Real Estate Investing

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Lutz Homepath Properties

Searching for Lutz Homepath Properties

lutz homepath properties

Homepath renovation loans are loans for the purchase of Fannie Mae real estate-owned. If you qualify, you can get a 30 year fixed mortgage around 3.5 percent. Only 3 percent down is needed and they will also finance up to $25k in renovations, and there is no mortgage insurance.

The program is a great deal for first-time buyers or owner occupied borrowers looking to find a great deal on a home they can fix up and own long term.

This will help to improve the local area as owner occupying purchasers are more able to buy property and have the money to fix them up and make them livable.  There is a high supply of homes that were foreclosed on that were sitting vacant for many years and need some TLC.  The Homepath loan can be a great way to buy the right house in the right area and then be able to fix it up and customize it to how you want.

For expert property management in Lutz, Florida contact Relevé Real Estate and Property Management

tampa real estate market
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Tampa Real Estate Market Ranked One of the Best

tampa real estate market

The Tampa real estate market continues to grow and is ranked one of the best in the nation.

Tampa was ranked as one of the top markets for real estate investment by CNN money.  Most of the top ten were comprised of cities in Florida.  No state income tax, low-interest rates and sunshine are drawing in investors.

Daytona Beach moved into second while Fort Myers took fifth. Orlando ranked fourth, Ft. Lauderdale number eight and Tampa at number nine. The other five cities in the top ten rankings were Las Vegas (No.1), Detroit (No.3), Warren, Mich. (No.4), Bakersfield, Calif., (No.7) and Rochester, N.Y. (No. 8).

Trends in Tampa show a 7% year-over-year rise in median sales price and a 2% rise in median rent per month.

From Wikipedia, Census data showed an average annual growth of 2.47 percent or a gain of approximately 97,000 residents per year. Between 2000 and 2006, the Greater Tampa Bay Market experienced a combined growth rate of 14.8 percent, growing from 3.4 million to 3.9 million and hitting the 4 million population mark on April 1, 2007.[15] A 2012 estimate shows the Tampa Bay area population to have 4,310,524 people and a 2017 projection of 4,536,854 people.[16]

Tampa was ranked as the 5th best outdoor city by Forbes in 2008.[17] Tampa also ranks as the fifth most popular American city, based on where people want to live, according to a 2009 Pew Research Center study.[18] A 2004 survey by the NYU newspaperWashington Square News ranked Tampa as a top city for “twenty-somethings.”[19] Tampa is ranked as a “Gamma+” world city byLoughborough University, ranked alongside other world cities such as Phoenix, Charlotte, Rotterdam, and Santo Domingo.[20]

Tampa’s climate shows characteristics of a tropical climate but is situated on the southern fringe of the humid subtropical climate (Köppen Cfa/Cwa) zone. Tampa’s climate generally features hot summer days with frequent thunderstorms in the summer (rain is less frequent in the fall and winter), and a threat of a light winter freeze from November 15 through March 5 caused by occasional cold fronts from the north. Average highs range from 70 to 90 °F (21 to 32 °C) year round, and lows 52 to 76 °F (11 to 24 °C).[56]Tampa’s official recorded high has never hit 100 °F (37.8 °C) – the all-time record high temperature is 99 °F (37 °C), recorded on June 5, 1985[56] The highest temperature recorded at Tampa International Airport for the Summer of 2015 was 97 degrees Fahrenheit (36 degrees Celsius), which took place on July 11.[57]

Because of Tampa Bay, Tampa is split between two USDA climate zones. According to the 2012 USDA Plant Hardiness Zone Map, Tampa is listed as USDA zone 9b north of Kennedy Boulevard away from the bay and 10a south of Kennedy Boulevard and along the bay, Zone 10a is about the northern limit of where coconut palms and royal palms can be grown, although some specimens do grow in northern Tampa. Southern Tampa has much more tropical foliage than the northern parts of the city.

