Real Estate 101 - RealtyHive Blog

The Battle of Toledo: How a Real Estate Deal Prevented a War

May 3, 2018/0 Comments/in Around the World, Just for Fun, Real Estate 101 /by Tristin Zeman

If you take a look at a map of the Midwest United States, you may notice something strange with Michigan. More specifically, you may notice that Michigan is effectively two land masses that aren’t connected (save for the Mackinac Bridge) and that the northern part, known as Upper Michigan, is actually completely attached to Wisconsin except where divided by the Montreal River. This connection isn’t a thin strip of land; the two states share a straight-line border that’s approximately 100 miles long. So how did Michigan come to lay claim to this area that makes up nearly 30% of the state’s landmass? The answer lies in the real estate deal that prevented a war.

Let’s take it back to 1784. It’s 8 years after the signing of the Declaration of Independence, and just one year after the end of the Revolutionary War. The 13 colonies are well defined, but there’s a lot more land to the west that had been included in the Treaty of 1783 that is yet to be explored. The founding fathers saw the need to create a system for expanding into the territory (and raise some money since direct taxation wasn’t allowed yet), so selling it to adventuresome pioneers seemed like the best idea. This idea was put in motion by The Land Ordinance of 1785. Among other things, this ordinance called for a survey to be done of the land to divide it up for sale. In 1786, Thomas Hutchins set off from a stake placed by a Pennsylvania/Virginia survey team in 1785 on the north bank of the Ohio River. Still, this survey was done to help sell off plots of land to settlers, not create new states.

At the Second Continental Congress, which happened the following year in July 1787, the United States adopted The Northwest Ordinance which chartered a government for this territory and provided a path for admitting new states to the Union. There were three main parts of this ordinance, with the first one being: The Northwest Territory needed to be divided into “not less than three nor more than five States”. The first order of business was to use the survey maps to divide the whole of the Northwest Territory into smaller territories that could then apply for statehood as their populations reached sufficient numbers.

Fast forward a couple decades and we’re now at 1805. Ohio has been an official state for two years and Michigan is looking to get official “territory” status. When Congress drew the border for this Michigan territory, the southern portion overlapped into the northern border of Ohio, creating a point of ambiguity. This strip which measured only eight miles wide at the east end and five miles wide at the west end covered an area of approximately 468- square miles and was called the Toledo Strip.

Here’s where things get tricky. Ohio believed it was theirs. Michigan believed the same. And neither one was ready to budge. As it turned out, the survey done in 1786 didn’t accurately place the line, leading to this tension. For the most part, the two areas just agreed to disagree and didn’t pursue the issue until Michigan officially applied to join the Union as a state in 1833.

Ohio, who remembered the Toledo Strip and was not about to give up that precious chunk of real estate, blocked Michigan’s application when Michigan refused to relinquish control of the area. It was after this that armed men from Michigan and Ohio took to the field in what became known as The Toledo War. Despite a series of border skirmishes, the only reported casualty in The Toledo War (as recorded by the Michigan Department of Military and Veterans Affairs) was a Michigan sheriff who was stabbed by an Ohioan during a tavern fight.

A compromise was drafted in 1836. Ohio would get the Toledo Strip and Michigan’s territory was expanded by more than 16,000 square miles of land to include all the Upper Penninsula. This was not immediately agreed upon by Michigan, as it was widely assumed that the land in the U.P. was useless, but the state did concede and officially joined the Union in January 1837. It was Michigan who had the last laugh over this battle when vast resources of iron ore were found in the U.P. in 1844.

http://host.madison.com/wsj/news/local/ask/just-ask-us/just-ask-us-why-is-michigan-s-upper-peninsula-not/article_1d4c485c-00bd-5a67-a890-416a1a8092ec.html
https://en.wikipedia.org/wiki/Beginning_Point_of_the_U.S._Public_Land_Survey
http://www.mlive.com/living/jackson/index.ssf/2010/09/tri-border_where_indiana_michi.html
https://en.wikipedia.org/wiki/Land_Ordinance_of_1785
https://en.wikipedia.org/wiki/Surveyor_General_of_the_Northwest_Territory

New Hope for Home Ownership Through Land Contracts

May 2, 2018/0 Comments/in Ideas & Advice, Real Estate 101 /by Tristin Zeman

In some places in the U.S., land contracts are common. Land contracts, a form of seller financing, are written legal agreements used to purchase real estate. These agreements work similar to a standard mortgage, but rather than borrowing money from a bank or lender to buy the property, the buyer makes payments to the current owner (seller) until the full purchase price is paid.

