This week Nikki is joining us from her family cabin — which inspired a really important topic that every agent, especially in MN needs to understand heading into the second half of summer.
Second home lending. And all the ways it can go sideways if you do not know what to watch for.
This week we are covering: ✅ Interest rate update — mid to upper sixes and what is driving the volatility right now ✅ Iran tensions oil prices and how the bond market is responding ✅ ICE housing data — more buyers are entering the market ✅ Second home vs investment property — the distinction that could cost your client thousands ✅ The 100 mile rule — what qualifies as a second home and the Minnesota lake property exception ✅ The three deal killers in cabin and second home transactions — well water septic and heat source ✅ The VRBO trap — why clients calling an investment property a second home is a costly mistake ✅ Minimum 10% down requirements and what triggers investment property classification
If you have clients looking at cabins lake homes or second properties this summer this episode is required watching before you write that offer.
Need a Great Real Estate Coach and Mentor.... 🔗 Book your FREE Discovery Call with Angie: https://calendly.com/angiegerber/real-estate-business-builder
📞 Connect with Nikki Erickson at Kevnik Mortgage: 📱 Call or Text: 952-484-1584 📧 Email: nikki@kevnikgroup.com 📘 Facebook | TikTok | Instagram: @mortgagesfrommntoaz 🔗 Request Nikki's Renovation Loan PDF: nikki@kevnikgroup.com
00:00 Introduction – Market Update July 21st 00:30 Interest Rate Update – Mid to Upper Sixes & What Is Driving the Volatility 01:30 Iran Tensions Oil Prices & the Bond Market 02:30 Second Home Lending – What Every Agent Needs to Know 03:00 The 100 Mile Rule – Second Home vs Investment Property 04:00 Well Water Septic & Heat Source – The Three Things That Can Kill Your Deal 05:00 Minimum 10% Down on Second Homes – VRBO Trap Agents Need to Avoid 05:30 How to Reach Nikki Erickson at Kevnik Mortgage
Now's The Time - no matter where you are, where you have been, or your current results - By becoming more aware and following a process, you can have whatever it is you truly desire!
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Check out my YouTube Channel - So many ways to stay connected and plugged in! AGCoaching@agcoaching684
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