Let us discuss ways to find funding to invest in real estate

Investing in real estate is a great way to generate passive income and create long-term wealth. There are a few different options you can explore when investing in real estate.

A Home Equity Line of Credit (HELOC) is when a bank allows you to borrow against the equity of your home. This can be a great way to access funds for a real estate investment, as the interest rates are usually lower than other loan options.

A Hard Money Loan is a short-term loan secured by real estate, often used for fix and flip projects. Hard money loans are usually funded by private lenders, and the terms are typically more expensive than other loan options.

A Mortgage is a common loan used to purchase a home. Mortgages can also be used to purchase investment properties, and the terms are often better than other loan options.

Private Money is another option for investing in real estate. Private money is usually funded by family and friends, and is often used as a way to access funds for a real estate project.

Each of these loan options have pros and cons, so it’s important to research and understand each option before making a decision. Good luck with your real estate investment!

For more information:

The Bowen Group, licensed in Virginia



Can you buy real estate without a social security number?

This is how ITIN mortgage loans work for homebuyers

ITIN mortgage loans are designed to help homebuyers who don’t have a traditional Social Security number obtain a home loan. These types of loans are offered by some lenders and require the borrower to provide their Individual Taxpayer Identification Number (ITIN) instead of a Social Security number. This type of loan is typically available to those who are not eligible for a conventional mortgage loan due to their immigration status.

To apply for an ITIN mortgage loan, the borrower will need to provide their ITIN, proof of income, and proof of residence. The lender will also review the borrower’s credit history as part of the loan application process. The loan terms are similar to those of a traditional loan and the borrower will be required to make a down payment of at least 5-10%.

ITIN mortgage loans are a great way for non-citizens and those without a Social Security number to become homeowners. However, borrowers should be aware that these loans typically have higher interest rates than conventional mortgage loans. Additionally, some lenders may require additional documentation, such as a valid passport or driver’s license.

I am not a lender but I can connect you to some great ones that offer this product.

For more information:

The Bowen Group, licensed in Virginia



Lets talk about Investing in real estate

Investing in real estate via rentals can be an easy way to start building wealth and financial security. With the help of a real estate agent and property manager, you can purchase a rental property that can generate income and help you build your portfolio. Before you start investing in real estate, it’s important to do your research and understand the process of working with a real estate agent and property manager. Here are some tips to help you get started: Research the local real estate market. Before you make any decisions on a rental property, it’s important to do your due diligence.
Research the local real estate market, such as median home prices, rental rates, and local trends. Choose the right real estate agent. A real estate agent can be a great asset when it comes to finding the right rental property. Ask around for referrals and interview a few different agents to make sure you find someone who is knowledgeable and experienced in the local market.
Work with a property manager. A property manager can help you handle the day-to-day operations of your rental property. They can help with maintenance and repairs, tenant screening, collecting rent, and handling tenant disputes.
Consider financing options. Depending on your budget and the type of rental you’re looking for, there are a variety of financing options to consider. Research different financing options and speak with a financial advisor to figure out which is best for you. Stay up to date on rental laws. As a rental property owner, it’s important to stay up to date on local rental laws.
Make sure you understand the laws and regulations around renting out a property in your area.
By following these tips and working with a real estate agent and property manager, you can easily invest in real estate via rentals and start building wealth. Good luck!

Is it cheaper to build or buy a house?

Building a home rather than buying one allows you to customize it to your needs, among other advantages. However, construction timelines have lengthened due to material and labor shortages, and this trend is being reflected in rising sale prices. The average price of a new-construction home in January 2022 was $496,900, up from a pre-pandemic $402,300 in January 2020, according to the U.S. Census Bureau.

Key new-construction home statistics

  • Average price of new construction home pre-pandemic (January 2020): $402,300 (U.S. Census Bureau)
  • Average price of new construction home now (January 2022): $496,900 (U.S. Census Bureau)
  • Labor costs: 30%-60% of project (HomeAdvisor)
  • Materials cost: 30%-50% of project (HomeAdvisor)
  • Building permit cost: $1,200-$2,000 (HomeAdvisor)
  • Construction loan down payment: 3.5%-20% or more

Costs of building a home

The costs of building a home include labor, supplies, permits, architectural drawings and inspections. You can cut down on expenses if you do a lot of the work yourself and select cheaper materials. Overall, the cost of building a home is largely contingent on how much you choose to spend on each component of the project.

