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Lutz Loan Modification

Lutz Loan Modification

Lutz Loan modification is the process by which the existing terms of your mortgage loan is permanently changed. The change allows you to repay your debts in a more comfortable manner. By opting for a loan modification, you can stop the foreclosure of your home.

Facts about Lutz loan modification

Loan modification is different from the other debt help options like debt consolidation, debt settlement or forbearance. Loan modification is a solution when you are finding it difficult to make payments for mortgage loan due to an unexpected financial hardship.

While loan modification is capable of preventing foreclosure as the existing terms of your mortgage loan are altered to suit your convenience, if you file bankruptcy, you may not be able to save your house. Instead, filing bankruptcy may only defer the process of foreclosure. In other words, bankruptcy puts a temporary “halt” in the foreclosure process.

What is loan modification?

When you request your lender for the loan modification and if the lender agrees to change the terms of your mortgage loan, he may help you by lowering the prevailing interest rate, he may also reduce your principal outstanding balance or increase the loan term of your mortgage.

When do you qualify for the loan modification?

  • In order to qualify for loan modification, you should be willing to retain your home.
  • You have to prove that your current financial condition doesn’t allow you to make payments for a mortgage.
  • The lender has to be convinced that if you are given another opportunity to make repayments, you will not default any further. Your income should be good enough so that you can continue making lower payments every month.

When does a lender qualify?

A lender should accept the loan modification request if after calculations it is found that the loan modification plan will yield good results for him. The cost of foreclosure is quite high and the various lending institutions are readily accepting the loan modification requests.

One of the biggest disadvantages of loan modification is that although it is helping many borrowers to enjoy lower interest rates, it fails to address the “underwater effect”. In underwater effect, there are many homeowners who have negative equity or they owe more than the equity that is available in their homes. Under such circumstances, homeowners have no other alternative but to “walk away” from their homes as there is no point in spending money on a property that has negative equity.

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Sarasota and Tampa are Top Turnaround Towns

sarasota and tampa
9. SarasotaBradenton, FL ranks #9 in at the realtor.Com top turnaround town report for the primary area 2012 and one of seven cities in the sunshine kingdom to take a pinnacle ten spot at the list. March domestic sales inside the region had been up 23.7% as compared to February, and just slight underneath march 2011 tiers, dipping -1.4%. Median list expenses had been up 12.56% in Sarasota-Bradenton for the primary zone 2012 in comparison to the equal length final yr, and on the market stock is down -27.Sixty-nine% from a yr in the past. Even as symptoms in Sarasota-Bradenton are high quality, the market remains fragile with an unemployment rate of 9.2% and a preferred foreclosures rate in Sarasota county of one in each 353, each better than their respective countrywide averages.

Sarasota-Bradenton seemed on the realtor.Com top turnaround city document: q3 2011 (6); this autumn 2011 (five).

What to peer in Sarasota: the southwestern coastal town is bordered by means of several barrier islands before land meets the gulf of Mexico. It’s now not all golf publications and gardens, even though. Sarasota also has many cultural attractions to enjoy: musical, dance, inventive and theatrical venues.

10. Tampa-st. Petersburg-clearwater, FL rounds out the top 10 spots on the realtor.Com turnaround metropolis listing. Current enhancements in key metrics were surprising, mirroring the turnaround underway in different Florida foreclosure centers. Distressed mortgages peaked remaining September at sixteen.Three% in Tampa, and remained consistent at that level. Countrywide charges declined from a high of 7.Nine% in February 2010 to six.7% these days. Even though the proportion of distressed mortgages has been appreciably higher in Tampa than the country ordinary, data suggests the foreclosure fee considering the fact that April 2009 isn’t any better than the countrywide degree. While the housing marketplace inside the metropolis of champions remains fragile with deeply discounted foreclosed properties, low assets values and many severely underwater mortgages, the q1 2012 statistics from realtor.Com suggests median list costs are up eleven.Ninety-two% and the market moved 20.34% quicker as compared to the identical time remaining yr.

