Robert Guthridge's Blog

The Case For — and Against In a microcosm, the considerations for doing an open house on Easter Sunday 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 Easter Sunday, but the ones who are, are disproportionately serious, motivated, etc. –The same things that make a home welcoming for company (“dressed up,” nice smells, seasonal touches) impress Buyers, too. Cons: –Fewer open houses on Easter Sunday, which (further) depresses 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 Easter (on th...

Mourning the Loss of a House: Not “The One,” After All Just because no one died, doesn’t mean that home Buyers who feel compelled to cancel a deal — typically in the wake of a (very) bad inspection — aren’t disappointed. In fact, depending on how excited the Buyer was about the home in question, how long they’d been looking, etc., there can even be a genuine mourning process, post-cancellation. Emotional Toll I’ve personally witnessed the phenomenon with my Buyer clients (though thankfully, not often); and, I know first-hand that many of my colleagues — acting in their capacity as Buyers’ agents — have as well. Fortunately for the grieving Buyer, there are two cures:  1) time (usually, around 7-10 days, but it can be much longer in the case of truly unique homes); and 2) finding an even better home (the best way a proactive agent can help their client :-), in addition to recognizing and being sensitive to their sense of loss). P.S.: “Shiva” — Hebrew for the number “7”...

In March, I was lucky enough to have two vacations! I took a work vacation by myself in the mountains, and I took a vacation with my family to Turks and Caicos. The work vacation was meant to help me focus on work and accomplish as much as I could in a couple of days. The family vacation was meant for me to have fun and not think about work. Both vacations were awesome, and both were great for my business, even though one is all about business and the other has nothing to do with business. You can listen The post Podcast 144: The Difference Between a Work Vacation and a Family Vacation appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2J5VKdU via IFTTT

I have bought many houses without seeing the interior before I closed on the deal. When I first started flipping houses, almost every house we bought was from the foreclosure sale. When you buy houses from the foreclosure sale, you often do not get a chance to see the inside of the house. I have also bought houses that were tenant occupied where I could not see the interior. It can be very risky buying houses this way, but you often get a much better deal when waiving your right to an inspection or even the ability to see all The post The Risks of Buying Houses Sight Unseen appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2pIibgs via IFTTT

On this week’s episode of the InvestFourMore Real Estate Podcast, I interview Ray Sturm, who was one of the founders of Realty Shares and is the current CEO and founder of Alphaflow. Alphaflow is a company that brings a brand new investing concept to the market. They invest in hard-money loans that are typically used by house flippers. Alphaflow buys hard-money loans for their investment fund, which is available for you to get involved with. On this episode, we talk about Alphaflow, how it works, how to invest in it, as well as why Ray likes to start companies and The post Podcast 143: What is an Automated Investment Fund? With Ray Sturm appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2pEVjyG via IFTTT

“Highest & Best,” Defined If this Spring housing market is like any other, it’s guaranteed that at least a few home Buyers and Sellers (and their agents!) will misunderstand the rules of multiple offers. The result? They’ll either miss out on a house that was within their grasp (Buyers), or jeopardize a (more than) full price offer from a financially well-qualified Buyer (Sellers). In both cases, the parties’ strategic mistake is misunderstanding the rules of multiple offers, as conducted by area Realtors according to local custom. Background So, unlike other housing markets, where the listing agent (representing the Seller) presides over an “auction-style,” multiple round sale, in the Twin Cities, multiple offers purposefully go just  one round. Called “highest & best,” the logic of such an approach is that it efficiently flushes out Buyers’ best terms. Prospective Buyers know — or should — that if they leave money on the table, their offer will be...

