30265 Twin Lakes Dr, Wickliffe
My goal is to share my knowledge of the real estate industry as well as available properties. I am happy to answer any questions you may have.
Feel free to call or text me at 440-346-2031.
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Wednesday, January 31, 2018
Tuesday, January 30, 2018
Monday, January 29, 2018
The Best Home Improvement Projects
With the housing market rebounding, now is the time to invest in your most valuable asset. It is worth noting that certain renovation projects will bring a larger return on investment yet most projects will not provide a 100% return. This means that while you are adding equity to your property, you may not necessarily recoup all of the money spent renovating it. There are many reasons for this but it comes down to the fact that buyers are considering the whole package and not just one particular aspect. That being said, here are projects that are worth the investment. These figures are based upon a report by Remodeling Magazine and are based upon national averages. In certain regions, different remodels may be worth more or less but this is a good indicator overall.
Front Door
The Front door is the gateway to your home. Buyers typically make a decision within minutes of seeing a house and the entryway can have a huge effect on that decision. By upgrading your front door, you can have a whopping return of 96.6%. This is the most return of any updates available.
Deck Addition
With an 87.4% return, adding a wood deck is a great way to add value to your home. Many potential buyers are looking for spaces that can be used to entertain guests as well as outside spaces that they can enjoy. A deck accomplishes both of these desires.
Siding
Updating your siding can have up to an 87% return. Buyers typically want a house that does not have major issues and siding can be a significant problem if it needs replaced. In addition to the practical benefit, siding now comes in a variety of colors so it can add a bit of flair to your home.
Attic Bedroom
One of the best renovations you can do to your home is to add an extra bedroom. This is because it opens up your target market and widens the appeal. One of the most popular places to do this is in a walk-up attic since it is already a framed part of the home. It can have an 84.3% return.
Garage Door
This may seem like a trivial component but garages can have a significant impact on the appearance of a house. A new, inviting door can work wonders on improving the overall feel of your property. A new garage door can have an 83.7% return.
Kitchen
Minor kitchen remodels such as appliance upgrades, addition of extra lighting and adding storage can have an 82% return. If you decide to make major renovations, you can expect a 74.2% return.
Bathroom
Upgrading the bathroom is always a good idea. Buyers do not want a bathroom that is old, dirty or outdated. Like the kitchen, as long as you do not go overboard with the renovation, this can have a solid return on investment. Most bathroom remodels generate a 72.5% return. If you want to go even further and add a new bathroom, it will have a 60% return.
Conclusion
While this is not a list of every possible renovation you can perform, these are the ones that offer the best returns on investment. If you plan on selling your home in the near future, focusing on these projects can have a huge impact on how fast your home sells and for how much!
Friday, January 26, 2018
Thursday, January 25, 2018
Open Houses & Lease Purchases!
Open Houses for January 28, 2018
8329 Bainbrook Dr, Chagrin Falls
Open 1-4pm
$619,900
4bd 3.5ba
10925 Quail Hollow Dr, Concord
Open 12-2pm
$425,000
4bd 2.5ba
6527 Bayside Dr, Madison (Other units avail)
Open 12-2pm
$150,000
3bd 2.5ba
6529 Bayside Dr, Madison (Other units avail)
Open 12-2pm
$159,900
4bd 2.5ba
2632 Morningstar Dr, Madison
Open 1-3pm
$100,000
3bd 2ba
1415 Parkview Dr, Madison
Open 12-2pm
$100,000
3bd 2ba
9009 Bluejay Lane, Mentor
Open 12-2pm
$224,900
3bd 2ba
4566 Turney Rd, Perry
Open 1-3pm
$174,000
4bd 2.5ba
771 Edgewood Rd, Richmond Hts
Open 12-2pm
$214,900
3bd 2.5ba
34916 S Turtle Trl #14-B, Willoughby
Open 12-2pm
$90,000
3bd 1.5ba
Properties Considering Lease Purchase Option
V/L Mason Rd, Berlin Heights
$200,000
Over 18 Acres of Residential Land!
6117 Saint Clair Ave, Cleveland
$164,900
Commercial Brick Building with Multiple Income Streams!
V/L Galloway Rd, Huron Township
$400,000
Over 19 Acres of Residential Land!
V/L Columbus Ave, Sandusky
$100,000
27.9 Acre Lot in a High Traffic Area!
V/L Beatty Ln, Sandusky
$89,900
Private Wooded 5.71 Acre Residential Lot!
