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February 2, 2022June 16, 2022

Eight Tips for First-time Home Buyers

During this unstable market, buying a home, let alone your first home, might seem like an unattainable or unrealistic goal. The reasons for buying your first home can vary from looking to finally plant roots, to building generational wealth, to starting a real estate portfolio. Whatever your reason, buying a house for the first time is a significant investment that takes considerable time to plan for. We’ve compiled some of the best first-time homebuyer tips and tricks for preparing for buying your first home.

Knowing and improving Your Credit Score

The first step is to request a copy of your credit report from any of the three major credit bureaus so you can do a credit check. Review your report to confirm that all of the information is correct. According to FICO, an exceptional credit score is between 800-850, a very good score is between 740-799, a good score is 670-739, a fair score is 580-669, and a poor score is anywhere between 300-579. You can also meet with a credit repair specialist who will work with you, help with credit restoration, and give you helpful tips to fix your credit score if it needs work or if you have general questions on how you can do better. To qualify for a loan, first-time homebuyers’ minimum credit score is 580, but you should work hard to surpass that minimum.

Save for a Down Payment

Do first-time homebuyers need a down payment? If so, how much? This varies by situation and area. Your down payment will ultimately depend on what type of mortgage you and your lender settle on and how good your credit score is. Down payments can be as little as no down payment up to 20% in a traditional loan. You can speak to your lender about first-time home buyer loans and first-time homebuyer programs to see if you qualify.

Finding an Agent

According to realtor.com, more than half of all recent homebuyers first found their home through the internet on a listings site like realtor.com®, nearly all (9 in 10) purchased their home through a real estate agent. Finding an agent that you connect with is a big deal. You will be working with this agent for months and want to make sure they understand you and your needs. Oftentimes, interviewing your top choices and picking one agent is the best option. Building that solid connection makes it easier for your agent to find your perfect home faster!

Connecting with a Lender

After choosing an agent, selecting a lender is the next most vital step you can make. The biggest lender isn’t always the best option for lending. Customer service, locality, and experience matter as well. Speak with your agent to see if there is a particular local lender that they love to work with, who closes on time, is friendly, and has excellent reviews.

Get a Preapproval Letter

Getting a preapproval letter from the mortgage institution you are working with is vital in this market. The letter is provided by your loan office stating that you are prequalified to purchase a home up to a specific price. A preapproval letter lets your real estate agent and other agents representing the sellers know that you are a serious buyer.

Finding the Right Area

Do you want to be close to work? Close to your children’s school? Close to the beach? You need to decide what is crucial for you to be near. Finding the right neighborhood is just as important as finding the correct type of home.

Finding the Right Type of Home

Do you want a low-maintenance lifestyle afforded by a townhouse or condo? Or are you ready for more responsibility by owning a single-family home? Deciding the type of home that suits your lifestyle is an important step; it narrows down the homes your real estate agent will show you to have a higher chance of finding your dream home faster.

From Renting to Homeownership in Texas

Renting in Texas can be difficult, but so can start searching for a new home. With Beyond 404 Realty, Anthoney Hanks helps families and individuals in the Dallas-Fort Worth community find their dream home. Anthony specializes in working with first-time homebuyers in Texas and those looking to purchase investment properties in Texas. Anthoney will teach you how to become a homeowner, stop renting, and start buying! Visit www.beyond404realty.com for more information or visit our YouTube page for short videos on starting the home buying process at https://www.youtube.com/channel/UCmzTlxpC6-nJWXsphoqhPZw We can’t wait to work with you.

February 1, 2022June 16, 2022

First-time Home Buyers Guide to Closing Costs

You’ve done it – you are days away from signing the last documents on your first home purchase, and when you are reviewing the last of the financial documents, you see a line for closing costs. What are closing costs? How is the fee calculated? How much should you plan on saving for these costs before you buy your home?

What are Closing Costs?

Closing costs are made up of the fees associated with buying your home and paid at closing. The charges are made up of fees relating to the mortgage, including the appraisal, title work, paperwork, attorney fees, and the expense of underwriting your loan. These closing costs can be paid at the closing table by check and are separate from your down payment or earnest deposit.

How are the Closing Cost Fees Calculated?

