Monday, July 28, 2014
Top Entrepreneur News

Mon, 28 Jul 2014 22:30:00 -0500

Here are four steps to quickly create a strong online reputation.

Mon, 28 Jul 2014 21:34:00 -0500

If the rumors are true, the nation's largest online retailer could give Square and PayPal a run for their money.

Mon, 28 Jul 2014 21:30:00 -0500

Often ignored in an owner's rush to develop a new product or invention, the passion workers feel for a company can be critical for results.

Mon, 28 Jul 2014 21:00:00 -0500

It helps to bring in others to fill any gaps in your skill or experience. Here are five variables that will help you determine how much a new partner is worth.

Mon, 28 Jul 2014 20:36:00 -0500

The initiative is aimed at younger travelers who are increasingly placing hotel reservations on mobile phones.

Mon, 28 Jul 2014 20:34:00 -0500

Now that Golden Gate Capital has acquired Red Lobster from Darden Restaurants, the seafood chain is trying to emphasize its quality.

Mon, 28 Jul 2014 20:30:00 -0500

The old ways of networking are dying. There are options to build organic relationships that every entrepreneur can utilize and enjoy at the same time.

Mon, 28 Jul 2014 20:00:00 -0500

Avoid these no-nos to inspire investor passion. Provide compelling evidence of a boost to their bottom line.

Mon, 28 Jul 2014 19:30:00 -0500

They're just as bad as everyone says they are. Here's why.

Mon, 28 Jul 2014 19:30:00 -0500

The other half of a leadership and marketing consulting firm describes the keys to running a business with the person you married.

Mon, 28 Jul 2014 19:00:00 -0500

Customers are doing their own research. So traditional methods of promotion don't suffice.

Mon, 28 Jul 2014 18:30:00 -0500

Everybody could use a little help from their friends but, sometimes, you need to make the friend who can help you that little bit.

Mon, 28 Jul 2014 18:17:00 -0500

While ethically dubious, the Knee Defender is likely to appeal to business travelers all too familiar with the crammed quandary of flying coach.

Mon, 28 Jul 2014 18:10:00 -0500

Apple is reportedly purchasing a podcast and radio streaming app called Swell.

Mon, 28 Jul 2014 18:00:00 -0500

Entrepreneurs may start out acknowledging their vulnerabilities but then quickly fall into image management. Here are ways for business leaders to be authentic and cultivate the best from staff.

Mon, 28 Jul 2014 17:30:00 -0500

If the HBO TV series is anything to go by, tech entrepreneurs have overtaken Hollywood actors in popular culture.

Mon, 28 Jul 2014 17:00:00 -0500

It's one thing to author a smash hit, but it's quite another to pen a best-seller that stands the test of time on the business shelves.

Mon, 28 Jul 2014 16:45:00 -0500

Customers can design and create their own products in a new online shop announced by the Seattle-based ecommerce giant today.

Mon, 28 Jul 2014 16:30:00 -0500

Workers are checking their phones a staggering amount each day, according to a recent survey.

Mon, 28 Jul 2014 16:16:00 -0500

Following a six-week courtship, two mega real-estate listings websites are joining forces to create a colossal database of digital listings.

Mon, 28 Jul 2014 16:15:00 -0500

The airline, which was founded in 2007 and is partly owned by serial entrepreneur Richard Branson, filed with the Securities Exchange Commission on Monday after announcing its first annual profit.

Mon, 28 Jul 2014 16:00:00 -0500

Those who excel worked hardest to overcome their doubt and fear.

Mon, 28 Jul 2014 15:30:00 -0500

Creating a successful and profitable business takes time.

Mon, 28 Jul 2014 15:00:00 -0500

As you prepare to launch your company, keep these social-media rules in mind.

Mon, 28 Jul 2014 14:30:00 -0500

A business ending shouldn't be seen as the end of the line. With each defeat, comes important lessons to get it right next time.

Mon, 28 Jul 2014 14:00:00 -0500

We're more than half way through 2014: Where does your business stand in terms of taxes?