With a land contract, both the buyer and seller sign the agreement which covers the terms and conditions of the sale. Upon the satisfaction of all contractual terms, the legal title of the property transfers from seller buyer. This arrangement also protect both the buyer and seller during the process by creating what is know as an “equitable title” meaning that the seller can’t sell the property to someone else or have any liens placed on the property, but the buyer will not have the full “legal title” until all contractual obligations are met. These agreements can be advantageous for both the buyer and the seller in ways that traditional financing is not.

One of the biggest advantages of using a land contract is that it allows the eventual purchase for buyers who may not be able to obtain standard financing due to credit history or other reasons. Instead of paying a mortgage company each month, the buyer pays the seller directly. For sellers, this can be advantageous as they can typically raise the overall purchase price on the property due to the land contract arrangement. Also, in the event that a buyer doesn’t make payments (defaults) on the land contract, the seller is entitled to keep any payments made by the buyer, the property itself, and they’re free to sell the property to someone else. In tight real estate markets where there aren’t a lot of buyers, sellers can offer these land contract arrangements as a bargaining tool to entice more buyers to their property.

Land contract arrangements don’t come without disadvantages. Buyers can find themselves paying a higher overall purchase price than the value of the property, sometimes higher than would be with the interest from a traditional lending source, and can be left with a worthless “equitable title” in the event the seller defaults on the mortgage of the property and is foreclosed on. Sellers can be put off by these arrangements as they do not receive a lump sum payment as would happen with a cash or traditionally financed sale which can restrict their ability to re-invest the money from the property sale.

The rules and legalities involved in land contracts vary from state to state and as with most things in the real estate world, nearly everything is negotiable. These arrangements can be mutually beneficial, but it is important to have any agreements reviewed by a trusted legal professional before they are signed.

Big Changes Ahead: Why to Consider Moving before Baby

April 18, 2018/0 Comments/in Ideas & Advice, Real Estate 101 /by Tristin Zeman

When you’re living in a house without children, you take certain things for granted. No food in the fridge? Chinese takeout or pizza it is! Have a sharp corner on a table or counter? Just avoid it (or swear at yourself when you stub a toe, your choice)! When you find out you’re going to have a baby, everything changes. You have to start planning for things like nutritious meals and safety precautions. Your perspective starts changing as well. Instead of loving your downtown apartment where you could walk to all the great bars and clubs, you might be thinking that a home in the suburbs is more your style. Maybe you want a backyard for your kids to grow up in or sidewalks where they can ride their bikes.

It might seem strange, if not completely insane, to make the choice to buy a home when you have a baby on the way, but it can actually be the perfect time. While you should not buy a home before you are ready (if you’re not sure, check out this article ) if you are ready financially, pregnancy could be the perfect time to buy a house!

The Push You Need
It can be hard to find a house that is right for you. It can be very easy to decide to wait until the holidays are over, then wait until winter is over, then wait until you’re done with this-or-that, then wait until…whatever comes next. Knowing that you have big life changes (and new real estate needs!) could be exactly the push you’ve needed to spring into action.

No Use Crying Over Spilled Milk (or lost houses)
Assuming you’re looking to buy a home from someone you don’t know, you’ve got to be ready to act in this hot market. Inventory of available homes is low and homes within certain price ranges are flying off the market at incredible speeds. If you’ve got a high budget for your area, you’ll probably have a bit more time to scoop up a property you like, but if you’re in a hyper-competitive market you may need to be ready to see a property on a whim. This can be difficult to impossible when dealing with the napping, feeding, and changing schedule of a baby so being able to do this before baby comes could be your best option.

Use Nesting to Your Advantage
Imagine having to clean your home to a spotless finish, deep clean a new home to make it “yours” and decorate a room for baby. Now imagine doing this with an almost-superhuman sense of smell and attention to detail. Welcome to nesting. Nesting can show itself in a variety of forms, from decorating a nursery to cleaning the kitchen with a toothbrush, and if you choose to move during this time it can be a godsend. Where you normally wouldn’t think twice about what’s behind the oven, how much dust is on the inside of the light fixtures or if a color “soothes” you, the nesting urge will help boost your desire to clean and decorate.

