What is the shortest and most reliable route that you or anyone can use to change their financial destiny and arrive at a place of financial freedom? Depending on whom you ask, you will get answers like work hard and smart, have a great business idea, invent something, or save and invest.
While all these are valid answers, they may not always bring you to a life that is free of financial worries. Each method’s ability to reach the desired goal depends on how well it meets that one requirement which is the most important factor when trying to achieve a life of financial freedom.
What is the critical factor that serves as the basic foundation for wealth-building?
You can separate how much money you earn from how much effort you invest in the thing that makes you that money. When your income-earning ability is no longer limited to your physical labor, you free yourself from the constraints of your limited time and energy.
If you are committed to your goal of building wealth, the most important thing you can do for yourself is to become adept at identifying, managing, and maximizing opportunities that make it possible to consistently earn a lot of money without necessarily having to do a lot of work.
This kind of income is known as passive income.
Non-passive income sources depend on your physical presence and direct effort to make money. They stop yielding income as soon as you stop contributing your physical presence or energy. Their income-earning ability is limited to how many man-hours you invest.
But how many hours do you think you would need to work to be able to earn up to one million dollars in a single year? The answer to that question will tell you why non-passive income sources are not the recommended path for pursuing wealth.
How can you get started with earning passive income?
Passive income through rental properties
Although there are several different ways to earn passive income, Keyrenter Hampton Roads advises the best one is putting your money into income-generating real estate, and rental properties. Why is owning rental properties a better source of passive income than investing in stock or bonds?
Steady and substantial income
Both real estate and stocks can serve as sources of passive income. But rental properties are better because the income is more predictable than stocks. As a landlord, you often know how much rental income to expect and when to expect it.
Real estate offers tax incentives that are not available when investing in other asset classes. These tax deductions can be made from the everyday expenses of operating the property. They offer a way for landlords to increase their profits.
Strategies for earning passive income from rental properties
To make money from real estate, you must understand the following things about rental properties:
Types of rental properties
There are two kinds of rental properties – commercial and residential – and within these two broad categories, there are several sub-categories. Before you buy any property, make sure you understand the different types of rental properties.
Location
The most important factor in the performance of a property is its location. The neighborhood where a rental is located is a bigger factor than the physical qualities of the property. Learn how to evaluate the viability of different locations before you invest.
Leverage
Your ability to get approved for a loan and negotiate the best terms is critical to your success. The cost of capital is a huge factor in how much passive income you earn from your property. If you don’t know much about this, hire a mortgage broker.
Know your numbers
Before you buy a property, find out the potential income from the property (based on the rental rate) and your projected operational costs. Take the time to look at numbers like the vacancy rate for the property or similar properties in the area.
Hire a property manager
Finally, you should know that real estate is not entirely a passive investment like stocks. Managing a rental property requires a lot of time and expertise. But there is a simple way to get around this problem and make the asset passive; you can hire a property manager.
Hiring a property manager to oversee your rental property is what transforms it from a non-passive form of investment into a source of passive income. A property manager takes on the responsibility of making the rental property work in exchange for a share of the profits.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Welcome to 6307 Chaucer View Circle, located in private, exclusive Landmark Mews. Close to everything you want and a commuter’s dream location for DC and all the surrounding Fairfax County locations, this quality-built 4 bedroom, 4 level townhome boasts 3 full and 2 half bathrooms. Offering more than 3200 finished sq ft, you’ll be impressed by the generously sized rooms, open spaces, and hardwood floors in the living and dining areas. The expansive primary bedroom with ensuite bath is almost the same size as the bonus 4th bedroom/loft (17′ x 30′), which also boasts a full bathroom. The private backyard and deck will become a favorite place to unwind or to gather with friends! When getting out and about is a necessity, you’ll love the proximity to I-395, the Van Dorn Metro, gorgeous parks, grocery stores, restaurants, and incredible shopping options (from Springfield Mall to Tysons Corner to Tanger Outlets National Harbor).
