Archive for the ‘Property Management’ Category
Who would have guessed?? Mother in Law Suites are Trendy…
I have been hearing real estate agents chatter about homes with Mother-in-Law Rooms or Suites these days. It seems a lot of home buyers are interested in accomodating more than one generation of their family in their home. When I inquired about the trend…this is what I learned.
- Nearly 40 percent of buyers sited financial reasons as the motivation for co-habitation
- A third of the buyers who were looking for an “in law” friendly floorplan cited care issues.
- Only 6 percent said a strong family bond was the reason they were living with family.
InfoTube.net offers some Tips for Buyers and Sellers regarding the “In Law” suite Trend
- Everyone involved in the purchase should talk frankly about sharing rooms, bathrooms and common area’s, such as kitchens and family rooms.
- Sellers with rooms or places to accomodate multi-generational living should definitely highlight and play up that aspect of their home.
- Buyers will be very clear about their needs and are willing to pay for extras. Extra bedrooms, bathrooms or even plumbing roughed in for an extra bath will be important. Luxury ammenities such as separate kitchens, entrances, handicapped accessibility, one level living or a free standing additional building on the property are most sought after.
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Snooping Real Estate Agent Caught on Camera
ATLANTA — When real estate agents representing buyers show your home, should they be allowed to examine private or confidential papers? How would you react if you caught them doing just that?
Channel 2’s Tom Regan talked with one home seller who was shocked by what he caught on camera in his home. David Scitthelm owned a beautiful home in Buckhead. He was proud to put it up for sale, but he wasn’t pleased with the conduct of the two real estate agents who arrived to show the house.
To Learn More or Watch the Short Video, CLICK HERE
Commentary: Infotube.net ALWAYS advises that home sellers hide or pack away anything that is private or could be used against them in a negotiation. And, private mail and legal notice issues aside…did you see how this agent hunted for books, stereo equipment, family photographs, collections, etc. to gain personal knowledge about the sellers? Hopefully this story plainly illustrates to homesellers the importance of packing up all personal items BEFORE they put their home on the market. Added Bonus: A staged home always shows better and appeals to a wider audience, too.
P.S. And, don’t forget your medicine cabinet (:
The Truth about Being a Landlord
The real estate crash has created new interest about property management and the work involved in becoming a landlord. Some people feel they have been cornered into the landlord role, because they have been unable to unload property they already own. Others are considering buying and renting property as an investment, since home prices and money are cheap.
Before you consider investing your savings in real estate, ask yourself why you’re doing so. Do you think that landlords get rich off rental income? Do you expect home prices to suddenly rebound? Do you expect to flip your investment for big profit, like some did 4 or 5 years ago?? If this is what you’re thinking, you might need to think again.
Myth #1: Real Estate can Make You Rich: We’ve all heard the late night commercials and multi-level marketing groups that make their money by selling the keys to making riches in real estate. Don’t buy into it. Unless you’ve owned a property for many years, or you found the deal of a lifetime, you should know that rarely does the rental income cover expenses. In other words, rental property will cost you money, not make it. When the market was soaring higher, landlords could justify losing money every year on rent, because they saw their property values grow. In 2010, it will be very difficult to make renting a profitable venture.
Myth #2: Rents Above Base Costs = Profit: Calculating potential profit from rentals is not at all that simple. An investor needs to be sure to calculate all the real expenses of owning property.
Hidden Expenses. If you have a loan, you’ll pay interest so figure that in. Property taxes on real estate are already high and expected to go higher. If future tax increases exceed the probability of rent increases, you lose even more. Landlords also need a personal liability insurance umbrella, in addition to insurance coverage for the structure itself. Landlords should count on having a one month vacancy (no renter) per year, as leases expire. In addition, you’ll need to budget for the advertising, signage, etc needed to attract a new tenant. Don’t forget to add in the cost of accounting and filing tax returns on rental properties.
Don’t forget about Repairs and Maintenance. They will vary depending on the age and condition of the property, but even if you buy brand new, the best tenants will cause normal wear and tear. In addition, all property needs to be updated and maintained regularly. If you don’t have the skills or the time, budget in repair costs plus the labor.
