I BOUGHT A HOUSE! What I Learned? – The Financials

Posted on by Andrea T. Fowler

I’ve been a REALTOR® for 4 years and have been trying to purchase my own home in just about that same amount of time.

2012 – 2013

Here’s the backstory. I graduated grad school in August 2012. I started working for a nonprofit in South Dallas in January 2013 where the premise of our business was revitalizing South Dallas and homeownership was one of those ways. There was no way I could talk about the values of homeownership without buying my own home. However, credit stood in my way. I knew I made mistakes from college that hunted me. The income and the debt weren’t syncing to make it right. Until one day, I decided I wanted a house. Working at the nonprofit, I knew what credit score I needed to have. I believe when I started on my credit, my score was at 585. I needed a minimum of 620 to get a down payment assistance program and go from there. I managed my money, I saved, and I would scroll online. Looking for a home was the easy part. It wasn’t until I found a home around the corner from my then apartment that was perfect. It had a pink and green room and a doggy door. It was perfect for me, so I thought? I called the Realtor to show it to me. It was a foreclosure listed at $120K. I had already did a cost analysis being a Housing Counselor so I knew how much I could possibly afford.

When I walked into this house, the ceiling was caved in. You could see mold and so much more. There was mildew around the doggy door and I wanted to run. RUN THE HELL OUT and kill the dream. LOL

I immediately went back to the drawing board. The fixer upper home was NOT in my budget. It sounds nice on paper but what people fail to realize is the cost of fixer upper. If you can barely afford the downpayment like I was at that moment, a fixer upper may not be for you. Cosmetic updates and fixer upper are two different things.

I had gotten my real estate license in between that time and decided this was the chance for me to be able to really scour through the market. I connected with a few lenders and found one I liked to work my own house deal. She qualified me for $120K which was right on the money for the foreclosure home that I saw. However, at that time, I had started doing deals in real estate and was ready to leave my full time job. I told the lender that and she was like yeah to get a home being self-employed, you’ll need 2 years of tax returns. What? That meant I would have to wait 2 years before coming back to get qualified. Well, 2016 it would be.

FAST FORWARD TO 2016!

I’m ready to get a mortgage. I’ve made decent money in real estate so I should be good. Well, I went with a different lender that I worked with. He approved me but at this time $140K. You know why? As a self-employed person, we pay A LOT in taxes. I saw the first estimate and was like no thank you. Therefore my income was lower than I originally told the lender (self-employed people are qualified based on the income they report to the IRS) and the average of 24 months only qualified for $140K. I knew where I wanted to live and $140K wasn’t even buying a door to the house. I spread out my options within Denton County between Little Elm, Aubrey, Cross Roads, Oak Point, The Colony, Carrollton, and Lewisville. I knew for sure I loved the 380 area however homes were around $180-200K. I halted the process then and said I would try again in 2017. I knew my taxes for 2015 and 2016 combined would have more income than my taxes for 2014 and 2015 were.

2017

By tax time, I knew I had to make my numbers stand out to buy my house. In simplest terms, I knew I couldn’t write off everything. I had to strategically plan it out and know what the estimated taxes would look like. Thank GOD for a past client would recommended their CPA. I saved so much in taxes and still claimed the income that I needed. It was at that moment, I was able to purchase a home up to $246K. Originally, my budget was set at $180K. I set myself up on a search on the MLS for homes under $200K in my desired areas. I noticed that the homes that were under $200K were getting slim. I had to act fast and knew I wasn’t getting under $200K in my desired area.

This was it. I was finally going to do it. I scoured through the area that I wanted to buy in after narrowing it down to 3 communities. I LOVED new construction and thought it would be the best way to save more money to purchase, give me a great timeframe, and sign one more 6 month lease to end apartment living forever.

*Check out the next blog/vlog as I walk you through my home buying process.*

Feeling inspired to begin your home buying process? Visit newavenuerealty.com.

Est. 2016 – Funky Town Living with Tracey

Posted on by Andrea T. Fowler
Tracey’s Gorgeous Home in Fort Worth

When I met Tracey, it was a phone call I received while in New Orleans for the Keller Williams annual Family Reunion conference. I remember sitting in my room I received an email and her number. I was nervous it was a spam email (I cannot tell you how many I get in one day). I was like why not call and make sure. I gave her a call and it was a real person and number. LOL

She told me she saw me in the Missy Lynn videos and was looking for a Realtor to help her purchase a home in Dallas. I told her that as soon as I made it back to Dallas in a few days, we could meet up to talk. I always seem to have some type of connection with clients. Lately, it has been a Louisiana connection. Tracey is from New Orleans and relocated to Dallas after Hurricane Katrina. She had no desires to make Dallas a permanent home but 10+ years later, she decided to do just that.

So we searched. It all started in Denton County. Until finally, I suggested a hidden gem area of Tarrant County.  Read her story and more below.