Mon, 28 Jul 2014 13:30:00 -0500

Skeptical of allowing employees to work remotely? Don't be. Here are five steps to getting started and getting more productivity from employees.

Mon, 28 Jul 2014 13:30:00 -0500

A social-media expert can’t give you the secret to their success in five minutes, so don’t ask.

Mon, 28 Jul 2014 13:00:00 -0500

With new franchise initiatives, the smoothie chain wants to almost double its number of franchised locations in the next five years.

Mon, 28 Jul 2014 13:00:00 -0500

The popular Bitcoin wallet app is back after being pulled from the App Store in January.

Mon, 28 Jul 2014 13:00:00 -0500

Dinner Lab, which hosts pop-up dinners in overlooked, underused spaces across the country, empowers its staff with an important sense of ownership.

Mon, 28 Jul 2014 12:30:00 -0500

Placemeter aims helps cities run more efficiently. But its tactics might creep you out.

Mon, 28 Jul 2014 12:00:00 -0500

A cautionary tale, and some questions to consider when collaborating and facing a major compromise.

Mon, 28 Jul 2014 11:30:00 -0500

When his father died, it was Mark Calis's turn to step up as co-owner of a Minuteman Press with his mother.

Mon, 28 Jul 2014 11:30:00 -0500

Nobody knows everything, even in their own field. This lawyer got herself into trademark difficulty that a few simple steps would have avoided.

Mon, 28 Jul 2014 11:00:00 -0500

You don't have to be born with the gift of gab to become an expert communicator. Here are six tips for better speaking and listening.

Sun, 27 Jul 2014 18:00:00 -0500

These 20 proactive and budget-friendly tips will help you maximize your time off.

Sun, 27 Jul 2014 16:00:00 -0500

Splash is the first platform that allows users to manage the entire life-cycle of an event.

Sat, 26 Jul 2014 19:00:00 -0500

Just because you own a franchise, a business with proven systems and tested procedures, doesn’t mean you can kick back and chillax.

Sat, 26 Jul 2014 16:00:00 -0500

The newest trends in workplace design highlight employee choice, wellness, lifestyle amenities and opportunities for mentorship.

Sat, 26 Jul 2014 13:00:00 -0500

A look at URLs that have sold for $1 million or more.

Sat, 26 Jul 2014 10:00:00 -0500

A reading list ranging from the cutting edge of social media to wisdom from decades past that is relevant for all time.

Fri, 25 Jul 2014 23:00:00 -0500

In delivering a business pitch about a novel invention, be sure to bolster your presentation with facts and know your audience.

Fri, 25 Jul 2014 22:30:00 -0500

A Bay Area manager shares some new-company growing pains.

Fri, 25 Jul 2014 22:00:00 -0500

Of course you want the fattest profit margin you can earn, so don't undercut yourself trying to achieve it.

Fri, 25 Jul 2014 21:30:00 -0500

Around the world, organizations are doing good things to revitalize the places where they reside.

Fri, 25 Jul 2014 21:00:00 -0500

If you're plagued by a half-finished to-do list, and partially completed projects are taking over your life, here's a plan.

Fri, 25 Jul 2014 20:30:00 -0500

Video content is heating up the Internet. Entrepreneurs can jump on this bandwagon by producing simple explainer videos.

Fri, 25 Jul 2014 20:00:00 -0500

A company president reveals the secrets he wished he knew when he was a young manager starting out.

Fri, 25 Jul 2014 19:37:00 -0500

Preliminary discussions between Mark Zuckerberg and Travis Kalanick point to the social network's stated desire to diversify and monetize its messaging platform.

Fri, 25 Jul 2014 19:30:00 -0500

Results are often thwarted by factors beyond our control. Leaders build winning teams by focusing on what they can control.

Fri, 25 Jul 2014 19:00:00 -0500

Take a page from the journalist playbook and learn how to research, conduct and write interviews -- skills that will help you get your business’s message across.

Fri, 25 Jul 2014 19:00:00 -0500

Making a team from a staff working on separate continents requires more than just technology. Only the team leader can bring them all together.

