The United States is an amazing place to invest in real estate or buy real estate as an owner-occupant. The US has some of the best financing options, most choices, most secure real estate, and yes even some of the most affordable real estate in the world. While the US is a great place to be a landlord, not every state has the same laws or advantages. Some states are making it harder to be a landlord to the point where investors are looking to other states to invest in. This article goes over what the best states and worst states are for landlords based on a number of factors I put together and weighted based on how important they are. I have been a landlord, flipper, and real estate broker for many years and I see my local state of Colorado slowly becoming less landlord friendly. You can see Colorado’s ranking as well as every other state below.
Does Landlord-friendly mean tenant unfriendly?
Before I get into the rankings there is a lot of landlord hate in the world these days. Just because a state is landlord friendly does not mean it is bad for tenants. In fact, many of the states that are the most friendly to landlords, are the cheapest for tenants to live in. The problem with states that make it harder on landlords is that those restrictions make it more expensive to be a landlord. If it is harder and more expensive to be a landlord, landlords have to raise rents to make it worthwhile to do business in those areas or they may choose to sell. If there are fewer rental properties, that also means rents will rise higher thanks to supply and demand.
Landlords and tenants can work together and coexist without having to fight each other. One of the biggest misconceptions out there is that landlords are buying all the houses and making it impossible for first-time buyers to purchase. The facts, show landlords selling many more rental properties than they are buying and the owner occupancy rate is going up. This is decreasing the number of rentals and pushing rent prices up as well as purchase prices. If you want more affordable rent, you want more landlords!
What are the most landlord-friendly states?
I made this list based on a number of factors including:
Crime
Population change
Median house value
Time to evict
Property taxes
Insurance rates
Unemployment
Vacancy rates
Rent control
I used the most recent sources I could because the world has been changing fast in the last few years, and I weighted the categories differently based on the importance of each factor. I will be changing and updating this list to make it as accurate as possible. If you have suggestions please leave them below. I would love to hear about new laws being passed as I may not hear about them as soon as locals to those areas.
The lower the score the better for this ranking!
Rank
State
Score
1
Alabama
63
2
Wyoming
75
3
Kentucky
78
4
Florida
78
5
Iowa
81
6
Idaho
85
7
Montana
87
8
West Virginia
88
9
New Hampshire
90
10
Arkansas
92
11
Arizona
92
12
Oklahoma
92
13
South Carolina
92
14
Nebraska
95
15
Wisconsin
96
16
Delaware
96
17
Indiana
97
18
Maine
97
19
Tennessee
99
20
Utah
99
21
Georgia
102
22
North Carolina
102
23
North Dakota
102
24
Vermont
104
25
Mississippi
104
26
Ohio
106
27
South Dakota
106
28
Nevada
106
29
Louisiana
107
30
Kansas
110
31
New Mexico
110
32
Missouri
111
33
Virginia
112
34
Pennsylvania
114
35
Colorado
116
36
Connecticut
119
37
Michigan
120
38
Rhode Island
122
39
Alaska
124
40
Massachusetts
125
41
Hawaii
129
42
Minnesota
133
43
Texas
134
44
Washington
140
45
New Jersey
144
46
Maryland
147
47
Illinois
149
48
Oregon
157
49
New York
164
50
California
169
51
District of Columbia
182
How did I come up with a Landlord friendly list?
I have put a lot of thought into this list as there are many others online that I do not agree 100% with. Many lists include income taxes or other factors which do not impact investors unless they live in that state. This list is meant to show how friendly states are based solely on rental properties in that state, not the advantages of living there.
I have weighted the list based on the importance of these categories. The price of real estate is the number one weighted category where as insurance is important but not nearly as important. I thought about adding a category for appreciation but it is so hard to know what areas will appreciate and I think appreciation should be thought of as a bonus for rentals, not the end goal. Many of the categories like population gains will contribute to appreciation as well.
I will not post the entire data set here, but I will create a YouTube video going over all of the data soon on the InvestFourMore YouTube channel. Be sure to subscribe there so you are notified when that video is live! I will also post the sources for all my data below.
If you want to learn more about investing in rentals check out this article: How to Get Started Investing in Rentals.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Do you want to make $10,000 a month?
I was struggling with this question for days. I wanted more money now and the thought of making $10,000 seemed like a dream spurred on by advertisements in magazines promising “easy” earnings opportunities.
But then again, it may have been too good to be true. And that’s why I’m writing this article: because so many people are looking for these quick ways to earn big bucks online without a lot of work – and I’m here to deliver.
I’ve been browsing the internet for years and have found a few ways to make $10,000!
There are a lot of ideas out there, you just have to decide what works well for you. So don’t get too excited just yet.
When you follow these easy-to-follow steps, you’ll be on your way to earning yourself some greenbacks that will take care of all those bills and more than pay off your student loans (or at least buy you a new car).
I have provided links to each of the sources I used for this article, so you can check them out for yourself and decide if they’re worth your time.
So without further ado, let’s get started.
What is the quickest way to make $10,000 a month?
Getting started on a side hustle has never been easier. But how do you know where to start?
Check out these six ideas that can be done in hours and make money like crazy!
Become a freelance writer
Start an Etsy shop
Create and sell digital courses
Drive for Uber or Lyft
Become a virtual assistant
Learn how to day trade
Three Ways to make $10000 a month
Everyone wants to make money and get rich quickly, but the truth is that it takes time.
There are many ways of making a living today; you can choose the traditional route, make money online, or look at passive income.
Option #1 – Make $10,000 a month by earning a high income
There are a few ways to make a high income. You can work in a high-paying profession, like a lawyer or doctor.
Working in a high-paying profession is the most common way to make a high income. If you want to earn a six-figure salary, you’ll need to choose a career that pays well. Some of the highest-paying jobs include doctors, lawyers, investment bankers, and CEOs.
Starting your own business is another great way to make a high income. If you can build a successful company, you’ll be able to earn an impressive salary. Of course, starting a business is risky and it takes hard work to be successful.
Option #2 – Make $10,000 a month by working online
There are many different types of work that you can do online in order to make $10,000 a month. Some examples include writing articles or blog posts, designing websites, freelancing, selling products or services, and much more.
How much you can expect to make depends on a number of factors including the type of work you do, how much experience you have, and the amount of time and effort you put into it. However, if you are willing to put in the time and effort, it is possible to make $10,000 a month by working online.
For many people, however, the quickest way is by starting an online business. The good news is that most of these businesses are easy and sustainable because they don’t require a lot of startup capital.
Learn how to make money online for beginners.
Option #3 – Make $10,000 a month with Passive Income
Investing money in assets that generate passive income is another option for making a high income.
With this approach, you will use your capital to purchase assets such as rental properties or dividend stocks. These investments will provide you with regular income, which can help you reach your goal of making $10,000 per month.
Best Ways to Make 10k a Month
The internet is a great place to make money if you know how. The best part is that there are no huge upfront costs like starting a brick-and-mortar store or subscription business, so the sky is the limit on how much you can make.
That is why you will see many of the best ways to make 10k a month are online, and I’ve listed some of my favorites below. They all work in different ways, but they all have one thing in common: you can get started with no upfront costs.
Want to make money online but don’t know what to do? This guide will show you the quickest and easiest ways possible.
Invest in Stock Market with Mutal Funds or ETFs
There are a few things to consider before investing in stocks.
First, you need to have a clear understanding of what stocks are and how they work. It’s also important to understand the different types of stocks, such as blue chip stocks, growth stocks, value stocks, small cap stocks, and penny stocks. This will help you decide which mutual funds or ETFs, you want to invest in.
With this buy-and-hold approach, you are looking to make returns in the long run and are not worried about the up-and-down movement of your portfolio.
You need a 1.5 million portfolio to make $10k a month passively (source). This is the intrigue of how to FI and why many people pursue it.
Make Income in Trading Individual Stocks
There are a few things to consider before actively trading in stocks. You need to understand what stocks are and how they work. You also need to know the risks involved in investing in stocks as an active day trader or swing trader.
Stocks are shares of ownership in a company. When you buy a stock, you become a part-owner of the company. The value of your stock will go up or down depending on how well the company does. Once you have a basic understanding of the stock market, you can begin researching specific companies that interest you.
Stocks are bought and sold on the stock market. The price of a stock is determined by supply and demand. When more people want to buy a stock than sell it, the price goes up. When more people want to sell a stock than buy it, the price goes down.
It is possible to make money fast with stocks.
