Special Report: The Housing Market in Tampa
Let me just start by saying I had a wonderful but short vacation in Tampa.
I spent time with the family and ate some great food. Love ya Mom and Sis!
Now, while I was vacationing in Tampa; I also observed the housing market.
Not surprisingly, the Tampa house market in my opinion is severely depressed.
Now there are several factors that have created this depressed market.
During the housing boom a few years ago, as in many places across the
country, houses prices in Tampa became over inflated. A house that
would typically sell for $67K was now selling for $120 or more.
Sub-prime mortgages where being issued at an alarming rate.
Banks became overleveraged which brings us to where we are today,
with record high foreclosures as well as unemployment. The current
economic crisis has brought almost everything to a halt in the housing market.
According to RealtyTrac, a 37 percent month-over-month increase
in foreclosure activity boosted Florida’s foreclosure rate to second
highest among the states in April. One in every 135 Florida housing
units received a foreclosure filing during the month, more than 2.7
times the national average.
The Bureau of Labor and Statistics reported in February, about
847,000 Florida residents are unemployed. This is highest number
reported since April 1976.
Tampa has also seen around a 30 percent decline on people moving
into the area. However, all is not lost. Miami has already seen a 25%
surge in condo sales this year, many from 1st time homebuyers.
This pattern is sure to continue through out the state of Florida.
It will just take some time and patience. We could be looking at another
year or two at the most of this kind of activity before the Tampa/Florida
housing market begins to rebound.
I have family in Florida and hope the economic market in general
rebounds soon. Once the overall economy shapes up, everything
else will follow including the credit and housing markets.
I hope you enjoyed my honest view and respect my opinion.
Please share your thoughts, that is how we all learn and grow.
-Mike
Flament Real Estate & Investments LLC
www.mdforeclosureseminar.com -Learn how to properly invest in HUD/Bank foreclosures
www.myhomedreamteam.com - $8000 Reasons to buy a home before December 1, 2009
www.giveuprentnow.com - Purchase your next home with low down payment, less and perfect credit, and no banks.
Tuesday, June 2, 2009
Friday, May 8, 2009
Staging homes for huge profits
Staging homes for huge profits
Staging your home allows your potential buyers visualize what the home would look like when it’s furnished. New home builders have embraced this concept for many years as their secret to selling homes that have not even been built. They build a model home and furnish it to appeal to the type of client they want to purchase their homes.
Many investors are starting to embrace the concept of staging, even in this market. I recall a study done by stagedhomes.com. They surveyed 200 homes and the homes prior to staging stayed on the market for an average of 130 or more days and did not sell. After staging, the same homes stayed on the market 35 to 40 days. They also realized a minimum of 3% to a maximum of 50% increase in equity.
If you have a property for sale, here are a few reasons to consider staging:
· Sell your home faster
· Appeal to a broader audience
· Increase and retain equity in your home
· Save money in the long term by decreasing holding and marketing cost
If you have a staging testimony, we want to hear it! Leave your comments…
Flament Real Estate and Investments LLC
www.mdforeclosureseminar.com -Learn how to properly invest in HUD/Bank foreclosures
www.myhomedreamteam.com - 8000 Reasons to buy a home before December 31, 2009
www.giveuprentnow.com - Purchase your next home with low down payment, less and perfect credit, and no banks.
Staging your home allows your potential buyers visualize what the home would look like when it’s furnished. New home builders have embraced this concept for many years as their secret to selling homes that have not even been built. They build a model home and furnish it to appeal to the type of client they want to purchase their homes.
Many investors are starting to embrace the concept of staging, even in this market. I recall a study done by stagedhomes.com. They surveyed 200 homes and the homes prior to staging stayed on the market for an average of 130 or more days and did not sell. After staging, the same homes stayed on the market 35 to 40 days. They also realized a minimum of 3% to a maximum of 50% increase in equity.
