Carrollwood

Green Features
Selling Points of Green Features 1024 683 Relevé Real Estate

Selling Points of Green Features

Setting up your home with energy-efficient appliances and solar panels can make a considerable impression when it comes time to list your home for sale.  But, will it really have an effect on potential home buyers?

The vast majority of today’s home purchasers are interested in a property’s LEED affirmation, solar panels, energy efficiency, and Energy Star evaluated appliances. Moreover, today’s property inspectors and merchants like to educate potential purchasers regarding their property’s green elements, in light of the cost they have contributed to upgrading the property. However, do these components really influence the way a purchaser feels about a property? Will they pay more cash for a property – and can the green elements of a home really make a deal?

Will green components inspire purchasers to pay more?

Home purchasers spend additional cash for components of a property they can physically feel and share with family and companions. For example, a home theater, jacuzzi, the gourmet kitchen would all be considered interesting features of the home. Most purchasers will likely have reservations about paying additional for a property’s elements that are hidden or are not noticeable, for example, a second heater, plumbing framework, or a rooftop.

The green components of a property are someplace in the middle. There is gratefulness and a cool element for a property’s solar panels or naturally controlled AC. On the off chance that a home’s green elements have a cooling element, a purchaser will pay additional for the property. In any case, if a property has green elements that neglect to energize a purchaser, for example, a covered air filtration framework, they are not liable to spend more than they would for a comparable property that does not have the elements.

Money-saving green elements

A home with green elements that neglect to peak interest is not likely to entice a purchaser to spend more cash to buy the property. In any case, if the home is outfitted with green elements that will spare the homeowner cash later on or in the short term, potential purchasers are liable to be more intrigued.

With regards to the resale of a property, it is unlikely the merchant will recuperate the full cost of interest in green elements. For example, solar panels or green indoor regulators. Like an overhauled kitchen or redesigned lavatory, the expense is incorporated with the aggregate estimation of the property. This displays a circumstance that is exceptionally useful for purchasers, as they can profit from a green element and any cool element in the meantime.

Should new listings include green elements?

For new listings, the potential purchaser needs to make a point by point cost versus advantage breakdown of including any green elements. Builders normally offer buying arrangements and custom components to purchasers, including energy-efficient structures for warming and cooling a property. The additional expense of these frameworks is typically around $50,000; however, the national government offers tax credit that instantly returns $30,000 to the purchaser. The underlying expense of the framework is likewise typically included with the expense of the home loan, so the purchaser is not required to make any underlying payment of money.

The energy bills of a property with a geothermal framework are significantly lower than that of a property without the improvements, so inside 5 years the purchaser would recover the expense in energy upgrades.

The choice to incorporate green components for the additional value is an individual choice. On the off chance, a purchaser does not plan to live in the property for the long haul they may feel they won’t profit by the saving in energy bills, and those future purchasers won’t pay additional for the element, particularly in a moderate housing market. Purchasers that plan to invest long term in the property, or need to focus on being earth-friendly with their home, may feel encouraged about including green components.

A developing business sector

A developing corner of the real estate sector will be spending additional money on green components and be less worried about the expenses of the elements. While the cost savings are a reward, their sympathy toward the earth drives their basic motivations.

It is eventually an individual choice every purchaser should consider, the ecological effect and cost-saving and how they impact your real estate choices. One thing you can make certain of is green elements are here to stay and will turn out to be progressively vital in the housing market.

kitchen declutter
Declutter Your Kitchen This Fall 1024 683 Relevé Real Estate

Declutter Your Kitchen This Fall

Decluttering your kitchen can free up a lot of space and help you to be more efficient when cooking.  Having a great looking, clutter free kitchen is important for getting top dollar when selling your home.  A good declutter every six months can keep things looking great.

The best place to begin is cleaning out junk drawers.  Many times random things with no place are thrown into drawers nd forgotten about.  Eventually, more and more stuff gets added to the drawer until eventually you just have a drawer full of junk.  Clear out these drawers, put the stuff you keep where it belongs and throw out or donate the rest.

 

The next place to go is to the garage. This is where many things can accumulate over time.  It is best to separate things into 3 piles to get things organized and under control.   The three piles are SELL, DONATE and TRASH.

How do I know what to do with my stuff?

Only keep on the counter what is used on a daily basis.  Everything else needs to be hidden away in drawers or cabinets.  Coffeemakers are good to leave out, but a toaster should be put away.  Remove anything that is on top of the fridge or on top of cabinets.

