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How To Purchase A Home Using Someone Else’s Money Seminar Presentation

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Page 1: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

How To Purchase A Home

Using Someone Else’s Money

Seminar Presentation

Page 2: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

2© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Introducing the Participants

Your Hosts

The Attendees

Page 3: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

3© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

What We Will Cover Today

Why this is a great time to buy3 economic reasons to ownFinding the cash to ownPlanning for your first home Make it easy--LOANFIRST

Page 4: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

4© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Why The Market Is Hot

Population growth fueled by immigrationHome prices are increasingLower interest ratesDiversified portfolio a key

Page 5: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

5© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Fannie Mae Survey

Security, permanence & control: 69% gave as reasons

Owning a good investment: 78%Two-thirds would choose to work an extra decade to ownOwning is truly the--

American Dream

Page 6: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

6© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Wealth Is Created Through Real Estate...

Page 7: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

7© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Ask This Question...

Would you rather pay $975 a month for rent that goes totally down the drain?Or would you rather pay $975 a month to own a home...and have a savings account growing steadily each month?

Page 8: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

8© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Three Financial Reasons

****The Power of Leverage

****Rental Equivalency

****Inflation Hedging

Page 9: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

9© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

The Power Of Leverage

Home Savings

Investment $ 10,000 $10,000Total Asset $100,000 $10,000Appreciation 4% 4%10 Year Return $ 39,803 $ 4,800Rate of Return 17% 4%

Page 10: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

10© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Rental Comparison

Own RentMonthly Payment $1,116 $ 850Tax Deductible $ 983Tax Savings @22.3% (220)After Tax Payment $ 896Principal Reduction (45)Rental Comparison $ 851 $ 850

Page 11: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

11© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Inflation Hedging

Own RentMonthly Payment $1,116 $ 850Inflation @4% Portion AllPayment Year 10 $1,234 $1,258Principal Reduction (120) N/APre Tax Year 10 $1,114 $1,258After Tax Year 10 $ 805 $1,258

Page 12: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

12© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Fannie Mae Survey

Major obstacles to Major obstacles to home ownershiphome ownership

51% Cash51% Cash44% Income29% Job Security25% Credit Record

Page 13: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

13© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Solution #1Gift from a parentGift from a parent

or other closeor other close

relative--relative--

FHA/VA/FHA/VA/

ConventionalConventional

Page 14: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

14© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Solution # 2

Seller pays Seller pays for closing for closing

costscostsFHA/VA/

Conventional

Page 15: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

15© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Solution #3

Low or No Down Low or No Down Payment ProgramsPayment Programs

FHA/VA/ConventionalFHA/VA/Conventional

Page 16: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

16© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Solution #4

The Finishing TouchesThe Finishing Touches

Monthly mortgage insurance

Low closing cost programs (no points)

Seconds from non-profits

Borrowing (secured)

Page 17: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

17© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Putting It All Together

Typical FHA

Sales Price $100,000 $100,000Down Payment 5,000 2,750Closing Costs 4,000 3,000Total Cash $9,000 $5,750Seller Pays 0 2,750Gift 0 3,000

Page 18: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

18© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Moving Forward

Homebuyers Financial Planner&

Residence Analysis

"Plan the action"

Page 19: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

19© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

Why Do It Backwards?

LOANFIRST

Approval before you shop

Gives you confidenceEliminates last minute problemsMore negotiating power

Page 20: How To Purchase A Home Using Someone Else’s Money Seminar Presentation

20© 2002, All Rights Reserved, The Hershman Group 12.3© 2002, All Rights Reserved, The Hershman Group 12.3

The Time Is Now


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