New Team Member Claudia
"Some people WANT it to happen, some WISH it would happen, others MAKE it happen" -Michael Jordan

This week we would like to announce the second new addition to the minngo team! Claudia joined minngo as our administrative assistant who is providing a wide range of expertise as we set new goals for the upcoming months and into 2018. Claudia graduated with a Bachelor of Science in Business Administration with emphasis in Business Law from California State University Northridge, her keen sense of business practices continues to be a great asset to minngo.
She is looking to pursue her MBA in the future and we are happy to encourage her on this journey! In her leisure time, she developed a passion for interior design and decorating homes, a huge benefit to our team as this skill is needed when staging open houses.
Make sure to follow us on Instagram to get some of these free tips from Claudia and the rest of the minngo team as you think about ideas for your home!
Looking to make a purchase? Want to sell your place? Need a property manager? Reach out and know that minngo will take care of you.

Interested in joining the minngo team? Send us an email to connect! 

Save thousands at your next closing

When purchasing a new home or investment property, the vast majority of clients want the lowest purchase price and interest rate - who wouldn't? Well two savvy sets of clients listened to my strategy and didn't, and we helped them from bringing thousands to the closing table.

I am going to focus only on the purchase price here:

Your dream home/investment property/etc. is listed for $800K. It might be a multiple offer situation, or just you, either way, the strategy works. Most of our clients are taking out a loan for 80-95% of the purchase price (sometimes less and frequently more). Their lender is usually getting them an interest rate in the high 3's to mid 4's (the rates can vary quite a bit based on the circumstances and types of loans our clients want i.e. arm, fixed, etc.). But the big part here is that $640K of the purchase is financed (and with just 5% down $760K) at relatively "cheap" debt spread across 30 years. So what is the secret? When putting in the offer if we think $840K is going to win (or maybe it is $750K), think about adding an extra $10K to the purchase price and asking for a $10K credit from the seller toward closing costs. In our scenario at a $840K purchase let's look at some numbers:

Getting a credit at close
Purchase Price: $850K
Seller credit toward closing cost: $10K
Loan Amount: $807,500
Down Payment: $42,500
Principal and Interest Payment @ 4.25%: $3,972

No credit at close
Purchase Price: $840K
Seller credit toward closing cost: $0K
Loan Amount: $798,000
Down Payment: $42,000
Principal and Interest Payment @ 4.25%: $3,926

I hate it when people calculate simple payback periods (so just for fun here is one!), but the difference would be about $46 a month ($552 a year) to get the $10K today (~18 year payback not discounting to today). Sure, you might pay a tad more in property taxes as a result, but in general, most people we work with prefer the extra cash today :)