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
5.03-acre lot in Town of Culpeper, old home on the property is being sold AS-IS, PLEASE DO NOT ATTEMPT TO ENTER THE HOUSE!!! The value is in the land; the house is also listed as LAND. This listing includes lot 2 (4.7 acres) and lot 3 (.33 acres).
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Welcome to 3927 Lakeview Pkwy! You’ll be wowed the moment you enter by gleaming hardwood floors, light-filled rooms, and a spacious, open floor plan. The chef’s kitchen will make hosting your friends and family a breeze. The expansive back deck serves as an additional entertaining area, with access off the kitchen. The generous-sized primary suite with ensuite bath will be the perfect place to retreat at the end of a long day. Two additional bedrooms and a full bath complete this beautiful home. Enjoy gardening or relaxing in your backyard that feels like a park-like setting.
A private, gated, secured community, Lake of the Woods offers anything and everything you could possibly want. Home to two lakes (the 550-acre main lake and a 35-acre “fishing lake”), a golf course, an equestrian center, a fire and rescue department, and a church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteer your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from $200,000+ to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience what’s to love in Lake of the Woods!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Welcome to meticulously maintained 405 Constitution Blvd, located approximately halfway between the front and back gates for ease! As you arrive, you’ll immediately notice the well-manicured lawn and landscaping. As you enter, you are greeted by gleaming hardwood floors welcoming you into the heart of the home. This open floor plan offers cathedral ceilings, expansive rooms, and loads of natural light. The primary suite provides room for a sitting area and has access to the wrap-around deck! And wait til you see the patio and shed with electricity and a workbench! The approved dog run also conveys! Start making memories in this one-level home that offers it all! Your wrap-around deck or patio will become a favorite relaxation spot overlooking the level lawn as we head into fall!
A private, gated, secured community, Lake of the Woods offers anything and everything you could possibly want. Home to two lakes (the 550-acre main lake and a 35-acre “fishing lake”), a golf course, an equestrian center, a fire, and rescue department, and a church all within the gates, Lake of the Woods simply has it all. Whether your passion is boating, water skiing, kayaking, golfing, horseback riding, or simply taking in the breathtaking views from the clubhouse while enjoying a fabulous meal, from your own deck or yard, or from one of the beaches, you won’t be disappointed! Perhaps you’d like a game of bridge or volunteer your time and talents…Lake of the Woods offers more than 60 clubs and/or organizations from which you may choose to become involved. Located in Orange County, we are fortunate to enjoy low real estate taxes. Coupled with home prices ranging from $200,000+ to over $2,000,000, Lake of the Woods is the perfect community for both full-time residents, as well as weekenders. But don’t take my word for it, please come see for yourself! I will gladly give you a tour of Lake of the Woods by boat and by car so that you may experience what’s to love in Lake of the Woods!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Another fall season is approaching, which means it’s time to give a home a little upgrade. Late summer and early fall days are ideal for getting your house in order, so you don’t have to worry later. After you prepare your home for fall, you’ll enjoy the warmth, comfort, and fall aesthetics that come with it. So, make sure to keep reading and put the tips our team prepared for you to good use!
1 – Repair and fix
Examine your home and see if there’s anything in your home you’d have to repair. Electricity, pipes, windows – they all matter. If you’re using an air conditioner as a heating option, make sure to clean it thoroughly from the inside. Fix the doors and windows if necessary. That way, the heat you get from an air conditioner or fireplace won’t leave the room. If living in a house, make sure not to skip chimney cleaning.
2 – Give your home a fresh new look
Do you plan to refurbish your home for the fall season? In that case, draw a plan and hire an interior designer to help you upgrade your home. The designer will listen to your wishes, check your home, and come up with a solution. That way, you’ll avoid unintentional mistakes people tend to make when they get to paint and have a brush in their hands. Feel free to ask the designer about the ideas when it comes to the furniture setup. This slight yet noticeable change will also give some novelty to your home.
Refurbish and prepare your home for fall before the days become chilly.
3 – Clean up your fireplace
Dust and dirt in a fireplace accumulate over the summer. However, during fall, it’s the last part of your living room you want to neglect. If you want to have a nice fire warming you up, then put the gloves on and equip yourself with cleaning tools. From then on, make sure to maintain your fireplace regularly.