Create a blog
Blogging is a great way to make money because it gives you the opportunity to share your knowledge and expertise with a wide audience. If you have a knack for writing and are passionate about a particular topic, then starting a blog is definitely a good way to make money.
There are several ways to make money from blogging, such as selling advertising space, affiliate marketing, or selling products and services. However, the most important thing is to build up a large enough audience so that you can monetize your blog effectively.
Become a Virtual Assistant
A virtual assistant is an online personal assistant who can help with a variety of tasks, including administrative tasks, social media tasks, and even customer service.
A virtual assistant can help with a variety of tasks that business owners and entrepreneurs need assistance with. You are able to have a non phone work from home job and work during the hours you want. This is why so many people find becoming a VA so appealing.
Use Your Expertise as a Virtual bookkeeper
A virtual bookkeeper is an individual who provides bookkeeping services to clients from a remote location.
To become a virtual bookkeeper, you will need experience in bookkeeping and accounting, as well as strong organizational and communication skills. You will also need to be proficient in using accounting software, such as QuickBooks or FreshBooks.
Create a Course on Teachable and earn $10k a month online
Teachable is an online course platform that allows you to create and sell your own courses. You can use Teachable to earn extra income or even make a full-time living from your courses.
In fact, Teri Ijeoma is one of Teachable’s top course creators and easily surpasses this threshold.
Etsy shop in just a few minutes. This is a great way to use your graphic design skills and easily make money from $1-3 printables.
Write Articles with a Freelance Writing Business
Freelance writing is a great way to make a comfortable living from your writing. Whether you have a passion for writing or you simply enjoy writing for fun, freelance writing can be a great way to make a living from your work.
Copywriting is a type of freelance writing that requires more specialized skills and offers higher ROI for clients. This is because copywriters are responsible for creating compelling and persuasive content that can drive conversions.
Build a Coaching Business with Clients
An online coach is a professional who provides guidance and support to clients through online communication tools such as email, chat, video conferencing, and social media.
Engage in a social media management
A social media manager is a professional who helps businesses grow and interact with their customers through social media.
Social media managers typically create and post content, monitor and respond to comments and messages, run ads, and analyze data to track results.
Drop Shipping
Drop shipping is a business model where you don’t keep any inventory and instead outsource the production of products to a third party. When someone orders a product from your store, you simply contact the supplier and have them ship the product directly to your customer.
This is a great way to earn passive income, as you don’t need to do any of the work yourself. You can also hire freelancers to do all of the low-value tasks for you, such as customer service, order fulfillment, and marketing.
Amazon FBA
Amazon FBA is a service that allows you to sell products on Amazon.com and fulfill orders through the Amazon fulfillment center.
For example, Amazon FBA is an online store that Amazon handles a lot of the stuff that causes headaches for most e-commerce store owners, such as shipping and customer service. This means that store owners can focus on more important aspects of their business while still benefitting from Amazon’s massive user base.
Customers are more likely to buy from you if they see that your product is eligible for Prime shipping.
Affiliate Marketing
Affiliate marketing is when you promote other people’s products and services to make a commission. The easiest way to get started with affiliate marketing is through Amazon.
You can sign up as an Amazon Associate for free and then use the Amazon Associates link generator to create links for the products you want to promote. Amazon will pay you a commission on anything that is purchased through one of your links, even if it isn’t something that you promoted.
Make a Salary Off Flea Markets
There are many ways to make a salary off flea markets and search through other people’s junk. It is completely possible to make an income from selling items online.
You can start by finding a market that you are interested in and looking for items that are in high demand. Then, you need to know what to look for when you are shopping. When you are ready to start selling, you will need to find a place to sell and know your profit margins.
Invest Your Money to Make More
Investing is the act of allocating resources, usually money, with the expectation of generating an income or profit.
The first step is to understand what you want to achieve with your investment.
Once you know your goals, you can start researching different investment options and choosing the one that best suits your needs. It’s important to remember that there are risks involved with any type of investment, so be sure to do your homework before making any decisions.
Learn all the best ways how to invest 10k.
How hard is it to make $10k a Month?
There is no one-size-fits-all answer to this question, as the amount of work required to make $10,000 a month varies depending on the individual’s circumstances and career path.
However, in general, making $10,000 a month requires a significant amount of hard work and dedication.
For example, someone who is self-employed may need to put in long hours to build up their business before they start seeing a return on their investment. Similarly, someone who is employed by someone else may need to put in extra effort to stand out from the crowd and get promoted.
How much money is required:
Again, there is no definitive answer as the amount of money required varies depending on the individual’s circumstances. However, in general, making $10k a month usually requires having a good income from employment or from other sources such as investments as you build your side hustle. It’s also worth noting that saving up enough money to live on while you’re working towards your goal can also be helpful.
Also, spending money on online courses to jumpstart your process is helpful!
How long does it take:
The time it takes to make $10k a month also varies depending on the individual’s circumstances. For example, someone who already has a well-paid job may only need to save up for a few months before reaching their goal, whereas someone who is starting their own business may need to work for several years before seeing a return on their investment.
How to make $10k a month FAQs
Many people are interested in earning a high income, but they don’t know how to get started. In this section, we go over many of the frequently asked questions.
There are many ways to make money without a job. You can start your own business, work as a freelancer, or find odd jobs.
How much you can make depends on how much time and effort you put into it. You could potentially make thousands of dollars a month if you’re willing to work hard.
If you have the right skills and connections, you can make a lot of money in a short period of time.
To earn 10k a month, you need to average making $333.33 per day (assuming a 30 day month).
If you plan to work a normal 9-to-5 schedule, you must earn $500 a day.
There are many jobs that pay $10,000 a month. Some of these jobs include:
CEOs or any C-level executive
Investment bankers
Lawyers
Doctors
Different jobs require different skill sets. For example, CEOs need to be good at managing people and finances, while lawyers need to be good at research and writing.
The cost of living varies widely depending on where you live – yes the debate of HCOL vs LCOL. But $10,000 a month is generally enough to cover basic expenses and leave some room for savings.
Of course, if you have a family or other financial obligations, your expenses will be higher and you may not be able to save as much.
How to make $10000 a month from home?
There are many ways to make money from home. You can start a blog and sell advertising, write eBooks and sell them online, or even start a YouTube channel and sell products through affiliate marketing.
The amount of money you can make from home will vary depending on the method you choose. For example, if you start a blog and sell advertising, you could make a few hundred dollars per month starting out. However, as you grow and expand into other niches like affiliate marketing, you could easily make over $10,000 per month.
Tips for success:
No matter which method you choose to make money from home, there are some tips that will help you succeed.
First, be sure to choose a niche that you are passionate about so that writing or creating content is not a chore.
Second, be consistent with how you plan on making money from home.
Finally, invest in online courses to jumpstart your learning.
What are some tips for making $10,000 a month?
In the past few years, there has been a shift in how people get rich.
People are now making money six-figure salaries by doing what they love and starting their own businesses or becoming influencers.
Here are the best tips to make sure you have success in how to make 10k a month.
Tip #1 – Set a Goal
Setting a goal is important because it gives you something to work towards. It can also help motivate you to take action and stay on track.
When setting a goal, it is important to be specific and realistic. You should also make sure that your goal is measurable so that you can track your progress.
Example goals:
Enroll in online course to expand your earning potential
Earn an extra $500 per month from side hustles
Have your side gig income to take over your 9-to-5 income
Be able to retire and enjoy time freedom
Tip #2 – Make a Plan
As James Clear, the author of Atomic Habits says, “Many people think they lack motivation when what they really lack is clarity.”
You have to start by making a plan. You can daydream all you want about making $10000 in a month.
Here are a few steps to get you started:
Brainstorm ideas for a side hustle
Research the market and start small
Figure out which online courses to take to jumpstart your learning
Study. Study. And study.
Stay consistent with your plan.
However, the best way to find out if a side hustle will work is to start small. You can always build up your business and make more money later on.
Tip #3 – Be Patient
You need to be patient if you want to make $10,000 a month. It takes time and effort to make this much money.
Don’t think you can walk away after a few hours and make $10k each month.
It takes time to be consistent in making $10k month after month.
However, if you put in the work, you can make $10,000 a month.
Tip #4 – Take Action
In order to make $10,000 a month, it is important to take action.
Each and every day, you should be working on something that will help you reach your financial goals.
Whether it is watching a Youtube video, listening to a podcast, or actually putting reach work in.
Taking action will help you reach your goals quickly.
How to make 10k a week
Making 10k a week is definitely possible, but it’ll take work and dedication to see results.
