Robert Guthridge's Blog

High Profile Agents (and Their Business Models) If working with a Realtor with a huge ego is a deal breaker, you’re in luck:  there’s an easy way to identify such agents. Just look up when you’re out and about driving (but, only for a second).  At least in my experience, the local agents with the highest profiles seldom touch a file — or talk to a client. Instead, they hand off to their legions of assistants. Or, they refer the business generated by all their advertising to other agents, who pay them a referral fee. Now you know . . . P.S.: One of my favorite billboards, ever, was an ad years ago for a Pittsburgh synagogue that I saw driving to New York. The message:  “Consider this a sign from God.” See also , “ Why (Some) Realtors Have Big Egos .” from RSSMix.com Mix ID 8230700 https://ift.tt/2NZ0lAt via IFTTT

Looking for Signs of a Market Top Once upon a time, a sure-fire yellow (or red!) flag for frothy home prices was Realtors buying homes for themselves, either as investments, or to fix up and flip. See , “ Insider Buying & the Housing Market: Why Realtors are a CONTRARIAN Indicator .” The logic: agents were most bullish (and financially flushest) at the top of the cycle, which is when they tended to enter the market as Buyers. Ergo , that’s when the smart money knew it was time to exit. For market prognosticators watching for signs of another downturn, is what I’ll call the “Realtor Activity Index” still a good contrarian indicator? Different This Time (Really) At the risk of invoking the four most dangerous words in investing (“this time is different”), I don’t think so. That’s for two reasons: One . Low inventory and transaction volume. Back at the 2006 peak, there were around 35,000 homes for sale in the Twin Cities. Today, the number is less than one-third of that. ...

Listing agents (representing home sellers) are big fans of home warranties. Test your knowledge of residential real estate today, and see if you know why: A. Realtors don’t pay the premium (Sellers typically do). B. Realtors get a commission for each home warranty policy they sell. C. Listing agents know that a Seller-paid home warranty can help smooth over inspection issues, and — at lower price points especially — make a dated home more attractive to first-time home Buyers. D. Unlike their agents, Sellers don’t get postcards after the closing informing them of claims that have been paid out as a result of something (or several things) breaking. Correct answer :  all of the above, but especially “C.” and “D.” Smart Policy (Literally) I don’t know about other listing agents, but I typically do not call clients, after the closing, to let them know that something broke at their former home — but fortunately, was covered by the home warranty they paid for pursuant t...

2018 is more than halfway done, and I thought it would be a great time to update everyone on what has gone on in my real estate world. I set goals every year, and one of my challenges is making sure I am reviewing and paying attention to those goals. It is easy to get caught up in the day-to-day business activities and lose sight of the big picture. Luckily, I have a blog that keeps me mostly on track and accountable for my goals. I created house-flipping goals, rental property goals, real estate agent goals, and a few personal The post Update on My Real Estate Goals for 2018 appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2Av1ihQ via IFTTT

Real estate cycles turn as slowly as a massive cruise ship.  Unlike the stock market where a stock like Facebook can fall 20 percent overnight, real estate tends to boom and bust at a much slower rate.  There is an odd logic to the current market.  “We bought a few years ago and look how […] from RSSMix.com Mix ID 8230700 https://ift.tt/2mTf58A via IFTTT

I have completed over 155 flips in my career and have a lot of experience fixing up houses. I have also fixed up rental properties and my personal houses. I have learned a lot over the years about how to fix up houses, and I am still learning new things all the time. I have also made plenty of mistakes over the years that have taught me more than anything else. I don’t fix up the houses myself (I did one time, which was one of my biggest mistakes). I use contractors, subcontractors and my own crew. There are many The post What are the Biggest Mistakes People Make when Fixing up a House? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2LyFtCq via IFTTT

“Blind Date With a Book” How should you judge a book? By its beginning (of course). To encourage customers to do just that, Portland bookseller Elisa Saphier set out a table of great reads, wrapped in brown paper, with only the genre (“fiction, “mystery,” etc.) and a provocative sentence or two visible. Cost to “go on a blind date with a book?” Less than a Starbucks ($3). Great idea! P.S.: I briefly played tourist in Portland earlier this Summer. Elisa’s bookstore, “Another Read Through,” was next door to the restaurant where my wife and I ate dinner. from RSSMix.com Mix ID 8230700 https://ift.tt/2LwijgL via IFTTT

Can Home Sellers Drop Their Price TOO Fast? Admittedly, the vast majority of the time, would-be Sellers of overpriced homes wait too long to reduce their asking price. But, something like 10% of the time, I see listings that drop the price almost immediately. The usual, three-step scenario:  1) the home was on Broker Tour — open houses for Realtors, held for Twin Cities agents every Tuesday from 11 a.m. to 1 p.m.; 2) it presumably was trashed by visiting agents (or worse, there weren’t any); whereupon 3) the listing agent and homeowner panicked and dropped the price that afternoon or Wednesday morning. Speaking only for myself, I view such abrupt price drops as tantamount to admitting the original asking price was inflated. Sentiment #2, about three seconds later:  how much further does the home need to drop before it’s within range of fair market value? So, to answer the question posed above: “ Yes , home sellers can drop their price too fast (or too precipitously).” ...

