Category: Orlando Realtors

Tips On Re-Habbing Homes In Orlando

Posted on by Jenny Zamora

Buying Homes In Orlando

When you buy an Orlando investment property that you intend to fix and flip, there are three different ways it can go. You either make a nice profit, you break even or you lose money.

Obviously, no one wants to lose money or break even because breaking even is also a loss when you consider the time and effort you spent on the project that you didn’t get compensated for.

Being an Orlando real estate agent as well as a seasoned investor, I’ve made every mistake you can possibly make by flipping homes in Orlando while learning some very valuable information along the way.  I’ve come up with some guidelines designed to help you decide if rehabbing houses is for you.

Buying The Right Property

It’s crucial that you start by buying the investment property at the right price. If you get this part wrong everything else will go wrong and you will lose money.

1st-time investors are sometimes soo excited about starting a project, that they end up paying too much money for a house or trying to turn a “non-deal” into a deal. I don’t care how much you wish and pray, there’s no arguing with the numbers.

I highly recommend enlisting the help of an experienced Orlando Realtor to help you acquire the right house.

Be Realistic With Yourself

For the do-it-yourselfers… make sure that you have the time, the skills, and the burning desire to get it done ASAP. People get pretty fired up watching these house flipping shows on TV, especially when they make it look soo fast and easy.  The truth is… it’s not that easy, it takes a lot longer than you think, and believing that it’s easy can get you in some serious hot water.

I’ve learned over the years that when you try to cut corners or go too cheap, it always ends up costing more money…ALWAYS!

 Even if you do intend to fix the property on your own, you should still get a few contractor estimates as a backup plan so that you know how much the repair will cost in case you happen to fall short with your own efforts.

 Time Is Money

Many newbie investors fail to calculate how much time a project will take correctly. The old saying “time is money” applies to rehabbing houses more than anything else I can think of. Your goal should be to get that property back on the market ASAP. If not, carrying costs alone will drain your profits dry and you’ll be lucky if you break even.

 Cost Of Repairs Or Materials

If you plan on having a professional contractor do the work, make sure that you meet and get estimates from at least 3 different contractors. Make sure they are licensed and insured [don’t take their word for it, research yourself] and ask them to provide you with references from some of their other clients.

If you’re still hell-bent on doing the work your self then your homework [no pun intended] is to seek out and price the material you will need to complete the project.

Whether you’ve decided on using a GC or doing the work yourself, add 15% to whatever you came up with for unforeseen problems.

Note: There are ALWAYS unforeseen problems!

 

 

 

 

 

 

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Orlando Realtor- Seller Series part 5

Posted on by Jenny Zamora

Let Your Orlando Realtor Do The Negotiating

In this week’s edition of our six-part seller series, we will be talking about how your Orlando Realtor can help you with the negotiation process when you start receiving offers on your home.

Negotiating offers

It’s part of a realtor’s job to negotiate the price on a listing, which is why it’s important to allow your listing agent to negotiate offers on your behalf instead of you dealing directly with the buyer or buyer’s agent. Your agent should already be well aware of what your bottom line is upon finalizing the listing details. The house should also be priced correctly for the market and look its best for showings.

Sometimes buyers will submit low ball offers and these buyers are usually investors looking for the deal of a lifetime so that they can turn a quick profit. You should never take this personally, it’s just business and you really can’t blame them for trying. 

Your realtor should also make sure potential buyers are pre-approved for a mortgage loan before proceeding with any negotiations.

If you receive an offer that’s close to the listing price, your agent should continue with the negotiations. Chances are that if they really want the home, then a few thousand dollars won’t deter them from coming up to your asking price.

There’s a lot more to the negotiation process than just agreeing on the sales price. Items like repairs, personal property, financing, inspection periods, and the closing date are all things that can either make a deal go through or kill it. Usually, if it’s something minor, a small concession is all that’s needed to make everybody happy.

If you have any questions or comments about this article submit them below or if you need immediate assistance visit https://orlandorealtyconsultants.com/

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Before Buying A Home In Orlando

Posted on by Jenny Zamora

Things To Do Before You Buy A Home In Orlando

Do your homework before you buy a home. Buying a home will be one of the most important decisions that you will make in your lifetime. Most home buyers get a bit overwhelmed when they realize that they are about to be on the hook for an enormous debt for the next several decades.

In order to avoid these feelings of doubt and anxiety is to make sure that you’re buying a home that you can really afford. Here are some tips you can use that will help you to make good choices when it comes to buying a home.

