• 6 Reasons Fall may be the Best Time To Buy a Home 6 Reasons Fall may be the Best Time To Buy a Home

    0 comments / Posted on by Steven Rivera

    6 Reasons Fall may be the Best Time To Buy a Home

    Traditionally, spring is considered peak season in the real estate market. Families with school-aged children find it less disruptive to move over the summer. Spring is also a time when people are eager to get outside and properties usually look their best. On the flip side, however, there are a number of good reasons for homebuyers to hold off until fall:

    1. Sellers are Motivated

    If they weren’t, they’d probably hold off until spring, since April is the best month to sell a home. By fall, sellers who were “testing the waters” with a listing in prime selling season are either eliminated or are now serious sellers.

    These motivated sellers often want to get things settled before the end of the year, completing their own move before the holidays. Living “in limbo” for several months can be exhausting and provides another motivating factor.

    The longer a house has been on the market, the more likely a seller is willing to negotiate on everything from price, to closing costs, to move-in dates.

    2. There are Fewer Buyers

    Potential buyers with children are less likely to be in the market once school has started. Other autumn buyers may become hampered by inclement weather, shorter daylight hours, and holiday demands. If you are flexible, less competition in the fall can pay off for you!

    3. Lower Home Prices

    October may be the best month to buy a home. After reviewing 32 million sales of single family homes over a 15-year period, RealtyTrac found that properties that went under contract in...

    Traditionally, spring is considered peak season in the real estate market. Families with school-aged children find it less disruptive to move over the summer. Spring is also a time when people are eager to get outside and properties usually look their best. On the flip side, however, there are a number of good reasons for homebuyers to hold off until fall:

    1. Sellers are Motivated

    If they weren’t, they’d probably hold off until spring, since April is the best month to sell a home. By fall, sellers who were “testing the waters” with a listing in prime selling season are either eliminated or are now serious sellers.

    These motivated sellers often want to get things settled before the end of the year, completing their own move before the holidays. Living “in limbo” for several months can be exhausting and provides another motivating factor.

    The longer a house has been on the market, the more likely a seller is willing to negotiate on everything from price, to closing costs, to move-in dates.

    2. There are Fewer Buyers

    Potential buyers with children are less likely to be in the market once school has started. Other autumn buyers may become hampered by inclement weather, shorter daylight hours, and holiday demands. If you are flexible, less competition in the fall can pay off for you!

    3. Lower Home Prices

    October may be the best month to buy a home. After reviewing 32 million sales of single family homes over a 15-year period, RealtyTrac found that properties that went under contract in...

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  • Ways to Insure that Your Tenants Happily Renew Their Lease Ways to Insure that Your Tenants Happily Renew Their Lease

    0 comments / Posted on by Steven Rivera

    Ways to Insure that Your Tenants Happily Renew Their Lease

    Create Your Lease Renewal Strategy

    While your focus is on giving tenants what they want, being professional, and responding quickly to maintenance tickets, you might still see a parade of tenants leaving. A lease renewal strategy can help you keep tenancy rates up, and avoid losses.
    Hopefully you already have some tools to help you know who is showing signs of leaving. Because once they’ve made the decision, it may be too late to react. Reaction in business is never good. Proactively keeping tenants is your foremost task and this post might be a big help.

    Real Value

    Renewing leases is a whole lot cheaper and less time consuming than trying to acquire a new tenant.  The cost tenant turnover can be steep.  Consider 1 month of lost rent, cost of ads, time to show the unit, clean the unit, renovate or fix, along with onboarding, and it could equal 2 months rent at least.
    Think about your tenant retention strategy. Consider these points below, and then create an action plan that works for you. That’s a plan that will survive.

    Continuous Support 

    Your ongoing tenant communications strategy starts right when they move in. If you continuously communicate and reinforce your unique value proposition, tenants get a laser clear idea of why they should stay put.