Summer

Temperatures are warm to hot from around mid-May through mid-October, which roughly coincides with the rainy season. Summertime weather is very consistent from June through September, with daytime highs near 90 °F (32 °C), lows in the mid-70s °F (23–24 °C), and high humidity.

Afternoon thunderstorms, usually generated by the interaction of the Gulf and Atlantic sea breezes, are such a regular occurrence during the summer that the Tampa Bay area is recognized as the “Lightning Capital of North America”. Every year,

For Expert property management in Wesley chapel and Tampa, Florida, contact Relevé Real Estate and Property Management

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Rental Value Tampa

rental value tampa

Determining how much someone is going to be willing to pay for to rent your investment property has become increasingly more accurate.  Rental Value in Tampa Bay can be hard to determine if you are just looking on the web.

Our current software compares actual rental rates of comparable properties in the local area.  The software company has many clients and can run generic reports for actual market value and rental rates.  This is superior to an estimate on Zillow, Craigslist or other listing services, because you find out what people are actually paying, rather than what a property is listed for.

There are many factors involved, but no one really knows how much someone is willing to pay, until they actually pay it.  Then that is how much it is worth.

For example a property may be listed for $1500 per month, but then the owner may cut a deal and end up renting it for $1300 per month.  All listing sites have to go on is the $1500, not the $1300, so you may find your expectations are higher than they should be and you may end up sitting with a property vacant for longer than necessary.  This can work in the other direction with finding that some properties may be underpriced. Reports should be run on your existing portfolio to determine if your rental rates are keeping pace with the current market.  There are many factors involved, but no one really knows how much someone is willing to pay, until they actually pay it.  Then that is how much it is worth.

Many properties are advertising top rents and have been on the market for over six months by their tampa property management company.  From a simple investment standpoint, 6 months of vacancy is going to cost a lot more than renting the unit for $200 less.

Example:  asking rent $1500 per month.  Vacant six months.   $1300 vacant one month.  Over the five months the unit was rented, the owner collected $6500.  Would you rather your property manager make you feel good, tell you your property is great and that they are ‘connected’ and can get top rental value.  Or would you like the $6K in your account?

In the current market, there are record numbers of bank owned properties, that means record numbers of displaced people.  Since supply is low, demand increases and rates are expected to increase.  rent hikes

Vacancy will kill your portfolio.

This way the market determines the maximum amount that your property will rent for.

Hidden Fees
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Tenant Beware: Hidden Fees and Costs

Hidden FeesIn recent years, the rental market has been booming. Data from the most up to date U.S. census shows that, over a 10 year period, the number of renters has grown at its fastest rate since 1965. An increase of around 8.5 million renters in the last decade has seen the competition increase and the pressure grow on both renters and landlords. Tenants face fierce competition to find a suitable and reasonably priced home, while landlords try to get the right rental price for their property in an ever increasingly competitive rental market.

Every landlord is running a business, and like every business they try to maximize profits. Sometimes a property’s monthly rental cost seems reasonable, but the utilities and other hidden fees can add up to a sizable extra cost for the tenant. Listed below are some of the hidden costs and add-ons you should look out for before signing a tenancy agreement.

Utilities

Utility bills are often overlooked by new tenants that are excited to move into a property. To understand the overall rental cost of a property, tenants should take the cost of all the utility bills into consideration. State laws differ when it comes to how tenants are billed for utilities, and what happens in the event of missed payments and utility shutoffs.

Utilities can be part of a total, all-inclusive, rental cost and be billed to the landlord. Other rental properties may require the tenant to have the utility bills in their name. In apartments and flats, master meters are often used by landlords to serve the entire apartment block or building and the tenants are billed individually. This is known as third-party billing and is popular with landlords, as they can advertise a base rental cost, but then charge for the utilities as an extra add-on cost.

Third-part billing regulations

Some cities view third-party billing as deceptive, and introduced legislation to oversee third-party billing. Seattle introduced third-party billing ordinance to cover all residential buildings that contain over three units, in an attempt to combat deceptive landlords from fraudulently overcharging tenants for utilities.

