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Mark Quaintance

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Is Buying a Short Sale Right for You?

11-08-11
Mark Quaintance

If you're shopping for a home, you may have noticed that a large number of the homes that are currently on the market are short sales. A short sale occurs when a homeowner owes a lender more than their home is worth, and the lender agrees to let the owner sell the home and accept less than what is owed. Lenders may agree to a short sale because they believe it will net them more money than going forward with a lengthy and costly foreclosure process.

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Great New Draper Listing in a Gated Community

08-03-11
Mark Quaintance

This a great new Draper listing and will not last long. Be sure to call today for an appointment to see this property. It is 2946 square feet with 2 bedrooms on each level. The community pool is walking distance from this quiet community located near Draper Park and the new Trax line. The home is located at 1433 Forge Way Draper, Utah 84020 MLS# 1046306. Call Mark Quaintance at 801-230-2607 and look for this to be help open on Saturday August 6 in the afternoon.

Tour Link : http://homesite.obeo.com/viewer/default.aspx?tourid=678630&refURL=http://admin.obeo.com/member_summary.cfm?&locale=en-US

1433 Forge Way Draper, Utah

Kitchen

Family Room

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Drapers Rush Trail is on the Wall Street Journal Online Page.

07-29-11
Mark Quaintance

The Wall Street Journal did an article on Flow trails and the advantages and need for them. Most of the article was written about a couple of areas with multiple flow trails such as Lake Tahoe and Sun Valley Idaho. We didn't get mentioned in the article, but in the map included in the article, they listed 11 trails throughout the country and the Rush Trail in Draper, UT made the list!

It is really great to get some national exposure for the trail system out our back door.

For an update the 3rd phase is just about ready to open, they are completing work

last 200-300 feet of trail. (Then we need rain, and lots of riders to compact it) Phase 4 is on the list to get done at the end of the season, so we could be riding all the way to the Silica Pit by next spring!

Also, the bike park around the proposed Velodrome adjacent to the equestrian center has received funding (the bike park but not the velodrome yet) We should be building a bike pump track and a bike skills area (with man made stunts, etc) in the near future. Very nice to have the backing of the city for these projects. We are on track to become a huge biking destination for all disciplines of cycling.

Here is a link to the article below:

http://online.wsj.com/article/SB10001424053111903999904576469960615061074.html?KEYWORDS=mountain+bike

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Tips Tenant/Landlord Responsibilities

07-13-11
Mark Quaintance

This is a continuation from yesterdays investment property blog post


If you decide to purchase rental property, you’ll need to learn the landlord/tenant laws in your city or state. What follows is just a sample of what’s typical.
Tenant’s Responsibilities
· Pay rent on or before the due date stipulated in the lease.
· Prevent damage to the property (use heat so pipes don’t freeze, keep windows closed when it’s raining, report plumbing leaks right away, etc.).
· Allow only the people and pets listed on the lease to live on the grounds.
· Maintain all smoke detectors so they’re functioning at all times.
· Allow the landlord entry for inspections, maintenance, pest control, showings, etc.
· Refrain from storing dangerous or illegal materials on the premises.
· Keep noise to an acceptable level.
· Provide proper notice if terminating the lease early.
Landlord’s Responsibilities
· Keep the premises clean and pest-free.
· Make sure all appliances work correctly.
· Remove any mold.
· Make any necessary repairs in a reasonable time frame.
· Notify the tenant of any potential threats (lead paint, fire evacuation points, etc.).
· Provide deadbolt door locks, peep holes, window locks, and other security solutions.
· Provide proper notice when the tenant isn’t complying with the terms of the lease.
Of course, it’s the details regarding these responsibilities that can lead to disputes—which is why, as a landlord, you’ll want to become well-acquainted with the specific laws for your particular area.

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Investing in Rental Property: The Risks, Rewards, and Benefits of Owning Rental Property

07-12-11
Mark Quaintance

One area of the real estate market that is thriving right now is rental property. In the first quarter of this year, landlords and property managers across the country have rented more apartments and homes than they have during the first quarters of the past ten years. The amount that renters are willing to pay has also jumped to a nationwide average of $991 per month.*
Wall St. Journal article, “Apartment Vacancies Decline, Rents Expected to Rise,” 4/6/11)
All indications suggest that the rental market will continue to improve because of low vacancy rates and rising rents. In fact, the demand for rentals is predicted to far exceed supply through 2015, with some 4.5 million new renters expected to enter the market in the next five years.

What to consider before buying a rental
Being a landlord has its challenges. The recession took a toll on rental prices for a few years and any future economic downturns could do the same. Once the job market returns to normal, there’s a strong possibility that more people will choose to move from rentals into homes of their own. And the demand for rental properties could become oversaturated at some point, resulting in an investment bubble of its own.
What’s more, while the income from a rental property can be significant, it can take at least five years before you’re making much more than what you need just to cover the mortgage and expenses. In other words, the return on your investment doesn’t happen overnight.
However, in the long run, if you select the right property, it could turn out to be one of your best investment decisions ever—especially since rental real estate provides more tax benefits than almost any other investment.
Tax deductions for the taking
One of the great things about owning rental properties is the fact that you’re able to deduct so many of the associated expenses, including a sizable portion of your monthly mortgage payment.
The commissions and fees paid to obtain your mortgage are not deductable, but the mortgage interest you pay each month is, including any money you pay into an escrow account to cover taxes and insurance. Whatever your mortgage company reports as interest on your 1098 form at the end of each year can likely be deducted.
For example, you may be eligible to deduct credit card interest for goods and services used in a rental activity, repairs made to the building, travel related to your rental (local or long-distance), expenses related to a home office or workshop devoted to your rental, the wages of anyone you hire to work on the building, damages to your rental property, associated insurance premiums, and fees you pay for legal and professional services. However, as is the case with any transaction of this type, be sure to consult your attorney or accountant for detailed tax information.
What to look for
As with any real estate investment, the location of the property and its overall condition are both key. But with rental properties, there are some other, unique factors you’ll also want to consider:
• Utilities Look for a building with separate utilities (water, electric, and gas, etc.) for each rental unit. This will make it far easier to legally charge for the fair use of what can be a very costly monthly expense.
• Competition If your property is one of the few rentals in the neighborhood, there will be less competition for interested renters.
• Transportation Rentals that are near popular public transportation options and/or major freeways (without being so close that noise is an issue) are usually easier to rent— and demand more money.
• Landscaping Properties with small yards and fewer plantings are far easier and less expensive to manage.
• Off-street Parking Not only is off-street parking a desirable feature (people with nice cars usually don’t like to park on the street), it’s also a requirement for rental properties in some communities.

How to start your search
Unlike homes, rental properties do not typically have a visible ‘for-sale’ sign standing out front (as landlords don’t want to irritate, bring attention to their current renters, or turn off any prospective renters). Therefore, if you are interested in a rental property, your best option is to schedule an appointment with your real estate agent/broker to discuss your investment goals and identify what opportunities currently exist in the market place.

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