A typical work day would include repairing elevators and fulfilling routine preventative maintenance when needed. Installing and repairing control systems or adjusting and inspecting safety controls are other common work tasks.

Elevator mechanics should be able to identify and troubleshoot issues quickly and efficiently, and having a working knowledge of elevator mechanics is needed. Most of this industry is unionized, so make sure you are willing to join a union before entering this line of work.

9. Cable Supervisor

Average Salary: $51,112

Prior Education: High school diploma or equivalent. However, technical school education or an internship/assistantship may prove beneficial.

On-the-Job Training: A good way to acquire this type of a position is to either apply for the job with some type of managing/scheduling background or to apply for an entry-level position and work your way up by knowing the business.

Job Description: This career would be in a managerial-type setting. You would be responsible for overseeing the maintenance as well as installation workers setting up cable boxes and internet connections.

Typical work duties would also include interpreting cable specifications, troubleshooting issues with cable equipment, and also hiring and training any new cable technicians.

You would be responsible for the scheduling aspect as well as holding the workers accountable to be where they need to be.

10. Flight Service Manager

Average Salary: $64,042

Prior Education: Typically a minimum of a Bachelor’s degree in aviation management or related field is preferred. Completing an internship program is highly suggested.

On-the-Job Training: This career would most likely be obtained through lots of on-the-job experience along with obtaining certification if required.

Job Description: You would be responsible for helping schedule flight crews as well as taking care of customer complaints and filing any necessary paperwork.

This job would require great personal skills as well as lots of patience with unhappy customers. Making sure all passengers have the best onboard experience possible is of top priority for Flight Services Managers.

Airlines can be a stressful arena to work in, so if you are considering this line of work make sure you can keep your cool in the toughest of situations.

11. Freelance Photographer

Average Salary: $36,630

Prior Education: No educational experience required.

On-the-Job Training: This career typically involves both self-education and hands-on training through practice. Natural talent and creativity are highly valued in this field.

Job Description: Being a Freelance Photographer takes dedication to one’s tasks, as well as a great eye for artistic detail. This type of career may also require traveling long distances to be able to acquire the right “shot” for the right story.

In a sense, being a Freelance Photographer can take many forms, such as snapping pictures of nature for magazines, or taking pictures of stories for newspapers, or even being a paparazzi-type photographer and searching for the next big celebrity scandal.

To really make a sustainable living in this field, it may prove helpful to complete some basic business management courses, or to attend training sessions on editing or even lighting techniques.

It’s best that Freelance Photographers have good personal skills and can identify and fulfill client needs and/or requests. If you become a really good photographer, you could even sell your photos on Shutterstock to make some extra cash.

12. Personal Trainer

Average Salary: $38,222

Prior Education: High school diploma or equivalent.

This career will most likely require that you are qualified to teach proper physical fitness techniques to clients. Many Personal Trainers have strong backgrounds in nutrition, exercise science, or other related fields.

This certificate is not very difficult to obtain; however, it is relatively cheaper compared to any other type of trade school mentioned above.

On-the-Job Training: Continual through updating or expanding one’s professional certifications.

Job Description: To be successful in this line of work you will most likely want to be a very physically active person yourself, as well as have a passion for this line of work.

A typical work day would include meeting one-on-one with clients to assess their physical fitness needs with the intent of designing an individualized training program.

Personal Trainers also motivate and encourage their clients to reach and even surpass their fitness goals. As a result, good personal and communication skills are a must.

Most Personal Trainers work at gyms, private workout facilities, or provide at-home or virtual coaching services. Some decide to work both inside and outside the home to help facilitate a higher income.

Also, you can try getting your Yoga certification.

13. Funeral Director

Average Salary: $56,850

Prior Education: Educational requirements range from a high school diploma or equivalent to an Associate’s or Bachelor’s degree in Funeral Service Education or related field. Internships are also encouraged.

On-the-Job Training: Licensure is required in the U.S. before taking on a Funeral Director position, and some states may require a certain level of education or the completion of an apprenticeship.

Job Description: You do need some training to become a Funeral Director and possibly certification, but you can eventually make as much as $80,000 a year.

A typical work day would include helping families organize funeral details and complete any corresponding paperwork, such as a death certificate.

Offering counseling to grieving family members and helping to prepare the deceased body for the funeral service are other common duties.

It is important that you be able to handle the macabre, and you do need to have tact and a warm personality since you are dealing with people in difficult situations. Make sure you can accommodate a flexible schedule since visitations and funerals are often on weekdays and weekends.

14. Commercial Pilot

Average Salary: $78,740

Prior Education: High school diploma or equivalent, but most airlines now require a Bachelor’s degree as a prerequisite for employment.