In March, I was lucky enough to have two vacations! I took a work vacation by myself in the mountains, and I took a vacation with my family to Turks and Caicos. The work vacation was meant to help me focus on work and accomplish as much as I could in a couple of days. The family vacation was meant for me to have fun and not think about work. Both vacations were awesome, and both were great for my business, even though one is all about business and the other has nothing to do with business. You can listen The post Podcast 144: The Difference Between a Work Vacation and a Family Vacation appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2J5VKdU via IFTTT

I have bought many houses without seeing the interior before I closed on the deal. When I first started flipping houses, almost every house we bought was from the foreclosure sale. When you buy houses from the foreclosure sale, you often do not get a chance to see the inside... The post The Risks of Buying Houses Sight Unseen appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2pIibgs via IFTTT

On this week’s episode of the InvestFourMore Real Estate Podcast, I interview Ray Sturm, who was one of the founders of Realty Shares and is the current CEO and founder of Alphaflow. Alphaflow is a company that brings a brand new investing concept to the market. They invest in hard-money... The post Podcast 143: What is an Automated Investment Fund? With Ray Sturm appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2pEVjyG via IFTTT

Interest Rates a Double-Sided Coin “Companies are paying the most in nearly a decade for some types of short-term borrowing, the latest threat to the U.S. economic expansion.” –“Climb in Key Rate Pinches Borrowers”; The Wall Street Journal (3/28/2018). Funny , I would have put a different spin on the news that companies — many enjoying record profits — now have to pay higher interest rates. My take: “In a sign of continued recovery from The 2008 Crash, almost-free money — courtesy of the Federal Reserve — is going away.  As a result, yield-starved savers are actually being paid a return to lend their money, and corporations are learning to wean themselves from too-cheap debt.” Which version do you like better?? from RSSMix.com Mix ID 8230700 https://ift.tt/2utckBt via IFTTT

TWO Type of Drone “No Fly” Zones Unbeknownst to me until this morning, there are actually TWO types of “no fly” zones governing the use of drones. They are: 1) permanent “no fly” zones — typically adjacent to airports, where drones could interfere with low-flying commercial aircraft; and 2) temporary “no fly” zones, which are off-limits due to security concerns, while VIP’s fly over head. According to my drone photographer, it was the latter category that (quite literally) grounded him this am near Minneapolis’ Cedar Lake, where he was to have taken aerial photos of my new listing. No biggie:  we rescheduled for tomorrow a.m. P.S.: Due to security, apparently the identity of the VIP is not disclosed. But, as my photographer put it, “they don’t close federal air space for Bruno Mars.” Update :  the visitor was Vice President Mike Pence , addressing state Republicans at the Minneapolis Convention Center. from RSSMix.com Mix ID 8230700 https://...

  “Ghost” For Sale Signs A “new listing” is self-explanatory. A “ pre-list” is a Realtor drumming up interest in a soon-to-debut home (unfortunately, some Twin Cities agents now define “soon” as, “in the next six months”). So, what’s a “ post -listing?” Answer:  literally, a “For Sale” sign post in the front yard, after the house has closed. The depressing-but-true explanation:  the ground is still very much frozen locally, even though the calendar says “April” starts Sunday . . . P.S.: the winter-time convention is to immediately remove the sign riders (with the names of the broker and Realtor), then double back for the post once the ground thaws. See also , “ New Lists,” “Pre-Lists,” and “Pre-Pre-Lists” (Huh?!?)” ; “ Buyer’s Agent: “Is the Asking Price on that Pre-List Home Firm?” ; and  “Agent-to-Agent Pre-List Networking: Can You Spot the Most Important Detail? .“ Plus: “ Coming Soon”: How Good Pre-List Marketing...

To a non-Realtor, the expression, “I’m not buying it” roughly translates as, “I don’t believe your [obviously bogus] explanation.” To Realtors, however, the phrase means something much more literal. Namely — at least when uttered by a Buyer’s agent — “I’m not buying it” translates as, “I’m not buying the home . . . my client is .” Showing Feedback The typical context:  post-showing feedback from the buyer’s agent to the listing agent (representing the Seller), which goes something like the following:  ‘the home showed great, had wonderful curb appeal, and is well-priced . . . but I’m not buying it , my client is (and they weren’t crazy about it).” If there’s a silver lining for Sellers, it’s that complimentary feedback from a showing agent — at least one with experience and a good eye — is a good omen. P.S.:  To avoid confusing what the Realtor  thought of the property vs. what their client thought, some feedback forms explicitly now request th...

