Robert Guthridge's Blog

Realtor-Client Double Standard There are really only two rules when it comes to proper attire for a home closing:  1) the Realtors and other professionals (closers and lender) should wear formal business attire ( sorry , no “business casual”); 2) clients can wear whatever they want. Which I guess means there’s only  one rule. For men, at least, “business attire” translates into business slacks and shirt (my usual uniform), if not a sport coat and tie, or even suit(!). P.S.:  In fact, there seems to be a trend back to more formal Realtor attire generally.   See , “ Back in (Realtor) Fashion:  Ties, Sport Coats, and Scarves. ” See also , “ Will You Be at Closing?” (and Other Silly Questions)” ; “Cleared for . . . Closing “ ; “ The Most Important Closing Detail of All “; and “Passed Across the Closing Table:  Keys, Garage Door Openers, Bike Chains ( Bike Chains?? ) .” **When the Seller receives the money and the Buyer receives the title to the home (at...

Resale Mystery Amongst the new Twin Cities listings debuting on MLS today, this Minneapolis home caught my eye: 5/31/17 (1:03 p.m.):  Closed 5/31/17 (2:53 p.m.):  Active Why would someone buy a home — in multiple offers, no less — than immediately put it back on the market? No, it’s not a flip:  the Seller paid $330k, and is now asking $340k. Net of selling costs (including commission), they’re almost sure to lose money. The only explanation was this comment, in the “Agent Remarks” field on MLS:  “ School situation is the reason for Back on the Market…seller sad to say.” I’m not sure that clears it up . . . from RSSMix.com Mix ID 8230700 http://ift.tt/2sfoicO via IFTTT

Stated income loans used to be very common before the housing crisis. They were a big part of why the housing crisis occurred, but many people wonder if they are still available. When you buy your first rentals properties, getting a loan is not difficult. Most big banks will be happy to finance an investment property for those with less than four mortgages in their name. However, if you have more than four mortgages, have switched jobs recently, have a high debt-to-income ratio, or have less than stellar credit, it can be very tough to finance a rental. The big The post Can you Get a Stated Income Loan on Investment Properties? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2qw9R6R via IFTTT

Tim Rhode was a grocery clerk when he caught the real estate bug. He became an agent and started selling houses and investing in rental properties. Tim knew that if he wanted to be successful, he would have to work harder and smarter than his competition. On this episode of the InvestFourMore Real Estate Podcast, I talk with Tim about his journey into real estate. We’ll discuss how he sold over 2,500 homes as an agent, bought as many rentals as he could, flipped houses, and ended up retiring very early with a substantial portfolio. In addition to realizing great The post Podcast 102: Using Rental Property Income to Retire Early with Tim Rhode appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2qcMYVY via IFTTT

Stated income loans used to be very common before the housing crisis. They were a big part of why the housing crisis occurred, but many people wonder if they are still available. When you buy your first rentals properties, getting a loan is not difficult. Most big banks will be happy to finance an investment property for those with less than four mortgages in their name. However, if you have more than four mortgages, have switched jobs recently, have a high debt-to-income ratio, or have less than stellar credit, it can be very tough to finance a rental. The big The post Can you Get a Stated Income Loan on Investment Properties? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2qw9R6R via IFTTT

The housing market is deep into mania.  You can see it in the eyes of the house lusting buyers and the overweight Taco Tuesday baby boomers drooling at their mouth trying to justify why their World War II built crap shack is worth $1 million.  The market has gotten unhinged and in this environment you […] from RSSMix.com Mix ID 8230700 http://ift.tt/2qcvKb8 via IFTTT

“Meetcha at Stall #356 in 30 Minutes” With nicer weather (and a long holiday weekend), the Minneapolis Farmer’s market is suddenly teeming with traffic. Which makes it easier for families to get separated. The simplest, quickest way I know to reunite everyone isn’t to use satellite coordinates (courtesy of cellphones), north-south-east-west directions, or the like. It’s to rendezvous at a pre-designated stall number. See also , “ Good News and Bad News About Parking at the Minneapolis Farmer’s Market .” from RSSMix.com Mix ID 8230700 http://ift.tt/2ruRorh via IFTTT

Overpriced Homes, The Sequel?? One-one-thousand . . . two-one-thousand . . . three-one thousand. If you’re a Realtor attuned to this Spring’s torrid housing market, you can practically hear it coming. What, you ask? No, not rising interest rates. Contrary to everyone’s expectations (again), they’re been drifting back down, not spiking higher. No , the phenomenon I’ve watching for is the next crop of would-be Sellers to (over)price their homes this Summer. Emboldened Sellers After being buffeted for months with breathless news accounts of multiple offers, not a few upcoming Sellers are under the mistaken impression that desperate Buyers will pay any price, for any home, regardless of condition. So, they bump already stretched asking prices by another 10% or 15% — or 30% or 40%. Result? Their homes sit. Supply Overhang The more nimble, motivated Sellers will react quickly, and reduce their price to something closer to fair market value. However, less realistic and/or ...

