What is a Solar Lease?- Woke Wednesdays In Real Estate


Welcome to a new episode of Woke Wednesdays in Real Estate! Today we’re going to talk about solar leases and how we can benefit from them depending on our financial needs and/or interests.

A solar lease is a contract where a solar company agrees to finance the installation of panels on your roof and charge you a monthly fee for the use of these panels for the lease term, which will be usually between 15-20 years.

The solar company owns the panels during the term and is typically responsible for maintenance.

Something we need to keep in mind about solar leases is that during the lease period, the panels are owned by a third party and not the homeowner.

Whilst lease payments are expressed in $ per month (rather than in cents per kWh in a PPA) they can be converted to cost per kWh.

As you currently pay for electricity per kWh and as you measure kWh first to determine the savings offered by installing solar panels it is sometimes useful to convert a monthly lease fee into a cost per kWh.

This will allow you to compare the returns and savings from a solar lease to the returns made from buying solar panels outright.

Solar leases or Solar loans?

In solar leases, you are renting the solar panels that are owned by the solar company during the lease period. On the other hand, when you buy the solar panels and become the owner, you’ll get a financial reward from it that will come with more responsibilities too, as there won’t be a third party in this scenario.

Good luck, and I hope you enjoy your new home for many years to come.

So that’s all for today, hope you found this article useful so far and don’t hesitate in reaching me out if you have any questions or need a consultation.

Stay hungry and stay positive!

Make it a great day,

Sean La Rue

Facebook: https://www.facebook.com/SeanLaRueHomeLoans/

Instagram: @seanlaruehomeloans

Linkedin: https://www.linkedin.com/company/sean-la-rue-sr-vice-president-franklin-loan-center/

Who Pays Commissions When You Buy A House?- WW S2 E6

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Who pays commissions in the process of buying a home? When you start looking for a new home, It is likely that you’ll hire the services of a real estate agent. Both buyers and sellers will have to pay fees in a standard home sale process.

Standard practice is that the seller pays the real estate commission of both the listing agent and the buyer’s agent,while sellers pay the fees, they usually include them into the price of the home. So technically, we could say the buyer pays the fees.

How much are real estate agent fees?

Usually around a 6% of the purchase price of the property goes to real estate agent, which is paid by the seller at closing.

Also keep in mind that there are any extra fees,all of the details about a real estate agent’s fee should be in the agreement you sign when you hire an agent.

Generally, things like photography, the cost of listing the property, and the cost of any printed materials or signs are included in the fee, along with the real estate agent’s services, of course.

Who pays the rental agent’s commission?

If you decide to go for a rental agent instead of with a real estate agent, things work differently. So who pays the fee in this case? That will be a decision usually made by the landlord or tenant. Broker fees for finding you a rental generally are between one month’s rent and 15% of the annual rent of the property.

In some situations, the landlord pays the broker to help him find a desirable tenant. But in other cases, the renter will be required to pay the broker fee.

Customs vary widely by location, so if you have any doubts, always make sure you clarify who is going to pay for what, and how much it’s going to cost, before you agree to work with a rental agent.

So that’s all for today, hope you found this article useful so far and don’t hesitate in reaching me out if you have any questions or need a consultation.

Stay hungry and stay positive!

Make it a great day,

Sean La Rue

Facebook: https://www.facebook.com/SeanLaRueHomeLoans/

Instagram: @seanlaruehomeloans

Linkedin: https://www.linkedin.com/company/sean-la-rue-sr-vice-president-franklin-loan-center/

Credit Repair- WW S2E5


What is credit repair?

When you repair your credit It means cleaning up negative information that may affect your credit score. You have two options: do it yourself or hire a credit repair company to make sure you clean up any sort of errors.

Why would I hire the services of a credit repair company?

Generally, choosing the right credit repair company will be a much safer option than doing it yourself because you can miss tiny errors that could really mess up your credit report.Here are the different tasks that a credit repair company or you will have to do:

  1. Carefully review your credit report for incorrect listings and look for any ways available to improve your score.
  2. Apply for credit repair.
  3. Accept your claim. If the company decides it can help you, it will accept your application and start looking into your credit history.
  4. Contact creditors.
  5. Pay a fee.
  6. Remove listings.

Let’s now go over the process to repair your credit!

1. Find the causes of your bad credit.

MAke sure to get a look at your credit report, as it will show you the negative elements that have caused you to have a bad credit score.

