Category: Florida

Using Property Investment as an Additional Income Stream

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Ready to purchase an investment property in Florida? Trust Eileen Kedersha for the highest level of real estate service and expertise. Call 954-462-3600!

Article Written by: Brittany Fisher

Using Property Investment as an Additional Income Stream

The rental market has been on the rise for some time now and will only keep growing in the future. The current supply of houses isn’t enough to keep up with the increased demand of people who are looking to buy homes. This imbalance has caused a rise in home prices, which has made it difficult for people to purchase a home. This has led many homeowners to decide on renting out their homes instead of selling them.

If you’re not ready to sell your house, renting it out is a great way of making some extra cash. Besides the steady income stream, there are tax benefits for owners who lease out their properties.

Purchasing Rental Property

Or, if you’re looking to purchase a rental property, this is an excellent time for that, too, since increases in property values and rental prices will easily keep you with a nice steady income for as long as you own the property.

The following are a few things you should consider when looking to buy rental property:

  1. Location: The location of the property will significantly impact your rental income.
  2. Price: You should be aware that the higher the price, the more you can charge in rent.
  3. Rental rates: It is important to know what people in your area are paying for rent so that you can charge a competitive rate. Be aware of the effect specific neighborhoods and suburbs have on rental rates, too, so that you charge a competitive price.
  4. Occupancy rates: Zeevou explains that the occupancy rate will determine how much money you can make from your properties.
  5. Investment terms: You should know how long your investment will take to pay off and what percentage return on investment you are looking for.

Getting the Property Ready

It is probably not necessary to spend a lot of money on renovating your own home to prepare it for renters since you’ve likely been maintaining it all along, but there are some things you can do to make it more appealing for potential tenants.

  • Clean the carpets and flooring.
  • Polish all hard surfaces, including kitchen and bathroom countertops.
  • Repair any broken windows or doors.
  • Paint the walls and trim if necessary, using muted neutral shades.
  • Make sure the landscaping is as low maintenance as possible.
  • Curb appeal is important, so make yours stand out with some new light fixtures and flowers.

If you’ve purchased a home to use as a rental property, you’ll have to make sure everything is in proper working order, like structure, appliances, HVAC, wiring, and the roof are all in good order. Hiring a property inspector before you purchase is the best way to ensure you’re not going to be underwater making costly repairs.

If you don’t plan on living near your rental property or don’t have the time necessary for all the work involved, Rentec Direct points out that you will want to hire a property manager. They can help you maximize your profit by screening tenants, handling maintenance issues, and collecting rent payments on time. They can also help you find qualified renters by advertising your properties to the right people and negotiating leases with them on your behalf.

Tech Tools Make Marketing Easy

Marketing your property can be done easily using social media. Millions of people turn to marketplace sites like Facebook when searching for property. Posting your property on Instagram can boost awareness and showcase your rental.

You can share videos of your property to post on social media or on your website to give potential tenants an inside look at the property. Also, an infographic offers valuable information that quickly catches the eye of potential tenants and then expands on it in a fraction of the time it would take if the same message was written out instead. Building your own infographic to share on social media is easy when you modify ready-made templates by adding your own fonts, icons, and images.

Get Started Today

Property is always a great investment though it does require some work, so make sure you’re prepared before making the leap. But, as millions of other property investors will tell you, it can be one of the best financial decisions you’ll make.

If you are interested in an investment property in Florida, feel free to contact Eileen Kedersha, a Broker Associate with ONE Sotheby’s International Realty, 954-462-3600 | https://www.sfloridaluxuryhomes.com/ | EKedersha@OneSothebysRealty.com or her Husband, William Kedersha who specializes in investment properties throughout Florida, 954-817-2900 Wkedersha@onesothebysrealty.com.

 

 

 

 

A Tough Choice: Renting or Selling Your Newly Remodeled House

Guest Author

Renting or Selling, Which is Better

  • A Tough Choice

    The decision to sell or rent your newly remodeled Fort Lauderdale fixer-upper is a tough choice indeed, but you can make the right one by carefully considering all your options. If you decide to list the house, connect with Eileen to get started.

A Tough Choice: Renting or Selling Your Newly Remodeled House 

Photos via Pixels; Article by Ed Carter: ed.carter@ablefutures.org

You’ve just spent hours, days, weeks, and maybe even months remodeling a fixer-upper in Fort Lauderdale, FL, and you’re pleased with the results. But now you face a tough choice: Should you sell this house or should you rent it out? Here, there are several factors to consider.

Continue reading “A Tough Choice: Renting or Selling Your Newly Remodeled House”

A Resource Guide to Renting Out Property in Fort Lauderdale

Brittany Fisher

A Resource Guide to Renting Out Property in Fort Lauderdale  Photo via Pixabay

Article Written by Brittany Fisher http://financiallywell.info/

If you own property in Fort Lauderdale that isn’t being used or if you’ve always dreamed of renting out a vacation home in order to earn money throughout the year, there’s no time like the present! Many Americans are ready to invest in their futures, and a great way to do that is to turn a house into a moneymaker. After you’ve found your perfect Fort Lauderdale property with the help of Eileen Kedersha with Sotheby’s International Realty, there are a few things you’ll need to get started, such as resources for finding renters or for getting the property into shape. This guide will allow you to do the job right the first time.

