Lutz

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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 Real Estate Headlines

Tampa Real Estate Headlines

The Tampa, Florida real estate market is leading many headlines:

Orlando, Florida is the 3rd Hottest Housing Market.

Florida

With oil expenses at nearly $30 a barrel, Disney international-bound tourists are assisting within the town’s growth. Orlando’s employment is up three.8% over the last year. Orlando’s home prices grew eleven.2%, at the same time as domestic sales growth expanded eight.9%. Orlando’s populace grew 2.2% in 2014, the third most powerful growth most of the pinnacle 50 u.S. Markets, providing robust help for housing demand and boosting the single-circle of relatives market.

Florida is one of the states with the highest share of flips in 2015 at 8% of all home sales.

Sarasota and Bradenton, Florida are ranking high for surveys on health and happiness.  With 2 of the top 5 places for well-being.

  1. Naples–Immokalee–Marco Island, FL
  2. Salinas, CA
  3. North Port–Sarasota–Bradenton, FL
  4. Fort Collins, CO
  5. Barnstable Town, MA

Over 50% of purchases in Florida are cash sales.  This statistic is now declining year over year.  

Rising rents motivating people to purchase homes.

Tampa, Florida is number 20 in the hottest housing markets for the spring homebuying season

Florida single-family home prices up 14% over last year, But state sees decline in sales of lower-value homes

Tampa ranks tenth in the list of the top 10 single-family rental investment market.  10. Tampa 5.9%

 

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Bathroom Renovations

bathroom renovationsThe bathroom is ostensibly a standout amongst the most critical rooms in the house, and among the most as often as possible utilized. In any case, it is simple for homeowners to neglect this space when it’s an ideal opportunity to revamp or overhaul. Upgrading the bathroom is a beneficial speculation which enhances the home as well as expansions the general nature of your everyday life. On the off chance that you are not certain in the event that you truly need to roll out an improvement, here are the top signs that the time has come to overhaul your bathroom.

The Bathroom Has Mold

On the off chance that you happen to notice dim spots growing up in the corners, parts of the roof, specifically over the bathtub, or shower, it’s an ideal opportunity to redesign your bathroom. Remember that not all leaks/trickles are unmistakable, so ensure you search for mildew and mold close to the edges and corners of your shower and bathtub. Some of the time mildew and mold issues can emerge from minor issues like dribbles, leaks, flawed funnels, or uncalled for ventilation which can be effortlessly settled by doing some minor repairs. Be that as it may, on the off chance that you have a genuine mildew or mold issue even after you have done the minor repairs, odds are that you have a much more serious issue to manage. Ensure you manage that issue instantly, before it deteriorates. On the off chance that the water gets into your bathroom floor, it could in the end wind up trading off its basic trustworthiness.

There are Cracked, Chipped, Stained or Broken Glass in the Bathroom

As specified before, the bathroom is a standout amongst the most much of the time utilized rooms as a part of the house. This implies the shower tiles, sink spigots, light apparatuses, and roof fans are all in incessant use, thusly when they begin separating, the time has come to consider upgrading your bathroom. In the event that the roof begins disintegrating, you see stained tile grout, the mirror is broken, or there’s split tile and tile floor, you have to consider how you can repair the harmed materials while upgrading your bathroom in the meantime.

It’s No Longer Big Enough

At the point when brushing your teeth or scrubbing down, you ought to feel like you’ve space to move around. Numerous homes have a standard 8′ by 5′ bathroom; this size does not consider an assortment of format or outline choices. In the event that your family has developed and the bathroom feels fairly confined, the time has come to consider overhauling the present space with new components that upgrade the capacity and capacity.

