For people who are new to the real estate investment world, there’s one common question that we hear quite often: Is a foreclosure a good investment? After all, isn’t it an easy way to profit by house flipping? While it certainly might seem that way, our team here at Wilshire Quinn is here to tell you that buying a foreclosure isn’t all that simple. 

As a leader in capital markets, our lending experts can work with you to help you decide if a foreclosure property is a good investment. Keep reading to learn the advantages and disadvantages of investing in a foreclosure: 

Advantage: Foreclosed Properties Are Below Market Value

To start with the obvious, foreclosed properties are purchased below market value. Banks are looking to sell foreclosed properties as quickly as possible, and the best way to do this is to offer them for less than they’re worth. 

Naturally, this opens the door for the possibility of investors turning large profit margins. Every real estate investor is open to cutting back on expenses, and purchasing foreclosed properties is an easy and straightforward way to do just that. 

Disadvantage: Foreclosed Properties Can Be Neglected

Foreclosed homes and properties usually come from distressing situations. Although this lowers their market value at purchase, it often means they are purchased in less-than-ideal condition. As a result, investors should be prepared to undergo more repairs and improvements than they would a regular property. 

Advantage: Better Financing Opportunities

Foreclosed properties are great opportunities for investing, and investors are able to secure hard money loans or bridge loans. Additionally, since foreclosure properties are sold for less than market value, they require lower monthly payments. This is especially beneficial for beginning real estate investors who do not yet have a lot of capital. 

Disadvantage: High Competition 

As you can probably imagine, a lot of investors want to get their hands on foreclosure properties. Since these properties are below market value, many investors compete for the same property, which can easily lead to a rejected offer. Furthermore, multiple offers drag out the buying process, so it might take longer than desired for you to acquire the property you’ve got your eye on. 

Advantage: High ROI and Potential Appreciation

One of the main factors determining a property’s return on investment (ROI) is its initial cost. In real estate, the lower the purchase price, the higher your ROI could be. Since foreclosed properties are sold for lower than market value, they generally guarantee a higher ROI. 

On a similar note, as investors make renovations and improvements to the property, its market value will rise. That way, not only will the initial ROI be higher, but there will also be higher real estate appreciation. 

Premier Hard Money Lenders in California 

So, is a foreclosure a good investment? Well, it depends. If you can acquire the property for a good price and it requires minimal renovation, then it might be. However, on the other hand, if you pay quite a bit of money for a property that requires a lot of upkeep, you might be better off browsing the regular real estate market. 

If you’re interested in investing in a foreclosure property, visit our website. At Wilshire Quinn, we provide rapid and reliable funding for those looking to invest in commercial and residential real estate in California. As a leader in capital markets for almost 20 years, we are confident in our ability to help you. Contact our lending experts today to learn more about what we can do for you. 

Without a doubt, health insurance is a necessity we must consider investing in it today. Though people of all ages consider investing in one, we believe that health insurance for senior citizens is of paramount importance. There are several reasons why purchasing an insurance plan in old age is a good idea for your parents. First of all, it will save a major of their expenses related to any health condition they might be suffering with. Second, it will secure their future in the long run without putting a dent on their finances and give them a healthy and secure life. If you are wondering why senior citizens should invest in a health insurance policy, keep reading this post.

Prevents Stress

Having comprehensive medical insurance in place can keep you secure whenever a medical emergency arises. You could buy an insurance plan and never have to worry about unnecessary medical costs for the rest of your life. Also, you could purchase an insurance plan and plan for all your emergencies in a manner that is stress-free.

Saves You From Debt

When you are at the age of 60, have retired and don’t have a paycheck coming in every month, any sort of medical emergency can put a dent in your finances and rob you off all your money. Financial emergencies also sometimes lead you to debt.

Shields You From Diseases

When you grow older, you become prone to many diseases and illnesses. This is actually quite common amongst elderly people. Hence, it is important that you have a comprehensive health insurance policy when you are older.

Soaring Medical Costs

When technology increases, medical costs increase too. With so many costs skyrocketing in the medical field, you should have a good health insurance policy that will take care of all your expenses.

