Author: Travis Campbell

What is a Balloon Loan and Should You Consider It?

Posted on by Travis Campbell

A balloon loan ends up with a large payout due at the end of the period stipulated in the contract. Such a loan intentionally structures the first payments so that they are very affordable, while the last payment is considerably larger.  A balloon loan can be a commercial loan, a mortgage, or any other amortized loan. From a certain perspective, it is similar to a bullet refund.

Balloon payments tend to be more common in commercial loans than in consumer loans, since the average owner is typically looking for small interest rates and cannot afford to make a big payment at the end of a loan period.

Terminating a balloon loan

A borrower has a few ways to terminate their balloon loan. In addition to paying off the money, a borrower may also:

  • Refinance the loan. Many lenders are willing to work with borrowers and reuse the debt in another loan vehicle or to change the terms of the original contract.
  • Sell the underlying asset. Dealing with a balloon payment related to the purchase of an asset can be done if the borrower sells their holding in order to avoid defaulting.
  • Pay the money in advance. Even if it is not an obligation, a borrower may want to pay off part of the debt in advance. Any extra payment besides the monthly interest will be applied to the main balance. Just make sure to check with your lender if there are no penalties or prepayment fees.
  • Negotiate an extension. An extension is somehow similar to refinancing, modifying the terms of the previous loan. However, instead of getting a new offer, an extension will just push back a bit the moment of payment. The payment terms will likely remain the same, but the deadlines will be different.

Colorado home loans

Advantages of balloon loans

According to respected mortgage banks offering Colorado home loans, the most significant advantage of a balloon loan is the low payment requirements, at least up until the final payment, which makes it a very good option for individuals who do not have a great financial situation at the moment of getting the loan, but who have the certitude that things will improve for them soon enough.  In other words, as the borrower’s career progresses and their salary increases, they will become able to deal with the balloon payment, at the end of the loan.

In the case of a balloon loan, the underwriting process is also shorter compared to other loans. That`s why there are typically lower transaction or administrative fees in securing the loan. Also, the borrower is not required to submit so much documentation, since balloon mortgages do not necessarily require an evaluation of the house as part of the closing of the loan.

Risks related to a balloon loan

  • Failing to pay off the loan, if the borrower is not able to convince their lender (or another financial entity!) to finance their balloon payment – and cannot get the money from other sources either.
  • If the value of the property has decreased, there is a risk that it may not be sold at a price high enough to reimburse the balloon payment and terminate the loan.
  • In case of requesting a refinancing, it could only be possible with a higher interest rate.

 

 

Common Activities Offered in 55 Plus Communities

Posted on by Travis Campbell

55 plus communities Denver

While going to live in a 55 plus community might seem scary at first, you’ll find even when you first visit one, that the advantages far outweigh any cons and that your fears might be at least partially, if not entirely, unfounded.

The Most Common Activities

One of the first things you’ll notice about these communities is that they offer you the chance to engage in a vibrant social life. 55 plus communities Denver area activities such as those involving art classes and writing classes, as well as religious studies, card games, special interest programs and movie nights are quite common.

You can engage in many fulfilling and fun activities, and while doing so bond with new friends and find common interests that you never even thought you could have when it came to your interactions with other people. Studies have shown that these types of meaningful social activities can actually increase longevity, reduce the risk of heart attacks and strokes and boost your immune system.

Do You Prefer Being Alone?

At most 55 plus Denver communities, you won’t have to worry that the only activities you can find are socially geared. In fact, elders who are not that engaged with society will be happy to see that they can take frequent walks on their own, go to the gym without anyone bothering them or attend to their own personal projects in their private quarters or in outdoor areas where they won’t be bothered.

Some 55 + communities boast study halls and libraries that allow for a quiet and relaxing environment while some even have spas where those who just want to rest and revitalize themselves can do so in peace.

Visiting Family

Visiting family members or having them visit you may also be possible. There is a misconception that 55 plus communities are similar to nursing homes and that they’ll keep close watch on you so you don’t wander off somewhere and hurt yourself. That’s not really how it works, and you will find that you can retain much of the freedom you had in your previous years without a problem – so long as you can take proper care of yourself without requiring assistance from a nurse.