It’s Out of Date

Plan patterns travel every which way. On the off chance that you have a pink bathtub, avocado floors, a brilliantly hued can, or gold installations, it may be a great opportunity to overhaul your bathroom. These are essentially out of style and can extraordinarily hurt your odds of resale. Additionally, an obsolete bathroom may really be concealing various inconspicuous issues which should be tended to. You ought to consider upgrading by utilizing unbiased hues on the bathroom dividers, and after that complementing with a shading. Some other straightforward traps can incorporate swapping your obsolete ground surface, apparatuses, lighting, and handles.

bathroomThere are Leaks in Your Bathroom

Leaks are basic in numerous bathrooms. Contingent upon the specific circumstance, a break can be a result of a minor issue that is anything but difficult to repair or can be a noteworthy issue which must be tended to quickly. In the event that the break is a consequence of rust or erosion which has been available for a long while, it may bring about genuine water harm which can debilitate the auxiliary components of your house, and may wind up costing you a great many dollars in repairs. On the off chance that you see genuine leaks, you should consider redesigning your bathroom; not just will it spare you on your water charge, it will avoid basic harm.

You are Looking to Sell Your House Soon

In case you’re thinking about on selling your home sooner rather than later, you ought to consider redesigning your bathroom. On the off chance that your bathroom doesn’t look high class, you have to redesign it. Likewise, on the off chance that you’ve a more established house, redesigning the bathroom is urgent. At the point when the bathroom is redesigned, it can be a noteworthy selling point, and may even position your house for a much faster sale.

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February 2016 Lutz Real Estate Statistics

The Lutz Real Estate Market Report for February 2016

According to the new data released by the Greater Tampa Association of REALTORS®, the Lutz, Florida Real Estate Market is showing signs that 2016 is going to be even more aggressive than 2015.

Lutz real estate statistics

Market Notes:

This is the first time in several months that we have seen more homes come on the market than sold. Hopefully, this is an indicator of a much-needed boost to our housing inventory.

Let’s take a look at the February 2016 real estate market numbers for Lutz:

 

February 2016 Lutz Real Estate Statistics

Status: Active (117)
    Beds Baths SqFt Heated List Price LP/SqFt Close Price ADOM
Min 1 1 456 $49,900 $54.24  
Max 5 6 5,541 $1,080,000 $814.48 30
Avg 3 3 2,363 $345,332 $142.69 13
Median 4 3 2,319 $289,900 $131.74 12
Status: Active with Contract (26)
    Beds Baths SqFt Heated List Price LP/SqFt Close Price ADOM
Min 1 1 572 $74,900 $58.46 8
Max 4 10 2,964 $479,000 $305.94 273
Avg 3 3 1,893 $239,696 $129.83 87
Median 3 2 1,963 $214,950 $127.06 56
Status: Pending (55)
    Beds Baths SqFt Heated List Price LP/SqFt Close Price ADOM
Min 1 1 456 $34,900 $36.35 2
Max 6 4 3,738 $535,000 $167.97 266
Avg 3 2 1,947 $224,222 $111.89 57
Median 3 2 1,714 $189,900 $119.43 30
Status: Sold (59)
    Beds Baths SqFt Heated List Price LP/SqFt Close Price ADOM
Min 1 1 456 $48,900 $49.17 $44,500  
Max 6 6 5,158 $1,003,113 $194.48 $891,125 115
Avg 3 3 2,117 $262,096 $117.13 $253,502 39
Median 3 2 1,882 $227,000 $115.64 $206,000 33

 

The Lutz Real Estate Market is Strong

February is usually the slowest month for real estate sales in Lutz, but it was still 25% busier than this time last year. We are finally starting to see an increase in new listings by 34% over last year. This is very good news for homebuyers who have been struggling to find the right house because there have been so few homes on the market. Our hope is that this is an indicator of a more balanced market as we move into 2016.

These numbers cover all of the neighborhoods in the Lutz, FL zip codes of 33559, 33549, 33558 and 33548.  All information deemed reliable but not guaranteed.

