Browsing the archives for the Buy or Sell Investment Property tag.

Early Voting: Your Private Property Rights

Investors, Neighborhood Events, Real Estate, Resources

To all of my REALTOR and Real Estate Investment  friends AND those concerned with protecting YOUR Private Property Rights

Early voting will be held Oct 24 – Nov 4, 2011 so that Texans can vote on ten Texas Constitutional Amendments. During the early voting period, you may vote at any early voting location in the county in which you are registered. For exact dates, times and early voting locations, visit our website at www.DFWRealEstate.com or call the MetroTex Government Affairs Department at 214-540-2726.

The Texas Association of REALTORS® supports amendments 1 (ad valorum exemption for surviving spouse of Veteran), 2 and 8 (both dealing with water rights).

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Dare to Soar! NARPM 2011 Opening Day

East Dallas, Home Maintenance, Investors, Multi-Family Property, Property Management, Real Estate, Real Estate Finance

It was great to see so many of our Dallas Chapter Members at the opening of the Convention today. There is some great programming scheduled for the rest of this week. And there is still plenty of room and an opportunity for you to register on site. Below is the link for Thursday and Friday’s Schedule.

http://www.narpm.org/conferences/annual-convention-trade-show/schedule.htm

Today’s Business Leader Development was fantastic! We got a dose of Disney, from Dennis Snow who shared his lessons from the Mouse. It was an excellent seminar focusing on the development of world class customer service. By creating a positive powerful experience in which your customers/clients feel valued, you can cultivate intense customer loyalty.

After a brief get together in our hospitality room – #726 – we all headed to the Opening Session. Our Keynote speaker, Linda Larson, challenged us all to elevate our thinking, visualize positive opportunities and improve our communication skills – and improve out bottom line.

It’s now a little after 9pm and I can promise you several of our Chapter Members are still at Chaucer’s off of Beltline in Addison, watching the game and entertaning our Property Management friends.

The Trade Show is now open and tomorrow morning you can stop in and grab breakfast with the exhibitors 7.15am – 8.45am.

At 9.00 am, Dr. Mark Dotzour, from Texas A&M University, will be there tomorrow morning to give us an update on our current economic environment and how it will impact our business. Following the Economic Forecast, it is your choice of open workshop sessions.

If you are a Dallas NARPM member, you should definitely come out for the day. It is money well spent on your business development.

 

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Competing with Cash

East Dallas, Real Estate, Real Estate Finance

It’s not fair! 29% of all sales made in June and July 2011 were cash. How does a buyer who needs a mortgage compete with a cash buyer?

You’ve been looking for a home for months after thinking about it for years. You’ve found the home you want and meets your family’s needs. You write a contract but before it’s even presented to the seller, another offer comes in. With all the homes on the market, you’d think you wouldn’t have to deal with multiple offers but you’d be surprised how many times it does happen.

There are some proven strategies that can minimize the advantage of an all-cash buyer.

1. Get pre-approved and submit the letter from the lender with the offer

2. Move fast to minimize competing with other offers

3. Submit larger than normal earnest money to show your sincerity

4. Be flexible about closing and possession

5. Avoid unnecessary contingencies in the contract

6. Write a letter emotionalizing why you want the home

More than ever, now is a great time to purchase a home.  If you have questions regarding the home buying process please contact me!

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Better Than Gold??

City of Dallas, East Dallas, Home Buyers, Home Sale Statistics, Lakewood, Real Estate

I think those who buy in the next 12 months are going to be celebrating five years from now and those who don’t are going to look back with regret.  All signs are pointing to a buy indication.  Forget gold, it has already peaked. Housing is the bargain investment! Take a look at the numbers for yourself.

WHY IS THIS THE BEST TIME IN HISTORY TO BUY A HOME??? Here are some Positive Trends for you to track…

1.   Rental vacancy rates are at their lowest since 2003 and still falling, which will drive up rents even faster than the 2-3 percent average annual increase predicted earlier this year. Moreover, with demand outpacing supply, the rent-to-buy equation is turning increasingly favorable in markets across the nation.

