iPad and Real Estate!

As many of you know, the new Apple iPad came out this week promising to fulfill many more of our communication needs with even more efficiency.  Apple and Steve Jobs have had a tremendous innovative run the past 30 years, especially the last 10 years.  Apple has been an example we can and should all learn from.

We all cn learn from his example.  This is why I propose the iHome.  Yes, the iHome.  The iHome will be a real estate investment that will year in and year out, gain value and every 10 years double in value.  It will provide for all our families by letting us retire with a prodigious nest egg of savings.  Here is how it works:

1. Buy a home you can afford and fits the needs of your family or you.  For example, if you make $100,000 per year after taxes or $8,333 per month and you have $3,000 in monthly debts, then you qualify for a $2,333 per month for your mortgage or a loan amount of around $400,000.

2. Be patient.  You have to assume you will live in this investment for a long time; 10 years or more.  And if you know you will have something for 10 years, you will more likely take good care of it.  On average, real estate doubles in value every 10 years, so just wait.

3. Work on paying down your mortgage and reducing your monthly payment.  The reason for this is twofold; 1. This will add more equity into your home and if you decide to rent it out, you will have greater cash flow.  2. The more equity you have in your property, the more you can borrow against it if a great opportunity should arise in the future.

Sounds simple right?  Well it is, the golden rule of living within your means rings very true here.   Now, the question is, where do you find the best value?

www.NorthwoodPointeIrvine.com for your primary residence.  http://www.MichaelDunn.com/real_estate/searchMLS.asp for possible investment opportunities

Or send a email to Mike@MichaelDunn.com for a list of upcoming foreclosures.

Happy Investing.

Mike