Fri, 25 Jul 2014 18:30:00 -0500

As people are trying to navigate away from the 'corporate jungle' towards the land of supposed 'entrepreneurial utopia,' a lot of misconceptions arise. Here are five big ones.

Fri, 25 Jul 2014 18:10:00 -0500

After its first launch was held up by New York State Supreme Court, the San Francisco-based company is set to hit the streets in the Big Apple starting tonight.

Fri, 25 Jul 2014 18:09:00 -0500

We don't like to talk about faith, but it is a key component in letting go of situations we can't control.

Fri, 25 Jul 2014 18:00:00 -0500

Author of book on inventing shares his secrets that landed his book near the top of an Amazon chart.

Fri, 25 Jul 2014 17:30:00 -0500

Selling has very little to do with what you sell and everything to do with how you sell yourself.

Fri, 25 Jul 2014 17:03:00 -0500

Laugh. Watch Will Ferrell movies. Kiss your kids. Intentionally sweat. Stay hydrated.

Fri, 25 Jul 2014 17:00:00 -0500

To start a successful business, you'll have to quickly learn some techniques that aren't in any book.

Fri, 25 Jul 2014 17:00:00 -0500

Here's the first step to becoming more deliberate and intentional in your communication with others.

Fri, 25 Jul 2014 16:43:00 -0500

Big data, meet genetic data. Baseline Study, a Google X project, will collect genetic information from volunteers in order to refine the detection and prevention of diseases.

Fri, 25 Jul 2014 16:30:00 -0500

In the age of social media, the best publicity stunt reverberates with many echoes.

Fri, 25 Jul 2014 16:00:00 -0500

Our annual Best Cities feature explores the hot spots for specific business categories.

Fri, 25 Jul 2014 15:41:00 -0500

The latest Google Glass ban does not bode well for widespread adoption.

Fri, 25 Jul 2014 15:30:00 -0500

Three things that will transform any woman into an entrepreneur.

Fri, 25 Jul 2014 15:30:00 -0500

The online retail giant said it expects an operating loss of as much as $810 million for the current quarter, sharply below analysts' estimates.

Fri, 25 Jul 2014 15:25:00 -0500

Shares of the Mexican-style chicken franchise were off to a strong start on their first day of trading.

Fri, 25 Jul 2014 15:00:00 -0500

Take these habits to heart for a good night's rest.

Fri, 25 Jul 2014 14:30:00 -0500

You've paid your tuition in sweat to learn what you know about your company, your market and your industry. Applying that knowledge doesn't require a detour to grad school.

Fri, 25 Jul 2014 14:15:00 -0500

For true engagement, companies need to communicate with all their staff – and not just the ones with corporate email. Red e App founder Jonathan Erwin explains more.

Fri, 25 Jul 2014 14:00:00 -0500

Strategic investment in travel can save both money and time.

Fri, 25 Jul 2014 13:30:00 -0500

Distractions are plentiful when you are home, and often it’s only the most disciplined who can remain productive and efficient.

Fri, 25 Jul 2014 13:00:00 -0500

Mobile Roadie CEO Michael Schneider breaks down the qualities of a good app.

Fri, 25 Jul 2014 12:30:00 -0500

Don't succumb to life's pressures and an eventual burnout. Try these activities to find a happy medium between life and work.

Fri, 25 Jul 2014 12:00:00 -0500

Tips for providing answers and advice with confidence and without sounding like a jerk.

Fri, 25 Jul 2014 11:30:00 -0500

Over the last decade, Eric Dore and Shane McGuiness have seen Planet fitness grow from a regional fitness chain to an 800-plus location franchise.

Thu, 24 Jul 2014 23:00:00 -0500

Trademarks are inexpensive to obtain and grow in value as your business grows. It is never too early to trademark your brand

Thu, 24 Jul 2014 22:30:00 -0500

The three spots where product development startups are most likely to stumble - and how to get around them

Thu, 24 Jul 2014 22:00:00 -0500

Continuous delivery allows companies to deploy smaller sets of features more frequently.

Thu, 24 Jul 2014 21:30:00 -0500

The latest technological advances promise increased efficiency and productivity but have prompted even more labor. Here's one entrepreneur's solution.