I have bought many houses without seeing the interior before I closed on the deal. When I first started flipping houses, almost every house we bought was from the foreclosure sale. When you buy houses from the foreclosure sale, you often do not get a chance to see the inside... The post The Risks of Buying Houses Sight Unseen appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2pIibgs via IFTTT

Real Estate Jargon 101 What’s the difference between an “accepted” offer and a “fully executed” one? Absolutely nothing. As a former corporate attorney, I actually prefer the latter, because it’s just a tad more precise, descriptive, etc. However, it can also sound a bit . . . intimidating (especially the “executed” part). Which is why in practice, most Realtors seem to go with “accepted offer.” See also , “Working With Buyers: Contracts vs. ‘Paperwork.’” from RSSMix.com Mix ID 8230700 https://ift.tt/2GjqkCu via IFTTT

On this week’s episode of the InvestFourMore Real Estate Podcast, I interview Ray Sturm, who was one of the founders of Realty Shares and is the current CEO and founder of Alphaflow. Alphaflow is a company that brings a brand new investing concept to the market. They invest in hard-money... The post Podcast 143: What is an Automated Investment Fund? With Ray Sturm appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2pEVjyG via IFTTT

A couple of weekends ago, I took a work vacation—not a vacation from work, but a work vacation. I took a few days off both from work and my family to focus on my business. I love my family, and I love my work, but sometimes both can be distracting.... The post How a Work Vacation Helped Me Focus and Improve My Business appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2FVSlwk via IFTTT

Housing values in the U.S. have reached a new peak.  In total, U.S. homes are valued around $31.8 trillion according to Zillow.  That is 1.5 times the GDP of the U.S. and close to three times the GDP of China.  Crap shacks in Los Angeles are now worth $2.7 trillion, which is more than the […] from RSSMix.com Mix ID 8230700 https://ift.tt/2GhGAnw via IFTTT

On this weeks episode of the InvestFourMore Real Estate Podcast, I interview Ray Sturm who was one of the founders of Realty Shares and is the current CEO and founder of Alphaflow. Alphaflow is a company that brings a brand new investing concept to the market. They invest in hard... The post Podcast 143 What is an Automated Investment Fund? With Ray Sturm appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2pEVjyG via IFTTT

Choosing Sides (Or Not) No one asked me, but I know how to bring the practice of “single agent dual agency”  — whereby one Realtor represents both Buyer and Seller in the same transaction — to a screeching halt:   start referring to such agents instead as “double agents.” But even that label is misleading. Whereas a true double agent nominally works for one side, but secretly represents the other, a Realtor who plays the role of double dual agent arguably advocates for neither Buyer or Seller. Instead, they act as a neutral third-party, obliged not to harm the interests of either party. Which I’d say is tantamount to representing neither client. While Minnesota allows the practice of single agent dual agency as long as it’s fully disclosed and both parties consent, as a former corporate attorney, I regard it as a classic conflict of interest — and contractually promise my listing clients (Sellers) that I won’t also represent the Buyer. My log...

“Can I Please Speak to Myra Mains?” [ Editor’s Note:   if you’re a regular reader, you may recall this post from previous years.  Normally, I re-run it April 1.  However, given that Google and other search engines already seem to be finding it early, I’m moving up the timing this year.] Courtesy of  now-retired  Edina Realty office manager Josh Kaplan, here is a classic April Fool’s joke for — make that  on  — Realtors, especially “newbie” Realtors. The front desk leaves a voicemail for the intended Realtor-victim (plural, ideally), telling them that they have a lead for them. The prospect’s name is “Myra Mains”; her number is 612-927-****. Here’s what happens next: Realtor : ‘This is Jane Doe at Edina Realty. Can I please speak to Myra Mains?” Other line : . . . . ‘click’  (sometimes preceded by a “Ha! Ha! Very funny!”) It’s funniest when the Realtor persists and re-dials a couple of times before catching on. The phone number, of co...

