5109 Ravensdale Ln. : Affordable Home for Sale @ $170K!

This property has not been listed with the MLS yet! It is a steal at $170k. Priced 12k below Travis Tax Appraisal!

Paul B. Perez, AHS

Licensed Realtor®

Premier Realty

Main: 512-380-1469

Willow Branch Lofts- Austin Downtown Condos-Update

The Willowbranch Lofts are well under construtction and what better way to show the progress then to blog about it. Here is a video showing the frontage of the Willowbranch Lofts under construction. It's not much, but it is a glimpse of what's to come!

Paul B. Perez, AHS

Licensed Realtor®

Premier Realty

Main: 512-380-1469

Foundation Problems: Is there really a problem?

I recently posted a question on Trulia to this effect:

Foundation Findings? What is acceptable variation in the foundation?
I hear 2-3 is the norm and that no foundation is ever zeroed out? One engineer tells us that it slopes and to have it repaired. The other says there are slight variations but does not suggest any repairs? The slope claiming engineer used a water level. The variation claiming engineer states that a more expensive tool called a zip line level should be used for more accurate measurements? No cracks or sticking windows present. What would you advise to your client?

I received many responses that can be read here:

After a few long days of sleepless nights and a crash course in foundation repairs I have been able to come up with this acceptable conclusion for folks looking for an answer to my question.

The owner of the foundation company explained to me that there is a measurable amount of moisture that is trapped underneath the slab when any foundation is poured. Over time the trapped moisture dries, which causes the soil to compact and crack, which causes the foundation to shift.

Foundations leveling standards are determined on a case by case basis. In this case the home was evaluated and thereby concluded that a level cosmetic appearance and structural integrity would be the determining factors when performing the contracted workmanship. The owner further stated that if any foundation is corrected to its originally intended level surface that the foundation would raise but would create voids in various parts of the house, thereby causing sagging in the foundation and could create potential for further foundation failure.

Understanding your Home Purchase!

Just press play! You may want to keep the cursor on the pause button as it plays a bit fast.

So you want to buy your first home.... How much can you Afford?

So you want to buy your first home but don't know where to start... The first thought that comes to mind for many first time buyers is to jump on the internet and start looking at what's available.
"How much can I afford?"
This is probably the first and most important question you should ask yourself.
"How do I figure that out?"
Call a loan officer is my advice!
"But I don't want to call a loan officer; I heard it could affect my credit!"
If this sounds like you then read on. Loans now days are issued on DTI or Debt to Income Ratios coupled with your Credit Rating.
"What's a DTI?"
Debt to income is exactly that. How much you are obligated to pay divided by how much you bring home pre-tax.
For instance, You make $2,400 per month, but you are obligated to pay $500 per month on minimum balances due on your credit card, car loan, etc. In this situation your DTI would be 500/2400= 20%.
***Only the balanaces reflected on your credit report need be used to figure your DTI: cable bill, gas bill, and electric need not be figured in!***

The next step is a bit more complicated. I am going to adding more to this self-qualifying in the near future so keep in touch....

Affordable Housing Specialist

Two days ago I finished my last module to become an Affordable Housing Specialist. There are all kinds of programs out there to help almost anyone get a place to call home. There is a program here in Texas that will contribute 5% of the price of the home to help pay for down payments and closing costs. This program is a grant and does NOT have to be paid back.

Can you believe that there is also a program that requires you to be denied from other lenders in order to qualify for up to 105% of the cost of a home. In other words, there can be NO Down Payment! Over the next few posts I will show you the programs and where to go to for more information.

Not overlooking out vets, the Texas Vet program offers our Vets a great opportunity to borrow upwards of 400k for a home with interest rates as low as 4.25%!

Visit often to see what we can do to help you own a home of your own.

New Year's Resolution for First Time Homebuyers

How many of you have told yourself that this was the last year you where going to rent?



How many of you are renewing your lease yet again?



Don't you think it's about time to stop thinking; and finally make the moves?



How many excuses can we find to keep paying rent?



I come in contact with many people in many different situations. Some have crappy credit to put it lightly. Others are of the 80/20 nature; meaning one of them has 80 percent of the credit and the other has the other 20, etc. Some are so well qualified that they assume anytime is a good time. There is a good number of young couples that are looking to stop wasting their money on their landlords mortgage; and putting that towards something better. What and how? Let me tell you about this scenario from just the other day...



There was a young couple New Year's day I ran into. It was kinda cold and they where looking for a place close to Decker lake and not far from Down Town. There is a little subdivision in the North East called Sendero Hills that was perfect. Take MLK East past 183 & you will see 969 on the left hill after the RR tracks. Sendero Hills is behind the awesome Agave homes on the hill overlooking Down Town. I showed them the house they wanted to see and a different home that I had listed on the same street. I was still a little shook from the New Year's the night before; but they were understanding. I showed them a great place, but we were not sure if his boat would fit in the garage, not to mention the grade up to the garage was steeeeeep!

They were talking about buying later and then I asked them "Why don't you both lease to purchase?" I explained to them that even if they were not married it was just a lease with an option. So it wouldn't be any worse than a normal lease. I'm glad I was able to give this couple a bit of insight as to how to convert your rent into a down payment!

Now think about your situation. If you are thinking about buying a home and on the fence; it would be wise to consider this:

If you pay $1000 a month in rent; then you pay $12,000 a year. Perhaps you ask for 50% of each months rent to be credited towards the purchase of the property. When? 1 to 5 years. At the end of 1 year you will have $6000 of YOUR rent that counts towards the purchase of YOUR new home. Many investors prefer this method over traditional market sales. They get tenants that care about the condition of the property and treat it like a home! When you close you ask the seller pay for a 1 year home warranty after you close! If you are fortunate enough to find someone that is willing to do this then do it! You are going to pay to live somewhere! Even if it's not what you "dream" about you can at least put your money to work for you.

So make Home Buying a resolution this year! I am and I'll keep you posted on my adventure.