Although we are going through unprecedented times the basics financial principles have not changed.
•1. You actually have to qualify for a mortgage.
•2. You have to save up some money for a down payment. Lenders want you have a reason to work through hardships and not get dumped along with the house.
•3. The mortgage has to be properly planned because it does have the ability of robbing your life's savings.
•4. The mortgage has the ability to provide you with a comfortable retirement. Speak to your Certified mortgage Planner about that.
•5. Invest invest and keep investing. A down market will only increase your chances of hitting it big. it is called dollar cost averaging here is the technique from about.com
"Instead of investing assets in a lump sum, the investor works his way into a position by slowly buying smaller amounts over a longer period of time. This spreads the cost basis out over several years, providing insulation against changes in market price."
Strongest lesson is to see what the herd is doing and to do just the opposite. When nobody is buying Real Estate you buy.
When everybody is pulling out of the stock market due to fear, you do the opposite and start investing.
The idea is consistency and measured. Avoid fear and greed!
For more information on investing and equity management please contact me at
917.660.3630 or send me an email at joel@joelsilberstein.com.
Sincerely
Joel Silberstein
Certified Mortgage Planner, CMPS
The Silberstein Group
Joel,
Investors now have the opportunity of a life time, if they can over come fear and Markest/socialist!
Great post. A home should be the first investment for most and with reasonable credit, it doesn't take much down if well planed.
Keep up the good work, it's good to hear from you.
Bill
Thanks Bill for your response it is always great to hear from you.
I think in this market it is a bigger opportunity to blog as well.
Joel