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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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Rent or Own on a Fixed Income

rent or ownThere has really been an expansion in more seasoned tenants in the course of the most recent 10 years. Those beyond 55 42% years old add to around 42% of the rental market now. This rate is anticipated to increment as Baby Boomers apparently take after the same way.

It’s vital to comprehend the advantages and disadvantages however of picking amongst leasing and homeownership. How about we separate every one so you can better choose theater or not you ought to spring for that home after retirement.

Ace: Bye Mortgage

On the off chance that a huge center for you is the way that despite everything you’re chipping ceaselessly at that home loan then obviously you’ll be cheerful to lease. One less thing to stress over when you at long last resign. You may even discover a spot to lease that has a lower month to month cost than your home loan. So you do can possibly be sparing cash here.

Con: Bye Tax Breaks

Mortgage holders get generous tax reductions. There are reasonings on the property charge and in addition the enthusiasm on the home loan. Saving money on these assessments can include altogether particularly if your property expenses are fundamentally high.

Genius: Flexibility

In case you’re truly concentrating on going after you resign then leasing will be perfect for you. Leasing gives you the adaptability to bob around either on a month to month premise or 6-month premise. Be that as it may, in case you’re hoping to stay in one city/place for a more drawn out timeframe, possibly close to your family. Think about owning as a home.

Con: Bye Home Owner Status

A great many people have a feeling of pride from being a mortgage holder. On the off chance that you’ve lived in your home for some time you’re presumably candidly connected to it. So it’ll be critical to set yourself up sincerely in case you’re anticipating offering your home.

Star: Maintenance

Clearly a standout amongst the most difficult things of home proprietorship is staying aware of the home upkeep. In case you’re leasing this isn’t an issue for you any longer. On the off chance that you choose to offer your home these stresses can fall onto your landowner’s shoulders.

Con: Renting can be costly

This one truly shifts relying upon where you live. Ordinarily anyway, it is less expensive to possess a home than rent one. Additionally when you consider the low home loan rates today it’s one of the best times to possess a home. The home loan rates have as of late hit an untouched low of around 3.25%

Genius: Amenities

One of the enormous ace’s encompassing flat edifices is that a large portion of them offer you an extensive variety of civilities. Everything from a pleasant rec center to a pool and even diversion rooms and office focuses. You can even have an attendant on staff and in case you’re resigning that can make your life somewhat less demanding with regards to the easily overlooked details.

Con: The Landlord

You may not be acclimated to managing a proprietor or property administration organization. It can be a tad bit of a troublesome assignment , I would prescribe destroying some profundity research on the circumstance before you really sign a lease. By that importance address the past inhabitants if at all conceivable and discover how rapidly past issues were determined. There is likewise the potential for your lease to be raised at a minutes see so be set up for that potential increment in your month to month costs

Expert: Insurance Is Cheaper

Tenants protection midpoints around $180 and $360 a year, while your potential property holders protection expense is altogether higher.

Not certain which is the right choice for you? Connect or abandon me your contact data and I’d affection to answer any inquiries you may have. Leasing or own a home truly descends to your individual circumstances and it’s essential to consider all the genius’ and con’s painstakingly. In case you’re searching for more information don’t hesitate to look over through my web journal for tips and traps that spare you time and cash amid your land purchasing or offering process.

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Tampa REO Management

Tampa REO Management

Relevé Real Estate and Property Management is now your resource for asset management in Tampa and Land O’ Lakes, Florida.  We are teaming with mortgage servicers to provide professional real estate owned or REO management and property preservation.

Services:

  • Property Management
  • REO Disposition
  • Complete Eviction Services
  • Appraisal Review
  • Title Issue Resolution
  • Property Inspections
  • Consulting
  • Contract Negotiation
  • Escrow Tracking

Wikipedia defines real estate owned as the Real estate owned or REO is a term used in the United States to describe a class of property owned by a lender—typically a bank, government agency, or government loan insurer—after an unsuccessful sale at a foreclosure auction.[1] A foreclosing beneficiary will typically set the opening bid at a foreclosure auction for at least the outstanding loan amount. If there are no bidders that are interested, then the beneficiary will legally repossess the property. This is commonly the case when the amount owed on the home is higher than the current market value of this foreclosure property, such as with a high loan-to-value mortgage following a real estate bubble. As soon as the beneficiary repossesses the property it is listed on their books as REO and categorized as an asset (non-performing asset).