Hennepin County:  “Land Value $164,800; Building Value $9,700” Number of Bedrooms:  0. –MLS Test your knowledge of today’s Twin Cities housing market, and guess how much this Spartan-looking, 400 square foot cabin in South Minneapolis is listed for: A. $89k B. $149k C. $249k D. $299k Before I give the answer, here are a couple clues: –The home is located just west of Cedar Lake, in a neighborhood where homes fetch $600k to more than double that. –According to Hennepin County, the 50′ x 127′ lot accounts for 94% of the home’s value. –There are at least a dozen new homes and major remodels in progress within 3 blocks. Just in case there’s any doubt . . . the correct answer is “D. $299k.” Bonus Question:  how long did it take to sell? Answer:  four days.  The house — er , land — came on the market last Friday (May 19), and was under contract by this Tuesday (May 23). from RSSMix.com Mix ID 8230700 http://ift.tt/2qmoz02 via IFTTT

  Home Show & Tell (Emphasis on “Show”) “Updated home on a private 3/4 acre lot with lake views in Fagerness Point Neighborhood in Westonka Schools.” –“Agent Remarks”; MLS I give credit to the co-listing agent, Edina Realty-City Lakes’ Matt Lill, for not just telling prospective Buyers where this Orono home is located, but showing them as well. Underneath that canopy of trees:  a nicely updated 4 BR/3 Bath home — including a newly remodeled Kitchen, shown above — on a (very) wooded .692 acre lot. Price is $535,000. from RSSMix.com Mix ID 8230700 http://ift.tt/2r6Gi99 via IFTTT

Memorial Day is an important way to remember the men and women who died while serving our country. It also marks the first long weekend of the summer and the unofficial start of vacation season! Along with traditional Memorial Day activities in San Francisco, there are plenty of fun ways to celebrate the summer, honor veterans lost during war, and enjoy weekend. Here are the top picks from Danielle Lazier :: SFhotlist Team and Compass San Francisco: Presidio Memorial Day Ceremony at the National Cemetery Did you know that Memorial Day originated as Decoration Day after the American Civil War in 1868 as a time to decorate graves with flowers? That’s why one of the traditional ways to celebrate Memorial Day is to visit memorial sites and decorate cemeteries with flowers to honor veterans. The best place in San Francisco to pay tribute to our veterans is at the Presidio Memorial Day Ceremony at the National Cemetery. This year, the event occurs on May 29, 2017. Every year there is a pa...

MN Realtor License Renewal Deadline:  June 30 I’m sure I’m not the only busy Twin Cities Realtor who, coming down to the (license renewal) wire, still needs a few continuing education credits. Fortunately, at least in this case, procrastination does pay:  just for today, the Minneapolis Area Association of Realtors (“MAAR”) is offering a 40% discount on continuing ed classes. Earlier this week, the discount was only 20%. from RSSMix.com Mix ID 8230700 http://ift.tt/2ro4erw via IFTTT

Good news for Federal Political Coordinators (FPCs), Government Affairs Directors (GADs) and Association staff who rely on RPR Economic Area Reports to support REALTOR® advocacy initiatives at the state, local and market area level. Now, NAR’s quarterly Congressional District Reports on housing trends can be easily inserted into RPR’s Economic Area Reports. from RSSMix.com Mix ID 8230700 http://ift.tt/2rFVg8A via IFTTT

The Case For — and Against In a microcosm, the considerations for doing an open house over Memorial Day weekend are the same as for deciding whether to list a home during a traditionally slow time of the year (like around the holidays). Here’s how the arguments shape up: Pros : –Not much competition from other open houses, so the ones that are open stand out more. –Quality over quantity:  fewer Buyers are out on a holiday weekend, but the ones who are, are disproportionately serious, motivated, etc. Cons: –Fewer open houses over Memorial Day weekend, which holds down traffic (like car dealerships that cluster in the same area, having lots of nearby open houses helps attract Buyers). –Intrusion on family time, privacy.  Opening one’s home to the public — and doing all the cleaning and prep necessary ahead of that — isn’t necessarily how people want to spend a long holiday weekend (on the plus side, it’s a lot easier to kill a few hours away from home now than ...