Construction costPrice range
Buying land$3,000-$150,000
Clearing land$1,500-$5,000
Plumbing installation$7,000-$15,000
Electrical wiring$20,000-$30,000
Exterior painting$1,800-$4,400
Interior finishing$50,000-$175,000
Source: HomeAdvisor

Costs of buying a home

The costs of buying a home include:

One of the most significant upfront costs of buying a home is the down payment, the portion of the home’s purchase price that you pay upfront. In addition, when you apply for your mortgage, you’ll need to pay for a number of services, ranging from appraisal fees to attorney’s fees. These closing costs add up to 2 percent to 5 percent of the amount that you’re borrowing. Once you’re a homeowner, you’ll also be responsible for taxes and insurance, and you’ll need to be prepared for occasional repairs and upgrades.

A chart illustration of home prices
Austin Courrege/Bankrate

Pros and cons to building a home

Pros of building a house

  • Get exactly what you want – Building means customizing. Instead of wishing your home had a certain kind of flooring, a sunroom or some other special amenity, you’ll be able to tailor the property to your exact needs. You also won’t be limited to a specific location or neighborhood.
  • Avoid the hassle of competing offers – When you build a home, you take the back-and-forth with other buyers out of the equation. You also won’t have to worry about overpaying because the price isn’t being bid up by numerous offers.
  • Move-in ready – When everything in your home is new, you shouldn’t have to worry about any major repairs (at least at the outset).
  • Wider market appeal – Your home is ultimately an asset, and when it comes time to sell, a newer structure could give you a competitive advantage.

Cons of building a house

  • More time – While you’ll save time on attending open houses and scouring online listings, you’ll have to wait to move into your brand-new home. It takes just short of seven months from start to completion to build a single-family home, according to 2020 data from the U.S. Census Bureau. If you’re paying rent during that time, that’s an extra cost to consider, too.
  • More decisions – A blank canvas means you can customize your home, but it also means you’ll have a lot of decisions to make. If you’re busy with work and family, it can be challenging to focus on every piece of the construction process.
  • Contractor challenges – Delays, miscommunication and issues with subcontractors — there are plenty of hiccups that can happen while building a home. Be sure to vet a few different builders to understand their work approach and timeline, and be prepared for speed bumps. Include time of essence, continuous manning and right to remove clauses in your contracts with the pros you hire — these can help protect you in the event of delays or non-performance.
  • Cost overruns – While you’ll have a budget in mind at the beginning of the project, there will almost always be expenses you didn’t anticipate, or materials you end up spending more for, that can add up to well above what you first set out to pay. Be aware of change orders, which could be a sign of an unscrupulous contractor. Make sure you understand the builder’s plans, finishes and specifications before signing an agreement.

Pros and cons to buying a home

Pros of buying a house

  • Faster move-in time – Buying an existing home means you can put a move-in date on the calendar much earlier compared to constructing one from scratch.
  • Potential bargaining power – With existing real estate, you might be able to leverage data to get a better price. For example, if a home you like has been on the market for more than 30 days, the seller could be willing to come down on price, or if a similar property in the area is priced lower, you can use that to justify a lower offer.
  • More options – If you’re set on living in a specific area, it might be easier to buy a home there than to try to find a lot to build on.
  • Ability to budget for renovations over time – You can make upgrades to an existing home as your budget and time allows, rather than having to focus all of your resources on a major, months-long project.

