Every year in the USA, there are millions of existing homes that are bought and sold. These homes come in all shapes and sizes, as well as in various conditions. While some people want a move-in ready home, others might want a fixer upper.
When many people buy a fixer upper home, they are doing it so they can quickly fix and flip the home. Fixing and flipping a home is buying it for a cheap price, fixing it up quickly and relatively affordably, and then selling it for a profit.
However, fixing and flipping isn’t the only use for a fixer upper. The costs can add up, a lot of work is involved and the time it can take to sell the home can be plentiful. With that in mind, this article is going to look at a few other ways to put your fixer upper to good use.
As an Airbnb
When people used to visit or stay in a new city, they would almost always stay in a hotel. However, in recent years, that has begun to change. A big reason for this is Airbnb. Airbnb allows anyone to rent out their home by night, similar to how a hotel will rent out a room. This often gives customers more bang for their buck, and allows homeowners to make money without doing a thing.
Sure, you will have to keep the place clean, stock it with items and perform a bit of customer service, but that is a small price to pay for what you can make. You will need to fix up your fixer upper to a point where it is livable, but renting it out nightly through Airbnb is significantly less work than completely renovating it and selling it.
As a Vacation Rental
While this will depend largely on where you live, you could also rent your home out as a vacation rental. For example, millions of people travel to California every single year, and they need a place to stay. If your fixer upper home has a good location, it could be perfect as a vacation rental.
You could rent it out weekly or monthly to interested parties, and potentially make thousands of dollars. You will need to update it and ensure it functions well and looks nice, but think of this as an investment than a cost. Sure, selling a house from ISoldMyHouse.com can be a good idea and can net you a lot of money, but be sure to consider putting the home up as a vacation rental as well. This could allow you to make a good amount of money, without actually having to lose the asset.
As a Standard Rental Property
Another option instead of fixing up and selling your fixer upper is to fix it out and then rent it out. Being a landlord is indeed some work, but can be incredibly fruitful financially. Depending on the size, location and look of the home, it can be rented out to families, couples, university students or anyone.
Oftentimes, you will essentially be able to get your mortgage paid for if you rent out the home. In some cases, you may even be able to charge more in rent than your mortgage if you include utilities or internet. While you will essentially be breaking even for a little, once the mortgage is paid off, the rent you collect will be nothing but pure profit.
In conclusion, there are many different things you can use a fixer upper for, in addition to simply fixing and flipping it.
Multifamily real estate is typically a diversification option for versed investors, and not a first-timer’s leap of faith. You need knowledge, expertise, and the negotiation skills to match the level of competitiveness in this industry, but it also makes for a wonderful choice in case you’re already familiar with real estate investing in general, and you’d like to enrich your portfolio further. This profitable choice can bring you a stable source of income, and it can serve as a stable, long-term investment that you can ultimately sell if such a need ever arises.
However, no matter how experienced you might be in other forms of real estate investing, jumping into this versatile field takes some research and adjustments. Let’s go over a few handy tips you can use on your own journey in order to make the most of this lovely opportunity!
Deciding on the location
Not all multifamily properties are created equal. In fact, among many factors that will affect their overall value and desirability in the eyes of your future tenants, one of the main deal-breakers can be the location. Since your target buyers and renters are families, you should consider features that will appeal to such an audience. Is there a reputable school in the vicinity? How about a playground? Are there safety measures in the neighborhood, such as regular patrol and security surveillance?
There are all kinds of conditions that might inspire a family to feel welcome in that particular location, so it’s vital to do your homework. That way, you can pick a location that will elicit offers before the ink dries on your investment contract.
Managing the management
Unlike one-person units and other real estate options that don’t focus on families, working with multifamily real estate properties requires quite a bit of legal knowledge and managerial skills. Whether you decide to be the key manager of the entire property you invest in, or you choose to hire a property manager, the decision is entirely yours. What matters most is that you have a solid base and that you fulfill all of your legal obligations.
One of those responsibilities includes obtaining the initial maintenance schedulefor your property so as to compile the most relevant data on how you take care of your property. That means you need to follow the prescribed legal rules and meet your local government’s expectations when it comes to property maintenance in order to avoid financial and other penalties. If you alone cannot handle the burden of multifamily real estate management, make sure to work with an expert who can take over a portion of those chores.
