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Real Estate Blog

 Real Estate Blog 
Monday, November 26 2012
In our previous article we discussed the different types of rental property you may consider purchasing, and the first important steps in the process.  
So now that you have identified a property, you will want to have it inspected by a professional. You will want to know the condition of the roof, the foundation and all of the mechanicals of the property. This inspection will also help you know what kind of future expenses you may incur. Will you need to upgrade items for the benefit of your tenants and to make the property more desirable? Will those items need to be done immediately or at some time in the future?   You will not be in the property day to day to take note of any issues as they arise, and yet you are the owner and will have a vested interest in the upkeep of the property. You should have a budget for repairs and maintenance, and you will want to insure that your purchase price enables you make any necessary upgrades prior to renting the property. 
You will also want to be aware of the locale of the property, including parking and security issues. Be sure you are aware of zoning regulations and Homeowners Association rules about rental properties, multiple occupancy limitations and any restrictions on specific business activities. Understanding all of the governing regulations will make you a better landlord and investor. 
Remember You’re In Business
Legal documents, including your rental agreement between you and the renters, and service agreements between you and concerned parties are essential. You will also want to be aware of the additional – water, sewer, trash, utilities, homeowner association fees – who is responsible for those? You or the renter? Insurance is another important factor to consider, first off will be insurance for the structure itself but also consider liability insurance in case someone is hurt while on the premises. Do you need earthquake or flood insurance? Since you are responsible for the mortgage you will want to be sure you have all the right kind of coverage.   And will you require that your renter has renter’s insurance? Be sure you are clear about these fees up front, it will save headaches later. A real estate lawyer will be an invaluable asset to you! 
Buying a rental property is much like running a business; you will be collecting rents and incurring expenses for repairs and services. When profits are being realized and money is changing hands you may also want to have an accountant, one who is versed in real estate investments and the tax implications. Tax issues become more complex and a professional will aid you in maximizing your return on your purchase. 
Success in business is not accomplished alone, and investing in real estate property is no different. Developing a team of professionals will make your experience smoother.   We, as your real estate agents, will be there to help you with each step for a successful investment purchase – and when the time is right to sell, we will still be there for you!  
Helping you with all of your real estate needs is our goal,
Getting you through the process is our expertise.
Reechia & Keith Powell
Posted by: AT 09:46 am   |  Permalink   |  Email
Monday, November 19 2012
Many people have considered purchasing investment property, property that you then rent out to others is the most common type of investment property. While purchasing real estate is similar if it is a home you are going to live in or one you will rent out, there are also many differences.  
Purchasing rental property can be a great investment if it is done right. In addition to realizing gains from property value appreciation, the rental income can provide a monthly cash flow. Once the mortgage is paid off, much of your rental income will be profit. Since this is not a home you will be living in day-to-day the benefits of ownership differ. Rental property is a tangible asset that will directly impact your investment portfolio. 
Using sound judgment and following basic steps your rental property can realize gains, both short and long term. 
Purchase with a Plan
Investing in real estate differs depending on the type and location of the property you are buying. Will you want to use the property part of the year or on occasion? Vacation rentals are enticing on many levels, but you will want to consider how you will use them during “off season” rental times, this will affect your potential rental income. Will you purchase a commercial property that will be used for other businesses? Some investors purchase a multi-unit property where they can live in one unit and rent others or fix up some units while others are providing income. 
The first step is deciding what kind of landlord you want to be. This will help you narrow your search for the type of property that fits your style. Then you and your realtor can begin the search.  
As with any real estate purchase you will want to be pre-approved by a lender before beginning your search. The pre-approval process is slightly different when obtaining a loan for an investment property. You will want to be sure to have a healthy reserve fund in the event that your property does not rent quickly or does not produce the income you expected. Additionally you and your agent will want to research the rental market in the area you are considering so you will have a better understanding of the cash-flow potential. 
Continue to Evaluate Your Options 
As you look at more properties consider your options – you will have many. From location and style of building to the type of rental and the number of units. Each property will lead you to a decision about the long or short term investment options. Will you hold onto this property for a while, will the neighborhood changes affect your value? Is the neighborhood on the cusp of a change that will make it a better long term investment? Buying a property in a good location is one of the best ways to ensure a steady flow of rental income. 
And just as neighborhoods can change so can you change the property. Could you add onto the property easily? Could you build a garage or change the parking options? Is it possible to convert the existing garage to an extra room, or could you finish the basement for more living space or an additional unit?  If it is a commercial building can you add more “store fronts” or office space? Can you combine offices to make a bigger unit?    Even if you are not sure you want to do these changes knowing that you have that option – or don’t have those options – is important when considering your investment purchase. 
In the next couple of articles we will further explore the important steps for a successful investment property purchase.  
Helping you with all of your real estate needs is our goal,
Getting you through the process is our expertise.
Reechia & Keith Powell
Posted by: AT 08:07 am   |  Permalink   |  Email
Friday, November 16 2012
Did you know that the Plano Animal Shelter is one of the busiest shelters in all of Texas? Yes it is true, with more than 43,000 visitors (the human type) stopping in during the past year our shelter is busier than Dallas and Fort Worth’s shelters – combined!  
The shelter, located at Plano Parkway between Coit Road and Commerce Street has cared for more than 7,000 animals over the past year. The volunteer base of 125 animal lovers provided nearly 10,000 volunteers hours last year – comforting, playing and giving the pets human contact and companionship while they await their forever homes.   Last year nearly 2,800 forever homes were found for shelter pets.  
What kind of pets arrive at the shelter? Well the vast majority are dogs (3,652) and cats (1,638) but the shelter seems just about any kind of pet a person could imagine – of course there are always a few unexpected ones – just as an alligator, a monkey and some bobcats.  
If you are considering adopting a pet you can look here to see what is available. There are some great resources of information about the process and things to think about before adopting a pet.  
Reechia & Keith Powell
Proud Pet Owners & Long Time Residents of Plano
Looking for a new home for yourself?  Check out the available homes here. 
Posted by: AT 11:29 am   |  Permalink   |  Email
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Allen, TX 75013
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