Robert Guthridge's Blog

Is That Democrats’ Sense of Patriotism Talking? Or Self-Interest? [ 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.] Since Starbucks’ Howard Schultz announced on 60 Minutes last Sunday that he may run for President, there’s been a resounding chorus from Democratic quarters: a collective, VERY emphatic, “Don’t do it, Howard!!” The Republican response to a potential Schultz candidacy ( surprise, surprise )? “Do it!”, or perhaps more accurately, “I DARE you to do it!,” issued by President Donald Trump (Trump taunted on Twitter that Schultz “didn’t have the guts to run”). The problem for the American electorate is that it’s hard to distinguish between Democrats’ sense of patriotism — specifically, their heartfelt concern that another Trump term would be a disaster for the country — and ...

“Neither snow nor rain nor heat nor gloom of night stays these couriers from the swift completion of their appointed rounds.” –unofficial credo of United States Postal Service. There won’t be any mail carriers wearing shorts in the Twin Cities today. If fact, there won’t be any mail delivery at all. With local temps and windchill a stunning minus 25° below(!) and minus 50° below(!), respectively, all mail delivery has been cancelled. I can’t recall that ever happening before . . .  from RSSMix.com Mix ID 8230700 http://bit.ly/2G1LLbs via IFTTT

“The More Things Change” Department Once upon a time, when I started selling real estate in 2002, the worksheet that Buyers and Sellers signed at closing was simply known as . . .  the settlement statement  (or just the closing worksheet, to avoid any jargon). Then it became the “HUD-1” (HUD stands for “Housing and Urban Development,” the federal agency — soon to be led by Ben Carson — that oversees the form). Most recently, it morphed into the “ALTA” (short for “American Land Title Association”). All of which leaves veterans such as myself referring to the form, once again, as “the settlement statement.” Format Tweaks Does the name matter? Not really. While there have been modest changes in format along the way, the constants remain a summary first page, followed by a second page that breaks out expenses. For Sellers, the key items to track are the Sales price; any Seller-paid’s; commission; closing fees; transfer taxes; and pro rata adjustments ...

Spared a Blizzard (sorry) of Bad PR Just imagine: if the Twin Cities played host to the Super Bowl this year instead of last, thousands of out-of-town visitors would now be arriving to a  minus 35° wind chill — headed towards as low as minus 60°(!) the next two nights. That compares with an air temp expected to bottom at “only” minus 30° below zero. In truth, the event would likely have proceeded smoothly: downtown Minneapolis is connected by a miles-long grid of skyways, tunnels, and underground garages, obviating the need to actually experience the elements. And the venue, US Bank stadium, is equally climate-controlled (very much unlike old-time Metropolitan Stadium, site of what is now Mall of America). But, had this blast of Arctic cold arrived exactly one year earlier, it’s likely that the area would nevertheless have a reaped an, um . . . blizzard of negative public relations ( sorry ). See also , “ Winter Humor: Minnesota vs. Miami (& Elsewhere ).” from ...

Why “Just Previewing” Serves Sellers’ Interests A Realtor showing is when a Realtor takes their client — a prospective Buyer (or one would certainly hope!) — through a “For Sale” home. No competing Sunday open house traffic, no busybody listing agent (representing the owner) present, and — perhaps most importantly — no owner around. The convention is to set up the showing online anywhere from a few hours to a day or two beforehand, and to block out a one hour window. “Preview,” Defined So, what’s a Realtor preview? When the client isn’t along. As a courtesy to the homeowner, the convention is to allow them to stay put while the previewing Realtor takes a look. That’s significant because the owner can forego the whole “lights-on-vacuum-clean-the-Kitchen-sink” fire drill (that’s only appropriate if the Realtor brings the client back). Practically, previewing can also mean that an owner with a bunch of little kids doesn’t have to bundle them up and d...

Rental properties are a fantastic investment when they are bought below market value and with plenty of cash flow. However, It is not easy to get started investing in rental properties quickly. I think rental properties are such a great investment that I have bought 20 rental properties and I plan to purchase 100 total. ... Read more The post How to Get Started Investing in Rental Properties Quickly appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 http://bit.ly/2DFBMX1 via IFTTT

[ Editor’s Note : I originally ran a variation of this post more than 5 years(!) ago. Since then, I’ve noticed that it attracts hits when either Miami gets smacked with a cold blast (at least for them) — or Minnesota does.  With air temps and wind chills locally soon expected to be -25° and -60°(!), respectively, it’s very much the latter case this time. My personal contributions are indicated with asterisks**]. 60 above zero : Floridians turn on the heat. People in Minnesota plant gardens. 50 above zero : Californians shiver uncontrollably. People in Duluth sunbathe. 20 above zero: Floridians use coats, thermal underwear, gloves, wool hats. People in Minnesota throw on a flannel shirt. 15 above zero : New York landlords finally turn up the heat. People in Minnesota have the last cookout before it gets cold. **Twin Cities window washers show up five minutes early, add antifreeze to cleaning solution (true — the home in question was mine). Zero: People in Miami all di...

