1974 South Ashwood Ln, Painesville Township
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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Tuesday, October 31, 2017
Monday, October 30, 2017
7 Reasons You Should Use a Realtor to Sell Your Property
Many people question the value of a Realtor often wondering if the commissions they receive is worth the time and effort they put in. The simple response is Yes! There are several reasons why Realtors should be used to sell a property.
- Local Real Estate Knowledge
A great Realtor has a lot of knowledge about the local real estate market. They have an understanding of and can provide you with a realistic parameter of what you can expect to sell your home for. They have access to the Multiple Listing Service (MLS) which holds data that can provide you with the sales of comparable homes in the area. It is imperative that your Realtor know what is going on in your area so that they are able to better determine the best plan of action to sell your home. - Real Estate Experience
Realtors have experience selling homes and have an idea of what sells and what does not. While you may think that your sunflower border in the kitchen is adorable, your Realtor is likely going to tell you that borders are dated and you need to paint the kitchen. These little details can make a huge difference when you sell your home. A good Realtor has an eye for details and can pick out different elements of your house that will stand out to potential buyers. - Ability to Price Home Correctly
Trying to sell your home without the use of a Realtor can actually cost you money. Because of the data that Realtors have access to, they are better equipped to make a list price recommendation. By listing too low, you run the risk of losing money but priced too high and you run the risk of delaying the sale and later having to reduce the price. A Realtor has the knowledge and expertise to help you price the home where it will sell quickly and for the most amount of money. In fact, the National Association of Realtors has statistics that show homes sold with a Realtor actually sell for money. - Real Estate Marketing Skills
Marketing is a huge part of real estate. Skilled Realtors know how to market homes with pictures, videos and great descriptors as well as which online sites to post your home to that will drive buyers to your listing. They are also responsible for marketing, arranging and managing open houses and showings. Everyone is busy so it would be difficult for a homeowner to manage six showings on a day they have to be at work. This is why you have a Realtor. - Professional Real Estate Connections
Realtors that have been in the business a long time have a long list of professional connections and contacts. If you come across a need during the sale of your home (inspections, septic repair, etc.), a good Realtor can recommended several professionals to meet these needs. These kinds of things frequently come up during the process of selling a home. Having a Realtor with a pocket full of resources is extremely helpful. - Real Estate Negotiation Skills
A Realtor is very knowledgeable about the entire selling and buying process including the negotiations. Negotiations can be tricky. You do not want to immediately accept your first offer nor do you want to counter an offer at too high of a price that will cause the buyer to walk away from the table. Your Realtor will have experience in negotiations and can give advice and recommendations throughout this process. This can ease some of your anxiety as well as get you more money on the sale. - Facilitate Real Estate Closings
There is a lot of paperwork involved in both buying and selling real estate. It is not uncommon to feel like you are signing your life away. You may encounter state contracts, title documents as well as lender contracts. Fortunately your Realtor can help explain the documents you are required to sign so that you can feel comfortable throughout the process.
Use a Realtor When Selling Your Home. Using a Realtor is the most effective method to sell your home. An agent can help you choose the best list price, market your home, get potential buyers in for showings, negotiate the best deal on your behalf and assist with the closing process. All of these services make a Realtor commission worth it. You have a better chance of selling your home quickly and for more money with a real estate agent!
Friday, October 27, 2017
Thursday, October 26, 2017
Use Cap Rates to Determine Value
Investing in real estate is one of the fastest ways to grow your wealth. Before purchasing an investment property though, you should determine its value.
One way to determine the value of a property, is to determine its capitalization rate as well as the going capitalization rate in the same area on a similar property. Real estate investors use the capitalization rate when determining whether or not to purchase a property. To obtain the capitalization rate of a property, you must take the net operating income of a property and divide it by the sales price.
Calculate the Cap Rate in 3 Simple Steps:
- First, determine the gross income of a property. You can do this by adding together all of the income sources such as the rent it brings in as well as any ancillary income from laundry services, etc. For example, let’s say the total annual income of the property we are considering is $100,000.
- Now that you have the gross income, you will need to subtract operating costs in order to find the property’s net operating income. This would take into account the real estate taxes, property insurance, landscaping, trash removal and other utilities the owner may be responsible for. In this case, let’s say it took $40,000 a year to operate the property. That would leave a total of $60,000 for your net operating income.