 Figure out how much you can afford.

As a rule of thumb, you can generally afford a home between 2 to 3 times your annual gross income. It’s important to consider all costs involved with owning a home like property taxes, homeowners insurance, HOA fees if applicable, maintenance, utilities, etc.

In addition to costs associated with the home, you must also include your own personal expenses like food, health insurance, daycare, car insurance, etc. Make sure to include everything no matter how small the expense.

 What type of home suits your needs?

Wanting something and needing something are two very different things so be realistic when you’re making your home wish list.  Make a list of certain things that the home must have in order to meet your family’s needs then make another list of things would like but don’t really need. This will help you to focus on the things that are truly important when shopping for a home.

If you really want granite countertops and high-end appliances and it fits your budget, then go for it. Just make sure that you’re being realistic with yourself.

 Figure out where you want to live

 Then decide what your second and third choice would be for the neighborhood you choose to live in. Ask your Realtor for recommendations about neighborhoods based on your priorities. Don’t settle for a neighborhood that you really don’t want to live in. You will surely regret it.

 Save for the down payment 

Remember when your mom and dad told you to save for a rainy day? Well look up and you’ll see the clouds starting to form. Generally, to get the best terms on a loan, you should plan on coming to the table with at least 20% of the purchase price. If you go lower than 20% then your lender will require you to get PMI [private mortgage insurance] which will add between $200 to $300 to your monthly mortgage payment.

Also, keep in mind that the less you put down, the higher your loan amount will be and the higher your payment will be. If you’re a first-time homebuyer, It’s also a good idea to see if you qualify for any state or federal programs that help with down payment assistance.

 Be clear on the closing costs

Consult with your real estate agent about all the additional costs involved with a real estate transaction, especially the ones that you’ll be responsible for. Items like transfer fees, home inspections, attorney fees, etc. can add up to a substantial amount.

Consult with your realtor about negotiating the closing costs with the seller before committing to anything. Like my teacher said on the first day of real estate school…Everything in real estate is negotiable. Sometimes it comes down to the realtors involved in the transaction. If the listing agent is more experienced and a better negotiator, then chances are the buyer will get the short end of the stick.

Get pre-qualified for a loan

There’s a ton of paperwork involved with getting a loan, so be prepared. Lenders require proof of income, bank statements, w-2’s, etc. The smart move is to get pre-approved before you even start looking at homes. That way you know exactly how much you can afford to pay for a house and you’ll be ready to submit an offer right away. There’s nothing worse than finding your dream home only to find out that it’s out of your budget.

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Orlando Realty Consultants Social Media Sites

Posted on by Jenny Zamora

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Orlando Realtor- Seller Series part 4

Posted on by Jenny Zamora

 

In this week’s edition of the 6-part “Orlando Realtor Seller Series” we over some tips for staging a home properly for maximum profit in the least amount of time without breaking the bank.

 

By properly staging a home before a showing, it can increase your net profit at the closing table. There are some rooms that are more important than others in the home staging process. It’s also important to spend whatever budget you have for staging on items that will give you the highest “return on investment” or [ROI].

 

Homeowners wanting to sell, shouldn’t start spending money on staging a home without first consulting with an Orlando Listing Specialist.

 

Following are some simple tips that you can implement right now.

 

The first thing you should do is clean and de-clutter the home. Move any furniture or personal items that can make the home look smaller into the garage or storage facility. Just this step alone can make a huge difference in the overall appearance of the home and doesn’t cost much to get done.

 

To enhance the curb appeal of a home, the best thing to do is start with touching up the exterior paint if needed. Your paint color can be matched at any paint store so you shouldn’t need to buy much if you’re only touching up. The landscaping is also important for curb appeal. I’m not saying to spend thousands on new landscaping, usually, all it takes is keeping the lawn mowed and then trimming the trees and bushes. You never get a 2nd chance to make a first impression so make it a good one!

landscape

 

Touching up the interior paint where needed is also a good idea before showing the property. In some rooms, you may even want to consider painting the entire room, especially if the paint looks worn or makes the room look dark and depressing. If the home is in need of an overall paint job, you may want to consider hiring a professional painter. New paint on a home always yields one of the highest returns on your investment when it comes to home improvement.

 

Adding some color with fresh flowers on showing days or a new welcome mat can also make the home look more appealing. These tips on enhancing a home’s appearance are low cost and easy to do.

 
By properly staging a home before showing it, not only will you increase your chances of selling it faster, but you’ll probably get more money at the closing table.

 

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