 

Resources to get started

Prep an existing house for renters

Top 16 Internet Providers in Fort Lauderdale

Continue reading “A Resource Guide to Renting Out Property in Fort Lauderdale”

When is it Time to Sell Your Home and Move to Assisted Living?

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Photo Credit: Pexels Article written by Brittany Fisher: Financiallywell.info

When is it Time to Sell Your Home and Move to Assisted Living?

No caregiver wants to admit they’re in over their head. However, for many of us there comes a time when we can no longer give our loved ones the care they need. Whether they’ve been living on their own and it’s becoming dangerous, or they’ve been living with you and their needs are too much, assisted living can be a loving solution. This is a big and often difficult choice. Here are a few solid signs that your loved one needs the kind of full-time, professional care they’ll get in an assisted living facility:

Forgetting Medication

 If your loved one needs daily medications, it’s important that they take their prescribed dose at the right time every day. However, memory problems can lead to missed doses, or even accidentally taking meds twice, which can quickly become very dangerous and even lead to hospitalization. In assisted living, the medical staff manage medications for the seniors they serve, eliminating the risk of missing vital doses or accidentally taking too much.
Becoming Accident-Prone Continue reading “When is it Time to Sell Your Home and Move to Assisted Living?”

The Ins and Outs of Investing in a Vacation Rental

Guest Author

The Ins and Outs of Investing in a Vacation Rental

Investing in a vacation rental home has gained a lot of popularity over the last few years. Vacation rentals are an alternative to hotels that are generally rented out between a couple of days to a month. Due to increased activity of using the internet and social media to find vacation lodging, opportunities have opened for real estate investors. If you are interested in investing in a vacation property, get in touch with broker associate Eileen Kedersha of ONE Sotheby’s International Realty, and look to the below information to help get you started.

Getting Started

When considering where to buy a second home, you’ll want to find a place that will attract guests more than a couple of months out of the year. For instance, vacationers are drawn to Fort Lauderdale for a variety of reasons, according to Turnkey, including easy access to the beach or inland waterways. A waterfront condo or townhouse are a hot commodity and should be relatively easy to rent out.

Find a vacation rental that can start out as a dual-use property. This means a vacation rental where you can stay for a portion of the year and rent to guests for the rest. Not only will you get the tax benefits for the time you’re using it, but the house will be continuously occupied. Continue reading “The Ins and Outs of Investing in a Vacation Rental”

Home sales up in Florida, down nationwide

sFloridaLuxuryHomes.com

Cheaper home prices and lower mortgage rates are luring more Floridians back into the housing market, but the same story isn’t playing out nationally.

Florida’s existing home sales rose 24 percent last month, the fifth consecutive month to show an increase in activity, according to the Florida Association of Realtors.

Nationwide, however, sales of existing homes fell 5.3 percent in January to their lowest levels in nearly 12 years.

In Florida 8,450 existing homes sold, up 24 percent from the 6,810 homes sold in January 2008, according to FAR.

“Many people are looking at today’s market and seeing opportunities to find the home or business they’ve always wanted,” FAR President Cynthia Shelton said.

What’s good news for buyers is bad for sellers, as foreclosures continue to depress home values.

The statewide median sales price for existing homes last month was $139,500, down 33 percent from last year, when the median sales price was $206,900.

Condos also are selling, with FAR reporting a 13 percent statewide gain to 2,556 units sold, up nearly 13 percent from 2,266 sold in January 2008. The existing condo median sales price last month was $113,400, down 40 percent from last January, when it was $190,200.

Fort Lauderdale saw home sales soar 52 percent in January, to 467 from 307 a year ago. Values continue their downward spiral, with the median price at $191,000, down 39 percent from last January’s median price of $314,200.

Condo sales in Fort Lauderdale were up 29 percent, to 531 units from 411, but median prices were nearly halved to $85,000 from $153,000 a year ago.

Miami reported a 47 percent hike in the number of existing home sales, to 407 from 276. The median price, however, fell 38 percent, to $208,100 from $336,800.

Miami condo sales were up 27 percent, to 379 units from 298. The median price fell 48 percent, to $149,100 from $284,000.

Activity wasn’t as upbeat in West Palm Beach, where January sales were up just 11 percent to 408 homes sold from 369 a year ago. Median prices were down 32 percent, to $232,100 from $343,200.

Condo sales were up 24 percent, to 375 units from 303. The median sales price was down 31 percent, to $108,900 from $157,700.

The national median sales price for existing single-family homes in December 2008 was $174,700, down 14.8 percent from a year earlier, according to National Association of Realtors.

“It appears some buyers are taking advantage of much lower home prices,” NAR Chief Economist Lawrence Yun said. “The higher monthly sales gain and falling inventory are steps in the right direction, but buyers will continue to have an edge over sellers for the foreseeable future.”