Robert Guthridge's Blog

I bought my 18th rental property in October of 2017 for $292,000 using the BRRR strategy (buy, repair, rent, refinance). It was a commercial building that had 0ver 7,000 square feet. The property was vacant and had been used as a dentist office and doctors office in the past. The property was for sale on the MLS for many months before I made a low offer that was accepted. I thought the property was a great deal, but I also had reservations because I had never bought a commercial property like this in the past. I ended up fixing up The post How I Bought a Commerical Rental Property with the BRRR Strategy appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2L9GY6h via IFTTT

Realtor Rule #1: “Know Your Client.” Rule #2: “Know the Property You’re Selling” (or at least, how to get in) Test your knowledge of real estate sales, and answer the following question: Why is it smart for the Realtor representing the Buyer to get to a showing early? A. It allows extra time for the agent to deal with any lockbox issues (locating, opening, etc.). B. It gives the agent time to find parking. C. It gives the agent time to turn on all the lights. D. It serves as a cushion in case there’s traffic. E. To impress their client.            Answer:  all of the above (but, see explanation for “E.” below). Here’s the background: A. Especially in condo buildings, the lockbox ain’t always where you’d expect it to be — or where the showing instructions indicated. Even in single family homes, sometimes the lockbox is hiding in some out-of-the-way place (vs. on the front door). When that’s the case, arriving ...

Pro’s, Con’s — & Pitfalls “At the beginning (of the relationship), the developer had the experience and the insurance company had the money.  At the end . . . the insurance company had the experience, and the developer had the money .” I heard that line a couple lifetimes ago, when I was a CPA auditing the real estate portfolio of a big insurance company. So, what’s that got to do with residential real estate? Just this:  before closing, the Buyer has the money, and the Seller has possession (and title). When the Buyer rents back to the Seller, after closing the Seller has possession and the money , and the Buyer has . . . .  a potential headache . Three Issues That’s true for three reasons. One .  The holdover Seller’s timetable for moving out has a way of sliding. That’s especially a risk when the Seller is waiting on new construction or a major remodel, and is subject to work delays, shipping screw-up’s, and other v...

It’s not unusual for the same word to have multiple meanings. “Aloha” is Hawaiian for both “hello” and “goodbye.” In Hebrew, “shalom” means “hello” and “goodbye” — and “peace.” But, no single English word I’m aware of has more protean meanings than the word “on.” I catalog no less than  27(!)  discrete definitions. Consider: One. Throwing down the gauntlet (as in a competition):  “It’s on !” Two. Location:  “you can put that package on the counter”; “I’d like a cherry on top of my hot fudge sundae.” Three. Competent:  “she’s on top of it.” Four. In top form:  “that stand-up comic sure is ‘on’ tonight.” Five. In use; working:  “turn on the light, please”; “the computer doesn’t seem to be on.” Six. Being played now:  “Hurry! The movie’s on!”; “on air.” Seven. Continue:  “you’ve got my attention . . . go on.” Eight. In the possession of (the person referred to): “she only had a few dollars on her.” Nine. Having (the...

Unfamiliar Sight:  Empty Store and Parking Lot During Daylight Hours You know a retail store is popular when a steady stream of cars pulls up in front, and is momentarily frustrated/perplexed by the sight of an empty Costco store and parking lot — a store that might otherwise have thousands of people and hundreds of cars on a busy weekend (full disclosure:  one of those cars was mine). But, unlike most retail establishments on Memorial Day, Costco is closed. Good! As both a regular Costco shopper and (very small) shareholder, it makes me like and respect the company even more. P.S.: the store is also closed Easter, July 4, Labor Day, Thanksgiving, and Christmas. from RSSMix.com Mix ID 8230700 https://ift.tt/2xkTWvW via IFTTT

Average Fortune 500 CEO Annual Pay Now > $15 Million.  A YEAR. “A Walmart employee earning the company’s median salary of $19,177 would have to work for more than a thousand years to earn the $22.2 million that Doug McMillon, the company’s chief executive, was awarded in 2017.” –“ Want to Make Money Like a C.E.O.? Work for 275 Years” ; The NYT (5/25/2018). I know how to rein in truly outrageous executive pay — or, at least put the brakes on it. It’s not through tax reform, better disclosure, or overhauling corporate governance generally   (all strategies which have abysmally failed, by the way; average CEO compensation is up more than six-fold(!) in the last 25 years). No, it’s through semantics. Turning Public Opinion My proposal:  instead of business journalists writing that a given CEO was awarded a gazillion dollars, they say that the CEO awarded themselves a gazillion dollars. Functionally, that’s much closer to the truth. Aft...