4 – Get your patio ready for fall too
Just because the summer is almost over doesn’t mean you can’t spend time outside. The patio is also a part of a home you should get ready for fall. All you need to do is give it a clean, change the furniture set up, add some warm blankets and you’re all set! If possible, purchase a heater so you can spend chilly fall days outside for longer.
You’ll be glad you have a prepared patio once the temperatures go down. Whether you plan to throw a mini party or bond with people over a barbecue – your patio will serve you well. You can add garden lights and therefore make it possible to have a nice get-together time outside even when the sun goes down. After all, days are getting shorter and shorter.
5 – Make your home feel cozy
It’s time for blankets and fall color schemes! If you’re a fan of fall, then you’ll enjoy the process of redecorating more than anyone. The good news is that it doesn’t take too much effort to bring fall aesthetics into your home. The fall-themed decor here and there and scents like apple, cinnamon, or sandalwood will do just fine.
Fall season is a perfect excuse to make your home cozy.
When you shop for a home, pay attention to blankets. Find those in dark brown, dark red, or purple colors. See if there are complementary pillows that would add extra coziness to your home. Next, check if there are comfy rugs in dark neutral tones. Pick the ones that keep all elements in the room together and your feet warm. If you’re a pet owner, then focus on pet-friendly rugs that benefit you and your pet friend. Also, don’t forget to get something for your kitchen as well. Cups and bowls in the shape of a pumpkin or with fall-themed prints are the best choices. They are available online at affordable prices.
6 – Take out fall and winter clothes
Make sure to put your summer clothes away and take out sweaters and hoodies. Transitioning to fall clothes is also a perfect opportunity to declutter and make more space in your wardrobe by storing clothes during fall/winter. So, take a look at your summer clothes. See if there are items that don’t fit your current style. Maybe there are shirts with a tag on them. Therefore, make the list of items you’re giving away or selling. Place them in ziplock bags and padded cardboard boxes. Store them somewhere safe.
Do the same with fall clothes you currently own. Maybe you’ll find clothing pieces you’d rather donate, give, or sell. After all, it’s good to treat yourself with fresh new clothing pieces and give up the old ones that don’t fit your current style and taste.
7 – Clean your garage or basement
Last but not least, take time to get your garage or basement in order too. Throw away garbage, dust, clean, and disinfect. Call sanitization services to keep rodents and insects away.
Move to your new home before it gets cold
If you plan to move to a completely new soon, then make sure to do it as soon as possible. Moving goes smoothly when the weather is good. You just have to book the right movers in advance since they get quite busy during the fall season, as recommended by relocation specialists at fourwinds-ksa.com. Before you move, prepare your home for fall.
Get your home ready all inside out. Don’t forget the garden and patio
On the other hand, if you’re just about to search for a new home, contact experienced realtors for guidance. Check their credentials and pick the best realtor who will help you find the kind of home you desire. It’s easy to navigate through the real estate market when you have a professional at your disposal. So, don’t hesitate to ask for guidance and make sure a home-buying process lasts less than it normally would.
Enjoy your upgraded home
Once you prepare your home for fall, you’ll be ready to welcome cold weather and rainy days in a warm and comfy home. Preparations for fall also mark the beginning of a new chapter, no matter if you’re moving or just refurbishing the current home. So, gather your family or friends to help you, and have fun in the process!
KW: prepare your home for fall
META: Learn how to prepare your home for fall like a pro, and contact us when in need of experienced realtors who will help you find the best home!
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contact Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Licata Group would like to extend a warm welcome to all the new homeowners! We often have really fun events hosted throughout the year, do frequent giveaways (think lotto scratchers, pies, FredNats tickets, just to name a few!), and also provide real estate market updates as well as local upcoming community events. We would like to take this opportunity to invite you to join our newsletter so you can never be without it! Sign up here. Or call our office at 540-388-2541.
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Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
In August, 32 homes were SOLD in Lake of the Woods.
