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Thanks to our wonderful speakers, Erin Brumleve and Alexandra Erlich, for making the complex world of real estate and credit simpler to understand and, dare we say, fun! Erin and Alexandra packed so much information into one evening--from the history of women owning property to Denver's current housing marketing, and a breakdown of how credit scores are calculated to ways you can win the credit game!
Here are some nuggets of wisdom from the event:
R E A L E S T A T E
In Ancient Egypt, women held equal financial rights with men. Yet, it took until 1974 for a woman in America to be able to sign for a home loan without a man. Today, Denver is the most expensive non-coastal market. Still, there is a lot of opportunity if you can buy in the next two years. You can be like all the Californians currently cashing in their houses and moving into better ones in Colorado. If you're looking to buy your first or another home, the first steps are: 1. Work on your credit; and 2. Talk to a lender - the internet is a great resource for many things but it doesn't know YOUR individual situation. For many, the biggest challenge is poor debt to income ratio due to student loans
- Single and buying alone? Consider going in on a property with a friend the way you would with a partner, using a "tenants in common" contract
- Look into a CHFA grant (there are qualifying income requirements), Aurora Hope project and Wheatridge Reinvestment grants
- Follow the transit lines to find the best area for a home
- Don't wait to be able to afford your dream home - buy small to get into the market
- Consider a property you can live in and rent part of it out
- Avoid the following lenders: Quicken Loans, Rocket Mortgage, USAA and anyone advertising during Jerry Springer
For more info and help buying a home, Erin can be reached at Innov8 Properties.
C R E D I T
You don't start with a credit A+ and get dinged for mistakes. You have to build the number like a gymnastics score, execution of money management plus difficulty. You have to get in the game to build credit. Never having a credit card means you'll never have credit card debt, but it also means you won't be able to build a solid credit score.
- Alexandra recommends having five credit cards, that way if you have one maxed out it effects your score less
- The "statement cycle date" is what reports to the data clearing house, so certainly pay your bill on time, but it's not actually late until then
- In order to count as an "open" status, a credit account has to be active - use each card about once a quarter to ensure it stays active, even if it's just for a pair of socks
- Airline and department store cards are only going to be on your credit as long as the company is in business - if you have had a Sears card for 20 years and Sears closes, there goes that credit history
- To build length of credit, ask your parents to add you as an "authorized user" to their card with the longest history - you don't ever have to touch the card to gain the benefits of that history
For more help with building up your credit score, Alexandra can be reached at email@example.com or 303-668-0300.
Extra special thanks to Kokopelli Beer Company for the great space and incredible staff, and to the Denver Passport Program for providing every one of our attendees with free passports for killer 2-for-1 deals around the city.
See you at our next event on July 26! Stay tuned for speakers and location details!
*Lady Killas are by no means financial pros. The info and tips above were provided by professionals and we have great trust in them. Of course, we encourage you to vet any financial advice yourself.
6 PM - cocktails and convo
7 PM - discussion and Q&A
Credit isn’t always the sexiest topic, but damn is it important. Come hang out with us to learn about credit, buying your own damn home, and all those other important adulting money things.
$5 advance/$7 door
Inclusive event (yes, men committed to the cause are welcome)
Erin Brumleve, Owner/Agent at Innov8 Properties
Alexandra Erlich, Senior Regional VP at Riverstone Law/Continental Credit