“Trick (Photography) or Treat” [ Editor’s Note :  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] Want to know whether a Dining Room is actually as roomy as it appears online? Here’s a quick tip:  count the number of chairs around the Dining Room table in the photo above. Uh-huh. The clincher:  according to the MLS stats — which are riskier to fudge — the room is 13′ x 12.’ Not bad, but not exactly cavernous, either . . . See also , “ That Garage is HOW Big?!?” ; “ The Far-Away Fireplace “;  “(Too) Flattering Photography “; “ Trick Photography ?”; and “ The Far Away Buffet?” ; and “The World’s Biggest Fridge? Maybe (Maybe Not).” from RSSMix.com Mix ID 8230700 http://ift.tt/2FPWxC2 via IFTTT

Flipping houses is a fantastic way to make money. This post covers flipping houses 101, house flipping tips, and how to get into flipping houses. It is not a get-rich quick method though–to make money flipping houses you have to buy houses very cheap, account for all costs, sell houses... The post Flipping Houses in any Market – The Ultimate Guide appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2FWVgot via IFTTT

A couple of weekends ago, I took a work vacation—not a vacation from work, but a work vacation. I took a few days off both from work and my family to focus on my business. I love my family, and I love my work, but sometimes both can be distracting.... The post How a Work Vacation Helped Me Focus and Improve My Business appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2FVSlwk via IFTTT

Savvy Strategy for Getting Realtor Referrals Smart Realtors know that the most important people coming through weekend open houses aren’t necessarily checking out the house. Rather, they’re checking out them. Specifically, the open house visitors — often neighbors — want to see if the agent is doing a good job marketing the home, is knowledgeable, easy to talk to, etc. If so, they’ll consider hiring them to sell their home. Stealth Job Interview Somewhat similarly, there seems to be a new trend of Buyers’ lenders who don’t just keep the listing agent (representing the Seller) in the loop, they’re affirmatively marketing to them. You know , for future business. Those lenders know that:  1) listing agents today are often Buyers’ agents tomorrow — and at least a chunk of those Buyers will need a loan, and not have an existing lending relationship (or at least, one that they’re happy with); and 2) unlike consumers, veteran agents can tell the difference between...

For the (real estate) uninitiated, the MLS status “TNAS” stands for “Temporarily Not Available for Showing.” That can be the case when a home is under contract, and being inspected by the Buyer; someone is home sick; or, the Seller simply doesn’t want intrusions over the holidays. But, what do listing agents disclose when the issue isn’t a “For Sale” home’s availability — in fact, it’s vacant, and can be shown any time —  rather, it’s the Seller who’s inaccessible? (usually due to travel abroad, in an area with poor or no Internet access — imagine! :-)). Then, the proper course seems to be to continue to keep the listing “Active” (and showable), but to advise serious Buyers (vs. everyone) of the delayed response timetable . . . from RSSMix.com Mix ID 8230700 http://ift.tt/2G26Ce8 via IFTTT

More Parallels Between Politics & Real Estate Sales: What Listing Presentations, Primary Challenges Have in Common “If your parents don’t have kids . . . you won’t either.” –Anonymous [ Editor’s Note :  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] Nothing could be more axiomatic in real estate sales:  if you don’t (first) get the listing . . . you won’t get the sale, either. Ahhh,  but if you take the listing at a too-high price . . . you likely won’t get the sale, either. Justifiably dismayed Buyers will balk, showing feedback will be dismal (never mind offers), and eventually the listing will cancel or expire, unsold. Unless, of course, somewhere along the way, the frustrated Seller agrees to reduce the price — potentially multiple times. Polarization vs. Overpricing The dynamic is not unlike modern A...

Tying Up Loose Ends & Open Offers Admittedly, there’s usually not much doubt. But if you want absolute, “case-closed” proof that a Buyer’s offer qualifies as a lowball, here it is:  when the Seller rebuffs it*, they never even bother to withdraw it. Either the offered price is so preposterously low they know the Seller will never accept it. Or, in the infinitesimal chance that the Seller actually does sign, the number’s so dirt cheap that the Buyer — any Buyer — would be thrilled with the price. Either way, there’s no risk associated with indefinitely leaving the (open) offer on the table. Time is of Essence (Usually) By contrast, a Buyer who makes a serious offer will only wait so long to hear from the Seller before withdrawing it. After all, what intelligent Buyer would leave their offer out there, day after day, to be shopped or simply ignored, as the case may be? Answer:  no one. While Buyers — at least in Minnesota — seldom include a fo...

