TERMS realtors know - Week 52

 Well my friends, here is the last TERM for 2021.  The will be a new collection in 2022.  Have a wonderful New Year and stay safe.

TERMS realtors know - Week 51

 

TERMS realtors know - Week 50

 

Rental property

 Hello everyone,

Another update on the "American Dream"

While the pandemic is continuing to effect our lives, we work to stay afloat.  Rental landlords have taken a hit with tenants who can't or won't pay their rent for whatever reason, and manylandlords will have to use up whatever surplus they might have to stay afloat.  It is one part of a vast industry in the real estate world.  It's working at the 'people" level.  And if working with people directly is not for you, then avoid it.  You may have heard the statement "Toilets and tenants", while it's true.  It may not be the toilet exactly, but it can be the sink, the stove, the carpet, or a hairline crack in a double-pane window.  It can be from "wear and tear" or just dirty, lazy, filthy people you allow to inhabit the structure you allow them to rent from you.  And getting involved with Section-8 thinking you are helping someone in need while you auto-collect part of the tenant's rent - think twice before you do this.  The housing inspectors can hurt you more than help you with their less than quality "so-called" inspections.

You're better off just living in your home and enjoying it; and if you want to invest in the real estate world, stay away from rentals, unless you enjoy the headaches. Oh, and lease options can fall in the same category.

TERMS realtors know - Week 49

 

TERMS realtors know - Week 48

 

TERMS realtors know - Week 47

 

TERMS realtors know - Week 46

 

TERMS realtors know - Week 45

 

TERMS realtors know - Week 44

 

TERMS realtors know - Week 43

 

TERMS realtors know - Week 42

 

TERMS realtors know - Week 41

 

TERMS realtors know - Week 40

 

The American Dream - Homeownership -using your home as a rental

 

Hello,

Renting your home can be done in more than one way.  You could handle it yourself and learn about contracts and other paperwork that may need to be done.  You can hire a management company to handle it and alleviate most of the hassle of collecting the rent and maintenance. 

See you next time.

 

TERMS realtors know - Week 39

 

The American Dream - Homeownership -using your home as a rental

 

Hello,

As you may know, if the community you live in allows you to rent your home when you are not living in it as your primary residence you are free to do so.  Just know that the city where you community is located could have a "Housing Department" that imposes regulations that a landlord must follow.  

If you choose this endeavor make sure you check with you city.  There is more than your traditional renting that you can do.  More on being a landlord next time.

See you then.

TERMS realtors know - Week 38

 

TERMS realtors know - Week 36 and Week 37

 

The American Dream - Homeownership - home maintenance

 Hi there,

As we are now into September, it's time to think about winterizing our homes.  What can this entail?  Well, checking to see if the utility that keeps you warm during the cold months, be it a furnace or boiler is functioning properly.  Check the exterior areas around your home where little critters can squeeze  in and make a winter home, and can cause several problems, like infestation and damage to the foundation.

See you later.

The American Dream - Homeownership - home maintenance

 Hello,

 Before I took my birthday vacation, I promised to tell you about the ground pipes, water, sewer and gas, that are on your property.  They are your responsibility.  If something happens with these lines you will have to pay for the repairs.  It's best to buy a warranty to cover these items.  They are reasonably priced and well worth it.

See you soon

The American Dream - Homeownership - home maintenance

 Hello again,

Besides the usual vacuuming, mopping and sweeping of floors and carpets, there are other items that need your love and care as well. What might this/these be???? The drains and pipes.  Not only the drains and the pipes inside your home, like the face bowl, the bath tub, the kitchen sink and any other basins you may use to wash, rinse or soak things in - as long as some type of liquid goes down that drain, it too needs to be cleaned.  There are drain cleaners that are recommended for  type of drain your home may have.  Always check and make sure you are purchasing the correct type of cleaner for that type of drain and pipe.

As for the pipes that leave your home and may go to a public sewer line or septic tank??? We'll talk about those tomorrow.

