Hey friends, Kris Krohn here. Today, we're talking about real estate for beginners. Real estate has its own language, and understanding some of the basic words and principles can help you make a lot of money. So, if you want to make money in real estate, you need to learn the basic language. In this video, I will break down the daunting vocabulary and help you understand the basics, which will allow you to get into the whole game of real estate. First, let's start with the most basic term: a home. In the real estate world, we have different names for homes. When we're buying a piece of real estate, there are various types. One of them is a single-family home (SFH). You'll often see this abbreviation in ads. A single-family home is a regular home that is meant to be rented by one person. If a home is split and has two doors, it is called a duplex. And if you have one home with a single door but it's connected to a bunch of other similar homes, it's probably called a condo or a townhouse. Personally, I specialize in single-family real estate, so I mainly deal with SFH properties. Now, let's talk about the terms equity and mortgage. If you want to buy a home that costs $150,000, most people don't have that amount of money saved up in the bank. So, they go to a bank and provide a down payment. The bank then gives them a mortgage, which is another word for a note. The bank assesses the buyer's job history and income and grants them a mortgage, which means they lend them the remaining amount of money. For example, if you put up 10% of the purchase price, which is $15,000, the mortgage covers the remaining 90%.
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A similar flow chart to this one could help with purchasing from the SBA. Product Lifecycle Case Study of Product Supplier Product Lifecycle Case Study of Product Supplier — Google Docs, Word, Apple Pages Flowchart Shows The Life Path of a New Product Supplier Product Lifecycle Case Study of Product Supplier — Google Docs, Word, Apple Pages Format. Product Lifecycle Case Study of Product Supplier — Google Docs, Word, Apple Pages Format.
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