As mentioned, even older seniors in 55 plus communities Denver area real estate are very active and they can often leave the premises without a problem. Some communities do offer support for elders with memory loss or those suffering from various impairments that don’t allow them to carry out their normal daily chores with ease. However, the degree to which you are given this type of assistance will depend on you, so no one will force it on you against your will.

How Much Will It Cost?

All the support and amenities you receive at a 55 plus community will come at a price, of course. That doesn’t mean you can’t find suitable accommodations at a community for people over 55 that features less expensive services, but it does mean you might have to be selective about what you opt for.

Fortunately, the best communities offer plenty of support even at an affordable cost, so you won’t have to worry about the price too much. In fact, elders in Colorado who have joined these communities in the past 3-4 years claim that they have never been happier, and that even with all the awesome activities they can take part in, the price was kept quite accessible.

Where to Go to Sell Your House for Cash and What Should You Consider?

Posted on by Travis Campbell

sell my house fast Denver

Before you consider selling your home for cash, it’s very important to talk to an expert and see not only what the process is all about, but also the essential details of how you’ll go about it, how much time you’ll need and what the drawbacks are.

No process is perfect, and when you gain an advantage such as getting cash money and a speedy transaction, you’ll have to think about what you might be losing in return. In most cases, cash money offers will be lower than the market value of your home, but a lot of homeowners consider them advantageous because of the aforementioned benefits. So, will the benefits outweigh the drawbacks in your case? Sometimes that simply depends on who you go to.

Talk to the Right Realtors

No two real estate professionals are alike. You’ll find that out quickly when you talk to enough of them and see how many have their own established process on how to deal with clients, while others tend to “wing it” and do everything in a more intuitive fashion.

The best thing to do in such a situation is to look for local realtors online – you’ll find lots of listing agents advertising their services on online maps, directories and social networking sites – and actually call them up to talk to them about your house. Be upfront and honest about what you really want to do and ask them if they had prior experience dealing with investors who are willing to provide cash money. If they don’t, you can also consider asking them for a referral or a recommendation for an agency that specializes in these types of transactions.

The key at this stage is that you must get informed and find out as much as possible about the local market, whether investors are actually interested in buying homes such as yours in the area, and how much you should expect to get for your home.

Going to the Best Agency in Town

In this case, the best real estate agency isn’t necessarily the one that can provide you with offers that can guarantee you’ll get an excellent price. Instead, it will be the ones that provide you with a fast process, a good amount of cash money and the assurance that any problems such as title issues and faulty plumbing and wiring in your home won’t matter.

You’ll find that there are actually real estate agencies that specialize in helping homeowners such as yourself get great cash money offers. They might advertise to help you “sell my house fast Denver” online, and they’ll usually have their own websites. You can also find them through social media ads, Craigslist ads, auction sites as well as through recommendations from other local realtors.

Once you go to them to get your house sold, you’ll find that you’re in excellent hands. They can guide and advise you on what you can do to make your offer more enticing for prospective buyers, and they’ll also help you avoid messy paperwork that would normally create a lot of setbacks and delays. In the end you’ll be able to sell your home fast, in exchange for an excellent cash money offer, and without going through the normal process that most home sellers have to deal with.

Why do People Spend so Much Money on a New Kitchen?

Posted on by Travis Campbell

Well, “much” is quite a relative term. It really depends on what each person understands and what standards they use to compare to the cost of an investment. That being said, people investing in a new kitchen do so in order to increase the value of their home and to give this room a new feel in order to attract potential buyers. Investing in a new kitchen, just like any other major home improvement project, is nothing to be taken lightly. There are a lot of things to figure out and that is why sometimes the price of a new kitchen can be quite high.

