Brian Wirtalla

Real Estate

[Brian Wirtalla @bwirtalla]

Having a hard time with work, the real estate market, impending recession, relationships?

Wake up early
Do something hard - workout, cold shower, whatever challenges you

Focus on working hard and getting better, doing the things you love, have discipline

It will be okay

[Brian Wirtalla @bwirtalla]

Documents you need to have ready for a speedy mortgage pre-approval process

Bank statements

Pay stubs/employment offer letter

(If commission, bonus or variable income - the final paystub of the previous two years)

W2 or tax returns for self employed

Any other income docs

ID

[Brian Wirtalla @bwirtalla]

Consistency is key in building great things

Business, relationships, fitness

You have to show up - always

[Brian Wirtalla @bwirtalla]

Nine ways realtors can use Chat GPT

Bios
Listing descriptions
Social media posts
Scripts for calls/videos
Creating a website
Email and text, CRM
Creating documents
Blogs
Flyers

[Brian Wirtalla @bwirtalla]

Home values since 1941

Increased 73 years
Decreased 7 years
Flat 1 year

Historically real estate has a 90% record of building wealth

What are you investing in?

[Brian Wirtalla @bwirtalla]

If you’re considering buying a home

Impress your realtor by showing up to your first convo or meeting with a mortgage pre-approval

This will allow you to start your search immediately in a market where there is no time to waste

[Brian Wirtalla @bwirtalla]

Many first time homebuyers don’t know this:

INSPECTIONS cover structure/systems/mechanicals to determine they are sound and in working order. Any REPAIRS needed will be listed

An APPRAISAL determines the VALUE of the home vs comparable properties

[Brian Wirtalla @bwirtalla]

Think twice before adding a huge car payment to your monthly liability if you’re looking to buy a house in the near future

A $750 car payment could reduce the max amount you’re approved for on your new home by around $100,000

[Brian Wirtalla @bwirtalla]

Your lender can help determine if you need to get creative in the event it’s more effective to pay off a debt vs put more money down in order to afford more house.

[Brian Wirtalla @bwirtalla]

What you need to know about determining how much house you can get approved for:

[Brian Wirtalla @bwirtalla]

The most important financial metric in mortgages - DTI - Debt to income ratio

Your monthly debt divided by your monthly income

This determines your max payment for a house

Debt is your monthly minimum, not the total debt owed

Income is pre tax and deductions

[Brian Wirtalla @bwirtalla]

Having trouble getting a mortgage due to a THIN credit file?

If you’re getting penalized for only having one or two credit accounts open only a short period of time:

Consider getting added to a parent’s long history/good standing credit card as an authorized user

[Brian Wirtalla @bwirtalla]

I don’t know who needs to hear this, but you don’t have to put 20% down on a house

You might be surprised how little it affects your monthly payment to put down less.

A good lender will always lay out all your options

[Brian Wirtalla @bwirtalla]

Credit score heavily factors into mortgage pricing and the type of loan that best fits you

Debt to income ratio determines how much house you can get approved for.

[Brian Wirtalla @bwirtalla]

‼️What investors who flip houses and hold need to know RIGHT NOW‼️

Fannie and Freddie changed seasoning requirements from 6 to 12 months

What this means for you:

You now must wait 12 months to refi/cash out at the after repair value to get your hard money/reno cash.

[Brian Wirtalla @bwirtalla]

The 4 rules for variable income

#1 Income must continue for 36 months (no short term gigs)

#2 Income must be stable (not decreasing)

#3 Income must have proper history (1 or 2+ years based on scenario)

#4 Income must be documented (YTD on year end and most recent paystubs)

[Brian Wirtalla @bwirtalla]

Good sleep sched
Early/often sunlight
Resistance exercise
Outdoor walks
Solid nutrition
Time with friends/fam

Small habits, consistently

[Brian Wirtalla @bwirtalla]

Too many recent inquiries:

One hard pull for your mortgage application is a small hit, but multiple others can add up. No new credit cards or financing furniture before your home loan closes, please.

[Brian Wirtalla @bwirtalla]

Factors that affect your credit score:

-On time payments

-Amounts owed on credit accounts

-Average age of account history

-Delinquent accounts/derogatory public records:

-Credit mix and total number of accounts

-Too many recent inquiries

[Brian Wirtalla @bwirtalla]

Credit mix and total number of accounts:

NOT having much credit or a “thin file” can actually hurt you. Creditors also like to see you in good standing in multiple types of accounts