- Now you will need to divide that net operating income by the proposed sales price to reach the capitalization rate. Let’s say that the asking price for this property is currently sitting at $700,000. So if we divide the net operating income of $60,000 by the asking price, we would receive a capitalization rate of .086 or 8.6%.
Now that you know how to determine the capitalization rate of a property, you can use this math to see how this building compares to other similar properties in the area. If 8.6% is the going cap rate in the area but this property is sub-par compared to the other properties, then you may want a higher capitalization rate to make this property worth the investment. That means you would want a lower sales price. At $650,000 sales price the cap rate would be 9.2% which may make this investment worthwhile. On the flip side, if this property is pristine, you may be willing to accept a lower cap rate.
As you can see, determining the cap rate of an investment property is a very effective tool. As a real estate investor, having this math to back up your investment is crucial. Remember this formula for obtaining an accurate capitalization rate and you will find yourself becoming a real estate professional in no time!
Open Houses, Price Reductions & Lease Purchases!
Open Houses for October 29, 2017
10925 Quail Hollow Dr, Concord
Open 12-4pm
$425,000
4bd 2.5ba
707 W Main St, Geneva
Open 12-2pm
$139,900
5bd 2ba
8117 Puritan Dr #47B, Mentor
Open 2:30-4:30pm
$119,900
3bd 2ba
5654 Reef Rd, Mentor-on-the-Lake
Open 12-2pm
$150,000
3bd 1.5ba
16150 Hart Rd, Montville
Open 1-3pm
$375,000
4bd 3ba
771 Edgewood Rd, Richmond Heights
Open 12-2pm
$225,000
3bd 2.5ba
842 E Decker Dr, Seven Hills
Open 12-3pm
$225,000
3bd 2ba
Price Reductions
9635 Ryan Dr, Mentor
$70,000 NEW PRICE!
175 Wood St, Painesville
$118,500 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, October 25, 2017
Tuesday, October 24, 2017
Monday, October 23, 2017
Why a Seller Should Always Counter an Offer
Normally there are two options when an offer is presented on a home. The seller can either accept the offer as presented or counter the offer to terms that are more favorable to the seller. Sometimes though when an offer is considerably lower than the asking price, a seller may feel insulted by the offer and refuse to counter at all. This is a mistake.
Do Not Stop the Negotiating
If a buyer takes the time to write an offer on a home, they are interested. They may want to start the negotiating lower than a seller would like but a seller should never stop the ball from rolling. If a seller refuses to counter an offer citing, “It is too low to even counter”, the buyer may be insulted as well and walk away from the deal. Sometimes buyers like to play the game. Sometimes they want to throw a low ball offer in the first time to see where a seller is at and then they will get reasonable. It is in the seller’s best interest to keep negotiating as long as the buyer is willing to negotiate.
Price Your Home Right
A seller should price their home right to begin with. Buyers are looking at several homes in the same price range so they can tell right away if a home is a good deal or if it is overpriced. If it is marked higher than the current market, the number of showings and potential buyers will be much lower. If a buyer writes an offer, it will likely be lower than the market because they know there are limited prospects looking at the home since it is overpriced. On the other hand, a home priced correctly may have multiple offers on it at one time.
First Offer is Usually Your Best
A seller should try and work with their first offer as much as possible to make it come to fruition. Sellers sometimes feel that since they received one offer, they will receive another offer if this deal does not come together. That is often not the case. Many times a home will sit on the market for months after the first offer dies and the seller will end up selling the home for less than what the first buyer was willing to pay. In addition to the lower sales price, the seller incurred additional months of payments, taxes, insurance, etc.
First 10 Days on the Market are Most Critical
The first ten days a home is on the market is when it will receive the greatest number of showings both online and in person. For this reason, a home that is priced correctly is likely to receive an offer as soon as it is listed for sale. The showings will diminish greatly afterwards so this is something a seller should keep in mind when they put their home on the market.
For all of these reasons, there are only two options for sellers when they receive an offer: Accept or Counter. It is in a seller’s best interest to never stop the ball from rolling!
Friday, October 20, 2017
Thursday, October 19, 2017
Steps to Take to Invest in Real Estate
Investing in real estate is a popular way of creating wealth. Some investors prefer to buy a property and hold on to it until its value appreciates. Others prefer to purchase a property, improve it and resell it for a profit in a short period of time. Regardless of the techniques, real estate investment has a number of benefits.