On-the-Job Training: Moderate to high training is involved. Often the first step is to get your private pilot’s license. You’ll get your flight hours up and be more comfortable in the cockpit.

Job Description: Commercial Pilots fly planes for very specific reasons, such as for rescue operations, aerial photography, aerial tours, or charter flights.

Pilots generally evaluate overall conditions of aircraft, communicate with air traffic control, and monitor engines and fuel consumption, among other routine tasks. Being a team player with strong communication and observational skills is also a plus.

You’ll be spending a considerable amount of time away from home, so make sure you aren’t too much of a homebody. Fatigue and jet lag may also be experienced often.

Excellent observational and communication skills prove quite beneficial in this field of work. You can easily make more than $50,000 if you get on as a commercial pilot at the right airline.

15. Truck Driving

Average Salary: $53,199

Prior Education: Typically a Commercial Drivers License (CDL) and/or high school diploma or equivalent is preferred.

On-the-Job Training: Drivers must complete several weeks of on-the-job training.

Job Description: After completing six to eight weeks of training and obtaining your commercial driver’s license, you can make $45,000. Work your way up to becoming a trainer, and you can clear more than $70,000 a year.

Maintaining a clean driving record is crucial. Truck Drivers must adhere to all traffic laws, ensure cargo is secure for transport, and keep all trucks and equipment in good working condition.

Hand-eye coordination, visual stamina, and mental focus are important qualities to have for this type of position.

To become a Truck Driver you need a Commercial Drivers License or CDL. I recommend using both a CDL Practice Test and CDL Test Answers to help you study up so you can pass.

16. Nuclear Power Reactor Operator

Average Salary: $72,384

Prior Education: A degree in a field like engineering is required by some nuclear power plants, but you do not need a college degree to land a lower level operator job. In some cases, all you need to do in some cases is to simply pass the certification test.

On-the-Job Training: Moderate to high training is required along with possible certification.

Job Description: Nuclear power reactor operators manage nuclear reactors, monitoring them and making adjustments as necessary to ensure the safety of the nuclear power production process.

They also have to perform routine maintenance on the reactors and shutdown on very specific systems. Because the job is quite risky and requires very careful attention to detail, it pays quite well.

It also helps to become efficient in the required computer technologies involved in nuclear power plants. Make sure you can handle shift work and long hours.

17. Fire Fighting

Average Salary: $49,080.

Prior Education: High school diploma or equivalent. Any prior training in emergency medical services is a plus.

On-the-Job Training: Completing a physically demanding training program is mandatory along with other certifications.

Job Description: The starting salary for a Firefighter is often just a little more than $30,000, but you can make more than $50,000 a year depending on where you work and whether you reach a supervisory position.

Firefighters must know how to use standard field equipment, such as hoses and ladders, become proficient at providing medical attention to injured victims, and properly handle coming in contact with hazardous materials or wildfires.

Depending on which state you work in, you may need to complete specific training programs, such as high-rise building rescues.

Being a firefighter is a very strenuous and dangerous occupation, and you often must work long shifts and over 40 hours per week. To help you get physically ready for firefighting duty, I recommend you check out Pass the Beep Test, a guide to help you prepare your body for firefighting.

18. Emergency Medical Technician (EMT)

Average Salary: $33,380

Prior Education: Typically a high school diploma or equivalent and cardiopulmonary resuscitation (CPR) certification is required. Completing a postsecondary educational program is common.

On-the-Job Training: Generally there is little to no on-the-job training, but completing levels of certification are more than likely required for most states.

Job Description: If you are about to take your EMT classes to become an EMT, you will be happy to learn that the job outlooks in this field are very promising. However, chances of having a good job in the EMS are given to those who have more EMT certifications (like paramedics).

EMTs are first responders in a medical emergency, assessing victims’ conditions and possibly transporting them to the hospital by ambulance. Often people’s lives are on the line when EMTs arrive on the scene.

The hourly wages can vary from $12.08 (10% of the workforce earns less than this) to $24.77 (10% earn more than this bracket). According to the Bureau of Labor Statistics, as of 2023 the median hourly wages of EMTs was at $17.76 per hour.

19. Railroad Jobs

Average Salary: $59,780

Prior Education: Typically a high school diploma or equivalent is required.

On-the-Job Training: Several months of moderate-level training is standard. Obtaining certifications may also be required.

Job Description: Do you like trains? Do you enjoy traveling? If so, a railroad job might be just for you.

A variety of positions are available, ranging from engineers and conductors to switch operators and management positions. Railroad jobs give you a chance to see new parts of the country while getting paid very well in the process.