You’ll need to have the right money-making idea and put in the time and effort to make it successful. Additionally, having multiple streams of income can help you reach your goal faster.
Which Income Stream will you choose to Start with?
So there you have it! A few different ways that you can start earning an extra $10,000 a month.
Which one will you choose to start with?
There are many ways to make money quickly and easily, but not all of them are created equal. In this guide, we’ve outlined some of the quickest and most effective ways to make $10k a month.
Choose the option that best suits your skills and interests, and get started today!
Let us know in the comments below.
Know someone else that needs this, too? Then, please share!!
If you’re like most people, you enjoy eating out at (or ordering in from) restaurants. You shop for groceries weekly, if not more often. You stream your favorite shows and podcasts. You own or share a car.
The U.S. Bank Altitude® Go Visa Signature® Card rewards you for doing all of these things, and it doesn’t charge an annual fee for the privilege. But it’s not perfect. Before you race to apply, make sure you understand its limitations as well.
What Is the U.S. Bank Altitude Go Visa Signature Card?
The U.S. Bank Altitude Go Visa Signature Card is a rewards credit card with no annual fee.
Its rewards program is particularly generous on restaurant purchases, including takeout and delivery. It also pays above the 1-point-per-$1-spent baseline on purchases at gas stations, electric vehicle charging stations, grocery stores, and streaming service providers.
Altitude Go has some other notable features, including a 0% intro APR promotion on purchases and balance transfers (then 19.99% to 28.99% APR variable) and a one-time streaming credit after you make at least 11 monthly purchases with popular providers.
What Sets the U.S. Bank Altitude Go Visa Signature Card Apart?
The U.S. Bank Altitude Go Visa Signature Card isn’t exactly groundbreaking, but it does stand out from the competition (in a good way) for several reasons:
Very good return on restaurant purchases. With Altitude Go, you earn 4 points per $1 spent on restaurant purchases, which works out to a 4% return on spending. Few if any other no-annual-fee credit cards match that.
0% intro APR promotion on purchases and balance transfers. Altitude Go has a 0% intro APR for 12 months on purchases and balance transfers (then 19.99% to 28.99% APR variable). Balance transfer promotions aren’t as common today as a few years ago, so it’s notable that Altitude Go offers both.
Annual streaming credit. It won’t make you rich, but Altitude Go’s annual $15 streaming credit helps you claw back some of your streaming service spending. You do need to make at least 11 monthly streaming purchases on your card each year to qualify.
Bonus rewards on EV charging purchases. Some credit cards that offer bonus rewards on gas station purchases don’t yet extend the benefit to electric vehicle charging purchases. This will change as EV adoption grows, but for now, Altitude Go is among a select group of go-to credit cards for EV owners.
Key Features of the U.S. Bank Altitude Go Visa Signature Card
The U.S. Bank Altitude Go Visa Signature Card has an average to slightly above-average sign-up bonus, a generous rewards program, and an annual bonus for folks who consistently charge popular streaming service subscriptions on the card.
Sign-Up Bonus
Earn 20,000 bonus points after you spend $1,000 in eligible purchases in the first 90 days. That’s worth $200 redeemable toward gift cards, merchandise, travel, cash back, and more.
Earning Rewards
Altitude Go has a generous rewards program that reserves its best earn rate — 4 points per $1 spent — for restaurant purchases, including takeout and delivery.
Purchases in several additional categories earn 2 points per $1 spent:
Gas stations
EV charging stations
Grocery stores and online grocery delivery services
Streaming services
All other eligible purchases earn 1 point per $1 spent.
Redeeming Rewards
You can redeem points for merchandise, travel, gift cards, cash, and other items. Minimum redemption amounts vary by item type. For example, cash redemptions (statement credits or bank account deposits) require a 2,500-point minimum ($25 value).
You can redeem at any time — no need to wait until the end of the statement cycle.
Annual Streaming Bonus
After you make 11 months of streaming purchases on your Altitude Go card, you receive a credit of $15. Dozens of popular streaming services are eligible, including but not limited to:
Amazon Music
Amazon Prime Video
Apple Music
Apple TV+
Discovery+
Disney+
ESPN+
HBO Max
Hulu
Netflix
Pandora
Paramount+
Peacock
Showtime
SiriusXM
Sling TV
Spotify
Starz
Stitcher
YouTube Music
YouTube Premium
YouTube TV
You’re limited to one $15 credit per year, regardless of how much you spend on streaming services.
Intro APR Promotion
Take advantage of 0% intro APR on purchases and balance transfers for the first 12 months after account opening. After that, variable regular APR applies, currently 19.99% to 28.99%.
You must make qualifying balance transfers within 60 days of account opening.
Important Fees
There’s no annual fee or foreign transaction fee. The balance transfer fee is the greater of $5 or 3% of the transfer amount.
Credit Required
This card requires good to excellent credit. Any significant credit blemishes could affect your approval odds.
Advantages
The U.S. Bank Altitude Go Visa Signature Card has a lot going for it. Notable benefits include its strong (but not amazing) sign-up bonus, its generous and varied rewards program, and an additional perk for anyone who regularly consumes streaming content.
No annual fee. Altitude Go has no annual fee. If you want to use it for occasional spending in the favored categories, that’s fine — no need to worry about earning enough rewards to offset a recurring fee.
Excellent return on restaurant purchases. Altitude Go earns 4 points per $1 spent on restaurant purchases. That’s better than premium dining credit cards like the Chase Sapphire Preferred and Chase Sapphire Reserve Cards.
Bonus rewards on gas and EV charging purchases. Altitude Go rewards gas station and EV charging station purchases equally. This is a key benefit for the growing number of EV owners looking to recapture some of their charging expenses.
$15 annual streaming credit. Altitude Go’s annual streaming credit is enough to offset a month or so of Netflix. It’s not life-changing, but every little bit helps.
0% intro APR promotion on purchases and balance transfers. Altitude Go has matching 0% intro APR promotions: 12 months on purchases and balance transfers, then 19.99% to 28.99% APR variable. Many rewards credit cards only have intro purchase APR promotions.
Above-average (but not amazing) sign-up bonus. Altitude Go’s sign-up bonus is above-average for a no-annual-fee credit card. It’s easy to attain as well.
Disadvantages
The U.S. Bank Altitude Go Visa Signature Card has some downsides to consider before you apply. The low baseline rewards rate and relative lack of value-added features both deserve mention.
Low baseline rewards rate (1 point per $1 spent). Altitude Go earns just 1 point per $1 spent on most purchases. The bonus categories are broad enough that it’s easy to earn at a higher rate overall, but it would be nice to see 1.5 or 2 points per $1 spent on other purchases.
Few value-added benefits. Other than the annual streaming credit, Altitude Go has few value-added perks of note.
Rewards program has become less valuable over time. When it first hit the market, Altitude Go earned 4 points per $1 spent on gas station and EV charging purchases. Now, it earns 2 points per $1 spent in those categories. It’s still better than the baseline, but the decline is notable.
How the U.S. Bank Altitude Go Visa Signature Card Stacks Up
Altitude Go shares the spotlight with a bunch of other dining, grocery, streaming, and fuel credit cards.
One competitor that’s particularly interesting to us is the Chase Sapphire Preferred Card, which is widely recognized as a top travel and dining card. Before you apply for either, see how they compare.
Altitude Go
Sapphire Preferred
Annual Fee
$0
$95
Sign-up Bonus
Yes
Yes
5x Rewards
None
Eligible travel
4x Rewards
Restaurants
None
3x Rewards
None
Restaurants Streaming Online groceries
2x Rewards
Gas stations EV charging Grocery stores Streaming
Other travel
1x Rewards
All other purchases
All other purchases
0% Intro APR
Yes
No
Credits
Streaming credit
Hotel credit
Final Word
The U.S. Bank Altitude® Go Visa Signature® Card is one of the best dining credit cards on the market. That Altitude Go has no annual fee makes this all the more impressive — most other top-tier dining credit cards do have annual fees.
Altitude Go has other perks too, including broad 2x rewards categories and an annual streaming bonus. Its sign-up bonus isn’t bad either. But it’s not perfect — no credit card is. If you’re looking for a card with higher baseline rewards on everyday spending or more value-added benefits, Altitude Go probably isn’t the best fit for you.