Cons of buying a house

  • Potential market competition – That bargaining power mentioned in the pros? It might be zero, depending on where you’re looking. According to a recent Confidence Index from the National Association of Realtors, sellers received an average of about four offers. In a hot seller’s market, buying can feel like being at an auction as others drive up the price.
  • Older appliances and internal systems – While it’s a new house for you, it’s technically been used. Depending on the age of the property, you might need to pay for repairs sooner than you expect. Your insurance rates will likely be higher than what you would pay to protect a new home, too.
  • Compromises – The odds of finding your dream home in reality are low, so you’ll have to be willing to compromise, such as having one fewer bedroom, when you find a home in your price range.
  • No builder warranty – New-construction homes typically come with a builder’s warranty that offers some protection from major problems. With an existing home, especially an older home, you likely won’t know who completed the job and won’t receive any guarantees for parts, labor or workmanship.

Should you build or buy a house?

As you consider whether building or buying a home is right for you, it’s important to recognize that both processes include plenty of costs and potential stressors. The end result, though, should feel well worth it. Think about the existing properties you’ve toured, your timeline for moving in and your expectations for this new home. If building is your route, enjoy watching that dream home come to life. If buying seems like the better move, follow this guide on how to get the best mortgage rate.

With additional reporting by David McMillin

Written by Ruben Caginalp Associate writer

Information from: https://www.bankrate.com/mortgages/build-or-buy-a-house/


Buying a home can require a lot of your time and patience.  There are ways to make the process easier and to help you make the best decision.
1.  Research
     It’s important to begin researching as soon as possible.  You find listings online, in newspapers and in magazines.  Take notes of particular things you are interested in and specific homes.
2.  What can you afford
     In some cases a down payment may be required for your new home purchase.  Lenders will look at your income and debt to income ratio to determine eligibility.  You can find various calculators online that will simulate home purchase price, down payment, mortgage, etc to aid in this process.
3.  Find a realtor
     You want to find someone that is knowledgeable of the business, familiar with the area you are looking for, and one with great negotiation skills. Realtors are paid on commission from the sale price, so in most cases you dont have to provide funds upfront.
4.  Get pre qualified/pre approved
     Your realtor should be able to connect you with a preferred lender or one that fits your need.  If not be sure to do your research on the different lenders that are available to you and what services they provide. During this process you will provide financial information that will be reviewed to determine how much you can borrow towards a new home.
5.  Find a home and make an offer
     Once you have a pre approval, it’s time to start working with your realtor to find your new home.  You want to ensure that you look at homes within your price range.  Take pictures and videos so you can remember all that you see.  Be sure to check all the details. (plumbing, electrical, traffic, parking, etc) This will be your forever home so you want to ensure everything is just right.  It’s important to not rush the process, take as much time as you need with your realtor to find the best option. When you are ready you can make an offer.
6.  Home Inspection
     In most cases the offers are contingent on the findings of the home inspection.  The inspection will check the property for any structural damage or other things that need to be fixed.  A copy of the inspection report will be provided to both you and the seller.  If items need to be fixed, you can negotiate with the seller to fix them before closing if you choose to.
7. Review loan options
     Your mortgage company will go over the options for your loan in reference to monthly payments, etc. (sometimes this is covered during the pre approval).  This is the time to thoroughly review all options and ask questions.
8. Home Appraisal
     Lenders generally arrange for the home to be appraised by a third party.  This lets all involved know the home is being purchased at a fair price.
9.  Paperwork/ Closing
   This process involves a lot of paperwork.  You will meet with your lender and a title company to review and sign all required paperwork to proceed with the purchase.  It can take several days for your loan to be funded, but once this clears you are all set to move into your new home!
Do you have questions about the home buying process? Are you ready to purchase your new home?
We are here to make your home buying dreams come true.
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We’d love to connect with you!
The Bowen Group

Bowen Group Realty, LLC
The Bowen Group

Serving the Entire Hampton Roads Area


Welcome to The Bowen Group

The Bowen Group is an independent real estate brokerage, committed to providing outstanding service and value to buyers and sellers. We are widely recognized as the preeminent real estate company in the Hampton Roads area. We are known for developing quality working relationships with our clientele; relationships based on respect, integrity, and trust.

The Bowen Group is a licensed real estate agency in Suffolk Virginia. 3575 Bridge Road. Ste. 8, Suffolk VA 23435