[Physical and Emotional] Labor of Love
While it might seem like it makes more sense to wait until you’re physically recovered from childbirth to move so you’re able to help in ways you can’t while pregnant, that might take longer than you think. Having a baby takes a huge physical toll on a female body and a huge mental toll on both partners. It could take weeks, if not longer to heal from the physical act of giving birth and then you’ll be working with the challenges of new sleep schedules and routines as well as all the needs of a newborn. This could push back your plans even more, so it might be a good choice to home shop while it’s still just the two of you.

[Physical] Labor of Love Part 2
No one likes to move. Few people like to pay for services they can do themselves, but baby bumps and heavy lifting do not mix. If you were on the fence about calling in friends or a moving company to help, this can be your deciding factor. You’ll get to move without having to move.

Saving Your Bottomline
Depending where you live and what your financial situation looks like, you could save money by purchasing a home. While this isn’t possible for every person in every real estate market, oftentimes mortgages are comparable, if not less expensive, than paying rent. Homeownership comes with the added bonus of building equity which helps you to get more money for your house when you sell than you paid for it. Babies are expensive. Saving money by reducing your cost for housing might be exactly the right thing for you.

New Priorities = New Home
Even if you already own a home, being a parent will change your preferences, priorities, and requirements. While in your childless days you might have enjoyed living in an interesting, multi-level home with a narrow spiral staircase, as a parent that same design will make you a nervous wreck. Can you block the stairs so a newly crawling baby won’t fall? Is the master suite on the same level as the nursery or will you have to navigate the stairs (while half asleep) to comfort a crying infant? What about school district? Daycare? Your new priorities will shape your preferences on what kind of house you need and where it should be located.

Whether you’re expecting or not, you can find your next home on the RealtyHive marketplace. Find your new home by searching here

Take It or Leave It: What You Need to Know about Real Estate Fixtures

April 11, 2018/0 Comments/in Ideas & Advice, Real Estate 101 /by Tristin Zeman

Close your eyes and pretend you’ve sold your home and are getting ready to move out. Imagine your living room. You see the empty space where your couch was, the blank space where the television was mounted, and the bare windows once covered by full curtains. Wait a minute, make that a nearly blank space where the tv was and the almost bare windows because unless you included it in your selling agreement, the wall mount for your television needs to stay as do any blinds and curtain rods. You can take the curtains, though! Seem strange? Welcome to the wild world of real estate fixtures!

What is a Fixture?

When you hear the word fixture, what do you think of? Most people associate things chandeliers or track lights or plumbing fixtures like faucets, sinks, toilets, but in the real estate contract world a “fixture” is typically considered an item of property which is physically attached to or so closely associated with land or buildings so as to be treated as part of the real estate.

While this varies on a state-by-state basis, this can include, without limitation, physically attached items not easily removable without damage to the premises, items specifically adapted to the premises, and items customarily treated as fixtures. This is where working with an experienced real estate agent can be really beneficial because they can help navigate what is considered a fixture and write a contract that will allow you to keep or sell what you want.

What are some examples of Fixtures?

Fixtures can be found inside and outside your home. Outdoor fixtures include, but are not limited to:

Garden bulbs
Plants
Shrubs and Trees
In-ground sprinkler system and component parts
Fences
In-ground pet containment system (but not the collars)
Storage buildings on permanent foundations
Docks/piers on permanent foundations
Attached antennas and satellite dishes
Awnings

Indoor Fixtures can be items such as:

screen and storm doors and windows
electric lighting fixtures
window shades
curtain and traverse rods
blinds and shutters
central heating and cooling units and attached equipment
water heaters, water softeners and treatment systems
sump pumps
attached or fitted floor coverings
audio/visual wall mounting brackets (but not the audio/visual equipment)
garage door openers and remote controls
installed security systems
central vacuum systems and accessories
built-in appliances (like a dishwasher)
ceiling fans

Do I really have to leave all this behind?
The beauty of real estate transactions is that nearly everything is negotiable. If there’s something that holds special meaning for you or you want to bring into your new home (or inversely, something that you want to include in the sale or leave behind) all you need to do is write it into the contract and it’s as good as done.

What about things I rent, not own?
You MUST remember to write into the contract that you will be keeping any rented items. This might seem like a no-brainer, but it can be very easy to forget about something like an L.P. tank or water treatment system. If this is omitted from the purchase contract, you could be held liable to purchase this item from the rental company and give it to the buyer of your property since without an exception written in the contract it should be theirs. This small oversight can be one costly mistake!