When you receive your reports, look for three things in particular: inaccurate information, past-due accounts and maxed-out accounts.

2. Dispute inaccurate information.

Information such as:

  • Debt you’ve already paid.
  • Accounts you’ve closed that are reported as open.
  • Incorrect credit limits.
  • Accounts that are current but reported as past due.
  • Incorrect account balances.

3. Get current on past-due accounts.

Late and missed payments will hurt your credit. If your credit history still shows you haven’t paid your debts, lenders will be wary about extending credit to you. Paying off your accounts gives you a better chance of getting approved for a loan.

4. Fix your credit utilization ratio.

You should put your focus now on fixing your credit utilization ratio, which is quite important as it represents 30% of your final credit score.

5. Add new sources of credit.

So that’s all for today, hope you found this article useful so far and don’t hesitate in reaching me out if you have any questions or need a consultation.

Stay hungry and stay positive!

Make it a great day,

Sean La Rue

Facebook: https://www.facebook.com/SeanLaRueHomeLoans/

Instagram: @seanlaruehomeloans

Linkedin: https://www.linkedin.com/company/sean-la-rue-sr-vice-president-franklin-loan-center/

Short Term vs Long Term Rentals- WW S2 E4

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When someone owns a property and is looking to rent it out, owners can either go for short term or long term rentals.

Although long term rentals may feel like a safer option, short term rentals can be really profitable in certain areas during certain periods of the year.

We are back with another article for Woke Wednesdays in Real Estate and let’s just get right into it with the pros and cons of both options!

1. Short-term rentals

This type of rental allows you to rent out your property for short periods of time like just a couple days to 6 months.

We would get higher returns in short-term rentals but we need to keep in mind that there will be higher maintenance costs too, as there will be guests coming and going all the time.

A big con of renting for short periods of time constantly is that we won’t likely have occupancy always and that can be stressful as we’ll have to continue paying for those maintenance costs we mentioned above, as well as refinish our property and equip it with TV, Wi-Fi…etc

2. Long-term rentals

If you are looking for more stability and calm you may want to go for long-term rentals, where the return won’t be as high as with the short-term option but might be worthwhile to secure a good tenant that looks after your property. And if you’re lucky, you may have a tenant for quite a while as tenants usually have a renewal option that they may take.

Ensuring good management of your property and tenants would mean that you can basically bank on your monthly rentals. Securing a good tenant who looks after your property provides peace of mind to the landlord.

The risk we take here is that we never know quite well if we chose the right person to live at our property, and that can be a problem as once the contract is signed, it will be hard to change the tenant from one day to another in case we don’t like the person.

Good luck, and I hope you enjoy your new home for many years to come.

So that’s all for today, hope you found this article useful so far and don’t hesitate in reaching me out if you have any questions or need a consultation.

Stay hungry and stay positive!

Make it a great day,

Sean La Rue

Facebook: https://www.facebook.com/SeanLaRueHomeLoans/

Instagram: @seanlaruehomeloans

Linkedin: https://www.linkedin.com/company/sean-la-rue-sr-vice-president-franklin-loan-center/

Hazard Insurance and Coverage


When you purchase homeowners insurance, your policy will include protection against certain perils – ie hazards – to the structure of your home.

Therefore, hazard insurance would simply be part of your policy related to potential damage that the structure of your home could suffer.


Differences in coverage

There are differences in how homeowners insurance policies operate. The HO-2 form includes coverage against 16 named perils:

  • Lightning or Fire
  • Hail or Windstorm
  • Explosions
  • Damage caused by an aircraft
  • Theft
  • Riots or civil disturbances
  • Smoke damage
  • Damage caused by vehicles
  • Vandalism
  • Falling objects
  • Volcanic eruption
  • Pipe freezing
  • Damage from the weight of snow and ice
  • Water damage from plumbing, heating, or air conditioning
  • Water heater cracking, tearing, and burning
  • Damage from electrical current

The HO-3 form of homeowners insurance is more inclusive, and instead covers perlis except those specifically excluded.

When do we need hazard insurance?

When purchasing a new property, having hazard insurance will never be a requirement. However, this doesn’t mean you are completely free to decide whether you want to buy it or not.

In home mortgages lenders usually will require you to have a certain level of hazard insurance. The mortgage is secured against the value of the property. Damage from something like a fire would reduce that value, so lenders insist on insurance against these kinds of hazards.