2.  National average home prices in June were still 7.9% below a year ago, which was the height of the boom spawned by the tax credit. However,prices are still up 4.1% over the first quarter. Those are the cautionary findings from Clear Capital’s second quarter report, which is based on data from fair market and REO transactions from recorder and assessor’s offices as well as market reports.

3.      The mortgage delinquency rate has fallen for the sixth consecutive quarter, reports TransUnion. The share of borrowers at least 60 days late on their payment fell to 5.82% this spring, compared to 6.67% a year ago.

4.      One of the biggest bright spots in the housing market is housing affordability which is near an all-time high in 2011 according to the National Association of Realtors. Falling prices have made homes affordable. The trade group’s affordability index measured the third-highest on record after the first quarter of 2011 and the fourth quarter of 2010. Record keeping began in 1970.

Contact us today for more information.

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Apartments are “IN” In Austin

Multi-Family Property, Property Management, Real Estate

According to a report in the AUSTIN (Austin American Statesman), apartments are “IN”.  With occupancy rates hitting 96 percent and rental rates also hitting record highs, developers are looking to get on the Austin apartment bandwagon.

Multiple new complexes are being built. Here is a list of the complexes coming the capitol city’s way.

• 201-unit Wildflower Terrace 
• 302-unit University Park
• 301-unit Mueller Phase II
• 150-unit M Station
• 262-unit Corazon
• 300-unit RiverView
• 230-unit Lakeshore Apartments
• 1,200-unit South Shore District
• 215-unit The District at SoCo
• 318-unit Lamar and Manchaca apartments
• 298-unit Post South Lamar
• 210-unit Gables Park Plaza II
• 334-unit HPI Residential-Davis Springs
• 325-unit HPI Residential-Lakeline
• 244-unit Camden Amber Oaks, second phase
• 296-unit Colonial Grand at Double Creek

All of the complexes are either under construction or planned.

See the Austin American-Statesman for a map of the developments

While some residents have complained that rents are too high and that new development will only increase the rental rates, a few property owners have pointed out that the increase in rental rates barely keeps up with the continuing increase in taxes and maintenance costs.  The article notes the development boom is driven by demand and that it will be 18 – 24 months before many of these new apartment units are available and online.   As a former resident of Austin, I am looking forward to seeing the new development happen.

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Staying Cool in Triple Digit Dallas Heat

City of Dallas, East Dallas, Home Maintenance, Lakewood, Property Management, Resources

We are almost 2 months in to triple digit Texas temperatures with little to no relief in sight.   As  a property manager, the most common maintenance call we receive during this time of year is about the A/C unit NOT cooling.   One of the best tips I can give residents is to make sure you are changing your A/C Filter on a monthly basis (unless you are using a 3M filter).

The home warranty companies must also be receiving a high volume of A/C calls because I received these great reminders from Nations Home Warranty .  Many Thanks to those skilled technicians who keep us cool during this Texas Heat Wave.

AIR CONDITIONING EQUIPMENT INFORMATION

  • Air Conditioning systems are designed to produce a temperature split or a “Delta-T” on Home Inspection reports, between 15-22 degrees from inside the home measured before and then after the evaporator coil.
  • If the temperature split is higher than 22° or less than 15° that indicates that the air conditioning system should be serviced by a licensed HVAC company.
  • Achieving a temperature differential inside your home of 28-30 degrees from the outside ambient temperature is more than optimal. The ability of your A/C is highly determined by the age of the unit and the energy efficiency of your home.
  • Attic temperatures, in summer, are 140 degrees and UP. Therefore, air conditioning technicians are experiencing high volumes of heat exhaustion. Companies are struggling to keep them healthy enough to keep working.
  • When and IF it ever rains, exterior equipment cannot be serviced or installed because it is too dangerous for the technicians and rain can compromise the equipment. Additionally, the pressure readings are taken outside and it cannot be accomplished in the rain so servicing the A/C system would more than likely be a failed attempt.
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The Investment Alternative

Home Buyers, Home Sale Statistics, Investors, Real Estate, Real Estate Finance

To say the investment market is unsettling is an obvious understatement. The market is down 8% in the last ten days and the news doesn’t give much hope that things are going to get better in the near term.