I have completed over 155 flips in my career and have a lot of experience fixing up houses. I have also fixed up rental properties and my personal houses. I have learned a lot over the years about how to fix up houses, and I am still learning new things all the time. I have also made plenty of mistakes over the years that have taught me more than anything else. I don’t fix up the houses myself (I did one time, which was one of my biggest mistakes). I use contractors, subcontractors and my own crew. There are many The post What are the Biggest Mistakes People Make when Fixing up a House? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2LyFtCq via IFTTT

I try to keep this blog real estate related, but once in a while, I provide a review or recommendation for a product or service I think can help people. This time, I am providing a review to help people save time, money, and frustration by picking the wrong company to help with SEO (search engine optimization). Kris Reid contacted me in 2017 to be on my podcast to help promote his company Ardor SEO. He said he was an expert at helping real estate agents get traffic to their websites. Before I let him on my podcast, I wanted to The post Ardor SEO Review: Stay Away from Kris Reid appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2LAE8bb via IFTTT

See if You Can You Tell What’s Missing in the Photo (Above) [ 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.] As “Eureka!” moments go, it hardly compares with apes’ discovery of tools at the beginning of “2001: A Space Odyssey.” But, I do think it’s a harbinger of (more) good things to come for the immediate area. I’m referring to the parking lot at International Market Square (“IMS”) on Glenwood Ave, just west of downtown Minneapolis. Specifically, the absence of what could only be called an “institutional-height” chain link fence, topped by barbed wire, that was long a fixture on the west side of IMS’ lot. Looking for more signs that neighborhood development is accelerating? Here are my two candidates:  1) the 23 acre Minneapolis Impound Lot running alongside 394 gets sold off to a p...

I have completed over 155 flips in my career and have a lot of experience fixing up houses. I have also fixed up rental properties and my personal houses. I have learned a lot over the years about how to fix up houses, and I am still learning new things all the time. I have also made plenty of mistakes over the years that have taught me more than anything else. I don’t fix up the houses myself (I did one time, which was one of my biggest mistakes). I use contractors, subcontractors and my own crew. There are many The post What are the Biggest Mistakes People Make when Fixing up a House? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2LyFtCq via IFTTT

I try to keep this blog real estate related, but once in a while, I provide a review or recommendation for a product or service I think can help people. This time, I am providing a review to help people save time, money, and frustration by picking the wrong company to help with SEO (search engine optimization). Kris Reid contacted me in 2017 to be on my podcast to help promote his company Ardor SEO. He said he was an expert at helping real estate agents get traffic to their websites. Before I let him on my podcast, I wanted to The post Ardor SEO Review: Stay Away from Kris Reid appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2LAE8bb via IFTTT

True or false:  what Realtors call “the selling agent” once a deal closes represents the Seller (no, this isn’t another “Grant’s Tomb” question). Answer:  false. The agent who represents the owner/seller is called “the listing agent”; post-closing, the Buyer’s agent is referred to as “the selling agent.” Nomenclature Once you work in real estate sales for a while, it all kind of makes sense (kind of). The selling agent really does sell the home — to their client. First, they flag it on MLS, as having many of the attributes their client is looking for. Then, they show it to their client once (or three times), sizing up its pluses and minuses; analyzing how well-priced and marketed the home is; comparing it to others the client is considering; noting the home’s location, condition and updates (or lack thereof); potential (or lack thereof); and ultimately preparing their client to write an offer. Finally, they sell the Seller on the Buyer’s offer ( got that ?),...

The Home Seller – Realtor Interview (aka “Listing Presentation”):  What Agents Need to Ask Homeowners [ 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.] Long before their marketing skills come into to play, prospective listing agents (representing home sellers) first need to be good investigative reporters. What’s the first thing they need to determine? A. How much the owner owes on the home (i.e., what their mortgage balance is). B. Whether they have legal authority to sell the home. C. How much the owner wants to list for (assuming they have a price in mind). D. What repairs are needed. Correct Answer :  “B.” Here’s the explanation: A. That would have been the correct answer as recently as five years ago, when short sales — so-called “underwater” properties, where the mortgage exceeded the...

