My Blog

I get this question often, and I thought it might be useful to you.

"What is the difference between an open house and a showing?"

An open house is when a homeowner and agent set aside a window of time where anyone can come and check out the property. Open houses tend to happen on weekends, but they can happen at any time, and they usually run for a couple of hours. This helps sometimes with marketing as we can mail postcards/flyers out. Sometimes they can bring a buyer but not as much as you may think. This also depends on the agent holding the open house and how much is it promoted. Are they promoting it out to the MLS,Zillow, other agents and social media. All this should be done as much as possible. 

A showing is a private tour of the property. It's more intimate, and it allows a closer look, especially for buyers interested in making an offer. These can be scheduled by the agent who has a possible buyer that is interested. These can also be automatically set up via the showing scheduler depending on how you want your home to be shown. Meaning is the home vacant or will it just be shown during certain times etc. Always keep in mind that everyone has different schedules so you should be, as flexible as, possible not to limit showings due to time constraints. 

You should always factor in the price point of the property also. Certain properties may not require an open house or they may need to be market differently. The high price point homes should be a Broker Open house to bring all the brokers that may have potential buyers. The low price point property may need to be an Investors open house, as it all depends on your market and these are all things to consider.
Have this conversation with your Broker/Agent and discuss your options and keep these things in mind when discussing.  Your Broker/Agent should be aware of these but it is helpful for the client to know as well. If your Agent is not aware or is not willing to discuss it, you may want to look elsewhere lol.

I'm always open to questions and comments on the subject. 

Deciding whether or not to rent your home or part of it isn't necessarily an easy choice to make. At first glance, renting seems like a great source of income. And though that can be true, there are things to consider:

Wear and tear

Your home can expect to see more wear and tear with tenants inside. The truth is, no matter how good a tenant is, s/he can't be expected to give a place the same TLC that you do as the owner. Keep in mind that I tend to always lean on renting and holding Real Estate as long as possible until it makes sense to sell. There will always be where and tear on a property. Tip: If you do plan on renting it make sure your tenants have renters insurance for obvious reasons but it can protect you the owner as well. 

Finding tenants can be time-consuming

Finding good, qualified tenants, even in really great popular neighborhoods, is time-consuming. Make sure you're ready to interview many different people, as well as complete the necessary checks with all possible tenants. I recommend using a 3 party software of some sort. There are plenty out there. You should spend the little money to cost to screen your tenants rather than it costing you on the back in. Some that I recommend are Turbotenant, renredi.com and my smart move to name a few. 

Vacancy

The average rental property is vacant for two months a year, so be prepared for this before you take on any extra expenses or make assumptions about being a landlord. Most investors factor in at least %5 for vacancy as it will happen, no rental is rented %100 of the time.

Unexpected repairs & Property Management

As the owner, you'll have to take care of any unexpected (and expected) repairs as they arise. Keep this mind -- you can't 'set it and forget it' when it comes to a rental property.

If managed correctly (and with great tenants), renting can be very lucrative for property owners. Property managers can make or break you also in this business also. If done right they can also be a life saver. 
Please interview them and monitor them also as I always recommend managing your 1st rental yourself. That way you know what to look for when it is time to make sure that your property manager is doing the job correctly. 
There is so much that I can sit here and type or discuss about investing. The truth of the matter is there are many nuances that come with real estate investing. There is always something to be learned! From investing myself and from helping many investors I learn new things often as you can never stop learning. 

If you have any questions, or need help renting your place, don't hesitate to reach out.

Thanks in advance,

I wanted to take a moment to remind you about a few options you have when it comes to your mortgage. I always lead toward keeping and renting the home out for passive income if you can. However there are many ways to not let your mortgage be your biggest debt! I am always striving for ways that I can help. So if sharing information like this will help someone then read on!

Some options you have include refinancing, making extra payments, renting out a portion of your home and more. Here's a solid list of ways to reduce mortgage payments if you want to learn more about the subject: Lower Monthly Mortgage Payments.

Just remember that you have options, and if you ever have questions, I'm always here to help.

Best,

Investing in real estate for the first time can be a daunting proposition. Even if you've been through the home buying process before, you may be unsure of where to begin. To make matters worse, you may be in competition with sophisticated real estate investors. Trust me even after helping investors rehab properties and property manage them. It's a different ball game when it's you that is doing it, when it's your money on the line and things of that nature. I was still a little hesitant at first with my first rental property even after everything that I know about investing. "Analysis Paralysis" is so real so don't let it get you. Like Steve Harvey said we have to just "jump" and once you do that it will be the best decision you ever made!Having a real estate professional on your side can help. An expert can get you started and guide you throughout the process. It's always a plus when your Broker is an investor themselves! I can provide you with information and advice on topics such as:

• - Tips for starting out
• - Investing in Wholesale Deals
• - Fixer-Uppers
• - Condos as Investments
• - Vacation Homes

Investing in real estate is potentially lucrative and frequently complicated. Don't take that first step alone. If you'd like to talk about ways that I can be of assistance to you, please call. I'd love to hear from you.