“Cock a Doodle Doo Don’t!” Nope, that “For Sale” home isn’t in the sticks somewhere, miles from the nearest neighbors. It’s less than 2 blocks southeast of Minneapolis’ Lake Harriet, in a neighborhood where homes fetch from $500k to triple that (at least) on the lake (this one’s listed for $525k). My Realtor understanding is that “domestic chicken-keeping” (can you tell I grew up in the city?) is the local municipality’s call — city ordinances govern — but that in general, hens are OK but not roosters. And of course, there’s a required license (and fee, natch). from RSSMix.com Mix ID 8230700 https://ift.tt/2IR1Zlk via IFTTT

I bought my first house in 2003 when I was 23 years old. I was not very smart about buying the house, and I bought it during the peak of the market before the housing crash. I did not make much money on that house (I actually lost money), but I have done very well on the houses I have bought since then. I have flipped over 150 houses in my career and bought 20 rentals. Part of the reason I have done so well on my real estate investments is because of my personal residences. There is a lot The post Has My Personal House Been a Good Investment? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2ICxfso via IFTTT

“Take it outside,” if you’re a certain age (I am), invariably means there’s about to be a fight somewhere inside , and the proprietor of the establishment/bartender/host of the party wants nothing to do with it. Contrast that definition with the original, literal one:      Dad, grilling on patio, to someone in Kitchen:  “I don’t have any barbecue sauce.”      Mom, to nearby kid:  “here it is — please take it outside.” Wanna guess what the inspiration for that one was??  See also , “ You Take the Cake!” (& Other Ruined Expressions)” ;  “It Takes One to Know One” (and Other Ruined Phrases) “; and “ Plural of Stir-Fry?!?” from RSSMix.com Mix ID 8230700 https://ift.tt/2sfJEYd via IFTTT

The notion that somehow an affluent set of Millennials is going to shift the housing market is not happening.  What is happening is rather clear; historically low housing inventory is causing prices to inflate in the face of what has been very low new home building.  If you want to buy, your options are usually […] from RSSMix.com Mix ID 8230700 https://ift.tt/2s5R4hC 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...

What’s a “1.5 showing?” When one partner in a couple has seen the house and likes it, and gives their partner a green light to take a look. Rules & Exceptions As a general rule, Realtors acting as a Buyer’s agent prefer that both (all**) decision-makers be present at all showings. That’s not only more efficient, time wise, but it gives everyone a chance to consult and compare notes in the house in real-time — rather than from memory the next day (or week). However, I can think of three exceptions to that rule. One .  Scheduling conflicts.   When both partners work long hours — especially when one happens to be, say , a surgeon — getting both in the same house, at the same time, often just isn’t feasible. So, you take what you can get. Two .  One partner has significantly more specific or narrower criteria than the other. That can be location, style, condition, floor plan, size — you name it. However, when that’s the case, it’s ...

A/C, Ducts, and Dampers Scarcely six weeks after a 3-day blizzard, 17″ of snow, and single-digit wind chill . . . it’s officially Summer in the Twin Cities! And how:  temps locally thru Memorial Day are forecast to breach 90º, with humidity levels more typical of August. Given that blast of heat, area homeowners can be forgiven for skipping the window screens, and going directly to air conditioning — central, preferably. Summer Home Prep While not complicated, there can be more involved than just hitting the a/c “on” switch. At least in my home, it also involves closing a furnace damper, as well as closing several basement ceiling ducts, to prevent the lower level from becoming arctic-cold. Minnesotans endure plenty of that already . . . See also , “Q: What’s the Opposite of Winterizing a Home? “; and “ Twin Cities Spring, 2018 in One Word (and One Expletive).” from RSSMix.com Mix ID 8230700 https://ift.tt/2x72qXi via IFTTT

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...