In 1977, the non-profit Tenants Union of Washington State was formed to offer help, information and advice to tenants, in regards to tenancy issues, third-party billing and other issues connected to utility costs.

The advice the organisation offers is not restricted to Washington State. It is advisable that all tenants, regardless of location, follow their advice in regards to utility bills.

– Make sure to ask questions and have a clear understanding of utility services before signing a tenancy agreement

– Act quickly to set up utility accounts

– Always pay utility bills on time and retain all payment documentation

– Take precautions to protect yourself with the landlord

– Try to resolve any utility disputes quickly

Other hidden fees and charges

Some landlords may charge additional fees, other than utilities. Sometimes these fees are optional services and other times they are required by all tenants, depending on the tenant’s specific agreement and situation. These fees can even be related to supply and demand, depending on the competitiveness of the rental market.

Landlords can charge separate fees for parking, and additional costs for any pets at the residence. Landlords may also charge an application fee that must be paid regardless whether a tenant is approved or not.

Condos and apartments that are subject to homeowner’s associations (HOAs), can charge for tenant- occupied units and separate moving in fees. Amenities that are not considered utilities, such as internet access and cable TV, under most state ordinances, may be billed to the tenant as an additional fee from the landlord or HOA.

These additional fees are on top of the security deposit and advanced payment of rent that is required by most landlords, usually the first and last month of rent that is to be paid before a tenant can move into the property.

Need advice?

There are many non-profit advocacy organizations around the country that are able to offer help and advice to tenants. Most states also provide information for landlords and tenants on their official websites. If you are still confused, or cannot find the information you require, it may be worth consulting with an expert that knows the state law and can offer advice and services to help resolve tenancy issues and problems quickly and at an affordable cost.

Your New Home
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Visualizing Your New Home

Your New HomeGlaring and revolting decision of paint? Exercise hardware jumbling up the kitchen? Abnormal and unattractive family photographs found everywhere throughout the house? Try not to give it a chance to trouble you or influence how you see a property.

Ask your land operator and they will have a lot of stories about houses with various imperfections. Grimy recolored floor coverings, bathrooms that have breaks running down the dividers, and machines that have not been redesigned in decades.

The vender is not required to ensure that their house is in an adequate condition before putting it available and indicating it to potential purchasers. In any case, an apathetic merchant can be an upside for the comfortable.

The following are three unattractive things that might be off-putting, yet ought not prevent you from considering making an offer on the property. Particularly if the area, design, or building is still a good fit for you.

Terrible backdrop and tired old grimy floor coverings

Turn key properties that are prepared to move in are famous with today’s potential purchasers. The vast majority lead occupied lives and don’t have room schedule-wise to go up against a substantial redesign venture when purchasing a home, this is absolutely valid for the constantly associated more youthful era of home purchasers.

Nonetheless, supplanting old rugs with new cover or deck and painting the inside of a property doesn’t need to be excessively tedious and costly, and can without much of a stretch be finished before moving in.

On the off chance that a vender is unwilling to supplant their drained and worn old covers or give the inside of their home a crisp layer of paint in a nonpartisan shading, they are harming the odds of finding a purchaser and a decent cost for their home.

A new paint work and new deck won’t cost a fortune and shouldn’t take any longer than a week, and can change the entire feel of a property.

Rooms that are being utilized for odd purposes

It is shockingly basic to see rooms in the house being utilized for a reason that they were not intended for. Numerous individuals utilize an extra room as a home office. A few people even utilize the lounge area as an exercise center and the lavatory as a stroll in closet.

Be that as it may, in light of the fact that the present occupier utilizes a space for a specific reason, it doesn’t mean you need to do likewise. Attempt to look past the odd utilization of rooms and attempt to overlook that the merchant lives in the property.

After the dealer has moved out, the activity gear in the lounge area will be gone and the stroll in closet can without much of a stretch be transformed once again into a washroom.

An overpoweringly solid nearness of the present mortgage holder

At the point when a property is decorated with individual photographs, confirmations, and belonging that have a place with the merchant, it can troublesome for the potential purchaser to envision themselves living in the property. The homes that are most engaging purchasers are impartial and don’t have an overwhelming feeling of the present proprietor.