Wednesday, January 24, 2018
Tuesday, January 23, 2018
Monday, January 22, 2018
Do I Need a Realtor When Buying a Home?
You are ready to make the big move. You are going to purchase a home and you are asking yourself if you need to employ a real estate agent. You are worrying about the grueling process of finding the right agent so you ask yourself if you should go through the process of buying a home on your own. Is the real estate process tricky? Will it leave me winded and confused? Is it in my best interest to hire someone who has the appropriate knowledge and experience to navigate through the universe of real estate? The answers to all of these questions are Yes!
Real Estate Experience Matters. Real estate agents carry out multiple duties such as studying property listings, walking clients through home buying steps, producing real estate contracts and talking through conditions of a sale. They also have the negotiating skills to help a client buy, rent or sell a property. The experience adds up and although the internet provides many resources for someone to buy a property on their own, at the end of the day, there is no substitute for a professional who has the knowledge and experience to deal with the ins and outs of real estate.
Save Time and Money when Working with a Realtor. Many of us have a very busy schedule and buying a home on your own can be extremely time-consuming. Getting to know the real estate market is the first step and studying the market takes an incredible amount of time. A skilled real estate agent, who knows the market, can save you time, money and a headache. Real estate professionals have realistic views on what homes are worth. With a professional, you are sure to make a realistic offer and you will have someone keep an eye on the entire process until the deal is closed.
Work with a Realtor to Purchase Your Next Home. The home buying process is full of twists and turns. If you are not knowledgeable about the real estate market, taking on these steps on your own may very well lead to mistakes and repercussions. Buying a home with the help of a real estate agent is the best way to go!
Friday, January 19, 2018
Thursday, January 18, 2018
Types of Commercial Leases
When it comes to leasing real estate, it is important to know the basics about the different types of leases available. Leases vary from situation to situation depending on the type of real estate that is up for lease. A lease for a housing unit could be very different from that utilized for office space. It can seem daunting when you initially attempt to understand the numerous real estate leases available but it does not have to be. Simply put, real estate leases break down into three categories.
1. Gross Lease
The most popularly utilized lease when it comes to housing rentals as well as some commercial rentals is the Gross Lease (aka full service lease) which is all-inclusive. These leases are considered tenant friendly since the landlord handles the operational expenses of the property. Such expenses usually include taxes, insurance and maintenance. Any increases in the operational expenses of the property would not be passed onto the tenant during their lease. A Gross Lease would be ideal for tenants looking for a stable lease with no surprises. If any increases in rent were to occur, it would only happen at the end of the lease and tenants would be given notice ahead of time.
2. Net Lease
The opposite of a gross lease is a Net Lease. Net Leases are considered more landlord friendly. Within the monthly rent, a tenant pays a fixed base amount as well as an adjustable amount. The tenant is charged a lower base amount which leaves room for the tenant to pay a share of the operational costs of the property. This often includes the taxes, insurance and maintenance. Net Leases are used more for commercial spaces. Under the umbrella of net leases are several different types including single net lease, double net lease, triple net lease and absolute triple net lease. Single net leases are where tenants pay a share of the building’s property taxes, utilities and janitorial expenses on top of their base rent while the landlord covers all other expenses. While no one wants to see any increases, tenants face rent increases just as landlords face increases in expenses. With double net leases, in addition to the previously mentioned expenses, tenants pay a share of the property insurance. For triple net leases, tenants pay a share of basically all the expenses including the structural repairs and common area maintenance expenses. Probably the riskiest and most rare net lease, absolute triple net leases put tenants in a position where they take care of virtually every expense and responsibility dealing with the building they are renting.
3. Modified Gross Lease
For those not completely sold on gross or net leases alone, this is the type of lease for you. Modified Gross Lease (also called modified net leases) are the perfect combination of gross and net leases. These leases mash together the ease of a lump sum that gross leases offer and the flexibility of expenses offered by that of net leases, leaving a compromise between the two and allowing both tenants and landlords to be satisfied. Tenants are expected to pay for janitorial services and utilities outside of rent but are able to negotiate with the landlord which nets will be covered in the base rent. Lease rates do not surprisingly increase for Modified Gross Leases if the taxes, common area maintenance or taxes increase. On the other hand, if such expenses decrease, the landlord receives the excess funds. The key to Modified Gross Leases is flexibility; giving a customizable and mix-and-match feel that allows tenants to feel confident in their lease.