For the first time since mid-Fall, it’s now possible to take Buyers through homes — in daylight! — in the early evening. That’s because a 7:30 p.m., post-daylight savings sunset lets agents meet clients after rush hour and see 2-3 homes, at least if they’re relatively nearby. 6 Days x 90 Minutes ÷ 60 = 9 Hours How do I come up with nine hours? Six days x 90 minutes (and growing) ÷ 60 minutes = nine hours. Why not seven? While you could show homes Saturday night, most Sellers frown on that (Buyers, too). P.S.:  I think I speak for most agents when I say that, if I’m going to work on a Saturday night, it better be on a Purchase Agreement! See also , “ And That’s It (Until Next June) for 8-9 p.m. Showings .” from RSSMix.com Mix ID 8230700 http://ift.tt/2GsIv6h via IFTTT

On this episode of the InvestFourMore Real Estate Podcast, Jason Downing is our guest. Jason is a personal trainer who has bought rentals and become a real estate agent. Jason has an interesting story as he is just a regular guy with a regular job who has been successful as a... The post Podcast 142: How to supplement your income with a real estate license and rental properties appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2Is3Pt5 via IFTTT

“TNAS” vs. “Active, Subject to Inspection” “Seller Shall/Shall Not have the right to continue to offer the Property for sale until this Inspection Contingency is removed.” –Standard Minnesota Purchase Agreement, lines 192. – 193. [ 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.] In a fast-moving Twin Cities Spring housing market with way too little inventory, it’s not uncommon for nervous Buyers to hear footsteps (of another, interested Buyer), even after they’ve inked a deal with the Seller. And, if the Buyer just prevailed in multiple offers, they may even hear  several sets of footsteps, from one or more Runner-up Buyers. While uncommon, it’s possible for an especially ardent Runner-up to execute a Backup Offer with the Seller, that automatically goes into effect...

Realtor Scorecards Yeah, yeah , there are dozens of metrics (quantitative benchmarks) for judging how good/effective Realtors are (Brokers, too). For most consumers (and not a few Realtors), however, there’s really only one number that counts:  sales. No surprise, the agents who sell the most homes each year proudly trumpet that fact in their direct mail, email, on social media — and every other way they can think of. Quantity > Quality Are sales relevant? Of course. But, they’re not dispositive. Toyota sells a lot more cars each year, but I’d still rather drive a BMW. McDonald’s outsells Manny’s, but guess where I’d prefer to go for my anniversary dinner? H&R Block does more returns — but, that’s not who does my taxes. You get the idea. Realtors who sell 50 (or 150!) homes a year do that by employing an army of assistants. Once clients are under contract, it’s those folks — not the agent — who clients often find themselves dealing with. Realtor Metrics, Take ...

I wanted to write a book with “water” in the title, but, it looks like the best ideas have already been taken. They include: “The Color of Water” “The Shape of Water” “The Weight of Water” Oh , well. I was thinking of going with, “The Temperature of Water.” What , not enigmatic enough??  from RSSMix.com Mix ID 8230700 http://ift.tt/2pamLUt via IFTTT

Where : 3220 Calhoun Parkway West #101 in southwest Minneapolis. What : 3 Bedroom, 2 Bath condo with balcony overlooking Lake Calhoun. When : closed last Monday (March 5). How much : $732,500. Who : Buyer represented by Ross Kaplan, Edina Realty-City Lakes; Barbara Brin (Coldwell Banker Burnet) represented the Seller. “Buy land — they’re not making any more.” –Attributed to both Mark Twain and Will Rogers. I don’t necessarily agree with the Twain/Rogers take on buying land:  all you have to do is fly from the Twin Cities to either coast, and you’ll see LOTS of open, developable real estate. But, I very much agree with the sentiment when it comes to buying condo’s near — and specifically, on — the west side of Lake Calhoun in southwest Minneapolis. 2   Buildings, 3 Dozen Condo’s Then, there are only two buildings to choose from:  3150 Calhoun Parkway West, and its smaller neighbor one block south, 3220 Calhoun Parkway West. Number of units in each building...