Preservation of capital is probably today’s most important investment consideration and making a profit would be a bonus. Of all the conventional investment alternatives like stocks, bonds, mutual funds, gold, commodities, CDs and annuities, housing is the best asset class in America.

Homes have had a 30% to 40% price correction in the past four years. Mortgage rates are at near all-time low rates with 30 year terms available for investors. Rents have increased significantly over the past two years while vacancy rates have decreased. People will always need a place to live.

Five year certificates of deposits earn a little over 2% but rental properties are yielding eight to ten times more than that. Income properties are tangible assets that have benefitted dramatically in inflationary times. Cash assets can be devastated by inflation and diversifying into income properties can provide real protection.

Single family homes offer investors the opportunity to borrow large loan-to-value mortgages at fixed rates for long terms on appreciating assets with tax advantages and reasonable control. Investing in rentals can provide stability, safety and a higher rate of return.

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Targeting the Mortgage Interest Deduction

Uncategorized

It’s obviously going to be a Herculean task for Congress to balance the budget and reduce the deficit. It’s sort of like the country song lyric that goes “everyone wants to go to Heaven but nobody wants to go now.” It is estimated that the mortgage interest deduction cost the government $100 Billion last year which is why it is a target for cuts.

The Mortgage Interest Deduction has been part of Income Tax laws in this country since 1913. The United States of America is one of the few countries in the world that allow such a deduction. Our goverment has always supported homeownership as is evidenced in the different tax benefits it receives.

  • Mortgage interest deuction up to $1,000,000 in acquisition debt on a principal residence and second home
  • Deduction of interest on Home Equity debt of $100,000 over acquisition debt used for any purpose
  • Capital gain exclusion on up to $500,000 for married couples filing jointly and $250,000 for single homeowners
  • Favorable long-term capital gain rates if gain exceeds exclusion limits
  • Property tax deduction
There is an interesting relationship between a good economy and a healthy housing market. Contrasted to profits from the stock market which tend to be plowed back into other investments, profits from home sales tend to be spent on consumer products that directly benefit the economy.
The National Association of REALTORS supports the MID and reports that one job is created for every two homes sold. It further states that $60,000 is pumped into the economy for each home sold and that homeownership accounts for over $2 Trillion of the U.S. gross domestic product.
American homeowers are currently paying 80-90% of all federal income tax collected. Some economists believe that a healthy housing market is a leading indicator for economic recovery and that tampering with a significant homeowner benefit like the mortgage interest deduction would hurt the economy.
If you need help with buying or selling a home, please give me a call! 972-588-8863
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4th of July Events!

Lakewood, Neighborhood Events, Real Estate, Resources, Uncategorized

7/3/ 2011:  Kaboom Town Fireworks Display Addison, Texas
www.addisontexas.net
Kaboom Town celebrates its 25th anniversary with a festival beginning at 5 p.m. Food,
music, kid’s activities including rock climbing, giant slide, fun inflatables, sand art, free
movie, an obstacle course and much more. (Location: Addison Circle Park)

7/4/2011 Fair Park Fourth Dallas, Texas

www.fairpark.org
City of Dallas’ official Independence Day celebration will feature spectacular Cotton Bowl fireworks sponsored by Gold Metal Recyclers, a Dallas Wind Symphony patriotic concert, free visits to participating museums … and more! Free and open to the public, this family fun event will also feature the seven-time Grammy-nominated Stefani Little Band, “dancing water” shows at the Esplanade Fountain, concessions for purchase. Guests are encouraged to view the fireworks from inside the Cotton Bowl (enter at Gate D).