Thu, 24 Jul 2014 21:00:00 -0500

We’ve all heard the saying that 'a team is only as strong as its weakest link,' but the number of business leaders choosing to ignore this sentiment is staggering. Don't make this mistake.

Thu, 24 Jul 2014 20:30:00 -0500

Accepting risks is a skill that can be learned. When you're ready to launch a venture, consider these five tips that have proven effective in the classroom.

Thu, 24 Jul 2014 20:00:00 -0500

Many entrepreneurs may be surprised to learn that federal laws have not addressed sexual-orientation or gender-identity bias inside private companies.

Thu, 24 Jul 2014 19:56:00 -0500

'There are only so many photos you're going to want to share with friends,' the CEO said during an earnings call. 'There's just a lot more people want to express.'

Thu, 24 Jul 2014 19:30:00 -0500

Three quotes shine a light on this much-discussed topic. The bottom line: Don't dive in until you're really ready to commit.

Thu, 24 Jul 2014 19:00:00 -0500

To get attention on the crowded Internet, you have to devote time to your craft and plan well.

Thu, 24 Jul 2014 18:36:00 -0500

James Proud, a former Thiel Fellow, has come up with a sleep-tracking system that is getting lots of love from the crowd.

Thu, 24 Jul 2014 18:30:00 -0500

The winning companies will figure out how to deliver a seamless and exceptional experience that satisfies users -- before they even ask for it.

Thu, 24 Jul 2014 18:00:00 -0500

Past performance is no longer an accurate proxy for future success. In hiring, the most critical skill is the ability to learn on the fly.

Thu, 24 Jul 2014 17:30:00 -0500

Spending time with ambitious youth is one of the best things you could do to jump start your own ambition.

Thu, 24 Jul 2014 17:00:00 -0500

Take a minute per day to forget that you're an overworked adult and see your anxiety melt away.

Thu, 24 Jul 2014 16:30:00 -0500

Any outfit promising a super-speedy turnaround will probably deliver less than optimum results.

Thu, 24 Jul 2014 16:25:00 -0500

A new survey from Sageworks finds that over 75 percent of small-business owners have never applied for a loan.

Thu, 24 Jul 2014 16:15:00 -0500

Piinpoint helps businesses choose where to open based on facts, not just intuition.

Thu, 24 Jul 2014 16:00:00 -0500

Without face-to-face contact, it’s difficult to manage the conversation, navigate complex issues or deal with difficult personalities in the group. The good news is there are specific techniques you can use to improve these calls.

Thu, 24 Jul 2014 16:00:00 -0500

The company missed expectations due to weak sales at Dunkin' Donuts in the U.S. and Baskin-Robbins' struggles abroad.

Thu, 24 Jul 2014 15:39:00 -0500

The case of an Airbnb guest who overstayed his welcome and now is a legal tenant raises critical questions about what the home-rental platform can do to protect its hosts.

Thu, 24 Jul 2014 15:30:00 -0500

For a close-knit team it is imperative everyone is on the page. If not, your startup could go into a tailspin.

Thu, 24 Jul 2014 15:00:00 -0500

The must-have characteristics needed to start, grow and expand your company.

Mon, 28 Jul 2014 23:42:00 -0500

Whether it’s an expensive piece of medical equipment, software or a consumer gadget, the job of selling has turned into a complicated game of hide and seek.  Buyers hide from sales people with all sorts of creative forms of avoidance. Sales teams, in turn, are constantly inventing new ways of seeking out buyers. The problem is particularly vexing when sales teams try to engage the C-Suite.

Mon, 28 Jul 2014 19:03:00 -0500

Fans got a pretty lengthy Comic-Con* panel on Saturday as well as a sneak peak of the third and final Hobbit film, but it looks like Peter Jackson and company didn't want to make the general public wait. So here we have this initial theatrical teaser for The Hobbit: The Battle of the Five Armies, which will end the three-part Hobbit trilogy on December 11th, 2014. The Warner Bros. (Time Warner, Inc.) release has little to prove financially in terms of the Peter Jackson-in-Middle Earth franchise, although it will all-but-certainly help Warner Bros. end the year on a positive note after a less-then-spectacular summer and relatively quiet Fall season (give or take if the Conuring spin-off Annabelle plays more like U.S. Marshals). Of course, back in the olden days (the 1990's and the early 2000's), that was the point of a tent pole.

