Posted by Abdul Rehman · October 13, 2018 10:39 PM
BY BRAD BECKETT ON OCTOBER 14, 2018
According to the latest ATTOM Data Solutions Foreclosure Activity report, nearly one in every 2k U.S. properties had a foreclosure filing in August, 2018. According to the report,there were 70,166 U.S. properties with foreclosure filings in August, up 9% from July and down 7% from one year ago. The states with the highest foreclosure rates were New Jersey (one in every 690 housing units); Maryland (one in every 918 housing units); Nevada (one in every 984 housing units); Delaware (one in every 1,012 housing units); and Florida (one in every 1,229 housing units).
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Posted by Abdul Rehman · October 07, 2018 12:11 AM
BY BRAD BECKETT ON OCTOBER 6, 2018
Fire Prevention Week runs October 7-13, 2018 and the best way to celebrate is to check all your properties’ smoke alarms for functionality and age. If you find one that’s more than 10 years old, it’s time to replace it. And when you do, National REIA recommends both ionization and photoelectric technologies be used in all your properties. You should also have a working & tested carbon monoxide detector and fire extinguisher in each unit as well. In this case, an ounce of prevention is worth a ton of cure! Today’s infographic also reminds us to “Look, Listen and Learn” because fires can happen anywhere…..Happy Friday!
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Posted by Abdul Rehman · October 07, 2018 12:08 AM
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Posted by Abdul Rehman · October 07, 2018 12:05 AM
BY BRAD BECKETT ON OCTOBER 6, 2018
What exactly are these “Opportunity Zones” that were created in the Tax Cut and Jobs Act of 2017? A recent article in HousingWire gives readers “the skinny” about these overlays and suggests they “are probably the buzziest potential solution for the affordability crisis and local economic stimulus out there at the moment.” They also report that the program is meant to encourage investors to reinvest their capital gains and those can come from any investment – stocks, bonds, real estate or partnership interests. In addition, they explain how they work, who benefits and how they might revitalize struggling communities. Indeed…
“To qualify for the opportunity zone tax breaks, investors must invest their capital gains in an Opportunity Fund Zone within 180 days of receiving those gains. The money cannot be invested directly into a property, and funds must invest 90% of their capital into opportunity zone properties.”
“If they do this, shareholders will be rewarded with tax breaks based on how long they keep the interest in the funds. Shareholders who keep their investments for five years will pay no taxes on 10% of their gains; at seven years they will pay no taxes on 15% of gains; and if they hold their investments for 10 years, they pay no taxes on their gains at all.”
Click here to read the full story on HousingWire.com.
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Posted by Abdul Rehman · October 07, 2018 12:02 AM
BY BRAD BECKETT ON OCTOBER 6, 2018
The definition of what is normal wear and tear in a rental can be somewhat subjective at times. That’s why veteran landlord and property manager Hank Rossi answers questions from other landlords and property managers around the country about their rentals.
Dear Landlord Hank:
When do you have maintenance replace tenant light bulbs vs asking tenants to replace bulbs themselves? Some light fixtures can be difficult to work with. And, are you replacing with LED bulbs when you do it? What are you putting in leases about this these days?
-Nancy
Dear Landlady Nancy,
I make sure initial walk through states that all light bulbs are working for a new lease.
I also write into the lease that tenant is responsible for burned out bulbs during the lease.
In areas that are difficult to access (high ceilings, etc.) I use long lasting bulbs, otherwise I use what is on sale.
If a tenant can’t reach a light bulb or can’t replace a bulb in a fixture we can have maintenance do so with understanding, up front, that tenant pays for this service.
Sincerely,
Hank Rossi
About the author Landlord Hank: “I started in real estate as a child watching my father take care of our family rentals- maintenance, tenant relations, etc , in small town Ohio. As I grew, I was occasionally Dad’s assistant. In the mid-90s I decided to get into the rental business on my own, as a sideline. In 2001, I retired from my profession and only managed my own investments, for the next 10 years. Six years ago, my sister, working as a rental agent/property manager in Sarasota, Florida convinced me to try the Florida lifestyle. I gave it a try and never looked back. A few years ago we started our own real estate brokerage. We focus on property management and leasing. I continue to manage my real estate portfolio here in Florida and Atlanta. “ Visit Hank’s website here.
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Posted by Abdul Rehman · October 06, 2018 11:58 PM
BY BRAD BECKETT ON OCTOBER 6, 2018
National apartment listing site ABODO recently reported that the median nationwide rent price for one-bedroom units in October dropped slightly to $1,020 (down 0.2%) with two-bedroom units coming in at $1,269 (down 2.7%). ABODO uses over 1 million listings across the United States to calculate the median 1-bedroom rent price by city, state, and nation and then track the month-over-month percentage change. To avoid small sample sizes, they restrict their analysis to cities meeting minimum population and property count thresholds.
“The economy is hot, unemployment is low, and inflation is beginning a more rapid increase. All these factors lead us to believe that rents are not going to fall swiftly any time soon.”
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Posted by Abdul Rehman · October 06, 2018 11:56 PM
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Posted by Abdul Rehman · October 06, 2018 11:53 PM
BY BRAD BECKETT ON OCTOBER 6, 2018
Rental information site Zumper recently released their National Rent Report for October showing that the median national rent for 1-bedroom apartment was $1,211 and the median two-bedroom rent was $1,443. Year over year, both one and two bedroom prices are up 1.6% and 3%, respectively. Zumper analyzes rental data from over 1 million active listings across the United States. Data is aggregated on a monthly basis to calculate median asking rents for the top 100 metro areas by population, providing a comprehensive view of the current state of the market. The report is based on all data available in the month prior to publication…..be sure to check out their entire list of 100 cities.
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Posted by Abdul Rehman · October 06, 2018 11:50 PM
BY BRAD BECKETT ON OCTOBER 6, 2018
Here is another post that will make you look twice; A new report from the Urban Institute says that manufactured homes appreciate as well as site-built homes. They cite data from the Federal Housing Finance Agency (FHFA) MH Index showing that manufactured housing is 35-47% cheaper per square foot than site-built housing and that prices of the MH purchased by their GSEs perform similarly to those of site-built properties.
“The FHFA’s new MH index, still in the experimental stage, indicates that the prices of the MH purchased by the GSEs perform similarly to those of site-built properties…the index suggests a need to reevaluate the presumption that manufactured homes do not appreciate at the same rate as site-built homes.”
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Posted by Abdul Rehman · October 06, 2018 11:46 PM
BY BRAD BECKETT ON OCTOBER 6, 2018
The National Association of Realtors is reporting that overall pending home sales declined 1.8% in August and have now fallen on an annual basis for eight consecutive months. The NAR’s Pending Home Sales Index (a forward-looking indicator based on contract signings) declined to 104.2 in August as well as reporting that contract signings are down 2.3% year-over-year. The Realtors say once again that low inventory continues to contribute to the housing market’s slowdown. However, take note of the regional differences in the chart below
“Pending home sales continued a slow drip downward, with the fourth month over month decline in the past five months…Contract signings also fell backward again last month…” Said Lawrence Yun, the NAR’s chief economist.
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