Last year, I flipped 26 houses. Flipping houses is fun, and it was a huge accomplishment to complete that many flips. In order to repair that many houses, it took a lot of money! in fact, I spent $439,235.51 at Home Depot last year. I also bought 4 rentals, so... The post I Spent Over $400,000 Last Year At Home Depot on House Flipping Materials! appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2Fvz9cD via IFTTT

“This side appears to be brown.” –What a CPA says, when asked the color of a horse standing in a pasture 50 feet away. “Buyer no longer interested in property.” –Buyer’s agent explaining why they canceled a showing. CPA’s (I used to be) and Realtors (what I’ve been for 16 years) are equally adept at the art of saying nothing. But, the motivations are different. CPA’s auditing companies are circumspect because of potential legal liability. So, if the auditor says that “Accounts Receivables are properly stated,” and 30% later turn out to be uncollectible, they get sued. But, if they instead say, “Accounts Receivables appear to be properly stated” . . .  they have some wiggle room. Realtor Motivation(s) By contrast, Realtors become practiced at the art of saying nothing for a different reason: time management. So, a busy Realtor who wants to cancel a showing on MLS needs to fill in various required fields, including “why are you canceling?” The most expeditious answer:...

Comparing Honey Crisps to Braeburns One of the more quizzical looks Realtors get is when they (try to) explain to a prospective home Seller that their neighbor’s house isn’t a “Comp” (Comparable Sold Property) for pricing theirs. For the uninitiated, a Comp is one of the three homes Realtors and appraisers use to determine fair market value; once the relevant Comp’s are identified, step #2  is to go through a formal “compare-and-contrast” process between the subject home and each of the Comp’s called  a “CMA” (Comparative Market Analysis). So, why doesn’t the neighbor’s house make the cut? Because one (or more) of the following usually apply: One . Timing. Specifically, it sold too far back. To be a Comp, the sale must be within the last six months. Two . The neighbor’s house has yet to sell — that is, it’s “Active” or “Pending.” While a neighboring home that is currently for sale may very well compete with another house on the block, becaus...

When I am completing up to 22 flips at once, having great contractors and a system to keep track of them is vital to my business. It has taken some time, mistakes, and multiple people, but I have things running relatively smoothly now. On this episode of The InvestFourMore Real... The post Podcast 141: How to Find and Manage Great Contractors appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2oWuTYJ via IFTTT

I found my niche as a real estate agent in the REO world. REO stands for real estate owned and is what banks call their foreclosures. As a young agent, I tried the traditional way of selling houses, but it was not a good fit for me. Part of the... The post Why I Quit Being an REO (Foreclosure) Listing Agent appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2oIKWd8 via IFTTT

“Highest & Best” Due Tomorrow (Th 3/8) by 2 p.m. Where : 2825 Monterey Parkway in the heart of St. Louis Park’s Fern Hill neighborhood (less than one mile west of Cedar Lake). What : Gracious two-story walkout with 5 Bedrooms, 4 Baths, and 2,800 finished square feet on a gorgeous .38 acre lot backing up to Fern Hill Park. Days on market :  two — listed . . . yesterday(!). How much : $625k. Who : Seller represented by Ross Kaplan, Edina Realty-City Lakes. This is the home near the Lakes you’ve been waiting for! The spacious, flowing main level features a formal Dining Room; 19′ x 15′ Living Room; inviting Family Room with gas-burning Fireplace (above); a huge, eat-in Kitchen; and a legal 5th Bedroom (below left) with adjacent full Bath that’s perfect as either a Guest room or Home Office (current use). Upstairs, the private Owner’s Suite (below right) offers fine finishes and amenities, including a vaulted ceiling, walk-in closet,...