Ironically, the better Realtors get at helping clients buy and sell real estate . . . the worse they can get at certain related tasks. Here are three areas where it’s easy for agents to let their skills to atrophy — or never acquire expertise in the first place: One . Market reports/updates. Show me a listing agent who’s hyper-proficient providing their clients with regular market updates . . . and I’ll show you an agent whose listings take longer than average to sell. It’s axiomatic that, homes that sell quickly, don’t require explanations for why they’re not. The major exception? More expensive homes, that routinely require longer market time. Two . Arbitration/Litigation. How do you become an expert in post-closing litigation (or arbitration, if both parties agreed to that)? Handle a deal that went (very) sour. I’m happy to report that, after 16+ years selling residential real estate and handling hundreds of deals, I’m blissfully ignorant of how that process works (except...

Client to Agent:  “What Would You Do?” “You break it, you own it.” –The Pottery Barn Rule. “You make it, you own it”  (translation:  if you make a decision for a client . . . you are responsible for the consequences). –Real estate corollary, Ross Kaplan. Whether it’s in the context of choosing a home, negotiating a deal, resolving an inspection issue — or literally countless other scenarios that arise in residential real estate — one of the most common questions Realtors field from their clients is, “what would you do?” I’m a pretty direct, call-it-like-I-see-it guy (and Realtor), but I’ve learned not to answer that question. That’s because I’m not the client. It can be very easy to lose sight of, but it’s  the client’s wants, needs, budget, timetable, personal taste, etc. — and they are the ones who’ll be living with the consequences of any decisions they make. Context and Analysis (vs. Decision-Making) Which isn’t to say I simply shrug ...

I bought my first house in 2003 when I was 23 years old. I was not very smart about buying the house, and I bought it during the peak of the market before the housing crash. I did not make much money on that house (I actually lost money), but I have done very well on the houses I have bought since then. I have flipped over 150 houses in my career and bought 20 rentals. Part of the reason I have done so well on my real estate investments is because of my personal residences. There is a lot The post Has My Personal House Been a Good Investment? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2ICxfso via IFTTT

No Takers (At Least, Not Yet) It’s certainly an understandable request from a frustrated homeowner whose home isn’t selling:  spend more on print advertising, specifically ads in local or even national publications. Unfortunately, veteran Realtors know — even if their clients don’t — that that’s not how homes are sold these days (the local MLS, search engines, social media, and old-fashioned agent networking are). So, how do good agents parry clients who insist on such outlays? With a variation of this exchange: Client :  “I think the reason my home isn’t selling is because you’re not doing enough print advertising.” Realtor :  “After all the hard work we’ve done prepping, staging, and marketing your home online — plus all the showings that’s generated — I strongly suspect the explanation is a (still) too-high price.” However, I have a proposal:  I’ll advertise your property as frequently as you like, with print ads as large you want. You ...

When the Realtor REALLY IS a “Neighborhood Expert” In finance, “eating your own cooking” means that the investment advisor has their own money in the same kinds of investments that they recommend to their clients. So, what’s the Realtor definition of “eating your own cooking?” Here’s mine: a Buyer’s agent who recommends a neighborhood or condo building because they live there . (Very) Local Knowledge Except that — at least in my opinion — savvy agents shouldn’t prematurely volunteer that info, because their client’s taste(s), budget, preferred geographic area(s), etc. may differ from theirs. But, once the client is already considering a given property, is the Realtor more credible talking about the specific neighborhood or building — plus nearby schools, shopping, parks, and other amenities — because they live there? As the locals say, “You Betcha!” See also, “Is the Realtor REALLY a “Neighborhood Expert?” One Way to Tell” ; “ Cedar Lake Specialist” . . . Really?...

Flies Tenants, Honey, & Vinegar “A home sale can have many potential deal killers. Emotions can run high. There can be hidden agendas. From tenants who don’t want to move to the child who doesn’t want to see the family home sold, third-party players can block or undo a transaction. For agents, it can mean playing a combination of sleuth and therapist.” –“ Who Killed the Deal to Sell Your House? It Was an Inside Job “;  The Wall Street Journal (5/15/2018). [ Editor’s note :  thanks to Alan Crystal and Helen Kaplan for bringing the WSJ article to my attention.] I don’t know about wayward kids and housekeepers, but I do know a way to minimize the risk that uncooperative tenants will torpedo a home showing — and therefore the owner’s chance at a sale. How? Give ’em a break on their rent while the house is on the market. Sale Saboteurs That accomplishes two things:  1) it acknowledges the hassle and inconvenience of accommodating strangers coming through your h...