Tim Rhode was a grocery clerk when he caught the real estate bug. He became an agent and started selling houses and investing in rental properties. Tim knew that if he wanted to be successful, he would have to work harder and smarter than his competition. On this episode of the InvestFourMore Real Estate Podcast, I talk with Tim about his journey into real estate. We’ll discuss how he sold over 2,500 homes as an agent, bought as many rentals as he could, flipped houses, and ended up retiring very early with a substantial portfolio. In addition to realizing great The post Podcast 102: Using Rental Property Income to Retire Early with Tim Rhode appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2qcMYVY via IFTTT

The housing market is deep into mania.  You can see it in the eyes of the house lusting buyers and the overweight Taco Tuesday baby boomers drooling at their mouth trying to justify why their World War II built crap shack is worth $1 million.  The market has gotten unhinged and in this environment you […] from RSSMix.com Mix ID 8230700 http://ift.tt/2qcvKb8 via IFTTT

Criterion:  “Context, Context, Context” (and Consistency) One of the biggest decisions would-be home sellers have to make — besides choosing a Realtor and a list price   — involves what to spend money on getting ready for sale . . . and what not to. The trick to making that decision is applying the right criterion. Mine:  cost-benefit. Case-Specific So, Sellers are well-advised to tackle any repair-or-replace items flagged by a city inspection. That’s because for every $1 in repairs that Buyers assume, they’ll typically deduct $4 – $5 from their offer. Similarly, in a home with all newer windows, it makes sense to spend $1,000 replacing one damaged window. That’s because bringing the one substandard window up-to-snuff lets the seller trumpet the condition of all the other windows. Contra Examples Now, however, imagine that all the windows are older, and — while in working order — in relatively poor condition. Simply replacing one windo...

[Note: The following is an excerpt from Brandon Turner’s  The Book on Managing Rental Properties . To learn more about screening tenants and saving yourself from the heartache of a poorly managed property, be sure to  check it out here! ] The most important decision you make that will determine the success or failure of your  rental  is  the person you put in the property.  A bad tenant can potentially cause years of stress, headache, and financial loss, while a great tenant can provide years of security, peace, and prosperity. Don’t underestimate the importance of renting to only the best tenants. While it’s not possible to know with 100 percent certainty what type of tenant your applicant will be, there are some telltale signs and traits that will give you a pretty darn good indication that they are great tenant material. Here’s what you should be looking for. Related:   Yikes! My Tenant Just Went to Jail: Here’s How I Handled It Their Ability to...

Before and After Pix Painting stucco used to be a “no-no”:  the exterior paint didn’t adhere well, which meant that, forever after, the home needed frequent re -painting. Which sort of defeated the purpose of stucco in the first place:  its famously low maintenance. Now, thanks to more stucco-friendly products, the interval between re-painting is much longer, giving homeowners more options. P.S.:  the home pictured above and below is on Sunset Boulevard just southwest of Cedar Lake in Minneapolis.   from RSSMix.com Mix ID 8230700 http://ift.tt/2q87tCY via IFTTT

I’ve certainly heard of a man cave.  But, I couldn’t tell exactly what I was looking at in the photo above, except that it:  a) appeared to be outside — specifically, above the deck; and b) seemed very large. Fortunately, photo #2 (below) resolved things:  it’s the underside of a second deck built off an upper level Bedroom. As a listing agent, I might have simply gone with photo #2 . . . from RSSMix.com Mix ID 8230700 http://ift.tt/2qSI7Gz via IFTTT

Just West of Cedar Lake Where : 2508 Joppa Ave. South just west of Cedar Lake. What : Sprawling 4 BR/3 Bath Rambler with over 3,500 finished square feet on a gorgeous, 80′ x 147′ lot. How Much : Just reduced $20k, to $569,900. When :  listed May 11 (11 days on market). Who : listed by Ross Kaplan, Edina Realty – City Lakes. Family Room shown virtually staged. Create your dream home for less than the cost of building new, in one of the Twin Cities’ favorite neighborhoods for major remodels and new construction. Remodel the entire home, and end up with a finished product worth > $850k, or, just do cosmetics and move right in (City of St. Louis Park’s point-of-sale inspection is already completed). Home Highlights First-floor Family Room with door to backyard. You’ll love the open Living Room/Dining Room; high ceilings; hardwood floors (under carpet) in the upstairs Bedrooms; the huge lower level Amusement Room; and the level, park-like backyard. Terrific loca...