More terrible than simply the belonging of the present occupier is the point at which the merchant is really present while the property is appeared to potential purchasers. It makes an uncomfortable feeling for all included. The purchaser feels that they must be on their best conduct and that meddles with them investigating the home appropriately. They feel limited in voicing their assessments on the home and consider themselves to be a visitor in the home, instead of a potential proprietor.

A property that is excessively customized or where the merchant is consistently present for viewings can keep focused business sector for quite a while, and regularly pick up a terrible notoriety as additional time passes. Be that as it may, a potential purchaser can utilize this further bolstering their good fortune to procure the property underneath the dealer’s asking cost.

The venders that unconsciously undermine the offer of their home frequently offer a chance to purchasers to hit a value point under spending when making an offer. The vast majority of the purchasers in today’s business sector experience serious difficulties past the dealer’s disorder, over customized outline and style, or altered changes to the property.

Attempt to look past the vender’s progressions and if a house is in a decent area with a pleasant floor arrangement you ought to consider whether you can change the property and make the home the one you’re searching for.

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Bradenton Property Management Perspective

bradenton property management

The Bradenton/Manatee County, Florida area has always been a desirable place for Bradenton Property Management. Throughout Manatee County you will find a wide variety of properties: bayside villages, country clubs, rural settings, urban communities and retirement areas.

You can find stunning oceanfront homes and luxurious condominiums of Anna Maria Island andHolmes Beach. In the East County lies the sprawling master-planned communities Lakewood Ranch and Heritage Harbour. With these diverse options, you can find a property with everything you desire in a home.

Located between Tampa and Sarasota, Manatee County offers many attractions and historical districts.  Bordering the Gulf of Mexico and the Manatee River, the county is well-suited for the avid golfer, boater or beach enthusiast.

Manatee County and Bradenton Property Management saw considerable appreciation during the housing boom and rapid depreciation during the bust.  Manatee County is beginning to rebound from the housing market crash, showing signs of life.  New businesses and retail stores are opening up and some builders are increasing prices.

The rental market in Manatee County is strong, with most properties finding tenants within 30 days of listing.  Proper research must be done to determine rental rates for individual properties. Setting the right pricing point will ensure you make the maximum amount of cashflow, but also help you avoid vacancies.

For professional property management in Bradenton and Manatee County, contact Relevé Real Estate and Property Management

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Property Management Lakewood Ranch Perspective

Outlook for Property Management Lakewood Ranch Services considering rental rates, population growth and development. Property Management Lakewood Ranch

East of I-75, in the 34202 zip code, is the master-planned community of Property Management Lakewood Ranch.  Lakewood Ranch offers a variety of different properties and amenities to suit any lifestyle.

The neighborhoods of Greenbrook, Summerfield, The Lake Club, Lakewood Ranch Country Club and Riverwalk are connected by the trademark of Property Management Lakewood Ranch, miles and miles of nature trails.  For active residents, Lakewood Ranch offers several outdoor activities including golf, tennis, polo and cricket.

Other community features include parks with picnic areas, children’s sports fields, lakes, conservation areas and impressive landscaping. Contributing to a desirable area for Property Management Lakewood Ranch.

Lakewood Ranch is very desirable. It is located in close proximity to shopping, entertainment and dining.  Inside of the Lakewood Ranch community lies the Town Center offering a variety of shops and restaurants, Publix, YMCA, Lakewood Ranch Medical Center and Lakewood Ranch High School.

For the prospective investor, there are a variety of residential properties to choose from.  It is best to contact a Property Management Lakewood Ranch for pre-purchase consulting and specific rental rates.

History of Lakewood Ranch from Wikipedia.

Lakewood Ranch is located within the Manatee County region in Florida. Manatee County covers almost 900 so mi (2,300 km2) including waterways, which provided transportation. Railroads, bridges, and roadways were later added for easier access in and out of the area.