 

When attempting to declutter your kitchen, you should look at it as doing a little bit every day.  This will keep the momentum going and keep you from getting overwhelmed.  When planning your kitchen declutter focus on the most used areas first and then work your way to everything else.  This will give you noticeable, visible progress to keep you feeling rewarded for your efforts.

Store things as they are used

Seldom-used appliances and gadgets can go in the back of cupboards while those items you use more frequently can go in the front. Anything used annually, such as a turkey roasting pan, should be placed in the back of cabinets.

Be efficient with storage space

It is important to have some real estate in the pantry of your home.  Buyers will want to see the pantry as having adequate space and a decent amount of room for their stuff.  Keep the pantry sparsely populated with only the necessary stuff in an organized manner.  Keep the bulk purchases out in the garage where they are out of sight.

Place items you rarely use toward the back of the pantry shelves, this will allow easy access to food items you use daily.

Package your like items together, such as sandwich bags, foil, and plastic wrap, then chips, pretzels and other snacks and a then for pet items.

Other purchases and home improvements may help to create space where there isn’t any.  Install a key holder in the pantry, install a ring to hold mugs on the wall, install corner shelved to place stuff on, hang your paper towel holder and use a slide out cutting board.

Sarasota and Tampa are Top Turnaround Towns 150 150 Relevé Real Estate

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.

Home in Tampa
Selling Your Home in Tampa 640 462 Relevé Real Estate

Selling Your Home in Tampa

Home in TampaIt is safe to say that you are prepared to put your property available? You might need to twofold check this rundown first before offering your home in Tampa.

When you choose you’re prepared to offer your home, you will need to commit some time and push to guarantee that the floor coverings are perfect, the greenhouse is well kept, and that your home is enhanced to make the most ideal impact on potential purchasers. In any case, you ought to spare some an opportunity to deal with this critical yet effortlessly overlooked, assignment: contact your neighborhood government to guarantee that it has the right data about your property.

Whether your home is a three story rural manor or a one room condo, nearby government records will have extra subtle elements and archives on it. Issues with region records on your home can slow down the advancement of a deal experiencing, or even wreck an arrangement totally. So ensure everything is exact and cutting-edge before you choose to list your home available.

The building division – Selling Your Home in Tampa

Your nearby town or district holds records on each building grant that has been issued and additionally points of interest of each building that has been built inside its region. The lead building assessor is entrusted with guaranteeing that any adjustments that are made to a property meet the present construction regulations and that any work attempted is finished by authorized temporary workers.

The building division is basically intrigued by guaranteeing your property meets wellbeing and security directions. At whatever point someone makes an application for a license, the building office will convey an auditor to physically examine the work that has been finished and marked it off.

How can this influence home venders? – Selling Your Home in Tampa

Once an offer has been made and an arrangement has been settled upon by the purchaser and vender, the purchaser will contact the building office to finish their due perseverance. In the event that they find any issues, for example, an open allow that was connected for by a contractual worker yet was never examined and formally closed down by a controller, they could surrender the proposed manage the dealer.

It is entirely normal for venders to find that eventually amid their property’s lifetime an oversight has been made, grants can absolutely fly under the radar without hardly lifting a finger. The oversight could have a place with the contractual worker that finished the work, the past proprietor of the property, or even an authoritative mistake made by the building office itself.

Issues like these can bring about a major migraine for proprietors needing to offer their home. Once a property is sold, the new proprietor is in charge of any illicit development or unregulated work, something that is exceptionally off-putting to potential purchasers.

Assessor records – Selling Your Home in Tampa

The town assessor watches the nearby real estate market and, with the end goal of property duty, can recognize if your property’s surveyed worth is in accordance with the business sector.

On the off chance that the business sector backs off, the assessor won’t consequently bring down the evaluated estimation of your property and lower your property charges. In any case, they will consistently experience late allows issued by the building office and expansion the surveyed estimation of your home if any late enhancements or remodels have been finished that could expand the business sector estimation of your property. This would mean higher property charges.

Your property could be either over or under surveyed. In the event that it’s over, you ought to make a grievance to your assessor with any records or data that would bolster your case for diminished business sector esteem. Each neighborhood government has a framework set up to manage appraisal grievances. Try not to avoid this when offering your home in Tampa.

Stay one stage ahead – Selling Your Home in Tampa

Before offering your home in Tampa, check the accessible government records on your property. A few issues, for example, an open license, can be effectively altered. On the off chance that it’s a more significant issue, you ought to defer posting your property until it is determined. Taking care of any of kind of issues with government records early spares keeps any astonishments from coming up later that could wreck a deal.

homepath
Homepath Properties Get Money for Renovations 1024 776 Relevé Real Estate

Homepath Properties Get Money for Renovations

Homepath Properties are available throughout Tampa Bay.

