Archive for the ‘ Real Estate ’ Category

AvenueWest 2013 – Top 50 Real Estate Investment Opinion Makers & Market Leaders.

Personal Real Estate Investor Magazine “Building Wealth Through Property Investment”  this month honored AvenueWest as one of the top leaders in the United States along with HomeVestors and Real Property Management.

Your Vacation Rental Might Be a Corporate Rental If…

http://blog.myvr.com/2013/03/14/corporate-vacation-rentals/

Many of you might wonder if your furnished vacation rental could also be marketed as a corporate rental. It’s a good question and shows you’re thinking about ways to maximize your exposure and income.

Here are some telltale signs that your vacation rental might be a good corporate rental too:

Location, Location, Location:  Is the location of your vacation rental near a large city, big business, hospital, theater, university, or event center? If so, your vacation rental can easily double as a corporate rental. Corporate housing is typically used by traveling business professionals, relocated families, visiting doctors and nurses, and those traveling for medical treatments. The perfect vacation and corporate towns include cities such as Orlando, Las Vegas and Atlanta, which serve as both business meccas and vacation hot spots.  On the flip side, if your rental property is located in a niche ski village or cozy beach town, it’s likely more appealing as a vacation rental.

Seasonal Trends:  Season can often dictate whether your furnished rental property would be more profitable as a corporate or vacation rental. During peak travel seasons in your area, perhaps you can ask a higher rental rate from vacationers. However, if large conference comes to town, like the Consumer Electronic’s Show in Vegas, you might want to reserve the property for a corporate client to maximize your rental income.

Rules and Regulations:  Always consider local laws and regulations when deciding how to market your property. Some cities like Chicago, Austin and New York do not allow for nightly or weekly rentals, which are typical for a vacation period of time. In these cities, consider marketing your property solely as a corporate rental, which typically require a minimum stay of 30 days. Other regulations that might impact how you market your property might include city ordinances and home owner association rules too.

Pain Per Dollar:  If you’re like me, you might want to have a renter stay for at least a month, after all, you know the great effort and investment required to turn over a property between tenants. If you want less “pain per dollar,” consider offering your rental home solely as a corporate rental with a minimum stay of 30 days. This means you’ll be turning the property over less and will have less grief per dollar.

Pre-Bookings:  Vacationers like to book their properties month’s in advance of a stay, which means your property won’t be available to someone who approaches you for a long-term stay. For a corporate rental, we generally recommend booking no more than a month out so you are available to someone for a long-term booking. This is something to consider as you choose between marketing your property as a vacation or corporate rental.

Remember, you don’t have to choose whether to market your property one way or another. You can do both depending on seasonal trends, location and your tolerance for pain (pain per dollar).

To Relocate or Not? Use Furnished Rentals at Both Ends :)

Q. How can you minimize the risks, both financial and personal, of moving for the sake of a job?

A. Temporarily renting a house or apartment in the new area while renting out your existing house, if you own one, is one way to do that, Ms. Ranieri says. It lowers your financial risk and gives you time to learn about the job and the new city before making a long-term commitment. “You can’t really know everything about it until you are living and working there,” she says.

http://www.nytimes.com/2013/03/10/jobs/deciding-to-relocate-involves-more-than-just-the-pay.html

Is your vacation rental legal?

Is your vacation rental legal?

Fueled by the housing bust and embraced by cost-conscious, Web-savvy travelers, short-term vacation rentals have been booming from Manhattan to Maui. But so has controversy, as irate neighbors complain about the negative impact of transients and traditional lodgings say inconsistent local laws put them at a competitive disadvantage.

Now, a coalition of major players in the short-term (less than 30 consecutive days) rental market — Airbnb, FlipKey, HomeAway and TripAdvisor — have joined forces to influence cities’ attempts to regulate or ban the trend. Their new website, the Short Term Rental Advocacy Center, spotlights current legislation in 10 U.S. destinations. Though aimed primarily at policy makers and owners, it also lets would-be renters know the rules surrounding their stays.

http://www.stradvocacy.org/

Get back in the real estate corporate housing market NOW!

Really?  Yes!  I get this question every day – of course you can wait but real estate is all about margins so now is about as big as you are going to find.

DEMAND:

I just got back from the 2012 Worldwide ERC (Employee Relocation Council) meeting in San Antonio and the US Advisory Council has a positive outlook on corporate relocation needs for the year and according to the annual Corporate Housing Providers Association Annual Report the largest user of corporate housing is relocation.

SUPPLY:

Real Estate is stable, mortgage rates are really low and new FHA and other mortgage policies will allow you to buy and refinance real estate at much lower rates.