Last week, I bought three new flips, which means I now have 20 in the works. These are not wholesale deals but rather are 20 houses I will rehab and sell. It has taken me many years to get to this point. I have made many mistakes, learned new ways to buy properties, tried different financing methods, and constantly dealt with struggles with repairs. In a perfect world, I would not have 20 simultaneous flips because I would have sold many of the properties I am holding. When flipping houses, you run into many problems that slow you down. After 15 The post How to Flip 20 Houses at Once appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2rJ0Owc via IFTTT

Analog vs. Digital Parking Meters The bad news about parking at the Minneapolis Farmer’s Market? (open since late April, if you weren’t aware):  you’ll have to pay for it. The good news:  you won’t have to pay very much, at least on a Sunday in late May. I was about to dump additional quarters in the meter earlier today when I realized that 25¢ was more than enough to cover the 30 minutes or so my son and I expected to visit. Buying an Hour — or a Decade It recalled a similar experience in Laramie, Wyoming a long time ago. Stopping for lunch driving cross-country, I put 25¢ in the meter, and was annoyed when I didn’t see any time register on the (analog) display. My annoyance grew as I dropped in successive quarters, with the same result. Now extremely perturbed (and presumably, out of quarters), I finally stopped to read the meter’s instructions:  1¢ bought 10 minutes, 5¢ bought an hour, 10¢ bought two hours, etc. Sure enough, the dial was well...

Victims of Success? How do Realtors get good at listing presentations?  (job interviews for agents to represent a home seller). By doing a lot of them. New agents have no choice:  with no clients, track record, or reputation to speak of, that’s how they land business. Trappings of Success – Literally Now fast forward 5 — or 25 — years. By definition, established, successful agents do an increasing % of business with former clients, referrals, and others already in their network (Realtors’ preferred term:  “sphere”). Ergo , (much) less competing for business. Incumbent Agents Which is both a good and a bad thing. After all the years of paying one’s dues (hosting weekend open houses, working with not-so-qualified or motivated Buyers, etc.) it’s certainly nice to be a little higher up on the totem pole. But, if you let your skills atrophy, you won’t stay there long . . . P.S.:  It’s not always the case that long tenure with an existing client short-cuts the...

On the 2 Yard Line vs. The End Zone [Editor’s Note :  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.  If you need legal advice, please consult an attorney.] Test your knowledge of today’s housing market (and real estate law), and field this question: Buyers know they officially have a deal with the Seller when: A. The listing agent calls the buyer’s agent (or texts, or emails) to tell them that the seller accepted the buyer’s offer. B. The listing agent changes the home’s status on MLS from “Active” to “TNAS.” C. The Buyer’s agent receives the executed Purchase Agreement and Addenda from the listing agent. D. All of the above. Correct answer :  “C.” Here’s the explanation: A. Verbal agreements to buy/sell real estate — at least in Minnesota — are non-binding.  To be an enforceable contract,** the agreement must be in writing and fully executed (...

Too Much of a Good Thing? “As I am smoking . . . I don’t expect to be thanked .” –What John Hurt’s character — in “Love and Death on Long Island” (1997) — says to the cab driver, when the latter points to the cab’s “Thank You For Not Smoking” sign, and asks Hurt to extinguish his cigarette. Who doesn’t want to work for an appreciative client? Realtors are people, too, and like positive reinforcement as much as the next person. However, when a prospective home buyer ladles it on a little too thick, shall we say , it can be a yellow flag (or worse). Which is why, at the same time that prospective Buyers are checking their would-be Realtor’s credentials and track record, a good Realtor is vetting the client’s motivation and wherewithal to buy. Serious vs. Non-Serious Buyers Serious Buyers expect to ultimately buy a home, and know that their Realtor will be compensated at the end of the process. While good clients are certainly apprecia...