Unstable Income Post Retirement

After a certain age, there isn’t really anything called fixed income. Not just that, your income becomes unstable and limited during this time. Hence, after 60 it is essential that as a senior citizen you end up having a comprehensive health insurance plan so that you don’t have to deal with any financial crisis.

Dependency On Children

Usually, post retirement, a lot become dependent on their kids financially. At such a time, it is important for the bread earner of the family to step it up, pay up the expenses from their pocket even if you don’t have an insurance plan. Hence, experts suggest investing in the best health insurance for senior citizens as they are the most useful!

With medical costs rapidly increasing on a regular basis, it is important for senior citizens to be mindful of their future and invest in health insurance or term insurance. In the last few years, the life expectancy of average citizens has increased because of advanced technologies and healthcare facilities. Senior citizens also don’t have any fixed income sources and won’t be able to afford expensive treatments, if the need arises. Hence, it is important that they get proper treatment in order to take care of any emergency. Some comprehensive health insurance plans for senior citizens can help with that.

In case you are searching for a brand-new savings account, Chase is a great option to think about since you might be able to locate a branch close in which you live.In this post we will be discussing why open a Chase Bank Account.

If you want Chase’s comprehensive branch and ATM system in the United States, the Chase Savings account is the right choice – you will help save money and time while still getting convenience.

Nevertheless, you will find a plethora of alternate savings accounts accessible available nowadays. It’s the intention of ours to evaluate the Chase Savings account rates, fees, along with additional features – and also equate it to other savings account options.

Interest Rates

Although having a checking account is handy for saving cash on payments, it’s not likely that you’ll in fact be earning some cash.

A savings account has the benefit of guaranteeing interest and Chase bank provides its clients 2 choices to enhance their contributions and increase the amount of cash in their private Bank account.

You are able to select between a Chase Savings account and a Chase Plus Savings account, based on whether you would like to add another to your portfolio or begin with your very first account.

The minimum deposit needed to launch a Chase Savings and a Chase Plus Savings account is USD twenty five and USD 100, respectively, based on the account. The bank does not provide fixed interest rates on any of its products.

The Advantages and Disadvantages of a Chase Savings Account

Pros

• Bonuses for new accounts are given out on an irregular basis.
• It is possible to utilise it for overdraft protection.
• Access to physical branches
• Mobile app is available

Cons

• A cost charged on a monthly basis

When compared to internet savings accounts, the interest rate is significantly lower.

Rates are rather determined by the quantity of cash in the account as well as the type of account. All of the balances in a typical Chase savings account will produce a fairly small annual percentage yield (APY). This’s most likely nothing to be too pumped up about.

However, the good news is Chase gives you another method to boost your wealth. In case you wish to obtain a much better yield, you need to think about opening an account with Chase Plus Savings, as they provide a higher return rate.

If you do not link your Chase Plus Savings account to a qualifying Chase checking account, you’ll be charged an interest rate which is linked to the quantity of money in the account.

You are able to boost your earning potential by linking your Chase Plus Savings account to a Chase Premier Plus Checking account or a Chase Premier Platinum Checking account.

When you’re searching for virtually any kind of bank account, you have to do a little comparison shopping to find out what the various rates are, and to find out what other choices are available.

Even though the rates provided by Chase savings are usually above those provided by some financial institutions, they might not be as attractive as those offered by several online banks.

Having the capability to chat to a banker face-to-face when a problem comes up is essential to a number of individuals that prefer a brick-and-morty bank.

If you are not worried about face-to-face interaction, the return on an online high-yield savings account will most likely be a lot higher.

When compared to other online savings accounts, how does it fare?

In contrast to Chase, online banks are not required to pay the operating costs of maintaining physical locations.

This allows them to provide savings accounts with significantly greater interest rates, as well as account fees that are significantly reduced or eliminated.

Understanding the Monthly Fees for a Chase Savings Account

Once interest is earned on savings accounts, they can grow rapidly and easily. A lot of banks ask for a fee for their services, which is generally a monthly charge. The Chase Bank is simply one of those exceptions.

Monthly upkeep and service costs can rapidly exhaust your account balance. To be able to stay away from these fees, Chase provides its clients a number of choices.