Typically, home buyers will pay between about 2 to 5 percent of the purchase price of their home in closing fees, with the average buyer paying roughly $3,700 in closing fees, according to a recent survey https://www.bankrate.com. These costs vary widely from city to city and between states as the average costs of homes look very different depending on the region that you live in. Your lender will be able to give you a rough estimate on what your closing costs will be once your offer gets accepted and your loan begins processing, so there are no surprises at the closing table. As mentioned at the beginning of the article, days before the closing, your lender will provide you with a draft copy of the closing disclosure statement, which outlines fees and final payments due.

How Much Should You Plan on Saving?

This depends on what your home budget is. Take your projected home price and plan on saving at least the additional 5%, if not more; that way, you have extra money for other things that might pop up before closing, like buying a new couch or upgrading the security system.

Homeownership in Texas

With Beyond 404 Realty, Anthoney Hanks helps families and individuals in the Dallas-Fort Worth community find their dream home. Anthony specializes in working with first-time homebuyers in Texas and those looking to purchase investment properties in Texas. Anthoney will teach you how to become a homeowner, stop renting, and start buying! Visit www.beyond404realty.com for more information or visit our youtube page for short videos on starting the home buying process https://www.youtube.com/channel/UCmzTlxpC6-nJWXsphoqhPZw We can’t wait to work with you.

January 28, 2022June 16, 2022

A Spotlight on Rockwall, Texas

Along the shore of Lake Ray Hubbard, the bustling city of Rockwall is just a short commute to the Dallas-Fort Worth metro but has retained the small-town Texas charm that all have come to love and cherish. Full of historic buildings in the downtown area that includes quaint boutiques, restaurants, and shopping, there is never a shortage of things to do for entertainment. Rockwall Harbor is the premier tourist destination, drawing in thousands each year to sail, kayak, fish, and swim.

Rockwall was established in 1854 and gained its namesake from early settlers finding a mysterious rock while digging a local well. Today Rockwall is home to about 50,000 residents who live, work, and play within city limits or make the short commute to Dallas. Many local events are hosted in Rockwall each year from concerts to the Founders Day Festival.

When planning your next adventure why not include Rockwall? Or are you looking to move to a smaller community yet still within commuting distance to Dallas? Anthoney Hanks with Beyond 404 Realty specializes in working with those in the Rockwall community and would love to help you begin your next journey in homeownership in Rockwall. Visit our website at www.beyond404realty.com to schedule an appointment with Anthoney to discuss your next steps.

January 18, 2022June 16, 2022

Professional or Self-Management?

Owning a rental property can be a significant source of income. Whether you already own an investment property or are considering it, one of the most important questions is if you will self-manage the property or hire a management company to do it. There is no clear right or wrong answer because each property and situation is different. Throughout this article, we will discuss the differences between the two, and then you can make the best choice for your circumstances.

The Benefits of Self-Management

The best thing about doing your own property management is saving on management fees and knowing exactly when and how the work will be done. You can control the quality and pace of the work as well as the immediate satisfaction of your tenants. You will be able to develop a connection with your tenants and, in the process, create tenants who can be more respectful of your property and turn into long-term renters.

The Downside of Self-Management

Managing a property is not easy or convenient. It takes time, commitment, and lots of energy on your part to do all the associated tasks and happiness of the tenants. Self-managers need to wear multiple hats all at once while still juggling their personal lives. You will also need to learn about tenant law, real estate, and general repairs.

The Pros of Professional Management

Professional property managers know exactly what they’re doing – it’s their job! They make owning the rental property easier and reduce stress. They have a good understanding of the market and the ins and outs of running a property effectively.

What Do Professional Management Companies Do?

Finding Tenants

Emergency Calls
Repair Work Coordination
Property Inspections
Legal Compliance
Evictions

Rent Collection

The Cons of Professional Property Management

The biggest drawback is the cost. Factor in all that they do, and you will see that it is worth it, though! Conflicts can be an issue because there is always the chance that a property manager will not manage the rental property well or just not the way you envisioned.

The Bottom Line

No one will care about your property entirely as you do. When choosing to choose self-management or a professional company, keep in mind that the solution needs to work for you, your bank account, and your future goals as a landlord at the end of the day.

If you’re thinking of purchasing an investment property in the Dallas-Fort-Worth community, please visit our website at www.beyond404realty.com and request to speak with Anthoney Hanks -our local investment property expert! Anthoney will guide you through buying an investment property and offer helpful tips and tricks along the way.