The Verdict
Our rating
U.S. Bank Altitude® Go Visa Signature® Card
Sign-Up Bonus: Yes
4x Rewards: Restaurant purchases, including takeout and delivery
2x Rewards: Gas stations, EV charging, streaming services, grocery stores
1x Rewards: All other purchases
0% Intro APR: 12 months on purchases and balance transfers, then 19.99% to 28.99% APR variable
Annual Fee: $0
Credit Needed: Good or better
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
From food and agriculture to outdoor recreation, Maine is jam-packed with industry. But all those employees need banking services. The state has everything from online banks to large, corporate lenders with branches in Maine.
If you’re interested in a community bank, you can find those as well. This list of the best banks in Maine is designed to help you find the most convenient lender for your financial needs.
12 Best Banks in Maine
There are a few things to consider when you’re choosing a new banking provider. Customers often need to find a bank that reduces fees while also offering high interest rates on balances. You may also want to look at a bank with competitive rates on personal loans or rewards for purchases. Here’s a list of the 12 best banks in Maine to help you narrow down your options.
1. Camden National Bank
With branches in Maine and New Hampshire, Camden National Bank offers great customer service and multiple checking account options. ATMs are limited to the Camden National Bank service area, but you’ll get up to $10 in out-of-network ATM fees each month. If you travel frequently, consider the Premier Checking account, which provides unlimited rebates for ATM use both in the U.S. and internationally.
Pros:
Rebates for non-Camden National Bank ATMs
Multiple checking account options, from fee-free to interest-earning
Variety of wealth management services available
Cons:
Branches and ATMs limited to New Hampshire and Maine
Low rates on savings
2. Chime
Chime is one of the many online banks that partners with a nationwide network for ATM access. You’ll be able to withdraw cash using your debit card at more than 60,000 locations nationwide. Checking accounts come with no fees or minimum balance requirements, and savings accounts offer 2.00% APY.
Pros:
Fee-free withdrawals at more than 60,000 ATMs
Secured credit card helps you build credit with no credit check
High rates on savings
Cons:
No in-person customer service
No cash deposit options
3. Bank of America
If you prefer national banks, why not go with one of the biggest? With more than 3,900 branches and 15,000 ATMs nationwide, Bank of America offers a level of convenience you won’t get with a local bank, especially if you travel outside the New England area. However, the rates on savings and interest-bearing checking aren’t competitive with some local, regional, and online banking providers.
Pros:
Nationwide network of branches and ATMs
Robust app with advanced security features
BankAmeriDeals offers cash back on select purchases
Cons:
Low rates on savings accounts
Inconsistent customer service
4. Bangor Savings Bank
One of the best banks in Maine for those who like community banks is Bangor Savings Bank, which has branches throughout Maine. In addition to checking and savings, you’ll also get mobile banking options and competitive rates on CDs.
Bangor Savings has also won J.D. Power’s award for customer satisfaction, making it one of the top banks in New England for customer service. Although Bangor Savings ATMs are limited to the area, third-party ATM fees will be reimbursed, including outside the U.S.
Pros:
Fees refunded at all ATMs worldwide
Checking account with no maintenance fees available
Award-winning customer service
Cons:
Low rates on savings and money market accounts
$25 minimum deposit to open
5. TD Bank
TD Bank is a regional bank with branches in Maine, as well as Connecticut, Delaware, Florida, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington, D.C.
You’ll find 2,600 TD Bank ATMs across the region, but if you regularly travel, you’ll pay a $3 out-of-network ATM fee if you withdraw money.
Pros:
$200-$300 bonus for new checking account
Checking account has no maintenance fees with $100 minimum daily balance
Competitive rates on CDs
Cons:
Low rates on savings
Free ATMs limited to Eastern U.S.
6. GO2bank
Although there are no branches or ATMs, GO2bank has all the features to fit your banking needs, including mobile banking, withdrawals at thousands of ATMs nationwide, and cash deposits at more than 90,000 retailers. Like many online financial institutions, a bank account with GO2bank comes with competitive rates on savings. You’ll earn 4.50% APY on up to $5,000 of your balance.
Pros:
No monthly maintenance fee on checking accounts
7% cash back on gift card purchases
High rates on savings
Cons:
No in-person customer service
Direct deposit required to waive the $5 service fee
7. KeyBank
Another regional bank with branches in Maine is KeyBank. You’ll find ATMs across its 16-state coverage area, plus you’ll get the first two out-of-network transactions free each month. If you’re looking for a bank with a variety of customer service options, though, KeyBank is a great choice. Customers can choose from live chat, phone, or in-person service at a bank branch.
Pros:
Free checking account has no minimum balance requirement
Free ATM transactions, plus two free out-of-network transactions monthly
Automatic savings feature rounds up each purchase
Cons:
No branches or ATMs outside the 16-state service area
Low rates on savings
8. Northeast Bank
Northeast Bank is a community bank with branches throughout Maine. Although ATMs are limited, Northeast Bank will refund all fees at third-party ATMs. The PROPEL Free Checking account has no minimum balance requirements or monthly service charge, and CDs offer up to 4.85% APY. Although the standard savings account pays only 0.05% APY, PROPEL Plus pays 3.75% APY.
Pros:
Connect with a live banker with one click
Extended FDIC insurance available for higher balances
Competitive rates on CDs
Cons:
Limited branches
Low rates on savings
9. M&T Bank
Formerly People’s United Bank, M&T Bank has locations throughout the East Coast. You’ll find branches in 15 states, along with more than 1,600 ATMs from New York to Washington, D.C. M&T will also reimburse up to $2 in fees at any third-party ATM in the U.S.
Pros:
Variety of checking options, including a fee-free option
Fee-free access to 1,600 ATMs plus fee reimbursement at third-party locations
Competitive rates on CDs
Cons:
Overdraft fees higher than average
Low rates on savings
10. Machias Savings Bank
Machias Savings Bank is a local bank with 17 branches in Maine. Although Machias ATMs are limited, you’ll get up to $25 in third-party ATM fees refunded each month. The checking account requires $100 to open, but it comes with no monthly maintenance fees, and you’ll earn 5 cents on every debit card transaction.
Pros:
Rewards for debit card
Up to $25 in out-of-network ATM fees refunded monthly
Personalized customer service at local branches
Cons:
$100 minimum opening deposit for checking accounts
Low rates on savings, CDs, and money market accounts
11. Gorham Savings Bank
Gorham Savings Bank is one of the best banks in Maine if you like a local bank with online banking features. The checking accounts offer interest and rewards designed to motivate you to keep a higher balance. It’s not the best option if you’re looking to set money aside since the rates on its savings account and CDs are fairly low.
Pros:
Tiered checking customizes account features to your habits
Video tellers let you interact with bank representatives at ATMs
Out-of-network ATM fees reimbursed
Cons:
Limited branch distribution
Low rates on CDs and money market accounts
12. Partners Bank
Southern Maine residents looking for a small community banking experience should check out Partners Bank. The service area is limited to Southern Maine and New Hampshire, but you’ll get fee-free third-party ATM use with your Partners Bank Debit MasterCard. Small businesses also have a full suite of services, including fee-free business checking and a dedicated business MasterCard.
Pros:
Third-party ATM fee rebates available
Cash rewards on debit card purchases
Free business checking accounts
Cons:
Limited branches in Maine
Low rates on savings and money market accounts
Bottom Line
Most banks in Maine offer a suite of services that include deposit accounts, CDs, personal loans, mortgage loans, and other options. The above list can help you get a feel for the variety, but make sure you’re aware of the amenities that matter most to you before you make a final choice.
A cash-out refinance is one of the best tools an investor can use to take money out of their rental properties. A refinance is when you replace the current loan on your home with a new loan, and when you complete a cash-out refinance, you get cash back after getting the loan. One of the biggest roadblocks an investor runs into is finding the cash for down payments on new rental properties. A cash-out refinance is a great way to get cash to buy more properties. When I purchased my first long-term rental, I was able to buy the property from proceeds that came from a cash-out refinance on my personal residence. I was able to take out $40,000 in equity from my personal house, only one year after I bought the home. I have also refinanced multiple rental properties, which has allowed to buy more rentals and I now have 16 rental properties total.
How can you take a cash-out refinance?
Most people get loans on their homes when they buy them. At some point, you may want to consider refinancing that loan for a number of reasons:
Interest rates
If interest rates are much lower now than when you got the loan it may make sense to refinance your current loan into a mortgage with a lower interest rate.
Cash-out
There are many cases where you can get cashback after refinancing. A house could go up in value, you could get a different type of loan, you could make repairs, or make an improvement to a house to increase its value.
The video below goes over a refinance I did on one of my rentals.
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How much does a refinance cost?