 

See you then

The American Dream - Homeownership - home maintenance

 Hello,

Did you know that the city your property is located in can send a yard service out to your property if your lawn in not mowed often and send you a very LARGE bill?  Yes they can.

 

See you tomorrow.

TERMS realtors know - Week 34 and Week 35

 

The American Dream - Homeownership - home maintenance

 Hello,

Maintaining your investment is important.  Keeping its parts in working order will help keep its value.  This maintenance includes - interior, exterior and the landscape around it especially for single family homes.  For townhouses and condos that are a part of an HOA (home owner association) the exteriors and landscaping is usually maintained by the service that is hired by the HOA. 

More on maintaining and sustaining the value of your investment tomorrow.

 

See you there. 

The American Dream - Homeownership - Looking for a home

 Hello,

 It has been said that home ownership is the road to wealth.  Property can gain value and when you can pass that wealth onto the next generation you are passing on wealth.

 

See you tomorrow.

The American Dream - Homeownership - renting

 Hi,

One semi-secure way to rent your property is to a HUD/HRA program. Yes, Section-8 eligible tenants.  Why?  Well, a tenant with a Section-8 voucher will have close to 80% of their rent paid to you, the landlord, by the government and the rest of the rent comes from the tenant.  This can truly help your bottom line.  

See you tomorrow

The American Dream - Homeownership - renting

 Hi,

Do know that it does take money to make money.  Having a surplus will be very important when having a rental property.  Even when you have your tenant give you a deposit, do know that the damage they may do can cost way more than the deposit.  This is where the landlord rental insurance could be of help.  Still the need for surplus funds will be important.

See you tomorrow.

TERMS realtors know - Week 33

 

The American Dream - Homeownership

 Choosing to rent your property - 

As I mentioned earlier, when you have a rental, you may find that city your property is located may choose to have landlords be licensed, which means that you as the landlord will have standards your property must meet.

It always helps to have your tenant on the same page. Some tenants may feel that they don't have to do anything but eat, sleep, and socialize in their rental, when cleanliness and maintenance awareness is important as well.

I suggest that you review your agreement that you have with the renter so that you are reminded of what you agreed to with your renters and make sure your renters are aware as to what they promised you as a tenant.  I suggest that this should be done at least every 6 months.  If you have more rentals than you can handle, you may wish to hire a management company to handle them for you. 😊

See your tomorrow.

The American Dream - Homeownership

 Hi there,

The realtor word of the week has been posted.  We are on week 32 in this year.  Home prices have started to change.

Well, back to home ownership and the possibility of making it a rental.  I have mentioned that the city that my townhouse rental is located in has decided that all landlords are to be license.  I have been working on this process since the end of July.  Yesterday I installed brand new 10-year - life smoke detectors in all sleeping areas of the property.  Do know that if a room does not have an egress sized window in it, it can not be used as a sleeping area.  Each property type will have standards for smoke detectors that must be met.

When you purchase the smoke detectors there will be an instructions and guidelines document included.  This always helps.

See you tomorrow.

TERMS realtors know - Week 32

 

The American Dream - Homeownership

 Hello,

 

Seems as the Internet is having a very big hiccup, as my post from the past 2 days no longer exist.  In those posts I spoke of inspections that landlords may have to go through when a city decides to invoke a licensing program, which the city of Maplewood, MN has decided to do.  I have had to walk the property and make sure that it meets the standard now set by the city. Yesterday - Wednesday - I had a licensed electrician check the rather new electrical box installed in the rental property 2 years ago.  The city stated that the box should have a "yellow" sticker confirming that the box was properly installed and that no extension cords be used as permanent wiring and ARC outlets be installed.  Then the box must be approved by the state licensed electrician. Do know that the licensed electrician must submit a permit request in order to do the repairs officially.

With much luck this will stick.

See you tomorrow.

The American Dream - Homeownership

 The American Dream - Home ownership

As you know there are several styles of homes and several community designs.  Do know that even if you live in a single family home the community could be structured as an HOA community. In this state of existence, you could be told how many trees you are allowed in your yard, where your trash cans be placed for pick up and how many cars can be on the street.  The nice part is that your lawn service and snow removal (if you live in an area where it snows) is handled by the management company.

