The vast majority of renters who want to own a home are young people who have been unable to save up the funds needed for a down payment and closing costs. If this describes you, please continue reading. We may have a realistic solution for some of you.

• We recommend that you carefully consider becoming a licensed referral real estate agent. If you do so, you will have the opportunity to accomplish the following:
• Earn a significant commission on the purchase of your own home. If you change from a referral agent to a regular agent prior to closing, you will earn 80% of the commission that our office earns on the transaction. On a $500,000 sale, your commission will be $10,000 (5% x 50% to our office x 80%).
• Compare this to the down payment for an FHA loan which is 3.5% + 1 % closing costs or $22,500 on a $500,000 purchase.
• Before you buy your own home, you can earn referral fees that you can set aside for your down payment. See: SCReferraIAgents.com. There are no costs for you to become a referral agent other than the cost of obtaining a license.
• By earning referral fees, the fees can be counted towards your income helping you to quality for a real estate loan.

In addition to earning the money needed to buy your own home, you will find that real estate sales is a rewarding part-time or full-time career. See: Part-time Real Estate Agents and Buyer Questionnaire.

For additional information, please call Michael Chulak at 818-991-5200.

 

Piggybacking

Piggybacking is when a person becomes an authorized user on another person's credit card for the purpose of boosting their credit score. This is not to be confused with being a joint account holder. The difference between the two is that authorized users are not legally responsible for charges made on the credit card, whereas joint account holders are.

The authorized user gets the full account history reflected on their credit report. They will get credit information including the payment history, the age of the account and the utilization rate. When these characteristics are positive, they can help to raise an authorized user's credit score. If they are not positive, the authorized user risks lowering their own score.

 

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