When upgrading or remodeling your home, the kitchen does take a big chunk of the budget. That’s because when doing major renovations, you don’t just change a few lightbulbs and be done with it. A new kitchen implies a lot of work. There are measurement that have to be done, appliances that have to be bought, plumbing and wiring that have to be changed or modified. All of these cost money and take time. But they are all worth it because, after all is said and done, you end up with a new kitchen and the value of your home increases significantly.

cabinets Denver

People invest a lot of money into their new kitchens because they understand that the kitchen is kind of like the central hub of the house. This is where the family gathers to eat and discuss. So this room has to be particularly inviting. But this is not a rec room. The kitchen also has to have all the features in order to make it functional. That means that, beyond comfy chairs and helpful light fixtures, it needs to have useful appliances and handy storage spaces. It also has to be properly organized in order to provide enough space for everybody and everything to fit in. Designing this and making sure that everything and everyone has a place can be quite difficult. That is why many homeowners and house flippers look for inspiration from designers at a popular cabinets Denver showroom. This can set anyone back a pretty penny, but it is totally worth it in order to have a new kitchen specially designed to your needs and wishes.

Investing in a new kitchen also gives the homeowner the opportunity to improve on his existing one. During the remodeling process one can see where the problems are and can fix them before they become serious. Faulty wiring, leaking pipes or potential gas leaks can be identified and dealt with in the first stages of the process, thus saving time and money in the long run. Also, a new kitchen can actually save a homeowner money. By investing in the right materials, appliances and fixtures, he can make sure that they are of high quality and won’t need changing or repairing anytime soon. Anybody that invests in a new kitchen is actually making an investment in the future value of a home.

Finding A Home in Colorado – Tips for The Hot Real Estate Market

Posted on by Travis Campbell

homes for sale in Broomfield

Colorado’s real estate is currently considered to be a hot market – a market that has more buyers than properties to buy. Finding and buying a home is more difficult on such a hot market – the increased demand for homes is continuously driving prices upwards and the ideal property is increasingly difficult to identify, too. However, buying a great home for a great price is not impossible – here are some tips to get your dream property in Colorado.

Preparing for the Purchase

Real estate agents listing homes for sale in Broomfield Colorado suggest that one of the first and most important steps towards buying a home is the correct assessment of your financial situation and of the available financing options – you need to know exactly how much down payment you can afford and how much you can afford to pay for your mortgage or other type of loan, if any.

To get all that math right, calculate the difference between your income and the expenses that you need to cover. There are many tools that you can use to make those calculations – you can use online tools and you can also get a loan pre-approval from your bank to find out how much you qualify for. If you can do with some more money on the income part and less in the expenses section, figure out how to achieve that – taking on another part-time job, reducing your expenses or rolling all your debts into one loan with better conditions should all be considered. If your credit score needs a significant improvement, it is a good idea to work on improving it for a while before you move on to the next phase in the home buying process.

Shopping around for a Mortgage and Exploring Your Other Programs

Mortgage loans come in many forms and with many different terms and conditions. To make sure that you get the money you need with the best repayment conditions, you should familiarize yourself with the terminology used when describing loan configurations and you should also make your own calculations to find the loans with the most convenient conditions.

Mortgage loans are not the only financing solutions available – many states and municipalities offer first-time home buyers assistance programs, so it is a good idea to figure out whether you qualify for such an assistance program.

Shopping for the Right Home

Picking the right neighborhood is just as important as picking the home of the right size and type. When evaluating neighborhoods, look not only at the prices for the kind of homes that you want, but also at the overall atmosphere, the public security, the amenities and the quality of the education available. When bidding on a home that seems right, try to stick to the initial budget – you might feel tempted to go beyond what you can afford to beat another offer, but spending beyond their capacity is something that most homeowners regret later.

When you find a home that seems the ideal option, make sure that it is, indeed. The best way to do that is to hire a home inspector to check all the major building components and to provide a report that summarizes the findings – the document will serve you well during the price negotiations as well.