Land on the right financing solution
A common issue even among versed investors is obtaining the right sum of money to purchase the property you find the most lucrative. These massive investments require a stable financing solution so that you can have that much-needed initial capital for this venture. Direct lenders are considered a safe and reliable option while partnering up with other investors is another viable opportunity especially if you already have trusted partners in the business.
Increase the value of your investment
Who said that being an investor is a dull occupation? On the contrary, if you choose to invest in multifamily real estate, you’ll need your creativity and imagination so that you can amplify the value of the properties you purchase. From increasing functionality of the space and installing a ground source heat pump, all the way to beautifying the exterior with finer design solutions, even the smallest of changes can lead to a major surge in value.
Sometimes, you’ll be able to find properties in a pristine location, but in desperate need of a thorough restoration or remodeling in order for them to be rentable. Make sure that this is an investment that is in line with your budget, and you’ll have a diamond in the rough in your hands, ready to become a prime spot for families after spruce.
Plan your tenant strategy
Finally, never invest in a property without preparing a strategy for your tenants. With the right policies in your hands and clearly defined procedures, you’ll be able to attract the right people to your property in no time.
Multifamily investing is a perfect opportunity to diversify your portfolio, and an exciting way to grow your community. Use these tips, and turn this endeavor into a streamlined journey towards purchasing your first multifamily property!
Through a $1 million gift from the REALTORS® Relief Foundation, C.A.R. is offering disaster relief grants up to $2,000 per household to provide housing assistance with mortgage relief or temporary housing, such as payments on the mortgage of a primary residence that was burned in a fire, lease or rent payments on replacement housing, or payments to a temporary shelter.
Grant details:
Relief assistance is limited to a maximum of $2,000 per applicant household. The deadline for application submission is June 30, 2019, contingent on the availability of funds.
Assistance is for housing relief only; other expenses including mortgages on property other than a primary residence, vehicle purchase, rental, repair and or mileage are ineligible for reimbursement under this program.
Documentation requirements: proof of residency, proof of lease/ownership, proof of damage/loss.
One application per household.
Grants are available only for the applicant’s primary residence.
Recipients of other financial assistance (FEMA, charitable groups) are eligible.
As we spend the last few days of 2017, real estate moguls and property managers can’t help but wonder what 2018 has in store. The home décor industry is also in an anticipatory mood for the coming year. 5 Home Building Trends for 2018 that Every Real Estate Needs to Know About For instance, home décor companies are brainstorming on new kitchen finishes and trendy paint colors for the New Year. The main reason why homeowners do a significant design remodel or engage in the construction of a custom home is to create a holistic personal space. This means that any home décor or remodeling firm should keep their consumers with the most current trend in the real estate industry. In this article, we will talk about the designs and decors in the home building industry that are going to revolutionize the real estate industry in the coming year of 2018.
Treatment and Finishes
Modern, sleek and aesthetic looks have taken over in the human life all thanks to technology. All these advancements have become a cliché, and now people want to get back to their original roots. Due to this fact, wood finishes will be a home décor incentive that no real estate firm should ignore in 2018. The home improvement décor may come in different forms including wooden plates, a rustic wooden lamp, a solid wooden table or exterior accents that are made from wood such as corbels, columns. The home designs of 2018 are likely to be all about wooden interior finishes and natural accents. Wood interiors compliment the desire by most homeowners to integrate with nature in today’s world where technology has almost made our lives artificial.
Iridescent Accents
While some owners plan on using earthly accessories to connect with the natural environment, there is a group of people who are willing to use the modern look of bright accents to embrace the future of home décor. Although lustrous accents give your home that aesthetic look that you are yearning for, it will cost you more than the available alternatives in the market. Most homeowners will prefer to start with a shiny tiled backlash or an iridescent pillow. This type of home décor is a mermaid-worthy look and is likely to gain traction in the future as homeowners are slowly embracing it.