January 14, 2022June 16, 2022

Downsizing? Follow These Simple Steps!

You may have grown accustomed to hearing the saying “bigger is better”. In some instances, yes, this statement is accurate. When it comes to changing seasons in life and the downsizing your house, sometimes going smaller and more efficient home is the right choice. You might be excited for the change when going smaller, but sad to leave a home where so many memories have been made.

Downsizing can be even harder when you see the space limitations — a smaller place means you don’t have room for all your current possessions. Just remember downsizing is also an opportunity to cherish your prized possessions, get rid of unwanted items, and live a fuller life unburdened by keeping up with a large home and too many possessions. Let’s see how to do it!

Plan

Start by imagining the type of space you want and how it will better serve your current needs. If you are aging, do you want to live in a condo where you will have many painstaking exterior maintenance tasks taken care of for you? Or do you want a smaller home?

Whichever direction you decide to go in, you will need to carefully plan what you can bring with you from your larger home due to the change in square footage. Go through your current home one room at a time, starting with larger items such as furniture. Take inventory of what you own and then decide what items will fit the new style of your future home, if the item is still in good condition, and if you have room for it. From there move on to smaller items.

Capture Memories

Some items such as photo albums take up TONS of room. Digitize your photos to save on space. Digital frames, online slideshows, and other options make viewing your photos easy at any time! Other sentimental items such as childhood mementos, tickets from ball games, or travel souvenirs don’t necessarily need to be tossed for the sake of saving space. Sort through those items and decide what you would really like to keep and store them in clearly labeled plastic bins for easy access and organization.

Share Your Memories and Items

When you have gone through your items and made final decisions on what will move with you, invite those close to you such as children, grandchildren, and friends to come to your home before donating or selling items and let them go through the remaining items to see if there is something that they could make use of. Perhaps your granddaughter wants your old sewing machine, or your son could want the stool he used to sit on as a child as he colored books for his son. Your possessions hold sentimental value not only for you but also for those who are involved in your life.

Move and Enjoy

You have done the hard work, went through your belongings, packed them up, and moved into a smaller home – congratulations, you have downsized! The real fun begins now as you get to enjoy life surrounded by the items that truly mean the most to you after downsizing. Also, you will be able to spend more time with those you love because you will no longer have to deal with the maintenance and upkeep of a larger home. You will be able to travel with more ease, and less hassle, you will spend less money on repairs, and you can easily find all that you own.

While the initial move to downsize might seem overwhelming and scary the rewards greatly outweigh what you might leave behind. Think carefully before making the move, consider all the facts, and decide if this is the right move for you. If it is the right move, you won’t be disappointed. Make sure to check out our blog on moving in efficiently to your new home at https://beyond404realty.com/index.php/2021/07/26/week-one-in-your-new-home/

If you are looking to downsize in the Dallas-Fort Worth area consider reaching out to a trusted local agent, Anthoney Hanks. Anthoney has been involved with helping families start a new chapter for over 5 years and wants to help you too. Visit www.beyond404realty.com to find out more about Anthoney and how he can help you too.

January 4, 2022June 16, 2022

A Seller’s Market – Your Time is Now

What is a seller’s market? According to MASHVISOR, the definition of a seller’s market is when the supply of homes for sale is low when compared to the number of buyers in the real estate market. Rocket Mortgage says it another way, “A seller’s market arises when demand exceeds supply. In other words, there are many interested buyers, but the real estate inventory is low. Since there are fewer homes available, sellers are at an advantage.” What does that mean for you as a seller?

Most Homes Sell Fast

With the supply low and demand high your home might sell faster than you would expect! Of course, you will need to consult with your local agent to confirm the data in your area, but homes across the country are selling at record speed. Determining factors such as neighborhood, age of the home, and condition do still play a factor.

Multiple Offers

A shortage of housing and high demand often causes “bidding wars”. A bidding war is when multiple different parties make an offer for a home at more than the asking price. Buyers will make competing offers often driving the price far above what you are initially asking for your home. Again, this will vary from property to property. Always consult with a local market professional before deciding on an initial price for your home.

What Can You Do?

At the end of the day, your home still needs to be presented in a professional manner to be sold at a high value. Here are some things many real estate professionals recommend doing.