One of the best ways to avoid the headaches that can come with selling a home is to enlist the help of a professional real estate agent. In addition to helping you get top dollar for the sale of your home, they can help you navigate the sometimes complex world of real estate law and make sure you’re staying on the right side of the law!

Home for sale in need of listing descriptions

How to Write Listing Descriptions That Don’t Suck

April 10, 2018/2 Comments/in Ideas & Advice, Real Estate 101 /by Tristin Zeman

While most real estate agents love working with people and looking at homes, writing listing descriptions tends to be a necessary evil of the job. Some agents can put pen to paper and make it sing, while others can barely strings together a coherent sentence. It can also depend on the home. Some homes have so many great features it’s easy to describe them, but for simple or not-so-nice homes, it can be a real challenge. Here’s how to write a winning listing description.

Make a list of the cool things about the property. What exactly this means will change as you can call out certain features that make this property stand out from others nearby. For this you don’t want to worry about characters or sell-able features this is just to get you up and running. Make sure to pay attention to features both inside and outside the house and think about utility throughout the year (ie don’t forget about a beautiful backyard just because it’s currently covered in snow!)

Exterior Features
-Association Lake (stocked with fish and good for lite recreation)
-Tiered backyard
-Private balcony from suites (2)
-Garage door leading to the backyard
-Sunroom/3 seasons leading to backyard with bar area
-Paver patio
-Right in front of beach area (shared)
-Right in front of the shared dock
-Near tennis courts
-Near firepit
-2 car attached garage

Interior Features
-Skylights
-First-floor laundry
-Tons of windows/light
-Pocket doors for privacy
-Hardwood floors
-Fireplace
-Built ins
-Kitchen with island, lots of storage and counter space
-Bricked/built-in stove area
-Breakfast nook adjacent to kitchen
-Office
-Window seats
-Crown molding
-Ceiling fans
-Some vaulted ceilings
-Closets with built-in shelving
-Finished basement
-5 bedrooms ( 2 are suites)
-5.5 bathrooms

After you’ve got your list together, go through and highlight some of the best, brightest, and most unique. This will be your starting point. To start writing, focus on the interior or exterior (whichever you have more to talk about) and work your way to the other.

This property has a lot of great features inside so we’ll start that.

The beautiful 5 bedroom, 5.5 bath home is full of light and has the perfect balance of private space and room to entertain! Enter through the double front doors and you’ll find a living room, den/office, formal dining room, kitchen with breakfast area, and a heated three seasons room overlooking the spectacular backyard. Each room has special features and upgrades from the brick fireplace in the living room to the dry bar in the three seasons room to the built-ins throughout. The chef in your life will love the kitchen with ample storage and counter space as well as the brick alcove which houses the gas stove, separate oven, and more storage.

Then move to the other areas of the home. If it’s a single story or very basic home, you may not even need this part.

Near the kitchen, you’ll find the first-floor laundry/mud room with access to backyard as well as a secondary staircase leading to the second-floor bedrooms. The second story features two suites, a Master suite and Mother-in-Law on opposite ends of the home, each with a private balcony. Master also includes a fireplace and jetted tub with separate stand-alone shower. Also located on the second floor are additional bedrooms, bathroom, and common area with skylights which overlooks the backyard.

Follow up with a little about exterior (or interior, whichever you haven’t already covered).

You’ll enjoy the paver patio with covered awning in the back of the home and convenient location just steps from the association-maintained beach, dock, fire pit with seating, and tennis courts. The two car attached garage includes an overhead door leading to the backyard–ideal for easy access!

Now drive it home with any updates or features that sell, but don’t photograph well, like a boring, but finished basement.

This home has been meticulously cared for and updated throughout the years and includes updates to the forced air, radiant heating and central air systems. Also includes hardwood floors with in-floor heat and a finished basement with daylight windows and bar/rec area with wine room.

There is no reason to finish with a “This is a must-see!” or “Won’t last long!” or any other jargon or overused call to action terms. While these used to stand out, now they just sound dated and get skipped right over.

Perfect! You now have a unique and creative listing description, but it’s a bit long. If you’re dealing with a listing site that has a character limit, you’re going to have to tighten it up. First, copy your full listing description.