Choose Investment Type. It is important to decide what property type you would like to focus on such as single or multi-family homes, commercial properties or vacant land. You also need to decide whether you want to own property yourself or if you want to invest in a real estate investment trust (REIT). If you like the idea of investing in real estate but you do not want to have to deal with the actual properties, then a REIT would be a good option.
Consider Financing Options. When investing in real estate, many investors borrow funds from a traditional lender or pay cash for the properties. Other investors are more creative and use owner financing, private investors and hard money lenders.
Determine Cash Flow. It is important to calculate the return on investment before making an offer on a property. The value of an investment property is based upon the income the property currently produces or the potential profit a property could bring in.
The important thing to keep in mind is that like all investments, real estate investment can give you potential returns, but you have to make careful choices and weigh you options based on your finances before plunging in.
Open Houses, Price Reductions & Lease Purchases!
Open Houses for October 22, 2017
10925 Quail Hollow Dr, Concord
Open 2-4pm
$425,000
4bd 2.5ba
6170 Brambleside, Mentor
Open 1-3pm
$185,000
3bd 2ba
8117 Puritan Dr #47B, Mentor
Open 1-3pm
$119,900
3bd 2ba
5654 Reef Rd, Mentor-on-the-Lake
Open 12-2pm
$150,000
3bd 1.5ba
771 Edgewood Rd, Richmond Heights
Open 12-2pm
$225,000
3bd 2.5ba
842 E Decker Dr, Seven Hills
Open 12-2pm
$225,000
3bd 2ba
Price Reductions
107 Carroll Ave, Painesville
$85,000 NEW PRICE!
1446 Jones Rd, Jefferson
$80,000 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, October 18, 2017
Tuesday, October 17, 2017
Monday, October 16, 2017
Have You Outgrown Your Current Home? Here Are Five Easy Ways To Tell If It Is Time to Upgrade!
Your home is your castle, your own piece of the American dream. But lately your little corner of the world has been feeling cramped and you find yourself eyeing a larger home. Is it time to pull up the stakes and move on from your starter home?
Growing Family
If you have added to your family in recent years, you may have more people than bedrooms. A two bedroom home may have been a great idea when it was just you and your spouse but with two kids, you are out of space.
Overflowing With Stuff
When every closet is packed so tightly with shoes and coats you risk an avalanche every time you open the door, your home just does not have the space to keep all your things. You may have even had to move some things off-site, spending money to rent storage space to hold onto keepsakes.
No Rest For The Weary
You would love to spend an afternoon soaking in the tub but before the warmth of the water can take you away, there is a banging on the door of the only bathroom in the house and a chorus of “hurry up!” Or the rec room you dreamed of is only a dream. Those visions of a big screen television were shattered by the realization you needed somewhere for the kids to play.
No Room For Extras
When you first moved in, the two-car garage doubled as a work shop. Now, the equipment has been sent to storage to make room for the bigger vehicle and the kid’s toys. Or you would love to host your friends visiting from out of state but there is hardly room for their luggage, much less them.
Changes In Career
You may have opted for a starter home when you first entered the market because you had a smaller income. Now, thanks to changes in careers or promotions at work, you can afford a home with greater square footage and room for your growing family that will provide the space you need for many years to come.
If you feel you have outgrown your space, contact a trusted real estate agent to find that perfect new home for you!
Friday, October 13, 2017
Thursday, October 12, 2017
Open Houses, Price Reductions & Lease Purchases!
Open Houses for October 15, 2017
5654 Reef Rd, Mentor-on-the-Lake
Open 2:30-4:30pm
$150,000
3bd 1.5ba
6272 Glenwood, Mentor
Open 12-2pm
$239,900
4bd 3.5ba
8040 Hackberry, Mentor
Open 12-2pm
$250,000
3bd 2.5ba
8117 Puritan Dr #47B, Mentor
Open 2-4pm
$119,900
3bd 2ba
Price Reductions
10536 Johnnycake Ridge Rd, Concord
$115,000 NEW PRICE!
1146 Westshore Dr, Saybrook
$83,000 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!
