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With the time I’ve discovered that most small Charleston SC real estate trade owners are traditionally missing some of the most essential things in their trade. If you wish your real estate industry to be a great triumph, here are certain basic things. Mere ads, sales pieces and flyers are not enough for trading Charleston SC real estate-it looks for more. It is anticipated to have a copy of the introduction of your Charleston SC real estate and how your staff speak to your patrons at the back of your business cards. Basically it gives out the brief idea of your Charleston SC real estate and real estate business. The way you reward your customers with Charleston SC real estate deals will only give you fair word of mouth and free advertising of Charleston SC real estate.

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The relationship with the clients is best shown through the triumph or the failure of the real estate business. I simply go nuts when I think regarding an industry which has no online reference. You can’t disprove the online resources to have profitted you.

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Do You Need a Home Equity Loan or Line of Credit?

by: Jakob Jelling

A home equity line of credit is very closely related to a home equity loan but the subtle differences can mean a lot. Determining which option is the best for you relies upon you knowing your current situation and having a clear plan for what you wish to accomplish with the money.

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A home equity loan is a lot like a mortgage. With a home equity loan you are able to borrow the amount of your homes value that you have already paid off. The benefits of this type of loan is that it is almost always guaranteed since it is based upon the amount of your home that you already own, the terms are almost identical to a mortgage and you receive the entire amount of the loan up front after closing.

While a home equity loan is also based upon the amount of your home that you currently own, the terms of the loan are very different. A home equity loan is basically a credit card where the limit is the amount of equity that you have in our home. Instead of receiving one large lump sum of cash, you will receive an overdraft type of service on your account that will allow you to withdraw as much or as little of the equity that you wish to use.

Which choice is better for you? The answer depends upon what you need the money for. With a home equity loan the monthly repayment schedule is known and the interest on your loan will be lower than most other types of loans. However, with a home equity line of credit, you have instant access to cash and the payments will vary depending but the interest will vary. With this in mind the question really becomes do you need access to a varying amount of money or one known lump sum of cash?

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A lump sum of cash with a set repayment schedule is great for specific things such as debt consolidation or the funding of specific projects with a predetermined cost. If you are considering debt consolidation for credit cards or any other high interest loans a home equity loan is most likely a very good idea. You will be able to repay all of your debt and will only have to make one monthly payment at a lower rate of interest that you are currently paying on your cards and other unsecured loans.

Home equity loans also make perfect sense if you know the exact amount that you need to borrow. While it is always nice to have cash on hand it is often better to have more credit available to you. The more of your credit limit that you use up the higher the interest rates will be for you and the tougher it will be to borrow more money in the event of an emergency. It is definitely to your advantage to only be in debt for a specific amount to complete one project.

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A line of credit option may be better depending upon what you wish to do with your money. While you will still use up a portion of your credit limit, the payments and impacts on your available credit may be lower. With a line of credit you always have the same amount of money available to you. As you pay off the amount of credit used, you can reuse that portion if needed without having to apply for another loan. Also your payments may be considerably lower since you are only paying on the amount of money that you have actually used, not the total amount borrowed.

As you can see there are some big differences between a home equity loan and line of credit. If you are looking at a single project, such as a new car or adding a pool to your home, a home equity loan is the better choice for you. However, if you are looking at starting up a new business, wish to travel or can not settle on predetermined amount money, then a line of credit is the better option for you. With a line of credit you can use as much of your credit as you wish whenever you wish and, much like a credit card, you can reuse the amount of the line of credit that you have repaid with out having to re-apply for a loan.

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Does the myth that mobile homes depreciate in value keep you
from investing in them? Well, they do lose value in a park,
on a rented lot. Mobile homes with real estate, however, are
an entirely different investment.

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My mobile home doubled in value in the twelve years I lived
in it. The home deteriorated a little (don’t all houses?),
but the value of the land continued to rise. Also, by
renting rooms, I took in far more money from my home than it
originally cost, and I was living in it!

Forget your prejudices and look at the numbers. In this
town, for example, a two bedroom house rents for $800/month,
and costs about $120,000. A mobile home gets $500/month, but
you can buy one on real estate for $50,000 or less. The
cash-on-cash return on investment is obviously higher with
mobile homes.

What about the long term return from appreciation? House
rentals here typically have negative cash flow, while mobile
home rentals at least break even. Investors prefer houses
anyhow, believing they’ll build equity faster, but is that
true?

Faster Equity With Mobile Homes

Buy a house for $120,00. Put $20,000 down, and you’ll have a
$100,000 mortgage loan. Amortised over 30 years at 6%
interest, you’ll have a payment of $599.60. Of the first
payment, $500 will go towards interest, $99.60 towards
principal. In other words, you only built equity of $99.60.
I’m ignoring appreciation, but only for the moment.

Second scenario: Find a nice mobile home for sale, and
borrow only $30,000, at 8% interest, amortised over 10
years. Note the higher interest - this is always the case
with “factory built home mortgages.” The shorter term is
normal too, so you’ll be done with payments in 10 years
instead of 30.

Now, despite higher interest and a shorter term, the payment
will be only $363.99. The first month, $200 will go towards
interest. That means the other $163.99 goes towards
principal. You bought more house (built more equity) in this
scenario.

A mobile home on land might appreciate more slowly than the
“regular” house, but faster loan pay-down covers this
factor. Pay less per month and build more equity! Don’t
expect your real estate agent to tell you this. Don’t expect
him to even agree with me after you explain it. I sold real
estate years ago, and math skills were not part of the
licensing requirements.

What is your belief about the utility of this stuff?

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Cash Flow With Mobile Homes

In the example given, you’d initially lose about $150/month
on the house, after your payment, taxes, insurance repairs
and other expenses. You’d break even or better with the
mobile home, and after the loan is paid (ten years), you’d
have a lot of cash flow, of course.

Mobile homes are cheap to maintain. The furnace died in
rental I owned, the most expensive repair you’ll have in a
mobile. I replaced it for $1,200, much less than a furnace
for a larger home. For $200 you can have a mobile home roof
tarred, instead of $5,000 to re-shingle a traditional roof.
Windows, plumbing, doors - they’re all cheaper.

Property taxes cost less, because they’re based on value,
and mobile homes have a lower value than stick-built houses.
Insurance will cost less too, because you are insuring less
value. The only precaution to remember here is to be sure
you can get insurance. Very old mobiles may be uninsurable
in some areas.

The Bottom Line

Mobiles have their own problems. Renters who have to rent
for less sometimes pay late, for example. These issues are
minor compared to the advantages. Your twenty thousand could
buy you two mobile home rentals, with ten thousand down on
each, instead of one negative-cash-flow house, for example.

Take an honest look at the numbers. The two investors in my
town that own most of the mobile home rentals always have
cash flow, and have millions in equity now. Other investors,
following their prejudices, struggle to make money with
their “nice” rental homes. So don’t automatically pass on
those mobile homes for sale when you’re looking for a good
investment.

Fine. Now that you have read till this point, we hope that likewise you will have something exciting. Your appetite for knowledge might get quenched in subsequent paragraphs.

About the Author

Steve Gillman has invested in mobile homes and other real
estate for years. To learn more, and to see a photo of a
beautiful house (not a mobile) he and his wife bought for
$17,500, visit http://www.HousesUnderFiftyThousand.com

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