“Super-Duper High Gloss” (Or, Maybe They’re Just Wet?) When it comes to hardwood floor finishes, there’s “matte,” “semi-gloss,” and “gloss.” * And then there’s VERY high gloss — in the case of the floors shown above. Rule of thumb:  you’re supposed to see your reflection looking in the mirror. But, when you can see your reflection looking at the floors , the refinishing contractor dialed up the gloss too high (more likely scenario:  the owner did it themselves). * Sound familiar?  Those are the same finishes for paint, except that “flat” substitutes for “matte.” See also , “ The Too-Shiny(?) Kitchen “; and “I Wonder What’s Underneath the Hardwood Floors??” from RSSMix.com Mix ID 8230700 http://bit.ly/2UrkvGH via IFTTT

“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” ( Note : arguably, there’s a fifth scenario as well:  arctic temps with a -30°wind chill — Minneapolis’ current weather. But then, Buyers aren’t likely to want to see homes then, either): 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. on a weekday and shows up at 4:30 p.m. 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 mome...

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 least in Minnesota and...

January 2019 Thaw Comes to an Abrupt End In case you can’t read the fine print in the photo above, the next time the temperature in the Twin Cities is supposed to reach double digits ( as in , 10° or warmer) is early February, more than 10 days(!) away. And that’s air temperature , not windchill. As the locals like to say, “Uff-da!” Too Cold to Snow (Really) While a good sense of humor helps . . . so does a wardrobe with lots of smart wool, a car with a good battery (even better, a heated, attached garage), and a health club membership. Silver linings: 1) noticeably longer days than even one month ago; and 2) lots of sunshine (believe it or not, it can be too cold to snow). See also , “ Winter Humor: Minnesota vs. Miami (& Elsewhere) .” from RSSMix.com Mix ID 8230700 http://bit.ly/2S0TP1U via IFTTT

Not Measuring Up? There’s no harm in touting that a home has an especially nice backyard, sits on a large or impressive piece of land, etc. However, the term “double lot” — at least to me — has a specific, defined meaning. Namely, it’s a least twice the size of a standard city lot. In urban neighborhoods in the Twin Cities, that’s most commonly 40′ x 120.’ Ergo , a double lot is at least 80′ x 120′. Anecdotally, I’d guess that something like 30% – 40% of the lots billed as “double lots” on MLS are in fact smaller than that. Sometimes by, umm . . . a lot ( sorry ). Extra-Deep Lots While I’ve never seen a lot that was 40′ x 240′, I have seen plenty of lots that were especially deep (up to 180′ with a width of only 40′). There are also plenty of oversized lots that are irregular-shaped. What then? I don’t know about other Realtors, but as a listing agent I would take one of two approaches:  1) bill the lot as “extra-deep,” and provide the measurements (along with a...

“Just Say (Hell) No!” — Realtor Version; or “It Doesn’t Hurt to Ask, Right?” Wrong! [ Editor’s Note :  Realtor rant alert — if you are one of the vast majority of prospective home Buyers and Sellers who value and respect your Realtor’s considerable efforts on your behalf, please skip the following.  If, however, you’re not — or you’re a Realtor who has ever been taken aback by a client who asked you to cut your commission . . . read on .   And yes , humor is a better strategy than indignation, even if the latter sentiment is warranted, and the former sentiment hard to muster. ] I f you work in real estate sales long enough, trust me , in the middle of a heated negotiation (or perhaps even before), you’ll eventually field some variant of the following question: Client : “The Buyer/Seller and I are only $__ apart.  We’ve already raised/lowered our price several times.  Would you (and the other agent)...

One of the ways you can tell that a product is dated or out-of-fashion — or people think it is — is that it acquires an adjective. So, for a while, “Coke” became “New Coke.” In the wake of Watergate in the 1970’s, Minnesota’s Republican party became the “ Independent –  Republican” party (at least until Ronald Reagan became President). In the same vein, while I see plenty of homes locally billed as “soft Contemporaries,” it’s less common to see just the term “Contemporary.” “Hard” vs. “Soft” Is there a difference? Actually, there is. As the name suggests, the lines in a “soft” Contemporary are a little less perpendicular (“severe?” “stark?”);  the interior spaces a little more welcoming; and there’s more use of “warm” materials  like hardwood vs. “cooler” steel, marble, etc. (recessed or passive lighting and oversized, custom glass windows — and lots of them — remain a staple of both styles). I don’t know that there’s a bright line separating “soft” and “hard” Co...