Mon, 28 Jul 2014 13:56:00 -0500

Country musicians are America’s new rock stars—commercially, at the very least. Of the ten best-selling albums in the U.S. last year, three were country, and only one (Imagine Dragons’ Night Visions) could possibly be classified as rock.

Mon, 28 Jul 2014 13:28:00 -0500

In my "review" of sorts of the Destiny PlayStation and Xbox beta posted this weekend, I had a lot of good things to say. The game is a blast from what I've played so far, and both the alpha and the beta have shown me enough to get me very excited for September.

Mon, 28 Jul 2014 13:15:00 -0500

  Many I remain quite skeptical of that view, since there are several "creation science" organizations with IRS recognized 501(c)(3) status including Creation Today, which is run by Kent's son, Eric.  Nonetheless, the latest criminal charge which is scheduled for trial on September 8, 2014 really strikes me as piling it on .  First some background.

Mon, 28 Jul 2014 11:37:00 -0500

A world with less pollution and no traffic jams, where taxis are cheap and safe and you never have to wait for a pickup: It’s a rosy vision Uber is peddling, and venture capitalists, those professional optimists, are fully on board. An app-based service that lets anyone in need of a ride summon one within minutes, Uber recently raised $1.2 billion at a valuation of $18 billion, making it, on paper, one of the world’s biggest transportation companies, more valuable than such venerable competitors as Hertz, Avis and United Airlines.

Sun, 27 Jul 2014 23:01:00 -0500

To the surprise of many, but not to those who understand him, Vladimir Putin has upped his aggression against Ukraine in the wake of the shooting down of MH17 by his separatist allies. (For a definitive account of separatist guilt, see AP What Happened: The Day Flight 17 Was Downed.) The Russian military is now routinely shelling Ukrainian positions from across the border, hoping to elicit a response so they can claim a Ukrainian attack. Russia’s drones are targeting troop positions. Even more sophisticated missiles are flooding across the border, ignoring the lesson of the Malaysian jet tragedy. Russian MIGs are shooting down antiquated Ukrainian SU fighter aircraft, depriving Ukraine of control of its own skies. (After shooting down MH17, a rebel commander called east Ukraine air space "our skies.") Putin’s propaganda war continues unabated, spinning fantastic conspiracy theories and accusing Ukraine of war crimes as they fight back against professional Russian mercenaries. Russian state television informs its viewers that the true enemies are the United States and NATO. Ukraine is just a lackey carrying out orders from above.

Sun, 27 Jul 2014 22:14:00 -0500

Would you ship yourself to a prospective employer in a crate, dressed in a Superman suit? “Hi, my name is Steve Schussler and I’m your new salesperson.” The stunt nearly killed this ambitious entrepreneur, but the risk paid off: He eventually became one of the most successful creators of theatrical experiences in the restaurant and retail world.

Sat, 26 Jul 2014 13:30:00 -0500

By Stacey Sykes for Fathom | My two-year-old daughter, husband, and I just got back from a four-day vacation in Chincoteague Island — a small barrier island off the coast of Virginia, famous for its population of wild ponies, which have lived in the area for centuries. I cannot get the place out of my head. For days I've been thinking about how to accurately describe it, and I think it's best to start with what you won't find on Chincoteague.

Wed, 23 Jul 2014 17:07:00 -0500

Many would tell you that if you show someone your heart, especially in business -- you are soft. Weak. Prey in a world of predators.

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5 Chaldean Home Buying Power Tips
By Salam Abbo :: Wednesday, March 14, 2007 :: 10332 Views :: Article Rating :: Business & Finance

Michigan, USA - It is a seller’s market in many Chaldean concentrated states.    While the economy is doing great in states like Illinois, Nevada, Arizona, and California, Michigan’s economy continues to free-fall.  In Michigan the real estate opportunities are far and wide as the buyer market continues to heat up as homes are foreclosed, residents move out of the state, and businesses close.  Chaldeans can seize on the opportunity of depressed Michigan economy by finding and securing an undervalued piece of property. 