The beautiful 5 bedroom, 5.5 bath home is full of light and has the perfect balance of private space and room to entertain! Enter through the double front doors and you’ll find a living room, den/office, formal dining room, kitchen with breakfast area, and a heated three seasons room overlooking the spectacular backyard. Each room has special features and upgrades from the brick fireplace in the living room to the dry bar in the three seasons room to the built-ins throughout. The chef in your life will love the kitchen with ample storage and counter space as well as the brick alcove which houses the gas stove, separate oven, and more storage.

Near the kitchen, you’ll find the first-floor laundry/mud room with access to the backyard as well as a secondary staircase leading to the second-floor bedrooms. The second story features two suites, a Master suite and Mother-in-Law on opposite ends of the home, each with a private balcony. Master also includes a fireplace and jetted tub with separate stand-alone shower. Also located on the second floor are additional bedrooms, bathroom, and common area with skylights which overlooks the backyard.

You’ll enjoy the paver patio with covered awning in the back of the home and convenient location just steps from the association-maintained beach, dock, fire pit with seating, and tennis courts. The two car attached garage includes an overhead door leading to the backyard–ideal for easy access!

This home has been meticulously cared for and updated throughout the years and includes updates to the forced air, radiant heating and central air systems. Also includes hardwood floors with in-floor heat and a finished basement with daylight windows and bar/rec area with wine room.

Then go through and highlight the items that can’t be found elsewhere. If characters are limited, there’s no reason to describe things you can obviously see in the pictures or that’s included elsewhere in the listing like the number of bedrooms or square footage. Once you have your best parts highlighted, copy them below, take out all descriptive words (great, beautiful, spacious, etc) and edit to make sense. If you’re still taking space, you can follow these tips for more ruthless editing: 1) Limit number items in a list 2) take out transition words (also, as well as, etc)

full of light and has the perfect balance of private space and room to entertain Each room has special features and upgrades from the brick fireplace in the living room to the dry bar in the three seasons room to the built-ins throughout the first floor laundry/mud room with access to backyard as well as a secondary staircase leading to the second floor bedrooms. The second story features two suites, a Master suite and Mother-in-Law suite on opposite ends of the home, each with a private balcony. Master also includes a fireplace and jetted tub with separate stand-alone shower. Also located on the second floor are additional bedrooms, bathroom, and common area with skylights which overlooks the backyard. enjoy the paver patio with covered awning in the back of the home and convenient location just steps from the association-maintained beach, dock, fire pit with seating, and tennis courts.updates to the forced air, radiant heating and central air systems. Also includes hardwood floors with in-floor heat and a finished basement with daylight windows and bar/rec area with wine room.

Now look what you’re left with and trim as needed.

Full of light with a balance of private space and room to entertain! Each room has upgrades from the dry bar in the three seasons room to the built-ins throughout. First floor laundry/mud room has access to backyard and second story features Master suite and Mother-in-Law suite on opposite ends of the home, each with a private balcony. Paver patio with covered awning in the back of the home is just steps from the association-maintained lake and tennis courts. Updates to forced air, radiant heating and central air systems and has hardwood floors with in-floor heat, finished basement and bar/rec area with wine room.

Congratulations! You have created a listing description that is sure to attract attention! Remember that many sites are keyword-optimized so using terms that people in your area will be searching as well as not abbreviating (when not needed) will be to your advantage. Pair your new and improved listing descriptions with some high-quality photos and you’re sure to see a boost in activity on your property.

5 Things to Ask About Homeowners Associations BEFORE You Buy

April 4, 2018/1 Comment/in Ideas & Advice, Real Estate 101 /by Tristin Zeman

According to the Community Associations Institute, approximately 63 million Americans are a part of a Homeowners Association (HOA), a number that is expected to rise in the coming years. While these HOAs govern nearly 25 million families, many first time homebuyers have never lived in an area controlled by the rules of a homeowners association, often called Covenants, Conditions and Restrictions (CC&Rs). While there are some things that won’t take most residents by surprise or drastically affect your daily life, like a no-glass-by-the-pool rule, there are other things that you don’t want to find out about after you’ve signed the papers for your new home, like a $500/month HOA fee. If you find out that the home you’re looking at is governed by an HOA, here are some things to dig a little deeper into.

Money Matters

Before you even began looking for homes, you probably met with a mortgage loan officer. These professionals help you figure out what you can afford based on your current income and debts and can even help you factor in what your total monthly costs will be when considering tax and insurance payments. If you live in an area where HOAs are common, they will also help you factor that into the calculations, but if these are not common in your area, they can easily be forgotten. These dues average $200-$400 per month, which can put the squeeze on your budget if not planned for. Make sure you find out right away if the home you’re looking at will have this extra expense and adjust your search accordingly.