If you have a property for sale, here are a few reasons to consider staging:
· Sell your home faster
· Appeal to a broader audience
· Increase and retain equity in your home
· Save money in the long term by decreasing holding and marketing cost
If you have a staging testimony, we want to hear it! Leave your comments…
Flament Real Estate and Investments LLC
www.mdforeclosureseminar.com -Learn how to properly invest in HUD/Bank foreclosures
www.myhomedreamteam.com - 8000 Reasons to buy a home before December 31, 2009
www.giveuprentnow.com - Purchase your next home with low down payment, less and perfect credit, and no banks.
Sunday, May 3, 2009
Investing for positive cash flow
Investing for positive cash flow
Who can't stand to make a little extra cash every month. Over 1.5 million people have lost their homes due to foreclosures over the past year. If the housing market doesn't show any signs of recovering an estimated 3 million foreclosures could be on the market by 2010.
As a true real estate investor with a diversified portfolio of real estate, it's a must in the current housing market to invest for positive cash flow. There are so many incredible deals on the market right now including short sales, HUD and Bank foreclosures, and pre-foreclosure. You can acquire a home that needs very little fix up for a fraction of the current market value and invest for positive cash flow.
The average home is currently sitting on the market for sale about 90 days or more. This could be for several reasons that I've already covered in a previous blog entry. However, by purchasing one of these types of properties you can immediately put it back on the market as a rental or rent to own/lease purchase option.
One of my students recently purchased a Bank foreclosure for at least 40% off the current market value and the day after the renovations where completed, they had a renter moving in. The house spent zero days on the market. That's because we teach our students a remarkable strategy to find prospective buyers and renters. My student is currently enjoying a close to $400 positive cash flow off of this one property.
So, here are some keys to investing for positive cash flow:
Who can't stand to make a little extra cash every month. Over 1.5 million people have lost their homes due to foreclosures over the past year. If the housing market doesn't show any signs of recovering an estimated 3 million foreclosures could be on the market by 2010.
As a true real estate investor with a diversified portfolio of real estate, it's a must in the current housing market to invest for positive cash flow. There are so many incredible deals on the market right now including short sales, HUD and Bank foreclosures, and pre-foreclosure. You can acquire a home that needs very little fix up for a fraction of the current market value and invest for positive cash flow.
The average home is currently sitting on the market for sale about 90 days or more. This could be for several reasons that I've already covered in a previous blog entry. However, by purchasing one of these types of properties you can immediately put it back on the market as a rental or rent to own/lease purchase option.
One of my students recently purchased a Bank foreclosure for at least 40% off the current market value and the day after the renovations where completed, they had a renter moving in. The house spent zero days on the market. That's because we teach our students a remarkable strategy to find prospective buyers and renters. My student is currently enjoying a close to $400 positive cash flow off of this one property.
So, here are some keys to investing for positive cash flow:
- Buy right!-Always negotiate the best possible price. If it's a pre-foreclosure make it a win-win situation for the seller as well as you the buyer. Remember it's tough losing your home so be considerate to the seller.
- Price the house right to rent quickly. Always pull the rental comps. in the area so that you are not pricing yourself out of the market. If you successfully followed step one you should be making a positive cash flow once you have agreed on a rental price.
- Prospect- Always pre-prospect for your investment properties. This will save you lots of time and in many cases lots of money.
Remember, investing for positive cash flow should always be a part of a well diversified portfolio.
Flament Real Estate and Investments LLC
www.mdforeclosureseminar.com -Learn how to properly invest in HUD/Bank foreclosures
www.myhomedreamteam.com - 8000 Reasons to buy a home before December 31, 2009
www.giveuprentnow.com - Purchase your next home with low down payment, less and perfect credit, and no banks.
Tuesday, April 28, 2009
3 Keys to finding a good tenant for your rental property
3 Keys to finding a good tenant for your rental property
Landlords are typically faced with many challenges and risks when it comes to renting their property. As a landlord myself, I worry about how the tenant will take care of my home, and will they be able to pay the rent and pay it on time. I’ve been fortunate enough in my 8 years of being a landlord to be able count the number of bad tenants on one hand.