Calculating the Market Value of Your Small Business the Right Way

Posted on by Travis Campbell

business valuation

Before you even consider hiring a business broker and selling your small business, it is essential to establish the accurate market value of your company and make an informed decision on what your next step should be. This business valuation might help you decide whether to sell your business or not, or it could ensure that you get a lot more for it than what you initially thought it might be worth.

One of the first things you have to look at is how your business has performed in the past few years (or right up to its inception, if it hasn’t been around for long) and see how quickly it has grown. The main idea behind this evaluation is that some business ideas are simply more successful than others, when set against the background of timeless trends, fluctuations of markets over the years, and the sociopolitical scene of the time. If your business was able to grow quickly with minimal investments, and it’s still achieving increasing profits each year, that means its market value might be even higher than you thought.

Another factor in the business valuation is the total financial worth of your company depending on the assets you own, the money you’ve invested and the debts that you still have to recover from. Depending on the actual dynamics of your business, your profit might fluctuate, but the ratio between the money you’ve put into it and your yearly profits will not change unless you do something to change it yourself – such as get a new loan or sell some of your assets. Because of this, the assessment of your debts, assets and profit (or lack thereof) will be one of the best ways to get a complete picture of how much your business is currently worth financially.

Of course, even a small business that sells simple, practical tools such as pens and pencils will be worth more than its mere financial assets. That is because small businesses have a lot of potential for growth in general, and you never know what will be the next big business idea that, when added to your business, will take you from earning a few thousands a month to making millions of dollars.  There have been countless examples over the years of simple ideas that have turned low earning and even mediocre small businesses into billion dollar enterprises in a matter of just a few years. So look at your business from a greater vantage point, if you truly want an accurate assessment of how much it might be worth.

There are many more ways to determine exactly how much your small business is worth and whether you should keep it or sell it. However, even if you learn about them, it will be a challenge to know which ones are actually relevant to the type of business you own or not. This is why it is essential to find a professional local business broker to help you out with all the evaluations and considerations regarding your company. Then you will be in a better position to make a clear choice about selling your business and even getting more money for it than you expected to get.

 

Why Should You Consider Commuting from Centerton to Bentonville AR?

Posted on by Travis Campbell

It’s not always necessary to live in the same city you work in. There are many examples when commuting actually makes sense, and many people embrace the idea of commuting quite readily when it means that they can live in the area they prefer, rather than living close to a noisy industrial complex, for example.

While that might not be the case when it comes to Bentonville AR, there are many people who are choosing to work in this growing Arkansas city, while moving house to one of the other towns in the region – particularly a small town of roughly 16,000 inhabitants known as Centerton.

Why Is Centerton Becoming Popular?

In just under 10 years since the previous census, the population in Centerton AR has almost doubled. The growing city is still considered somewhat of a smaller town, and its population is still about 3-4 times lower than that of Bentonville. However, when it comes to the location, geography and the family-friendly qualities associated with Centerton, moving there definitely becomes a viable option.

apartments near me

Many experts believe that, especially during the stressful times we are living now, it’s very important to choose the place you live carefully. While there might not be a huge difference between the two cities, there is a difference when considering the fact that Centerton is an overall quiet and relaxing location. Centerton apartments near me offer affordable, upscale living, and offer many luxury amenities like exercise facilities, pools, beautiful common areas, and tennis courts.

Locals praise Centerton as having a very good approach towards welcoming families that are seeking to settle down. The school system is extremely good, so families can choose between excellent schools to send their children to, and the people are very friendly.

Of course, the community is still in its infancy so-to-speak, and is considered small even by Arkansas standards. The median income is below $40k, and although there are growing opportunities for employment, Centerton isn’t the best place to work if you want to focus on greatly improving your career.

Commuting to Bentonville – Your Best Choice

The median income, the job opportunities and the dynamics of the metropolitan area associated with Bentonville AR all point to the city being an exceptional choice for anyone trying to build a career. The city is growing quite fast, similar to Centerton, but it is known to favor nightlife and focus somewhat less on promoting a quiet, family-centered lifestyle. If you’re single and you love to go out on the town, then Bentonville is definitely a great choice. However, for families trying to raise children and workers who want to spend most of their day in a peaceful setting, the area simply can’t compete with Centerton.

