When you own income-producing rental property, it’s important to attract renters and keep tenants happy without sinking a small fortune into luxurious upgrades that won’t get you much return on investment. On the other hand, not taking care of your property or offering upgrades will likely cost you more in the long run, as you’ll have a harder time finding and keeping responsible tenants. Luckily, there are some property improvements that are relatively affordable and can increase your rental home value and overall rental income.
Bloomberg Radio Guest Interview
Once again, I was honored to be invited back as a guest on the Investing Coast-2-Coast radio show with Pete Asmus and Ivan Oberon.
These two guys broadcast a great daily radio show and have a ton of fun doing it. It is a “must listen to” radio program for new and seasoned real estate investors.
On the radio show we went into depth on each of my 10 Rules of Successful Real Estate Investing. We also covered a few other topics as we went off on tangents. Be sure to listen to the program.
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How Will Immigration Impact Residential Real Estate?
Demographically, a lot has been written about how Millennials and Baby Boomers will impact real estate. But how will 11 million undocumented immigrants impact residential real estate if they are given residency?
Will millions of undocumented immigrants buy houses and increase prices and rents? Already, we are starting to see some signs of how immigration is impacting housing.
The Long and Winding Recovery
Zillow’s second quarter Real Estate Market Report shows national home values rose 6.3% on a year-over-year basis from June 2013 to $174,200. The last time national home values were at this level was back in March 2005. (Housing prices peaked in 2006.)
Rents were up 2.5% on a year-over-year basis. The Zillow Home Value Forecast calls for 4.2% appreciation nationally from June 2014 to June 2015.
Understanding Your Purchase Appraisal
Once you have a property under contract and you’ve performed an inspection, it’s time for your loan officer to secure a purchase appraisal.
Be aware that an appraisal will almost always render a lower value than you determined in your comparative market analysis, for a number of reasons. Appraisals do not give an accurate market value – they simply give you a reflection of what you’re trying to accomplish with the bank. There are actually different types of appraisals, and each one serves a different purpose.
Would You Move for $1 Million in New Wealth?
America is a nation on the move. The Census Bureau says 35.9 million of us picked-up and went somewhere else in 2013, almost 12% of the entire population.
We move because of such things as jobs, climate, family and schools but there’s another reason as well: A good move can be worth $1 million and maybe more.
Strongest Job Markets in the 60 Largest U.S. Cities
Sometimes the grass truly is greener on the other side of the fence. The financial turmoil of the past few years certainly lends credence to that notion, as the Great Recession’s disproportionate impact on local economies spawned a 24-point unemployment rate difference between the most and least bountiful major U.S. cities.
More than 100 million people have moved within the past five years, according to data from the U.S. Census Bureau, and 48% of unemployed individuals have picked up their roots in search of a job over that time-frame. This societal mobility stands to be a major asset for job seekers as the economy improves. In fact, 2014 is expected to be a strong year for hiring, with 27% of employers planning to hire, according to the National Association for Business Economics, and a projected 8% bump in the number of recent college graduates who land jobs, per the National Association for Colleges and Employers.
Investment Property: A Great Wealth-Builder
When most of us think of investments we think of the stock market, maybe our retirement fund, and maybe that “business opportunity” last year with a colleague. It is easy to describe investments one-dimensionally; something we invest money in today that we intend to sell for a larger sum years later.
Investment real estate however builds wealth simultaneously four ways:
Single-Family Rentals Are Here to Stay
Single-family homes now comprise 35% of all rentals and 11% of all households.
What's driving demand?
From 2005 to 2012, single-family rental homes grew 1.7% per year, primarily due to:
Low Confidence: Many households do not yet have the confidence to purchase, knowing that they could lose their job or be required to relocate.
Low Affordability: Many households cannot afford to purchase a home due to bad credit, loan documentation issues, high levels of debt, and home prices now being out of reach.
When is the Best Time to Buy?
A lot of people ask, “When should I buy? What part of the real estate cycle should I buy in? Should I buy in a down market? Are the values going to keep going down? When should I buy and where is the cycle right now in my area?”
But these are the wrong questions – it’s not “WHEN should I buy?” You should always buy NOW.
I've said this when the market was good and I've said it when the market was down. The real question is “WHERE and WHAT should I buy?”
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