    And tenants do leave unwisely. They get seduced by other property managers and developments and about feeling better in a new location. Hopefully, when you get feedback, you’ll learn about which apartments/developments they feel are better than yours.

    ...

    Create Your Lease Renewal Strategy

    While your focus is on giving tenants what they want, being professional, and responding quickly to maintenance tickets, you might still see a parade of tenants leaving. A lease renewal strategy can help you keep tenancy rates up, and avoid losses.
    Hopefully you already have some tools to help you know who is showing signs of leaving. Because once they’ve made the decision, it may be too late to react. Reaction in business is never good. Proactively keeping tenants is your foremost task and this post might be a big help.

    Real Value

    Renewing leases is a whole lot cheaper and less time consuming than trying to acquire a new tenant.  The cost tenant turnover can be steep.  Consider 1 month of lost rent, cost of ads, time to show the unit, clean the unit, renovate or fix, along with onboarding, and it could equal 2 months rent at least.
    Think about your tenant retention strategy. Consider these points below, and then create an action plan that works for you. That’s a plan that will survive.

    Continuous Support 

    Your ongoing tenant communications strategy starts right when they move in. If you continuously communicate and reinforce your unique value proposition, tenants get a laser clear idea of why they should stay put.

    And tenants do leave unwisely. They get seduced by other property managers and developments and about feeling better in a new location. Hopefully, when you get feedback, you’ll learn about which apartments/developments they feel are better than yours.

    ...

    Read more

  • Hard Money -What You Need to Know Hard Money -What You Need to Know

    0 comments / Posted on by Steven Rivera

    Hard Money -What You Need to Know

    When you hear the words “hard money loan” (or “private money loan”) what’s the first thing that goes through your mind?

    Shady looking lenders who conduct their business in dark alleys and charge sky-high interest rates?

    In prior years, some bad apples tarnished the hard money lending industry when a few predatory lenders were attempting to “loan-to-own”, providing very risky loans to borrowers using real estate as collateral and intending to foreclose on the properties. Luckily, these types of hard money lenders don’t exist in today’s market, although some residual stigma remains for some real estate investors who haven’t recently utilized the services of a reputable hard money lender.

    What is a Hard Money Loan?
    A hard money loan is simply a short-term loan secured by real estate. They are funded by private investors (or a fund of investors) as opposed to conventional lenders such as banks or credit unions. The terms are usually around 6 - 12 months, but the loan term can be extended to longer terms of 2-5 years. The loan requires monthly payments of only interest or interest and some principal with a balloon payment at the end of the term.

    The amount the hard money lenders are able to lend to the borrower is primarily based on the value of the subject property. The property may be one the borrower already owns and wishes to use as collateral or it may be the property the borrower is acquiring.

    Hard money lenders are primarily concerned with the property’s value...

    When you hear the words “hard money loan” (or “private money loan”) what’s the first thing that goes through your mind?

    Shady looking lenders who conduct their business in dark alleys and charge sky-high interest rates?

    In prior years, some bad apples tarnished the hard money lending industry when a few predatory lenders were attempting to “loan-to-own”, providing very risky loans to borrowers using real estate as collateral and intending to foreclose on the properties. Luckily, these types of hard money lenders don’t exist in today’s market, although some residual stigma remains for some real estate investors who haven’t recently utilized the services of a reputable hard money lender.

    What is a Hard Money Loan?
    A hard money loan is simply a short-term loan secured by real estate. They are funded by private investors (or a fund of investors) as opposed to conventional lenders such as banks or credit unions. The terms are usually around 6 - 12 months, but the loan term can be extended to longer terms of 2-5 years. The loan requires monthly payments of only interest or interest and some principal with a balloon payment at the end of the term.

    The amount the hard money lenders are able to lend to the borrower is primarily based on the value of the subject property. The property may be one the borrower already owns and wishes to use as collateral or it may be the property the borrower is acquiring.

    Hard money lenders are primarily concerned with the property’s value...

    Read more