Finding work in Bentonville and commuting from Centerton seems to be the ideal choice. Whether you plan to work in industry, commerce or just about any other line of business, Bentonville is likely to have any type of work you’re looking for. Just imagine having that fast-paced job you always wanted, but staying in one of the tranquil residential areas of Centerton AR and enjoying a fun and peaceful life together with your family. It simply doesn’t get any better than that.

How Is the Front Range of Colorado Real Estate Market?

Posted on by Travis Campbell

The real estate industry is vital in the global economy, covering essential areas such as housing, land, storage space or offices. The real estate market is one of the first to react when there are factors that lead to either crises or booms. In the context of the current pandemic, the Front Range of Colorado market is doing good, which was somewhat expected given that the real estate market is opportune in almost any crisis.

Real estate has always been and will continue to be one of the most popular investment options, and crises have shown this. Even if it is one of the first industries to be impacted by economic growth or recession, real estate has surpassed crises every time and it stayed at the top.

houses for sale Southlands

In the Front Range of Colorado, the real estate market is not in a crisis

In the US, the price per square meter increased faster in the second quarter of 2020 than in any other period before the financial crisis of 2008. One thing that can explain this trend: buyers’ preferences have changed.

In the Front Range of Colorado, people continue to actively search for houses for sale Southlands properties and view homes online, even during the pandemic. Or maybe even more so during this period, when there are some observable trends throughout the entire state: historically low mortgage interest rates, rising wages due to a strong working environment and stable housing affordability conditions.

While some have been directly affected by the effects of the pandemic and have migrated to a smaller home to cut costs, there are many other cases where people pack up and move to larger houses. Of course, the socio-economic dynamics between these two very different behaviors is important to consider.

Real estate market indicators are difficult to predict in the context of the coronavirus pandemic. The experiences of the financial crises of 1933, 1980 or 2008 are partially different, as they were due to either overproduction or excessive indebtedness. However, real estate markets are closely dependent on the banking system. Therefore, messages of support from all monetary authorities (central banks, treasury, etc.) are vital for maintaining confidence.

Statistics this year show that prospective homeowners in the Front Range gobbled up the available housing very quickly, which is mostly due to the very low interest rates that allow people to afford bigger homes. This October, there were 8209 people who bought new homes in the Colorado Front Range area, at an average price of about $570,000. Days on Market average was 31.

As about the constructions of new homes, builders try to keep up with current demands by ramping up the new construction rate. Competition for building lots is one of the factors that cause pricing pressure, followed by the escalating costs for materials. For example, compared with this time last year, lumber prices are up 130%, which adds about $15,000 to the price of a new home.

However, as long as long as interest rates stay low, real estate specialists estimate that the demand for housing in the Front Range area is not going to fade away, even if the pressure on prices will remain high.

 

 

How Do You Clean Dog Urine from Your Floors?

Posted on by Travis Campbell

Life is full of accidents and they can be caused by anyone in your home, including your dog. Maybe you overslept and forgot the hour for taking the dog out or it is getting old and becoming incontinent. The fact is that you discover a urine puddle on the floor.

It is an unpleasant situation, but there is no need to panic. We will show you how to get rid both of the stain and of the smell. All you will need are regular products that anyone has at home.

Forget about the Simple Solutions to the Problem

First of all, here is what NOT to do, because most people are bound to tackle the issue the wrong way. They find the most fragrant surface cleaner in the house and use it. For the moment, they won’t feel the smell. But this is only because the artificial scent of the cleaner covers it. When it dries up, the urine scent will be back.

Another mistake is to use ammonia-based cleaners. While ammonia is known for its odor removal properties, it does not work for dog (or cat) urine because it also contains ammonia. Thus, what you actually do is enhance the smell. What’s worse, your pet will perceive it as “the peeing spot” and you will never get rid of the problem.