Utilities and ground care can also eat away at potential earnings. If the property is separately metered, the tenant pays the utilities. If not, the landlord pays. Unless the property is a single family home, the landlord will always pay for sewer and water, at a minimum.
Myth #3: The Cost of Opportunity: The Costs of Lost opportunity to be more precise. If you invest your savings in a piece of rental property, then you can’t invest it in stocks, bonds or other financial instruments. It is important for investors to know what their money can earn, in order to decide the best place to put their cash. And, remember that real estate is not liquid, like equities and other investments. You can’t dump a bad real estate investment, or cash in your profits, with a call or click of your mouse, like you can other investment vehicles. Remember that just to sell a piece of investment property can take months or years, and fee’s to sell will generally erase 10-12 percent of the sales price.
Myth #4: Fat Cat Landlords Sit While Cash Rolls in: Being a landlord may look like a “cushie” job, but nothing could be further from the truth. Landlords are responsible to their tenants and the law. Owning any property, even one you occupy, requires constant attention and upkeep. Unless you own over 10 units, you probably can’t justify the cost of a property manager to oversee finding and screening tenants, enforcement of leases, collecting and accounting for monthly rentals or handling evictions. In addition, all landlords should be willing to accept late night phone calls or vacation interuptions for flooding, broken down heat or AC, leaking roofs, etc. If that scene doesn’t sound appealing to you, or you’re not very handy, then becoming a landlord probably isn’t a job you will like.
Conclusion: Real estate is a high maintenance investment vehicle. It is also one that is very expensive and time consuming to get rid of, if you don’t like it. So, if you are considering becoming a landlord for any reason, make sure you calculate all the costs, time and trouble, before you jump in.
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Fed Snapshot on Real Estate in 2010
An exerpt from the NASDAQ report states:
In all seven of its districts, though, sales of lower-priced homes outpaced those of higher-priced homes by a wide margin, the Fed reported. It credited the government homebuyer tax credit for boosting interest in less-expensive properties.
And the extension of the tax credit could act as a shot in the arm for purchase activity later in the year, the Fed suggested. “The extension of the credit into 2010,” the Fed noted, “could give an added impetus to the expected seasonal sales upturn this spring.” 
Concerns about the continued housing recovery abound among policymakers and the chattering class, however. Both the tax credit and the Fed’s purchase of mortgage-backed securities are slated to end in the coming months, and it’s unclear whether there will be sufficient demand for home purchases without those stimuli.
This week, the Mortgage Bankers Association released a forecast for mortgage activity; it anticipates that mortgage issuance will fall 40 percent from 2009. The decline will be led by a plummeting rate of home refinancing, the MBA said.
InfoTube.net reads between the lines: The market is being driven on the low end by Federal stimulus and the housing market will drop off after the April deadline for qualification passes. If you have a home to sell, you will see more buying momentum earlier in the year than later. To maximize your investment, clean, repair, stage and advertise your property on the internet during the first quarter of 2010. January – April will be the period we will see the more homes go under contract for the year.
Carbon Monoxide Poisoning. aka Silent Killer
Carbon Monoxide (CO) is called a silent, deadly killer because the gas odorless, colorless and tasteless, yet is highly toxic. Hundreds of people die from CO poisoning and thousands of others require medical treatment.
What are the Symptoms of CO Poisoning?
- Headache, nausea, shortness of breath, dizziness and fatigue. Since the symptoms are fairly commonplace, people are often misdiagnosed with the flu or a “bug”. Unfortunately, they unknowingly return back home, further exposed to the deadly gas.
What are the Sources of CO in a Home?
- The killer often resides in a faulty fuel burning appliance or fixture, such as a furnace, fireplace, oven, range, hot water heater or space heater. Other sources are garaged, idling cars, or charcoal burned indoors or inside a tent or camper.
What can a Homeowner do to Carbon Monoxide Proof Their Home??
- Install Carbon Monoxide Detectors Today! A variety of models are available at most hardware stores and cost no more than smoke detectors. 2 major manufacturers make multi-tasking products that detect both smoke and carbon monoxide.
