Latest / Connor with Honor: AI, Real Estate and Real Life / Real Estate 101 video series - Video 2 types of housing and what extra fee's they may carry including the mello roos and special assessments in Santa Clarita CA
Transcript
- 0:00I put together a nice little video that talks about the beginnings of what a home buyer that's contemplating buying real estate should be faking about so what I did is I put that together I had that posted up at Santa Clarita Openhouses
- 0:14com forward update just look for the video that talks about 1: 01 Santa Clarita openhouses.com forward slash update now once you see that one that's gonna take you through should you even be buying a house and then moving into the communication after you select a lender select an agent and all these other things once that happens and you get to the point that you've said yes I'm gonna be buying a house some kind of residential real estate to live in that's kind of the precursor to this video show investors that's a whole different animal different video series I have that as well Connor with honor thank you anyway the thing is is you get that communication down and you understand how everybody's gonna play fair in the sandbox then you move into that next step which is once you've qualified for a particular amount your lenders gonna say and you'll give up all your information just a quick word on that it wouldn't be a bad idea it probably wouldn't hurt for you to hold on to the file that you put together for whichever lender you select he's gonna be asking she's gonna be asking those documents are gonna be financial things past taxes things that might not be easy to get a hold of again and the reason why you might wanna hold on to everything if let's the lender that you're working with you lose total faith in them you catch them having done something that would have been bad for you and they knew it didn't work forthright with it kind of themselves that happens a lot when you have people depending on other people for the money that they make so I guess it happens a lot all right once you start working with whomever it is you might have that falling out if you have a file of all the documents that you put together to become pre approved with a particular lender it's much easier to further that with somebody else if need be just hold on to that in the back of your brain just make a file on your desktop your laptop or in your phone on your drive hold on to whatever documents you pass back and forth through the lender they're gonna ask you for everything once they do they're gonna approve you now there's different types of pre approval there's underwriter approval regular pre approval it used to be back in the day when you would see a pre approval letter as a real estate agent and I'm talking way back in that late nineties more than likely it was accurate it was true and the reason why I'm even throwing that out today with all the fake things in the world um there things that n't true and it's very easy to go online and make up things that's why it's very important for your agent well okay on sellers end of it for them to do their due diligence and find out these people writing offers on their home are they actually qualified so that agent should be following up with each one of those in that instance you as a real estate buyer on the other hand you will be giving your agent a pre approval letter if you've met the letter through the agent more than likely everything's great if you're coming to the table with your own lender it might not be a bad idea for your real estate agent just to give him a call and find out what's going on make that introduction hey be buddies were in the sandbox together let's try to get so and so what they want and when the agent connects with the lender like that it's actually kind of cool because the lenders know a lot of real estate agents it's important that we put all of our pride aside and maybe an agent likes to work with a particular lender or vice versa we have to move all that stuff aside and do what's best for the client period end of story they should be playing wonderfully together and again the communication thing maybe have them streaming emails back and forth tie your lender into the emails and listen if they tell you you know don't have time to look at all these emails that some of them which don't have anything to do with us say maybe you're not the right lender for me I would accept emails and I have a moment to go through them and if I'm really that busy I can create folders and reviews review sometime midday so I can at least get them all out of the way so that being an excuse don't involve me and if somebody says not to involve them you know out and see what you think once you get that together you get the pre approval letter now you're set at a particular price what do you wanna buy are you have enough money to buy a single family residence maybe strategically you don't want a single family residence maybe you wanna count town home or a condominium people do do that that's not weird single family residents however and I only say that if you can get into one your it's gonna be maybe more private you're not gonna be sharing well depends on where it is in the Santa Cruta Valley but most of the time you're not sharing driveways you usually stand alone town homes detached condos these are different property types you might be sharing driveways some are configured where you'll have four houses kind of facing each other in a square and then you have the access points to the garages within kind of the street little area that being the case that works out great however just know that going in usually in that kind of a situation there's gonna be homeowners as well homeowners association DOS I'll throw that out there as well and my bio briefings I go into this ad nausea people often ask you know they for what do they mean how do they work how do they make their money sometimes it's difficult to tell what the homeowners association does for the dues that are being paid but if you're in an area that has a lot of green belts a lot of extra property maybe racquetball courts swimming pools for the community these sorts of things and that's the homeowners association community not the general community because the members are paying for those well you see kind of do some other cases they provide insurance there's an insurance bond depending on what function they serve that's gonna probably be more condominium maybe down home but it depends whenever you're buying anything that has a homeowners association at least here in Santa Clarita if you're going through a brokered agent everything you're there's going be a point where you're gonna be able review as a home buyer the CC and ours they are covenants conditions and restrictions having to do with the condominium and homeowners association so there's gonna be rule so once you have that information and you've you know exactly wanna purchase you decide what type of housing type and again you're gonna get a copy of these CCNRs for the residences the condominium and single family residences in there you're gonna see if there's a board of directors you're gonna see who manages it you're gonna see if there's any kind of a political structure within it and then you know you the jokes that stem from that and want to be president of a homeowners association and and so on and you can watch that ad nauseam