I have completed over 155 flips in my career and have a lot of experience fixing up houses. I have also fixed up rental properties and my personal houses. I have learned a lot over the years about how to fix up houses, and I am still learning new things all the time. I have also made plenty of mistakes over the years that have taught me more than anything else. I don’t fix up the houses myself (I did one time, which was one of my biggest mistakes). I use contractors, subcontractors and my own crew. There are many The post What are the Biggest Mistakes People Make when Fixing up a House? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2LyFtCq via IFTTT

I try to keep this blog real estate related, but once in a while, I provide a review or recommendation for a product or service I think can help people. This time, I am providing a review to help people save time, money, and frustration by picking the wrong company to help with SEO (search engine optimization). Kris Reid contacted me in 2017 to be on my podcast to help promote his company Ardor SEO. He said he was an expert at helping real estate agents get traffic to their websites. Before I let him on my podcast, I wanted to The post Ardor SEO Review: Stay Away from Kris Reid appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2LAE8bb via IFTTT

If offering Buyers agents 2.7% — the most common payout in the Twin Cities — will motivate them to show a “For Sale” home, will offering 3% incentivize them even more? Why not offer 4%?!? Unfortunately for would-be home Sellers, goosing the payout to Buyers agents suffers from diminishing returns — and at some point, likely becomes counterproductive, by suggesting that there’s some grave defect with the home. In Lieu of Price Reduction At least in my experience, the subject typically comes up with prospective home Sellers who want to list unrealistically high — or who are resisting an (overdue) price reduction. “Why cut my asking price by $25k?,” they ask, “when I can simply offer Buyers’ agents a $5k bonus. Answer:  because an overpriced home with a turbo-charged payout . . . is still an overpriced home. Too, good Buyers’ agents already show their clients any homes that may be a good fit. That’s especially true in a continued Seller’s market character...

I have completed over 155 flips in my career and have a lot of experience fixing up houses. I have also fixed up rental properties and my personal houses. I have learned a lot over the years about how to fix up houses, and I am still learning new things all the time. I have also made plenty of mistakes over the years that have taught me more than anything else. I don’t fix up the houses myself (I did one time, which was one of my biggest mistakes). I use contractors, subcontractors and my own crew. There are many The post What are the Biggest Mistakes People Make when Fixing up a House? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2LyFtCq via IFTTT

I try to keep this blog real estate related, but once in a while, I provide a review or recommendation for a product or service I think can help people. This time, I am providing a review to help people save time, money, and frustration by picking the wrong company to help with SEO (search engine optimization). Kris Reid contacted me in 2017 to be on my podcast to help promote his company Ardor SEO. He said he was an expert at helping real estate agents get traffic to their websites. Before I let him on my podcast, I wanted to The post Ardor SEO Review: Stay Away from Kris Reid appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2LAE8bb via IFTTT

The year was 2008, and I had decided for sure that rental properties were how I was going to invest my money. It would be the end of 2010 before I bought my first rental. Even though I was in the real estate industry, it took a long time to figure out what kind of rental I wanted, how to pay for it, and how to get the guts to actually pull the trigger. Once I bought the property and found a tenant, I felt awesome about the investment. In this article, I go over why I decided rentals were the best investment, how I The post The Story of My First Rental Property appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2mkDraN via IFTTT

Biting the Bullet vs. Discounting the Sales Price Can Minnesota homeowners sell a house with a red-tagged furnace? The somewhat surprising answer: “You betcha!”** Ahhh , but is it smart for the Seller to sell a home that needs a new furnace? The answer to that is more nuanced: “Usually not — but it depends on the home’s condition.” Getting Off on the Wrong Foot So, when a home is otherwise in pristine condition, stipulating that the sale is subject to the Buyer replacing the furnace, post-closing, is likely to cost the homeowner much more than the $4k – $5k it would to simply replace it themselves before going on the market. That’s because the bum furnace will shift the focus of the sale from Buyers’ emotional connection to the home, to how much it’s going to cost them to make the home livable, post-closing . . . and what else might be wrong with it.  Anticipating the Buyer’s Wants “That all makes sense,” some Sellers reply, “but, isn’t it better to give the Buyer an al...

List of Tasks What goes into hosting a successful dinner party? My list includes: –Make sure the home is cleaned up and inviting; –Buy/prepare food + desserts; –Set out plates and utensils; –Provide a mix of drinks (soft and otherwise), plus glasses and ice; –Send out invites in a timely fashion; –In wintertime (at least in MN), make sure steps & walk are shoveled/ice-free; and finally . . . –Afterwards, dispose of leftover food, drinks, and garbage + sweep/mop/vacuum as needed. Juggling Act So, what’s involved hosting a Broker Open for Realtors? (at least in the Twin Cities, Broker Tour is held each Tuesday from 11 a.m. to 1 p.m.). Doing all of the above tasks . . . at someone’s else’s home!** And that’s while simultaneously doing the following:  (hastily) finishing marketing materials for the home; plugging it at the weekly broker meeting that morning; fielding other agents’ calls and emails about the newly-listed home; and setting out/picki...

