1 A Residential Redevelopment Company Where do I start? A first time buying guide
2 About Us Thank you for taking the time to read about Red Bow Investments and the first steps in purchasing your next home. We are a professional, full service real estate solutions firm that buys and sells properties throughout the Northern Indiana area. We specialize in buying distressed homes at a significant discount, and renovate, resell and/or hold to retail home buyers and landlords. Our company was founded in 2014 by Leah Mark and Josh Koldyke. We are excited to be part of the area s renaissance and we aspire to continue contributing to the economic rejuvenation of Michiana and its neighborhoods. Since its inception, Red Bow Investments has passionately pursued the goal to help hundreds, if not thousands, of people in our community find an answer to their real estate needs. Through the years, we have developed a solid foundation of real estate knowledge, with the integrity to follow up on promises and make successful deals happen. Our organization is proud to be born and raised right here in the Michiana area. We pride ourselves on being local and helping our communities. We live here and invest here! HERE IS WHERE WE START: THANK YOU! We have received an overwhelming positive response to our renovated homes and we need to take a moment to thank all of you who have helped us along the way. Your positivity and support is what drives our company each day. We believe genuinely and whole- heartedly that when you help someone get what they want, you will in turn have what you desire. Our desire is to create safe, secure and updated homes at an affordable price for our customers. During our renovation process, we have had several questions come up and below are the most frequently asked. We want the home buying process to be stress- free and one that is memorable. We hope to answer your questions but if you still have some, feel free to contact our customer service team at or call Frequently Asked Questions What s the first step in this process? How much does it cost to buy a home? How do I know if I am pre- approved? What do I do if I know my credit needs work? Does Red Bow provide financing? Does Red Bow do land contract/rent- to- own? Can I ask for financial assistance when buying my home?
3 A first time buyer s guide WHAT IS THE FIRST STEP IN THIS PROCESS? As partners, we invested a great deal of time, energy and capital into our real estate education and business creation. Much like buying a home, this all begins with a plan. This guide will help you create your plan and give you actionable items. The first step is saving. SAVE as much money as you can because in real estate, cash is king. Yes, there are programs out there with 0 down and no closing costs but you need to have a back up plan. Sometimes you are going to have to have the cash to secure the home you want. Cash makes your offer more attractive to potential sellers and also shows mortgage lenders that you have funds in reserve should something happen. Put yourself in the bank s shoes would you lend someone $100,000 if they told you they had $0 in the bank? HOW MUCH DOES IT COST TO BUY A HOME? Here is a straightforward answer for you it depends! As we eluded to above, there are several lending programs out there and each one requires different down payment amounts. As a rule of thumb, we suggest having at least 3.5% of the purchase price of your home in savings. This is based off of a government backed lending program. Again, the more cash you can show in reserves, the better off you will be.
4 A first time buyer s guide HOW DO I KNOW IF I AM PRE- APPROVED? What exactly does pre- approved mean in the real estate world? This is the term used to gauge your budget amount when searching for a home. Short and simple, a lender looks at your credit score, personal debt, equity and assets to see how much home you can afford. This is very important in the process because many times people start the home search by just typing in the area they want or the style of home they are looking for. Next thing you know, you fall in love with a potential home and in your mind you have already moved in and are arranging your furniture there. A potential problem is lurking though you cannot secure the financing. By going through the pre- approval process before hand you will be able to narrow down your search drastically. Plus it also shows potential sellers, agents, and lenders you are serious and ready to go! You need to have a pre- approval letter to even make an offer on a potential home. We are not mortgage lenders or brokers, but we do have several contacts locally that can help you through this. Regardless of your credit score, we have someone who can help point you in the right direction. Contact us today so we can put you in touch with them. or Call WHAT DO I DO IF MY CREDIT NEEDS WORK? Everyone hears the commercials, Good credit, bad credit, no credit at all, you get financed and you think perfect, I am good to go. This doesn t hold true in real estate unfortunately. Banks want to make sure they minimize their risk in lending you money. Yes, the house will be collateral for the loan but the bank still wants to know you have good credit. But do not worry! You can increase your credit score dramatically over a few months to a year and that could be just enough time for you to find your dream home. We have contacts who will be able to sit down with you and map out exactly what you need to do over certain time periods in order to get you where you need to be! Contact us today so we can put you in touch with them! or call
5 A first time buyer s guide DOES RED BOW PROVIDE FINANCING? DOES RED BOW OFFER LAND CONTRACTS OR RENT- TO- OWN? Our overall investment strategy and specialty is to purchase distressed properties at a discount, under market value, and renovate and sell those properties to retail homebuyers and landlords. At Red Bow Investments, we pride ourselves on having a strong foundation of real estate knowledge and training. Our focus is on providing SOLUTIONS for our clients. Currently we do not provide any financing options but have several contacts that we would like to share with you. Contact us today so we can point you in the right direction! Here at Red Bow Investments, we understand that the real estate arena changes every single day. We strive to provide the best customer service and meet the market s needs. At this time we currently do not offer Rent- to- own or Land Contract Agreements. With that being said, we do have a great contact that has extensive inventory when it comes to Land Contracts or Rent- to- owns. Contact us today so we can connect you with the company! or call
6 A first time buyer s guide CAN I ASK FOR FINANCIAL ASSISTANCE WHEN BUYING MY HOME? Our company can acquire great deals on properties because we have the ability to act quickly and can close with CASH on the seller s timeline. This is why we can buy properties at such a discount. When buying a home as an owner occupant through financing, you will write an offer to a potential seller. You can always ask them to help or pay for your closing costs or other concessions as well. But in our experience, an offer that does not ask for much from the seller usually appears stronger in the seller s eyes. Again, it shows you have a vested interest in the property and appears as if you are not asking too much to be conceded. YOUR CHECKLIST FOR BUYING YOUR HOME Here is a quick checklist of steps to recap what you have just read. This list is intended to give you guidance based on our experiences, both personally and professionally, while searching for your new home. Each search is different and please feel free to make it your own! Happy house hunting and we hope to hear from you soon! ü Save, save, save!! ü Start the pre- approval process ü Know your wants vs needs ü Know your monthly budget ü HAVE FUN WITH IT!! ü Ask lots of questions! ü Contact us for guidance CONTACT US TODAY! Office: LEGAL DISCLAIMER Our core business lies within our systems, education and knowledge of the real estate industry. We have a systematic and disciplined approach to our business and follow a strict due diligence process. With that being said, we are NOT accountants, attorneys, financial planners, mortgage brokers, mortgage lenders, bankers, nor are we trying to be. However, one of our owners is a licensed broker in Indiana. The information provided in this packet is based off of our experience and personal opinion. By no means is this meant to be an exhaustive list or a guarantee that if you do these things you will be able to buy any home at any price with any mortgage lender/broker.
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