Ask to see the financials of the HOA before deciding on a property. You should take a look at the last few years (to see what’s been done and how the fund has been managed) as well as the current and any upcoming approved budgets as well as reserves, if possible. This information is important to know because anything that the association is in charge of maintaining/repairing that isn’t in the budget, but is in noticeable disrepair, will either a) not be fixed/maintained/replaced or b) will only be fixed/maintained/replaced through a special assessment.

On this same note, ask if there have been any special assessments in the past (and what for) as well as if there are any planned for the future. A special assessment is essentially a charge for an upgrade that is split by everyone in the HOA be it a community workout facility, sidewalks, or something else. Rather than spread these payments over a period of time by working them into the HOA budget, these are lump sum payments due by every homeowner and can add thousands of dollars (unexpectedly!) to your total cost. Additionally, you’ll want to ask what the history of dues increases are and if the association is planning an increase in the foreseeable future.

You (Sometimes) Get What You Give

While the prospect of paying a fee per month on top of your house payment might sound like an awful arrangement, it can actually still be a financially beneficial situation for you. HOA dues are designed to care for amenities like sidewalks, pools, and other shared spaces, but sometimes they cover services like electricity, internet, or even certain types of insurance as well. Each HOA is different and is ruled by a different set of CC&Rs so it’s important to clearly understand what your dues will go towards and how that can shape your budget.

Know the Rules

One of the best parts of owning your home can be the freedom to decorate, renovate, and personalize as you wish, but if you’re part of an HOA, you might be giving some of that up. Many Homeowner Associations have rules dictating the physical appearance of your home from what style of windows you have to what kind of landscaping you need to where you can store your garbage bins. If you’re not willing or wanting to abide by these rules, then you are better off looking at another property. These restrictions can cover anything from the color scheme of your home to the length of your grass to whether you can keep pets, so it’s very important you know, understand, and agree with their rules.

Guess Who’s Coming to Dinner

You’ll want to also ask about the number of units/homes in your HOA that are owner-occupied, renter-occupied, and unoccupied. Unoccupied properties mean that the HOA budget will most likely underfunded and therefore planned renovations and improvements can be pushed back or will need a special assessment to be funded. Renter-occupied properties are not inherently bad, but may lack the upkeep that an owner-occupant would and some lenders may have require that fewer than 25% of units are renter-occupied. In short, if you’re going to be a part of a Homeowners Association, you should know who you’ll be living and working with.

These are just a few of the considerations when looking at a home located within HOA-governed area. Working with a real estate agent who you trust and who knows the area well will be your best way to avoid any costly and disappointing surprises.

How to Sell Your Home in a Land Far, Far Away

March 28, 2018/0 Comments/in Real Estate 101, Win With RealtyHive /by Tristin Zeman

Once upon a time in a land far, far away a lovely family owned a lovely piece of land in the lovely woods. The family built themselves a small cottage where they enjoyed spending their weekends and summers, and although there was no lake for swimming or indoor plumbing, it was their cottage and they loved it.

Over the span of years, the visits grew fewer and farther between. The cottage the family once loved and cherished for the privacy of the surrounding woods now became a hassle that they had to remember to maintain. So the family talked it over and decided the best thing to do would be to sell their beloved cottage, to pass it on to another family to love and make memories. They stuck a “For Sale” sign in the yard of their cottage and waited for a call.

And waited.

And as it turned out, the privacy and solitude that made their cottage such a wonderful place to escape to is the same thing that made it nearly impossible to sell. With so little traffic near their cottage, the home just sat and sat and sat.

If this sounds less like a fairytale and more like trying to sell your deep-in-the-sticks, backwoods property, there are a few things you should try.

One of the real estate rules of thumb is that everything will sell eventually or at a low enough price, but that’s not really an appealing thing to hear when it’s your property and your money. So how can you sell your out-of-the-way home?

Consider Using an Agent
Using a real estate agent could be your best bet for a number of reasons, especially if you don’t live nearby. Working with an agent who specializes in selling real estate in the area means that you won’t have to travel to meet with potential buyers to show them the property. It also means that you may be able to get more money for your property as agents have access to information that helps them price homes and land properly. An agent will also save you the headache (and potential heartache) that can come with a complicated real estate deal.

