Belleville, MI

In order to buy a metro Detroit home you need to cover three major items.

1. the down payment
2. the mortgage companies closing costs
3. the tax pro rations and escrow account setup

I had one client ask me how much they needed. He wanted to buy a $40,000 Redford foreclosure or Livonia foreclosure. This is what I emailed him.

You will need a certain amount of money to close the loan and your new home purchase. You currently have $1500.

Your costs will be:

3.5% downpayment
Quicken's approx closing costs $2200
Taxes $3000 most of the homes that you are looking at whether they are $30,000 or $60,000 will have taxes of approx that much. You will need a full year of taxes to cover escrow set up and tax pro-rations to pay the seller back for the property taxes he has already paid. So look at the taxes on the listing sheet of each home and you will need that much for closing.

You have told me you are getting the down payment assistance. But the issue is that you need $5200 more for closing costs, escrows and tax pro-rations. You have $1500 that leaves a $3700 balance. We can make some of that up with sellers concessions.

But the issues is that you want to buy a $30,000 - $40,000 house. 6% of a $40,000 house is only $2400. So you will be short $1300. The only way you can bridge the shortage is save more money or buy a more expensive house. You need to buy a $60,000 house to be even close.

The other option you wanted to do is not allowed by any bank. You can't borrow the money from your VISA for your down payment. They will then include that in your debt ratio and the money would have to be in your bank checking or savings account for over two months for it to be used.

So basically you need to save more money to buy a house at this point or buy a more expensive house so you can get the closings costs, the tax pro-rations, and the escrows paid for. But only go up in price if you can afford the payment. Other wise you should put off buying a home until you save up more money for all the costs involved. Let me know what you decide to do.

Russ Ravary your Metro Detroit real estate agent buying and selling Livonia real estate, Wayne, Oakland, and Livingston County homes

Search Metro Detroit foreclosures and get the latest foreclosure listings emailed to you

Tarik Dinha will Warm Things up as he Tells how he is Buying 30 Homes per Month and Selling them on Land Contracts

New mortgage financing is tough in today’s market; learn about Seller Financing from an expert who is doing it successfully.

Mastering Foreclosures with Rodney Townsend, the Foreclosure Tour Bus Guy

Rodney Townsend, real estate investor, came up with the idea of ForeclosureBusTours.com late in 2006. The website was launched in 2007. They took a bus load of home buyers and investors around to see great properties in and around the City of Detroit. During the tour, attendees were able to meet with key referred resources, including property managers, home inspectors, loan officers, REO agents, title attorneys, contractors and more.

The experience of networking was better than reading a How to Buy a Foreclosure book; it was true value for all who were on the tour. The bus tours rolled throughout the summer, slowing down during late fall due to the weather.

Soon, agents and investors from around the country reached out t o Foreclosure Bus Tours.com in hopes of starting their own tours. Opportunities arose to do these tours in several locations in the US.

Foreclosure Bus Tours.com has been interviewed by MSN Money, ABC, NBC and Inc.com, to name a few. Tours have been done in Arizona, California, Illinois, Michigan, Florida, Georgia and more.

Foreclosure Bus Tours.com works with brokers, agents and investors across the nation to find great “hand-picked” real estate deals. They have added even more resources including credit repair and lease options as they work hand-in-hand with one of the most diverse licensed real estate companies in the area to facilitate nationwide tours.

Come and meet Rodney Townsend, Metro Detroit’s master at foreclosures at the Mega Evening Event.

Event Date:	Thursday, March 19, 2009
Event Start Time:	6:00 PM
Event End Time:	9:00 PM
Location:	Wayne County Community College Western Campus 9555 Haggerty Rd Belleville, MI 48111
Primary Phone:	248-762-0800
Primary Email:	info@megaeveningevent.com

Tarik Dinha will Warm Things up as he Tells how he is Buying 30 Homes per Month and Selling them on Land Contracts

New mortgage financing is tough in today’s market; learn about Seller Financing from an expert who is doing it successfully.

Mastering Foreclosures with Rodney Townsend, the Foreclosure Tour Bus Guy

Rodney Townsend, real estate investor, came up with the idea of ForeclosureBusTours.com late in 2006. The website was launched in 2007. They took a bus load of home buyers and investors around to see great properties in and around the City of Detroit. During the tour, attendees were able to meet with key referred resources, including property managers, home inspectors, loan officers, REO agents, title attorneys, contractors and more.

The experience of networking was better than reading a How to Buy a Foreclosure book; it was true value for all who were on the tour. The bus tours rolled throughout the summer, slowing down during late fall due to the weather.

Soon, agents and investors from around the country reached out t o Foreclosure Bus Tours.com in hopes of starting their own tours. Opportunities arose to do these tours in several locations in the US.