As soon as a property goes into a distressed status (the borrower/homeowner misses mortgage payments) the beneficiary will want to determine the amount of equity that the property has. A popular method to determine the equity is to obtain a Broker’s Price Opinion (BPO) or order an appraisal. Based on the amount of equity that is determined from the BPO, the bank will decide whether to allow a short sale (if requested by the homeowner). If no short sale is requested by the home owner, the beneficiary will continue the foreclosure process. If the beneficiary is unable to sell the property through a short sale or at a foreclosure auction it will now become an REO property.

After a repossession from which the property becomes classified as REO, the beneficiary will go through the process of trying to sell the property on its own or obtain the service of an REO Asset Manager. The beneficiary will remove the liens and other debts on the home and try to resell it to the public, either through future auctions, direct marketing through a real estate broker or by itself. The asset manager may also try to contact REO realtors that specialize in certain ZIP codes to help sell this bank owned property. Real estate investors will often purchase these properties because of discounts offered to compensate for the condition of the property.

Many larger banks and government institutions have REO/asset management departments that field bids and offers, oversee upkeep, and handle sales. Some REO properties on the open market will be listed in MLS by the broker who performed the BPO.

Contact Relevé Real Estate and Property Management for REO Management in Lutz & Land O’ Lakes, Florida.

tampa reo management

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5 Reasons to Hire a Property Manager

Hire a Property Manager.  The top 5 reasons on why a professional property management company will benefit you.

Hire a Property Manager

1. Rent Collection and Depositing – not getting the rent check just one month can kill your return on investment. Having to constantly remind tenants that their rent is due or late can be a real pain. A good property manager will have systems in place to effectively collect rent online, charge late fees and maintain on-time payments, notices and evictions.

2. Rates for Rent – A good property management company knows the area they are managing. They know how much your property can be rented for and can keep the vacancy rates and advertising costs as low as possible.

3. Securing Tenants– finding good tenants can be very time-consuming. A property manager can take care of securing all background checks, credit reports, employment verification, and verifications of rent and showing the property. By hiring a property manager, you will not have to deal with tenant disputes, conflict resolution and emergency maintenance.

4. Professional Network. Property managers develop relationships with professionals in related fields, such as maintenance workers, tradesmen, vendors, suppliers and contractors that you do not have. Because of the bulk of business that a property manager gives these professionals, they can provide quality work at a discount.

5. Time – Enjoying your life while just having the rents deposited into your bank account is probably why you got into real estate investing. Real estate income is not passive if you are spending all your time maintaining the property, handling tenants and keeping the books. A Property Manager is an investment, not an expense, you want to own your own time.

Contact Relevé Real Estate for full-service property management in Lutz, Land O’ Lakes and Odessa, Florida.

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How to Find Great Tenants

Find Great Tenants

One of the questions I get asked a lot is how to find great tenants. Over the years I have refined many techniques to develop a solid system to find good tenants frequently, without our clients spending any money on advertising. This is accomplished through leveraging technology to create and distribute great “for rent” ads.