Post on Social Media Groups
These days there’s a group for just about everything on Facebook. If you’ve got a nice piece of vacant land, there’s probably a hunter’s group with members who would be interested. Have a cabin on a lake? Try adding it to a resale group for towns within a two hour radius. Have a heap-o-junk property that fell into your lap? See if an investor’s group is looking for their next deal. Social media has made the world much smaller and it’s easier than ever to connect with those who might be interested in what you’ve got!

Try Something New
The age of the Internet has had incredible power. If you’d rather not work with an agent or aren’t into the idea of posting on social media, there are a variety of real estate-specific websites that will show your property for little to no cost. Some of these websites are designed to just work as a commercial, blasting out property information to anyone who is looking, while others will help you through the sales process and others will offer to buy your home right then and there. If you’re looking for the biggest impact-for-money, consider a reserve auction. This type of auction allows sellers to retain control, only parting with the property if an acceptable bid is placed meaning you can choose to sell or hold, depending on the situation. To learn more about how real estate auctions work, click here.

Get it Write: How to create the perfect listing description

March 19, 2018/1 Comment/in Ideas & Advice, Real Estate 101 /by Tristin Zeman

Whether it’s a single-family home that completely neglects to mention what’s on the second floor or a land listing that mentions nothing of the property and only talks about the nearby community, we’ve all seen listings that you wonder what the agent was thinking. Real estate agents tend to be excellent talkers and networking champs which makes them great salespeople in face to face interactions, but with so much of life moving into the digital realm, is it possible translate your natural charisma into your online listings? Here’s an easy formula to write a winning listing description.

Use the Right Words
Many sites like Zillow can be searched by keyword meaning that if a home has a pool, loft, Jack-and-Jill bathroom, or any other special feature and you don’t have it called out in your listing description, you’re missing an opportunity to be found! Having pictures of these features will definitely help boost interest once someone is actually viewing your listing, but the keywords is how you get them there.

As important as it is to have keywords, it’s important to keep in mind what the right keywords are. Is it a wardrobe or a closet? A butler’s pantry or a larder? One of the biggest ways this can trip up even the most experienced agents is when brands become almost synonymous with their product ie. a Jacuzzi® is a type of jetted bath or hot tub.

Focus on Reality
Sure, there might be potential for a shed or you could add in some fruit trees or any number of a million other possibilities, but a listing description should focus on what is there currently (or is planned, in development properties), not what could be. If the yard isn’t landscaped or the basement is unfinished, you can mention that it’s got “tons of potential” but throwing out ideas is essentially wasting your (text) breath.

Cut the Fluff
While text that promotes imagery is evocative and interesting when reading fiction, your listing descriptions should be based in fact. By focusing on the “crystal clear turquoise waters lapping at the shore just feet from the expansive deck while you watch the blazing sunset” you’ve used up valuable character space (and attention) that could have been used to differentiate this property from the three next to it that offer the exact same features.

Less is More
Please use all the text you need to talk about the features and amenities a property has but don’t use any more than that. Attention spans are short and good pictures will have more impact than any description ever will. After you write your description, reread and edit it. If you’ve already said the home is built for entertaining you don’t need to reiterate that the deck is perfect for entertaining guest.

Flipping Crazy: What to know before getting into property flipping

March 14, 2018/2 Comments/in Ideas & Advice, Real Estate 101 /by Tristin Zeman

From Fixer-Upper to Flip or Flop reality television is filled with shows that make real estate investment look like a breeze. You just find a sad looking home, swing a hammer a couple times, have an open house and Viola!– a nice profit appears and you’re ready to start the process again. Unfortunately, in real life there are a couple more steps and a lot more dirty hands that go into flipping a home, but it can be a lucrative business if you’re willing to put in the hard work. Here’s what you need to consider before getting into investment property renovation aka house flipping.

Money Talks
To flip a house you need to have a house and in a tight housing market, this could be your biggest challenge. Ideally, you’ll have enough cash to outright buy the home you’re planning to flip, but for most people this isn’t realistic, especially in their first endeavor. Traditional mortgages and loans typically don’t work in this scenario either, at least not with current market conditions, as these require inspections and often contingencies that investors with cash in hand don’t.

If you’re serious about getting into property investing before you have the funds necessary to buy a home with cash, there are a few ways around this. While you should always consult with a professional to find the solution that will work best for you, there are options including revolving credit lines, hard money loans, or even private lenders.