Foreclosure Bus Tours.com has been interviewed by MSN Money, ABC, NBC and Inc.com, to name a few. Tours have been done in Arizona, California, Illinois, Michigan, Florida, Georgia and more.

Foreclosure Bus Tours.com works with brokers, agents and investors across the nation to find great “hand-picked” real estate deals. They have added even more resources including credit repair and lease options as they work hand-in-hand with one of the most diverse licensed real estate companies in the area to facilitate nationwide tours.

Come and meet Rodney Townsend, Metro Detroit’s master at foreclosures at the Mega Evening Event.

Event Date:	Thursday, March 19, 2009
Event Start Time:	6:00 PM
Event End Time:	9:00 PM
Location:	Wayne County Community College Western Campus 9555 Haggerty Rd Belleville, MI 48111
Primary Phone:	248-762-0800
Primary Email:	info@megaeveningevent.com

Panel of Real Estate Investors meeting this week

What: Making Money Investing in Real Estate in the Detroit Area

When: January 15, 2009

Time: 6-7 pm Networking

7-9 pm Meeting

Where: Wayne County Community College

Western Campus – Lecture Room (look for signs)

9555 Haggerty Road

Belleville, MI 48111

Our Thursday evening event will be a three man panel of genuine experts in the real estate field and Taxes.. They will cover the subject of making money investing in the Detroit Area and both have many years of experience at being successful in this arena of real estate.

Robert and Mark are flourishing in this tough market and have offered to join us at the Western campus of WCCC to answers your questions and to discuss how they are able to make money using their methods. They are going to share their secrets with everyone, so join us this week for our panel discussion.

Here are a few details about our experts:

Robert Shumake is a businessman, author, trainer, motivator, and real estate master. He wrote the book “For Entrepreneurs who Considered Suicide when Business got Tough!”. He currently owns over 3 million square feet of office and commercial space and he rents to the largest corporations in America.

Robert is going to talk about how to make money in the current, depressed real estate market. He will also share tips on making the best of even the hardest times. He is an active real estate investor in the Michigan market.

Mark Abruzzese, our second panel expert is another real estate investor who buys and sells over 20 homes per month in the Detroit market. Mark will share his secrets for success in today’s tough market.

Plus big Bonus Markwei Boye, registered IRS agent, will be giving IRS tips. Markwei is best at explaining what the investor needs to do with tax planning.

For contact information for this event, go onto the NREN website www.megaeveningevent.com.

Do not give up on Real Estate Investing! Find out why this is an excellent time to invest

Detroit, MI – Mark Maupin, founder of the National Real Estate Network, is hosting a panel of experts to kick off the New Year discussing how they are making money investing in real estate in the Metro Detroit Area. “The declining market has people thinking twice about investing in real estate. The ups and downs are just part of any market, not just real estate. With a high supply of foreclosed homes and bank owned properties, the prices are very low; one can buy cheap, hold for cash flow, or sell for profit,” Mark said.

The panel welcomes the keynote speaker, Robert Shumake, a business man, author, mentor and real estate master. Robert is the author of the book, “For entrepreneurs who Considered Suicide when Business got Tough!” He currently owns over 3 million sq. ft. of office and commercial space which he leases to some of the largest corporations in America. Robert will share tips on making the best of even the hardest of times; he will discuss how he is making money in the Michigan real estate market today.

Also joining the panel is Mark Abruzzese, a real estate investor who buys and sells over 20 homes per month in today’s Detroit real estate market. Mark will share his success secrets and tips for making profits in the current Michigan real estate market.

While most people are focused on the holidays and year-end projects, income taxes and such, Mark Maupin has already planned great events for the upcoming year. Mark said, “I listen to the members of my group and bring them what they want. A lot of them are concerned with our declining real estate market, so I’ve found experts to speak on making money during the toughest of times. Real estate investing will never die, but it is constantly changing. One must stay on top of things to make a profit in real estate. There are always new techniques being used as the market shifts; some techniques only work when the market is down. Laws and guidelines are constantly changing or being updated, creating new opportunities. I know everyone is busy at this time of the year; I recommend marking your planner now so that you don’t miss the January Mega Evening Event meeting where you will learn what opportunities will be opening up in 2009.”

Get ready to take action and set new goals in the New Year. Register for the Mega Evening Event meeting on January 15, 2009, from 6pm to 9pm, at the WCCC Western Campus located at 9555 Haggerty Rd; Belleville, MI, 48111. The meeting will be in the lecture room. Call 248-762-0800 or visit http://www.megaeveningevent.com for details.

Contact:

Mark Maupin

248-939-6232

Maupin.mark@gmail.com