 Well, more tomorrow.

The American Dream - Homeownership - Townhomes

 To Whom You Rent Your Property

Be aware that finding the right tenants for your properties can be a challenge.  Do know that when you have a property that is a part of an "association" the CC&R's are very important.  May sure you go over every rule and regulation of the HOA as any violation is your responsibility.

See you tomorrow.😀

The American Dream - Homeownership - Townhomes

Renting your townhome 

As I may have mentioned in my last post - usually an HOA has CC&R's that provide guidelines and requirements as to how the community will exist.  Well, cities do the same as well and if you own a property and decide to rent it out, the city might tell you that you need to meet certain standards to keep those renters safe and even charge you a fee to do this.  The housing inspector will or have one of their staff go to your property and make sure that the property meets the standards, if not they will give you time to bring these issues up to "code".  The housing inspector will have the property re-inspected and when it passes you will receive a certificate stating that you are a landlord in good standing.

The American Dream - Homeownership - Townhomes

 There are nice reasons to own a townhome.  As I mentioned that you will have CC&R's to follow, but the nice thing is that an HOA (Home Owner Association) might and usually will hire a management company to maintain the exterior of the property that the HOA will recognize a community related. The grass and trees,  snow removal (if you live in a state where its snows), the roof and siding can be community items and will be maintained by the management company. Nice!!!! So, no mowing the lawn. YEA!!!!! (Oh, you will pay monthly dues for this service).

The American Dream - Home ownership - Townhomes

 Rental license -

 As I mentioned in my last post my rental townhome in Maplewood, Minnesota is now in the scope of the City of Maplewood and I now have to spend my weekend making sure I (my property) meet the requirements of the city and then report this to the HOA (Home Owner's Association)  Once I go through this laundry list of demands and pay my fee and pass the inspection, the management company will want a copy too or they can demand that I stop renting the property.

See you tomorrow.

The American Dream - Homeownership - rentals and the city they might be in

 Rental License - 

Well, after 4 years of owning a townhouse in the City of Maplewood, MN, I now have to have an inspection of my property and pay $200.00 for a rental license.  This includes an inspection to make sure that the list of close to 50 items meets the city's standards.

I'll includes those items tomorrow.

See you then.

Home ownership - Townhouses - HOA documents

 

Home Owner Association -

Declaration of Covenants, Conditions & Restrictions also know as (CC&Rs)

In order to be a good home owner in a townhouse community a set of documents known as CC&Rs - Declaration of Covenants, Conditions & Restrictions . These documents  inform you as to how the community will function. This could include: where you park your car, to where you let your pet poop (if you are allowed to have one).

More on CC&Rs tomorrow.

TERMS - realtors need to know - week 30

 

Home ownership - Townhouses

  So let's talk about townhouses, continued from the previous post

When you are a home owner a townhome, please know that you will have rules to follow per your home ownership board.  This could cover the plants you have planted in the "common" areas to the where your car is parked.  Make sure you receive a copy of the governing documents of the community.

Let's talk more tomorrow.

D

The American Dream - Home Ownership - Townhomes

 So let's talk about townhouses.

As a townhouse/townhome will have at least one wall that is shared with another homeowner. With this type of structure you will find restrictions that may not be found in the single family home structure and community.  You will find that townhouses are communities that usually have an association, which is a board of townhouse owners, who determines the actions that can take place in the community.  The board may choose to hire a management company to oversee the exterior structure and grounds of the townhouses.

More on townhouses tomorrow.

The American Dream - Homeownership - inheriting a home/property

 QUESTION - 

Should I sell it or should I keep it and rent it out"  Good question!!

If you sell it you will have taxes to pay on the sell of it.

Otherwise, I would look at the funding you have in order to maintain the property and the type of property it is.

