Tag: realtors in Orlando

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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How To Interview A Realtor – Video

Posted on by Jenny Zamora

Hiring the right realtor is crucial when listing your house for sale and it could save you a ton of headaches as well as thousands of dollars, so you don’t just want to hire the first agent that comes along. There are currently over 8,000 active real estate agents in Orlando and choosing the right one can get a bit confusing.

When interviewing an agent, you have to ask the right questions. The first question I would ask is, Do you work as a realtor full-time, or do you also have another job?

This is an easy one. If the agent tells you that they only work in real estate part-time, then you say “have a nice day…and move on to the next candidate. If they only work as a realtor part-time it means that selling your house won’t be a top priority for them.

The next question is actually a 3 part question
1- How many listings do you currently have?
2- How many of those listings are under contract?
3- How many houses have you sold in the past 6 months?

The answers to these questions will tell you how hard of a worker the agent is and what their average turnaround time is to sell a house.

If the agent only has a few listings or if they have listings that are several months old with no contract, then this is a sign of a lazy agent.

You want an agent that is a go-getter and someone who is determined to get the job done ASAP, NO MATTER WHAT.

Getting a clear picture of the realtor’s recent track record will give you a very good indication of what you can expect if they list your house.

Next question,…Do you have some references from past clients that I can call to ask about you?

This is absolutely one of the best ways to find out how you’ll be treated if you decide to list your house with them. A good agent will be happy to provide you with a list of past clients along with their contact info. If they have no references to present to you then something’s wrong.

In my 10 years in the Orlando Real estate business, I’ve never had a client who has told me not to use them as a reference. It’s simple, if you do a good job for someone, they’re always going to be happy to recommend you.

Next question,… Do you have a team or an assistant, or are you a one-person show?

A Top Orlando Realtor will always have a team or an assistant at the very least. There are a million details that a successful realtor has to deal with on a day-to-day basis and if they have to handle every tedious detail on their own, then they aren’t good at managing their time. Or they have too much time on their hands. Neither of these scenarios is a good one.

Next question,… How will you market my house other than putting it o the MLS?

The majority of Orlando real estate agents will list the house on the MLS and…that’s about it. They’re done! They wait for someone to submit a contract and if no one submits a contract then they just keep waiting until someone does.

There are soo many effective ways to market a house in addition to putting it on the MLS. Here are some examples of some of the things we do.

Video marketing [that’s where we create a professional video of the home], social media marketing, We blog about it, target marketing with postcards, email campaigns, press releases, Open houses… it goes on and on.

It’s important that a realtor use every single tool in their toolbox to get that house sold for top dollar in the least amount of time.

If you ask these questions when interviewing a realtor, then you will know exactly what they’re about by the answers that they give you. Also, don’t interview just one or two agents, I recommend that you interview at least 3 agents and pick the one that you feel the most comfortable with.

If you still have any questions or concerns about how to hire a top Orlando realtor or if you are just curious about how much your home will sell for, then… feel free to contact us at 407902-7750 or visit us on the web at https://orlandorealtyconsultants.com/

How To Interview A Realtor 407-902-7750 Video

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Protect Your New Orlando Home With A Home Warranty

Posted on by Jenny Zamora

Protect Your New Orlando Home

So you’ve purchased your first Orlando home, it’s wise to consider a home warranty and how they will give you piece of mind. No one expects for things to go wrong as soon as they move in to their new home, unfortunately many times that’s exactly what happens. As an Orlando real estate agent I always inform my clients about the benefits of a home warranty. Sometimes homes sit vacant for extended periods of time and like with everything else that doesn’t get used for a while, different components of a home such as AC unit, water heater, etc. can start to give you problems after not being used for a while.

Home Warranties Are Sometimes Included In The Sales Price

By investing in a home warranty, you can feel better about encountering unexpected problems with your new home. Many times the Orlando listing agent or seller will include a home warranty as part of the purchase price as an incentive. 

Something like an AC unit can set you back several thousand dollars right out of the gate. However, with a quality home warranty you have the piece of mind that all you will be paying is he deductible which is usually in the range of $60 or so. This to me is a no-brainer, your home warranty just paid for itself 20  times over with just one use!

In general a home warranty will cover your appliances, Central AC, plumbing, electrical, the roof as well as several other items. The warranty company will send out an inspector to ensure that all of these items are in good working condition prior issuing your home warranty.