“Super-Duper High Gloss” (Or, Maybe They’re Just Wet?) When it comes to hardwood floor finishes, there’s “matte,” “semi-gloss,” and “gloss.” * And then there’s VERY high gloss — in the case of the floors shown above. Rule of thumb:  you’re supposed to see your reflection looking in the mirror. But, when you can see your reflection looking at the floors , the refinishing contractor dialed up the gloss too high (more likely scenario:  the owner did it themselves). * Sound familiar?  Those are the same finishes for paint, except that “flat” substitutes for “matte.” See also , “ The Too-Shiny(?) Kitchen “; and “I Wonder What’s Underneath the Hardwood Floors??” from RSSMix.com Mix ID 8230700 http://bit.ly/2UrkvGH via IFTTT

“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. on a weekday and shows up at 4:30 p.m. 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 inter...

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 least in Minnesota and...

January 2019 Thaw Comes to an Abrupt End In case you can’t read the fine print in the photo above, the next time temp’s in the Twin Cities are supposed to reach double digits ( as in , 10° or warmer) is early February, more than 10 days away. And that’s air temperature , not windchill. As the locals like to say, “Uff-da!” While a good sense of humor helps . . . so does a wardrobe with lots of smart wool, a car with a good battery (even better, a heated, attached garage), and a health club membership. One silver lining: noticeably more daylight. See also , Winter Humor: Minnesota vs. Miami (& Elsewhere) .” from RSSMix.com Mix ID 8230700 http://bit.ly/2S0TP1U via IFTTT

Not Measuring Up? There’s no harm in touting that a home has an especially nice backyard, sits on a large or impressive piece of land, etc. However, the term “double lot” — at least to me — has a specific, defined meaning. Namely, it’s a least twice the size of a standard city lot. In urban neighborhoods in the Twin Cities, that’s most commonly 40′ x 120.’ Ergo , a double lot is at least 80′ x 120′. Anecdotally, I’d guess that something like 30% – 40% of the lots billed as “double lots” on MLS are in fact smaller than that. Sometimes by, umm . . . a lot ( sorry ). Extra-Deep Lots While I’ve never seen a lot that was 40′ x 240′, I have seen plenty of lots that were especially deep (up to 180′ with a width of only 40′). There are also plenty of oversized lots that are irregular-shaped. What then? I don’t know about other Realtors, but as a listing agent I would take one of two approaches:  1) bill the lot as “extra-deep,” and provide the measurements (along with a...

“Just Say (Hell) No!” — Realtor Version; or “It Doesn’t Hurt to Ask, Right?” Wrong! [ Editor’s Note :  Realtor rant alert — if you are one of the vast majority of prospective home Buyers and Sellers who value and respect your Realtor’s considerable efforts on your behalf, please skip the following.  If, however, you’re not — or you’re a Realtor who has ever been taken aback by a client who asked you to cut your commission . . . read on .   And yes , humor is a better strategy than indignation, even if the latter sentiment is warranted, and the former sentiment hard to muster. ] I f you work in real estate sales long enough, trust me , in the middle of a heated negotiation (or perhaps even before), you’ll eventually field some variant of the following question: Client : “The Buyer/Seller and I are only $__ apart.  We’ve already raised/lowered our price several times.  Would you (and the other agent)...

It usually takes a lot of money to flip houses. You have to buy the house, pay for the repairs, pay the carrying costs, and then wait for it to sell to get your cash back out to invest again. Luckily there are ways to flip houses without much money and possibly with no money, ... Read more The post How to Flip Houses with No Money appeared first on InvestFourMore . from RSSMix.com Mix ID 8230700 http://bit.ly/2HmqjiQ via IFTTT

One of the ways you can tell that a product is dated or out-of-fashion — or people think it is — is that it acquires an adjective. So, for a while, “Coke” became “New Coke.” In the wake of Watergate in the 1970’s, Minnesota’s Republican party became the “ Independent –  Republican” party (at least until Ronald Reagan became President). In the same vein, while I see plenty of homes locally billed as “soft Contemporaries,” it’s less common to see just the term “Contemporary.” “Hard” vs. “Soft” Is there a difference? Actually, there is. As the name suggests, the lines in a “soft” Contemporary are a little less perpendicular (“severe?” “stark?”);  the interior spaces a little more welcoming; and there’s more use of “warm” materials  like hardwood vs. “cooler” steel, marble, etc. (recessed or passive lighting and oversized, custom glass windows — and lots of them — remain a staple of both styles). I don’t know that there’s a bright line separating “soft” and “hard” Co...