If it is a single family home (SFR) (properties that do not share a common wall, you will have the weekly maintenance of lawn care. And depending where you are located you may have snow to clear during the autumn, winter and even spring months.   If you rent this property you could write these maintenance items into the renter's contract. Do know that your city could also request or require that you become a registered landlord with them and charge you a license fee, which is usually annual fee.  This can occur with townhouses and condos as well.

So let's talk about townhouses and what is expected in my next post.

The American Dream - Home ownership - Inheriting a home/propoerty

 Now that the home/property is clearly mine, what should I do?

After you have spoken with an attorney/lawyer and you have found that you are the legal recipient of  a home/property you may chose to keep it or sell it.  

If you keep it do you plan to live in it?  If you live in it your responsibility is to maintain it,  this means up keep and tax payments.

Should I sell it or should I keep it and rent it out"  Good question!!

Let's talk about home ownership tomorrow.

See you then,

D

TERMS realtors know - weeks 14 - 29

 

The American Dream - home ownership - inheriting a property

Inheriting a home property -

QUESTION - 

So what should we do with this gift given to us???

I would highly recommend that you contact an estate lawyer to give you the correct direction to take as you may have family members that may be included in this gift.

QUESTION-

Now that the home/property is clearly mine, what should I do?

Let's talk more about that tomorrow.

See you then

Ther American Dream - Home ownership - Inheriting a home

 As I mentioned in yesterday's post - "inheritance" of a home would be today's topic

1. Inheritance - this one is pretty straight forward - someone leaves you a house (in their will) when they die.

Per the American English Dictionary - "inheritance" means - 
"C : the acquisition of a possession, condition, or trait from past generations."

Basic definition - someone passes something on to you.  It could be a family member or even a friend.  So what should we do with this gift given to us???

More on the subject tomorrow.

 

See you then. :-)

The American Dream - Home ownership

 Let's start where? Home - "Home is where the heart is.", said thousands of years ago by Gaius Plinius Secundus.  Yes home is where it starts. Be it owned by someone called a landlord or your parents.  It's the building that can keep you safe, educate you and even make you rich.

The United States Housing and Urban Development (https://www.hud.gov/topics/buying_a_home) walks you through steps to become a homeowner, but what does it truly mean to be a home owner and how many way can you become one? 

1. Inheritance - this one is pretty straight forward - someone leaves you a house (in their will) when they die.

2. Purchase - There is more than one reason to do so.

    A. To live in as your primary residence

    B. Purchase as an investment

We'll talk about inheritance in the next post.

A new day - all about real estate

 After being too sick to go to an IGNITE training at my marketplace, I decided to drop $47.00 on an all day webinar by Dean Graziosi and Tony Robbins about providing your knowledge to others.  I kept asking myself for the past 2 days "What is it that I know that anyone else would want to know?"  Well it finally came to me that real estate is what I have spent the last 6 years involving myself in.  Each day I journal to focus my desire to improve my life in all areas - health, love, professional and financial.  So it came to me at 4pm today (July 17, 2021) after another dizzy spell attack hit me and kept me from being able to drive my car to an open house to find a condo for a colleague of mine.

So today I are launching "All about real estate" I'll talk about non profit organizations that help first time home buyers realize their dreams of home ownership to the hedge funds that focus on real estate.  On the first Sunday of 2021 I started texting everyone in my cellphone about "TERMS" that realtor need to know.

So in order to bring you current I will start from week 1.  Here we go.

" Markets in Minutes" week ending: April 1, 2021

 

   https://sf3.tomnx.com/landingpage/?domain=sf3.tomnx.com&slug=marketsinamin&userId=JBqPU0

Week #13 - Terms Real Estates agents know

 

Week #12 - Terms Real Estates agents know

 

Week #11 - Terms real estate agents know

 

"TERMS" your realtor knows

 Hi,

My cousin just made me feel very good.  I have been sending text messages to my list of contacts about what other agents and I have and must know.  SOOOOO, I have decided to share this here as well.

😇

WEEK #1

WEEK #2

 

WEEK #3

WEEK #4

WEEK #5

WEEK #6

WEEK #7

WEEK #8

WEEK #9

WEEK #10

Here are the last 10 weeks.

Thanks