The ocean wavbe are chrashing while the Sea Lions stay perched on the jaggged rocks.The famous Cliff House still stand after a century as a monument to all that love San Francisco.
The famous Cliff House still stand after a century as a monument to all that love San Francisco.
The ocean wavbe are chrashing while the Sea Lions stay perched on the jaggged rocks.The famous Cliff House still stand after a century as a monument to all that love San Francisco.
With the pending change in loan limits from $417 to $625 many changes to our market place should occur. The first positive outcome will be the increase in being able to purchase a higher value of real estate at a lower overall interest rate cost. Currently the max amount at the best interest rate is $417 K with the difference in rate at almost 1.00 to 1.25 %. The current way a buyer would need a combination 1st and 2nd with a overall higher rate due to the extra cost of the 2nd mortgage.
10 EASY STEPS FOR THE SUCCESSFUL RENTAL OF YOUR INCOME PROPERTY:
1) Survey your local apartment market usually a two to four mile radius. To determine rental price, similar amenities and security deposit requirement.
2) Prepare your add or post on a popular internet medium. Be concise use bullets points, describe amenities and any obstacles but always be creative when differentiating your property and use pictures as a visual aid. Example (a Palo Alto Property may be close to the Margarite/Stanford transits bus.)
3) Always post a showing time with a request for a confirmation for the appointment. This call then prompts a dialog for other requirements. Such as application criteria, credit check cost and money required for first time Move-In. This criteria must be consistent for every applicant.
4) Confirm their move in date requirement and your desired move in date to avoid a waste of either’s party time in moving forward with the rental.
5) Have your vendors set up to paint, clean and carpet clean. HAVE YOUR UNIT LOOK AND FEEL SPOTLESS.
6) Inexpensive Sagging Items go a long way in presenting a comfortable living experience
7) Always make sure that carports and exterior building look as clean as the inside of the rental unit. Set a higher standard for first time impressions.
When the prospective resident calls to confirm the appointment, Make sure that they have driven by during the day and in the evening to confirm they like the area.
9) Once they have invested their time and still want to see the inside of the unit, the probability is high that they will rent the unit.
10) Talk and inquire about additional local area institutions that will post your add for free and leverage your time in your local market to help you find a qualified resident.
BY USING THESE SIMPLE STEPS CONSITENLLY WE HAVE BEEN VERY SUCCESSFUL IN RENTING IN BOTH THE PENINSULA AND SOUTH BAY APARTMENT RENTAL MARKETS.
Neighbor brings her dog with her to a Open House. By the way Denise Shanahan abuot a really funny time she was running late to a open House.
Tony has a very interesting story about an Insurance Agent showing up
All the stories are actual true situations taht most of us agents go through at our open houses!!
My favorite part of the Los Gatos City sorround the festive park at the end of town. This litlle charming city at the base of the mountains is quaint and fun visit.
The main street is lined with retail shopping stores. The top of many of theses stores has some of the best restaurants in the San Jose area.
From Limousine’s to serious Motorcycle Bikers can be found on any given night.
This is a can’t miss stop for day time or night life experiences !!
It appears that the Investment Market for 2008 will be heating up in a hurry. With the Fed Chairman’s recent comments he suggested that key rates will be declining due to some negative fluctuations in the economy. With these potential cuts in rates this should make more properties in the multi-family arena more affordable.
It many respects it should also be an incentive for more investors to list their properties for sale. 1-4 units financing should be affected immediately due to the conforming loan amounts associated with these investments.
1. NO SHORT SALES IN 2008
2.PROPERTIES FOR SALE WILL HAVE MULTIPLE LISTINGS
3.REAL ESTATE COMMISSIONS WILL INCREASE DUE TOO A SHORTAGE OF REAL ESTATE AGENTS
4. INTEREST RATES WILL DROP TO NEW RECORD LOWS.
5. BABY BOOMERS WILL RELY ON REAL ESTATE AGENTS FOR ALL OF THEIR RESEARCH QUESTIONS ON MARKET ACTIVITY.
I have just signed a contract to lease/purchase a large commercial building that I can not exercise my purchase option until September 2008 with a minimum 60 day close of escrow. My question is what steps do I need to take in order to sell my current four other investment properties and use this money as the basis for a like exchange ?
Step 1- Interview and select a competent 1031 Exchange Company. Check for stability in the market place and a suitable insurance coverage for your sale funds on your relinquished properties to be safe while awaiting your exchange.
Step 2- Confirm all of the four sale transactions meet the proper exchange requirements with your accountant or advisor.
Step 3- Remember that the earliest the 1st property can sell is 180 days prior to the close of escrow on the newly acquired property. (in the example above the September 2008 option is exercised and C.O.E. 60 days is somewhere around November 1, 2008. So therefore counting backwards 180 days is somewhere around May 1, 2007 for the 1st of the sales to close escrow.
Remember and pay special attention to your close of escrow dates and not so much to your actual contract of sale dates. Interview a licensed Real Estate agent to help you with the decision process for guidance throughout this process including the possibility of selling your properties and structuring a lease back payment while in escrow awaiting the extended closing date.
Remember do not paint and leave all hooks in the wall.
Install your own “Front Yard” signs so they look different than other homes on market.
Allow your client to price their home based on the asking price of their neighbors home.
Make sure the house is loaded with extra furniture’s and clutter to give that “Homey Look”
Rush at the last moment and have the incorrect price listed on the “Open House” for Sunday.
