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Category Archive: Uncategorized

Cities with the Highest & Lowest Rents [FULL LIST]

A recent report from Abodo showed U.S. renters paid a record $504.4 billion in rent in 2018, topping 2017’s total by $12.6 billion.

On a state-by-state basis, Abodo’s report shows that rents rose in 29 states (including the District of Columbia) in 2018, while rents fell in 22 states. Rents remained the same in just one state: South Dakota.

Check out the graphic below to see where rents rose and fell last year. Green-shaded states are those were rents fell, while those in red are states where rents rose.

2018-Rent-Trends-by-State

On an overall price basis, Washington, D.C., tops the nation in rent, with an average rent of $2,358, followed by Massachusetts at $2,139, Rhode Island at $1,732, Hawaii at $1,676, and New York at $1,633.

On the other end of the spectrum, South Dakota has the lowest median rent at $525 per month, followed by New Mexico at $576, Arkansas at $582, and Oklahoma at $613.

Drilling down a little more, the seven cities with the highest rents all saw their rents increase in 2018. San Francisco is the most expensive rental market in the nation, with its median rent checking in at more than $3,500 per month.

The least expensive rental market is Springfield, Missouri, where the median rent is just $503 per month.

For a full look at the top 10 and bottom 10 cities, see the image below…

2018-Cities-Rents

Originally published HERE.

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The Real Estate Freedom Standard Construction Contract {Free Template}

This is the standard construction contract template that we start with before starting any new project with a contractor. Use it manage your contractors and handymen. 

 

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How To Increase Your Profit Per Deal {Free Rehab Checklist}

Below is the standard checklist that we use to make sure we have properly evaluated scope of work in a new renovation project. A quick walkthrough with this list in hand can save you a lot of time and headaches! 

 

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Here’s the Checklist:

  • All properties need to have curb appeal
  • Yards clean and any fences kept, fixed, and painted as needed
  • Two tone paint scheme on exterior usually an earth tone base color with white trim
  • All houses must have mailboxes
  • All houses must have visible address numbers
  • Roof must have life left or replaced, we do not put another layer of shingles on, always tear off
  • All roof underlay must be solid
  • Window must be functional and in good shape or replaced and MUST HAVE SCREENS
  • If we are pulling a general building permit and changing out windows, make sure all bedroom windows are changed to meet egress standards
  • Flooring all wet areas such as kitchens, laundry, mud room, bathroom and in many cases dinette should be ceramic tile
  • Carpeting must be FHA quality minimum
  • Electrical – All houses must be wired to code and upgraded to handle the loads including: Meter box, hardwired smoke detectors and in most cases eliminate gas and make house 100% electric, especially the hot water heater
  • Where at all possible, find an area to have laundry facility in house
  • As a rule, ceiling fans in all bedrooms and living areas
  • Interior paint, as a rule, should have walls painted in sand 3 (or equivalent). All trim, kitchens, and baths should be painted in semi or high gloss while and ceiling in a flat white.
  • All homes must have good functioning central HVAC system (Condensers caged) and where possible, air handlers placed in attics
  • All houses need to maximize space to provide for as many bedrooms and bathrooms as is prudent
  • All plumbing needs to be in good working order
  • Bathrooms need to be NICE. We would much rather have tile around the tub than a surround. If the bathroom has only a small window, or no window, the HVAC Company will need to install a Johnny Fan. Baths need to have towel bars, soap dish, and toilet paper dispenser
  • Kitchens need to be NICE, cupboards need to be in good shape or replaced and do not skimp on number of cabinets. Please install a self venting hood fan above stove, if possible, and install a two compartment sink.
  • Make sure that the realtor gets a pest inspection on the property and is treated if needed
  • Make sure when we close on properties they are secured as quickly as possible and stay secured during the rehab process
  • Where it is possible, all egress doors should be made to swing outward and all exterior doors need to be keyed alike and have deadbolts
  • Interior doors must have functioning hardware

 

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The Virtual Wholesaling Flowchart (How to Source, Market, & Sell Quickly)

This Virtual Wholesaling Flowchart give you a basic overview of the process and organizational structure of a successful wholesaling business. Feel free to Download, Print, and Share this free resource!

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These Cities Have The Biggest Housing Bubbles [See the list]

The S&P CoreLogic Case-Shiller National Home Price Index for October, released this morning, jumped 6.2% year-over-year (not-seasonally-adjusted), up from 6.1% in September. The index has now surpassed by 6.0% the crazy peak in July 2006 of Housing Bubble 1 and is up 46% from the trough of Housing Bust 1:

  1. Real estate prices are subject to local dynamics but are impacted by national  and even global factors, such as the consequences of monetary policies, particularly in places where this liquidity washes ashore. This creates local housing bubbles. And they operate each on their schedules. When enough of these local bubbles occur simultaneously, it becomes a national housing bubble as depicted by the chart above.