Since trains operate every day of the week, expect to work nights, weekends, and holidays in all kinds of weather conditions.

Hand-eye coordination, visual acuity, and communication skills are valuable assets in this industry. If you’re looking at getting a railroad job, here’s a comprehensive guide that shares how to get a job in the railroad industry.

20. Medical Coder

Average Salary: $45,035

Prior Education: Typically a high school diploma or equivalent is required, while an Associate’s Degree is sometimes preferred.

On-the-Job Training: There is little to no on-the-job-training since specific training programs are generally completed as a prerequisite for employment. Completing certifications may also be required.

Job Description: The healthcare industry is currently booming, and you can expect it to continue to rise with the Baby Boomer generation getting older. There aren’t enough doctors and nurses available.

Behind all of the doctors is a team of medical coders typing up detailed reports on what procedures you had done and billing you or your insurance company the amount owed.

According to The American Academy of Professional Coders (AAPC)’s 2022 salary survey, on average medical coders without certification bring home approximately $47,200 per year. However, becoming certified as a Certified Professional Coder (CPC) is highly sought after to seek higher pay.

21. Information Technology (IT) Technician

Average Salary: $41,305

Prior Education: Associate’s degree, Bachelor’s degree, or certificate program in computer science or related field is typically preferred. A degree is usually not required to land an entry-level position.

On-the-Job Training: Little to no on-the-job training expected since some employers require that candidates complete some level of formal training as a prerequisite for employment.

Job Description: There are a number of career paths within information technology that do not require a college degree.

Starting out you’ll probably conduct support calls on a helpdesk and only make $11-13 per hour. As your skills and experience progress and you get more experience you can easily make $50,000 to $70,000 per year as you get into systems administration and network engineering.

Typically IT technicians diagnose and repair computer malfunctions and install and maintain network systems. Get started on your IT career path by getting some online computer training and certification.

22. Criminal Investigator

Average Salary: $58,582

Prior Education: High school diploma or equivalent.

Several years of prior experience in law enforcement is encouraged. Some employers do require a minimum of an Associate’s degree in Criminal Justice or related field.

On-the-Job Training: Moderate on-the-job training is expected. Most states do require standard licensure for criminal investigators, along with a license to carry an armed weapon.

Training typically involves learning how to properly gather information and conduct remote surveillance, among other routine tasks. Reconstructing accident scenes is also a field-specific skill learned.

Job Description: Criminal investigators are the individuals tasked with interviewing and collecting evidence for specific cases.

Depending on the case at hand, you may be performing background checks, verifying facts and statements, conducting surveillance, searching online records, or gathering information on persons of interest.

You may even need to testify in court or make a physical arrest. This job is fast-paced and often involves working odd hours, weekends, and holidays.

Important skills to have include resourcefulness, inquisitiveness, and integrity. Being able to stay cool, calm, and collected during criminal investigations is integral to performing well in this role.

23. Brick Mason

Average Salary: $42,900

Prior Education: High school diploma or equivalent. Many masons also complete extensive apprenticeship programs or specific coursework before employment.

Any previous experience as a construction laborer is acceptable.

On-the-Job Training: Learning the trade is often accomplished through completing apprenticeships and/or on-the-job training shadowing experienced masons.

In these apprenticeship programs, promising candidates learn standard masonry practices, such as construction basics, measurement calculations, and safety procedures.

Job Description: Generally a brick mason uses bricks to construct walls, fences, and other structures.

A typical work day would include reading blueprints, gathering required materials, cleaning surfaces with power tools, and lifting heavy materials for proper alignment.

Brick masons often work long hours in a fast-paced and strenuous environment where becoming injured on the job is common. Protective gear, such as safety glasses, should be worn at all times.

Construction deadlines must be met, so brick masons often work indoors and outdoors in all kinds of weather. Important skills to have for this role include hand-eye coordination, physical strength, and attention to detail.

24. Postal Service Worker

Average Salary: $57,260

Prior Education: High school diploma or equivalent. An excellent driving record is a must along with a clean track record.

On-the-Job Training: There is some short-term on-the-job training involved, including passing a written exam, road test, and other standard background checks.

Job Description: Postal service workers generally collect, sort, process, and distribute mail in a timely manner. It’s their responsibility to make sure mail is delivered seamlessly.

They also sell common postal products, such as stamps, and obtain any customer signatures for certified mail.

Important skills to have for this role include a strong focus on customer service and attention to detail.

25. Pharmacy Technician

Average Salary: $31,750

Prior Education: High school diploma or equivalent. Complete a postsecondary program in pharmacy technology before employment is acceptable.

On-the-Job Training: Moderate on-the-job training is required, which typically involves passing an exam or specialized program.