REAL Estate + Furniture + Service = Corporate Housing

Hottest US Real Estate Market? Washington DC

How hot is Washington, D.C.’s real estate market? Laura Schwartz, a realtor with Keller Williams, recently worked with a luxury high-rise apartment in the Ballston neighborhood of Arlington, Va. Two days after being listed, the property received five offers, and ultimately closed at $15,000 over the asking price.

“Our spring market has taken off quite early,” said Schwartz. “We’ve reached that stable point where we’re out of a buyer’s market.”

The nation’s capital has been a leader when it comes to real estate.

While much of the country’s housing market continues to languish, Washington and the surrounding area have seen tight inventory and price growth in recent months. For particularly competitive listings, even bidding wars have returned.

The D.C. Metro Area, defined as the city of Washington and seven surrounding counties, saw the average sales price rise five percent to $406,555 in December, compared to the previous year, according to research firm RealEstate Business Intelligence LLC (RBI).

Sales totaled 3,169 in December, up 89 percent compared to the previous year, and the total value of homes sold was $1.28 billion, up 12 percent from the previous year.

The federal government’s mass of workers has been a stabilizing factor for the region, providing a base of high-paying jobs. Related industries, such as government contractors, have also kept unemployment down. Tech firms have been growing, as well.

The Washington area had an unemployment rate of 5.5 percent in December 2011, the 36th lowest among 372 metro areas,

http://multihousingpro.com/article.php?AID=710&name=The_hottest_U.S._real_estate_market:_Washington,_D.C

Scams – yes they are real – protect yourself now!

I like to think the word is a nice happy place – but the reality is – it is not – bummer!

How can I protect myself?  Let’s start by asking a few more questions and second Never EVER – I mean Never EVER wire money before you arrive in a furnished corporate rental – and NEVER send a security deposit – ask for traveler’s insurance instead!

Buying a Home? These Tips Will Help You Buy in the Right Neighborhood

On The Today Show this morning, real estate expert, Barbara Corcoran, offered some home buying tips worth repeating on our blog. If you’re in the market for an investment corporate rental property, you’ll want to follow many of her suggested strategies when choosing a house to buy and what neighborhood to buy in.

Her tips for doing a thorough neighborhood check include:

Don’t fall in love with the house. Make sure you check the neighborhood first and make sure it’s where you want to be.

Don’t just trust the broker. Yes, your broker can provide crime stats on your potential neighborhood, but nothing beats walking the neighborhood yourself and doing your own sleuthing.

Check local hangouts. The guy running that local coffee shop knows the neighborhood best. Ask him for his thoughts. Why not?

Check out the neighborhood during different times of day. Visit the home during rush hour, weekends, mid-day, Friday nights, etc. You’ll uncover things you need to know about it when you vary your visit times.

Note if there are too many “For Sale” signs. If there are more than three “For Sale” signs in a three block radius, it might be a red flag that the neighborhood is still distressed. (CHBO Note: However, during peak buying/selling season, we think a red flag should be raised if there are more than five For Sale signs in a three block radius).

Analyze specific location. Avoid homes that are near bus or trash pick-up routes or next to an empty lot. You can look at Google Maps and look at streets from a bird’s eye view to get a feel for the neighborhood’s set up.

Talk to neighbors. Neighbors are usually willing to talk and tell you what they think about the neighborhood. Don’t be shy – spark a conversation and get to know those that will be living next door and across the street from you.

Visit local school during drop off or pick up. You’ll see how kids and parents interact with one another – it’s a great way to size up the neighborhood.

Check crime rates. Check sex offender lists and police listings. Information is readily available – do your due diligence!

Visit Town Clerk offices. The clerk knows zoning changes on the horizon and if anew cell tower is being put in next door to you. This can affect your property values so watch what the Town Clerk is doing carefully!

Look at cars in driveways. Look to see how many inexpensive new cars are parked in nearby driveways. Corcoran says this isn’t an “exact science” but it can show you if young people are moving into that neighborhood. Young people  go where the jobs are – so young families moving in may indicate a neighborhood on the rise!

Check foreclosure rates. Go on Foreclosure.com and check rates in your neighborhood. If foreclosures are on the rise, give some pause to the neighborhood.

Check tax assessments. Every town assesses differently and you want to know how your town operates. Some access your home when you close – which will give you a different rate than the current owner. Some won’t access until you make a capital improvement. You want to know because this will impact your bottom line long term.

Understand price per foot. Ask your Realtor to check the price per foot for that neighborhood and make sure your price matches everyone else’s price per foot.

Good luck with buying the RIGHT new investment property for you. Hope these tips help!

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