The Chase Savings account includes a USD five monthly service fee, but the bank is going to waive this fee in case you meet a minimum of one of the following criteria each statement cycle:

Ensure that you keep a daily minimum balance of $300 or more

At least one recurrent automatic transfer of $25 from a Chase checking account has been set up for you.

You link your savings to one of the following Chase checking accounts: Chase Premier Plus Checking, Chase Premier Platinum Checking, or Chase Private Client Checking.

Monthly service costs, like interest rates, vary from financial institution to financial institution.

The Ally bank doesn’t charge a monthly service charge and doesn’t charge a fee for ACH transactions to accounts which are not held by the bank.

When it comes to competitors, American Express National Bank doesn’t charge a monthly service fee for its high-yield savings account, and you might steer clear of the USD 30 monthly service cost charged by Synchrony Bank in case you have a minimum balance of USD thirty in your savings account.

Another Fee to Keep an Eye Out For in Your Savings Account

You’re only permitted to make a particular amount of deposits and withdrawals from your savings account each monthly statement cycle, based on federal law (six withdrawals and transfers).

Transfers and withdrawals made on the spot at an ATM or branch of a bank aren’t subject to this restriction.

Chase Bank is going to charge you USD five every time you make over 6 withdrawals or transfers in a month, and an extra charge of $ ten per transaction. Nevertheless, if the amount in your Chase Plus Savings account is greater than USD 15,000, the bank might be prepared to waive this fee.

How a Chase Savings Account Works and What You Can Expect?

The following are some of the features of every Chase savings account:

1. Automatic savings program

It requires discipline to pay yourself first even if you understand just how essential saving is.

The great thing is Chase provides an automated savings program which works with every account.

You are able to create recurring automatic transfers from your checking account to your savings account in case you’ve a Chase checking account. You’re accountable for figuring out the transfer schedule and quantity of each transfer.

2. Overdraft protection

Overdrawing your account may occur as a result of an incorrect calculation or a forgotten transaction.

Overdraft protection from Whenever you link a Chase savings account to a Chase checking account, Chase Bank is going to be accessible. Overdraft protection can stop overdraft penalties from being imposed by transferring money from your savings account to cover the transaction.

It’s absolutely free to sign up for overdraft protection. At this time of writing, Chase charges a charge of USD ten overdraft protection per transfer (fee waived for Chase Premier Platinum accounts).

3. Online/mobile banking

Online banking is possible, and it simplifies the banking procedure. So long as you’ve Internet access, you are able to deal with your Chase savings account from any place. That is true 7 days per week, 24 hours each day.

Transmit cash, create alerts, and keep track of the activities on your bank account. You are able to also download the bank’s mobile app and make use of it to keep tabs on your account from anyplace, no matter if you do not wish to be at a computer.

4. Code for a Chase savings account.

If you open an account with Chase Bank and produce a checking or savings account regularly, you are able to get a sign-up bonus.

To obtain the present deal, you have to start a brand-new Chase savings account and deposit a minimum of USD 10,000 into the account within 10 business days, or keep a balance of USD 10,000 for ninety days.

You can go to any Chase savings account site as well as bring the coupon to any of their stores. If you’re not able to make the most of the discount, be on the lookout for upcoming offers.

Life doesn’t always go as planned; things can change overnight. Having money in the bank to cover your monthly expenses is good, but living paycheck to paycheck is never a safe thing to do. You never know what the future may hold. Going through life with no savings is a risk you shouldn’t take. 

Setting aside an amount of money each month and keeping it in a savings account is a wise step to take. You will always be prepared for any emergencies. The amount you have in your emergency fund must only go for urgent unplanned situations. If you have other savings goals, consider opening another account. 

Here are 4 good reasons you should have an emergency fund: 

Unemployment

Looking at the uncertainty the world is going through, turning from an employed person to a jobless person has a high possibility. Many lost their jobs during the Covid-19 pandemic. Those who didn’t have any savings suffered financially, especially with the lack of opportunities and the setback the labor market has witnessed.

Not to be pessimistic, but always prepare for worst-case scenarios. Make sure your emergency fund will cover at least 6 months of your expenses to be able to maintain a decent lifestyle if it happens to lose your main source of income. 

