SO much talk about losing our space program and here we are presented with a great growth industry: retirees. I grew up in Palm Beach County and believe, now that I look back on it, that the retirees were a major contributor to creating the vibrant economy that Palm Beach County now enjoys. Brevard County, according to Forbes, has one of the highest concentrations of senior is the country!!
I think that we should embrace this news and the retirees as they bring a steady and stable income base, low crime and commuity impact and require a broad array of services. As a resident of Brevard, a father and business owner, I am proud of this ranking.
Read full story here: http://www.forbes.com/2009/05/18/best-retirement-places-lifestyle-real-estate-retire_slide_6.html?thisSpeed=15000
Have a great week!
As an active investor, I try to spend time with other active investors and property owners here in Brevard and throughout Central Florida. It is interesting to me the comments I hear regarding folk's success, or lack thereof in renting out properties.
Certainly, we are seeing more rentals available and there appears to be downward pressure on pricing. A quick glance at the local MLS stats will show that, while listings are shrinking, the available inventory of rental properties is on the rise. And it's no wonder with investors snatching up all these good deals.
So how can you make sure your house gets rented first? Here are just a few of the guidelines we use to rent houses fast:
1. Make it clean, sounds simple but many owners skip this and the result is missed opportunity and most importantly a dirty house tells a tenant you don't care; and if you don't care, why should they?
2. Price it right, letting a house sit for even 1 extra 30 day cycle means losing about 8% of your annual income. That's big in our business, our margins are smaller and expenses are up. Think long and hard when pricing compare to competition and be competitive.
3. Be available to show it. Many tenants have short attention spans, if you put off a showing for a day or two, most likely you will lose the lead. They want it right and right now!!
4. Hire a pro: if you can't or don't want to do these things, pay someone to do them for you. Work it in to your numbers when you buy, it's that simple.
This is just a start, I have many more suggestions and I would love to share at another time. I am available to do presentations locally and will consider travel as well. Contact me for more details.
Make it a great week and remember the real wealth in real estate is in long term buy and hold.
Charles
The graphic below, from city-data.com, shows median rent here in Brevard County. This information and more like it can help you make a more informed decision when buying income property.
It seems to me that we are seeing a pattern in existing home sales. For six straight months, we have seen a growth in sales of existing homes. See this article: http://www.foxbusiness.com/story/floridas-existing-home-condo-sales-rise-february/ . Seems to me that six months is a long enough period of time to say we have established a pattern. We have seen a surge in our business as well with more people from out of state calling for rentals and properties to purchase. As I have read, real estate has historically been the "first in, first out" of recession, maybe we are seeing the bottom and heading for greener pastures!!
If you have any interest in investing in real estate, give me a call now. or send me a e-mail, I would be happy to help you find an excellent opportunity. Email me at charles@thmllc.com
As a follow-up to my last blog, here is some more detailon the foreclosure mediation order. Turns out that this is not automatic; the homeowner must request the mediation. Take a look at this e-mail from Brenda Warner, Space Coast Association of Realtors, Government Affairs Director:
"To All Members:
On February 9, 2009 the Acting Chief Judge for Brevard County, David Dugan, issued an administrative order that forces all owner occupied residential properties to mediation prior to a Summary Judgment, if the property owner files the proper response.
This order is now in effect and any mortgage holder asking for a hearing date will be ordered to mediation prior to being given a date as long as the owner has filed the required response. The mortgage company is responsible for scheduling the mediation with all parties and paying the mediation fees.
If you have clients facing foreclosure this could be of benefit to them. The full order issued by Judge Dugan is several pages long and I cannot attach it through this mass email system. If you would like a copy or have any questions, email me."
To view the entire order click here:
I will continue to track this and post my findings.
Charles
In an effort to stem the flood of foreclosures, Brevard County now requires all lenders (and plaintiffs in foreclosure actions) to enter into mediation with homeowners before a foreclosure will be granted. The lender will have to pay for this and it will most certainly slow the process. It also appears that it is mandatory only for owner-occupied properties. Will this reduce the number of foreclosures? Hard to tell, it will create more burden and cost for the banks and stall the real estate recovery.
Residential and commercial real estate investor, specializing in renovation, and property management. I enjoy speaking to groups large and small on many real estate related topics.
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