The downside to refinancing your home is it costs money. You are getting a brand new loan that will cost about as much as the first loan you got on the home. That can be from 2% to 3% of the loan amount. You have to pay for an appraisal, origination fee, processing fees, flood certificate, and some other fees as well. The good news is that you will most likely skip a mortgage payment after the refinance, but don’t think you are getting an amazing deal because of that as the interest is still charged to you, just upfront in those loan costs.
How can houses increase in value?
Values are going up across the country, and that has created an opportunity for homeowners to do a cash-out refinance. Most banks are using stricter guidelines for qualifications and lower loan to value ratios than before the crash. However, if you bought your home at a great price or have owned it for a while, you still may be able to get cash out.
I do not like to depend on prices to go up. I buy all my properties below market value. I try to buy all my properties at least 20% below what they are currently worth. If they need work, I buy them for much less than 20% below market value. The BRRRR method is a great way to refinance properties and get cash back out by getting great deals and repairing them.
How much money can you take out?
Many banks will require an 80% or lower loan to value ratio when refinancing a rental property and they will use an appraisal to determine that value. It is imperative that you have a lot of equity in your property if you want to complete a cash-out refinance with an investment property. If you are refinancing an owner-occupied home, you may be able to refinance up to 95 percent or more of the value of the home. You must live in the house for a year after refinancing in most cases to get an owner-occupied loan.
What are the risks?
A cash-out refinance will increase the amount of the loan you have on your rental property. For some people who are averse to risk, paying off their home is a great option and they may not want more debt. However, I am not averse to risk and I want to maximize my returns. Debt can be a very bad thing if it is used for the wrong things, but if you use debt to buy cash producing investments it can be a great thing!
In my market, I can get a cash on cash return of 15 percent or higher on rental properties, while interest rates are below 5 percent. It makes more sense to me to refinance for 5 percent and use that money to buy properties that will give me over a 15 percent cash on cash return! That 15 percent return does not even include possible appreciation, tax benefits or mortgage pay down.
Yes, it is possible that values could go down and a cash-out refinance would reduce the equity in your home. If you don’t need to sell your home, then it will not matter how much equity you have in your home. However, if you are pushing how much you can afford with a monthly payment it may not be wise to refinance if it increases your payment. If you have a lot of cash flow and are comfortable with a higher payment, use that money to make more money.
If you increase your debt with a refinance, then you may be decreasing the amount you can qualify for on future homes. If you max out the amount of money a lender will loan to you with a refinance, then you won’t be able to get a loan on a new rental property. Before you refinance, make sure you know how much you will be able to qualify for.
How does a refi work on a rental property?
I recently did a cash-out refinance on one of my rental properties and I was able to pull out about $26,000 with my payment only increasing $136 a month. The terms are usually more restrictive and it can be difficult to refinance if you have more than four mortgaged properties. I was able to do a cash-out refinance with more than four mortgages because I used a portfolio lender. They are a local bank and are much more flexible than big banks.
When I did a cash out refinance on my investment property, the max they would lend was 75 percent of the value of the home. I also could only do a 5 or 7 year ARM or a 15 year fixed loan. I chose the 7 year ARM because I plan to pay off my homes quicker than the 7 year fixed term and the rates and payments are lower than the 15-year loan.
On the property, I paid $92,000 and put about $18,000 into it for repairs. I was able to turn it into a 5 bed, 2 bath and rented it for $1,100 (low because it is rented to my brother-in-law). I had to wait a year to do a cash-out refinance and the current value was determined by an appraisal. The appraisal came in at $140,000 which I thought was low, but I had to go with it. After all the lender fees, interest and miscellaneous costs of the cash out refinance, I was able to cash out over $26,000. My payment went up, but I am still able to cash flow every month and I took out more than enough money for a down payment on another rental property.
What about seasoning periods?
One restriction to completing a cash-out refinance is the seasoning period. Most banks, will not complete a cash-out refi right after you buy the home. They will complete a refinance but loan the lower of the appraised value or what you paid for the home in the last year or 6 months. If you bought the home for $100,000 three months ago, and it appraised for $150,000 last week, the bank will still only lend on the $100,000 purchase price if they have a seasoning period longer than three months.
If they will lend 75% of the value, that means they will only lend $75,00 on the home. Some banks have 6 month seasoning periods, some a year, and some will have none. Make sure you know what your bank will do before you make plans.
Is a HELOC better?
A HELOC (home equity line of credit) is much different from a refinance, because you may not have to pay off your current loan. If you have a $100,000 loan on your house, but your home is worth $200,000 you may be able to get an $80,000 line of credit and keep the $100,000 loan in place. When you take out a line of credit you do not have to use the money right away or ever. You can use as much of the money as you want and pay it back when you like. You can borrow the money again after you pay back the line. A refinance is a mortgage where once you pay off the loan or pay extra money into it, you cannot borrow it again.
A HELOC will have closing costs like a cash-out refinance, but many times they will be less. Depending on if you are getting a line on an investment property or a personal residence the terms and fees will differ. The term of the HELOC could be two years, five years or longer, but not 30 years like a refinance could be. The rates on a HELOC are also usually higher and can go up or down as interest rates go up or down.
It may be tough to get a line of credit on a rental as most banks only want to give lines of credit on primary residences.
Do you pay taxes?
One of the best things about a refinance is you do not pay taxes on it. You can buy a house for $100,000, and refinance it for $150,000 a few months later and the money you take out is almost always tax-free. You are not making any money, you are borrowing it so there is no income tax.
Conclusion
The more properties you can buy, the more cash flow builds up and the more wealth you can create. A cash-out refinance can help you purchase more properties and increase your wealth. Make sure the houses you purchase are bought below market value, and it will make a future cash-out refinance much easier. Make sure your payments are not so much that you are no longer seeing positive cash flow every month.
2013 has been an incredible year thanks to aggressive real estate goals and I believe 2014 will be even better! My real estate investing continues to pick up momentum thanks to some major changes in 2014. I changed my attitude, hired a personal coach, bought a new personal residence, took over my parents’ business, bought three long-term rentals, purchased three fix and flips since September and sold four fix and flips since September. I also hired a good friend to help manage my business and help our real estate team continue to grow and expand.
My goal articles for other years
What were my 2013 goals?
I started making big goals in 2013 for the first time in my life. I have no doubt they helped me achieve more than if I did not have goals, or had small goals. I won’t go into all of my goals as they constantly change throughout the year, but I will mention a few. I wanted to sell 200 houses as a real estate agent, I wanted to buy 4 long-term rentals, I made a huge income goal for myself and I wanted to improve fix and flips (not a good goal). I’ll go over how I did on these goals and how I did on other items that were not goals. I did not reach all my goals, but that is okay!
My plan to purchase 100 properties progress
Many of you have read my plan to purchase 100 properties and I am making progress! I was hoping to buy four long-term rentals in 2013, but it doesn’t look like I will get to there. I did buy three long-terms rentals and I think that is an accomplishment even if I didn’t hit my goal. I have plenty of time to buy an extra house in the next 9 years to catch up to my goal (I give details on my rental properties in the rental property section of the blog).
Right now I have 8 long-term rental properties and I am bringing in over $4,000 a month in cash flow each month. For those of you wondering about rental property number 1 being paid off in 2013; it’s not going to happen. Due to the storm and some renter issues I wasn’t able to accumulate enough cash flow to pay off the house. The biggest issue was the massive hail storm that damaged four rental properties. I had to get new roofs on four properties and replace the siding on one home. Insurance covered most of the costs except for deductibles, but the way insurance works I still have not been paid in full. I was paid the insurance money for the cost of repairs minus the deductibles and recoverable depreciation. I don’t get paid the recoverable depreciation until I send in the invoices for the completed work. I have sent those in, but I am still waiting for the insurance company to send the recoverable depreciation which is around $4,000. Right now I owe about $7,000 on the mortgage on rental property number 1. Three renters are behind in rent right now! One had a heart attack, one lost his job and the other said the government shutdown delayed their retirement checks. We are on payment plans with all of them and hopefully they can get caught back up.
2013 was a huge year for me as far as personal improvement
I was never much for self-help books and working on myself before 2013. I figured working hard on my job was what made people successful. What I didn’t realize was it is just as important to work on yourself as it is to work on your job.
I started listening to self-help audio books and reading as many books as I could find. I learned about the law of attraction, being positive and many other techniques to help me succeed. I even started a new blog with some friends at www.victorycoaches.com to talk more about using your attitude to succeed. A few of the people I listen to are Jack Canfield, John Assaraf, T. Harv Ecker, Zig Ziglar, Tony Robbins and many more. I have even started researching the history of the law of attraction which dates back to ancient Egypt. It is fascinating to see the history and how far back these ideas originated from. The thing that got me hooked was not the spiritual side of the law of attraction, but the scientific side. I learned our subconscious can help us succeed if we give it a blueprint for what we want.
