Monthly Archives: July 2018

5 Tips for Investing In Real Estate

Are you a beginner in real estate investment? Real estate investment might appear quite an overwhelming process. When you are investing in real estate, it is recommended to be extra cautious and thing over the pros & cons of the given deal. Therefore, it is considered a great idea to do in-depth research of the available real estate market before you invest in the first real estate property.

If you are planning out investing in real estate anytime soon, here are some tips that can help you optimize the overall profits:

  1. Consider the Location: When it comes to real estate investing, location is the topmost concern that you should take into consideration. Before laying down the final payments and putting yourself under significant amount of debts over the given property, you must ensure that you are investing in a good location. As the real estate principle goes “look out for the worst property on the best street”. This is because it will offer you an opportunity to develop equity effectively.

 

If it is a property in a good neighborhood, then you can consider investing some additional money in fixing the same. Then, you can sell the property or the house to someone else who must be looking for a good property in a flourishing locality. In the professional world of real estate investing, it is referred to as “fixing & flipping”.

 

  1. Look Out for Wholesale Properties: Investing in real estate market is quite similar to stock investments. You are always looking out for the best possible deal. Thus, you must follow the same principle and should avoid paying for the full amount of the property. Instead, you can search for options like the wholesale properties that usually come at major discounts. Though such properties might require some work, it can help you earn higher profits in the long run.

 

  1. Check Your Credit Score: For investing in real estate, there are chances that you might need to borrow money from somewhere. This is the reason you should check your credit score before making any major investments in the real estate markets. If you have some problems with your credit score, you should try getting it resolved as soon as possible. Improve the credit score and look out for the best possible options for real estate investment.

 

  1. Check the Market Rates: If you are a first-time real estate investor, it is crucial for you to know about the existing market rates. If you are taking help from a real estate agent, make sure that the ongoing real estate rates are in your favor. You can also research for the rates on your end and take the most well-informed decision towards maximizing your overall profits.

 

  1. Negotiate Properly: If you wish to gain maximum profits, it is considered wise to negotiate properly. Negotiations can help you in cracking the best real estate deals in the locality.

 

Make up for a profitable real estate investment!

Tree Removal Can Help You Sell Your Home

As I’ve covered before, selling a home can be an intricate, prolonged process.  It’s often complicated by the fact that people who visit the home you’re trying to sell aren’t going to like everything about it.  That’s a fact.  Every house is going to have some features that are attractive to potential buyers and other features that are more of a turn-off.  As a realtor, it’s my job to highlight the pros and downplay the cons.  However, sometimes there is no other option and a part of the house or property need to be changed.  That’s what happened with the latest home we sold.  An overgrown tree needed to be removed from the backyard before the buyer would agree to our price.

The one-story house was situated in a large lot that faced south, surrounded by environmentally protected land on the northern, eastern, and western sides.  Because those areas are considered off limits due to environmental protection, we can’t touch it.  However, just outside of the protected ground was a large oak tree that had been struck by lightning and was hanging dangerously over the property.

The large limbs could fall at any time and damage the property, so the tree needed to be removed.  We contacted numerous local tree companies and received quotes ranging from $1,500 to $3,000 for the job.  Shortly thereafter, I received a call from Matt Wall, a tree contractor friend who was visiting the area from out of state.  Matt is the owner of Texas Tree Lawn & Garden, a tree care company based in Corpus Christi, TX.  He happened to be in town visiting relatives, so we went out for a drink to catch up.  After explaining the situation, Matt offered to cut the tree down for $1,000.  This was music to my ears, so we went ahead with it.  In total, it took 3 hours to cut it down and another hour to grind the wood and haul it away.

After the tree was removed, we contacted the prospective buyer to revisit the home and review the property.  He walked around the house again, checked out the backyard, and submitted a bid for the full asking price.  We signed the papers and closed on the home that week.  The lesson here is to be flexible and invest if you need to.  We would never have sold the home if we didn’t remove the tree, so we went ahead with it.  A small investment of $1,000 allowed our team at Tom Jax & Associates to get the full asking price for the home.  We’ve had many experiences like this and we do our best to learn from each one so that we’re better prepared for the next time it comes around.

Remodeling to Sell Your Home Faster

Selling a home can be a complicated process.  You need to have it assessed, establish a price, prep it, list it, negotiate, and then complete a lot of paperwork.  Sometimes, homes don’t sell right away because of a defect or an unfavorable room.  When that happens, remodeling the home can be a great option to sell your home faster.  Below is how we handled it and how you can do the same.

Our latest sale was a 3-bedroom, 2-bathroom, 2-story house just outside of Sedona.  It was appraised at $480,000, which is also the median home price for the city.  It’s gray with some brick in the front, has a wide 2-car garage, a long driveway, and an acre of land.  Inside, it’s very modern.  The floors are a special, colored laminate, the countertop is granite, and the appliances are all brand new.  The only “problem” in the house was the size of the bathroom on the first level; it was very small at only 9 square feet.  This confined space was the sticking point that lost multiple sales, so I had the bathroom renovated by a partner of ours – Polina Perju, owner of Let’s Remodel.

Let’s Remodel, based in Portland, Oregon, focuses mainly on bathroom remodeling, which is why I flew their team in for the project.  As a specialist, their experience was uniquely suited to my needs.  The 1st floor bathroom had very little light, the toilet was in an awkward spot, and the tub took up too much space.  Let’s Remodel presented an array of options, and we chose the one that would make the room feel the biggest.  The first change was adding a window to allow more light in; that gave the room a more open feeling.  Next, they ripped out the old tub and installed a walk-in, curbless shower.  Third, they switched the generic toilet to a custom wall hanging toilet to add some floor space.  Finally, they added new tiling to the floor and around the countertop, as well as new paint.  From start to finish, the bathroom transformation was simply amazing. The project took 3 days and personally, I don’t believe any other company could’ve completed it this fast with quality work.

After the bathroom renovation was completed, the first person who saw the house bought it.  Not only did they offer to buy the house in cash, but they also complimented us on the appearance of the first-floor bathroom.  So, what I’d like you to take away from this story is that you can always remodel parts of a house if you’re having trouble selling it.  The only caveats in doing so are the quality of the contractor and the pricing.  Regarding quality, make sure you have a remodeling contractor whom you trust to do the job right the first time.  And when it comes to pricing, consider setting a fixed price that the project will not surpass.  Following those two guidelines is the best way to ensure that your project adds value to the home and helps you sell it faster.