I try to keep this blog real estate related, but once in a while, I provide a review or recommendation for a product or service I think can help people. This time, I am providing a review to help people save time, money, and frustration by picking the wrong company to help with SEO (search engine optimization). Kris Reid contacted me in 2017 to be on my podcast to help promote his company Ardor SEO. He said he was an expert at helping real estate agents get traffic to their websites. Before I let him on my podcast, I wanted to The post Ardor SEO Review: Stay Away from Kris Reid appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2LAE8bb via IFTTT

Buyer: “My Offer is (WAY) Below Asking Price Because . .” It’s no sin trying to buy a home at a discount. Especially in a strong Seller’s market, it’s unlikely to work . . .  but there’s no harm in trying (as they say). What I wouldn’t recommend doing is trying to justify a low offer on a newly-listed, well-priced home with a bogus rationale that’s likely to annoy (or worse) the Seller. Bogus Reasons Here are variations on a couple  excuses justifications I’ve heard in just the last few months (note: I’m embellishing, but only a little — and no , the proferred explanations are not mutually exclusive): Prospective Buyer (via their agent) to Seller:  “I love your home, but I’m offering $25k – $50k below your asking price because . . . –“The home’s windows are the wrong size” (My response: “?!?!”). –“I need a reserve for a new roof” (that, on a home with 15 year-old roof in perfectly good condition; a completely new roof would have cost a...

The Bruce Willis Estate in Sun Valley The Twin Cities doesn’t really have celebrities, excepting certain Vikings, Twins, or Timber Wolves. So, the issue doesn’t really come up here. But, if you’re the listing agent representing a famous client, do you broadcast that fact? Keep mum? Privacy vs. Cachet My Upper Midwest sensibilities say the latter, because of privacy concerns. However, the broker selling Bruce Willis’ estate near Sun Valley (I was in the area recently**) clearly reached the opposite conclusion. If you’re interested, the home has 8,400 square feet and sits on 20 acres; the list price is $5.895 million. **So many billionaires apparently attend Allen & Company’s annual Sun Valley retreat every July that the local airport doesn’t have room for all the private jets. Instead, the pilots drop off their famous clients, fly to nearby Idaho airports that have room, then return to Sun Valley at the end of the retreat. from RSSMix.com Mix ID 8230700 https://ift.tt/...

Just a Little Fine-Tuning This Year [ 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.] Unlike a year ago, when the standard Minnesota Purchase Agreement was totally revamped, there are no major changes looming as August 1 approaches (note: that’s when form changes go into effect each year). That’s according to Edina Realty-City Lakes’ eminent Budd Batterson, who is a long-time member of the local Board of Realtors’ Rules Committee (and 2011 Minnesota Realtor of the Year). According to Budd, this year’s tweaks include: –Deleting language letting Buyers define Seller-paid’s as a percentage of the sales price (the convention is to use a dollar amount). –Streamlining the Lead-Based Paint Addendum, so that signatures are only required at the end of the document. –Setting a floor of $15k f...

  “List Price: $325k – $350k” There’s a trend afoot — at least amongst some listing agents — to market an upcoming listing within a price range , as opposed to naming a specific asking price. I’m not a fan, for two reasons: One . When the price is given as a range, Buyers immediately fixate on the lower end, while Sellers — surprise, surprise — immediately lock on to the high end. Result? A built-in impasse for the Buyer and Seller to surmount in any future negotiation. Two . At least in my experience, the best asking price is one that elicits a nod of acknowledgement from Buyers and their agents. As in, “ Yup , that seems right.” By contrast, shining on a spotlight on price invites skeptical Buyers to sharpen their pencils, while simultaneously suggesting that the Seller is unsure. Think of it as the difference between a “.” and a “?” . . . . See also , “ Why I’m Not a Fan of Price Opinions .” from RSSMix.com Mix ID 8230700 https://ift.tt/2NrY7JG vi...

The year was 2008, and I had decided for sure that rental properties were how I was going to invest my money. It would be the end of 2010 before I bought my first rental. Even though I was in the real estate industry, it took a long time to figure out what kind of rental I wanted, how to pay for it, and how to get the guts to actually pull the trigger. Once I bought the property and found a tenant, I felt awesome about the investment. In this article, I go over why I decided rentals were the best investment, how I The post The Story of My First Rental Property appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2mkDraN via IFTTT

How Realtors Grade Clients Clients may have a select few words for their Realtors, but Realtors also have some favorite words for their clients. No , not “%!%#!” Rather, how “cooperative” they are. What do I mean by that? For Sellers, client cooperation boils down to these three things: 1. Pricing . A cooperative client picks a listing price consistent with what the Comp’s suggest is fair market value for their home. Should no offers emerge after a reasonable amount of market exposure (30 to 60 days, depending on the price point), they’ll entertain a 3%-5% price reduction, as market conditions and feedback indicate. 2. Staging and Prep . A cooperative client repairs anything that’s broken, and, if their city has a point-of-sale inspection, does what’s required to pass. Depending on their home’s size and condition, they also spend a reasonable amount — typically anywhere from $500 to $5,000 — on staging and cosmetic updates (painting, light fixtures, etc.). Or, they expend th...