    The Case-Shiller Index is based on a rolling-three month average; today’s release was for August, September, and October data. Instead of median prices, the index uses “home price sales pairs.” For instance, it takes sales data from a house that sold in 2011 and then again in 2017, incorporates other factors, and uses algorithms to adjust the price movement into an index data point. The index was set at 100 for January 2000. An index value of 200 means prices as figured by the algorithm have doubled since then.

    Here are the standouts among the housing bubbles in major metro areas:

    Boston:

    The index for the Boston metro area ticked down on a monthly basis, the first decline after 22 months in a row of increases. It’s still up 6.9% year-over-year, a slightly slower pace then the 7.2% year-over-year surge in the prior month. During Housing Bubble 1, it soared 82% from January 2000 to October 2005, before the plunge set in. Now, after six years of relentless price increases, the index exceeds the peak of Housing Bubble 1 by 12.7%:

    Seattle:

    The Case-Shiller home price index for the Seattle metro declined again by a tad on a month-to-month basis — first back-to-back declines since the end of 2014! However, the index is not seasonally adjusted, and a slight downturn this time of the year was not unusual before 2015. So this may be a sign that the housing market in Seattle is returning to some seasonal patterns, rather than just spiking no matter what. The index is up a breath-taking 12.7% year-over-year, 20% from the peak of Housing Bubble 1 (July 2007), and 79% from the trough of Housing Bust 1 in February 2011:

    Denver:

    The index for the Denver metro rose again on a monthly basis, the 24th monthly increase in a row. It is up 6.6% year-over-year and has surged 44% above the prior peak in the summer of 2006. Note that Housing Bubble 1 and subsequently Housing Bust 1 mostly spared Denver. But in 2012, Housing Bubble 2 erupted with a vengeance:

    Dallas-Fort Worth:

    The index for the Dallas-Fort Worth metro rose again on a monthly basis — the 45th month in a row of increases. It is up 7.1% year-over-year and 43% from the prior peak in June 2007. Similar to Denver, Housing Bubble 1 and Housing Bust 1 mostly spared North Texas. But prices began to surge in 2012:

    Atlanta:

    Home prices in Atlanta actually ticked down a smidgen from the prior month, but are still up 5.1% year-over-year and are 2.6% above the peak of Housing Bubble 1 in July 2007. From that peak, the index plunged 37%. It’s now up 70% since February 2012:

    Portland:

    The Case-Shiller index for Portland declined a tad, and is now back where it had been three months ago — the first monthly decline since September 2016, and in line with seasonal price patterns. The index is up 7.1% year-over-year and 73% in five years. It is now 20% above the crazy peak of Housing Bubble 1 and has ballooned 123% since 2000:

    San Francisco Bay Area:

    The index, which covers the county of San Francisco plus four Bay Area counties — Alameda, Contra Costa, Marin, and San Mateo (the northern part of Silicon Valley) —  jumped 1.2% for the month. It had however ticked down in August. It’s up 7.7% year-over-year, up 29.5% from the crazy peak of Housing Bubble 1, and up 84% from the end of Housing Bust 1. The index has surged 148% since 2000:

    Los Angeles:

    The index for the Los Angeles metro ticked up again for the month and is up 6.5% year-over-year. The sugar-loaf Housing Bubble 1 was in a category of its own, with home prices skyrocketing 174% from January 2000 to July 2006, before collapsing and surrendering much of the gains. The index has skyrocketed since the end of Housing Bust 1 and is getting closer to beating the prior insane peak, but is still 2.0% shy:

    These charts are visual depictions of asset price inflation. A house whose price jumps 20% in three years hasn’t gotten 20% bigger. What happened is that the purchasing power of the dollar with regards to these assets — since “homes” have become a global asset class — has been demolished by the Fed’s monetary policies that generated little or no wage inflation, moderate consumer price inflation, and extraordinary asset price inflation. In other words, the value of labor (wages earned) with regards to assets, such as homes, has been crushed, and housing costs in general, including rents, are consuming an ever larger slice of wages. This has turned into the “affordability crisis” now gripping many of the big urban areas in the US. Which can hardly be the foundation of a healthy economy.

Originally published HERE.