2 sold below $250,000.00 5 sold between $250,000-299,999; 8 sold between $300-349,999; 6 sold between $350,000-399,999; 9 sold between $400-499,999; 2 sold between $500,000-$999,999;
28 Active/Coming Soon Listings for Sale 20 Homes Under Contract 216 Homes Sold since January 1, 2022.
Whether you’re looking for homes for sale in Lake of the Woods VA or Waterfront property in Virginia we are your Real Estate Advisors for Stafford, Fredericksburg, Spotsylvania, Locust Grove, Central Virginia, and Greater Virginia. Thinking of selling? In any market condition, “what is my home worth?” is the #1 question asked by homeowners. If you wish to sell your home, it needs to be sold for top dollar and in a timely manner. Pricing your home accurately, Pat will partner with you to make the selling process so much easier. Get started today by calling us at (540) 388-2541 or contacting Pat Licata.
To see available Lake of the Woods properties, please visit our site.
Mortgage rates are going up, but they’re actually not that high.
You’re still in control: you can get yourself a lower rate with these smart tips.
Find opportunities in your local real estate market—contact us today!
Many would-be homebuyers are fearful of rising mortgage rates. It seems like the news is non-stop negative when it comes to talking about the housing market. But it’s worth putting those headlines into perspective. In 1981, mortgage rates hit an all-time high of 18.45%! On a 30-year fixed mortgage right now, you can expect to find rates around 5.9%—that’s 68% less than the highest mortgage rates homeowners have historically managed. Let’s take a look at today’s mortgage rates and see why this is still the time to buy.
Why are mortgage rates increasing right now?
The COVID-19 pandemic had unexpected financial consequences across the entire world. One of those was a real estate boom in the United States, spurred by record-low mortgage rates.
In December 2020, the 30-year fixed mortgage rate was an astonishing 2.68%. And guess what? These were the lowest mortgage rates in history. The whole year of 2020 saw the lowest annual average rate in history at 3.11%.
That historical high of 18.45%? That was caused by record inflation during the OPEC embargo. And, the Federal Reserve is working hard to curb inflation right now to avoid things like double-digit mortgage rates returning.
So, while plenty of lucky homeowners were able to purchase new homes or refinance their existing ones at around a 3% mortgage rate in 2020, it was extremely unlikely that those rates would ever become the norm—because they have never been. It was only due to the COVID-19 pandemic that rates were temporarily at their lowest of all time.
Can I still buy a home with 5% mortgage rates?
Of course you can still buy a home! Before COVID-19 ushered in a few years of unprecedented global economics, in January 2019 the average mortgage rate was around 4.5% and around two-thirds of Americans still owned and occupied their homes.
Mortgage rates have seen spikes and dips and national and international events influence financial markets. But for more good news, let’s consider that the average mortgage rates have actually declined every decade since the 1970s, and the amount of homeowners has steadily increased as well.
With rates around 5% right now and more economic uncertainty on the horizon, this is still a great time to buy a home. You can lock in a rate that’s actually on the lower end, and be able to refinance when the time comes that they fall below 5% again. Or, you’ll be in a perfect position to sell your home at that time and realize your equity gains.
How you can secure a lower mortgage rate
There are still steps you can take to lower your rate, independent of the Federal Reserve. Even though the Federal Reserve is responsible for setting interest rates, mortgage rates are only influenced by the Federal Reserve, and there are more factors you can control.
First and foremost, make sure you pay attention to improving your credit score. It’s always important to have a decent credit score when applying for loans, but even more so when you can save yourself money every month on your mortgage.
Next, pay down or off any debt and try to increase your income if you can. A higher annual income helps with mortgage rates, but may also give you some extra spending to pay down debt before applying for a home loan.
And finally, shop around for different lenders, and consider different types of mortgages. There isn’t just one lender in town, and there are more options than the conventional 30-year fixed mortgage. A combination of the right lender and the right mortgage for your financial situation can make a big difference in your final monthly payment.
Let’s Buy Your Dream Home
There are still plenty of wonderful homes for sale in all types of price ranges in different neighborhoods. That’s why it’s important to contact your local real estate team. Don’t worry so much about the headline news—focus on what’s happening in your backyard, and what kind of home you can buy right now. Contact us today to get started!