You may also need to learn how to operate automated dispensing equipment, and some states may require certification.

Job Description: Pharmacy technicians are responsible for correctly filling, packaging, and labeling customers’ or health professionals’ prescriptions.

You would also be involved in organizing inventory, processing insurance claims, and accurately entering patient information into a computer database.

Having excellent organizational, listening, and customer-service skills is highly valued for this role.

Pharmacy technicians may be required to work nights and some weekends. Make sure you are physically fit enough to spend most of the day on your feet fulfilling orders.

Is Attending College Overrated?

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There’s one thing I know for sure – college is extremely expensive! As the College Board highlights in a recent survey outlining changes in college tuition between 2012-2013 and 2022-2023, tuition is on a steady upward climb that shows no signs of letting up.

In 2023, public four-year in-state tuition is $10,950 for full-time students. This was a 1.8% increase from the previous college year.

There are a vast amount of careers that you can obtain without an actual college degree, but most require either a trade school certification or just time on the job and working your way up through the ranks.

“Formal education will make you a living. Self education will make you a fortune.” – Jim Rohn

Looking for a job? Scared that the cause of unemployment may be growing? Sign up for free at www.FlexJobs.com and see who’s hiring today!

FAQs on High Paying Jobs with No Degree

Are there high paying jobs with no degree?

Yes, there are several types of jobs that do not require a college degree but can still offer competitive salaries. Some examples include web developers, software engineers, medical coders, sales professionals and IT support staff.

What qualifications do I need for these jobs?

What qualifications do I need for these jobs? The requirements for these types of positions vary depending on the job and company, but often include certifications or specialized training in the field you are interested in pursuing.

In addition to technical skills, employers are looking for individuals who demonstrate strong problem solving abilities, excellent communication skills and an understanding of customer service principles.

Q: What are some high paying jobs that don’t require a college degree?

Here are some examples of high paying jobs that don’t require a college degree:

-Commercial pilots: median salary of $121,430 per year
-Detectives and criminal investigators: median salary of $81,920 per year
-Nuclear power reactor operators: median salary of $94,350 per year
-Power distributors and dispatchers: median salary of $83,020 per year
-Real estate brokers: median salary of $61,720 per year
-Elevator installers and repairers: median salary of $80,180 per year
-Web developers: median salary of $73,760 per year
-Petroleum engineers: median salary of $137,170 per year
-Computer network architects: median salary of $112,690 per year
-Medical and health services managers: median salary of $100,980 per year

Are there any high paying jobs that don’t require a college degree, but do require experience?

Yes, there are many high paying jobs that don’t require a college degree but do require experience. Some examples include:

-Commercial pilots: typically require several years of flight experience as a co-pilot before being considered for a pilot position.
-Detectives and criminal investigators: typically require several years of experience in a related field, such as a police officer or federal agent.
-Nuclear power reactor operators: require extensive on-the-job training and experience.
-Real estate brokers: typically require several years of experience as a real estate agent before becoming a broker.
-Petroleum engineers: typically require several years of experience in the oil and gas industry before being considered for a position as a petroleum engineer.

Source: goodfinancialcents.com

Apache is functioning normally

April 26, 2023 by Brett Tams

AmericanHomeWarranty.org aggregates home warranty companies and quotes into one dashboard based on a customer’s needs.

With AmericanHomeWarranty.org you can select your location and your coverage preferences, and the site will return the best options for you.

It allows you to compare prices and coverage at your leisure before contacting a sales representative.

Let’s take a look at what the platform, and home warranties in general, have to offer you.

How AmericanHomeWarranty.org Works

AmericanHomeWarranty.org can personalize offers from home warranty companies like Choice Home Warranty, Total Home Protection, Select Home Warranty, and more.

They also provide options for:

Real Estate Professionals
Buyers
Sellers
Current Homeowners

With AmericanHomeWarranty.org, you can reap the benefits of each home warranty website without all of the annoying sales calls.

Assessing the options and making a decision is easy to do and once you’re done, you can still take advantage of all of the same tools as other customers.

Best of all, you can do this without all of the hassles up front.

Coverage Features

Every home warranty company offers different features included in their most common plans, but below are some of the options you have to choose from when searching for the right plan on AmericanHomeWarranty.org.

Plumbing System

You bought a house because you’d rather not live in the woods or make use of something so primitive as an outhouse for your bathroom breaks.

However, when your plumbing system encounters issues or backs up, you may not have a choice. That is unless you have a home warranty.

A home warranty provider can make sure someone comes out to inspect and fix your problem right away.

Air Conditioning

Air conditioning keeps you cool in the summer, and if you live in a climate that gets hot, it’s a necessity.