Noteworthy approximately Tampa: the western Florida metropolis on the gulf of Mexico has been tapped to host the 2012 republican countrywide convention. Delegates will revel in the plethora of golf courses, museums and purchasing the metropolis gives. Plus, don’t forget about Busch gardens Tampa bay, which turned into originally an admission-free hospitality merchandising of Tampa’s Anheuser-Busch brewery.

For expert property management Relevé Real Estate and Property Mangement for a unfastened consultation these days.

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Property Management Questions

property management questions

Who will be my assets manager?

You need to know who might be your particular belongings supervisor and know their name. I’m all for duty, and also you need to recognize and meet with your house manager, now not just the advertising director or whoever is at a rate of recent business.
Who’s the head of the workplace?
You need to recognize the booking in case something goes incorrect. Brokers have PMs who work underneath their license, so ultimately it is the top booking who runs the display.
How long have you ever been a belongings manager?
The period of time is vital to know. That being stated, a hungry novice who wants to analyze, in my enjoy, is often instances better than the maximum superior person, because they care.
How many devices do you manage?
For me, that is greater so food for the concept because big and small control corporations both have their pros and cons. There are blessings to a large workplace and also to a small workplace; the secret is to realize which one you are becoming and to ensure you are comfy with the pros and cons.What’s the average period that clients stay with you?

You want a property supervisor who’s in it for the lengthy haul. While this might no longer be an honest solution or able to be substantiated, it is nevertheless precise to invite.
Do you simply manipulate or do you sell, too?
Most places do both. That being said, it is good to recognize to evaluate humans’ motivations and desires. You want an employer that still prioritizes belongings control despite the fact that it doesn’t make as great deal earnings doing so as selling.
What do you offer that unit you apart from different companies?
You want them to sell themselves, to inform you what they do otherwise from other organizations. Keep in mind, this is an interview for each event.
What do you assume from me because the proprietor?
What’s their expectation about your involvement? A few people need to be very micro managed, and others do no longer. It is crucial to realize the exact expectancies that the assets supervisor could have of you.How regularly do you talk with the homeowners?

That is very essential, considering that communication is fundamental. It’s miles simply important to recognise over what issues, with which techniques, and how quick you will be notified.
Do you offer the owner’s facts to the tenant?
A few humans lease assets managers so that they do not ought to provide their records to tenants. So this is crucial.
Do you have a policy about landlords contacting the tenants?
Some management corporations will no longer permit the landlords to touch the tenants inside the residence.
Do you have got a requirement for your own home control customers to use you? Do you fee if the tenant comes to a decision to buy the residence?
Many assets contracts require the landlord to pay fees if the tenant comes to a decision to shop for or they sell. Ensure you test this clause intently.
How often do you attain out to the proprietors? Are you able to give property management examples of the way and when you would talk various problems?
Conversation is a very big situation and a common criticism regarding belongings management groups. The remaining element you need is to be studying the entirety on your month-to-month statement. The fine manner to have clear expectations is to understand when they’ll notify you and whilst they will not.
What is your turnaround time on cell phone calls and emails from proprietors?
Some of the most important court cases I pay attention are people no longer hearing back or receiving return smart phone calls quickly enough. This is why you need to realize what to anticipate and the way long it takes to hear again from your private home supervisor.
What is your month-to-month price?
Every control agency calculates their costs differently. Some price 10%, and that includes the whole thing. Others do 6% and charge extras everywhere, so ensure you’re looking at the whole lot.
Who is the lease among?
In some locations, the proprietor is on the lease. In different places, it’s miles the management company at the lease.
Do you offer a copy of the rent to the owner, and if so, while?
One in every of the biggest problems I see is the owners no longer receiving a replica of the rent, so they are not capable of affirming when questions and troubles get up with their belongings manager.
What lengths of higher do you offer?
A few assets managers most effective do a month-to-month rent, others do a one-year, some do multiple. Personally, I do a month-to-month lease.
Do you fee greater for monthly rentals?
I price $300 greater per month for my month-to-month rent. It’s far critical to understand what their policy is and who receives the fees.
Do you do a break-out clause?
I have a whole lot of tenants who try to break their lease. For me, this clause has been a lifesaver.
Do you offer an opposite navy clause?
As an empire builder who buys houses that her circle of relatives will live in too, it is crucial to me that we are able to always flow back into our home. Consequently, we are able to usually have an opposite navy clause in our lease. The remaining I heard, in case you did know not have a clause, you couldn’t use it. Some organizations will no longer allow this of their policy, so it is vital to know your agency’s policy.
Do you have got a condominium deductible?
I am a large believer in tenants having skin in the sport and consequently not calling over senseless objects and repairs that value cash and reason headaches. Maintenance can eat you alive and perform a little critical damage on your backside line.
Do you’ve got rent language that calls for the tenant to pay for any damage they purpose that isn’t always put on and tear?
I’m a huge believer of “you wreck it, you buy it.” so I rate my tenants for something they break. I’d ask my control corporation if they do the same element.
Do you troubleshoot along with your tenants after they call for repairs?
One of the matters I have executed to assist reduce provider calls is to troubleshoot with my tenants. I ask them if they attempted the breaker, put a new mild bulb within the socket, and so forth. So I might want to know if the assets control will try to troubleshoot, or if it ends up being something stupid if the tenants are required to pay the service call. Do you do “sight unseen” rentals? If sure, do you’ve got a special addendum?
I understand some locations received hire sight unseen, that’s a massive disadvantage in army areas. This has prompted issues for me and others within the beyond, so I’ve constant this problem with the aid of having a provision inside the rent.