Conclusion: The price of carbon monoxide poisoning is extremely high, but the cost to prevent it is very low. Install a CO detector in your home this weekend to protect your family from this invisible killer.
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Home Buyer Motivation at Highest Level in Years
According to a survey by Move.com, 12.1 percent of homebuyers intend to purchase an investment property this year, compared to only 5.6 percent of buyers polled in April. 
The percentage of investors shopping for property also jumps higher when it comes to foreclosed property. 42 percent of foreclosure buyers are purchasing for an investment. 57.6 percent of foreclosure shoppers plan to live in the home they buy.
The survey also shows that 23.6 percent of investors and buyers believe that home prices are already as low as they will go. Nearly 20 percent feel a sense of urgency when searching for a bargain.
Another factor motivating home buyer’s off the sidelines is the real threat of rising interest rates. Wall Street guru’s, who agree on very little, warn that lending rates will rise in the near future. With real estate prices at their lowest levels, buyers risk much more in waiting to purchase, than they do by locking in record low rates on their loan.
Prediction: We believe the leading indicator of an interest rate hike will be falling unemployment claims. When unemployment claim filings fall below 500,000 per month, a rate hike is likely!
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Mortgage Giant Cuts a Deal with Homeowners
Mortgage giant Fannie Mae announced that it is willing to play “Let’s Make a Deal” with homeowners who are behind on their mortgage payments.
According to CNBC, Fannie Mae will give homeowners, who are in default on their loan, the option of renting the home and staying put for up to one year. To be eligible, the homeowner must sign over the deed to the property.
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Home Buyer Tax Credit Extended.
Great news for home buyers, sellers and owners, alike. The homebuyer tax credit has been expanded to include step up buyers, who have owned a home for 5 years. It also extends the tax credit through the end of 2010.
GREAT NEWS!
It appears that Senate Democrats have recognized the tremendous value of the First Time Homebuyers Tax Credit and odds are it will be renewed soon. At this time, it is believed that the credit will allow anyone purchasing a home, by April 30, 2010, to participate and receive the full credit available.
The credit will continue until the end of 2010, but the amount of tax credit will drop by 2 percent every 90 days. The graduated benefit should help the housing market recover into and through the 2010 summer selling season.
Here is the text of the story as reported in Bloomberg News today:
Senate Democrats on Board with Credit Extension
Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed not closed by April 30. Purchasers would have another 60 days to close the sale. The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.
The credit would be cut slightly to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.
Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009)
Green Flooring. Marmoleum Natural Linoleum.
If you are considering an update for the old vinyl flooring in your home, go natural. Natural linoleum, made from wood and cork, limestone dust, pine rosin and linseed oil, is a fantastic, green material substitution for the petroleum-based products of old. Natural linoleum is available in either sheets or individual tiles, it offers an endless suppliy of color and pattern choices and is a great product for residential or commercial use.
Why We Like Natural Linoleum
It’s Versatile. Marmoleum is available either sheet or tile forms. It is used in both residential and commercial settings. Great for resturants and offices, too. The product can be used on floors and countertop surfaces. It is sold in a wide range of colors and patterns. Some patterns mimic quarried stone, others are mottled for subtle texture and other options include high tech MRI images. The applications and decorating options are only limited by the owner’s imagination and tastes. A Do-It-Yourselfer can easily install the tiles themselves, just like vinyl. 
It’s Low Maintenance. Manufacturers estimate the lifespan of natural linoleum at 30-40 years, compared to 10-20 for vinyl. Scratches are no problem. The surface is hard, and even becomes harder over time. Additionally, any surface scratch can be buffed out, because the color extends through the entire thickness. For cleaning, a dry mop is recommended for routine maintenance.
It’s Green and Better for the Environment. Natural linoleum is much better for the environment than petroleum based, vinyl products. Vinyl’s are not sustainable and are highly polluting in their manufacturing process. Natural linoleum is made from wood, rosin, limestone and linseed oil. All these materials occur naturally and are sustainable. When it’s time to remodel, natural linoleum can be shredded and turned into compost for the garden versus filling a landfill. Additional bonus, natural linoleum will last and look good for a least least twice as long as vinyl.