You certainly can’t get along without it when the temperature reaches triple digits.

That’s when a home warranty company steps in with a certified technician who can help get you back on track so you won’t swelter in the heat.

Electrical System

Your electrical system gets you through the day when it comes to cooking, reading, or watching TV.

Without electricity, many of your favorite hobbies wouldn’t be possible.

With electrical system coverage, especially on an older home, you can rest assured that someone will be there to help if it’s on the fritz.

Ductwork

To keep air circulating through your home, you need to make sure your ductwork is in proper working order.

If you suspect you may have a problem with your ductwork, a home warranty company can diagnose and fix the issue so you can continue to enjoy modern conveniences like hot and cold air when the weather changes.

Home Appliances

Many home warranty companies provide appliance coverage in their basic plan, so when your refrigerator stops cooling or your dishwasher stops cleaning, you can call for help.

By covering essential appliances like:

Built-in Microwaves
Trash Compactors
Clothes Washers and Dryers
Ovens
Cooktops and Ranges

…you can keep your kitchen in proper working order for your family.

The Good

Having a home warranty plan can be an excellent thing in most cases. It covers the critical systems in your home in case something goes wrong.

They are generally affordable, allow flexible payment options, and have cheaper service fees for on-site visits than hiring a contractor yourself.

Some of the benefits of home warranty plans are below.

Nationwide Coverage

With all of the home warranty providers on the market now, you’ll find one that covers your area.

In many cases, you can find a home warranty provider that specializes in your area, which can provide you with excellent service because they’re more familiar with common home issues in that region.

Easy Quotes

Most home warranty companies make it easy to find quotes, but even if they don’t, AmericanHomeWarranty.org takes care of that for you.

You can choose the coverage features that are most important to you, add your location, and AmericanHomeWarranty.org will return the best options in your area.

You’ll be able to compare pricing and coverage on one dashboard and make an educated decision on how to move forward.

Online Tips

Most home warranty companies provide extensive online tools. You can find FAQs on their websites to answer the most common questions regarding home warranties and their specific coverage.

They often have home maintenance tips, blogs, and reviews providing first-hand accounts of other customers’ experiences.

These tools can help you troubleshoot on your own before paying a service fee, they can guide you through fun home improvement projects, and they can tell you what to do when something goes wrong.

Online Claims

Home warranty companies make it easy to submit claims online. Most have a secure login allowing you to view your account, your contract, and your coverage.

Sometimes you can even update your personal information and make changes without having to reach out.

They provide an easy process for submitting claims, guiding you through all of the information they need to review your claim and approve it.

They’ll communicate with you at every step, and once your claim is approved, they’ll send someone out to fix your problem.

Mobile Apps

In cases where the home warranty company has a mobile app, you can also perform most of the same functions on the app that you can online.

This means that even when you’re on the go, you can submit claims and view your information when it’s convenient for you.

No Inspections

Most home warranty companies don’t require a home inspection before providing coverage.

This gives you peace of mind when purchasing a home warranty for an older home or buying a brand-new home that you want to protect from wear and tear.

Without a home inspection, you can skip all of the red tape and sign up for the plan you want.

Also, with AmericanHomeWarranty.org, it’s easy to find the perfect plan for you, which means you can skip even more hurdles like sales calls and pesky upsells.

The Bad

While home warranties are good most of the time, there are times when they’re not helpful.

Not all home warranty companies provide the same coverage, so reading the fine print thoroughly will save you from a lot of hassle later.

AmericanHomeWarranty.org makes it easy for you to review exactly what your home warranty plan will cover and what it will cost before you sign up.

Home warranties sometimes will reject a claim. This goes along with understanding what your warranty covers before signing up so you won’t be surprised by a rejection.

However, when your home warranty does reject your claim, you may feel like you purchased it for nothing, which can be discouraging.

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The good typically outweighs the bad, and when you have a costly repair that your home warranty provider does cover, you’ll be glad you have it.

Best Home Warranty Companies

AmericanHomeWarranty.org can help you compare home warranty quotes. You can also get started here, with the best home warranty companies.

Ads by Money. We may be compensated if you click this ad.Ad

The Bottom Line

If you’re looking for a home warranty, give AmericanHomeWarranty.org a try.

This service will save you the hassle of searching for the perfect home warranty by going from site to site and trying to compare plans.

AmericanHomeWarranty.org will list the coverage and prices side by side, making it easy for you to make the right decision.

Don’t waste another second researching home warranties on your own. Use AmericanHomeWarranty.org and take the frustration out of your search.