7/4/2011    Star Spangled Fourth
7/3&4/2011  Fourth of July Concert

Additional Dallas Events

Fourth of July Concert
Location: Meyerson Symphony Center/Details (214) 871-4550
Location: Dallas Arboretum/Details:(214) 515-6500

7/4/2011 Fort Worth’s Fourth
Fort Worth, Texas

Free live music and family activities. Vendors will offer food, cold drinks, beer and ice cream. Water and watermelon will be provided. Live country music from 92.1 Fort Worth’s Fourth guests can watch the game from levee lawn seats for $5 per person (Location: On the Trinity River bank behind LaGrave Field on North Main Street)

7/2/2011
Fourth of July – Stockyards Style
Fort Worth, Texas

www.fortworthstockyards.org
Bring the family to the Fort Worth Stockyards for the fourth! Free family fun—cowboys style. Herd Cattle Drive at 11:30 a.m. & 4 p.m. Petting Zoo from 11 a.m. to 4 p.m. Face painter from 12 p.m. to 4 p.m. Herd Cowcamp 1:30 p.m. to 2:30 p.m. Gunfight shows at 11:45 a.m. & 4:15 p.m. Live music from 2 p.m. to 5 p.m. Lots of great food, shopping, museum’s and entertainment! (Location: Fort Worth Stockyards)

7/4/2011
4th of July Parade/Lakewood Loves the Lake
Lakewood (Dallas), Texas

www.lakewoodparade.com
Starting Point: Lakewood Blvd. & Cambria
Time: 10am (participants should gather at 9:15 am)
Refreshments, music and awards after the parade.

7/3/2011   Lone Stars  Stripes Fireworks
7/4/2011

Grand Prairie, Texas
www.lonestarpark.com

Two days of racing, family fun, music and fireworks. (Location: Lone Star Park)

7/4/2011
Lake Grapevine’s July 4th Extravaganza
Grapevine, Texas

www.grapevinetexasusa.com

Be prepared to be astonished by the fireworks spectacular, which can be viewed from any lakeside location as well as several other spots throughout Grapevine. Admission is free at most viewing locations. Some parks along Lake Grapevine may charge a minimal admission fee. (Location: Lake Grapevine)

7/4/2011
Red, White & Lewisville,
Fireworks Festival
Lewisville, Texas

www.visitlewisville.com
Red White & Lewisville Fireworks Display. The spectacular fireworks show will start shortly after dark at approximately 9:30 p.m. The best viewing opportunities will be on the south side of Vista Ridge Mall and along the 121 Bypass. (Location: Around Vista Ridge Mall)

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Property managers: Here are new laws that affect you

City of Dallas, Property Management, Real Estate

Several bills with consequences for property managers passed into law during the regular session of the 82nd Texas Legislature:

Control of rent. SB 747, the TREC Housekeeping Bill, closes a licensing loophole by requiring real estate licenses for third parties who control the acceptance of deposits or rent from a resident of a single-family residential property unit.
Effective: Sept. 1, 2011

Pauper’s affidavit. HB 1111 requires the justice court on request to immediately issue a writ of possession, without hearing, if a tenant fails to pay the initial rent deposit into the justice court registry within five days of the date the tenant filed the pauper’s affidavit.
Effective: Jan. 1, 2012

Smoke alarms and fire extinguishers. HB 1168 requires at least one smoke alarm in each bedroom or in the room used for sleeping, in the case of an efficiency unit. In addition, if multiple bedrooms are served by the same hallway, there must be a smoke alarm in the hallway; and if the unit has more than one level, there must be a smoke alarm on each level. If the dwelling was occupied as a residence before Sept. 1, 2011, or a certificate of occupancy was issued before that date, a smoke alarm may be powered by battery and is not required to be interconnected with other smoke alarms.

Also, if a landlord has installed a 1A10BC residential fire extinguisher or other non-rechargeable fire extinguisher, the landlord must inspect the fire extinguisher at the beginning of a tenant’s possession and within a reasonable time after receiving a written request from the tenant. Finally, a landlord at the landlord’s expense is required to repair or replace a non-functioning fire extinguisher, one that does not have the correct pressure as recommended by the manufacturer, or one the tenant has used for a legitimate purpose.
Effective: Sept. 1, 2011

Certificate of occupancy. HB 1862 provides remedies to a tenant against a landlord if a municipality or county revokes a certificate of occupancy because of a landlord’s failure to maintain the premises.
Effective: Sept. 1, 2011

Property Management Questions?  Consult a Professional! Please contact me with your property management questions.


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