There are many advantages of becoming a home owner.  This includes the appreciation, tax benefits, a higher quality lifestyle, a more stable family life, and obviously the investment.

Chaldeans are able to better prepare themselves when planning to purchase a home.  For such occasions consider these 5 Chaldean home buying power tips.

1.  Understand your Debt-to-Income Ratio
When a lending company determines a Chaldeans’ ability to qualify for a mortgage, a lender looks at what is called the "debt-to-income" ratio. A debt-to-income ratio is the percentage of your gross monthly income (before taxes) that you spend on debt. This will include your monthly housing costs, including principal, interest, taxes, insurance, and homeowner’s association fees, college loans, and other forms of debt or recurring expenses. It will also include your monthly consumer debt, including credit cards, installment debt, and car payments.

For example, suppose you earn $5000 a month and you have a car payment of $400. Using an interest rate of 8.0%, you would qualify for approximately $55,000 less than if you did not have the car payment.

In short the debt-to-income ratio affects your buying power.  Your debt to income ratio is a simple way of showing what percentage of your income is available for a mortgage payment after all other debts are met. The ratio is one of the key things a lender considers before approving your home loan.
Conventional loans are sometimes expressed as debt limits like the 28/36 qualifying ratio. Those numbers refer to two percentages that are used to examine two factors of your debt load.

The 28% Number: (PITI)

This number indicates the maximum percentage of your monthly gross income that the lender will allow for housing expenses. The amount will include payments on the loan principal and interest, private mortgage insurance, hazard insurance, property taxes, and homeowner's association dues.

The 36% Number:

This number is for the recurring debt.  This is the maximum percentage of your monthly gross income that the lender will allow for housing expenses.  Recurring debt includes credit card payments, child support, car loans, and other obligations that will not be paid off within a relatively short period of time (6-10 months).

Doing the Math:

Yearly Gross Income = $45,000 / Divided by 12 = $3,750 per month income

$3,750 Monthly Income x .28 = $1,050 allowed for housing expense

$3,750 Monthly Income x .36 = $1,350 allowed for housing expense plus recurring debt.

Chaldeans should keep in mind that not all loans are the same.  For example, the FHA loan ratios are typically 29/41, allowing a higher debt load for both housing expenses and recurring debt.  This translates into FHA allowing $1087 for housing and $1538 for housing plus recurring debt.  For a VA loan, the debt to income ratio should not exceed 41% of your monthly gross income.

2.  No Major Purchase of Any Kind
Even if you feel you can afford a major purchase like a new car, the car payment will impact your ability to purchase a higher valued home.  Remember mortgage companies approve your mortgage based on their guidelines, not yours. Do not get discouraged, however. You should still take the time to get pre-qualified by a lender.

However, if you have not already bought a car, remember one thing. Whenever the thought of buying a car enters your mind, think ahead. Think about buying a home first. Buying a home is a much more important purchase when considering your future financial well being.

3.  Don’t Move Money Around
When a lender reviews your loan package for approval, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401K and retirement accounts.

If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.

The mortgage underwriter (the person who actually approves your loan) will probably require a complete paper trail of all the withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could get quite tedious.

Perhaps you become exasperated at your lender, but they are only doing their job correctly. To ensure quality control and eliminate potential fraud, it is a requirement on most loans to completely document the source of all funds. Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender to properly document.

So leave your money where it is until you talk to a loan officer.

Oh…don’t change banks, either.

4.  Changing Jobs May Affect Home Buying Power
For most people, changing employers will not really affect your ability to qualify for a mortgage loan. For some homebuyers, however, the effects of changing jobs can be disastrous to your loan application.

Salaried Employees
If you are a salaried employee who does not earn additional income from commissions, bonuses, or over-time, switching employers should not create a problem. Just make sure to remain in the same line of work.  Hopefully, you will be earning a higher salary, which will help you better qualify for a mortgage.