Source: goodfinancialcents.com

Apache is functioning normally

April 26, 2023 by Brett Tams

I bought my first rental property in 2010 when the market was much different! I bought a single-family home for $97k that rented for $1,050 a month. I know many people would love to go back to those days but the reality is prices will most likely never be that low again in most markets. While I bought a single-family home for my first rental, there are many other types of rentals and I have since bought multifamily, commercial, and mixed-use rental properties. The type of property that is best for beginners in today’s market with high-interest rates and high prices will depend on many factors.

What was my first rental property?

The first property I bought was a 3 bedroom, 2 bath, 2 story house with a 2 car attached garage. The home was built in 2005 and did not need a lot of work. I bought it in Greeley, Colorado and while prices were much lower back then, I still got a great deal. I took my time looking for properties and this was an estate sale. The home needed some paint and that was about it. It was a fantastic property for my first rental. I used Bank of America to get a 25% down investor loan which was not easy but luckily the seller was patient! While properties were cheaper then, it was much tougher to finance them and there were much fewer options for investors.

I later sold that property for $275,000 in 2019 and used a 1031 exchange to buy a commercial property for $600,000. I think buying a single-family rental was an awesome choice for me at that time. However, this property would not be a very good rental now as it is worth around $350,000 and would only rent for $1,700 to $1,800.

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Are single-family rentals good for beginning investors?

I think single-family rentals are great for beginners if the numbers work out. However, with high rates and high prices, the numbers simply don’t work in many areas. There are areas of the country that have cheaper houses that are great for single-family rentals but we aren’t all in those places. Here are some of the pros and cons of single-family rentals:

Pros

Large buyer pool if you need to sell: Single-family homes are attractive to investors and owner-occupants. When buying a rental as a beginner it is smart to have an exit strategy. Maybe the property is not as good as you thought it was or you decide you hate rentals. Can you sell the property? If you need to sell a single-family home you can sell to other investors or owner-occupants. Owner-occupants will often pay more than investors and they are always buying homes even when interest rates are high. Investors may slow down their buying when rates are high.
Easy to rent and manage: Single-family homes appeal to many renters and are usually easy to rent. Tenants also have a tendency to stay in the property longer and take care of it. I have had the same renters for 10 years in some of my single-family rentals. Many tenants will even make minor repairs themselves (not always a good thing) and maintain the yards, perform snow removal, etc.
Easier to find a good deal: In most areas, there are more single-family homes than other types of rentals. Because there are more of them there are usually more for sale and you might be able to get a better deal than on multifamily or commercial where there are much fewer properties.
Easier to finance: Lenders love to finance houses, even as rentals. It is much easier to get a loan on a house than a commercial property, multifamily, or mixed-used property.
More diversification: If your plan is to buy a lot of houses, like my plan to buy 100, it can be a little safer than buying a few big properties. Each house will be in a different area, with different tenants, and one horrible situation won’t destroy all your houses.
You can house hack a single-family home which means you buy as an owner-occupant and rent out part of it while you live there or live there a year and then rent out the whole thing. Owner-occupants get much cheaper loans with less money down.

Cons

Harder to cash flow: The big con with single-family rentals, especially right now is they can be very expensive compared to the rent they bring in. The more expensive the property, the worse the rent-to-value ratio tends to be.
Houses are expensive right now: Most properties are expensive but in some markets, houses are very expensive, and the higher the price, the more money you will need to invest in them.
Tougher to scale: It is tougher to scale when you need to buy a lot of houses to meet your goals. Each purchase takes work to find the deal, finance it, and possibly make repairs. If you buy larger multifamily or commercial it can be easier to scale.
More expensive to repair: It might be more expensive to repair single-family homes than a larger building because a larger building has one roof, possibly one heating system, etc. However, that roof and heating system on the big property will be much more expensive to repair and you will need a lot more money at once, than if you are repairing houses here and there.

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Are small multifamily rentals good for beginning investors?

Multifamily rentals have more than one unit. You could invest in a duplex or a fourplex or a 100 unit property. Multifamily properties can make it easier to scale because you have more units under one roof and the rent-to-value ratios may be better. These pros and cons are for smaller 2 to 4-unit multifamily properties.

Pros

Can have much better cash flow: Multifamily properties are usually valued based on the income they produce. The prices are not driven up by owner-occupants who do not care what a property will rent for.
Somewhat easy to sell: 2 to 4-unit properties are fairly easy to sell still although not as easy as single-family homes. You can still house hack a 2 to 4-unit property which means owner-occupants can buy them. There are not a lot of people looking to house hack but you can still sell to investors and owner-occupants.
Easy to finance: Again, 2 to 4-unit properties are fairly easy to finance but not quite as easy as single-family homes. You can buy as an owner-occupant or get an investor loan with many banks.
Easy to get a good deal on: There are a lot of 2 to 4-unit properties in most markets although not as many as there are single-family homes. It can be easier to get a great deal, although not as easy as houses.