Negotiating is a crucial part of any deal, and lays the foundation for a clear, enforceable contract. Haggling is . . . an annoying waste of time. What’s the difference? Exactly two decimals. $10,000 vs. $100 So, a $10,000 item on a $250,000 house is the stuff of negotiation. A $100 item (or less) is haggling. (Note:  accountants’ term for the difference is “materiality.”) P.S.:  It takes two to haggle.  One side can put a stop to it by making clear that their final terms — whatever they are — are indeed final. Then the other side gets to decide if they want the deal or not. See also , “Splitting the Difference & Other Negotiating Tactics “; “ The Difference Between a Home Inspection Addendum and a Repair List” ; and “ The Key to Successful Negotiating:  Getting to Yes?  Or, Getting to No? “ from RSSMix.com Mix ID 8230700 http://ift.tt/2qENqem via IFTTT

“Do Not Pass Go. Do Not Collect $200” [Editor’s Note :  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.  If you need legal advice, please consult an attorney.] Consider this not-so-hypothetical inspection scenario, and try to guess the outcome: “The licensed HVAC contractor hired by the Buyer red-tagged the Seller’s furnace (translation:  the furnace is defective and may no longer be used). The deal can move forward and the home can close with only a reduction in the sales price if: A. The Buyer and Seller mutually agree to handle it that way. B. The lender doesn’t flag the issue before closing. C. The appraiser doesn’t flag the issue before closing. D. All of the above. Correct answer :  “D.” (all of the above). Lender’s Call For a host of reasons, it’s generally desirable for a Buyer to get a credit for an inspection issue, then do the repair themselves, rath...

Whitney Nicely has a background in selling dump trucks but eventually transformed herself into a full-time real estate investor and broker. On this episode of the InvestFourMore Real Estate Podcast, I talk with Whitney about how she got into real estate investing with rental properties, learned how to buy many more properties with lease options, learned to flip houses, and even invested in multifamily apartments. Click on the green button below to listen to the podcast How did Whitney go from the dump truck business to real estate? Whitney’s family has been in the trucking business since 1939. They expected her The post Podcast 101: How to Lease Option Rentals with Whitney Nicely appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2rzqg6x via IFTTT

Four Easy Steps; Total Cost:  < $250 “Untitled Jean-Michel Basquiat Painting Auctioned for $110 Million, a U.S. Record.” –headline, nbcnews.com (5/18/2017). For those without the means — or acquired taste — to drop $110 million for an abstract painting (by Jean-Michel Basquiat), I have a much cheaper alternative. Step 1 :  buy the recent New Yorker issue with the cover, “Motherboard.” Step #2 :  license the image from the New Yorker cartoon bank. Step #3 :  blow it up. Step #4 :  frame it. There! You have a perfectly nice, abstract piece of art for .00000001% of the cost, that doesn’t scare the bejejus out of anyone — or require expensive insurance, 24/7 security guards, cameras, surveillance, etc.    P.S.:  maybe the Basquiat Buyer is gambling that someone will buy it from him for $150 million  (I believe there’s a term for that theory). from RSSMix.com Mix ID 8230700 http://ift.tt/2qF2wyI via IFTTT

Seller’s Market Side Effects In addition to the rationale I presented in “ Proliferating Home Inspection Tests – Part One, ” anecdotally, I’m hearing one other explanation for why more home Buyers today are doing more tests:  it’s a reaction to the very fast, very competitive 2017 seller’s market. So, Buyers are essentially saying to Sellers, “Fine, we’ll pay what we have to get a house — often times in multiple offers.  But, if we’re going to pay top dollar, we expect the home to be in tip-top condition.” Revisiting the Seller’s Disclosure I certainly understand that mindset. But, at the end of the day (or more accurately, the Buyer’s inspection period), the controlling question is still, “did the Buyer’s inspection uncover any material defects that weren’t previously known to the Buyer and Seller?” If the answer’s “yes,” the Seller can expect to either repair the item, or make an equivalent price concession — if not for the current Buyer, then the next one. If the a...

You found your dream home in San Francisco, summer is coming, and it’s time to prepare for the change of seasons. San Francisco summers are foggy, and although our summers aren’t snowy or have below-zero temperatures, they can get quite cold. Low clouds block the sun and damp fogs cover the city with a cool mist. Believe it or not, you will need to protect your home from this weather every year in order to preserve its beauty, value, and functionality. Living the dream in San Francisco still comes with a few home maintenance responsibilities, so here’s what you should know: Maintaining Your Windows San Francisco homes can get quite drafty because of older windows, loosened panes, damage to the frames, or a general lack of insulation in the walls. Do a walk-around from the inside and out. Check to make sure the sealants and weather-stripping are still in tact and doing their job. Check the window frames and parts for any rust, corrosion, holes, or leaking. If there are gaps or holes i...