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It’s Not You, It’s Not Your Home, It’s Your Real Estate Agent

pile of cash

See this pile of cash? It doesn’t belong to you and you know why? Your realtor is being unrealistic and greedy about your property.

We have a client who is interested in a townhome in a particular area. We have one in this neighborhood and know without a doubt the competition is over-priced. Rentals sit 6-months, 8-months, 1-year or longer vacant. Why? Your rental is over-priced. Period.

I called a realtor to ask about a rental that has been listed and vacant for 6 months to see if the owner was flexible in the price. I told her that I had a great client interested in the home, but wanted to pay a more reasonable rent for the unit. With disgust, I was told that the building covered all utilities which was included in the rent. I told her I knew that was not true because we have the exact same property in the neighborhood. Well not the same. Our is updated and upgraded. She then back-peddled and said well the owner wants to rent it furnished only. On the MLS listing, it states “furnished, but will consider unfurnished.” So the ad was misleading or the realtor was a liar.

I asked again about the price. I stated about the home being listed for 6 months and sitting vacant. Is the owner flexible? Again, I was given the run-around. Never once did she say she would present an offer to the owner.

Can this realtor read minds? I can’t. As property managers, we present all offers to owners. Ultimately the decision lies with you, the owner. You should decide whether to reject or accept an offer. Not a realtor.

I believe putting the owner in the driver-seat is what gives us so many happy clients and great reviews.

I never asked what the commission would be on the property. I never wanted a commission. I wanted to find a home that met my client’s needs.

Did this realtor ever stop and think, “my client has been losing thousands of dollars because his home is sitting vacant?” No. She heard reduced price, saw her commission drop and never consulted the owner. Would the owner accept a lower offer? We will never know because he will never be asked.

My client never saw the property or put an offer in. Why? A realtor discouraged an amazing tenant from a property that needed a renter.

So, this pile of cash continues to sit untouched.

For honest, reliable property management in Pasco, Hillsborough, Manatee and Sarasota counties, Florida, We Manage Your Investment.

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Real Estate Wins in Tampa Bay

Real Estate Wins

Real Estate Wins

So you have $100K.  What do you do with it?

You could put it in a money market savings account with an average return of 0.30% APY.  After one year you will have earned $300.

You could put it on a CD with an average return of 0.50% APY.  After one year you will have earned $500.

For an IRA, you are still looking at 0.50% APY.  After one year you will have earned $500, but withdraw it early and you will be taxed heavily.

You could buy gold as the commercials will tell you, but gold has doubled in price over the last 2 years and this isn’t 2009.