Tuesday, October 10, 2017
Monday, October 9, 2017
Advantages of Buying with a Lease Purchase Option
Buyers who are not able to get traditional financing having another option. A lease purchase option is a type of temporary owner financing in which the owner rents the property to the buyer for a period of time until the buyer can get financing from a bank. Often this time period is for one year or less but sometimes a seller will accept a lease purchase for two years or more depending upon other favorable factors such as a larger down payment, a larger monthly payment or a larger purchase price. It often depends how the financing is structured that will determine the length of time a seller will be willing to offer temporary financing. What are the advantages though to the buyer?
Little to No Money Down
A buyer may be able to structure a lease purchase option with little to no down payment. Of course the normal security deposit and first month’s rent would be required but otherwise the monthly payment could be increased above the going rental rate and this increase can be applied towards the buyer’s down payment at the end of the rental period. It is usually a good idea to make sure the buyer has at least a 3.50% - 5% down payment either upfront or by the end of the rental term since the buyer needs this amount to put down with traditional financing.
Flexible Financing Terms
Just as the down payment is flexible so can the rest of the terms since the negotiating is between the seller and buyer. So if a buyer has a good sized down payment but only wants to pay the going rental rate and wants to negotiate a lower sales price at the end, it is possible. In addition, a lease purchase option is in fact an option to the buyer. If the buyer chooses not to purchase the property at the end of the lease, they have that right. They often will lose their down payment that they applied upfront or accumulated with their monthly payments as a recourse to the sellers for not completing the purchase.
Raise Credit or Down Payment
A lease purchase option gives a buyer time to correct their credit or raise the funds for a down payment. Sometimes a buyer cannot purchase because they are waiting for a specific time to pass such as with a bankruptcy or for a certain action to happen such as a divorce decree to be filed. A lease purchase option provides a buyer with this needed time while living in the home.
Investor Leverage
Investors can use this type of financing as well. It provides an investor the advantage to use leverage by having control of a property and making a profit from it before they even own the property. It also limits their personal responsibility and liability because the property is not totally theirs yet.
As you can see, there are several advantages for a buyer to use a lease purchase option. A seller will often consider this type of financing if a property has been on the market for a long period of time. It is wise to consult a Realtor to make sure you address all of the key terms and follow the lending guidelines that will eventually come into play. It is also recommended that you have an attorney draw up your lease purchase option so that the language protects you!
Friday, October 6, 2017
Thursday, October 5, 2017
Open Houses, Price Reductions & Lease Purchases!
Open Houses for October 8, 2017
10925 Quail Hollow Dr, Concord
Open 2-4pm
$425,000 NEW PRICE!
4bd 25ba
707 West Main St, Geneva
Open 12-2pm
$139,900
5bd 2ba
6170 Brambleside, Mentor
Open 3-5pm
$199,000
3bd 2ba
Price Reductions
10536 Johnnycake Ridge Rd, Concord
$115,000 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, October 4, 2017
Tuesday, October 3, 2017
Monday, October 2, 2017
Location, Location, Location - Things to Consider When Deciding Where to Live
Deciding where to live should be a home buyer’s first task. Many buyers though describe the type of home they want to live in and are open to many areas. This usually results in another move within a few years because the homeowner realizes they should have considered their lifestyle and the things they like to do and made choosing a location the priority.
Commuting Nightmares
If your new home is quite a distance from work, family or hobbies you like to do, then you could spend a good amount of time in the car. This is time that could be spent enjoying your home and spending time with family and friends. Even though a buyer may not mind driving, when it adds up to several hours each week, it will begin to mentally and physically weigh on a person and cause unnecessary stress.
Healthy Lifestyle
Many buyers today are looking for communities that are easy accessible with walking/biking paths. Real estate companies have recognized this and offer Walkability ratings on their websites. Sitting for long periods of time indoors is not healthy. It is ideal to choose a community where you can get out and roam to the neighborhood coffee shop, the gym or a nearby park.
Future Appreciation
If there truly is more than one location that will offer you everything you need, then choose the location that has the best chance of increasing in value. Appreciation is a great determining factor when choosing where to live since it takes your future earnings into consideration. A real estate professional can help you determine areas that are expected to increase in value over the next several years.
At the end of the day, location should be the first consideration when deciding where to live since the home itself should not be the only deciding factor. The surrounding area plays a big part in a homeowner’s happiness and therefore should be given the attention it deserves. A buyer will be happier in the long run!
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34645 Willow Creek Pl, Willoughby - $399,000 1331 Bennett Rd, Madison - $329,900 7165 Hawthorne Dr, Mentor - $274,900 4423 Ashwood Ave...
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