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We’re back again with a St. Louis turnkey property ready for you to invest in! Located in suburban communities with majority owner-occupants and have tenants and property management in place as a condition of closing! What could be better??

Well, only knowing that St. Louis has one of the lowest unemployment rates is one of the top 10 most competitive locations to do business among large MSAs (hello, quality tenants)!

We’re excited about St. Louis and to be presenting it to you with this gorgeous property that puts $1033 (conservatively estimated!) in your pocket every month. Check it out, and if you’re interested in buying this or a property like it, just contact Melissa at [email protected].

Location: St. Louis, MO.

Built In: 1957 (fully renovated)

Purchase price: $170,000 (not a foreclosure, normal sale and with tenants in place as condition of closing!)

Property info: 5 bedrooms, 2 bathrooms, 2792 square feet, 1 story, 2 car parking

Income

Monthly rent collected: $1,600

Expenses

Monthly expenses

Property taxes: $200

Insurance: $75

Property management fees: $100

Monthly expenses (conservatively estimated)

Vacancy (7%): $112

Repairs (5%): $80

Total Monthly Expenses- $567

Net Income = Income – Expenses = $1033

Advanced Numbers

Cap Rate =

annual net income (non-inclusive of mortgage payment) / purchase price = 7.29%

Cash-on-cash return =

Depends on your leveraging.

Special Terms:

• 1-Year Home Warranty (issued by third party)

If you are interested in this property or seeing others like it, contact Melissa at [email protected]. Take the plunge: you won’t regret it!

Want to see more deals like this?
We’ll send them to you!

You’ve invited a few guests over for a barbecue on the patio. Your pal Mr. Grillmaster, the self-proclaimed expert on charcoal grills, takes over lighting the grill and handling burger duty. A few squirts of lighter fluid later and the flames soar, which damages the exterior wall. So who’s responsible?

It’s your responsibility…

Even though you didn’t cause the damage, you will be held liable for it by either the landlord, their insurance company, or your rental-insurance company. You, as the tenant named on the lease, are responsible for damage caused by your household members, guests, and pets. Many rental agreements detail this information, so there’s no question about it.

…even if you weren’t home

It doesn’t matter how or when the damage happened—you’re still responsible. If you allow friends to stay in your place while you’re away and one of them causes a sink to overflow, damaging the floor or even an apartment beneath yours, you’re liable.

Your landlord expects you to pay for repairs to your unit and any other damaged property.

Dealing with renter’s insurance

If you have renter’s insurance, submit the landlord’s repair bill to the company, but don’t expect them to cover all damages. Renter’s insurance covers your own personal property, such as computers and clothing, but might not cover damage to your rental unit.

Renter’s insurance that includes liability coverage pays for damages to other people’s personal property, such as electronics in the unit beneath yours. As with other forms of insurance, the amount and type of coverage varies by policy. Read the fine print or call your agent to determine whether your policy covers damage to the building.

Related: A landlord’s guide to renters insurance

Shouldn’t my guest pay?

If your guest breaks a window, you can’t expect the landlord to send the bill to that guest. You’re legally responsible for the actions of the guest. You could ask the guest to pay the bill, but as far as the landlord is concerned, you’re the one ultimately responsible.

Burglary damage

If a burglar breaks in, you might not have to pay for damages to the unit. To help prove your case, file a police report right away and provide all pertinent information to the landlord. Read the lease terms to ensure you aren’t liable for such damages. Some contracts might shift such responsibilities to the tenants. Check local and state laws regarding this issue if your landlord refuses to pay for repairs.

Pet problems

Even if your landlord welcomes dogs, you could get stuck with a bill if the dog breaks a screen door, for example, when scared by lightning. Your renter’s insurance might cover pet-related damage, but keep in mind the cost of your deductible versus the cost of the repair bill. If you make an insurance claim, your premiums may also rise. It may be better in the long run to just pay for the repairs out of pocket.

Related: Landlord liability when a tenant’s dog bites someone

Ultimately, you’re responsible for everything that takes place in your home, just as if you owned the property. Keep that in mind before planning a wild party or adopting a large dog that might make a mess of the place in a hurry.

About Kathy Adams

Kathy is an award-winning investigative journalist, not to mention a writer, brand blogger, decor/DIY expert, renter, commercial landlord. She also writes for brands such as Behr, Kroger, Canon and Black+Decker on topics pertaining to home and apartment decorating and maintenance.

All houses have a story to tell. And one exceptional house is sharing its rich tapestry of stories spanning five families and 200 years through the “Within These Walls” exhibition at the Smithsonian’s National Museum of American History. This exhibition, exclusively sponsored by the National Association of REALTORS® (NAR), serves as a tangible symbol of the role NAR’s 1.3 million members play in making property ownership and the American Dream a reality for millions of Americans.

It’s only fitting that NAR is playing a key role in providing support to bring these stories of home and history to the public. The 1760s Georgian-style house from Ipswich, Mass., chronicles the story of one home and five families whose lives intersected with American history at different crossroads.