1. What type of home were you considering? 
At least a 3-bedroom, 2-bath home. Something practical, well-kept and comfortable.
2. What city did you purchase your home in? 
Fort Worth
3. Was it your first choice location? If not, what areas did you consider?
Not my first choice at all! I was convinced I would buy a home in Lewisville, Carrollton, Flower Mound or The Colony. 
4. Now that you have lived in your city for a year, what is it that you like about your city?
The area I’m in is less congested than some other parts of the Metroplex and if I wanted to avoid the interstate, I could go back and forth to Irving (where I work) on the ground.
5. What attracted you to your neighborhood?
The house itself, the price and the fact that there wouldn’t be much traffic in and around the subdivision because there aren’t that many places of business nearby.
6. What is something that you like about your neighborhood now that you have lived there for a year?
I LOVE how the subdivision is surrounded by farms, the Trinity river and a small lake.  The drive into my subdivision is really nice and peaceful, particularly at night.
7. What advice would you give a first time homebuyer?
Definitely put in the time to physically go and view the properties –  even if you think it’s something you don’t want. You’d be surprised at how differently a house feels when you walk inside as opposed to just looking at the pictures. Stay within your means. Go a little bit under if possible because it gives you more money to furnish it exactly how you want and to do projects around the house.
I enjoyed working with Tracey. The Mid-Cities areas were on her list too. However, the homes needed some work based on the price range she wanted to stay in. I suggested that if we go a mile or two from the area, we would find something a little newer/updated. We definitely did just that. When I say this home was a hidden charm, it was. The neighborhood is off chilling (it isn’t far from the highway) but you wouldn’t necessarily stroll up on it. This is one of my favorite homes bought by past clients.

One Year Update: Prosper Living with Lauren

Posted on by Andrea T. Fowler

Today is the actual home anniversary of one of my dear friends. A little background story of how I connected with Lauren before she was a client. We both attended Louisiana State University. We started in Summer 2006 and were both as we say it in Louisiana “318” girls. That just means we are from North and Central Louisiana.

Lauren moved to DFW from Houston in 2015. She quickly told me she’d rent for a few months and purchase a home. She had purchased two in Houston and she didn’t plan to be in anyone’s apartment. As she says this, I quickly mention that the Dallas market is different from Houston and a little more expensive as well. After 6 months of renting a townhome, Lauren was over it and was ready to find her home. Our journey began. Read below for her chat on buying her first home in DFW.

June 8, 2016 – #CrownedAHomeowner

1. What type of home were you considering?

I previously came from a 4 bedroom home so I was looking for a similar size home that would accommodate all my furniture.
2. What city did you purchase your home in?

Prosper
3. Was it your first choice location? If not, what areas did you consider?

I focused my search on a particular area of town and not so much the city. I was open to all areas along the 380 corridor.
4. Now that you have lived in your city for a year, what is it that you like about your city?

I love that Prosper is a growing town. I get the small town feel all while being close to the city.
5. What attracted you to your neighborhood?

The builder, neighbors, and amenities.
6. What is something that you like about your neighborhood now that you have lived there for a year?

I love the sense of community in my neighborhood. If I ever leave something at the grocery store, I just ask my neighbors and they have it!
7. What advice would you give a first time homebuyer?

Be willing to compromise. It’s rare that you will get everything on your wish list. Understand that all the lovely features you want will cost so understand what can be upgraded at a later time to add value to your property in the future.

Love her decoration of her fireplace as a focal point in the living room

 

One of Lauren’s dogs ACTING precious. I know the real truth.

 

Lauren’s home was actually one that looked small without furniture in it. When I stopped by after she moved in, I was like WOW….I can’t believe your home is this big. This is to say, you’d be surprised on how much space the rooms actually have.

Unlock Your Opportunity | #NewAveRealty 2016

Posted on by Andrea T. Fowler

Can you believe that we are near the end of 2016? This year is really over in a less than 48 hours. I am one who is excited about 2017. 2016 was a great year, ready to rock 2017! Thanks to all who were apart of 2016!

 

 

Visit our Website: Unlock Your Opportunity in 2017

CLOSING DAY! The Kellys

Posted on by Andrea T. Fowler

20161110_113236

It’s a new homeowner’s favorite day. It has been a pleasure to work with the Kellys. I remember our first day meeting each other. They came as a referral from a past client and friend. I tend to have small connections with clients besides the referral person.

The Kellys are both from Louisiana and just so happen to go to college in my hometown or shall I say parish. For them, as with most clients, location was important. My suggestion after considering their work locations and their daily life, I suggested the East Dallas suburbs. The homework was to visit communities and we’ll regroup after my conference.

To my surprise, they loved the East Dallas suburbs so much, they called while I was at the conference to say they found the community and are ready to go. That day we were working it out for them to move into a neighborhood. Goodbye McKinney! Hello Heartland!

I gave them other areas like Fate, Royse City, Rowlett, and Rockwall to check out but the fell in love with one of the builders we went to go see when considering areas such as Sachse and Wylie. They found a master planned community that fit what they were looking for a little outside of those areas with perfect access for family coming in from Louisiana.

I can honestly say that it is the relationships that are built through the transaction that I love the most especially during the building process. I come along as a trusted confidant and helped throughout selections of the interior and exterior.

I must say that I cannot wait to see how they turn this house into a home. Congratulations to the Kellys!

Find Your Castle. Live Like Royalty.