More Open Spaces and Clean Lines
Even in traditional homes, spacious floors are becoming the trend going into the future. According to experts, the home construction industry is holistically becoming contemporary. Home builders are now focusing cleaner lines and the increased use of standing-seam roofs and Austin stone and doing away with turrets. Even the homeowners that chose to retain the traditional home exteriors have decided to go with open and modern concepts on their interiors. This always translated to tiny, wasted rooms and hallways. More usable space is still afforded by open floor designs to the dining areas and possibly to the living area. Designers have also brought the outdoors inside the home by the incorporation of more glass interior doors which are designed in such a way that they disappear after opening. As with any other system, efficiency is critical, and homeowners have realized that 100% of the floor space in their houses should be usable.
Geometric patterns
The day when geometric pattern designs would make a comeback in the home décor industry is finally here. These form of models can be seen in almost every part of the home area including in furniture and wallpapers. You can have the geometric pattern designs incorporated in your home using a wallpapered accent wall to give your house that new and fresh look. You can also make use of a new rug or some throw pillows to improve your aesthetic standing. If you are committed to having this new rend incorporated into your home, you can use a kitchen backsplash or a floor that is geometrically tiled. In 2018, this trend in home improvement will give a vintage and modern feel that anyone from any generation can appreciate.
The fact that interest rates have dropped to near historic lows as the rents continue to sky rocket in most urban set ups, buying a home seems to tilt the balance to its favor. The reports by Trulia also suggest that for renting to become cheaper than buying, the 30-year fixed mortgage must hit at least 5% in Los Angeles and 5.1% in New York City. However, the mortgage rate has hit a low of 3.17%, making the projection unattainable, at least in the near future.
As much as the statistics favor home buying over renting, for many Americans, the financial tradeoff may not be easy. Numerous advantages come with home ownership, not to mention the tax deductibles on your mortgage interests. But if you don’t carefully analyze your financial situation and make informed choices, home ownership can turn into a financial nightmare.
The most critical component of your decision-making process should be your financial stability. You need to ask yourself key questions like: How stable is your job? How likely are can you get a pay raise or promotion over the coming years? Is your job likely to shift locations or cities? How stable is your marriage or relationship? Is there a possibility of splitting up or divorcing that may occasion untimely disposal of the home? And so on. If the answer to one or more of your questions indicates doubts on whether you will maintain the house within the next five years or more, then it would be pointless to commit yourself, regardless of the mathematics.
Change of Cities
If the nature of your job or appointment involves frequent relocation or change of cities, you may need to evaluate between buying and renting. Many home owners have suffered the cost of servicing mortgages for homes they do not live in. They even spend more resources in renting homes in their new location. Their efforts to sell may be thwarted when the timing coincides with the market lows when the mortgage interest rates rise, wiping out their equity and savings.
Financial Situation
Many Americans are living under strenuous financial situation and may not be in a position to save enough for the down payment. You need to analyze your individual financial status. The ultra-tight real estate markets like San Francisco even make it harder for aspiring home owners.
Home Insurance Costs
It is important to know that homeownership doesn’t stop with the acquisition of the mortgage. You’ll need money to settle your property taxes, and the mortgage company will require a proof of home insurance policy. When you rent a house, your landlord will cater for propertyinsurance in addition to some utility bills like water, heating, or power. However, you may need to provide for your rental insurance, which is much more affordable. The policy still provides good benefits of homeowners’ insurance, except that it doesn’t cover the building structure.
Home Maintenance Costs
As a homeowner, you take responsibility for all your maintenance costs like fixing a leaking roof, the parading ants over your kitchen cabinets, broken toilet bowls, electrical breakdowns, and much more. And then there’s the dirty task of mowing your lawn, cleaning the compound, painting the walls, etc. When you decide to rent, most of these tasks will be done by the landlord or an appointed agent.
Bottom line
While it’s true that reduced rates are quite tempting to potential home buyers, you shouldn’t use the statistics to make costly purchases that could turn problematic. You can consider renting affordable housing alternatives like studio apartments as you put aside substantial savings for future investments. That way you’ll be able to make much larger down payment when the markets can’t offer better mortgage rates.
If you borrow less and give a huge down payment, the banks and the property sellers will prefer you over your competitors in a bidding situation. Additionally, your house will appreciate much faster in value as interest rates reduce, cutting down your financing costs.
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www.crestico.com
December 7, 2023
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