all over television I like the ad nauseam statement I think it's good alright so that being the case let's say single family residence it is if it has a homeowners association you're gonna wanna find out about that you'll wanna see if it has melarus or specialist special assessments extra taxes and extra taxes that potentially at some point the home builder whomever that was decided that they would rather pass on those costs to each individual homeowner have them included as part of their property taxes over and above the normal Los Angeles County tax rate of 1.25% and it's plus or minus so depending on the house when it was built it's gonna fluctuate right around there for LA County property Texas so if you're buying a home um making it simple $100,000 you will 1.25% of that of a hundred thousand dollars if we could find such a thing is going to be $1,250 that's gonna be your property taxes for that property if it's in LA County and there's no special assessment so you just multiply that up it's a million dollar house your property taxes are gonna be $12,500 at 1.25% for a million dollars a real estate's 's per year payments broken up in a couple different payments throughout the year now it depends on your loan whether or not you're gonna be allowed to pay your own taxes having saved for it for enough you know and then a year you're paying that $6,000 if it's $1 million real estate 6000+ a couple times a year maybe that's gonna be your strategy but if you get a particular loan type usually less than 20% down sometimes they do impound your account so property taxes are gonna be in there in your payment so it's not just gonna be your regular house payment for your mortgage property taxes will be in there sometimes homeowners associations get tight in there and some of those other permanent recurring costs including home insurance as well which is a whole another video just throwing it out there if you have to be watching this at the beginning of your home search and you're gonna be buying a house in Santa Cruta Valley give your insurance person to call or your agent should kind of know this off of their head but you should always verify everything your agent tells you really she should you should always verify now so that's the insurance thing but all of these factors are things that you should know when you're buying real estate so that's usually how the payments are configured and how the taxes work now in some areas it could be that you're paying the melarus and assessments I talked about that's a lot of extra in some cases it's a whole lot of extra and it's gonna be on top of the normal tax base and I have seen melarus amount approaching double taxes so by $1 million real estate it jumps up where you have double taxes to pay if in fact the melorous are special assessments are that high how long do they get paid a long time but 20 30 year bonds and then sometimes they fall off and they're done when the maturity date hits and sometimes I think there's mechanisms in place to have them continue if you're gonna be something predicated on 30 years in the future when melorous won't be around and basing your Biden's decision today off of that bad idea let's take it for now also if you're buying I've talked about this with a lot of other people if you're purchasing now do not buy because somebody said oh my gosh you'll be able to save on interest rate when it does come down what if it doesn't come down is the question condominiums town homes they have their own variety all of these property types I'll finish with this in today's video it's important that at some point in the process after you start seeing residential real estate and you start to get close to writing offers on residential real estate and you have an offer accepted you wanna go talk to the neighbors condo town home super important single family residence I'd throw it right up there with being as important although the point is you kind of want to see who space with who are you sharing walls with or floors or ceilings and in a condominium you know it's like an apartment so it's you're gonna have maybe this wall this wall roof ceiling with a neighbor it's kind of cool to see who's there maybe you're below somebody if they have high heels on all the time they're getting home from the club late at night banging around on the floor with 15 kids that's a lot of extra noise potentially through the floor so it might not be a bad idea as part of your inspection process cause you'll have time to look at things unless you give that up that's another video but if you don't give that up and you have a particular amount of days to conduct inspections part of your due diligent should be to go to the property and this is any property and have a listen listen inside listen outside maybe times per day if you have a property that's adjacent to a freeway for example which we have that in the Santa Cruta Valley we have the 14 the 5 Freeway if in Newhall Ranch Road it's like a freeway other streets out here Golden Valley like a freeway very high speeds low high traffic volume if you're purchsing residence tht's on rod the street in front of it that's normal but maybe it backs up to something maybe it's in the vicinity of something else that's not very great for a homeowner IE prison jail those things don't help usually though your price per square foot property point cost is less when properties have those issues if you're gonna be buying something like that great understand that if you're having a quandry in purchasing it more than likely when it comes time for you to sell it sell it that next buyers be in the same pickle unless you can change something about it whatever that may be or they move whatever is close to it that's causing maybe value issues moving that away or it's being relocated or something when you're purchasing real estate right underneath those massive high frequency power lines again you'll probably that price per square foots probably gonna differ or be less for that residence versus one same house same everything a block away that's not in close proximity to the high power lines those are things to look at your agent should be pointing these things out when you're at the property I'm going to end today with that we will be back next video talking about home selection so we got through some of the little trinkets of information concerning CC and ours and homeowners associations the next video I'll put together further discussions about choosing these different property types and then we'll take it as if we're gonna be buying a single family residence because they'll be separate videos on condominiums and town homes they are really important enough to get their own content because there are some insurance issues some used to be have financing some are not allowing for financing anymore so these are Santa Clarita specific and even those that maybe haven't purchased in a while I'm Connor Mcgiver thank you for watching video No. 2 in your 1 0 one series I guess this will be a video 1 0 2 1 0 2 class I a fantastic week and we will talk to you soon thanks for watching it was somewhat verified if you had the letter might be the best choice if you're buying residential real estate but I do talk a lot about homeowners associations the people that go it's important to know if the property is insurable
- 15:061: 01 real estate training videos for first time buyers even if it looks like it is