Homepath homes are properties owned by Fannie Mae and available for purchase.  The program is interesting because you can borrow money for the purchase and renovations.

The program is to meant to help people purchase homes at an affordable price.  This creates a win-win as the new owners will improve otherwise vacant properties.  Owner occupying purchasers will have the money to fix them up.  The costs for the renovations will be rolled into their monthly mortgage payment. There is a high supply of homes foreclosed on and sitting vacant for many years.  These homes usually just need some TLC to be back to excellent condition.

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

The program is great 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.  Keep in mind the offer price plus the renovations costs usually end up being around fair market value, so do not go in expecting to get a huge discount.

You can go directly to the Fannie Mae homepath page and search available properties near you.

You would still want to use a buyer agent from your local brokerage to help you with your homepath home purchase.  They will help you navigate the purchase and get the best deal possible.

real estate market
Tampa Real Estate Market Ranked One of the Best 683 1024 Relevé Real Estate

Tampa Real Estate Market Ranked One of the Best

Real estate market conditions in the Tampa bay continue to grow.  Tampa has been ranked as one of the best in the nation.

The Tampa real estate market 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.  Investors are drawn in from no state income tax, low-interest rates, and sunshine.

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).

First of all, trends in Tampa show a 7% year-over-year rise in the 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 for approximately 97,000 residents per year. Between 2000 and 2006, the Greater Tampa Bay Market experienced a combined growth rate of 14.8 percent, from 3.4 million to 3.9 million people. The bay area hit the 4 million population mark on April 1, 2007.  A 2012 estimate shows the Tampa Bay area population to have 4,310,524 people.

Tampa was ranked as the 5th best outdoor city by Forbes in 2008.
Consequently, Tampa also ranks as the fifth most popular American city based on where people want to live. According to a 2004 survey by the NYU newspaper, Washington Square News ranked Tampa as a top city for “twenty-somethings.” Tampa is ranked as a “Gamma+” world city by Loughborough University.  This list includes other world cities such as Phoenix, Charlotte, Rotterdam, and Santo Domingo.
Tampa’s climate shows characteristics of a tropical climate and a humid subtropical climate zone.
Tampa’s climate generally features hot summer days with frequent thunderstorms.   Average highs range from 70 to 90 °F (21 to 32 °C) year-round, and lows 52 to 76 °F (11 to 24 °C).
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. 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. But the humidity raises the heat index above 100.

Coincidentally, the Tampa real estate market is split between two USDA climate zones. The northern zone is where coconut palms and royal palms can be grown. Southern Tampa has much more tropical foliage than the northern parts of the city.

Summer

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

Afternoon thunderstorms are such a regular occurrence during the summer that the Tampa Bay area is recognized as the “Lightning Capital of North America.”

Homebuying Tips
Homebuying Tips You Can Use 1024 576 Relevé Real Estate

Homebuying Tips You Can Use

Homebuying TipsNumerous home purchasers are extremely tenacious with regards to considering up before they make their buy. Be that as it may, dreadfully regularly 6 critical things go ignored. These basic oversights can bring about you losing cash, squandering time, and cause superfluous misgiving. Presently, we should ensure you think about these basic oversights, so you can ensure they don’t transpire!

1. Resale Value

In today’s lodging market, individuals aren’t staying in their homes the full 30 years like the vast majority of the past era did before us. Things are changing quick and individuals are moving around and esteeming adaptability to an ever increasing extent. Individuals change employments, individuals need to be nearer to kids, essentially, life changes things. This is the reason it’s essential for home purchasers to quickly consider the re-deal estimation of the property they’re thinking about.

Attempt and land something with a more extensive scope of bid, as opposed to a one of a kind home that may just provoke our own advantage. You may even need to talk about examples that your land operator has found in the encompassing territory. Purchasing a home ought to feel right yet it ought to likewise be a handy speculation. Give your heart a chance to impact your choice yet permit reasonableness a spot in the basic leadership process.

2. Concentrating on the wrong costs

Purchasers frequently concentrate so eagerly on the home loan installment and shutting costs that they neglect to look down the line at extra costs that are certain to come up. Obviously, the end expenses and home loan installments are vital yet ensure when taking a gander at your spending you’ve checked the conceivable finishing costs or other extra charges that will unavoidably be incorporated with owning this specific home. It’s flawlessly adequate to approach the merchant for a cost list to make sure you can arrange as needs be.