So, I want to share with you how I’ve been able to successfully hand pick (generally speaking) “good tenants.” This strategy has been developed and refined over the past 8 years and should weed out the bad tenants and leave you with a selection of better tenants.
Credit History – Always run a credit report on each and every one of your potential tenants. What! You say…that can get expensive! Yes, it can but you don’t have to pay for it. Charge and application fee for potential tenants. That’s one sure way, to identify who is seriously considering renting your property as their next residents. Remember to always charge enough to cover your cost of pulling a credit report. As a courtesy, you can provide a copy of the credit report to the potential tenants who were not selected. They may or may not be aware of any derogatory information that may arise on their credit report.
Rental History – Rental history is very important. Talk to the current or previous landlord. Ask questions such as how long have they rented? Have they made their payments on time? Have you had any complaints from other tenants about this tenant? What condition do they keep the property? By asking these types of questions, you will get a good idea of what type of tenant you will be acquiring.
Employment (length of employment) – This may sound a bit out of the box but its good! Ask your potential tenants for a copy of their most recent resume. Here’s why…By asking for a copy of their most current resume, you will get a good idea of the stability of the tenant. If they move every 6 months from job to job, they may not be a good candidate to rent your property. On the other hand, if you have someone who doesn’t job hop and spends more than one year at one job, they may be a more stable rental candidate.
Contact the employer of the potential tenant and ask questions about their employment in general. Do they show up on time for work? How long have they been employed? Would this person be eligible for rehire if they left the company? Please be sure to always verify the salary the tenant has listed on their rental application. Also, ask the tenant for a verification of employment and salary letter on company letterhead.
These keys should help you identify the best tenant for your rental property.
Buy your home for the cost of renting. To Get a Free Information Kit, visit: http://www.giveuprentnow.com
Landlords are typically faced with many challenges and risks when it comes to renting their property. As a landlord myself, I worry about how the tenant will take care of my home, and will they be able to pay the rent and pay it on time. I’ve been fortunate enough in my 8 years of being a landlord to be able count the number of bad tenants on one hand.
So, I want to share with you how I’ve been able to successfully hand pick (generally speaking) “good tenants.” This strategy has been developed and refined over the past 8 years and should weed out the bad tenants and leave you with a selection of better tenants.
Credit History – Always run a credit report on each and every one of your potential tenants. What! You say…that can get expensive! Yes, it can but you don’t have to pay for it. Charge and application fee for potential tenants. That’s one sure way, to identify who is seriously considering renting your property as their next residents. Remember to always charge enough to cover your cost of pulling a credit report. As a courtesy, you can provide a copy of the credit report to the potential tenants who were not selected. They may or may not be aware of any derogatory information that may arise on their credit report.
Rental History – Rental history is very important. Talk to the current or previous landlord. Ask questions such as how long have they rented? Have they made their payments on time? Have you had any complaints from other tenants about this tenant? What condition do they keep the property? By asking these types of questions, you will get a good idea of what type of tenant you will be acquiring.
Employment (length of employment) – This may sound a bit out of the box but its good! Ask your potential tenants for a copy of their most recent resume. Here’s why…By asking for a copy of their most current resume, you will get a good idea of the stability of the tenant. If they move every 6 months from job to job, they may not be a good candidate to rent your property. On the other hand, if you have someone who doesn’t job hop and spends more than one year at one job, they may be a more stable rental candidate.
Contact the employer of the potential tenant and ask questions about their employment in general. Do they show up on time for work? How long have they been employed? Would this person be eligible for rehire if they left the company? Please be sure to always verify the salary the tenant has listed on their rental application. Also, ask the tenant for a verification of employment and salary letter on company letterhead.
These keys should help you identify the best tenant for your rental property.