Cost-Benefit Criterion It’s not just medicine where there are now more — and more expensive — diagnostic tests. Home inspections increasingly include multiple, specialized tests as well. Besides the standard, whole home inspection for around $400, these three tests seem to be popping up more regularly in today’s housing market: One .  Radon.  An odorless gas released by soil decomposition, radon represents a health threat at elevated levels.  In Minnesota, the threshold for remediation is 4.0 PicoLiters per million parts.  Cost:  about $175.  Remediation (if needed):  $1,200 to $1,400. See also, “ Testing for Radon 2013 “; “ Testing for Radon:  Cost-Benefit Analysis ;” “ Recommending a Radon Test (or Not) .” Two . Furnace or boiler.  When the Buyer’s home inspector suspects an issue with the heat exchanger or other components, the usual next step is to bring in a licensed HVAC contractor to certify that the unit is operating safely. ...

This video is part of the SFhotlist Monthly Market Update Video Series . Each week, we provide you with a short video with updated information about San Francisco real estate and the neighborhoods you love. Let us know if there is something specific you’d like to know. San Francisco Single Family Homes Market Update – April 2017 The number of active listings was down 41% from one year earlier and down 11% from the previous month. As you can see, the median listing price for the month was just over $1.7 million, while the median sales price was just over $1.4 million. Compared to last year, the average number of days that units spent on the market before being sold was down 16%. The number of units sold decreased 9% year-over-year and increased 10% month-over-month. The Take Home Number of active listings: Down 41% year-over-year Number of active listings: Down 11% month-over-month Median listing price: $1.74 million Average number of days on the market before sale: Down 16% ...

The lap dogs of the housing industry are getting louder and louder as each day goes by.  There is now a wide consensus that housing values only go up and the mania is losing all perspective.  Crap shacks are still selling as beer belly cubicle slaves buy into the cult-like mentality and go against their […] from RSSMix.com Mix ID 8230700 http://ift.tt/2pXWk2C via IFTTT

This video is part of the SFhotlist Monthly Market Update Video Series . Each week, we provide you with a short video with updated information about San Francisco real estate and the neighborhoods you love. Let us know if there is something specific you’d like to know. San Francisco Single Family Homes Market Update – April 2017 The number of active listings was down 41% from one year earlier and down 11% from the previous month. As you can see, the median listing price for the month was just over $1.7 million, while the median sales price was just over $1.4 million. Compared to last year, the average number of days that units spent on the market before being sold was down 16%. The number of units sold decreased 9% year-over-year and increased 10% month-over-month. The Take Home Number of active listings: Down 41% year-over-year Number of active listings: Down 11% month-over-month Median listing price: $1.74 million Average number of days on the market before sale: Down 16% ...

Did you know that good Realtors are all the same religion? No, not Catholic or Jewish or Muslim. They’re agnostic . . . about neighborhoods (what did you think I meant, God??). Diff’rent Strokes for Diff’rent Folks There are a handful of Realtors who live and exclusively sell in just one Twin Cities neighborhood. Like 3 or 4. The rest live in one neighborhood — and sell in 20 or 30 (or 40 or 50) others. There are two main reasons for that. One .  You can’t make a living selling in just one neighborhood. Assuming that a neighborhood consists of a maximum of 150 or so homes, statistically, a dozen or so are likely to come on the market and sell each year (substantially less if the neighborhood happens to be upper bracket). Once you factor in the “brother-in-law/college buddy/best friend’s mother’s first cousin” criterion that (still) seems to govern how many people choose Realtors, that means perhaps there are only 4-6 listings to be had annually. ...

