Craig Power is the Broker & Owner of Power Realty Advisors, a boutique real estate agency serving Greater Boston & The South Shore. Craig has wide-ranging experience not only for single-family home & condo purchases but also multi-family homes and luxury properties.
This RU-vid Channel was designed to be a 24/7 resource for our clients, as well as any prospective buyers & sellers. Our goal is to teach you how to be a better real estate consumer in today's complicated market. While our primary business is of course helping people buy & sell homes within our sphere, we also specialize in providing relocation assistance for anyone moving to MA.
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Contact Craig Power directly at Craig@PowerRealtyBoston.com or call 617-750-1205.
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We paid double payments each month. Paid off the mortgage lickity split. Now 100% debt free at 55 with a net worth of $3m including a monthly pension. I would HIGHLY HIGHLY recommend only marrying if your significant other is on the same page as you as far as spending and debt. I just bought a new Tesla in February. Cash. Remove your debt and you’ll be astonished how fast you can accumulate wealth. This vid is excellent advice. Dave Ramsey is also 100% spot on. My teenagers are now aware of wealth building strategies which mostly boil down to debt (especially credit cards and student loans) is bad. They both have their schools 100% paid for from 529 plans I set up. They also went to state schools for the first 2 years to save about 80% over high brow schools. They can finish their last 2 years at any school they want now, paid for already meanwhile saving over $100k. Their diploma only has the high brow name on it so the first two years were simply knocking out the prerequisite classes at a huge savings. You can call me frugal but I prefer “financially aware”.
Your point(s) are valid, but remembering... The dollars you save are "future" dollars, so they will be worth less bling-bling. This stated, I refi'd in 2021 from being 5 yrs into a 15-yr mortgage at 3.125%. Picked up a 10-year at 1.875% (and that's without discount points). The payment is not cheap, but yeah. Talk about am'ing rapidly. This noted, re: extra $ here in 2024 ? Straight to my Schwab MMA. Seww..... At least for right now, earning 5.1%, or about 3.4% after-tax. Extra $ is going there......
Very good analysis. Completely agree, I cannot imagine why Marshfield voted down a plan that would basically neuter 3A and maintain home rule. In the past, the state has shown it's willingness to step in and take over local authority when towns and cities fail to comply (think - Chelsea Receivership, Boston desegregation). This is a clear political grandstand for the Healy administration and the intent of the DA is to "make an example" of any town not complying. Marshfield really blew it.
I think there is a lot of anti-realtor sentiment out there and the new rules will give people more options. They’ll be able to avoid working with a realtor altogether if they want. That said, it may also highlight the actual benefits of a good agent. I think there will be some of that. We’ll see! Thanks for watching.
This is crazy, my last name is Power too and my family is from Mass. I sell solar and I do agree on some aspects of the PPA. You can get a lower escalator (sometimes no escalator) but didnt Massachusetts just raise their rates like 60%?
This is a sellers’ market. Unless they are foundational issues, do not even think about it! Agents around here are advising buyers to agree to buy a house they can’t afford and negotiate price down after inspection. Want a house with no defects: buy a new house!
Im seeing this as someone whos always wanted to get into real estate. My very simplistic view of this lawsuit sees this as an opportunity to work for .5% commissions just to get my foot in the door and buy/sell some houses. Can i do that to get started now? Was that always the case? Real estate agents always reminded me of that quote from from George Carlin "its a big club & you ain't in it!"lol
What if your parents gave you the property for $1, they weren't deceased when they deeded it to you. How does this work? Is the basis based on the date of the deed?
Good question, and thank you for watching Donna! I have always understood that as gifted property, and that it has less tax advantages because the capital gains would be calculated based on what the parents purchased the property for. Your basis goes back to the parents' purchase price, whereas in this case above ^ there is a stepped up basis. That said, this is a case-sensitive thing and I would always want you to hear it from a CPA as well. If you have any more questions don't hesitate to contact me at Craig@PowerRealtyBoston.com.