I took Jack Canfield coaching, which was an amazing experience. My coach was great and a huge help personally and with my business. Personal coaching allowed me to see why I needed to take over my parents’ business. The program claimed it would increase my free time and triple my income in a year. I was skeptical about those claims, but I think I may actually triple my income in 2014! My free time has definitely increased even though I have much more on my plate now than last year.
I started InvestFourMore in March of 2013 and it has been a wonderful experience. I would not have started the blog without my personal improvement discoveries. I have learned new investing techniques, met many new contacts, and much more from my blog. My blog even allowed me to publish a few books on Amazon (PDF versions here), which I had never thought would happen.
I bought a new personal residence in 2013
I bought a new house in July and we love it! I wrote an article about it here that describes the entire process. I wasn’t planning on buying a home, but it worked out perfect and the new house felt like home right away. This was not a goal of mine, in fact many of my goals revolved around our old house, but I was able to adapt to new opportunities. Buying the new house actually took care of about ten goals I had that involved the old house or buying a shop.
I mentioned I made a big income goal in 2013 that seemed very hard to reach in the beginning of the year; well I will reach that goal. The main reason I will reach my income goal is because I sold my old house. I don’t know if I am supposed to count it as income, but I made almost $100,000 on the sale of my previous home. It won’t be taxable since I lived there for three years! That is why I love big goals; you never know what will happen to help you reach them.
I took over my parents’ business in 2013
I had the idea of taking over in the back of my head for years, but never acted on it because I knew it would be a lot of work. My parents have always run the team, paid payroll, taxes and all the other fees associated with our real estate business and flipping business. My role was to sell houses, find flips, help manage repairs and make the majority of the money.
The problem with our previous deal was my parents did not like running the team and they did not do a lot to promote sales by the other Realtors on our team. I made a lot of sales, but had to give a large percentage to my parents and I made a small percentage on the fix and flips compared to what I did.
With the new deal I basically bought out my parents, which gives them long-term security and I get to run the team and keep the profits. It is scary taking over a business as we have high overhead with 8 team members and all the fees associated with the office, licensing, advertising and REO dues. I really don’t like accounting work and paperwork and that is one reason I didn’t take over earlier. I knew taking over the team would entail learning payroll, paperwork and many other unpleasant tasks that would take away from my selling houses.
The reason I made the switch, was I was able to hire my friend who took care of all the stuff I didn’t want to do. He wanted out of the corporate world and has a ton if management experience; perfect solution for both of us! He figured out the entire payroll, has been working in lead generation and helping manage everything. I love it! My free time has actually increased since taking over the team because I let others do the work I don’t want to do. My friend also bought my house, which allowed us to move quickly into our new house.
Taking over fix and flips
Part of taking over the business involved taking over the fix and flips. The fix and up operation was not small and took a lot of money and work. I had to set up financing, a bankroll and management to take over the fix and flips. Luckily the deal we worked out allowed me to obtain all of these things.
With our deal, I took over 6 properties that we were working on, which helped provide me with a bankroll to pay for down payments and repairs. Once those properties sold, I had money available for new purchases. We have sold four of those six, one is under contract and another is being worked on.
I have been able to purchase three more fix and flip properties since taking over the business and I have been able to do that with help from my portfolio lender. Not only have they been awesome with my rental properties, they gave me a commitment to do short-term financing on my fix and flips. They will give me 75 percent loan to value, can close in less than two weeks and don’t require an appraisal if the loan is under $100,000. They charge 5.25 percent with 1.5 points; hard to beat that deal.
I also have another fix and flip that should be under contract soon and two short sale offers we have accepted by the sellers that we are waiting to see if the banks will approve.
Real estate business goals
I wanted to sell 200 homes in 2013 as an REO agent. This was a huge goal and well above my totals from any other year. I mentioned I like big goals and that is because they challenge me and constantly motivate me. If I were to make a small goal, then I may slow down or stop once I reach that goal. I was going to fall well short of my goal to sell 200 homes, but taking over the business almost got me there. Since I was able to count all the homes sold for myself for other agents on our team after September first; we sold 184 houses in 2013. There are still a few days left and we have a couple of closings scheduled, but not 16 to reach that 200 mark.
I was able to drive a Lamborghini and Ferrari!
I have always loved cars since I can remember, especially exotic cars. I have never driven a Ferrari, Lamborghini or other exotic car before this year (unless my Porsche 928 counts). This summer I found a special on Travelzoo to drive a Lamborghini Gallardo! I wrote about my experience here and it was awesome! I also signed up to race a Ferrari F430 around a race track a few times and I have the video of that here. I was at a conference in Dallas in September and I was able to see a Lamborghini Diablo they had for sale there. I always wanted a Countach, but I barely fit in the Diablo and the Countach is a smaller car. It probably is for the best as the Diablo is a newer and better car than the Countach.
My other 100 goals
I have a plan to purchase 100 rental properties and I also have over 100 other goals. Part of my coaching was to create a list of 100 goals, which I review constantly, update and change. I won’t go into all of those goals, but they range from extremely small to very large. The list helps me keep fresh in my mind what I want and when I want it. Making small goals makes me feel great accomplishing them and big goals motivate me. Many times I forget about the small goals I had a few months ago, and that is why I have a list that reminds me of what I want.
Conclusion and a sneak peak for 2014
If you know me at all, you know I will have a lot of real estate goals for 2014. I will write another article for those goals and plans, and I hope to have it ready for Monday right before the New Year. Some of my goals for 2014 are going to include big jumps in all aspects of my business and possibly a new car.
Related Articles
My complete guide to investing in long-term rental properties
By Peter AndersonLeave a Comment – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited February 26, 2011.
When I look back on my financial life, there are a lot of things that I’ve done that I should’ve done differently. I’ve made bad decisions about money, that ended up causing me a lot of financial grief in the long run.
Everyone out there probably has a few of these “shoulda, woulda, coulda” finance moments of their own, and today I’m going to list a few of mine. Maybe it can help someone else to not make the same mistakes.
Here Are My 5 Biggest Money Mistakes
Not starting to contribute to my 401k sooner: When I first entered the work force the company I was working for offered a 401k plan that allowed your contributions to be deducted pre-tax from your paycheck. I didn’t do this at the time because I would rather spend the money on things like going to the bar, hanging out with friends, etc. If I had instead invested that money in my 401k, I would be thousands of dollars ahead today. I eventually wised up to this and started contributing to my 401k, but I wasted a lot of money that could have been compounding interest.
Getting a credit card in college… and using it: While I was in college I gave in to the temptation to get a credit card. They were giving out these great t-shirts at my college when you applied, so how could I refuse!Now buiding your credit isn’t necessarily a bad thing, except that I decided to use the credit card for things I didn’t need. I used it for trips, nights on the town and for buying CDs through Columbia House (we didn’t have MP3s back then kids). Luckily I didn’t get so in over my head that I wasn’t able to pay it off, but again there were thousands of dollars spent there that could have gone to savings.
Getting more student loans than I needed, and spending the money on frivolous things: I paid for my college experience through grants and student loans. My only regret is that I probably got more student loans that I needed. After paying for my classes and room and board expenses, I found I had quite a bit of money left over. Instead of saving it or using it to pay off other debts I used it to have a good time. I bought a new computer, video games and a new stereo VCR! If I could do it all over I would have applied for less in loans, and not have spent the money on all the junk.
Buying too many expensive gadgets: I have a weakness for expensive gadgets, whether it is the newest gaming system to the hottest new widescreen HDTV. When I was single I was indulging in these purchases a lot more than I am now, and it probably kept me from saving a lot more than I could have.
Eating out all the time. I mean ALL the time: This is one that I struggle with even today. Just last month my wife and I spent $600 eating out while on vacation for 5 days! Obviously that money could have been much better spent. (For the record, we were in San Francisco, and it was very expensive to eat out there.) My wife and I are getting better with this, bringing our lunches to work, and trying to eat healthier fresh foods at home.
Those are a few of the mistakes I’ve made in my financial life, that I wish I hadn’t. Some of the mistakes we’re still trying to fix.
So now it’s your turn. What are your top 5 money mistakes? (If you post your own five on your blog, let me know and I’ll post an update here on my blog linking to your piece.)