As stressful as selling a home and moving to another is for people . . . it can be even more so for family pets . The obvious reason:  there’s no way to explain to them what’s happening (at least that I know). The cure? Extra attention, exercise, and TLC — and if that doesn’t work, a (temporary) course of canine Valium (a real thing — and a life saver for at least one dog-owning client of mine). from RSSMix.com Mix ID 8230700 https://ift.tt/2L6pbBm via IFTTT

The year was 2008, and I had decided for sure that rental properties were how I was going to invest my money. It would be the end of 2010 before I bought my first rental. Even though I was in the real estate industry, it took a long time to figure out what kind of rental I wanted, how to pay for it, and how to get the guts to actually pull the trigger. Once I bought the property and found a tenant, I felt awesome about the investment. In this article, I go over why I decided rentals were the best investment, how I The post The Story of My First Rental Property appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2mkDraN via IFTTT

If you’re going to lose power, 5-7 p.m. on a beautiful Summer day isn’t a bad time to do it (minus the “making dinner” part). In my case, there was even a silver lining:  an extra 10-15 minutes in an otherwise tightly packed day. The explanation? No point running over to get lights for a nearby showing when the electricity’s out.  from RSSMix.com Mix ID 8230700 https://ift.tt/2NmTFMh via IFTTT

The year was 2008, and I had decided for sure that rental properties were how I was going to invest my money. It would be the end of 2010 before I bought my first rental. Even though I was in the real estate industry, it took a long time to figure out what kind of rental I wanted, how to pay for it, and how to get the guts to actually pull the trigger. Once I bought the property and found a tenant, I felt awesome about the investment. In this article, I go over why I decided rentals were the best investment, how I The post The Story of My First Rental Property appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2mkDraN via IFTTT

  Open This Sunday (7/22) From 1:30 p.m. to 3:30 p.m. What : 4 Bedroom/3 Bath two-story Colonial with 2,650 finished square feet. Where :  2851 Huntington Avenue South in Fern Hill; about four blocks southwest of Cedar Lake, and one mile west of Lake Calhoun. When :  listed . . . today! How much :  $617,500. Who : listed by Ross Kaplan, Edina Realty – City Lakes. Don’t miss your chance to own this character-filled Colonial with four(!) Bedrooms up on one of Fern Hill’s prettiest blocks. You’ll love the blend of formal and informal spaces on the first floor, including the Living Room, Dining Room, Den, and Kitchen/Family Room overlooking the level, fenced backyard (screened Porch, too!). Hard-to-find 4 BR’s Up Upstairs, enjoy four Bedrooms on one level including the private Owner’s Suite and walk-in closet; the downstairs Amusement Room has its own fireplace. Quality construction and lots of nice updates throughout, featuring ...

Law of Diminishing Returns Show me a “For Sale” home that’s open Sunday after Sunday, rain or shine, and I’ll show you a house where:  a) the home is likely overpriced and going nowhere in the market; b) a frustrated Realtor is trying to placate an impatient owner; or most likely c) both “a.” and “b.” In my experience, 2-3 open houses at regular intervals (like every 2-3 weeks) — at least at the same listing price — is plenty of exposure. Newbie Agents for Newbie Buyers That number of public open houses translates into about 60-90 days of market time, which should be enough to sell an average-priced home in most markets. Reason #2 most Realtors think Sunday open houses are overrated:  serious Buyers — that is, the ones working with agents — can get in any time they want via a private showing. And do. Broker Open’s:  The Real Deal Want proof that many veteran agents have a dubious regard for weekend open’s? They don’t do ’em  (instead, they hand of...

Who’s the “she?” Phi Dunphy arch-rival Realtor Mitzi Roth, played by a very believable Ellen Barkin. In an episode titled, “Send Out the Clowns,” Mitzi outmanuevers Phil for a choice listing by showing up at the Seller’s home at the same time as Phil’s listing appointment, then weaseling her way in by claiming she has a Buyer. On the way into the Seller’s home, Mitzi fakes a fall into the bushes, blaming Phil’s “anger management” issues. She gets the listing. Act 2:  with help from his son, Luke, Phil resolves to bust Mitzi by showing up at her office, confronting her, and recording their talk on Luke’s spy pen for the “benefit” of the new clients. Except that Mitzi sees that coming and wrests the pen from Phil. What is Phil’s Plan C? Does Mitzi keep the listing? You’ll have to watch for yourself! P.S.:  This show is just too attuned to real estate not to have a ringer on — or close to someone on — its writing staff. Best...