Use Planet Urine products to remove pet stains on hardwood floors

The Right Way to Clean Dog Urine from Floors

The correct procedure for getting rid of pet stains on hardwood floors permanently has three steps.

Step 1 – Pre-Treatment of the Surface

For this step of the process, you should use an enzyme-based cleaner. The reason for this is simple: enzymes are living microscopic organisms that destroy the bacteria and ammonia in urine. These are the two elements that cause the smell of urine.

Here’s what you need to do:

  • If the urine poodle is still fresh, soak up as much of it as you can with paper towels
  • Apply the enzyme-based cleaner in a generous amount and leave it for a few minutes
  • Blot excess solution with paper towels and leave the surface to dry.

This step will probably remove the stain of urine – but you are not done, because the smell most probably still persists.

Step 2 – Cleaning the Surface

The next step is to tackle the smell of urine. Even if you believe it is gone, remember that your dog has an enhanced sense of smell compared to humans. The slightest smell of urine is an invitation to use the same spot in the future.

Here is what you need to do. Mix water at room temperature with white vinegar in equal proportions. Apply it on the surface and leave it for at least 20 minutes. Once it has completely evaporated, apply the water and vinegar mix again and soak it up with paper towels.

Step 3 – Deodorizing the Surface

This is the last step, and it is guaranteed to remove all urine smell. Even the incredibly sensitive sense of smell of your dog will not be able to perceive it.

For this last step, you will use the regular fragrant floor cleaner. Mix it as per the instructions and apply it generously on the problem area. Use a brush with hard bristles to scrub the floor, until it forms a lather or foam.

Leave the cleaner on the floor for about 5 minutes then wipe it with paper towels (don’t wash it away!). Finally, you can mop the floor or use a damp cloth.

Is A Property Management Company Worth It?

Posted on by Travis Campbell

Buying property and then renting it out to either to residential tenants or to commercial occupants is a great business that can secure you a steady income, but only if you manage to find the right, reliable tenants that pay their rent as they are supposed to and handle your property as if it were their own and if you can make sure that your building is well-maintained at all time. All these tasks are time-consuming and require lots of experience, knowledge and skill, but if you do not possess these qualities, don’t worry, you have a great alternative: to hire a property management company to handle all the tasks related to your rental property. Outsourcing property management tasks is not cheap, but it brings lots of benefits – here are the features that make the hire worthwhile.

The Tasks Handled by Property Management Companies

Rental property management Denver professionals undertake a very wide range of responsibilities, from advertising your property to find tenants for it, screening potential tenants and drafting rental contracts to repair and maintenance tasks to keep your property in good condition and up to code and collecting the rent from the tenants. Most property management companies respond to emergency phone calls 24/7 and they work with experienced home repair specialists either on their payroll or as subcontractors to address any issues related to your property in a timely manner and to eliminate most of the hassle that comes with owning a property for rent.

How Property Management Companies Deal with Tenants

Dealing with tenants from initially reaching out to interested potential tenants to collecting rent, managing tenant agreements and handling complaints is among the principle tasks handled by property management companies. You can turn to a property management firm for advertising your vacancies either on their own websites or on suitable real estate listings to ensure that your rentals stay empty for as short as possible between two tenants and your property manager will also handle all the tasks related to completing tenant contracts and to handling the relationship with your tenants. Your property manager will also handle tasks related to the collection of the rent from the tenants.

rental property management Denver

Handling Repairs and Maintenance Tasks

Any real estate property needs to be regularly maintained and repairs are also frequently needed even in a well-kept building. Property management companies work either with their own specialized teams that do the necessary repairs and maintenance or with subcontractors. They usually work based on a strict schedule, so you can trust your company management partner to ensure that your building will be always at its very best.

Handling Paperwork

Property management involves lots of paperwork – there are lots of tenant documents that need to be checked and archived, the maintenance and repair work performed on your building also needs to be documented and the documents need to be archived as well. Handling all that paperwork takes up lots of time and even the smallest errors can cost you dearly – fortunately, property management companies know how to handle those documents efficiently and correctly, so they can save you from that type of headaches as well.