It’s important to note that home warranties are very different than home insurance and cover different things. The best thing to do in order to make sure that you’re buying your warranty from a reputable company is to research them online and read the reviews that were written about each company. Once you’ve researched a hand full of them, you’ll be ready to make an educated decision.

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Ravaudage Residential Project Stops

Posted on by Jenny Zamora

The construction of the mixed-use Ravaudage project at US Highway 17-92 and Lee Road in Winter Park has stopped. It is being said that the 73-acre development was halted partly, as its property-tax agreement was not accepted by the city. The agreement, as the Orlando real estate developer Dan Bellows says, would finance the public road and utility improvements.

Requests denied

Bellows had publicly said that the project will, in all probability, not be completed without the approvals. Orlando city has consented to the request made by Bellows where he had asked for a distinct district of property tax that will be separate from the tax agreement he was not granted. According to Jeff Briggs, the Planning Manager of Winter Park, the city has given the proposal for reimbursing Bellows a $6 million amount as development fees concerned with the project.

In the meantime, Bellows said that he is considering choices to de-annex the Ravaudage. If this is done, approvals for the project would have to be given by Orange County and not Winter Park. The latter annexed the area in 2012.

Uncertainty over project

According to Bellows, he requires the government to support the project as a partner. Bellows is an old hand in such unique projects. He has redeveloped a number of properties at Hannibal Square located to the west of Winter Park. The city subsequently upgraded the area’s sewer service and roads in the area. Bellows is an Orlando real estate veteran and has decades of experience under his belt.

Ravaudage has slipped in taking advantage of getting a stadium for the baseball team of Rollins College. A Whole Foods Market has also bypassed the project. Both the projects are situated in other parts of Winter Park. Unicorp National Developments Inc. and David Weekly Homes have landed contracts to construct at Ravaudage, but in the opinion of Bellows, both contracts are most likely to expire.

In construction news, Terry’s Electric Inc is managing about $10 million value of work in Publix distribution in Orlando. The company has landed a contract with the Whiting-Turner Contracting Co. The project covers about one million square feet of area. It is scheduled to be completed this autumn. Terry’s has also finished approximately $15 million value of work at the Universal Orlando Resort under contract with the Balfour Beatty Construction.

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Value of Lake Properties Driven by Residential Construction

Posted on by Jenny Zamora

A substantial increase in residential and business construction rolled in 3.5 percent more to Lake County’s tax map. This is the second consecutive year of rising in values after a number of years when the economy was in depression.

Higher tax collections

According to Carey Baker, a property appraiser, this is the first instance when the values of single-family residential homes in Lake cities increased. Orlando realtors have calculated that new residential, as well as business construction, added an excess of $295 million when it comes to taxable values. This equals a variation of 89 percent compared to 2013. In 2014, the county witnessed a rise of 1,500 new properties earmarked for residential use.

The biggest single construction in the new category was the Chet Lemon commissioned by The Big House. The 162,000 square foot built-up area in Tavares was funded by the former baseball player and contributed a massive $7.6 million in taxes.

Gigi Lemon, the wife of Chet Lemon, said that the Lane Park Cutoff facility attracts a substantial number of visitors with tournaments and youth events. The Big House opened its gates in February 2013. Lemon is surprised by the response. She believes that people are impressed by the facility.

Near all-around growth

All the Lake cities with the exception of Leesburg saw a rise in their taxable values. Maximum growth was seen in the south Lake region. The group was led by Groveland, with a 14 percent rise, trailed by Minneola which rose 9 percent. Clermont followed third with 7 percent.

According to Orlando real estate agents, it is clear that, as was in the past, the south Lake leads the county when it comes to growth. The drivers of this growth are the people who are employed in Osceola and Polk. They are relocating to South Lake due to a number of attractive factors like a nice community and affordable housing. The icing on the cake is the quick accessibility to jobs in cities.

According to Orlando realtors, Leesburg suffered a slight drop in values-about 0.19 percent due to the relatively slower construction growth and weak values when it came to single-family homes.

There is, however, a glaring problem. Baker pointed to the $91.5 million reductions in taxable value of the tangible property which businesses pay related to equipment including machinery and computers. The county saw a tax reduction of $77.1 million due to such taxes.

 

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