All Forum Posts by: Patricia Steiner

I live in a historical home.  1925.  Great year for wine - and let's leave it there.  These are money pits and time takers.  And, there comes a time when you have to realize this:  Every owner takes a house to the next level.  So stop and look at where you have taken the house during your ownership.  I bet it's farther than you think.  And, it's most likely time to let the next owner - who hasn't had to live through what you have so far - start his/her stab at taking it further.  These don't get rehabbed quickly...I'm in 20 years and amazed at what it takes on a routine and regular basis.  Being on the national registry makes it even worse. Nothing like old and regulated to ruin a perfectly good day.  

So, take inventory of where you started and where you are and take pride in that.  And, sell it.  There's another you, another me out there.  Go find your buyer.  It will be easier than you think.

Best...

If the new construction is located in a new construction community (PD), property appreciation will be less than in more established housing markets until the planned development construction ends.  The builder(s) will generally be offering 'special financing' and other incentives that will keep the demand for existing properties within the community lower than that for the new builds.

As an investor, new construction is not the preference.

Hope this helps...

What does your market demand?  In my market, the higher quality tenants are coming with pooches and more.  Pets 'done right' means requiring a non-refundable pet deposit, vet records including license information, restrictions on breed/size/number of pets - and always/always/always Renter's Insurance with Pet Coverage included.  

In terms of transparency, I am owned by my pet.

Hope this helps...

Tampa Bay has the highest net migration in the country with property appreciation of 20+% annually and year-over-year rent price increase of that as well.  It is nothing less than a complete housing crisis here; the demand for housing far exceeds supply.  If you (are able to) buy it, it will sell/rent/flip almost instantly depending on the specific market.  All great stuff.  On the flip side, property insurance in Florida is up 40% over last year and our property taxes are some of the highest in the nation (just because we don't have a state income tax doesn't mean the tax man suffers...it just gets sucked up in property taxes).  There are really no cheap dates here when it comes to price because of the demand.  

My recommendation would be to go into a market that has both property and rent price appreciation growth annually, great demand for housing that exceeds supply, and stay in a narrow lane to find the right property at valuation and no more.  A lot of people are making a whole lot of money here but it takes discipline and patience.

Hope this helps...

I find that there are a lot of realtors who are experts at social media but they don't know squat about dirt.  The hardest part of what I do is having to deal with the other side's realtor.  Before selecting a realtor, decide what it is you're trying to accomplish. Then INTERVIEW the realtor on their expertise in that area - and I don't mean questions like 'do you do investment properties?"  Ask about their past transactions in that property type, about property valuation and rental demand and year-over-year rent price increases.  Ask about resources they have for financing, insurance, rehabbing - and call a few.  

And, know this:  what starts out crazy, ends crazier.  If your realtor stops calling you, doesn't return your call promptly, only presents properties without valuation data and/or resale/rent estimates - BOLT.  You're not hiring someone to find you properties...you're hiring someone to present the right property in the right market at the right valuation and price with the resources available to bring the property to where it needs to be for your investment goals.  

Hope this helps.  May the force be with you...it's ugly out there.

About 30% of all transactions completed in Tampa Bay are cash.  It isn't so much that it's cash that wins the deal as it is that cash transactions are easier, quicker, and have a higher closing rate than financing deals do.  You can - and my clients do - win a transaction with financing even against cash offers provided you streamline the terms (what contingencies do you really need?), go in with a closing date commitment from the lender that is fast (we can close in 15 days with more than one of ours - even a banking institution), and with a slightly higher escrow.  What every seller wants is the best price - fast - and to close.  The attraction of cash has waned as so much of it is out there. The old pitch of 'it's all cash' is usually followed by some expection of a discounted price is long over...in my market, there's so little inventory that sellers can have it all - price, short close, few to no contingencies.  Buyers using financing need to use the initial property walk-through to gauge more than they did in the past and present an offer that is comparable in term and conditions to that of the cash offer.  

@Alejandro Valbuena

I'm proud of you.  That's a heavy load I know you're carrying but it's all an investment in you.  And, before you get down the road too far, I would recommend that you find your way into a financial institution or commercial development office to actually see the work that is being done and determine the fit; reach out to some analyst in your market and interview them on their experience.  I mentor someone now who is a young professional who works as a commericial analyst at a development firm that specializes in large apartment and hotel complexes.  He has discovered that it's not the part of the business that is exciting enough for him and that the opportunities to advance within the firm is limited because he is perceived as 'the analyst."  Often times, the analyst pays the price when an exciting endeavor is dragged in for analysis and then is deemed a no go.  The analyst is rarely the hero although but for him/her, it would have been a costly mistake.  The good news here is that your degree and experience will be a good fit in several areas and firms - so rock on!  

Go back to school...anything short of that will ensure that you won't advance within the industry. Florida has some great real estate programs/degrees that you can do while working - and then position yourself when you've completed the coursework as someone who has been in the industry, survived it as a PM (a big deal), and invested in developing your skills/knowledge.  

Do an online search for programs.  You owe this to yourself.

Huh?  Paying rent in advance is an unsound financial decision. It makes more sense to put that money in an interest bearing account and pay it out when due.  Whenever anyone wants to pay in advance, it is a flaming red flag. I recommend that you have a conversation with your tenant to learn why this was done and return the advanced payments to her.  And, know: you're not entitled to that advanced rent so it needs to be held in trust/escrow until due.  There's more to this than you're seeing...and please don't let your wife pre-pay your mortgage for a year!  

The only way that you would be able to have the mortgage removed from your credit bureau report would be to find a lender who will lend in the name of your LLC (not hard) AND not require your personal guarantee (very hard). Talk to a mortgage lender and see if you pre-lease your current condo on a one-year lease if that income/cash flow can be used in your new application.

It kind of is what it is...