I have been a real estate agent and investor for over 15 years. In that time, I have helped others buy and sell thousands of homes and have bought and sold hundreds of homes myself. Most real estate investors take the house buying and selling process very seriously, but many others do not. Often, house buyers depend on their real estate agent, lender, attorney, or title company to make decisions for them. A house is usually the biggest purchase most people ever make, and they should treat it as such. Real estate can be an amazing tool for gaining wealth, The post My New Book—How to Buy a House—is Available! appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2qsBbzs via IFTTT

Lots of Extra Tasks — But Also One Less It’s no secret that participating in multiples offers can be exhausting:  for stressed Buyers, their exhausted agents, and even listing agents (representing the Seller), who may be overwhelmed by the number of offers. Fortunately, there’s at least one standard, time-consuming task that Buyers’ agents in multiple offers can skip:  doing a Comparative Market Analysis (“CMA”). That’s because Buyers who want to land a home that just came on the market and is in multiples ain’t selling for a discount. On the contrary, the asking price is typically the floor , while the winning bid can be as much as 10% to 15% higher, depending on the number of offers. from RSSMix.com Mix ID 8230700 http://ift.tt/2rnjpxY via IFTTT

She was a three-unit small apartment located in a great location, with stable tenants, and an ugly paint job. This triplex, which I call “Cherry Street,” was close to becoming the newest addition to my growing  rental  portfolio, but with Cherry Street I was about to do something I had never done before: start looking at investment property loans. You see, before Cherry Street, I had only used conventional home mortgages, seller financing, and hard money lenders to invest in real estate. However, Cherry Street was purely a cash flow beast that I was hoping to buy, re-paint (please!) and hold on to for retirement. However, as I began shopping around for a mortgage, I quickly realized that the process was not going to be the exact same as it had been in the past. What I soon realized was that investment property loans are slightly different than your typical home mortgage in several ways (but similar in several ways as well.) The information below contains a lot of ...

Haight-Ashbury (also known as the Upper Haight) is a lively neighborhood full of interesting things to see and do. The Upper Haight was home to 60’s hippie counter-culture, and it’s still one of the hippest and trendiest commercial centers in San Francisco. This is just one of the many reasons people are interested in Haight-Ashbury real estate. In the Upper Haight you’ll find several high-end boutiques and vintage shops, alongside thrift stores, record shops, cafes with music and poetry, and trendy restaurants. The neighborhood is adorned with dozens of murals that beautify buildings, doors, and alleyways alike. The Upper Haight is also known for its large concentration of beautiful and often colorful Victorian homes. Family Friendly Haight Ashbury real estate is popular for families because the neighborhood is one of the most kid-friendly places in San Francisco, with Cole Valley right next door as well. There are several parks, trails, playgrounds, and activities for families to e...

Ok, so Minneapolis actually ranked #5 on Niche’s list . But, that’s only because Arlington and Alexandria, two adjacent suburbs of Washington, D.C., landed in spots #1 and #4. That puts Minneapolis ahead of such trendy cities as Seattle (#6), Austin (#11), and Denver (#13). Here’s what Niche liked about Minneapolis: “Minneapolis is a wonderful city with year-round festivities, celebrations and fun for all ages and interests. Rich in the arts, Minneapolis boasts several art museums, including a sprawling outdoor sculpture garden which is home to the famous Cherry and Spoon fountain. Another feature unique to Minneapolis is its elaborate skyway system. These 2nd floor glass walkways pass over the city streets, connecting almost all of the buildings in downtown Minneapolis. With hundreds of shops, restaurants and businesses connected to the skyway system, one can enjoy even the coldest of Minnesota days without ever setting a foot outside!” Sounds good to me! from RSSMix.com...

Rising Rates Deter Home Buying & Selling, Right?  Not Necessarily (and, who says they’re rising??) “Now that interest rates have begun to turn up from their historic lows, the housing market may face a problem called “the lock-in” effect, where homeowners are reluctant to move, since moving might entail taking out a new mortgage at a higher rate.” — “Real Estate’s New Normal: Homeowners Staying Put” ; The New York Times (5/14/17) There’s just one catch (OK — two) with The New York Times’ theory that rising interest rates are to blame for more homeowners opting to stay put, exacerbating already tight housing inventory:  rates aren’t rising. In fact, they’re flat to down so far this year. After briefly touching 4.5% last December, 30-year mortgage rates have drifted back down close to 4% — not dramatically higher than the all-time low touched more than six years ago. Sales Catalyst Yup , that’s right:  notwithstanding all the political gyrations the last six mo...