Thank you so much for the information….it helped a lot! Had to start probate proceedings on Moms house, got a real estate lawyer helping….i just hope the whole probate process lasts long because my brother still lives there and I’d like him to continue for at least a year so he can find a place…not easy with the rentals being so high.
My pleasure! I'm happy to hear it helped, and sorry for your loss. The rental market has been brutal, especially if you're anywhere near or in the city. One thing to consider in your situation may be the tax implications. Feel free to email me Craig@PowerRealtyBoston.com and I can provide you another video that may be of assistance. It's about capital gains taxes for inherited property. Thanks again for watching!
You are so cute. You have such a cute smile and dang I wish my teacher were this nice to look at. Anyway, thank you for make my this much easier to understand, ☺️
Hey Craig , really nice video ! I was wondering if I could help you with more Quality Editing in your videos and also make a highly engaging Thumbnail and also help you with the overall youtube strategy and growth ! Pls let me know what do you think ?
I admit I don't know much about the office-to-residential conversions going on in the city, but especially with some new rules coming our way in the suburbs I think we'll see more of it. Probably a lot more mixed used with first floor commercial and residential upstairs.
Damn it, I reside in NJ and was thinking of going for my license. Should i? There won't be 10% commission anymore? Sorry I could not watch entire video.
There will still be plenty of opportunity in real estate! I wouldn’t discourage you from getting the license. It is a particularly hard market to get started, but if you can break through it’s very rewarding. Good luck!
Eagles fan here. Breaking news, Cowboys to re-sign Ezekiel 😂. The Cowboys have been a shit show for 30 years now and we appreciate the ongoing comedy of errors :).
Yeah.... the seller was supposed to fix the sewer line root intrusion. They had it snaked (obviously not a fix). I re-did the camera scope. Complete line collapse. I couldn't trust a single thing they said they "fixed"!!! It was a disaster.
Get it! There will always be opportunity in real estate. My advice is to dig through your first year, take your bumps, then start to find your niche. Good luck!
I had to fight with my agent about asking for repairs. I ended up having to draft the notice. The seller agreed to everything. I fired the agent. I guess I just have a different approach to life. If it doesn't do what I need, it is not for me. If people are buying houses and waiving inspections, left and right, good for them. I will never. I am just too damn conservative for that.
Yes, I can not argue with that. Agents need to do better. However, until AI is able to acquire a real estate license, agents will be around for a while.
@powerrealtyadvisors it is most certainly realtors. I've watched this all play out while searching for a home for my family. Guess how that is going. Homeless because of it.
@@AstroObjects I am sincerely sorry to hear of your difficulties but after this plays out, a year from now, prices will be no lower, even if buyer agency is deleted altogether. Sellers will still be seeking to maximize their returns, and the homebuying demand will still be there pushing up prices.
Craig, I'm afraid everybody's heart is not in the right place, certainly not the bureaucrats' who are arm-twisting communities with litigation etc. Most people take this conversation on face value without understanding the bigger picture behind this law. Goals of #Agenda21 (short) ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-thRD6YVCoLQ.html Rosa Koira on Agenda21 (detailed) ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-H-qLUQlmBk4.html Megacities On The Move” (2011) - Agenda21 visions: Plannedopolis ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-WSvb_ZTYS6A.html Sprawlville: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-kqT2cQKgZaU.html Renewabad: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-sFdIzeiT2RY.html Communicity: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-34yooRLLWpY.html
Thank you Ben! There are definitely opportunities with the new structure. I fully acknowledge it's going to hit me in the wallet personally, but that doesn't mean it isn't a change for the better. Where do you work out of? Appreciate the comment.
@@powerrealtyadvisors I'm licensed in CA and AZ. Most of my business is in CA but I am trying to establish myself here in AZ. I am also an NMLS licensed loan officer. I started out back in 2003 as a LO and did residential, SBA, and business lending up until 2016 when I got my RE license. My broker convinced me to get my NMLS license in 2020. I did it kicking and screaming but I'm glad he made me do it. LOL. I would encourage you to look at getting your license as a LO if the laws in your State allow you to do both. I believe hybrid LO-agents will have a huge advantage in the new paradigm. Thanks
There is a certain philosophy to this, a type of emergency planning consideration, as opposed to focusing on the pure returns. I am still a believer in this idea.