Here is what I suggest:

  • Take great pictures– Use a good digital camera, make sure everything is well lit and highlight any special features. Make sure all turnover maintenance, landscaping and cleaning is done beforehand. Don’t take pictures when it is raining or overcast, these never come out good. Pick a bright, sunny day to make the property show well.
  • Write great ad copy – Include the basic information, features, special offers, and contact information. Highlight any amenities and services included such as pest control or pool and lawn maintenance. Detail nearby schools, parks and entertainment. Use descriptive, delightful words, have a clear reason for why the property is special and a “call to action” for the future tenant to be able to quickly schedule a viewing. The title of your listing should highlight any special offers and should also be “search engine friendly” by using keyword phrases in the title. If a common local search phrase in Google is “ Lutz houses for rent” your title should say -Beautiful Lutz House for Rent (First 1/2 month free!).
  • Create a great ad- you can take your photos and copy over to Postlets where you can create a clean and professional ad. It is free and easy to use.
  • Target your marketProspective tenants are looking online to find their next residence, they are no longer taking the time to drive around neighborhoods or check the local newspaper classifieds. To rent most of our properties all we have needed is a good ad on CraigsList. This should be the cornerstone of your advertising, but also focus on where your prospective tenants are. Do your research, most cities have their own directories such as BradentonRent. If you are trying to rent a student property, list on student housing websites, if you are have a vacation rental, list it on vacation websites, etc.
  • Distribute it – Although most sites do not get much traffic, you will increase your chances of being found on search engines. Postlets will submit your listings to several sites including Craigslist (most popular), Google Products (makes your listing easy to find by submitting directly to the dominant search engine), Front Door, Oodle and more. Here is a list of some other sites I have found useful:stumblehere – addstoall.com – metrowny.com – adpost.com – usfreeads.com – highlandclassifieds.com – kijiji – backpage – sonicexpressmail.com – bluehint.com
  • Update frequently– Post new versions every Friday evening as this will keep your listings at the top of websites and capitalize on the heavy weekend traffic. If you are not getting many calls, sometimes small changes to your ad can make a big difference.
  • Follow up with prospects and schedule viewings quickly- Make it convenient for prospective tenants to view the property and have all paperwork ready to get the application process started.
  • Be flexible– review all offers and be willing to negotiate, in most cases you will make more money annually by renting out the property for $50 less than what you wanted, rather than have it sit vacant for a month.
  • Thorough ScreeningThe standard in the business is to at least do a credit check, background check, verification of employment (VOE) and verification of rent (VOR, if applicable). This will allow you to see their payment history for debts, if there are any criminal records, the ability to pay the rent and their pay history with previous landlords. Thorough screening enables owners and landlords to make educated decisions about who they lease the property to.
  • Set expectations– Educate your new tenants on their responsibilities. Make sure they have a clear understanding of the terms of the lease and how to handle payments and maintenance requests.

For more expert real estate agents contact Relevé Real Estate and Property Management, no strings attached.

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Land O Lakes Rental Value

Land O Lakes Rental Value

Land O Lakes Rental Value.  Determining how much you should rent your investment property for is important.  In today’s real estate market, there are a lot of properties listed for rent, so finding comparables is not a problem.

The first thing you should do is determine how much you need to rent the property for to have a good cashflow (add up all of the costs associated, taxes, insurance, association dues, maintenance, property management fees, mortgage).  You want to know where you stand compared to the current market rental rate.  You want your property to generate income for you and be an asset, not a liability.

Next, go to craigslist or do a Google search for the street name + “for rent”.  This should direct you to several comparable properties.  You should look for properties with the same amount of bedrooms, bathrooms and square footage.  Some may have pools, be on the water or several acres of land, these rates should be adjusted up or down compared to your property.  Find four or five comparables and then take the average of them.  This gives you a ballpark range for what is reasonable in the area.

Then compare the average rent to the amount you need in order to get a cashflow on the property.Set your rate at what is going to give you the maximum amount of return on investment possible, while still being competitive with the nearby properties.

In today’s market, you definitely need to be in the same range as the comparables.  There is too much supply on the market and your property will not get any attention unless it is priced reasonably.

Once you have your rental rate set, add $25.  This will give you some room to negotiate a solid lease.  Find out your Land O’ Lakes Rental Value by contacting Relevé Real Estate.