Beef, Pork, or Turkey? It turns out that I jumped the gun when the doctor checking out my daughter this a.m. recommended that she go on a “brat diet” until she recovers from an indeterminate stomach bug. It turns out the doctor meant “B.R.A.T.,” not “brat” — short for “bananas, rice, apple sauce, and toast.” !$#%@!! from RSSMix.com Mix ID 8230700 http://ift.tt/2r4IRL1 via IFTTT

This video is part of the SFhotlist Monthly Market Update Video Series . Each week, we provide you with a short video with updated information about San Francisco real estate and the neighborhoods you love. Let us know if there is something specific you’d like to know. Noe Valley Real Estate Market Update – April 2017 Welcome to April’s Noe Valley Market Update. The number of active listings was up 25% from one year earlier and down 5% from the previous month. The median listing price for the month was just under $3 million, and the median sales price was just over $2.4 million. Compared to last year, the average number of days that units spent on the market before being sold was down 13%. The number of units sold was consistent year-over-year and increased 7% month-over-month. The Take Home Number of active listings: Up 25% year-over-year Number of active listings: Down 5% month-over-month Median listing price: $2.99 million Average number of days on the market before sale: Do...

Haight-Ashbury (also known as the Upper Haight) is a lively neighborhood full of interesting things to see and do. The Upper Haight was home to 60’s hippie counter-culture, and it’s still one of the hippest and trendiest commercial centers in San Francisco. This is just one of the many reasons people are interested in Haight-Ashbury real estate. In the Upper Haight you’ll find several high-end boutiques and vintage shops, alongside thrift stores, record shops, cafes with music and poetry, and trendy restaurants. The neighborhood is adorned with dozens of murals that beautify buildings, doors, and alleyways alike. The Upper Haight is also known for its large concentration of beautiful and often colorful Victorian homes. Family Friendly Haight Ashbury real estate is popular for families because the neighborhood is one of the most kid-friendly places in San Francisco, with Cole Valley right next door as well. There are several parks, trails, playgrounds, and activities for families to e...

A record number of young people are living at home with mom and dad in California even in the midst of a very low unemployment rate and record in the stock market.  Millennials in particular are carrying large levels of debt and many are still struggling to get out into a rental, let alone purchasing […] from RSSMix.com Mix ID 8230700 http://ift.tt/2q75pJQ via IFTTT

On this episode of the InvestFourMore Real Estate Podcast (number 100!) I go over how to invest in real estate, and do it quickly. There is no magic formula or overnight success kit for real estate, but there are many things you can do quicken the process. A lot of people get overwhelmed with what kind of investing to do, how much money they need, how much knowledge is required, and they give up. One of the tricks to becoming successful in anything is to just start. Start taking action even if it means completing simple tasks that may not The post Podcast 100 How to get Started Investing Real Estate Fast appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2q7hZch via IFTTT

Big Rambler . . . Big Lot . . . Big Upside Where : 2508 Joppa Ave. South just west of Cedar Lake. What : Sprawling 4 BR/3 Bath Rambler with over 3,500 finished square feet on a gorgeous, 80′ x 147′ lot. How much : $589,900. When :  on the market . . . this afternoon! Who : listed by Ross Kaplan, Edina Realty – City Lakes. Create your dream home for less than the cost of building new, in one of the Twin Cities’ favorite neighborhoods for major remodels and new construction. Remodel the entire home, and end up with a finished product worth > $850k, or, just do cosmetics and move right in (City of St. Louis Park’s point-of-sale inspection is already completed). Home Highlights You’ll love the two wood-burning Fireplaces; open Living Room/Dining Room; hardwood floors (under carpet) in the upstairs Bedrooms; the huge lower level Amusement Room; and the level, park-like backyard. Terrific location, too: just west of Cedar Lake, and less than 10 minutes to Downtown Minneapol...

Then & Now, Compare & Contrast Pervasive multiple offers were a staple of the 2005-2006 housing market, too. But back then, at least in my experience, once the listing agent had received 4-5 offers, other prospective Buyers tended to bow out rather than contribute to the feeding frenzy. Today, that no longer seems to be the case. Anecdotally, there now appears to be an outbreak of multiple offers in the Twin Cities where the Seller receives 15, 20, or even 30+ offers. What the $%#@&! is going on? “Multiple Offer Runners-Up’s” I’ve got a couple guesses, but most likely it’s a blend of the following: — Technology :  Electronic signatures were still very much over the horizon a decade ago.  Today, they’re pervasive. Assuming the Buyer is a couple, one person can be in LA, another in Boston, and their agent can be in Miami Beach ( ahh , nice thought) and they can collaboratively put together an offer in an hour — less if they’ve just gone through the process (...