On my 150th episode of The InvestFourMore Real Estate Podcast, I go over my business, which has been a little crazy lately. I started a new real estate brokerage in April, which we have been getting up and running as well as remodeling a new space. I am still flipping a lot of houses, but I have not been buying as many flips as I would like too. I have not been buying a lot of rentals, but the one rental I bought this year has been doing very well. On the podcast, I talk about all of this, the The post Podcast 150: Update on My Brokerage, Flips, and Rentals appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2IQMcpV via IFTTT

Sellers Who “Fall on Their Sword” (or, Did They??) Even in a Seller’s market, not all homes are destined to sell in multiple offers — or at all. When that’s the case, a price reduction is indicated. Depending on Buyer interest (or lack thereof) to date, the typical drop is between 2% and 5%. So, what can Buyers read into a Seller who just lopped a gargantuan $100k (over 14%!) off their “For Sale” Plymouth home earlier this week? Answer:  not much, at least without more context. Listed for  $700k $600k!  My take: Scenario #1 is that the home was egregiously overpriced, and slashing $100k merely corrects that (or starts to!). Scenario #2 is that the Seller is trying to foment multiple offers, rationalizing that the resulting premium will recoup a good chunk of the price reduction. Scenario #3: the Seller is (suddenly?) acutely motivated, and wants (needs?) to sell ASAP, regardless of price. So, which is it? The only way to know for sure is to kn...

Marijuana Multiple Choice [ 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.] As a Realtor, how do you know that legalized cannabis (marijuana) is officially a thing — even in states (like Minnesota) that only allow limited, medical use? You can take a continuing education course titled “Marijuana in Real Estate.” In fact, I just did. One (Legal) Size Fits All? Unfortunately, I very much doubt that the company offering the course knows anything about selling real estate in Minnesota. Consider the following multiple choice question (on the follow-up quiz required to pass the course): “Jerry is a medical marijuana user who is getting ready to sell his home. What should he disclose as relevant to a transaction? A. His medical condition. B. Marijuana activity occurring on the property. C. How much mariju...

Seller Semantics “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. Shortly after showing their client a new-on-the market home, the Buyer’s agent received an email from the listing agent asking if their client had interest, because she “was presenting offers tomorrow night at 6 p.m.” Which of the following conclusions could the Buyer’s agent reasonably draw? A. The agent had already received multiple offers on the home, which she would be presenting to the Seller at 6 p.m. the following night. B. The agent intended to present any offers  she received (future tense) the next night. C. The agent had received one offer, which she intended to present along with any other offers that came in in the ne...

Congrats, Bob! That’s my brother-in-law(!), Bob Riesman, being inducted into the Blues Hall of Fame in Memphis last week for his seminal biography, “I Feel So Good: The Life and Times of Big Bill Broonzy.” From the publisher (University of Chicago Press): “‘I Feel So Good’ traces Big Bill’s career from his rise as a nationally prominent blues star, including his historic 1938 appearance at Carnegie Hall, to his influential role in the post-World War II folk revival, when he sang about racial injustice alongside Pete Seeger and Studs Terkel. Riesman’s book takes readers into the jazz clubs and concert halls of Europe, as Big Bill’s overseas tours in the 1950s ignited the British blues-rock explosion of the 1960s. Interviews with Eric Clapton, Pete Townshend, and Ray Davies reveal Broonzy’s profound impact on the British rockers who would follow him and change the course of popular music.” The honor couldn’t be more deserved, and places Bob in the illustrious company of other 2...

Look closely and you’ll see not one but two trunks at the base of this tree, about 1/2 mile west of Minneapolis’ Cedar Lake in St. Louis Park’s Fern Hill neighborhood. The tree — make that tree(s) — command a key intersection, which give passing motorists (and pedestrians) a treat this time of year. P.S.: a (slim) silver lining to this year’s stubbornly coolish, delayed Spring:  the prolonged blooming period — I’d guess 5-7 days instead of the usual 3-4. from RSSMix.com Mix ID 8230700 https://ift.tt/2wBH9F8 via IFTTT

When It’s Poaching — and When It’s Not Is it ever OK to go after another Realtor’s clients? I’d say “yes” — with a major caveat. Namely, it’s OK for Realtors market to another agent’s clients AFTER the deal closes. That’s especially so if the home or Buyer is already in the agent’s geographic farm or sphere of influence generally. However, it’s NOT ok to market to another Realtor’s clients across the closing table , as one especially brazen agent did to a colleague of mine recently. Incumbents & Free Agents; “Falling on Deaf Ears” Of course, if someone just bought a home, it could be a long time until those marketing efforts pay off. While the average homeowner stays put for 7 years, at least in my experience, the actual length of ownership is either much shorter or longer:  Millennials buying a “starter” condo may move on as quickly as 3-4 years; young, growing families looking for their “permanent” home may be in place for...