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Screen Shot 2017-06-14 at 9.21.07 AMScreen Shot 2017-06-14 at 9.21.07 AMScreen Shot 2017-06-14 at 9.21.07 AMScreen Shot 2017-06-14 at 9.46.09 AMScreen Shot 2017-06-12 at 9.49.30 AMScreen Shot 2017-06-12 at 9.49.30 AMScreen Shot 2017-06-12 at 9.49.30 AMScreen Shot 2017-04-20 at 11.13.37 AM copyScreen Shot 2017-04-20 at 11.27.56 AMScreen Shot 2017-04-20 at 11.58.34 AMScreen Shot 2017-06-11 at 9.31.13 AMScreen Shot 2017-06-12 at 9.49.30 AMScreen Shot 2017-06-12 at 9.54.25 AMRead the latest car news and check out newest photos, articles, and more from the Car and Driver Blog.

Most Expensive Zip Codes In The US [FULL LIST]

The annual list of America’s Most Expensive ZIP Codes is compiled by Altos Research, which looks at median home price data for more than 29,500 ZIPs covering 95% of the U.S. population. Here we highlight the 20 priciest postal codes.

  1. 94027ATHERTON CA

    Median Price: $9,686,154

    Days on Market: 190

    Inventory: 27

    2016 rank: 3

  2. 33462MANALAPAN FL

    Median Price: $8,368,431

    Days on Market: 262

    Inventory: 25

    2016 rank: 1

  3. 94022LOS ALTOS HILLS CA

    Median Price: $7,755,000

    Days on Market: 105

    Inventory: 25

    2016 rank: 8

  4. 94301PALO ALTO CA

    Median Price: $7,016,631

    Days on Market: 67

    Inventory: 14

    2016 rank: 48

  5. 94957ROSS CA

    Median Price: $6,939,423

    Days on Market: 123

    Inventory: 10

    2016 rank: n/a

  6. 11962SAGAPONACK NY

    Median Price: $6,852,692

    Days on Market: 128

    Inventory: 52

    2016 rank: 4

  7. 81656WOODY CREEK CO

    Median Price: $6,651,269

    Days on Market: 528

    Inventory: 16

    2016 rank: 22

  8. 90210BEVERLY HILLS CA

    Median Price: $6,442,914

    Days on Market: 148

    Inventory: 226

    2016 rank: 15

  9. 10065NEW YORK NY

    Median Price: $6,415,146

    Days on Market: 115

    Inventory: 105

    2016 rank: 5

  10. 10013NEW YORK NY

    Median Price: $6,289,099

    Days on Market: 121

    Inventory: 188

    2016 rank: 12

  11. 94010HILLSBOROUGH CA

    Median Price: $5,903,192

    Days on Market: 115

    Inventory: 34

    2016 rank: 16

  12. 81611ASPEN CO

    Median Price: $5,849,184

    Days on Market: 251

    Inventory: 277

    2016 rank: 17

  13. 91302HIDDEN HILLS CA

    Median Price: $5,760,923

    Days on Market: 310

    Inventory: 23

    2016 rank: 10

  14. 10012NEW YORK NY

    Median Price: $5,334,290

    Days on Market: 129

    Inventory: 72

    2016 rank: 7

  15. 94062WOODSIDE CA

    Median Price: $5,255,384

    Days on Market: 150

    Inventory: 37

    2016 rank: 20

  16. 10014NEW YORK NY

    Median Price: $5,162,425

    Days on Market: 107

    Inventory: 106

    2016 rank: 9

  17. 10021NEW YORK NY

    Median Price: $4,804,802

    Days on Market: 117

    Inventory: 159

    2016 rank: 14

  18. 07620ALPINE NJ

    Median Price: $4,763,577

    Days on Market: 279

    Inventory: 62

    2016 rank: 18

  19. 98039MEDINA WA

    Median Price: $4,736,015

    Days on Market: 81

    Inventory: 16

    2016 rank: 27

  20. 90077LOS ANGELES CA

    Median Price: $4,707,568

    Days on Market: 129

    Inventory: 105

    2016 rank: 56

Originally published HERE.

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Screen Shot 2017-06-14 at 9.21.07 AMScreen Shot 2017-06-14 at 9.21.07 AMScreen Shot 2017-06-14 at 9.21.07 AMScreen Shot 2017-06-14 at 9.46.09 AMScreen Shot 2017-06-12 at 9.49.30 AMScreen Shot 2017-06-12 at 9.49.30 AMScreen Shot 2017-06-12 at 9.49.30 AMScreen Shot 2017-04-20 at 11.13.37 AM copyScreen Shot 2017-04-20 at 11.27.56 AMScreen Shot 2017-04-20 at 11.58.34 AMScreen Shot 2017-06-11 at 9.31.13 AMScreen Shot 2017-06-12 at 9.49.30 AMScreen Shot 2017-06-12 at 9.54.25 AMRead the latest car news and check out newest photos, articles, and more from the Car and Driver Blog.

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