It may seem strange to worry about the finance side of things before you even look for a house, but trust that this is the cornerstone of everything else to come.

Keep an eye–and ear– out
If funding the purchase seems like the hardest part of flipping a home, wait until it comes time to find the home. The real estate market is ON FIRE in certain parts of the United States right now. In some places it’s hard to even find a small starter home for less than $1 million, while in others everything under $200,000 is flying off the shelves. So how can you find your first project home?

One of the best options is to consider your personal network. Has Granny decided to move to Florida for good or have your neighbors mentioned they’re planning to sell their two story Victorian for a ranch where they can age more comfortably? Knowing about these deals before an agent or your competition does will be vital to your success.

If you go through your contacts and still don’t have any leads, it’s also a good idea to check online auction sites and postings for a Sheriff’s Sale. Most of these auctions sell these properties as-is, where-is so you won’t get the luxury of really understanding the scope of work to be done, but they may be your best chance to score a deal.

Be Realistic
The magic of television makes it easy to think that with just a few coats of fresh paint and a couple of new fixtures you can have a nice $100,000 profit on your hands. Unfortunately, that’s not quite how things work. When devising your budget for renovating a home, you’ll have to consider what needs to be done, who will do it, and what it will cost.
If you’re very handy, you may be able to tackle a lot of the project yourself,although keep in mind that your time also has a dollar value attached to it, so add that to your financial plan accordingly! If you’re planning to hire a contractor to do the work for you, make sure that is budgeted in your plan as well and in either case, budget for at least 15% more than you think you’ll need because things tend to run slow or over cost.

Stay Focused
When you’re tackling a house flipping project, time is money. Every day that you have the property is a day that you’re losing money. Taxes will have to be paid, as will utilities, and potentially HOA fees. The faster you can complete your renovations and sell your property, the more money you’ll be able to keep. Staying focused is also very important while making decisions during the renovation. Keep in mind that while you might love the look of intricate hand-stamped walls, the future buyer might just be thinking of how they can cover it up. Don’t spend time or money on things that don’t add value or up the selling price.

Find a Mentor
Above all, one of the best ways to set yourself up for success is to enlist a mentor. If you can find someone in your area who is already into property rehab, they will be your biggest source of knowledge and information. They’ll be able to key you in to what kind of margins you can expect, connect you to the right contacts to sell your property, and allow you to learn from their (usually costly) mistakes before you make them on your own.

3 Reasons You Need Life Insurance for Your Mortgage

February 28, 2018/0 Comments/in Ideas & Advice, Real Estate 101 /by Tristin Zeman

“ In preparing for battle I have always found that plans are useless, but planning is indispensable.” -Dwight D. Eisenhower

There are many cliches about being prepared. Prepare for the worst and hope for the best. The future belongs to those who prepare for it today. By failing to prepare you are preparing to fail. The list goes on. Some things are really easy to prepare for. You know you have to prepare for the future by saving money for a new car, house, or retirement. You have to prepare your kids for school by teaching them to read or write. You know you have to prepare a will so that your wishes can be granted upon your death. But as another cliche goes, you can never be too prepared.

While many people have heard of or have invested in life insurance, not many know about mortgage life insurance, yet this could be the best way to protect your family and prepare for what happens in the event that something happens to you. Here’s why you should consider enrolling in a mortgage life insurance policy.

Lose your ability to work, keep your home

Mortgage life insurance is designed to help cover the cost of a home mortgage in the event that the person covered becomes disabled or dies. Since many families depend on two income earners to be able to afford their mortgage and other bills, it can be tough if not impossible to maintain this standard of living in the absence of one earner.

Provide stability in an uneasy time

If you have children, losing a parent can be one of the hardest, most traumatic experiences imaginable. Now combine that with having to move from your home because your surviving parent can’t afford the house you’re living in. While regular life insurance can be used to cover any type of expense, including mortgages, mortgage life insurance is specifically intended to only pay for your mortgage and can be combined with other forms of life insurance so that your family’s whole financial well-being is cared for.

Provide peace of mind

Most people would choose to pay their home off if they could so that they’d never have to worry about what happens if they’re no longer able to support their family, but that’s not always doable. Mortgage life insurance can give you the peace of mind that your family will be taken care of and the costs can be affordable at less than $1 per day.

Mortgage life insurance can be a great solution for your needs and is offered by most major insurance companies. To learn more about coverages, premium, and plans contact your trusted insurance agent.