Other People’s 5 Biggest Money Mistakes
(Seems a lot of people thought of this before I did. And here I thought I was original).
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If you want to start flipping houses, it can provide a great income, but it almost always takes money to make money. You may hear stories of investors flipping houses without any of their own money, but these investors are usually very experienced at flipping or they are giving up much of their profits. Hard money lenders can allow investors to complete a flip with less money, but hard money lenders are very expensive. Using a partner or private money can also reduce the amount of money an investor needs to flip, but you may have to give up a percentage of the profits or be very well established to use these techniques.
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How much money does an investor need to flip using hard money?
There are many hard money lenders and they each have different terms and conditions on their loans. Some hard money lenders claim they will allow an investor to buy, renovate and sell a flip without any of their own money. However, most hard money lenders will only give these terms to an experienced fix and flipper with a proven record of success. The hard money-lender will require some money from the investor if they are just getting started or a share of the profits. The hard money-lender will also want to make sure the flip will be profitable and keep a very close eye on the project for any new investor.
If you are using a hard money-lender, I would count on needing at least 20 percent of the purchase price of a flip for repairs and down payment. Some hard money lenders may require more or less depending on the deal and the investor’s experience. You may be able to get the hard money-lender to fund most of the deal if you share 50 percent of the profits. Remember a hard money-lender is very expensive; rates can vary from 8% to 16% and 1 to 5 points.
Here is a video I did that shows the exact costs that various loan options cost me.
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How much money will you need to start flipping houses with a partner?
I know many flippers who use partners to help with the funding of deals. I used to work with my father on our flips; he would fund the deals and I would do most of the work. I see many investors who will find deals, repair the homes and sell them but need a partner to help pay for the fix and flip. A 50/50 split is very common in these deals when one partner puts up the money and another does all the work. This may seem like an unfair split considering one person is doing all the work, but without the money, the deal could not be done.
This is one way to get started flipping, but giving up 50 percent of the profit is a big deal. I explain why saving and using more of your own money to flip will make you more money here. I think the goal of a flipper is to save enough of their own money to start paying for down payments and repairs on houses. When you give up 50 percent of the profit, it is hard to save enough money to start funding your own deals.
With a partner, it is possible that you could complete a flip without any of your own money, but you will make much less. Instead of making a $30,000 profit on a house, you would only make a $15,000 profit.
How much money will you need to flip with a bank?
It is not easy, but it is possible to flip using bank financing. I use a portfolio lender to fund my flips and they are awesome. They give me 75 percent of the purchase price and charge me 1.5 points on my short-term fix and flip financing. Instead of the 15 percent, a hard money lender would charge, my lender charges 5.25 percent interest.
My lender does not fund any of the repairs, but some portfolio lenders will. Every portfolio lender has different terms and guidelines on how much money they will lend and at what rates. I have to put down 25 percent of the purchase price and pay for repairs on each flip. That can add up to $45,000 to $60,000 on a $100,000 purchase, depending on how many repairs are needed. That seems like a lot of money, but by using my money I save thousands on the interest rate and points a hard money lender would charge. I also get to keep all the profits since I have no partner. I don’t use all my money to pay for these expenses, because I use private money as well.
How much money do you need to flip a house with private money?
Private money is an investor’s best friend if you can find the right person with the right terms. Most private money comes from someone you know; a family member, a friend or a business acquaintance. Many people are looking for a way to invest their money and get great returns without much risk. Investing money into a flip business can achieve high returns without much risk, depending on the situation. A brand new flipper is going to be riskier than an investor who has completed 50 fix and flips. Real estate can also be used as collateral for private money to give the lender more assurance the money will be paid back.
Because there are different levels of risk involved with every deal and each lender expects a different level of return, terms vary greatly with private money. I am able to pay 8 percent interest on my private money because I am a very seasoned investor and I offer great collateral to my lender. Other private lenders may expect 10 percent or even 15 percent interest on their money based on the risk. The hardest part of getting private money is finding someone to lend you money. You can’t be afraid to ask around to see if anyone you know would be interested in lending you money and getting higher returns on their money in the process.
With private money, it is possible to get started flipping with no money out of your own pocket. It may be hard to find a lender that will fund your entire deal, but it is the best route for fix and flipping with as little of your own money as possible and still keep the profits you make.
Conclusion
In order to fix and flip a home, you are almost always going to have to use some of your own money or split a large chunk of the profits with a partner. In order to make the most money flipping, I think a combination of bank financing, private money, and your own money is the best route to take. It is hard work saving and building up enough money, but well worth it in the end. Buying a house, fixing it up, and selling it takes a lot of time and risk. I want to be rewarded with the most money I can for taking on that risk.
Last Updated on February 25, 2022 by Mark Ferguson
Many people have dreams of making it big as a real estate agent, but they want to start slow as a part-time agent. They want the freedom, income, and other benefits that come with being a real estate agent but are afraid to lose a steady income. Getting a real estate license and working part-time as an agent may seem like a great idea, but it is not easy to pull off.
There are some cases when working part-time may work; like an agent who only uses their license for their own investing strategies. There are also a couple of other instances where being a part-time agent can work if you have a very flexible schedule. The problem with being part-time in real estate is that clients need things done at all times of the day. If you cannot get away from your job, you are going to find yourself struggling to help those clients.
How hard is to become an agent?
One of the drawbacks to becoming a part-time real estate agent is how much work it takes to become a real estate agent. One of my team members just got their real estate license. It can take hundreds of hours of education and testing to become an agent. If you already have a job, even part-time, it will be tough to find the time to complete your education.
There are night classes and online classes that you can take to get your real estate license, but you will have to spend a lot of time studying. The real estate exam is not easy to pass and it will take a lot of time to prepare for it. If you want to become a part-time agent, make sure you factor the time it will take to get your license into the equation.
In Colorado, you will need to take 168 hours of classes either online or in-person to complete the education portion. Once you pass the classes you must take the test, pass the background check, and find a broker to work with. This all takes a lot of time!
If you are interested in getting your real estate license, Real Estate Express offers classes in most states and is very affordable.
Will you have enough time for clients?
Once you get your license, you must hang it with a brokerage. After finding a brokerage, you must start working with clients and generating business. This is where it gets tricky for a part-time agent who has another job. Whether you are listing homes or working with buyers, selling real estate is a random hours job. You may not have to work 40 hours per week, but you will have to work all hours of the day.
If you have a day job, you had better be able to get away from that job to take calls for your real estate job. Buyers are going to want to look at houses and offers must be negotiated and presented. If your clients have to wait eight hours to get a hold of you, they are going to get frustrated. There is a good chance you will lose clients if you cannot get back to them in a timely manner. In a tight sellers’ market such as the one we have now, speed is very important in getting offers accepted. If buyers feel an agent cannot submit offers quickly enough for them, they will probably find another agent. If you cannot respond to your clients for hours at a time, are you being a good agent to them?
You can also check out the video below on part-time agents
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What does a real estate agent do?
Most people think that being an agent is about showing houses and writing offers. However, there is much more to being a real estate agent, and that is why we are paid so much for selling homes. Real estate agents have to do many things to close deals and generate business. Here are some of the things an agent must do in order to be successful:
Show houses
Write contracts
Help buyers complete inspections
Contact lenders
Contact title companies
Contact other agents
Complete continuing education
Host open houses
Talk to your circle of influence
Create brochures
Take photos
Create advertisements
Answer their phone
Floor duty
Create plans and goals
Manage expenses
As you can see, there is a lot that a successful agent must do. Not only do you have to work with clients, but you have to find clients as well. It takes a lot of time to be a great agent and it is very difficult to do part-time. Being able to answer your phone at any time is one of the best ways to get business. If you are returning calls hours after you receive them, there is a great chance that person already has another agent who called them back quicker or answers their phone.
Can you maintain a good reputation as a part-time real estate agent?
As a real estate agent, I deal with other real estate agents, title companies, buyers and sellers, lenders, attorneys, investors, and many people in our community. My reputation is a huge reason why I have been so successful as an agent, broker, and investor. When you are a part-time agent, it is very tough to find enough time in the day to get all your tasks done and follow up with people. If you are calling back people days later or not at all, word will spread very quickly around the real estate community. It is very important to provide great service as a real estate agent and that is tough to do when you only work part-time.
If you get a reputation as someone who is hard to get a hold of, does not call back, or is too busy to follow up, it will be very hard to shake that reputation. Even if you become a full-time agent and do an amazing job, people will remember the less than par work that you did previously. People remember the poor work people do and they expect people to do good work.