Why is hazard insurance important?

It is very common to see damages in properties all over the country from perils, as they are in fact, some of the most frequent homeowners insurance claims.

Amounts of coverage

Because the costs can mount up, deciding on the value of your coverage will be crucial to secure your investment on a property.

Actual Cash Value will reimburse you for the replacement cost minus any depreciation.

However, in Sean La Rue Home Loans we suggest to go for Replacement Cost Value, or Extended Replacement Cost Value, as they are better choices to cover any future damages to your home.

Replacement cost will cover the cost of the repair or replacement of damaged property with materials of similar kind and quality – ie depreciation will not be deducted.

Extended replacement cost provides extra protection – usually a set percentage above your policy’s limits to rebuild your home. This would guard against sudden increases in costs to repairs.

So that’s all for today, hope you found this article useful so far and don’t hesitate in reaching me out if you have any questions or need a consultation.

Stay hungry and stay positive!

Make it a great day,

Sean La Rue

Facebook: https://www.facebook.com/SeanLaRueHomeLoans/

Instagram: @seanlaruehomeloans

Linkedin: https://www.linkedin.com/company/sean-la-rue-sr-vice-president-franklin-loan-center/

Impounds and escrow reserves


Today we’re going to go over what are impounds and escrow reserves and why it’s important to know well what these two are in the process of buying a new home.

What is an escrow impound account?

To protect their loan, mortgage lenders usually require borrowers to fund an escrow account,which is an account that you can get with you home loan and will take care of paying property taxes and insurance for you, so that you don’t have to worry about your property taxes always being paid on time.

The Escrow Reserves

When someone applies for a mortgage, the goal is usually to gain that financial security that home ownership gives you.

For that reason, lenders almost always protect themselves by requiring an escrow account, out of which they pay the essential expenses of property taxes and insurance. Though this ensures these payments continue, they also set up a reserve, funded 100 percent by a portion of your monthly payments.

The mortgage company sets up a reserve fund to ensure the escrow account has sufficient funds to pay expenses, even if the borrower starts missing payments.

The terms “reserve” and “escrow” are quite similar at the end of the day,since there have not been any payments yet made for taxes and insurance yet. The lender sets up the escrow account by setting the reserve at 14 months usually of payments for insurance and taxes. The lender then subtracts the number of months until the first payment and charges you the balance at closing.

So that’s all for today, hope you found this article useful so far and don’t hesitate in reaching me out if you have any questions or need a consultation.

Stay hungry and stay positive!

Make it a great day,

Sean La Rue

Facebook: https://www.facebook.com/SeanLaRueHomeLoans/

Instagram: @seanlaruehomeloans

Linkedin: https://www.linkedin.com/company/sean-la-rue-sr-vice-president-franklin-loan-center/

Credit repair companies


Today we are going to see what benefits we can get from credit repair companies and how they can be a great help when we don’t have enough credit score to apply for a loan.

What is a credit repair company?

A credit repair company is an organization that offers to improve your credit in exchange for a fee. However, we need to be aware of the fact that there are scams in this industry, which means that we’ll need to do some good research before we commit to a credit repair company.

How do credit repair companies work?

Usually credit repair companies start by requesting a copy of your credit report from each of the three major consumer credit bureaus — Equifax, Experian and TransUnion. Tax liens and bankruptcies are some of the things that the company will be reviewing during this initial phase.

Then, it will set a plan for disputing errors and negotiating with creditors to remove those items.

How much does credit repair cost?

The amount you’ll have to pay to a credit repair company will really vary depending on your case but a great thing is that the payment won’t be made until the deliver the promised results.


How long does credit repair usually take?

The credit bureau usually has 30 days after receiving your dispute to investigate and verify information. The credit bureau will normally reach out to the company that provided the information and ask them to investigate. The credit bureau is required to send you the results of the investigation within five business days of the completion of the investigation.

But if the credit bureau determines the dispute is “frivolous” it can choose not to investigate as long as it communicates that to you within five days.

So that’s all for today, hope you found this article useful so far and don’t hesitate in reaching me out if you have any questions or need a consultation.

Stay hungry and stay positive!

Make it a great day,

Sean La Rue

Facebook: https://www.facebook.com/SeanLaRueHomeLoans/

Instagram: @seanlaruehomeloans

Linkedin: https://www.linkedin.com/company/sean-la-rue-sr-vice-president-franklin-loan-center/