Miscellaneous Leases
Beyond the gross, net and modified leases, there are a few other leases available for tenants. Flat or fixed leases allow for a set rent for a defined period of time that is paid once. With step leases, increases in rent are expected over a certain amount of time in order to cover an estimated increase in expenses on the landlords’ side. A cost-of-living lease is based on just that, the cost of living and tends to vary greatly depending on the economy. With percentage leases, depending on which ends up being higher, tenants are expected to pay both a base rent and percentage of gross income or one or the other.
As you can see, leases vary widely. It is best to contact a real estate attorney when writing a commercial lease or prior to signing one.
Open Houses, Price Reductions, & Lease Purchases!
Open Houses for January 21, 2018
8329 Bainbrook Dr, Chagrin Falls
Open 11-3pm
$619,900
4bd 3.5ba
10925 Quail Hollow Dr, Concord
Open 12-2pm
$425,000
4bd 2.5ba
6712 Bayside Dr, Madison ( 3 & 4 bedrooms also)
Open 12-2pm
$129,900
2bd 2ba
9009 Bluejay Lane, Mentor
Open 1-3pm
$224,900
3bd 2ba
8240 Talbot Circle, Mentor
Open 1-4pm
$429,900
4bd 3.5ba
4566 Turney Rd, Perry
Open 1-3pm
$174,000
4bd 2.5ba
771 Edgewood Rd, Richmond Hts
Open 12-2pm
$214,900
3bd 2.5ba
Price Reductions
725 Ohio Ave, Ashtabula
$79,000 NEW PRICE!
Properties Considering Lease Purchase Option
V/L Mason Rd, Berlin Heights
$200,000
Over 18 Acres of Residential Land!
6117 Saint Clair Ave, Cleveland
$164,900
Commercial Brick Building with Multiple Income Streams!
V/L Galloway Rd, Huron Township
$400,000
Over 19 Acres of Residential Land!
V/L Columbus Ave, Sandusky
$100,000
27.9 Acre Lot in a High Traffic Area!
V/L Beatty Ln, Sandusky
$89,900
Private Wooded 5.71 Acre Residential Lot!
Wednesday, January 17, 2018
Tuesday, January 16, 2018
Monday, January 15, 2018
Can I Buy a New Home Prior to Selling My Existing Home?
Should I sell before I buy or should I buy before I sell? This is a common question from current homeowners who would like to move. Sellers are nervous to sell first and then not be able to find a new home that meets their needs. They are also nervous of finding the home of their dreams and purchasing it before they sell and then having two mortgage payments until their first home sells. Let’s explore the advantages of buying a new home prior to selling your existing home.
Time to Move
One of the advantages of buying a new home prior to selling your existing home is that you will have plenty of time to get the new home ready to move into with updates such as painting and new flooring prior to actually having to move in. This is a nice option rather than having to do the updates while living in the home. Also, you will have time to pack your current residence and move into the new home and can even do it over time if you choose.
Move Only Once
By purchasing a new home first, you will avoid the need to possibly have to move twice. If you sold your home first but had no place to move, you might need to put your belongs into storage and move into temporary housing until you find your new home and close on it. You will likely incur rental charges both with a storage unit and housing. Purchasing a new home first will avoid the hassle of having to move twice.
Disadvantage
In spite of the good things this option offers, the biggest disadvantage of buying before selling is the possibility of paying two mortgages at the same time. This will be the case if you have already bought a new home but you are unable to find a buyer quickly for your existing home. If there is only a month or two overlap, that might be a better option than moving twice and incurring rental charges. If the timeframe is longer than two months, it may not be worth buying before selling.
Summary
You can buy a new home prior to selling your existing home. There are advantages and disadvantages to this option. There are also ways to minimize the risk of buying before selling. A competent real estate agent deals with this situation often and can provide options such as contracts with contingency clauses, rent back options, etc. Contact a Realtor today to help you buy a new home prior to selling your existing home!
Friday, January 12, 2018
Thursday, January 11, 2018
Financing Investment Properties
When financing investment properties, many investors turn to traditional lenders first but there are many other creative options to consider.
Option 1: Traditional Lenders – work well when investing in residential real estate from single family homes up to four unit properties. Banks and mortgage companies are considered traditional lenders. They often require a 20% down payment from your own funds and verify credit, income and assets.