3. Confinements

More regularly than you may might suspect purchasers finish their buy before they’ve really inquired about the sort of limitations they’ll need to work with. In some cases you may find that you can’t do that extra in light of zoning laws, or perhaps you didn’t understand you’d need to stop down the road! “Limitations” can regularly be totally neglected and they can truly put a damper on the vision you had for your new home. Make sure to talk about a confinements as far as renovating or only all around existence with the home with your specialist.

4. Past work was adequate

Purchasers can so regularly get wrapped up in the fervor of the “ideal home” that they disregard to investigate the past development or remodels that occurred. This is just an issue if the work wasn’t up to the best possible norms. While everything may look fine now, you could wind up forking up inordinate measures of cash to possibly repair an issue you never saw coming. So ensure you investigate all of work that went into your home and that it was legitimately assessed and passed said review.

5. The HOA

This truly just boils down to legitimate due steadiness. Never at any point… ever close on your home without doing appropriate due determination. Normally HOA’s making your living conditions much less demanding yet incidentally you’ll keep running into some sudden show and confusion. There have even been occurrences of potential fines being advanced by the HOA.

6. Have you concentrated on the area?

Ensure you take a gander at the wrongdoing rates, schools in the zone, drive times, and so on. These might sound entirely direct to you yet once more, you’d be shocked by the sort of data that gets disregarded in light of energy over the home itself. Talk about these things with your specialist and in addition whatever other kind of information you ought to search for to settle on the most ideal choice you can. This house is a vital venture and you have to ensure you’re settling on a very much educated choice.

Investment Property Vacancy 150 150 Relevé Real Estate

Investment Property Vacancy

 

investment property vacancy

The current rental market remains strong with rental rates at their highest levels.  Your exposure to investment property vacancy should be very small. The record number of foreclosures in the late 2000s have left many families still unable to purchase a home, bank owned properties sit empty and mortgages are more difficult to qualify for.  Finding an affordable rental property has been a difficult thing to do with a high demand and low supply of available homes.

In these type of market conditions, properties shouldn’t be sitting vacant long in this market.  Most of our clients have new leases started the day after their old tenant’s lease ends.  With 60 days notice and a strong rental market, your vacancy rate should remain very limited.  Any good property manager should, on average be able to rent your property in 2 to 3 weeks, if not, something is wrong.

When I look at properties online I see some that have been vacant for 200 to 300 days??   Seems quite odd and I believe it is mainly from real estate agents telling people what they want to hear and not being responsive to prospective tenants.

This rental market will remain strong for the foreseeable future, but won’t last forever.  Investors should be maximizing  their opportunities while they are there.

For Expert Property Management in Hillsborough and Pasco Counties contact Relevé Real Estate and Property Management.  Elevate your expectations.

Tampa Bay Rental Home
Tampa Bay Rental Home Demand 1024 819 Relevé Real Estate

Tampa Bay Rental Home Demand

Tampa Bay Rental Home

 

The Tampa Bay Rental Home Demand continues to accelerate.  Contact the local agents at Relevé Real Estate now for expert property management.

The current tenant called and gave their 30-day notice they would be moving out.  Immediately the ad went up and 24 hours later we had an application in on the property for $200 more than what the current tenants were paying.

Although this is a fast example, the Tampa Bay Rental Home demand for rentals has been soaring, where homes in good areas are only staying on the market 2 – 4 weeks.   Many prospective tenants are aware of how quickly properties can go, especially in Lutz and Land O’ Lakes, where they know they have to immediately jump on something they like before it is gone.  Owners are reaping the rewards of their investments like never before.  No vacancy and increasing rental rates are keys to investors success.

From Wikipedia, Tampa is a city in and the county seat of Hillsborough County, Florida, United States. It is located on the west coast of Florida on Tampa Bay, near the Gulf of Mexico, and is part of the Tampa Bay Metropolitan Area. The city had a population of 346,037 in 2011.

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.A 2012 estimate shows the Tampa Bay area population to have 4,310,524 people and a 2017 projection of 4,536,854 people.

If you had a tenant turnover and had your property sitting vacant for a month, then you would have to cough up the money for the mortgage, putting a $1000 –$1500 loss on the books, then it takes you a month to make it up and can kill your cash flow for the year and losing out on Tampa Bay Rental Home demand.

For property managers who manage your property as if it were their own, contact Relevé Real Estate and Property Management.

Lutz Rental Property
Lutz Rental Property Tax Implications 1024 576 Relevé Real Estate

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.

tampa foreclosures
Top 5 Foreclosure Mistakes 1024 680 Relevé Real Estate

Top 5 Foreclosure Mistakes

 

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

1. Basing your decision off of past values

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 worthless 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 cashback out of it.

3. Not getting an 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 of 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