Buy your home for the cost of renting. To Get a Free Information Kit, visit: http://www.giveuprentnow.com
Tuesday, April 14, 2009
Know Your Real Estate Investment Exit Strategy
Don't be left with holding an empty property. If so, your investment which is supposed to be an asset has now become a liability. Your investment property should be working for you and not you working for your investment property, it defeats the purpose of investing.
I had a very good friend who purchased a property over a year ago. For several reasons the property remained empty for about one year. From what he told me, it was a combination of bad realtor's who promise the world and deliver nothing as well as some poor planning and lack of a good exit strategy.
Look, real estate investing is just like running any other business and it also requires you to have an exit strategy. You need to be prepared for the worse and always plan for the best. Let's face it anything can happen to us at any time, even things that our out of our control. Being prepared is going to be key to your success in real estate investing.
Here are some exit strategies you should consider:
I had a very good friend who purchased a property over a year ago. For several reasons the property remained empty for about one year. From what he told me, it was a combination of bad realtor's who promise the world and deliver nothing as well as some poor planning and lack of a good exit strategy.
Look, real estate investing is just like running any other business and it also requires you to have an exit strategy. You need to be prepared for the worse and always plan for the best. Let's face it anything can happen to us at any time, even things that our out of our control. Being prepared is going to be key to your success in real estate investing.
Here are some exit strategies you should consider:
- Know before you purchase the investment property if your going to:
- Fix and sell
- Fix and rent
- Wholesale (no fixing required)
2. Know what Government programs are available in your area (local, state, federal)
- First time home buyer programs
- Federal Subsidised housing programs
3. If Selling, PRICE YOUR PROPERTY TO SELL!
- Do Not overprice your property especially in this market. It's sure to sit and collect dust.
4. Consider rent to own/lease purchase option
With the economy in its current state many good homeowners have lost their homes due to foreclosure and are looking for a second chance. Considering rent to own or lease purchasing your property is a great way to quickly sell your home and give a deserving family another opportunity to own a home.
Always remember to do your research, every market is different.
For more information, please click the following key words:
Sunday, April 12, 2009
Top 5 Things you need to know before you buy a Foreclosure Home
Top 5 Things you need to know before you buy a foreclosure home.
In the current economy you can get a great deal on a foreclosure home.
Before you buy, here are the top 5 things you need to know before you buy.
1. Find out how much house you can afford to buy.
It's very important that you get pre-qualified before you even start looking for a home. This is one of the first things that you should do and one of the biggest mistakes people make when looking for a home. Don't look first and get attached to something that you can not afford. You will only be setting yourself up for disappointment.
2. Start shopping for home loans
Do your research! There are several lenders to choose from, each of them offering their own lending programs as well as state and nationally funded programs. This is one of the most important decisions you will make and it could cost you thousands or save you thousands.
So, meet with each lenders and ask questions. Find out what interest rates they offer, what fees do they charge, always negotiate the best deal for you.
Tip: If you are a first-time home buyer ask about FHA loan programs. Often times they offer lower down payments and interest rates.
3. Look for a home
Once you have taken care of steps 1 and 2, you are ready to start searching for your home. Here is how you can make your homes shopping easier.
In the current economy you can get a great deal on a foreclosure home.
Before you buy, here are the top 5 things you need to know before you buy.
1. Find out how much house you can afford to buy.
It's very important that you get pre-qualified before you even start looking for a home. This is one of the first things that you should do and one of the biggest mistakes people make when looking for a home. Don't look first and get attached to something that you can not afford. You will only be setting yourself up for disappointment.
2. Start shopping for home loans
Do your research! There are several lenders to choose from, each of them offering their own lending programs as well as state and nationally funded programs. This is one of the most important decisions you will make and it could cost you thousands or save you thousands.
So, meet with each lenders and ask questions. Find out what interest rates they offer, what fees do they charge, always negotiate the best deal for you.
Tip: If you are a first-time home buyer ask about FHA loan programs. Often times they offer lower down payments and interest rates.
3. Look for a home
Once you have taken care of steps 1 and 2, you are ready to start searching for your home. Here is how you can make your homes shopping easier.