You could give it to your broker to invest, but the stock market is turbulent and if you are getting a 4-5% return, you are doing better than 95% of investors.  After a great year in the stock market, you will have earned $4,000 – $5,000.

But if you take your $100K and buy a bank owned property.  Let’s say you find a 3 bedroom house in a decent neighborhood and negotiate with the bank for $90K.  You spend another $10K on closing costs and fixing the place up.  You can then rent it for $1200 per month.  In this example, you don’t have a mortgage, since you had $100K to start with, so you only pay taxes and homeowner’s insurance.  Say your taxes for the $90K home are $2000 per year and insurance is $1000 per year.  Your monthly expenses are $250 per month.  Your gross income is $1200.  Your net income is $950.  After one year you will have earned $11,400 for an 11% return on your $100K.  Where else are you going to get that kind of return?

Real Estate also has the advantage of tax breaks through paying a mortgage or deducting expenses on the property.  Appreciation is a thing of the past, but if you buy under market conditions and have the cash flow to hold it for 10 or more years, you will make money when you sell it.

Even in the Great Recession, Real Estate still wins.

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

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Tampa Investment Property Returns

Tampa Investment Property Returns

Tampa Investment Property Returns

During the peak of the housing boom in 2004-2006, many investors were diving into properties that they knew would not generate a positive cash flow.  Taking a monthly loss on a property was no big deal when they could sell the property three months later and make $30K. The few flippers’ who timed the market right, made a killing, and the rest got killed.

When you buy a property today, it is important to calculate your Tampa Investment Property Returns. You are not building equity only through appreciation, and the property values are going down faster than you can pay the mortgage principal balance. The tough lesson learned from the housing bust is that the cash flow analysis should be the determining factor in purchasing real estate.  The analysis tells you if the property will generate income for you (asset) or cost you money (liability).

If you want to be a real estate investor, you must focus on acquiring assets that generate a passive income.   If you are making money each month, then it does not really matter if the market goes up or down.

In Rich Dad, Poor Dad, Robert Kiyosaki tells the story of when he wanted to buy his first rental property. His ‘rich’ dad refused to invest with him because the property did not generate at least $100 per month of income.  Kiyosaki thought that the property was a good buy because he could eventually raise the rent, the property would appreciate, or other factors would work in his favor, but his ‘rich’ dad knew better.  He knew that things do not always work out the way you plan them and that you make your money when you buy a property, not when you sell.

As a beginning real estate investor, I told my real estate agent that I would not buy anything that did not generate at least $100 in monthly cash flow, but would buy anything that would.  We were able to find 3 properties where the numbers worked out, and I was soon generating a passive income.  When the properties doubled in value two years later, it was a good bonus, now that they have gone back to the value that I originally bought them for, they are still a good investment and continue to generate income.

It is essential that you do a cash flow analysis of any property you are going to buy.  Make sure you talk to a rental manager to determine what the rental rate is for the property and what they think it will be in the future. Factor in EVERY COST of owning the property: mortgage, taxes, insurance, mortgage insurance, flood insurance, homeowners association dues, maintenance, vacancy, for rent advertising, property management fees, and unexpected emergencies. If you are still generating, at least, $100 per month, then go for it.

Wounds in real estate are usually deep and take a long time to heal.  But if you learn from your mistakes, it can become the valuable experience that will make you a savvy investor.

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Florida leads House Flipping

Florida leads House Flipping

Recent Data from RealtyTrac shows an increase in year over year house flipping.  This is when an investor buys a property and then sells it less than one year later.  The investor usually has to do at least some cosmetic improvements and is likely to make a profit from the sale.

With the increase in flipping, Florida cities dominate the list of the top areas for home flipping.  Florida had record numbers of foreclosures and houses are still not keeping up with demand, so the statistics make sense that there would be an increase.  However, house flipping also reached a peak right before housing crashed in 2008-2009.  Many investors took substantial losses on speculative home flips.