Posted on by Andrea T. Fowler

Find your castle. Live like royalty.

That’s the mantra of #CrowningHomeowners. I learned early on in my career as a Realtor that clients wanted to feel special. It didn’t matter what size their new home was it was their domain. It was their sanctuary. Lastly, it was the one place where they ruled the throne.

That’s the feeling I love for my clients to have. It is never about me but about how they feel. To this day, it still amazes me when their face lights up at “the one” The one home that they will call their royal place in their life. It may be the first one or it may be the fifth one but it is a special place for them during this moment of their life.

Don’t believe me. Just watch.

You can you live the dream. You can start by signing up for the #CrowningHomeowners workshop next Saturday in Lewisville. #CrowningHomeowners Workshop Registration 

Brand New Home. Marriage Proposal. Birthday Celebration

Posted on by Andrea T. Fowler

Crowned Homeowners - Johnson

 

This weekend has been an adventurous one. It started with a closing for my client at 2pm. Now when I met Billy last year, at our consultation he mentioned that when he purchased this house he would propose to his girlfriend. I was like “Oh my gosh. That would be amazing!”. Then the woman in me came out and was like, “are you strictly choosing the house or will she be with us?” He informed me she’d be along the journey. Woman we are very particular and our happily ever after home has to be perfect for us. Yes, the notion of gifting a house as part of the proposal is sweet but it can’t be any house.

So I was determined to help find the happily ever after home. Mind you Chelsie did not know about this part. She just knew they were going to buy a house and she wanted a yard big enough for a pool. I was able to say let’s do a master-planned community that has a pool to keep costs low for you guys.

It was then that we found a community outside of Lancaster, Texas that fit their needs. Building a new home takes so time so I completely forgot about Billy’s gesture. It wasn’t until Friday came and he was like today is my birthday. What a sweet birthday present as you close on your new home! He looks at me again and was like today is the big day. Suddenly I remembered and was equally excited.

He had the place and time down to the science. The place: their new home. The time: Around 6:30 to 7 when all their family members would be present to come view the home. 

I rushed back down to be apart of this experience because it feels good when your clients welcome you into their world outside of buying their home. I always say real estate is so much more than opening doors and collecting a check. There is a bond that is built and my clients really become my extended family after the transaction.

Here are some snippets from that day which included a brand new home, marriage proposal, and a birthday celebration! What a Happy Day!!!

Billy and Chelsie

That’s 1 down and 35 to crown in 2016. Congratulation Billy and Chelsie! Wishing you guys the best to come with your future marriage, family, and now home. 

*CROWNED* – Kimberly Allen

Posted on by Andrea T. Fowler

Good News! Another homeowner has been crowned in Royse City and her name is Kimberly Allen. Last year, I helped Kimberly’s daughter and son-in-law purchase their first home in Royse City. This year in 2015 I was able to do the same for Kimberly as she purchased her first home in Royse City as well. Congratulations Kimberly!

Congratulations to Kimberly Allen!
Congratulations to Kimberly Allen!

CROWNED: The Alexanders

Posted on by Andrea Fowler
In the latest addition to the “Crowned” series, we meet The Alexanders. Now The Alexanders are personal friends of mine and newlyweds. Candisse is actually my sorority sister from LSU. It’s funny how when I first started my career in real estate we would have talks about her buying a home. Her and Evan were seriously dating but marriage wasn’t quite near, at least that’s what Candisse thought. 
I remember having her tag along to some of my previews or sending her random homes. She’d be like with a house like that I’d need a ring to make that possible. Well, that ring came a lot quicker than she thought. Candisse and Evan wed in February 2015. Of course weddings means homes, babies (I can’t say that too loud right now), and more. So as a friend I would suggest when would we go search for their new home as husband and wife. Their answer was always after the honeymoon we are ready. They definitely were. This is one of the only times where we did 2 days of showings. This was the first home they considered making an offer on and their offer was accepted. 
As a friend I thought this home was perfect too. It was the perfect size for them and great for entertaining their lovely friends (well maybe just my own personal implication). I’m happy that they trusted me to help them with this transaction. It means a lot to have your friends or family to support your business. After the real estate purchase, I stay in touch with clients and they become friends to me. So imagine how grand of a friendship this has evolved to? I love it and cannot wait to be around for the memories made in this home. 
Congratulations Evan and Candisse! 

CROWNED: The Clack Manor

Posted on by Andrea Fowler
In this addition of “Crowned” I wanted to showcase a recent home I sold for a lovely couple who I adored. The name of this home is “The Clack Manor”. The Georges’ name everything and each name showcased their loved for their homes and other things that made a home a home for them. 
What I loved the most about working on the sale of this home is the relationship that I built with the clients. They invited us to spend Memorial Day weekend with their family and of course food is my yes to just about anything. It was a splendid weekend being with their family as we prepped for the sale of The Clack Manor. 
The best thing about real estate is the relationships that you form from the process. It can be stressful in so many ways but the relationship and factors that help ease it are the bonus for me. 
Congratulations to The Georges on the sale of The Clack Manor and I wish them bliss on their new home (I forgot the name of it but believe when I say it has a title as well).