- Choose a realtor - Select a realtor who is familiar with the area in which you are looking to purchase your home. The realtor will be able to advise you better and give you inside information that a realtor outside of your area would not otherwise know.
- Create a list of features you would like in your home. The list should include things like number of bathrooms, bedrooms, finished basement, etc...
- Ask your realtor to pull a list of foreclosures in your target areas. Make sure that list has only those homes that are in your the price range you have pre-qualified for and meet the criteria from the list of features you created.
4. Making the offer
Now that you have seen the homes that you are interested in and have settled on the one you want, it's time to make and offer. Here is where the experience of your realtor will come in and be most valuable to you. Have your realtor run the comparatives in the neighborhood. This will show you what homes have recently sold for in your area that closely match the home you are going to purchase. Depending on what your offer is, it may or may not be accepted right away. If you really want the home, negotiate the price of the home until you settle on an agreed price.
5. Home Inspection
Here is a tip that will save you a lot of money and a huge headache. Where possible, when you make your offer on the home; make it contingent on a home inspection. The purpose of a home inspection is to find out the current condition of the home. A home inspection in most cases will uncover sometimes hidden or not so obvious problems with the home that could potentially cost you a lot of money. Ask your realtor or loan officer for a reliable and reputable home inspection company.
These steps will help you save a ton of money and buy the home of your dreams. Buy a foreclosure home and save thousands of dollars on your first or next home purchase.
For more information on buying foreclosures an to get your FREE Foreclosure Guide visit: www.mdforeclosureseminar.com
or www.freebankforeclosureguide.comTuesday, March 24, 2009
Existing home sales surge...
Existing home sales surge 5%
According to the National Association of Realtors, existing home sales rose last month to a seasonally adjusted annual rate of 4.72 million million units, up 5.1% from a rate of 4.49 million in January. February sales were down nearly 5% from year ago levels.
Could this be the beginning of the end of the real estate crisis? Are you in a position to purchase a home? Interest rates are still relatively low, new tax incentives, and first-time home buyers may be spurring the current surge in home sales that we are seeing. According to a report by Briefing.com first-time home buyers made up half of all home sales in February.
I've always said and will continue to say that now is the best time to purchase a home. All of the conditions are right for prospective home buyer to get an incredible deal on a home. Also, if you are a first-time home buyer and you purchase a home before December 31, 2009; you will enjoy a cool $8000.00 tax credit thanks to President Obama.
Don't take my word, here is what Chief U.S. Econmist of High Frequency Economics Ian Shepherdson had to say: "there's a "good chance" the collapse in home sales that has been going on since September is "now over." "Though a sustained recovery is still a long way off."
So, if you are in the market for a home, we can help you find a "Great Deal," and save you thousands of dollars on your next home purchase.
Visit us online: www.mdforeclosureseminar.com
According to the National Association of Realtors, existing home sales rose last month to a seasonally adjusted annual rate of 4.72 million million units, up 5.1% from a rate of 4.49 million in January. February sales were down nearly 5% from year ago levels.
Could this be the beginning of the end of the real estate crisis? Are you in a position to purchase a home? Interest rates are still relatively low, new tax incentives, and first-time home buyers may be spurring the current surge in home sales that we are seeing. According to a report by Briefing.com first-time home buyers made up half of all home sales in February.
I've always said and will continue to say that now is the best time to purchase a home. All of the conditions are right for prospective home buyer to get an incredible deal on a home. Also, if you are a first-time home buyer and you purchase a home before December 31, 2009; you will enjoy a cool $8000.00 tax credit thanks to President Obama.
Don't take my word, here is what Chief U.S. Econmist of High Frequency Economics Ian Shepherdson had to say: "there's a "good chance" the collapse in home sales that has been going on since September is "now over." "Though a sustained recovery is still a long way off."
So, if you are in the market for a home, we can help you find a "Great Deal," and save you thousands of dollars on your next home purchase.
Visit us online: www.mdforeclosureseminar.com
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