Just Sold Closed: 2521 Kipling in St. Louis Park’s Fern Hill Neighborhood Where:   2521 Kipling Avenue South, just west of Minneapolis’ Cedar Lake. What:  True 1.5 Story, 3 Bedroom/3 Bath home with over 2,200 finished square feet on a huge lot (75′ x 138′). When:  closed yesterday (5/10). How much: $450,000. Who: listed by Ross Kaplan, Edina Realty – City Lakes; Buyer represented by Brad Fox, Fox Homes. Normally, houses on (and off) the market for 437 days don’t end up selling in multiple offers, for WELL over asking price. But, that’s exactly what happened with 2521 Kipling Avenue in St. Louis Park, which just closed yesterday. The explanation? All but 21 of those days accrued under another agent and broker. Enter yours truly . Fresh photography, (virtual) staging, new pricing, and aggressive marketing did the trick this March. Elapsed time till an offer received (two, in fact): less than 3 weeks. Congrats to both the Buyer and Seller! See als...

Option B: Trick Photo So, whaddya think:  is that REALLY a 15′ sofa pictured above? And if not, why on earth would the listing agent use a wide-angle lens (or some other trick) to make it appear so? Give up? Here’s (more than) a hint:  the couch is in the living room of Graceland, Elvis’ former home (and now Memphis tourist attraction, where I recently visited). According to the tour guide, Presley had it custom-made for the room. See also , “ Faux Photo?” from RSSMix.com Mix ID 8230700 https://ift.tt/2I5V1N4 via IFTTT

I have flipped over 150 houses in my career including 26 last year. I have worked with many contractors over the years and done the work on flips myself as well. I have learned a lot, but I am still learning and tweaking how I repair my houses. Even though I have done this many years, I had to recently fire a contractor who had been working with me for three years. When doing over 20 flips a year, plus remodeling rentals, I have to find new contractors all the time. I wish there was an easy button I could The post What is the Best Way To Use Contractors to Repair Fix and Flips appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2jZZ13c via IFTTT

On this episode of the InvestFourMore Real Estate Podcast, I interview Christopher Watters, who started Watters International Realty. Christopher started out in the real estate business at a young age, but it took him a while to find his niche as a real estate broker. He obtained his real estate license right after college but was distracted by a number of jobs within the real estate industry before he started his own company. Christopher created a huge real estate team and then created a large real estate brokerage with multiple offices throughout Texas.  On the show, we talk about Christopher’s The post Podcast 149: Creating a Million Dollar Real Estate Team with Christopher Watters appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2rtWbI3 via IFTTT

I have flipped over 150 houses in my career including 26 last year. I have worked with many contractors over the years and done the work on flips myself as well. I have learned a lot, but I am still learning and tweaking how I repair my houses. Even though I have done this many years, I had to recently fire a contractor who had been working with me for three years. When doing over 20 flips a year, plus remodeling rentals, I have to find new contractors all the time. I wish there was an easy button I could The post What is the Best Way To Use Contractors to Repair Fix and Flips appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2jZZ13c via IFTTT

Congrats, Bob! That’s my brother-in-law(!), Bob Riesman, being inducted into the Blues Hall of Fame in Memphis last week for his seminal biography, “I Feel So Good: The Life and Times of Big Bill Broonzy.” From the publisher (University of Chicago Press): “‘I Feel So Good’ traces Big Bill’s career from his rise as a nationally prominent blues star, including his historic 1938 appearance at Carnegie Hall, to his influential role in the post-World War II folk revival, when he sang about racial injustice alongside Pete Seeger and Studs Terkel. Riesman’s book takes readers into the jazz clubs and concert halls of Europe, as Big Bill’s overseas tours in the 1950s ignited the British blues-rock explosion of the 1960s. Interviews with Eric Clapton, Pete Townshend, and Ray Davies reveal Broonzy’s profound impact on the British rockers who would follow him and change the course of popular music.” The honor couldn’t be more deserved, and places Bob in the illustrious company of other 2...