However, house flipping also reached a peak right before housing crashed in 2008-2009.  Many investors took substantial losses on speculative home flips. The current list is showing 25- 50% year over year increases in home flipping in these cities.   To be successful in house flipping, you need to do an effective analysis on what the costs will be for you to purchase, renovate and hold the property and then know what the market will support for a sales price.  Generally a real estate investor is expecting to make at least 25% profit before they take on a house flipping venture.

Before investing you should talk to a local, Lutz, FL real estate and property management company to advise you on purchasing, managing and selling your investment property.

Here are the Florida cities mentioned in the list.

17. North Port-Sarasota-Bradenton, Florida

 15. Palm Bay-Melbourne-Titusville, Florida

14. Crestview-Fort Walton Beach-Destin, Florida

11. Pensacola-Ferry Pass-Brent, Florida

9. Deltona-Daytona Beach-Ormond Beach, Florida

8. Ocala, Florida

4. Homosassa Springs, Florida

3. Jacksonville, Florida

1. Lakeland-Winter Haven, Florida

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5 Reasons to Avoid a Property Manager

5 Reasons to Avoid a Property Manager

5 Reasons to Avoid a Property Manager

The life of a real estate investor is about creating a passive income and stream and achieving financial independence. If you are managing your own real estate portfolio, you have just created a job for yourself.

When purchasing an investment property, you should factor in an 8-10% monthly management fee, as well as room for unexpected maintenance. Having a great property manager is a sound investment in achieving your goals and owning your time. Although, hiring a bad property manager, can make things very bad, very fast. To help protect your goals and your investment, avoid these property management red flags:

1. No References. Property Management has traditionally been a referral based business and the manager should have strong relationships within the local community. They should be able to provide references from tenants, owners, local organizations or vendors.

2. Unavailable. A property manager’s responsibilities are 24/7. There are problems that will arise at your property on nights, weekends and holidays that will need attention. Make sure your property manager approaches their services this way.

3. Conduct. The property manager should be able to convey confidence in the value of his services, and be professional. If the manager is not professional with you, they probably will not be with your tenants and vendors.

4. Successful Experience. Rather than having many years of experience, look at the amount of successful experience a property manager has. They should be able to give examples of their processes and how they are going to deliver the services they promised. It is important that they can change rapidly with the rental markets, technology and regulations.

5. Sales Pressure. If a property manager is forcing you into making a quick decision or seems desperate for your business, these are signs of running. A good property manager will give you time to collect references, get quotes from competitors and will work with you to determine if the relationship is a good fit.

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Tampa Bay Living

tampa bay living

Tampa Bay Living, these are neighborhoods laid out in the more traditional sense. I will speak about some of them. South

South Tampa has historic homes, townhouses, condos, and luxury lofts. Everything from festivals to live music and an active night life.

Ybor City. Ybor has “modern and renovated condos, townhouses, and lofts.” Ybor also has restaurants’ and shopping. Looking for the business district? Downtown Tampa is your place. It offers lofts and high rises for places to live in, and with places of interest to see, like the children’s museum. If you want suburban/residential, then you like these areas, New Tampa has lots of ranch style houses and “family friendly neighborhoods” Brandon is a “Typical suburban community” and it has “everything from apartments to homes.”

If you want suburban/residential, then you like these areas, New Tampa has lots of ranch style houses and “family friendly neighborhoods” Brandon is a “Typical suburban community” and it has “everything from apartments to homes.”

Brandon is a “Typical suburban community” and it has “everything from apartments to homes.” It’s like any place, depending where you live will depend on how quiet the community is, or if you are near restaurants, shopping, and bars.” Lithia/Fishhawk Ranch “offers condos, townhouses, ranch-style, and new-bungalow style housing in basically all price ranges, and is a very family oriented community.” It along “

Lithia/Fishhawk Ranch “offers condos, townhouses, ranch-style, and new bungalow style housing in basically all price ranges, and is a very family oriented community.” It a long drive to the hot spots like South Tampa, Ybor, and Channelside.” Finally there is Plant city.

Plant city is known for peace and quiet because the houses are further apart. Which place or neighborhood would you choose from each city?

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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.