Along with transportation, development came a rapid growth in population during the early 1920s.

The first neighborhood development, Summerfield, went up in 1995. As the area expanded and population increased, a master-planned community was created called Lakewood Ranch.

Started in 1995, Lakewood Ranch has an 8,500-acre (3,400 ha) master-planned community within it, consisting of seven villages.

For expert property management in Lakewood Ranch, contact Relevé Real Estate and Property Management.

Lutz Rental Property
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Lutz Rental Property Tax Implications

Lutz Rental PropertyProudly owning a apartment belongings poses tax concerns which are greater complicated than the residential belongings you stay in and will require a more subtle tax method. Underneath is the tax facts you need to recognize as well as a few top tax hints for owners of apartment residences.

Condominium property tax considerations

Whilst filling out your tax returns, your condominium belongings is listed in schedule e, which documents your tax yr earnings and expenses from the belongings itself. Income covers the condominium bills you acquired at the same time as costs covers your loan, maintenance and preservation, utilities, management prices and all other prices associated with the assets.

In case you pay factors on the mortgage you used to purchase your rental assets, you can not deduct them completely out of your taxable profits like you can on a assets bought for house. You ought to deduct the points over the complete length of your mortgage.

If the rental earnings from your private home exceeds the charges that the belongings incurred itself, remember that profits is taxable.

If your private home’s expenses are larger than the agenda e rental profits you gathered, you can deduct any losses out of your taxable profits in case your non-assets primarily based earnings is less than $150,000 inside the tax 12 months. If you earned less than $100,000 in non-property profits, you can deduct up to $25,000 of any losses your condo property incurred and if your non-belongings income is among $one hundred,000 and $a hundred and fifty,000, you may deduct as much as $12,500. If you earn a non-property profits above $a hundred and fifty,000 you are not able to deduct any condominium belongings losses out of your taxable income.

In case your earnings are above the edge to deduct any apartment assets losses, you can amass losses as a counterbalance to capital gains taxes while you promote the property.

Communicate to your tax adviser to see whether or not you may deduct condominium losses out of your taxable profits or whether or not you may accrue losses towards future capital profits taxes.

Tax issues when promoting your rental belongings

While you sell a condo property, you are answerable for capital profits taxes for your appreciation. It’s recommended that you are looking for out a tax adviser to present you an accurate breakdown of your costs and any earnings on the way to be taxable as capital gains. But, there’s a easy procedure to be had to offer you a difficult concept of your internet income and estimate of your capital gains taxes. Take your property sale rate and deduct the acquisition charge, the price of any adjustments to enhance the assets, and all selling costs (including local taxes, agent fees, etc.) the figure you are left with is your capital advantage at the assets, and based on your non-property income, you may have to pay as much as 30% in federal and state taxes for your capital gains. Allow’s see an example of the way this formulation works.

If you obtain a rental belongings 8 years ago for $2 hundred,000 and positioned 20 percentage down with a preferred 6% constant rate 30 12 months loan, your present day balance might be $140,435. In case you made $10,000 in upgrades to the property over the 8 years and bought it for $300,000, without a losses to offset you would be left with capital profits of round $69,000, after paying local taxes, agent charges, and so forth. Of the capital gains accrued you will need to pay someplace among $17,000 and $21,000 in taxes, leaving round $120,000 from the sale of the assets.

A way to reduce condominium property capital profits taxes

If you intend to shop for a new condominium belongings straight away after selling you can defer paying any capital gains taxes. The 1031 exchange irs gain allows you to defer paying any capital gains taxes if you could discover, in writing, a new apartment property within forty five days and entire the purchase of the assets within 180 days of selling your preceding rental property. To defer paying any capital gains taxes your new apartment property ought to be of at least equal fee of your bought property and also you have to invest all the proceeds out of your condo belongings sale. The 1031 change defers and does now not get rid of the taxes at the sale of your apartment belongings. However, the irs does no longer prohibit turning your new apartment property right into a number one house within the future. Earlier than taking element in a 1031 trade you need to consult a tax consultant to make certain eligibility and how it relates to your unique tax situation.