Look closely and you’ll see not one but two trunks at the base of this tree, about 1/2 mile west of Minneapolis’ Cedar Lake in St. Louis Park’s Fern Hill neighborhood. The tree — make that tree(s) — command a key intersection, which give passing motorists (and pedestrians) a treat this time of year. P.S.: a (slim) silver lining to this year’s stubbornly coolish, delayed Spring:  the prolonged blooming period — I’d guess 5-7 days instead of the usual 3-4. from RSSMix.com Mix ID 8230700 https://ift.tt/2wBH9F8 via IFTTT

When It’s Poaching — and When It’s Not Is it ever OK to go after another Realtor’s clients? I’d say “yes” — with a major caveat. Namely, it’s OK for Realtors market to another agent’s clients AFTER the deal closes. That’s especially so if the home or Buyer is already in the agent’s geographic farm or sphere of influence generally. However, it’s NOT ok to market to another Realtor’s clients across the closing table, as one especially brazen agent did to a colleague of mine recently. Incumbents & Free Agents Of course, if someone just bought a home, it could be a long time until those marketing efforts pay off. While the average homeowner stays put for 7 years, at least in my experience, the actual length of ownership is either much shorter or longer:  Millennials buying a “starter” condo may move on as quickly as 3-4 years; young, growing families looking for their “long-time” home may in place for decades. It’s also the cas...

Just Sold Closed: 2521 Kipling in St. Louis Park’s Fern Hill Neighborhood Where:   2521 Kipling Avenue South, just west of Minneapolis’ Cedar Lake. What:  True 1.5 Story, 3 Bedroom/3 Bath home with over 2,200 finished square feet on a huge lot (75′ x 138′). When:  closed yesterday (5/10). How much: $450,000. Who: listed by Ross Kaplan, Edina Realty – City Lakes; Buyer represented by Brad Fox, Fox Homes. Normally, houses on (and off) the market for 437 days don’t end up selling in multiple offers, for WELL over asking price. But, that’s exactly what happened with 2521 Kipling Avenue in St. Louis Park, which just closed yesterday. The explanation? All but 21 of those days accrued under another agent and broker. Enter yours truly . Fresh photography, (virtual) staging, new pricing, and aggressive marketing did the trick in three weeks(!) on the market this March. Congrats to both the Buyer and Seller! from RSSMix.com Mix ID 8230700 https://i...

Option B: Trick Photo So, whaddya think:  is that REALLY a 15′ sofa pictured above? And if not, why on earth would the listing agent use a wide-angle lens (or some other trick) to make it appear so? Give up? Here’s (more than) a hint:  the couch is in the living room of Graceland, Elvis’ former home (and now Memphis tourist attraction, where I recently visited). According to the tour guide, Presley had it custom-made for the room. See also , “ Faux Photo?” from RSSMix.com Mix ID 8230700 https://ift.tt/2I5V1N4 via IFTTT

On this episode of the InvestFourMore Real Estate Podcast, I interview Christopher Watters, who started Watters International Realty. Christopher started out in the real estate business at a young age, but it took him a while to find his niche as a real estate broker. He obtained his real estate license right after college but was distracted by a number of jobs within the real estate industry before he started his own company. Christopher created a huge real estate team and then created a large real estate brokerage with multiple offices throughout Texas.  On the show, we talk about Christopher’s The post Podcast 149: Creating a Million Dollar Real Estate Team with Christopher Watters appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2rtWbI3 via IFTTT

Loose Door Knobs and Caviar-Stocked Fridges Test your knowledge of today’s housing market, and answer the following question: Which of the following issues are properly raised by a Buyer’s home inspection, and resolved either by a Seller price concession, or the Seller assuming responsibility for repair(s)? A. The dated Kitchen; B. A concrete driveway with multiple cracks; C. Peeling paint on the outside of the home; D. The old-but-still-working boiler or forced air furnace; E. A plainly visible scratch in the middle of the Dining Room hardwood floor; F. The dilapidated (but structurally sound) detached Garage. Answer :  none of the above (unless the Buyer is getting an FHA loan, in which case “C.” may be correct). The explanation? In each case, the “issue” was plainly visible before the Buyer made their offer. By contrast, a legitimate inspection issue is typically:  a) not apparent prior to the inspection; b) pertains to a genuine home defect and/...

