Financing...A final post

         The voice that I have created is Patches Mack. I still stand strongly behind this voice and believe in it. So far in this course I have been forced to focus on areas of my topic that I am not as comfortable with. It has really made me a more well rounded individual in the real estate market and it has increased my passion even more for this topic. I really want to stay focused on financing in the real estate industry. Weather it is someone's first home or their fifth home financing is always a huge question mark, and it is a question mark that holds a lot of people back most of the time. For me personally, I have been working with my dad my whole life in the real estate industry and not even realized how much I have learned from him. He has a full time job, and he still manages to finance not only the money for real estate projects, but also finances the time in his busy schedule. I strongly believe that people who are just graduating college, who have limited cash flow, can find ways to finance a house and prevent renting.

            I am 23 years old and it will be time for me to begin my own personal entrance into the real estate market, which will probably mean buying my first house. This does not seem to scare me like it does a lot of other people because I have been dealing in this industry my whole life and learning along the way . I can only imagine how people who don't have any experience in this field feel when they think about purchasing their own house. When I put myself in other peoples shoes who are in my similar situation I feel overwhelmed for them. It is a scary thought being tied down by a mortgage for a huge part of your life. The mortgage rates are constantly changing and depending on what kind of mortgage you are looking to take out will ultimately determine the rate that you will be paying.

            People graduating college really need to capitalize on their resources that are right there in front of them. For example, college friends and family. My brother just split the deed on a condo with another couple and was able to purchase the property up front with a low mortgage rate. It was a five year mortgage and at the end of the five years they will probably sell and go their own separate ways. This is a much more wise decision than renting because you are paying for something that will eventually be yours. Once the two couples are done paying off the condo they will then be ready to move on to the next chapter of their life and possibly have kids. They will also be much more financially stable and be able to afford a house that can be only theirs. There are so many other ways to finance projects like this if people are willing to exploit the resources that are available to them. When my brother explained to me what he was doing I thought it was a brilliant idea. He trusts the people that he split the deal with and he knows that he does not plan on having kids for at least five years so this is the perfect time for a project like this. This kind of activity gets me very enthused to start my own endeavors in the real estate industry.

            Another solid resource that people can use is their families. A lot of times parents would be more than happy to finance a real estate project with their loved ones. This means that their name goes on the deed to and is split up fairly between the two parties purchasing. This is just another way to make the burden lighter on graduates who do not have the cash on hand to purchase a house up front. Although the bank may not trust a couple of graduates, the graduates families would certainly be the opposite. I have worked along the way with my father in his real estate business and he has a number of different partners and investors that he has built strong relationships with. Often times he splits the house between three or four people, and when it is ready to be re sold the profits are evenly shared between the existing parties. This divides up the risks and helps people not feel as overwhelmed with projects like this. I saw the perfect example of using family as a resource. A family owned a house that they rented out to college kids. The dad talked with his son and said if you can keep this house rented until it is completely paid off then I will give you fifty percent of the houses value once the house is sold. The house is still rented to this day and has been ever since. This individual had the connections in the school with his friends to make sure that the house stays occupied by good tenants. This is just one example of how people can use family as a resource.

            The Patches voice was designed to educate people on the real estate market. It was created to help eliminate the doubt that a lot of people have when they are looking for a place to live. Real world examples are the best way to do this. The best way to tell people how they can finance real estate projects of their own is to show them how! Just like in this class, you are showing us how to write for social media, because showing and real practice is the best way to learn.