Bonus Question:  Why? If sunset in Boise, Idaho is 9:30 p.m. on June 21, and 9:03 p.m in Minneapolis the same day, that must mean Boise is further north, right? Unh-unh. Minneapolis is (further north), by about 100 miles. Instead, the sunset difference is due entirely to each city’s relative location within its time zone. A Matter of Latitude Longitude So, Boise (latitude 43º) sits at the very western end of Mountain time; just 50 miles away in eastern Oregon, it’s Pacific Standard Time. By contrast, Minneapolis (latitude 44º) is located roughly in the middle of Central Standard Time. P.S.: Wanna guess where I visited recently?   See also , “ “Is That 8 a.m. Mountain, or 8 a.m. Pacific? “; and “ Parking Puzzle .” from RSSMix.com Mix ID 8230700 https://ift.tt/2L1vwKs via IFTTT

Rental properties have been an amazing investment for me, but it takes time to make money with them. I did not buy a bunch of rentals in my first year and make a ton of money that allowed me to retire. Of course, there are not many investments or businesses that will make you rich right away. Even the billionaires you see on television spent years or decades building their businesses to where they are today. Still, I know many people get frustrated and impatient with how long it can take to see a significant income from rentals. While it The post Can You Make a Lot of Money with Rental Properties? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2N0qJJC via IFTTT

Rental properties have been an amazing investment for me, but it takes time to make money with them. I did not buy a bunch of rentals in my first year and make a ton of money that allowed me to retire. Of course, there are not many investments or businesses that will make you rich right away. Even the billionaires you see on television spent years or decades building their businesses to where they are today. Still, I know many people get frustrated and impatient with how long it can take to see a significant income from rentals. While it The post Can You Make a Lot of Money with Rental Properties? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2N0qJJC via IFTTT

Rental properties have been an amazing investment for me, but it takes time to make money with them. I did not buy a bunch of rentals in my first year and make a ton of money that allowed me to retire. Of course, there are not many investments or businesses that will make you rich right away. Even the billionaires you see on television spent years or decades building their businesses to where they are today. Still, I know many people get frustrated and impatient with how long it can take to see a significant income from rentals. While it The post Can You Make a Lot of Money with Rental Properties? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2N0qJJC via IFTTT

Private money is an incredible tool to use for real estate investing. There are many people looking for private money and many people looking to take advantage of those people. While it is possible to find private-money lenders, they are not easy to find, and if it sounds too good to be true, it probably is. I run a Facebook group that gets multiple scam posts every day from fake private-money lenders. I think it is pretty easy to spot the scams, but people still get sucked into them. How can you avoid these scams? How does a private-money scam The post How to Avoid a Private-Money Loan Scam appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2uabPbV via IFTTT

Law of Diminishing Returns Show me a “For Sale” home that’s open Sunday after Sunday, rain or shine, and I’ll show you a house where:  a) the home is likely overpriced and going nowhere in the market; b) a frustrated Realtor is trying to placate an impatient owner; or most likely c) both “a.” and “b.” In my experience, 2-3 open houses at regular intervals (like every 2-3 weeks) — at least at the same listing price — is plenty of exposure. Newbie Agents for Newbie Buyers That number of public open houses translates into about 60-90 days of market time, which should be enough to sell an average-priced home in most markets. Reason #2 most Realtors think Sunday open houses are overrated:  serious Buyers — that is, the ones working with agents — can get in any time they want via a private showing. And do. Broker Open’s:  The Real Deal Want proof that many veteran agents have a dubious regard for weekend open’s? They don’t do ’em  (instead, they hand of...

Rental properties have been an amazing investment for me, but it takes time to make money with them. I did not buy a bunch of rentals in my first year and make a ton of money that allowed me to retire. Of course, there are not many investments or businesses that will make you rich right away. Even the billionaires you see on television spent years or decades building their businesses to where they are today. Still, I know many people get frustrated and impatient with how long it can take to see a significant income from rentals. While it The post Can You Make a Lot of Money with Rental Properties? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2N0qJJC via IFTTT

Private money is an incredible tool to use for real estate investing. There are many people looking for private money and many people looking to take advantage of those people. While it is possible to find private-money lenders, they are not easy to find, and if it sounds too good to be true, it probably is. I run a Facebook group that gets multiple scam posts every day from fake private-money lenders. I think it is pretty easy to spot the scams, but people still get sucked into them. How can you avoid these scams? How does a private-money scam The post How to Avoid a Private-Money Loan Scam appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2uabPbV via IFTTT

Who’s the “she?” Phi Dunphy arch-rival Realtor Mitzi Roth, played by a very believable Ellen Barkin. In an episode titled, “Send Out the Clowns,” Mitzi outmanuevers Phil for a choice listing by showing up at the Seller’s home at the same time as Phil’s listing appointment, then weaseling her way in by claiming she has a Buyer. On the way into the Seller’s home, Mitzi fakes a fall into the bushes, blaming Phil’s “anger management” issues. She gets the listing. Act 2:  with help from his son, Luke, Phil resolves to bust Mitzi by showing up at her office, confronting her, and recording their talk on Luke’s spy pen for the “benefit” of the new clients. Except that Mitzi sees that coming and wrests the pen from Phil. What is Phil’s Plan C? Does Mitzi keep the listing? You’ll have to watch for yourself! P.S.:  This show is just too attuned to real estate not to have a ringer on — or close to someone on — its writing staff. Best...