Hourly Employees
If your income is based on hourly wages and you work a straight forty hours a week without over-time, changing jobs should not create any problems.

Commissioned Employees
If a substantial portion of your income is derived from commissions, you should not change jobs before buying a home. This has to do with how mortgage lenders calculate your income. They average your commissions over the last two years.

Changing employers creates an uncertainty about your future earnings from commissions. There is no track record from which to produce an average. Even if you are selling the same type of product with essentially the same commission structure, the underwriter cannot be certain that past earnings will accurately reflect future earnings.

Changing jobs would negatively impact your ability to buy a home.

Bonuses
If a substantial portion of your income on the new job will come from bonuses, you may want to consider delaying an employment change. Mortgage lenders will rarely consider future bonuses as income unless you have been on the same job for two years and have a track record of receiving those bonuses. Then they will average your bonuses over the last two years in calculating your income.

Changing employers means that you do not have the two-year track record necessary to count bonuses as income.

Part-Time Employees
If you earn an hourly income but rarely work forty hours a week, you should not change jobs. There would be no way to tell how many hours you will work each week on the new job, so no way to accurately calculate your income. If you remain on the old job, the lender can just average your earnings.

Over-Time
Since all employers award overtime hours differently, your overtime income cannot be determined if you change jobs. If you stay on your present job, your lender will give you credit for overtime income. They will determine your overtime earnings over the last two years, then calculate a monthly average.

Self-Employment
If you are considering a change to self-employment before buying a new home, don’t do it. Buy the home first.

Lenders like to see a two-year track record of self-employment income when approving a loan. Plus, self-employed individuals tend to include a lot of expenses on the Schedule C of their tax returns, especially in the early years of self-employment. While this minimizes your tax obligation to the IRS, it also minimizes your income to qualify for a home loan.

If you are considering changing your business from a sole proprietorship to a partnership or corporation, you should also delay that until you purchase your new home.

5. Delay Buying a Home in Certain Circumstances
Assuming you have the financial resources and the desire to eventually own your own home, there are very few good reasons to put off the purchase. You can miss out on years of appreciation if you do.

The main thing you want to avoid when buying a home is being put in a position where you will have to sell it too soon. If you have to sell a home before it has appreciated enough to cover the costs and commissions of selling, you could find yourself in a financial bind. This is especially true for those who buy a home with a down payment of ten percent or less.

Real Estate commissions traditionally run around six percent of a home’s sales price. The seller’s closing costs generally come to about one and a half percent. You can see how this can easily exceed the first year’s appreciation. If you made a minimal down payment, you could actually have to come up with cash out of pocket to sell your home.

New to the Area
Chaldeans are becoming more mobile and moving from one state to another.  Especially in Michigan where the economy has become deplorable and with governor Granholm talking about raising taxes the state can expect harsher economic conditions.  

Before moving into a new state you might want to get as much information as possible.  If it is another strongly concentrated Chaldean state you might want to contact the nearby church and speak with members of the parish council to get some insight. 

It makes sense to rent for a number of months before deciding on exactly where you want to live.  Taking out an ad in the church newsletter or contacting a realtor in the area to help identify a rental option before purchasing a new home is always a very smart move.  

Uncertain Job Future
You could be right out of college or expecting a promotion and a transfer. Or your company has announced an impending "restructuring." If any of these apply, it might be best to wait to buy a home. When you have a more accurate picture of what your next few years will be like, that will be the time to buy.

Marital Problems
Real estate agents see a lot of life unfold before their eyes. One of the saddest occurs when former clients divorce and are forced to sell a recently purchased house. It happens all too often when a family in turmoil decides that buying a new home may help resolve their problems. Perhaps it is inevitable that such problems occur, but selling a home before it appreciates can create an additional financial burden in an already difficult situation.

 


 

 Salam Abbo is a Century 21 realtor, who has achieved the prestigious 10 million dollar sales club.  The sales club honors realtors who have demonstrated leadership in real estate measured by their sales.  Mr. Abbo lives and works in Michigan with real-estate partnerships in Chicago, Phoenix, and San Diego.  Mr. Abbo has been married for over 25 years and has three college educated children.