realest

Nouveau Africana sat down with June Obondo, a real estate expert in Atlanta to discuss the hows and whys of real estate investments.

Why should one purchase a home or property?

By investing in real estate you can enjoy; A tax break by deducting your interest, closing costs, Association fees, taxes, any rental losses, Once you sell it you gain equity and a potential appreciation.

Is there a best time to buy, and if so when is it?

There really is not an optimum time to buy; any time is a good time.

Many single African women resist buying homes because of the cultural association of a home with marriage, are there any real barriers to single women purchasing today?

Not at all, buying a home is not based on sex. Infact, I think this investment just reinforces a woman's independence and secures her future financially .

And in your opinion as an African woman realtor, should a woman wait until she is married to do so?

I think women should buy real estate before marriage too! I own 3 condos and if I got married I would be bringing into our marriage major financial stability and security should we have kids. By selling one of these condos I will be able to put my kids through school. I think waiting for a man to be in the picture before one invests is backdated. Women make just as much money as men do and they should have investments too! It is the smarter way to go because one never knows what can happen in a relationship. Continuing to rent is a big waste of money because you are really losing money in the long run.

What is the single most important factor in acquiring a mortgage?

Credit and your debt to income ratios. The less debt you have the sweeter the deal.

If so, are you aware of any resources for women to help manage their finances, and improve their credit score?

The most important thing is to pay your bills on time especially credit cards. Investing in mutual funds and building your assets is also a major factor. Minimizing your debt i.e. high credit card debt and high car payments. Remember cars depreciate as soon as drove off the lot, real estate appreciates. If you want your money to work for you, invest in real estate.

Do you know of any lending programs designed specifically for minorities, women or immigrants?

There are a ton of programs designed this way. Right now however, the market is hot because interest rates are at an all time low. So mortgage companies can basically qualify anyone. We have people who have declared bankruptcy who are purchasing $200,000 homes! Now is the time to buy. Right now you can own a home for the same or even less than you are renting.

Is it wise to invest in real estate for commercial purposes, what are the pros and cons and if you recommend it, can you point out a few resources for people to look into.

I am not an expert in commercial real estate, but I wouldn't doubt that the same benefits for residential investments apply to commercial. I think here you would be looking more into it if you owned a business, how long you would be in that location, what revenues you have to pay the mortgage etc. This is a totally different ball game.

A native of Kenya, June Obondo brings to the real estate world a rich blend of African and European cultures and experience, which enable her to work with a wide variety clientele. Her ability to speak 5 foreign languages helps June communicate and integrate with customers from at least three different continents.

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