Declutter/Clean

Small repair work

Exterior maintenance

Stage your home

Take professional photos

Work with a trusted local agent

Who Can Help You?

Anthoney Hanks works with sellers across the Dallas-Fort Worth metropolitan helping them secure the best offer for their property, and you could be next! Connect with us on our website at www.beyond404realty.com to see how Anthoney and the team at Beyond 404 Realty can help you begin your next journey.

If you do not live in the DFW community, seek out a local trusted agent to assist you. Ask questions. Be informed. Do your research. Selling your home is a personal choice and you want to work with an agent with whom you work well with.

January 4, 2022January 4, 2022

A Little Bit About Us

You’ve searched the local area and have come up with dozens of results for agents in the Dallas area. Why should you work with us at Beyond 404 Realty?

We Have our Finger on the Pulse of the Local Market

At Beyond 404 Realty we have put countless hours into researching, learning, and experiencing all things real estate related. Our years of experience and knowledge will help you get to your end goal faster and easier! We know the local markets of Dallas, Forney, Talty, Crandall, Kaufman, and surrounding areas better than anyone. Our agents know what makes this market tick and how to find the best deals in the best neighborhoods.

Buy, Sell, or Invest – We can Help

At Beyond 404 Realty we love to help you in every phase of your homeownership experience. We work with buyers, sellers, and investors in the DFW area. When you are looking to buy we help you compete in the high stakes market by ensuring you have all of the information and tools you need to make a successful purchase. When you are looking to sell your home we can offer top-notch marketing services and contract guidance through closing. Investing? We are investors ourselves!

Where do We Work?

We love the DFW area including Hunt County, Kaufman County, and Rockwall County.

Get Started!

Head over to our contact page and fill out the required fields. An agent or staff member will reach out shortly to help you develop your own unique plan on your journey of homeownership.

December 20, 2021June 16, 2022

Common Tenant Screening Mistakes

The most significant decision a landlord can make is who to rent their space to. The difference between a good tenant and a bad tenant can make or break your success as a real estate investor. Failure to properly screen tenants can wreak havoc on your finances, from your savings to the value of your property to even your happiness. To retain your sanity as a landlord, follow these simple steps and reminders when screening potential tenants.

Screen Every Potential Tenant

The biggest mistake you could make is skipping the screening process altogether. No matter how nice or put together the potential tenant is, it puts you at considerable risk when you do not go through with the screening process. Finding out essential details of the applicant, such as criminal history, credit scores, and eviction history, can make you think twice about the supposed “perfect fit.”

Confirm Their Identity

It’s true; people use fake IDs, passports, and other means of verification to secure a rental. Confirm a person’s identity with a photo id whenever possible.

Confirming Income Sources

Don’t just take someone’s word for how much income they take in. If a potential tenant can’t pay the rent, it will become apparent no matter how well they cover it up. Always require proof of income by asking for pay stubs or a written letter from their employer.

Require Previous References

No reference, no problem? Think again! If the potential tenant isn’t renting their first apartment from you, they should have some reference for you to call on. Why might there be no references? The tenant could have previously wracked up a property damage bill, being late on rent, evicted, and the list goes on. Always require references!

Avoiding these common mistakes will be time-consuming but worth it in the end when you have a high-quality, long-standing tenant. Tenants are easy to come by, but the good ones take a little bit more work to find. When in doubt, always do more research.

Are you looking at starting your journey as a landlord? With Beyond 404 Realty in Forney, Texas, Anthoney Hanks is the local Dallas-Fort Worth area expert on finding potential rental properties. Anthoney is an investor himself and loves to help those in his community start the journey towards financial freedom by becoming investors. For more information on this, please visit our website www.beyond404realty.com to get started.

December 14, 2021June 16, 2022

Common Repairs Made by Landlords

Being a landlord isn’t just collecting rent checks and sitting back. There is a lot of work involved in keeping a property up to date and in good shape. As much as we wish our tenants would treat their apartment like their own, they don’t, and that means that repairs are common in between tenancies. What are the most common types of repairs you will have to make, and how can you prepare for them?

Water Leaks

Whether the water leak is under the sunk or around the windowsill, you will encounter this issue at some point. Water can cause thousands of dollars in damage to your home now and in the future, so it’s essential always to take these repairs seriously and act on them promptly. Even small amounts of water can cause mold to grow, which is expensive to remediate if left unchecked.