Unexpected Medical Costs

No need to tell you that buying medical insurance is essential, but not all medical costs can be covered in the insurance. Medical emergencies can happen anytime, no matter how healthy you are, and they are not the type of things you can postpone. Always set aside a considerable amount of money to deal with unexpected medical bills. 

Urgent Repairs

It happens to many; they are driving their cars as usual, and suddenly the engine starts making weird noises, or the car just stops working for no apparent reason. A quick visit to the mechanic tells them that a huge bill is awaiting them. 

The same goes for home repairs; sudden plumbing problems, the heater stopped working, and so on. 

You can’t always count on your paycheck to pay for these repairs, but if you have an emergency fund, you’ll pay for them on the spot without needing to wait for the problems to get worse.

Unplanned Trips

We are not talking here about traveling for leisure, this is not considered a situation that requires withdrawing money from your emergency fund. What we are talking about is unfortunate events that compel you to travel without previous planning. For instance, if one of your close friends or family members had an accident that put them in the hospital or one of your loved ones has passed away, and they live in another country, you’ll need to travel there as soon as possible.

Plane tickets, accommodations, and other traveling expenses are not cheap. An emergency fund will serve you well in such situations and allow you to cover all the costs and be there to support your family and friends.

How to Build an Emergency Fund and How Much to Save?

Start by opening a savings account, then set your monthly savings goals. Budgeting is important. List your monthly expenses, and allocate a budget to pay them. Transfer whatever is left from your paycheck after paying these expenses to your savings account. 

If you find it difficult to save on a monthly basis, save a small amount daily and transfer it to your savings account. By the end of the month, you’ll find out you saved a considerable amount of money without even knowing. 

Risk-averse investors might choose guaranteed income insurance policies. Guaranteed savings plans, in addition to the benefits of typical insurance policies, also provide maturity benefits and the opportunity to build a stream of income for when you need it in the future.

From a child’s academic duties to buying a house and later getting the youngsters married, the responsibilities never cease. The list of responsibilities is never-ending, and while we strive to provide the best life experiences for our children, we frequently overlook our own needs and desires. Purchase a savings plan that can assist you in realizing your goals. You may easily save for that dream retirement home you’ve always wanted by purchasing a retirement plan.

WHAT ARE THE BENEFITS OF A GUARANTEED SAVINGS PLAN?

When you hear the phrase “guarantee,” you immediately think of trust. You know exactly what you’ll get when it’ll happen, and for how long. This assurance lets you plan your life without having to worry about your financial security and independence as you get older.

Is there anyone who would prefer not to have a steady source of money when they need it? A guaranteed income insurance plan is recommended for everyone who wants to develop a corpus, save efficiently, and get a continuous pay-out in their older years.

For your retirement, you’ll need a savings plan with assured maturity benefits. Here are some compelling reasons to purchase the greatest guaranteed savings plan:

1. Maturity Benefit is Guaranteed

Choose the amount of premium you want to pay for your savings plan, and you’ll get the maturity benefit at the end of the term. The minimum maturity value protects funds from market fluctuations.

2. Yearly Additions Guaranteed

These yearly contributions enable them to achieve better investment growth, resulting in more money saved.

3. Suitability

It’s easier to set aside a small amount each month than it is to provide a huge sum at the end of the year, and as a result, other expenditures pile up and the attention moves away from the objective to take care of these new bills.

4. Life Insurance

Savings plans assist protect the family’s finances, so you can rest confident that they will be taken care of in the event of an emergency.

5. Adaptability

The savings plan can be changed depending on your short- and long-term objectives, as well as the premium amount.

6. Tax Advantages

It allows you to save the amount you invest in a savings plan under Section 80C of the Internal Revenue Code.

7. Long-term investors will benefit from improved growth.

In the long run, the longer period will result in a higher bonus. The better the returns and benefits, the longer you stay invested. Select a retirement strategy that meets your long-term financial objectives and meets each of the milestones.

Conclusion

A guaranteed savings plan enables you to achieve your long-term objectives while also protecting your family from life’s many risks. Selecting the best savings solution for your long-term needs is a wise decision for the years ahead.