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Tag Archives: 1031 Exchange
Trying to Sell a Home with Tenants Still Living Inside?? These 3 Tips Will Make Your Life Easier
Are you thinking about selling a home that you have rented out for some additional revenue? If so, you’re likely trying to discern how to best inform the current tenants and conduct the sales process in a way that works well for all of the parties involved. In today’s blog post we’ll explore how to sell your home while you’re renting it out to tenants and share three tips that can make the process a bit easier.
#1: Review Local Laws and Your Tenancy Agreement
First, you’ll want to break out your tenancy agreement and download any state, provincial or municipal laws that apply to landlord-tenant relations. Selling a home with renters living in it can result in a number of sticky situations. You’ll want to ensure that you conduct yourself in accordance with the rule of law as you may end up in court if the process goes sour. OR CALL ME and I will do that leg work for you!
#2: Communication is a Vital Part of the Process
Next, you’ll need to ensure that you’re communicating with your tenants every step of the way. Be polite but firm; you don’t want to encourage any hostility but this is your property and ultimately, your decision.
Don’t forget to fully inform your tenants as to how home showings will work, as they’ll likely be concerned as to who is being provided with keys to their home.
#3: Incentives Can Sway an Unruly Tenant
Finally, if you’re faced with some unruly tenants that are making the sales process challenging you may find that financial incentives to help the process go smoother. You’ll need their cooperation in keeping the home relatively clean and tidy, so you may want to consider offering some gift certificates or paying a portion of the rent in exchange for their help. If you’re hosting an open house over a weekend, offer to put their family up in a nice hotel somewhere in town where they can enjoy a weekend together.
While selling a home with tenants living inside is rarely easy or fun, it’s certainly doable. When you’re ready to learn more about the home selling process, GIVE ME A CALL, to leverage my expertise and guidance to ensure you get the most from your sale.
It’s All About The Benjamin’s…& Home Equity…
When delving into the world of real estate and investment property, there are many terms that will come up that require further explanation. Whether you’ve never heard the phrase ‘home equity’ before or you have a little familiarity, here are the ins and out of what it means and how this asset can help your financial outlook.
It’s All About The Benjamin’s…& Home Equity
Essentially, home equity refers to your portion of the value of your home, and the amount of this figure is important because it is included among your assets when determining your net worth. If this sounds confusing, think of it this way: if you have completely paid off the cost of your home, the value of your home equity is this total amount. Of course, because most people seek a lender to borrow money from when they purchase a home, their home equity would consist of their down payment and whatever amount they’ve paid down on the mortgage since purchase.
For Example…
To provide further clarification, let’s use the example of a house that has been purchased for $300,000. In the case that a down payment of 20% has been provided at the time of purchase, the equity in the home would be $60,000. Since this amount is the percentage and cost of the house that’s been paid down, this is the amount of the house that is actually owned and this will be figured among an individual’s assets.
How Home Equity Works
As you pay the amount that you owe on your home each month, you are paying off your total debt and thereby increasing your equity. Since this amount of money is considered an asset that belongs to you, it can be used down the road to buy another home or invest in other important things like education or retirement. While paying off the amount owed on a home is a considerable investment, if the value of your home increases, this means that you’ll still owe the same on it but your home equity will have automatically increased.
As an asset that is part of your financial net worth and can be used down the road to fund other investments, home equity is a very useful term to know when it comes to purchasing a home. If you’re on the market for a home and are considering your options, give me a call for more info…
Storybook Spanish Open House Sat & Sun 2-5pm!
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JUST LISTED! Multifamily Investment Opportunity on 1 Acre!
15075, 15077, 15079 & 15081 Polk St. & 15126, 15128, 15130 & 15132 Nurmi St., Sylmar
Rare & Amazing Opportunity to own 8 individual single family homes on a 1 acre lot! Excellent mix of 2 & 3 bedroom homes that have private yards, garages, laundry & are individually metered.
- Possible Seller Financing
- Aggressive Upside Opportunity!
- 11,600 sq.ft per public record
- Lot Size: 0.98 AC per assessor
- Age: 1964
- Tenants Pay ALL Utilities: trash, water, gas & electricity
- Occupancy: 100%
- Actual Scheduled Gross Annual Income $138,540
- Annual Expenses $37,700 Estimated
- NOI: $100,840 Estimated
Please drive-by only, do not disturb tenants
$2,549,000
50 Reasons Los Angeles Is the Best Effing City in America!
Seriously, we are sooooooo lucky to live in the Best City in America!! Check out this blog post, some highlights include…
- Tacos! Tacos on literally every corner…
- The beaches. Yes. All of them. (L.A. is also the only city in America where you can start your day skiing and end it surfing.)
- Weekend island hopping: Catalina Island and the Channel Islands , to name a few.
- The Sunset Strip. (Rejoice, hair metal fans.)
Los Angeles is in the top 13 of The 20 Hottest Markets in September 2015! Wooooooop!
The season has officially changed to fall, and it looks like would-be home buyers can benefit from a wide selection of homes that are becoming more affordable, according to an early read of the exclusive September data here at realtor.com®. Even better news: This year’s market looks substantially better than it did last year at this time. So if you’re looking to buy a home, now is the time to give me a call! 🙂
LA Housing Construction and Development: Going Up!
High demand for housing, historically high rents and condo/loft prices are keeping the Los Angeles region’s housing market hot, with both domestic and foreign vertical developers keenly in the game.What’s your home, land or investment property worth???
I don’t usually post my Listings, but this one is to die for! Do you know anyone who would LOVE to LIVE HERE?? ( Besides me;) )
Modern-chic lifestyle at its finest!
The pinnacle of style, design and location!
SELLERS strike while the Real Estate iron is hot!!
Robert Kleinhenz, chief economist at the Los Angeles County Economic Development Corp., said the report is good news for homeowners. If this guy doesn’t know what’s up…then no one does!!
Property values in Los Angeles County increased by 6.13 percent in 2015 ó the largest jump since 2010, the assessor reported on Thursday, June 16, 2015. The median price of a single-family home in L.A. County increased 7.9 percent, to $480,000 last year. The average price was $780,000.
Apartment rents increased 6.4 percent in 2014. In the city of Los Angeles, the average rent for a two-bedroom apartment last year was $2,591 per month.
The increase in property values is advantageous for those selling their homes, the assessor said.
“If you’re selling, you’re going to be able to command a better selling price,” adding that values are going up everywhere in the county.
“They’re seeing that their home values are coming back and so that’s good news for homeowners because for most households, the primary store of wealth in their portfolio for the typical homeowner is their home, particularly in Los Angeles,” Kleinhenz said.
Silvia Portugal-Singh 