Option 2: Commercial Lenders –best option for larger multi-unit properties, retail, office, industrial, etc. Large banks usually offer commercial loans and require 20% to 35% down payment. They often are a little more forgiving with credit, income and assets than a traditional lender and often look at the strength of the project as the dominant factor. Other independent commercial lenders are available that may offer other options.
Option 3: Private Lender – an option available to some investors who often know someone personally or can be introduced to someone who would be willing to finance a project for them. These individuals can act as a bank and other times they may want a percentage of the project.
Option 4: Seller Financing – creative financing option that some sellers are willing to entertain especially for a short period of time such as a Lease Purchase Option. Sellers could act as the bank for the entire duration of the loan but often sellers want to cash out immediately. Again, in certain circumstances some sellers may be willing to hold papers for 1-3 years until the buyer obtains other financing.
Option 5: Self Directed IRA – investing with tax-advantaged accounts could dramatically increase your wealth. This type of IRA provides a contributor with the ability to save for retirement and to choose where the money is invested such as in real estate. Monies can be transferred from existing retirement accounts over to a self-directed IRA so that an investor can start investing in real estate right away.
Option 6: Hard Money Lenders – this type of financing is usually used by investors who cannot get financing any other way. The down payment and interest rates are often much higher than any other lending choices but credit, income and assets are not usually factors. This may be a good option for a short term loan.
Option 7: Crowdfunding – this is the newest financing option on the scene and it has taken the commercial real estate market by storm. It is estimated that more and more large projects will be financed by groups of investors pooling their funds together rather than relying on commercial lenders. The government has now come out with guidelines regarding crowdfunding on large real estate projects to protect the public. Smaller investors are pooling funds as well on smaller projects with mixed success.
Knowing all of your options for financing investment properties is key in the commercial real estate market!
Open Houses, Price Reductions, & Lease Purchases!
Open Houses for January 14, 2018
8329 Bainbrook Dr, Chagrin Falls
Open 12-2pm
$619,900
4bd 3.5ba
6712 Bayside Dr, Madison ( 3 & 4 bedrooms also)
Open 12-2pm
$129,900
2bd 2ba
8240 Talbot Circle, Mentor
Open 1-3pm
$450,000
4bd 3.5ba
Price Reductions
441 N Hambden St, Chardon
$125,000 NEW PRICE!
Properties Considering Lease Purchase Option
V/L Mason Rd, Berlin Heights
$200,000
Over 18 Acres of Residential Land!
6117 Saint Clair Ave, Cleveland
$164,900
Commercial Brick Building with Multiple Income Streams!
V/L Galloway Rd, Huron Township
$400,000
Over 19 Acres of Residential Land!
V/L Columbus Ave, Sandusky
$100,000
27.9 Acre Lot in a High Traffic Area!
V/L Beatty Ln, Sandusky
$89,900
Private Wooded 5.71 Acre Residential Lot!
Wednesday, January 10, 2018
Tuesday, January 9, 2018
Monday, January 8, 2018
Importance of a Final Walk Through on a Home Purchase
There are many steps to take during the home buying process but one of the most important that is often overlooked is the Final Walk Through.
The Final Walk Through is a quick review of the property just before closing to insure everything is in order. It is not a detailed inspection of the property. It is used to determine that there are no major damages to the property since the buyer agreed to purchase the home.
Ideal Time for a Final Walk Through.
The ideal time to perform a Final Walk Through of a property is after the seller has moved out of the home. This is the time to make sure everything that was agreed upon or expected to stay in the home with the sale has remained such as appliances, curtain rods, etc. Vacant properties should always have a Final Walk Through to make sure vandalism has not occurred prior to closing. If the purchase agreement allows for the seller to remain in the home until after title transfer, a buyer may still choose to do a Final Walk Through before closing although it is not as beneficial at this time.
Use a Checklist.
When it comes to conducting an effective Final Walk Through, it is important for the buyer and real estate agent to have a checklist of the items that were to remain with the property as well as any repairs the seller may have agreed to make. A copy of the contract can act as the checklist. Remember the main idea is to confirm that the state of the real estate is as set out in the contract.
Condition of the Property
The importance of a Final Walk Through is to ensure that the property is overall in the same condition as when the purchase agreement was signed. It is not a home inspection nor is it time to renegotiate or to ask for additional repairs unless significant damage has been done to the property. The Final Walk Through is an important step in the home buying process to help prevent surprises once the title transfers and the buyer receives their keys!