Trying to Save His Own Skin . . . by Threatening Everyone Else’s “Impeach me if you want to see a stock market crash.” –President Donald Trump; AOL.com (1/19/2019). [ 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.] It was much funnier when National Lampoon did it. Unfortunately (“sadly?”), in the hands of Donald Trump, politics-as-serial hostage taking is . . . terrifying. So, 800,000 unpaid federal workers are at the mercy of Trump’s alternate reality, erratic mood(s) and insatiable ego. Two years ago, the Republican Party was effectively captured by a similar tactic. Now, the nation’s investors and retirees are supposed to, what , quake because giving Trump the boot will cause their portfolios to implode? What’s next: “Impeach me, and there’ll be a nuclear holocaust?!?” Thanks, but no thanks . In the wo...

The Email No Prospective Buyer — or Their Agent — Wants to Get Your frustrated client finally found something they’re excited about. Everyone rearranges their schedule to see the property ASAP. Then, just before the showing, the Buyer’s agent receives an email from the listing agent (representing the Seller) that they’ve received an offer. #$@%!#! (I mean, “Drat!”). “Don’t Sign Anything Yet!!” What are the Buyer’s option(s) when that happens? Probably the smartest course of action is to actually get in to see the property, i.e., go ahead with the showing, then decide. Lots of times, what looks amazing online is underwhelming in person (surprise, surprise). Moot Point? Just as often, even when the home is exactly as billed on MLS, something about it (floor plan, surrounding block, etc.) simply isn’t a good fit for the Buyer, knocking it out of contention. But what if the home really IS amazing? (funny how, when Buyers know someone else likes a home, they’re inclined to like ...

I don’t know if Realtors suffer disproportionately from Attention Deficit Disorder.** But, I did just hear a story at a continuing ed class, about an agent who got this t-shirt from his spouse for his birthday: My wife thinks I have ADHD. I don’t think so. Hey, look!  A chicken! **Getting emails, texts, and phone calls what seems like every 5 minutes (seconds?) all day long certainly doesn’t help with one’s concentration. See , “ Where’s the Rest of Me?  The Phantom Cellphone Vibration .” from RSSMix.com Mix ID 8230700 http://bit.ly/2U0rXYP via IFTTT

Deafening Silence, Post-Inspection: When Hours Seem Like Days The inspection was completed, but the Buyer has been uncharacteristically incommunicado. What’s the likeliest explanation? A. The inspection was a disaster, and the Buyer intends to back out. B. The inspection went fine, but the Buyer got cold feet anyways . . . and intends to back out. C. The Buyer is busy documenting a major defect (cracked foundation, worn-out roof, etc.). Or several(!) of them. D. The Buyer is cooking up a long list of bogus issues, in an effort to renegotiate the sales price. E. The Buyer’s agent is taking care of a sick kid, has out-of-town guests, or ??? and turned off their cell phone. Answer : “E.” Inspection Disaster? Usually Not While the wait can be agonizing for Sellers, the vast majority of the time, any delay in hearing from the Buyer, post-inspection, is usually benign. Other frequent explanations: it is the Buyer’s agent (not their kid) who’s sick; the Buyer’s agent is tied up wi...

New & Improved Housing Stock — and a Price to Go With! Once upon a time — OK, a decade ago — the Linden Hills neighborhood** in Minneapolis was known for its eclectic blend of housing stock. So, mixed in with the upper bracket homes overlooking the west side of Lake Harriet always seemed to be an equal number of “cottage-y,” older homes a couple blocks west of the lake that were relatively affordable. Today? Not so much. In fact, the average list price for the 14 Linden Hills homes currently on the market is over $1 million ($1.119M, to be exact), including several built or extensively remodeled in the last few years. All of which helps explain why adjacent Minneapolis neighborhoods like Lynnhurst, Fulton, and Kenny, as well as St. Louis Park’s Minikahda Vista neighborhood, are also doing very well. **Contrary to popular perception, Linden Hills’ southern boundary isn’t 50th Street. Rather, it’s 47th Street — 50th actually runs through the Fulton neighb...

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 term, 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’” ; and “Final Acceptance” — Real Estate Edition .” from RSSMix.com Mix ID 8230700 http://bit.ly/2TVLIB0 via IFTTT