When I am completing up to 22 flips at once, having great contractors and a system to keep track of them is vital to my business. It has taken some time, mistakes, and multiple people, but I have things running relatively smoothly now. On this episode of The InvestFourMore Real... The post Podcast 141: How to Find and Manage Great Contractors appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2oWuTYJ via IFTTT

High Washout Rate [ 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.] One of the last things that can come up before would-be home sellers officially hire an agent is what Realtors call an exclusion (or sometimes protected) list. In plain English, it’s an agreed-upon list of prospects whom the Owner can sell to, without being obliged to pay a commission. As one might imagine, agents frown upon that practice — and are careful not to invest their time or marketing $$$ until the Seller fully commits (which is only fair). However, as long as the time period is limited and the list kept short, exclusions are usually not a problem for most Realtors. That’s because agents know that the vast majority of Seller leads don’t pan out, for one (or more) of these four reasons: Four Reasons One . Far and away the most common reason is that the prospective Buyer(s)...

I found my niche as a real estate agent in the REO world. REO stands for real estate owned and is what banks call their foreclosures. As a young agent, I tried the traditional way of selling houses, but it was not a good fit for me. Part of the... The post Why I Quit Being an REO (Foreclosure) Listing Agent appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2oIKWd8 via IFTTT

I found my niche as a real estate agent in the REO world. REO stands for real estate owned and is what banks call their foreclosures. As a young agent, I tried the traditional way of selling houses, but it was not a good fit for me. Part of the... The post Why I Quit Being an REO (Foreclosure) Listing Agent appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2oIKWd8 via IFTTT

Mark Howe’s career began like many Realtors®, working a second job at night to make ends meet while launching a career in residential real estate during the day. To add to the challenge, Mark’s start as a Realtor® in 1982 was compounded by interest rates as high as 20-plus percent. While many may have let a less-than-ideal market discourage their path, success in the form of a commission check encouraged him to continue his real estate career. Mark voiced feelings that residential real estate was only a starting point for him, so I wanted to explore more about his path into investment/land brokerage and uncover some of his keys to success in this real estate arena. from RSSMix.com Mix ID 8230700 http://ift.tt/2HaBqq1 via IFTTT

San Francisco housing has entered into a new reality.  Tech money and foreign cash continues to flood the market and pushing prices to astronomical levels.  The typical San Francisco crap shack now will cost you $1.42 million, a new record high with condos going for $1.15 million.  The city is entering into escape velocity of […] from RSSMix.com Mix ID 8230700 http://ift.tt/2Fsjryo via IFTTT

“Snow Day?”  More Like, “Unlimited Screen Time at Home” Day No , today isn’t officially, “take your kid to work day” in Minnesota. But, with an especially icy storm clobbering the Twin Cities the next 24 hours or so, that’s what happens — at least for some parents with small children — when all the local schools close (most families received emails and recorded phone calls overnight). In truth, given all the absent Realtors today, seeing a couple of cute, well-behaved kids in the office is kinda’ welcome (it goes without saying, none are mine ). P.S.: How bad does the weather have to be for St. Louis Park City Hall to close? No one knows. According to Aaron Borken, City Permit Technician, to the best of his knowledge, City Hall has never closed due to weather (I was there earlier this am to check on the status of Truth-in-Housing inspection). from RSSMix.com Mix ID 8230700 http://ift.tt/2oPpoek via IFTTT

I found my niche as a real estate agent in the REO world. REO stands for real estate owned and is what banks call their foreclosures. As a young agent, I tried the traditional way of selling houses, but it was not a good fit for me. Part of the problem was me and being unwilling to get out of my comfort zone. When I found REO, I loved it! I was able to work with systems; there were very little emotions involved; and almost everything could be done over email. I went from selling 20 houses per year as The post Why I Quit Being an REO (Foreclosure) Listing Agent appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 http://ift.tt/2oIKWd8 via IFTTT