Cons

Harder to manage and rent: 2 to 4-unit properties take more management and usually have more tenant turnover than single-family homes. Tenants tend to move more often, the rents are usually lower, and tenants rarely think of a multifamily as a permanent place to live.
More risk of major loss of income: If you have a few houses and one tenant decides to cook meth in the house it can destroy the house and cause major problems as well as lost rent for months. You still have the other houses to bring in income. If you have a multifamily property and that happens the whole property may need to be vacated for an extended period of time. If you have just one of each, then the risk is about the same.
More expenses: The tenant usually pays all of the utilities and performs the yard maintenance and snow removal on single-family homes. On multifamily homes, the landlord often pays for the maintenance and some of the utilities if not all of them. You may be able to charge higher rent since the landlord is paying those expenses but make sure you account for them.
More fluctuations in value: Multifamily properties are valued based on the income of the property and the expenses. If inters rates go up as they have been, they may be harder to sell or sell for less because investors have to pay less to get the same return. However, when rates go up, rents often increase as well so that could offset a decrease in value (rents would go up on houses as well).

Are large multifamily properties good for new investors?

A lot of new investors want to invest in large multifamily properties. Grant Cardone now tells people to only invest in properties with at least 32 units although he used to encourage house hacking with FHA loans. Large multifamily properties can make a lot of money but they can also be very difficult to buy due to their price and lending is much tougher.

Pros

Easy to scale: You can bring in a lot of rent with one property and add a lot of value with the right deal.
Rent to value ratios: The rent to value ratio may be better on big properties because only investors are buying them and they expect a certain return. The bigger the property the better the numbers may look because very few buyers are looking at those deals.
The maintenance costs can be lower: The costs versus the rent may be lower because you have large buildings under one roof that share the same systems.

Cons

Much harder to finance: The everyday person cannot get a loan for a large apartment building. One of the factors lenders consider is experience and they are wary of lending to new investors on big deals even if you have the down payment.
Less diversification: If there is a disaster at a large complex, you may have a huge problem with no rent coming in for months. Again, these are rare but can happen. You also may have chosen the wrong location and the property doesn’t perform as you thought (I did this with an 8-plex).
Harder to sell: There are few buyers for large complexes and they can take a long time to sell. Interest rates also impact them greatly.
The expenses come in huge chunks: While the overall maintenance costs may be lower based on the investment, they can be huge when they do come. You could spend hundreds of thousands of dollars on a roof. Having one roof is not always better. There could be more expenses as well like parking lot repaving, landscaping, common areas, etc.
They are expensive: It takes many people years to save up the money needed for a large complex. The purchase may be worth it, but while you are waiting why not buy smaller deals that build experience and a track record for lenders. The right deals will also bring you cash flow and equity which could make it easier to buy that big deal sooner.
More headaches: Large multifamily properties tend to have the most turnover, the most repairs needed, and the craziest situations. They take much more management and can have more headaches.

Are commercial properties good for beginner investors?

I bought my first commercial property in 2017 and it cash flowed much better than single-family or multifamily properties in my area and was cheaper. A lot of people see my commercial properties and want to invest in that sector right away. However, they come with more risk and are much more complicated.

Pros

Can be cheaper with better returns: In some areas, commercial properties are cheaper and have better returns but they also could be more expensive depending on the area. Small commercial properties are often cheaper than single-family homes.
Can add a lot of value: If you can add a tenant on a long term lease it can add a ton of value., I recently bought a commercial property for $865k that was vacant, then added 4 tenants. That property is now worth $1.5 million but it was not for the beginner.
Long term tenants: Many commercial tenants will stay for years and have leases that run for years. This is great of you have the right tenant but it takes longer to find those tenants. Many of the leases have built in rent increases as well.
Fewer expenses: Some commercial leases are NNN which means the tenants pay almost every expense. These can be fantastic for the landlord but not every commercial lease is set up this way.
Less headaches: Commercial tenants tend to be less needy than residential. They often take care of the property themselves and make sure it looks nice for their business. They expect the rent to increase each year and usually don’t get upset about it.
Owner occupied financing available: Yes you can owner occupy a commercial property. You do not live there, but you run a business out of the property. If you use more than 50% of the space you might be able to get an SBA government loan with 10% down.