Rental properties have been an amazing investment for me, but it takes time to make money with them. I did not buy a bunch of rentals in my first year and make a ton of money that allowed me to retire. Of course, there are not many investments or businesses that will make you rich right away. Even the billionaires you see on television spent years or decades building their businesses to where they are today. Still, I know many people get frustrated and impatient with how long it can take to see a significant income from rentals. While it The post Can You Make a Lot of Money with Rental Properties? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2N0qJJC via IFTTT

Private money is an incredible tool to use for real estate investing. There are many people looking for private money and many people looking to take advantage of those people. While it is possible to find private-money lenders, they are not easy to find, and if it sounds too good to be true, it probably is. I run a Facebook group that gets multiple scam posts every day from fake private-money lenders. I think it is pretty easy to spot the scams, but people still get sucked into them. How can you avoid these scams? How does a private-money scam The post How to Avoid a Private-Money Loan Scam appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2uabPbV via IFTTT

Bonus Question:  Why? If sunset in Boise, Idaho is 9:30 p.m. on June 21, and 9:03 p.m in Minneapolis the same day, that must mean Boise is further north, right? Unh-unh. Minneapolis is (further north), by about 80 miles. Instead, the sunset difference is due entirely to each city’s relative location in its time zone. A Matter of Latitude Longitude So, Boise (latitude 43º) sits in the very western end of Mountain time; just 30 miles away in Oregon, it’s Pacific standard time. By contrast, Minneapolis (latitude 44º) is located roughly in the middle of Central Standard Time. P.S.: Wanna guess where I visited recently?   See also , “ “Is That 8 a.m. Mountain, or 8 a.m. Pacific? “; and “ Parking Puzzle .” from RSSMix.com Mix ID 8230700 https://ift.tt/2L1vwKs via IFTTT

Rental properties have been an amazing investment for me, but it takes time to make money with them. I did not buy a bunch of rentals in my first year and make a ton of money that allowed me to retire. Of course, there are not many investments or businesses that will make you rich right away. Even the billionaires you see on television spent years or decades building their businesses to where they are today. Still, I know many people get frustrated and impatient with how long it can take to see a significant income from rentals. While it The post Can You Make a Lot of Money with Rental Properties? appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2N0qJJC via IFTTT

Private money is an incredible tool to use for real estate investing. There are many people looking for private money and many people looking to take advantage of those people. While it is possible to find private-money lenders, they are not easy to find, and if it sounds too good to be true, it probably is. I run a Facebook group that gets multiple scam posts every day from fake private-money lenders. I think it is pretty easy to spot the scams, but people still get sucked into them. How can you avoid these scams? How does a private-money scam The post How to Avoid a Private-Money Loan Scam appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2uabPbV via IFTTT

I flipped 26 houses in 2017, and I am on pace to flip even more in 2018. I have scaled my house-flipping business over many years to reach this point. I have learned a lot over 17 years, and I am always looking for better ways to repair houses, find deals, and improve the business. I still run into problems and even lose money on the occasional deal, but it is a really fun and interesting business. Some of the things I have learned over the years to flip more houses is to hire people to help with all facets of The post How to Scale a House-Flipping Business appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2MEk5sm via IFTTT

“The Answer to the Seller’s Question, “Do You Think I Should [ _____ ] . . . ?” is Always “Yes”** Consider the rather provocative question — from a homeowner contemplating selling their home in a few years — posed to The Ethicist, an advice column in The New York Times: “We live in a large house on a one-acre plot, and one-quarter of that is a wooded ravine, full of wildlife like deer, raccoons, the occasional woodchuck, possum or even fox — and quite a few copperhead snakes.   We have lived here for 45 years.  I see one to three snakes a year.  They are not aggressive, and you learn to take precautions.  Nevertheless, I have been bitten, as have several neighbors. We will have to sell in a few years.  I am very worried about the snake problem.” –The Ethicist; The New York Times (7/3/2016). I don’t think there’s a Realtor alive, reading the above, who would say, “ Nah , you don’t have to disclose anything about poisonous(!) snakes.” However...