Highest & Best Due When?!? What’s the giveaway that the listing agent who sent the email above is likely a newbie — or, at least, not so experienced handling multiple offers? The 10 a.m. Sunday deadline. Given that the Edina home just debuted on the market Friday, that means Buyers (and their agents) would likely have to scramble to see it during the day Saturday — and write an offer Saturday night (last night). Apparently, that belatedly dawned on the owner and their agent as well: I subsequently received a follow-up email delaying the deadline. See also , “ Listing Agent: “An offer has been received, please let us know if you have an interested party. Thanks!” from RSSMix.com Mix ID 8230700 http://ift.tt/2FSYAC4 via IFTTT

“Synch-ron-ate”:   recording a show, then watching it — without commercials — so as to finish at the same time as the live telecast. Want to watch a major event like the Oscars, but hate commercials? You can watch it live, then take breaks or jump to other channels whenever there’s an interruption. Annoying (and fattening, assuming you head to the fridge each time). Alternatively, you can always record the show to watch later — but then you’re likely to already know the highlights. Especially with big sports games, the “spoiler effect” is a deal breaker. Avoiding the Spoiler Effect Fortunately, there’s a third, hybrid alternative. Record the show, then start watching it in progress so as to finish at the same time as the live broadcast. All it takes is a little math and programming info. So, the Oscars start at 7:30 p.m. CST tonight; the show typically last 3 hours; and consists of about one-third commercials (predictably, backloaded at the end). To zip t...

Shedding (Crocodile) Tears for Luxury Real Estate Agents When Bill Gates, home seller, tells his Realtor after receiving an offer, “I think $20 million is too low — let’s wait for $30 million” (or $40 million, or ???) . . . you know he can. Can you say, “no (financial) motivation??” In a nutshell, that’s the conundrum facing agents who work with truly upper bracket clientele — at least, agents who like to occasionally close deals . . . and get paid! Aggravating matters:  the kinds of real estate that the super-wealthy tend to own — truly magnificent, one-of-a-kind properties — by definition have no true Comp’s (“Comparable Sold Properties”). Fair Market Value? You Tell Me That means such trophy properties are especially difficult to value. In fact, it’s commonly said of such homes that they’re worth “whatever a Buyer and Seller, acting at arm’s length and with no duress (rules out foreclosures) . . . agree it is.” So, values are arrived at more subjectively,...

“Just Say ‘No!’” (or, ”Tomorrow Works Much Better”) As a rule, the more accessible a home is to prospective Buyers . . . the easier it is to sell. But, that doesn’t mean Sellers can never say “no” — either to a showing request, or, to a Buyer (and their agent) literally standing in their doorway. Here are four situations where, as listing agent, I give my clients permission to “just say no”: One .  The agent and their client are late. At least in Minnesota, showings are always for a one hour window. An agent who requests 3-4 p.m. and shows up at 4:30 should expect to be refused, especially if the homeowner is juggling small kids, work demands (they have a home office) — or is just preparing supper. Two . “Serendipitous” showing requests (also known as “spur of the moment”). Exactly what they sound like, these typically occur when a prospective Buyer is looking at a home down the street, and notices another “For Sale” home that piques their interest. Memo to Sell...

Open 1:30 p.m. to 3:30 p.m. Sunday (March 4) Where:   2521 Kipling Avenue South, just west of Minneapolis’ Cedar Lake. What:   1.5 Story, 3 Bedroom/3 Bath home with over 2,200 finished square feet on a huge lot (75′ x 138′). When: on the market today (March 2). How much: $439,900. Who: listed by Ross Kaplan, Edina Realty – City Lakes. You’ll love this beautiful 1.5 story on a .24 acre lot in the heart of high demand Fern Hill. Highlights include the updated, eat-in Kitchen with maple cabinets; gorgeous maple floors throughout the first floor; and a huge, lower level Amusement Room with nearby 3/4 Bath. The Level, park-like backyard perfect for pets, kids and/or gardening — with plenty of room left for an addition! Terrific location, too:  close to the City Lakes, Uptown, Downtown — and miles of walking and biking trails. Want to add value? Update the huge, upper level Owner’s Suite, shown virtually staged (above right) and as it currently app...