I try to be a positive person, but sometimes I feel like I post a lot of negative things on YouTube or Facebook. I have been very fortunate and can’t complain about where I am in life, and I try to post bad things that happen to teach others. If I can show the mistakes I make or circumstances that are out of my control, it may help others avoid the same situations. By doing, this some people are turned off by investing because they see all the things that can go wrong. However, there is much more than can and The post A Positive Surprise when Flipping Houses appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2wi93pv via IFTTT

I try to be a positive person, but sometimes I feel like I post a lot of negative things on YouTube or Facebook. I have been very fortunate and can’t complain about where I am in life, and I try to post bad things that happen to teach others. If I can show the mistakes I make or circumstances that are out of my control, it may help others avoid the same situations. By doing, this some people are turned off by investing because they see all the things that can go wrong. However, there is much more than can and The post A Positive Surprise when Flipping Houses appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2wi93pv via IFTTT

But First . . . a Brief History Lesson I don’t know about other states — I’m only licensed to sell real estate in Minnesota — but here, residential property taxes are due twice a year: May 15 and October 15. Those non-randomly chosen dates stretch back to when Minnesota’s economy — like practically every other state’s — was agrarian-based. The two times a year farmers predictably had money were in the Spring, before they’d planted; and in the Fall, after they’d harvested. Tax collectors — no dummies about such things — realized that those were the best times to dun its citizens for property taxes (note:  the May 15 payment covers the first half of the year; the October 15 payment the second half*). Debits and Credits Which leaves the more contemporary question, “if you’re selling your house in early (or late) May, do you pay the first half property taxes?” The short answer (or at least mine) is, it depends on whether the Buyer’s lender is escrowing (collecting in adva...

I posted a video on one of my recently completed house flips last week that was a manufactured home. I got a lot of comments from viewers who thought it was crazy that I would flip a manufactured home since they are so hard to finance. Many people thought it was a mobile home, which is almost impossible to finance. Some people even thought it did not have its own lot, which would make it even harder to finance. When you are dealing with manufactured, mobile, and modular homes it can be very confusing. I did not know the differences The post What is the Difference Between a Manufactured, Mobile, and Modular Home? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2HL1rgD via IFTTT

Answer:  Summerizing a Home Minnesota homeowners leaving for the winter know the drill (or should): to avoid the risk of frozen pipes (and the resultant catastrophic flooding), turn off the water to the home, then drain the existing water in the home’s plumbing. Last step:  turn down the thermostat to a chilly 55º or so, just to prevent icicles forming on the light fixtures. Chief Culprit: Burst Pipes/Water Now fast forward six months or so, when all those snowbirds return. The process of summerizing a home — especially in super-hot Arizona — is pretty much the reverse. First, turn off the water to the home (but not to the outside irrigation, at least if there’s a lawn the owner wants to survive the summer). Next, turn the air conditioning way up — typically, high 80’s or so — to avoid the wallpaper blistering in triple-digit heat. P.S.: To snowbirds traumatized by Minnesota’s April 2018 blizzard:  the coast is clear, you can come home now (in fact, it’s be...

Top Twin Cities Realtors Identified Mpls. St. Paul Magazine and Twin Cities Business just notified local agents who’ve been nominated for their 2018 “Super Real Estate Agent” award. I’m delighted to report that I’m on the list — for the 11th year in row! According to the two magazines, “more than 12,000 recent homebuyers, along with Mpls. St. Paul Magazine and Twin Cities Business subscribers, were asked to cast a ballot to identify the Twin Cities’ exceptional real estate agents.” After further qualifying the nominated agents, the official list is announced in the Fall. P.S.: If this year is like previous years, Edina Realty agents will account for at least one-third of the selections. See also , “ Mpls. St. Paul Magazine Announces 2016 ‘Super Real Estate Age nts’”; “ 2015 Mpls. St. Paul Magazine ‘Super Real Estate Agents “; and “ 2015 Mpls. St. Paul Magazine ‘Super Real Estate Agents’ Announced .” from RSSMix.com Mix ID 8230700 https://ift.tt/2rmoecl...