I go over everything it takes to become a real estate agent in my book How to Make it Big as a Real Estate Agent. How to get leads, how to find a broker, how much money you can make, how to make money, how to manage your time, and how to avoid the struggles many agents have. It is available on Amazon as a paperback or Kindle, and it is also on audible as an audiobook!
Can joining a team help?
If you want to be a part-time agent and there is no possible way that you can quit your current job, there are some steps you can take to be more successful. I have a team of ten people who help me run my real estate business, fix and flip business, and REO business. We have some part-time help and many members of my team started out as part-time workers. If you join a team, your team can help cover for you when you have to work your other job. By joining a team, you agree to give up part of your commission to the team so the team is motivated to help you succeed. I think there is a better chance of succeeding as a part-time agent if you can join a team rather than trying to do everything yourself.
You will be doing other tasks than just working as an agent, but it will all be real estate related. You will also have a flexible schedule on most teams that will allow you to drop everything and go show houses if needed.
Does it help with investments?
The best situation to become a part-time real estate agent is when you are a real estate investor. I own 20 long-term rentals and I complete 20 to 30 fix and flips per year. I save money when I buy a home from the MLS and when I sell a home because I do not have to pay a listing agent. Being a part-time agent who invests in real estate is well worth it in my opinion.
If you are only an agent to save money on your own properties, you do not have to worry about having a flexible schedule or working leads. If you are only an agent because you are an investor, being a part-time agent may work out great.
What other options will help part-timers succeed?
Joining a team is one way to succeed as a part-timer. There are some other ways to make a part-time real estate career work. The most important thing to have as a real estate agent is availability. Many people do not want to be on-call all the time, but there are sacrifices you must make for an awesome career. While you may not have to work 30 hours per week as an agent or even 20 hours a week to sell houses, you need to be available most of the time. If a buyer or seller needs to talk to you on a Sunday afternoon or on a Monday morning, you should be available. You may have to show houses on the weekends or in the evenings. Real estate agents make their own schedules and have a lot of freedom, but when a client needs to see a house after hours, an agent should accommodate them.
If you want to be a part-time agent and have a very flexible schedule, you have a much better chance of making it. If you have to work another 9 to 5 job every day, it will be very tough to make a real estate career work. There are some amazing jobs today that can help agents make money and have a flexible schedule. Uber or Lyft are ways agents can make money, but also be able to drop everything to help out a client.
Conclusion
A part-time agent can make it in the real estate industry, but to be successful, part-timers need to join a team until they can go full-time. If you are an investor who just wants to save money on your own investment properties, becoming a part-time agent is a great idea.
Many of my sales come from listing REO and HUD homes for banks and for the government. If you want to become an REO agent, you must be a full-time agent. Banks and HUD need immediate responses on their properties and getting back to them in a day or two will not cut it. I have to do inspections within 24 hours and most tasks in 48 hours. To be successful you need to commit and it is tough to commit to something when you are part-time.
Get out of the desert sun and check out these tranquil spots that could be right outside your door.
Las Vegas is a city full of secrets, but off The Strip, it feels much less glamorous and sparkly. That’s a good thing for many, who simply want a home where they can chill out at the end of the day.
If you’re on the hunt for a Las Vegas apartment, make sure you find the right one, with all the right amenities. As you narrow down where to live, look at what each offers in the area of relaxation. It may be a spot of greenery or an actual spa. Either way, you’ll appreciate the designated area for downtime for sure.
Not sure where exactly to start your search for a Las Vegas apartment that’s better than a spa? Check out this list.
Source: Rent. / The Layne at Peccole Ranch
Swing your troubles away and find ultimate relaxation lying in the hammocks at The Layne at Peccole Ranch. Stretched out among palm trees and greenery, this hammock park perfectly exudes the chill vibes Peccole Ranch is known for. To the west of Las Vegas proper, this area is full of parks and winding walking paths.
To extend the relaxation momentum at The Layne at Peccole Ranch, make sure to take advantage of the two pools with spas and the clubhouse. When it’s time to take it up a notch, the community has an on-site walking trail, lap pool and 24-hour fitness center.
Source: Rent. / Alta Southern Highlands
Find a nice spot to wind down beside the all-white grand piano in the lounge at Alta Southern Highlands. The soothing tones of those ivory keys will melt into the arched doorways, comfy furniture, soft lighting and soothing color palette. After your rest, grab some social time on the game lawn or the rooftop sky deck.
Located in Southern Highlands, right in the scenic foothills of Las Vegas, this neighborhood is full of outdoor space. It’s known for its golf courses, boutique shopping and restaurants.
Source: Rent. / Estancia
Take a time out in your own space with the perfect patio. At Estancia, that means a large area, perfect for multiple pieces of furniture. Look out onto the property’s lush landscaping and mountain views before enjoying the community’s playground, pool, media center and picnic area.
Named after the single mountain detached from the Red Rock National Conservation Area, Estancia is in Lone Mountain. Here you’ll find plenty of space to jog, hike or even ride around on horseback.
Source: Rent. / Falling Water
Pencil in some downtime and watch the sunset at Falling Water while you play bocce or corn hole with friends. With nice patio seating alongside green stretches of grass, you’ll have plenty of room to decompress and hang out with friends. String lights add a little bit extra to the space.
Found within the village of The Canyons, the complete amenity package at Falling Water includes a billiard room, cyber cafe and indoor racquetball court. The community also hosts various fitness and wellness activities.
Source: Rent. / Summerhill Pointe Apartments
Create your own zen-like retreat looking out onto the treetops at Summerhill Pointe Apartments. The patio space here is perfect for some cozy furniture. Its partially-enclosed, stucco design helps mute the noises of the outside world in the southwest neighborhood, The Section Seven.
A popular area for college students, living here gives you access to three resort-style pools, two spas, a gated dog run and pet spa and picnic and grill areas.
Source: Rent. / Helix Apartments
Take some time to detox from a long work week in the resident lounge and game room at Helix Apartments. Bright and spacious with soft colors and pops of teal, this is a great space to sit and collect your thoughts or gather with friends for some downtime. Grab a game or two of foosball to really take your mind off what’s been stressing you out.
With monthly resident events, this non-smoking, Southeast Las Vegas community is the perfect location for commuters.
Source: Rent. / Sahara West Town Homes & Apartments
Looking for an outside spot of tranquility to wind down in at the end of the day? How about one with a cool brick fireplace and cushy patio chairs? Sitting underneath string lights and surrounded by greenery, this little spot at Sahara West Town Homes and Apartments is an ideal spot.
The entire property has a park-like atmosphere, which nicely ties into the lush and green Canyon Gate neighborhood. The community also features two pools, an entertainment plaza, a play area, clubhouse and fitness center.
Source: Rent. / The Avondale
Settle in among the flowers for a peaceful outdoor moment at The Avondale. Benches form a nice little spot among the greenery, tall palms and colorful blooms as you pause on your way toward one of three resort-style pools
Also situated in Peccole Ranch, this community is full of amazing amenities for both people and pets. There are two bark parks and a dog wash station to pamper furry friends, and video games, a yoga room, racquetball courts and more for the human residents.
Source: Rent. / Crystal Cove Lakes
Ever thought about living somewhere with a soothing gazebo? How about one surrounded by climbing vines and lush plant life? That’s what you’ll get at Crystal Cove at the Lakes. Comfy loveseats and chairs sit around the gazebo for a little oasis of calm.
This pet-friendly West Sahara community has three pools, an entertainment plaza and an outdoor pavilion with a fireplace, to name just a few amenities.
Source: Rent. / Tiffany Place
If serenity for you is lying still without the ability to get up, without the risk of distraction, check out the spa-like amenities at Tiffany Place. The high-end tanning beds (there are two) give you the perfect opportunity to detach. There’s also a small indoor pool and hot tub to further your spa experience in this Southeast Las Vegas community.
Soothing downtime isn’t all you can find here though, there’s a 24-hour fitness center, sports court and outdoor swimming pool. You can also grab some social downtime in the barbecue/cabana area or clubhouse.
Grab a Las Vegas apartment that’s better than going to the spa
What amenities speak to you when you’re apartment hunting? It is the perfect pool or a well-stocked fitness center? Is it green space or big, comfy lounge chairs? No matter what, where you live should give you opportunities to pamper yourself.
That’s why a Las Vegas apartment that offers up spots to take it all down a notch is so great. Good luck finding what you’re looking for!
Featured Image Source: RENT. / SAHARA WEST TOWN HOMES & APARTMENTS