Westmark Credit Union
We are a full-service financial institution, owned by our members & committed to the development of their financial future. We have 12 convenient locations.

Secrets to Success for Prospective House Flippers

House flipping can be lucrative, but it isn’t so for everyone. Without a solid, cautious plan for buying and flipping an investment property, you could easily end up losing money. The loans you get for your investment home have a significant impact on your ability to make a profit, so working with a credit union to ensure you get the best interest rates makes sense. These other secrets that have helped other house flippers make a profit will also help.

Balance Price and Location

A good investment property for flipping is available at a good price in a desirable location. That means that buying low is important. You don’t want to buy a property at current market value and then assume that the market will drive the price up enough for you to make a profit. Project your potential sale price plus your expenses for doing any necessary repairs and renovations, and work backwards from there to determine the maximum amount you can afford to invest up-front. However, you can’t simply look for a price tag. A cheap home is an unpopular area will not be profitable for you. The right property is in your budget in a good location.

Think Like an Investor and Not a Homeowner

It’s tempting to put the things you would want in your own home into an investment property, but personalizing the property in this way will diminish your pool of buyers and drive up your renovation costs. Keep your property as neutral as possible, so that buyers who enter it see a blank canvas that they can make their own rather than something that specifically reflects your tastes.

Understand Your Loan Options

Investment properties can’t be purchased with traditional mortgage loans. The interest rate on loans for homes that are to be flipped is typically higher than a mortgage. Review your options with your credit union as you build your business plan, so that you can account accurately for the costs.

Westmark Credit Union can guide you through the process of finding financing and ensuring that your flipping project fits into your financial plan. For financial advice in Idaho, call (208) 523-1071.

Dividends 101

If stocks are part of your personal finance profile, then you may receive dividends. Some credit unions also pay dividends to their members. This video explains what you need to know.

Dividends are payments made to people who invest in the success of an organization. If you buy stocks, your stock purchase is an investment in that company’s success, and if they make a profit, they may pay you a dividend. In some cases, when credit unions—which are nonprofit and member-owned—make a profit, they pay that money out to members as a dividend.

From dividends to credit cards, Westmark Credit Union is committed to helping members reach their personal finance goals. For more information about our financial services in Idaho, call (208) 523-1071.

Need More Income? Consider These Top Side Hustles for 2018

If you are falling short of the income you need to reach your personal finance goals, then a side hustle could be exactly what you need. Fortunately, the gig economy is booming, and there are more chances than ever before to earn extra cash on the side by using your skills outside of the office. Here’s a look at some of the side hustles predicted to become big business in 2018 and that could be great ways to pad your checking or savings accounts.

Virtual Assistants

Virtual assistants help people with the tasks that demand more of their time than they should really be giving them. As a virtual assistant, you may help clients with scheduling, emails, phone calls, and the other activities than an in-person assistant might do in an office. Often, small businesses and entrepreneurs work with virtual assistants, so that they can spend more time running their companies instead of getting snowed under with these smaller tasks. Virtual assistants can do this work from home for multiple clients at once.

Public Relations

Traditional PR firms are prohibitively expensive for many businesses. This fact has created a demand for freelance PR services, which allow companies to engage help on a freelance, per-campaign basis rather than spending large amounts of money to keep firms on retainer.

Accountancy Consulting

Accounting is another essential part of doing business that can be extremely difficult for smaller businesses to afford. More and more, companies are bridging these gaps by working with experienced accountants on a consultancy basis, so they get the benefits of an accountant’s expertise without making it a full-time, salaried position.

At Westmark Credit Union, we’re committed to helping our members reach their financial goals. Whether you need help making the money in your checking account go further or some tips for maximizing your savings accounts, we’re here with the financial advice you need. Contact our credit union in Idaho today at (208) 523-1071.

Get the Facts About Money Market Accounts

If you’ve ever wished for a banking product that could earn interest on your savings while also giving you the perks of a checking account, then a money market account is right for you. This is a hybrid account that your local credit union may offer. Although the details vary depending on the financial institution, money market accounts generally offer competitive interest rates that may be higher than the rates of a typical savings account.

These accounts also offer the features of a checking account, including check writing capabilities. It’s common for these accounts to require a minimum balance, and some of them may have transaction restrictions. You can talk to a credit union representative for help figuring out which type of savings product meets your needs best.

At Westmark Credit Union, our finance experts in Idaho are always happy to assist our members. Find out how you can become a member by calling us at (208) 523-1071.

How to Create an Emergency Fund

An emergency fund is a must-have component of every personal finance plan. If you don’t have one yet, or yours is inadequate, it’s time to prioritize it. First, open a savings account—never keep your emergency fund in your checking account. A savings account allows you to earn interest and keep your funds liquid, while restricting your access to the money.

When you watch this video, you’ll get some practical advice on saving one to six months of living expenses for your emergency fund. Work your savings into your budget, and treat it just like any other mandatory expense. Consider earning some supplemental income, and add all unexpected “extras” like cash gifts and tax refunds into your emergency fund.

Westmark Credit Union offers competitive banking products and personalized financial advice to our members in Idaho. Open a savings account today by visiting one of our branches or calling (208) 523-1071.

Page 1 of 58 1 2 3 4 5 6 7  . . . 54 55 56 57 58   Next
2520 Channing Way
Idaho Falls, ID 83404

Hours of Operation:

  • Closed Sunday
  • 9:30 AM to 5:00 PM Monday
  • 9:30 AM to 5:00 PM Tuesday
  • 9:30 AM to 5:00 PM Wednesday
  • 9:30 AM to 5:00 PM Thursday
  • 9:30 AM to 6:00 PM Friday
  • 9:00 AM to 1:00 PM Saturday