Disadvantages. The linseed oil in the products “off gas” and some people are sensitive to its fumes. We advise that you air out the product for a few weeks before you install it, if you have a sensitive reaction to the smell. Like most plant-based products, linoleum doesn’t perform well in area’s with constant moisture. Test the moisture content of floor slabs before installation. Use Caulk to seal edges around tubs and showers where flooring abuts. The only other disadvantage is probably the initial cost of the product. Marmoleum costs around $4.00 per square foot, compared with $1.50 to $2.00 for vinyl flooring.
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Poison Drywall of China
Toxic, sulfur laden sheetrock, Made in China, is making people sick, causing electrical wiring to go crazy and is corroding copper, wire and stainless steel in American homes. The problem has affected thousands of homes in 20 states, yet, the US court system is powerless when to hold Chinese manufacturers (most of which are owned by the Chinese government) responsible for problems caused by their products.
The hardest hit area of the country may be the slowly recovering New Orleans area, and the coastal area’s wiped out by Katrina. After enduring floods and mud, this man-made victimization is the last thing these communities need or deserve. For those wondering how bad the problem is….The problem is so bad that local governments, already low on funds, are waiving property taxes for homes rebuilt with the Made in China, toxic sheetrock.
Facts About Toxic Chinese Drywall and Sheetrock:
- The sheetrock may emit a sulfuric odor, which smells a bit like rotten eggs.
- Health Problems are being Reported. The most common health effects from the drywall are skin rashes, blisters and headaches.
- Homeowners insurance does not cover claims due to construction defects. When insurers discover a property has Chinese drywall, they are canceling homeowner policies.
- The gases emitted by the Chinese Drywall eat away at any copper, aluminum or stainless materials inside the home. This means that appliances, wiring, mirrors, computers, toys, plumbing pipes and fixtures, jewelry, HVAC or any systems that contain these component materials will also be damaged, usually beyond repair
- Seller’s of Homes that contain Chinese Sheetrock must disclose that fact, even if all the sheetrock in the home has been replaced.
- If your home contains any Chinese Made Drywall/Sheetrock file a compliant with Consumer Product Protection Council and also check about making a local compliant with your state.
- For updates on the Chinese drywall, multi-district lawsuits (MDL #2047 to to www.laed.uscourts.gov and click on Drywall MDL.
One tell tale sign of toxic sheetrock can be seen in the corners of mirrors
Watch for corrosion in and around plumbing fixtures, refrigerators, ac units, on stainless steel appliances or any area with metal components.
Our two cents: In light of this most recent, very serious, and potentially deadly, problem with cheap imports, all Americans need to reconsider their ongoing love affair with everything cheap and Chinese. If the US government, who allows these imports, can’t force the Chinese manufacturers to stand behind the products they sell, then the retailers, who chose to buy these goods should have to. The cost of uprooting families and replacing all the sheetrock, mechanical systems and personal property in over 60,000 reported homes is overwhelming. If anyone deserves a taxpayer bailout, it’s these innocent homeowners who have been victimized by governments and retailers, alike.
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What Happens when Apartment Co-op Owner Dies?
Dear InfoTube,
My Uncle, who owned a unit in a co-op apartment building, passed away recently. If the heirs decide they do not want to sell the unit, will they be allowed to stay there part time? Or, can they chose to live in the apartment if they wanted to?
Dear Niece,
Unfortunately, the answer to both of your questions is No. Under all proprietary leases, occupancy is limited to the shareholder, only. If a shareholder is deceased, no other person can live in the apartment without the consent of the co-op. When your Uncle was alive, he could ask family members and guests to stay in the apartment, but only if he was there, too.
If you decide to keep the apartment, the new shareholder of record will need approval from the co-op board before they occupy the unit. Even for a week or two.
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Los Angeles New Law: NO MORE Graffiti!!