Smoke Detectors

All smoke detectors must always be in working order – especially in high traffic areas such as bedrooms and kitchens. Keep batteries in your tool kit when visiting your property to change batteries when needed.

Toilets

A more common problem than landlords wished – bathroom issues. Baby wipes, cleaning pads, cotton balls, paper towels, and much more get flushed down the toilet by tenants causing problems with the plumbing and septic if you have it. Always remind your tenants what is okay to flush and what is not.

Pests

Ants, roaches, rodents, and other creepy crawlers find their way into nearly every home. These critters can cause massive damage to your property. When you receive a complaint or request to remove pests take it seriously! Hire a professional to get the job done right the first time – it will end up saving you money in the long run.

Hot Water

When tenants lose their hot water, it’s likely a problem with the water heater. If a new water heater is needed, you’ll need a plumber to replace or repair it.

Garbage Disposals

Garbage disposals are convenient when they work but can quickly become a nuisance for landlords when they are not working. Tenants may drop items down disposals that don’t belong there, causing the disposal to malfunction. The best way to reduce the number of garbage disposal repairs is to remind your tenants how best to use them by leaving a best practices sheet when signing the lease.

Preparation is critical when you are a landlord. Although there is no way to anticipate everything you will encounter, you can be prepared for the abovementioned problems.

Are you thinking of investing in your first rental property? Anthoney Hanks with Beyond 404 Realty in Forney is a local expert on investment properties and will be able to guide you through the process with ease. Check out our website at www.beyond404realty.com for more information.

December 6, 2021December 6, 2021

HOA Basics

You purchased a home that belongs to a Homeowner Association (HOA), now what? Homeowners associations are rising in popularity in many neighborhoods to maintain a cohesive and polished image throughout the community. HOAs have always been common with condos and townhouses but now are gaining momentum with stand-alone single-family homes. Why? Let’s go over the basics of an HOA so you can see why they are often a preference for new homeowners.

What is an HOA?

HOAs are a group or an association of homeowners within a neighborhood or development, typically condos, townhouses, or newer planned developments, like the neighborhoods that surround golf courses for example. These associations establish and enforce rules and regulations for members of the association. In addition to enforcing rules, the HOA is responsible for certain things around the development or property that could include the following – landscaping, plowing, shared spaces such as pools, gyms, tennis courts, or common buildings. To fund these endeavors the HOA charges a monthly, quarterly, or annual fee to all households within the HOA.

Who Makes the Rules?

The rules and regulations that form the HOA include an outline for the board of directors for the HOA. The rules and regulations specify when and how frequently board members meet as well as how many seats there are on the board. The rules and regulations also include members voting rights. Have an agent help you review the rules and regulations of an HOA you are thinking of entering so they can help better explain the neighborhood and its reputation.

What Can HOAs Restrict?

With the many benefits of an HOA do come with some downsides. The most noticeable downside for many homeowners comes with the HOA restrictions. The HOA has covenants and restrictions. These covenants and restrictions can govern quite a bit of your daily life around your home. It’s important to consider everything you might do around your home now and in the future and see if it fits within the guidelines of the HOA. Some restrictions that can be imposed are below.

Fences

Home Businesses
Outdoor Sports Set-Ups
RV/Boat Parking
Parking of older vehicles in the driveway
Laundry lines

Landscaping styles
Paint colors
Mailbox style
Lawn signs

What happens if you repeatedly found in violation of rules? The HOA will issue a fine. Stay safe and read those rules before you buy!

What are the Benefits?

With the rules and association drama, some may wonder, “Why even bother?”. There are many upsides to belonging to an HOA. They can include the following.

The rules and regulations deter negligence of property
The curb appeal of the entire neighborhood is boosted
Community connection and involvement
Higher property values
Lawn care (with some HOAs)

Now that we have discussed the basics of an HOA you will be prepared to ask the right questions if you were to find a property that was in an HOA. Remember, read all the rules and regulations carefully before placing an offer on the property, and always ask an agent for help understanding them where needed.

Are you looking for a property in the Dallas-Fort Worth community that is part of an HOA? Beyond 404 Realty specializes in helping bring Texas home, one family, at a time. Reach out to us today to talk about finding your dream home in the DFW area, including Forney, Talty, Crandall, Kaufman, and beyond. Anthoney Hanks with Beyond404Realty.com.

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