Be sure your extra payments are to the principal only. The mortgage companies will try to minimize this option on their apps or when you call to set up extra payments, so be careful.
What if I realized the home was appraised 20% higher than the loan was originally? I bought my home for 250k, and our home was appraised for 317k at time of purchase. Can I use that appraisal to ask for a removal, or do I still need a re-appraisal?
We paid off a 25 year mortgage in 10 years by paying extra into it and reducing the capital, saved a fortune then put what we would have been the mortgage payments into pensions with tax relief, made a fortune…sitting pretty at 62.
Thank God I decided to search RU-vid! I was seriously contemplating putting an offer on a house with leased panels with a remaining 19 years left. Thanks for the info!
Yes absolutely, that's often a top reason for a refinance. You'll be at the mercy of today's interest rates so sometimes it still doesn't make financial sense (even when eliminating PMI), but to answer your question, yes. You could always use the same lender too, if you wanted.
I paid off my mortgage 13 years early. Its not rocket science . Any moron can take any extra cash you have and pay towards the principal. I did not need a You tube video to tell me how.
Congratulations to you for paying your mortgage off so quickly, but you would be surprised how many people don't know how to do this the proper way which is why they watch these videos. This leads me to wonder why you're watching it. If I paid my mortgage off, I wouldn't be watching this kind of video in the first place, unless trolling was my profession. I close over 400 loans on refi's and purchases each year and in my experience, about 60% or more of my clients never knew this, but I don't leave the closing assuming they're morons. Instead, I offer the information to be helpful and educate them because no school or even parent will explain this. These videos wouldn't be so popular if everyone knew this information already. I enjoy helping people and take no pleasure in making them feel bad. If everyone made the decision to help others, the world would be a much better place. The only problem I have with all of these videos is there are better ways than this to pay off a mortgage even faster and save even more interest, yet nobody is informing people or maybe they don't even know the other ways, so I guess I'll need to make a video myself so I can continue to help more people which really makes my heart feel good.
I’m 3 years in on a 2.25% 15 year loan. I make an extra payment when possible to get ahead of payments. It’s comforting seeing my next payment isn’t due for 3 months. This is better than paying down principal and payment still due next month.
I couldn't agree more. No matter the strategy for paying it down, I'm all in favor of throwing more money at your primary residence. The feeling of financial security is a good one.
@traybern no such thing as zero risk. I sleep better knowing I’m 3 months ahead on payments. I care less about the extra 20 bucks in interest. But, I understand your absolute finance prospective that my approach is stupid to you. To each his own.
@traybern You are the type of STUPID that will be paying a mortgage well into your retirement age because you 'invested' all your money and the market tanked. I pay extra principal to my mortgage and will shave 17 years off of a 30 year mortgage, and will be done in 2 years.....then, after saving $70k in interest, I can stack cash and invest PROPERLY with no mortgage to worry about.....and what bank is paying 6%.....NONE OF THEM!
@@piercew3765my high yield savings account is paying 3.25. Why would you make extra payments on such a low interest rate? Put that extra money somewhere it can work for you.
Prior to installing our solar system, I talked to a property appraiser, as mentioned in this article, the solar system adds about 50% of the system cost to your home value. We self-installed our solar panel in 2012 at a cost of about $11,000. A contractor cost would have been around $15,000. With our tax credits the cost was about $8,000 (almost half of the contractor price). So, I look at it this way, if I had $8,000 in a 5% CD I would receive $400/year. This year our solar savings was over $2,000 (we’re in California, increasing energy rates). Our system has paid for itself in about 6 years. Instead of money in the bank, it’s on our roof. And best of all a tax free return.
Glad that worked out for you! Especially on the contractor cost. I'm all in favor of renewables in case that wasn't mentioned in the video -- One thing worth mentioning here vs my usual audience is where you are in California, you're getting more annual sunlight, so the return on solar is greater.