LOS ANGELES — Under an ordinance just approved by the City Council, all new buildings in Los Angeles including homes must have anti-graffiti coating, unless the owners sign a contract vowing to remove any graffiti on their property within 72 hours from notification.Check for Bed Bug Outbreaks in Real Time
A new website The Bed Bug Registry is a free, public database of bedbug infestations. Use it to check for bedbug reports before booking a hotel room or renting an apartment.
The Bedbug Registry gives travelers and renters a reliable and neutral platform for reporting their encounters with bedbugs. Though most Americans have still never encountered one, these retro pests are spreading extremely quickly across several American and Canadian cities.
Bed bugs are easy to transport in luggage and very hard to get rid of. For this reason they have become an especial nuisance for hotels, who are not eager to publicize their infestations. You can’t tell whether a building or hotel room has them based on cleanliness – the bugs can thrive anywhere there are cracks and crevices to hide in.
Until a reliable, safe pesticide becomes available, avoiding bedbug encounters will be the only reliable way to ensure they don’t spread into your own home.
To Read More About How to Spot and Stop Bed Bugs Before You are Eaten Alive, CLICK HERE!!!
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Edison’s Light Bulb is Phased Out.
Thomas Edison’s light bulb, invented in 1879, will not be sold in the U.S. after January 1, 2012.
As part of the Clean Energy Bill, signed in 2007, most wattages of incandescent light bulbs, will go the way of leaded gas and oil based paint. Australia started the light bulb ban in 2007. Europe followed in September, this year.
Even though Americans hate forced change, there are some reasons this change makes sense. According to Energy Star, “a qualified compact fluorescent light bulb (CFL) will save about $30 over its lifetime and pay for itself in about 6 months. It uses 75 percent less energy and lasts about 10 times longer than an incandescent bulb.”
Futhermore, Noah Horowitz, with the Natural Resources Defense Council stated “it would eliminate the need to build 30 new coal power plants and save as much electricity as used by all the homes in Texas.”
Astounding Energy Savings, No More Coal Plants and Free Money, too, what’s not to love?? Well, a couple of things…
First of all, fluorescent bulbs contain mercury. Remember the dangers of mercury? If a bulb breaks, the mercury scatters around the room or hides in the carpet and toys. And, don’t throw the new bulbs into the trash. To dispose of these bulbs, if they don’t break first, they need to be handled like hazardous waste, ie: paint, chemicals, batteries, etc. Home Depot, True Value, IKEA and other retailers will recycle them, but you need to carefully pack them up and drive them to the store.
Secondly, fluorescents can’t be used with a dimmer switch. My personal favorite trick for creating ambiance. And, I’ve already tried CFL’s and found they don’t produce enough light, or maybe the right hue of light, for easy reading and other close up tasks. And, probably most concerning, they also aren’t a great light for those of us who look for bulbs that cast flattering, soft light ):
Change is coming. Adjust or stock up before January 2012. Thank you for visiting InfoTube.net your FREE homes for sale and lease website. Have a great weekend and happy home selling and buying.
Virtually Stage Your Home to Sell
Marketing a vacant home can be difficult challenge, because empty rooms are hard to size up and they don’t stand out in a buyer’s mind. This leaves every vacant home looking like the one next door, with the only difference in a buyer’s mind being, which home has the lowest price.
This problem may have been solved by Krisztina Bell, a smart Atlanta Realtor, who invented and patented a software program that will “virtually” stage any vacant property for around $250. Her company has been heralded by the Chicago Tribune, San Francisco Chronical and other publications as the answer to giving the effect of a professionally staged home at a fraction of the cost.
With 90 percent of home buyers doing their shopping online, and thousands of vacant homes on the market, Ms Bell’s idea is smart and timely. Her technique transforms listing photo’s of vacant homes into homes with professionally designed interiors, using a library of attractive furnishings, accessories and artwork. The resulting “after” photo’s are realistic, authentic and hard to distinguish from a home that has been actually staged with furnishings.
To view the Photo Gallery of some impressive Before and After Pictures, please visit her website VirtuallyStagingProperties.com, by clicking this link. You will be amazed. And, if you have a vacant home to sell, you should seriously consider this inexpensive option and make your home pop.
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