Sons of Norway Building (b. 1962; d. 2018) No, it wasn’t historically designated, or otherwise especially memorable. But, for long-time Twin Cities residents (I qualify), the six(?) story Sons of Norway building at Lake and Humboldt still qualified as a local landmark going back . . . as long as I can remember . In my own case, I recall taking the #17 bus as a teen to go to the dentist there; then to get my braces on and — seemingly an eternity later — off (the building was a favorite of dentists and orthodontists); and finally, decades later, to take my kids to the Wells Fargo branch in the lobby to open their first checking accounts. Taking its place on the 2.5 acre site:  a multi-use project anchored by apartments. from RSSMix.com Mix ID 8230700 https://ift.tt/2u8luQv via IFTTT

Private money is an incredible tool to use for real estate investing. There are many people looking for private money and many people looking to take advantage of those people. While it is possible to find private-money lenders, they are not easy to find, and if it sounds too good to be true, it probably is. I run a Facebook group that gets multiple scam posts every day from fake private-money lenders. I think it is pretty easy to spot the scams, but people still get sucked into them. How can you avoid these scams? How does a private-money scam The post How to Avoid a Private-Money Loan Scam appeared first on Invest Four More . from RSSMix.com Mix ID 8230700 https://ift.tt/2uabPbV via IFTTT

[ 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.] Napster — the copyright infringing, file-sharing, early Internet darling of the ’90’s — may have deserved to die.  See , “copyright infringement.” However, exactly how it died is instructive for western Democracies combating “fake news,” Russian collusion, and other existential threats. Namely, Napster didn’t fall prey to legal sanctions, although those clearly exacted a (financial) toll. Rather, it succumbed to sabotage. Strategy #1 For those too young to recall, the music industry correctly viewed Napster as an existential threat, and first tried to take it down through legal process. Specifically, it got Congress to pass especially onerous civil and criminal penalties for copyright infringement, then sicced its lawyers on unsuspecting Grandma...

A decade ago, housing experts warned — incorrectly, it turns out — about a Tsunami of “shadow” inventory waiting to flood the moribund housing market, and drag prices still lower.  See , “ Barry Ritholtz Issues Mea Culpa on Housing.” The source of all those homes? Banks sitting on millions of foreclosures nationally, waiting for just the right moment to unleash all those homes on the market. Fortunately, it never happened:  banks bundled their properties by the thousands and sold them, wholesale, to institutional investors. Meanwhile, climbing prices eventually rescued many previously underwater homeowners. Fast Forward a Decade Today, there’s a different kind of shadow inventory afoot. Namely, all the would-be Sellers whispering to agents they know (myself included) that they’d “be open to selling if they could net $ ______ .” The catch? Their price is invariably at least 20% above prevailing prices. I chalk it up as a side effect of housing’s (very) long-...

Lies, Damn Lies, and Realtor Statistics It seems straightforward:  if you’re looking for the best Realtor, just find the local agent who sells the most homes, for the highest % of asking price, in the least amount of time. Obvious, right ? At least to a pro, however (this one), those statistics are at best a starting point, and can often be misleading. Parsing “Days on Market” To pick just one example, consider average selling time. Assume that Realtor Jane’s listings take an average of 78 days to sell, while Realtor Susan’s only need 47 days. Obviously, Realtor Susan’s the better agent, right? Not if her listings sell for an average of $175k, while Realtor Jane’s average $650k. That’s because market time varies directly with price point. At least in the Twin Cities, $650k homes currently take an average of 100 days to sell, while $175k homes only require 34 days on average. Ergo , notwithstanding the raw numbers, Realtor Jane is posit...

“So Done” vs. “Are You Done Yet?” For an unassuming four letter word, “done” sure has a lot of different connotations. I count at least eight (below), including two meanings — one good, one bad — popular in residential real estate. One .  To perfection.  Example:  “That house is done.  It’s not staged like a spec house.”   See , “done to the nines.” Two .  Dated, out-of-fashion; over.  Sometimes preceded with a “so” for emphasis.  “Earth tones/granite counters/stainless steel are [so] done.” (Actually, they aren’t.) Three .  Completed a chore or task.  “Are you done with your homework?”; “the laundry’s done,” etc. Four .  Completed an unsavory or illegal task, usually uttered in a low, confidential voice. Hit man to client:  “it’s done.” Five.   Thoroughly cooked food; upbeat declarative.  “The steaks are done!” Six .  Exhausted one’s patience — usually a parent’s — following which the activity in ...

Hope you’ve got relaxing plans. Even better:  no plans at all. from RSSMix.com Mix ID 8230700 https://ift.tt/2tTl80v via IFTTT

Once upon a time — like , seven years ago — the maximum number of photos on MLS was 10. Then the number was increased to 18, then to 24, and most recently to . . . no limit. The record (so far) for an individual listing since the new (non)limit began last month? That would the $1.8 million Orono home that came on the market today with a whopping 82(!) photos (see lower left corner of photo above). Realtor Time Management Simply scrolling through 82 photos takes a couple minutes. Even if the listing agent (representing the Seller) could actually come up with non-redundant things to say about 82 photos, I highly doubt they’re going to take the time . . . See also , “ The “For Sale” Home With 56(!) Photos “; More MLS Pix = Fewer Captions? “; and “Max Number of Photos on MLS Now? “The Sky’s the Limit.” from RSSMix.com Mix ID 8230700 https://ift.tt/2IQy77Q via IFTTT