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Top 5 Foreclosure Mistakes

tampa foreclosures

If you do decide to invest, make sure you avoid these top 5 foreclosure purchasing mistakes:

1. You say, “It was worth double that in 2005.” You need to look at where the value is going, not where it’s been. Most properties will continue to depreciate for many years. The property is currently worth whatever you are buying it for and will be worth less in years to come.

2. Getting a Mortgage. Guidelines are very strict, making it difficult for everyone to qualify. Investors should be prepared to put at least 30% down and wait 60+ days for the loan to close. Paying cash is the best way to go, once you own the property you can possibly refinance to get your cash back out of it.
3. No Inspection. Do whatever you can to view the property before you put down the deposit. All foreclosures are sold “as is” and you are responsible for all repairs. One major repair could eliminate all of your equity and cash flow.
4. New Landlord. There is plenty to managing a property, from dealing with tenants, to maintaining the property and now, just collecting rent is a challenge. Hire a Tampa property manager to take care of this stuff for you, you invested in real estate to have more time and money anyway.

5. Negative cash flow. Then why are you buying it? For appreciation? Good luck. You have to be prepared to hold the property for long periods of time as it further depreciates and you are unable to sell it. Factor in everything, (taxes, insurance, homeowner’s dues, repairs, property management) and if you are not getting at least $100 in cash flow each month, walk away.There is always a good time to buy real estate, as long as you buy it right. Run your numbers for cashflow, forget about flipping or appreciation and have an exit strategy.

For expert property management in Tampa, Lutz & Land O’ Lakes, Florida contact Relevé Real Estate and  Property Management

 

interior painting
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Before You Move in to a Resale Tampa Bay Home

 

There are certain things that are best done prior to moving into your new Tampa Bay home.  Shortly after closing, many new home buyers are anxious to move-in, but then find out many of the things they now want to do are going to take significantly longer.  When a home is vacant, it is much easier to get projects completed like painting, floors, and cleaning.  Here are a few things to give yourself some extra time to knock out, before your moving truck arrives.

Replace all Locks

There could be many keys out there from the house being on the market, realtors, past tenants, former owner, maintenance, etc.  Always replace all locks before you move in to give yourself some peace of mind and safety for your family.  Many digital combo locks are affordable now, so adding one of these can be a convenient, keyless entry for you.

Refresh the Interior Paint

A fresh coat of paint can transform a home and it is exponentially easier to get it done when the home is vacant.  You do not have to worry about moving furniture, working around furniture or getting paint on furnishings.  If you are going to be replacing the floor also, you can paint first and not worry about spilling any paint on the floor.  This will make the whole process of painting go much faster and you will have a home that looks 10 times better.

Get the Floors Done

Whether it is steam cleaning carpets or grouting and sealing a tile floor, it is best to get it done when the house is vacant, and also prior to move-in.  This will remove all dirt and grime from previous owners/tenants and leave the house smelling fresh.  If you are replacing the floor, even better.  You won’t have to work around furniture and it can be done after the painting.

Minor Repairs

There may be some things you are aware of that are in need of repair.  Maybe there are also some minor repairs you find as you really get a chance to look around and inspect.  It is a good idea to make a checklist and knock out the minor repairs by yourself or with a handyman.  If you wait, you may not ever get around to them and then be living with subpar arrangements.

Pest Control

When the home is vacant is the best opportunity to get a pest control expert in there and eliminate all of the bugs.  Doing it before you move in will give you some time to let the home air out.  There are DIY pest control as well, a simple google search can give you many ideas to get rid of your specific pests.

Safety Check

Walk around the house and check the corners, edges, lights, outlets, etc.  Make sure all wiring is good and that the home is safe for you and your family.  It is also a good idea to check out the outside of the home and make sure there are no sharp edges or plants that may be poisonous if consumed.

Taking care of these things prior to moving into your Tampa bay resale will save you time and money.  You will also be able to be comfortable once you are in and not have to have a to-do list hanging over your head.