For Matt Carle, the weather is a major benefit of living in Tampa. Braydon Coburn says it's the people that make Tampa Bay special. No matter what you are looking for, The Duncan Duo can find the perfect community in Tampa for you! Matt Carle
Andrew Duncan, Tampa Bay's Top Realtor and expert talks with Paul Arrington from Arrico Realty and Property Management on The Duncan Duo Show about renting out luxury homes. We regularly have higher priced home owners that consider renting their property and there are pros and cons. We unveil the details in this video segment about renting out luxury homes OR considering selling it and buying more properties that are BETTER rental properties.
The average priced homes in area up to $400k are selling well and moving quickly. But every neighborhood is different. There are some neighborhoods where million dollar homes fly off the shelf in a week. There are some of the higher priced homes right now are sitting in the market and taking longer to sell and are restricting people from being able to upgrade or move to somewhere else they want.
For those under water, short sale is an option for them. But there are also a lot of people who are not under water. There are also those who feel like the property values are going up and don't want to sell yet and think about renting the home.
Paul talks about the positives and the negatives about renting out a million dollar home. The luxury rental market is something not so available to tenants but tenants are available for them which is a good sign for home owners thinking about renting out their home. He even talks about a meticulous client who's looking for something very particular but there's not a lot of homes available for rent.
Andrew says that if you have a million-dollar home that you're going to rent out, when you do the math, it's hard to justify the return on investment compared to getting rid of the million dollar home and invest in 5 $200k homes. Although there is a supply and demand benefit, the million dollar home still won't return as well as 5-$200k home.
But there are situations that it makes more sense to rent rather than sell like for those in the military where they want to permanently live in Tampa but they get sent to another location for a couple of years. Of course they wouldn't want to sell the home then come back and buy it again when prices are higher.
Another option for those in a slow price point is dual listing wherein the home is for rent and is also listed for sale.
They also touch on the difficulties of selling a home with tenants still living there. Some of the challenges are keeping the home clean, setting up showing schedules, etc.
Andrew Duncan and his panel of experts give advice for first time investors. His has Shawn Yesner from Yesner Law, Arnie Diaz from Waterstone Mortgage and Paul Arrington from Arrico Property Management as guests on The Duncan Duo Show.
The real estate market is a great options for those looking to invest. It's more stable as compared to the stock market and there is a peace of mind element to it.
Shawn gives advice on topics about the legal aspects of going into the business. You need to do your due diligence. Make sure you are working with an experienced agent, an experienced property manager, build your team - an attorney, an inspector. Know what you're getting into ahead of time - what's the financial viability of the condo association, home owners association, etc. Make sure you have a lease form in place. Most forms available need to be customized to the property, situation and what the investor needs.
Andrew shares something he learned from Rich Dad Poor Dad by Robert Kiyosaki, one of the first books he read about investment. His concept was that if you're going to be a real estate investor, you need to learn how to trust other experts because you won't be able to know it all especially if you're just starting.
Other things that need to be considered to set up your real estate business right are the taxes, the citizenship of the investor (if the investor is a US citizen or not), and liability protection. Shawn also touched on whether or not to get an LLC when setting up the business and if it's the right option for you.
Arnie talks about the mortgage side. He says that if you're buying a primary residence, it doesn't matter how many rental units you have, you are still allowed to get a mortgage as long as your debt and income ratios are ok. The number of loans that an investor can have at a time is anywhere from 4 to 10.
They also talked about how there's a great opportunity for the flipper market right now although flipping homes is not for novices and not for the faint of heart. Unless you've had a lot of education and have worked with a lot of people who are truly helping you, this is a very risky thing to do.
Andrew recommends to new real estate investors to start off with simple rentals first. Buy something that can make a decent cash return, go through the process a few times of buying and selling property where you don't have a huge risk to get familiar with the process and really know the market. Study the market well to the point where when you look at a price in a neighborhood, you'll be able to tell if it's under priced or overpriced before you go into flipping so you'll be able to recognize a good opportunity. Paul adds that it goes for real estate agents as well.
ShowHomes have been in the business for 30 years and have been in Tampa for 6 years.
She talks about the two products they offer for vacant homes. First is Impact rooms and this package starts for 60 days (offer comes in the first 30 days and closing is the next 30 days). You want to stay with the staging through the inspections and appraisal. Impact rooms are the main core of the home that really impresses the buyers who go through.
Another product they offer is like a concierge service. They do full house staging by putting in a home manager. This is the most cost effective for sellers because they put someone in the home who stages every room in the house. They live in the home and bring great energy in the home. They make sure it looks fabulous every day. They don't say no to showings. When the buyer walks through the door, they wouldn't know that the home is vacant. The seller gets some savings because ShowHomes will pay for the yard, pool, electricity and the water. They stay in the home until it sells and just asks for a 30 day notice after which they make sure to professionally clean the home once they exit. The set up fee for this product is really small out of pocket.
Andrew further talks about how staging can be very cost effective and every time they did the home manager program, they did extremely well. They've had some clients rave in their video testimonials how the staging really made the home look different especially for those previously listed with other agents.
Andrew talks to The Diaz Duo - Arnie and David Diaz - on the The Duncan Duo Real Estate show about what a phenomenal job they are doing for the team. They are one of their preferred lenders and recently were mentioned by a couple of their happy customers who did video testimonials for the team. Andrew's team is a high volume business and agents have a certain level of expectation especially with the lenders they partner with. The team has been so impressed with their follow up and responsiveness. "One thing I love the most is we're able to help somebody buy a home that has been told they couldn't by somebody else. Giving them that American Dream is something my company just loves" - Andrew Duncan.
The development in downtown Tampa & Channelside is great. Mr. Vinik has an amazing vision and with the development, it might not even be recognizable in 10 years compared to what it is today. However, Andrew is concerned that more and more people are throwing their card into the downtown development scene and too much of it could be a bad thing. He fears that it could get oversaturated and builders overbuilding it. He talks about some of the previous developments that flopped. Its clear some of the developers have great intentions but can downtown Tampa support it? To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sundays at 10 am.
Today, I wanted to talk to you about our Guaranteed Sale program. If your home doesn't sell within a certain time frame, we'll buy it from you. First and foremost, it's not always the right program for every customer. However, we're willing to put our money where our mouth is. If your home doesn't sell, we'll buy it.
We're investors as well as real estate agents, so you'll get an extra level of service, an extra marketing platform, and an extra opportunity because the Guaranteed Sale program allows us to create transactions. For example, let's say you don't want to use the Guaranteed Sale program. No problem! But let's say there's a buyer who needs to sell their home before they can purchase yours. We can offer the Guaranteed Sale program to that buyer in order to close on your home. So, if you have any questions on today's video, give me a call or send me an email. I'd be happy to help you!
Today, I want to talk to you about hiring an agent. Keep in mind that more and more people are getting into the real estate business, and they don't have enough experience for you to trust them with your most important asset.
One thing you should always do is go online and look at a Realtor's reviews. Look at their website, accomplishments, homes sold, and other statistics. This information should be readily available on sites like Trulia and Zillow.
If they're not on Zillow or Trulia, you have to ask yourself why. It could be that they don't have any good customer reviews, or they don't know how to use Zillow or Trulia. If they don't know how to market themselves, how can you expect them to market your home?
Just keep in mind that customer reviews are extremely important. Zillow and Trulia really make sure to provide you with true customer experiences. We have video reviews on our website, and other 5 star reviews on Zillow and Trulia. If you have any questions, give me a call or send me an email. I look forward to hearing from you!