Friday, January 5, 2018
Thursday, January 4, 2018
How To Figure Out Net Operating Income
Determining the net operating income of your home as you are preparing to sell can be a confusing process. The last thing you want as you are preparing to move out of your home and hoping to move into a new home and dealing with all of the other hassles is trying to figure out something like net operating income. Luckily, you have places like this to go to that can help you figure out these questions with ease.
First, let’s look at what exactly net operating income is. Put simply, net operating income is the potential profit of a particular piece of real estate investment. The more detailed explanation goes on to point out that net operating income looks at underlying profitability of a piece of real estate before things like taxes and operating costs are considered. Figuring out the net operating income is typically done by the investors in order to figure out the value of the real estate. This is done to place a price on the property before it is sold, or it can be a tool by buyers to figure out a suitable offer when looking to make a purchase.
Now that we understand what net operating income actually is, let’s start discussing how you actually determine it. The actual calculation seems simple at first. Basically you are just subtracting any operating expenses from the revenue that is generated by the real estate. Once you have done that, you have your net operating income. But what do these things mean? What exactly is considered in the generated revenue? What is taken away when you take away operating expenses?
Let’s start with the generated revenue first. This can vary depending on the type of property. If you are talking about a home, then you are likely just talking about the value of the home. This is determined through a number of ways including the surrounding homes, the market, and so forth, and it results in a fair market price. When looking at a rental property, though, other things must be considered too. There is, of course, the actual revenue from the facility itself being rented. Along with that, there may be a number of other fees involved too. Parking and service charges are very common examples of these, but you might also have revenue from things like laundry, vending, and other facilities and amenities. After all of these things have been totaled up, you will have a positive number that constitutes the revenue generated by the property.
From that positive number, you need to subtract the operating expenses. Unlike the generated revenue, the operating expenses are not going to vary too much with the type of property, but there are some discrepancies. Property insurance and property taxes are two examples of operating expenses that will always be taken out of operating expenses. In the case of rentals, you might also need to consider janitorial services and the cost associated with those as well as the cost of property management. Utilities are sometimes also taken out of the operating expenses, but this is not always the case. A final example, repairs and maintenance, brings up an important distinction though. Most of these operating costs are points that can be debated and negotiated by the property owner and the investor or buyer or other party. For example, the owner may decide to go ahead and make any repairs before the net operating income is even determined. On the other hand, the repairs may be written into any negotiations between the owner and anyone else. All of these are contingent on the particular situation, so it is important to pay attention to this part of the net operating income equation in your particular situation.
Once you have determined the generated revenue and the operating costs, then you are ready to figure out the net operating income. Simply subtract the total operating costs, as have been agreed upon in your particular situation, from the generated revenue, and you have the net operating income. Understanding all of the intricacies can be difficult for even the most experienced investor, so it can be helpful to speak to an accountant or to a real estate agent to help you make sure that your calculations are correct.
Open Houses, Price Reductions, & Lease Purchases!
Open Houses for January 7, 2018
6712 Bayside Dr, Madison ( 3 & 4 bedrooms also)
Open 12-2pm
$129,900
2bd 2ba
8240 Talbot Circle, Mentor
Open 2-4pm
$450,000
4bd 3.5ba
175 Wood St, Painesville
Open 1-3pm
$109,900
4bd 2.5ba
771 Edgewood Rd, Richmond Hts
Open 2:30-4:30pm
$214,900
3bd 2.5ba
34916 S Turtle Trl #14-B, Willoughby
Open 12-2pm
$90,000
3bd 1.5ba
8329 Bainbrook Dr, Chagrin Falls
Open 1-3pm
$
4bd 3.5ba
Price Reductions
10536 Johnnycake Ridge Rd, Concord
$100,000 NEW PRICE!
Properties Considering Lease Purchase Option
V/L Mason Rd, Berlin Heights
$200,000
Over 18 Acres of Residential Land!
6117 Saint Clair Ave, Cleveland
$164,900
Commercial Brick Building with Multiple Income Streams!
V/L Galloway Rd, Huron Township
$400,000
Over 19 Acres of Residential Land!
V/L Columbus Ave, Sandusky
$100,000
27.9 Acre Lot in a High Traffic Area!
V/L Beatty Ln, Sandusky
$89,900
Private Wooded 5.71 Acre Residential Lot!
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