Cons

Much more complicated: It takes time top to learn how the lease work, and the differences between NNN and gross. Properties are valued using cap rates which can be difficult to figure out because they vary based on the lease, the tenant, the property, the location, and more.
Harder to finance: Commercial properties are usually the hardest to finance. They come with risk if you lose a tenant and the lenders know this. They have shorter term loans that must be renewed every five or ten years. The lenders will want to see buyers with experience before they lend them money as well. Even the agents and sellers may not take a buyer serious if they don’t have any experience.
More expensive costs: If you have to make repairs it can cost a lot more money as rooftop HVAC, roofs, parking lots, and commercial construction often cost more than residential. The city may require more as well like fire sprinkler systems. Appraisals and inspections are more expensive as well.
Harder to sell: Just like multifamily properties, commercial properties can be much harder to sell because there is a smaller buyer pool.
Environmental issues: A big concern with commercial properties are past or current environmental issues. You may need to get an environmental report that shows there were no hazardous materials on the property or gas tanks, etc. To clean up problem properties it can takes tens of thousands of dollars or more.
Tenants might expect TI: TI stands for tenant finishes and many tenants expect the landlord to fix up the space for them. This can cost a lot of money but also add a lot of value.

If you are buying small commercial properties you may be able to avoid many of these issues but it is still good to be aware of them and especially talk to your lender about them! On some of my smaller commercial deals, I am able to get a local bank to finance them without an appraisal which is awesome.

Are mixed-use properties good for beginning investors?

Mixed-use properties can also be put in the commercial category. Mixed-use means the property can be used for residential and commercial or have both at the same time. I have a few mixed-use properties and love them but they can be tough to finance like commercial. The one benefit is you can live in part of it and work out of part of it. You may be able to get low down payment SBA loans because of this.

What is best for a beginning investor?

There are many different options for beginning investors to buy their first rental. I would be wary of jumping into huge projects without a lot of help from someone with experience. It will be almost impossible to do so unless you have a lot of cash. Personally, if single-family homes cash flow, I think those are the safest and best bet, but small multifamily can work as well.

If you want to dive into how to do all of this I have a book on residential rentals and commercial rentals as well!

Build a Rental Property Empire

Source: investfourmore.com

What Is A Jumbo Mortgage And Should You Consider One? – CNBC

April 22, 2023 by Brett Tams

What Is A Jumbo Mortgage And Should You Consider One? CNBC

Is it Better to Flip Houses or Buy-and-Hold Rental Properties?

April 21, 2023 by Brett Tams

I complete 20 to 30 fix and flips every year, and I also own 20 long-term rental properties. I have certain guidelines I use to determine if I will flip a house, or hold it as a rental property. There are many factors I take into account, but I have much stricter criteria for my … Read more

About Home Warranties

What Home Warranties Cover

How Claims Are Processed

What TotalProtect Has to Offer

TotalProtect Plans

Appliances Plan

Systems Plan

Combo Plan

Exclusions

Alternatives

Should You Get a TotalProtect Home Warranty?

Pros

Cons

In Conclusion

The Home Service Club Review: Top Highlights

The Home Service Club Coverage

Standard Plan

Comprehensive Plan

Additional Services

How Much the Home Service Club Costs

Payments

Annual caps

The Home Service Club Claims Process

How to File a Claim

Who Will Fix My System?

What’s Required of Me?

Canceling the Contract

Alternatives to the Home Service Club

Who Needs a Home Warranty?

When Not to Buy a Home Warranty

When to Buy a Home Warranty

Is The Home Service Club Right for You?

Studying the Contract Reduces Your Risk

A Warranty Isn’t a Long-Term Commitment

Bottom Line: Consider Your Options and Study the Fine Print

How Much Are Closing Costs on a Mortgage?

Two Types of Closing Costs – Recurring and Non-Recurring

Some examples of recurring closing costs (paid more than once):

Some examples of non-recurring closing costs (one-time fees):

Use Seller Contributions to Cover Closing Costs

Get a Lender Credit to Offset Closing Costs

Ask for a Credit from Your Real Estate Agent

Negotiate and Shop Your Closing Costs

What Else Should I Know About Closing Costs?

Purchasing an Investment Property 101

Buying a House While Still Renting

What to Know As a New Landlord

The Takeaway

FAQ

How much profit should you make on a rental property?

Should I buy an investment property and live in it?

Is rental property a good investment in 2023?

Home Warranty of America Overview

Coverage Features

Ductwork

Water Heater

Electrical System

Doorbells, Burglar Alarms, and Fire Alarms

Home Appliances

Warranty Plans

Premier Plan

Premier Plus Plan

The Good

Nationwide Coverage

Easy Quotes

Online Tips

GreenPlus

Online Claims

No Inspections

The Bad

Customer Service

Contractual Obligation

Alternatives to Home Warranty of America

The Bottom Line

Table of Contents

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