In the early 1960s, Ipswich citizens saved the two-and-a-half story, timber-framed house from demolition, and dismantled and reassembled it with care for this Smithsonian exhibition. The approximately 4,200-square-foot home is the single largest artifact in the museum’s collection. Visitors can peer through the home’s walls, windows and doors to view activities of the occupants, fixtures and furnishings from different eras, while learning the real-life stories of five families who inhabited the house from the colonial era through World War II.

One House, Five Families
While none of the house’s inhabitants were famous, their stories reflect the challenges and choices that shaped both their community and the nation. American colonists created a new, genteel lifestyle, patriots stood for their freedoms in a revolution, and an enslaved young man considered what liberty would mean for him. The home also served as a gathering place for neighbors to come together to end slavery, while immigrants earned a livelihood in their new home, and a woman and her grandson contributed to the war effort during World War II with their victory garden. These are the true stories this house tells and what continues to make this one of the most popular exhibits at the Smithsonian’s National Museum of American History in Washington, D.C. The house structure, along with displays about the families that lived there, provide poignant reminders that each era presents challenges to overcome and achievements to celebrate.

NAR’s Sponsorship and Exhibit Upgrades
While NAR has sponsored the exhibition since 2001, on September 1, the Association became the exclusive sponsor of the exhibit through 2030. To keep the exhibition compelling over the next 12 years, significant renovations were made to the “Within These Walls” exhibition.

New technologies and theatrical overlays were recently integrated, which serve to enliven the visitor experience with the impact of music, sound and light treatments. These upgrades create an even more compelling exhibition experience. In addition to the theatrical integrations, the exhibition website at americanhistory.si.edu/within-these-walls was updated, and content translations in eight languages are now delivered via mobile devices. Both elevate the value of this exhibition and the REALTOR® brand to a global stage, enabling visitors from around the world to explore the important ways ordinary people, in their daily home lives, have been part of great changes and events in American history.

Additionally, new displays were recently added, including a new artifact display case. This display is the first in a series of new house-and-home topics. In 2018, the display supports NAR’s yearlong commemoration of the 50th anniversary of the Fair Housing Act of 1968, and showcases a pen used by President Lyndon B. Johnson to sign the Act.

As the United States continues to evolve, “Within These Walls” is well positioned through 2030 to share its stories with millions of visitors annually. This popular exhibition is an important reminder that “history happens at home,” thanks to the crucial role REALTORS® play in achieving the American Dream of homeownership. Learn more at NAR.realtor/articles/within-these-walls-exhibition.

Matt Lombardi is senior vice president, Marketing, Communications & Events for the National Association of REALTORS®.

For the latest real estate news and trends, bookmark RISMedia.com.

A market analysis provides useful information needed to evaluate the supply and demand conditions for particular types of real estate. For example, investors considering the purchase or development of office space value the property based on future expected cash flows generated from rent. In order to forecast future rental income, the investor or developer must evaluate how much supply exists in the market and how demand conditions will change over time. The demand must be high enough to keep occupancy and rental rates high enough so that the return meets or exceeds the investment hurdle rate.

In order to estimate the demand for office space, it is necessary to understand overall population and employment trends for the city. In particular, the analysis must consider how that economic activity translates into office demand. So, the analysis requires an estimate of office demand by industry. Some industries demand specific retail or industrial space but little office space. Other industries only require office space. The office demand forecast attempts to focus on the growth rate of employment in industries that primarily utilize office space. This case study takes data about population and employment growth in the Orlando, Florida region and applies it to an analysis of future supply and demand conditions.

Population Trends and Office Building Demand

Recent data from the U.S. Census Bureau and the Orlando Economic Development Commission lists the total population of the Orlando metro area at 2,387,138 (2016). Between 2015 and 2016, the population of the Orlando metro area grew by 2.6%. That made Orlando the fastest growing region in the United States. The Orlando Economic Development Commission estimates that population growth in the region since 2000 equates to a gain of 138 people per day.

Population growth is mostly fueled by domestic migration. Americans moving to Orlando for retirement in warmer weather or for new career opportunities account for about 40% of the population increase. International migration (mainly from Central and South America) accounts for 34% of the increase in population. People have been moving to the Orlando area due to the region’s comparative advantages (climate, entertainment and lifestyle, and economic growth). Without these advantages, Orlando would not be one of the fastest growing regions of the country. An ongoing concern for the region, however, will be the ability to generate enough economic activity to provide services and job opportunities for this growing population.

Economic Trends and Office Building Demand

Employment data from the Bureau of Labor Statistics confirms that economic growth is driving the population growth in the Orlando metro area. In fact, job growth from 2015-2016 in Orlando was over twice the national average. A strong economy and growth in the number of jobs indicates that the population should continue to grow over the next few years unless there is a major shift to the national economy or a natural disaster. Furthermore, the job growth rate of 4.22% exceeded the population growth rate of 2.6%. If the major industries in Orlando continue to grow at this pace, more new workers will need to move into the region to fill these new jobs.

In order to translate this employment growth into office demand, it is necessary to identify the industries driving that demand.  While not exact, it is reasonable to assume that the following industries are the major consumers of office space: government, information, financial services, professional and business services, and other services. In 2016, those industries comprised a total of 432,324 jobs in the Orlando metro area. Those industries created a total of 17,746 new jobs between the year 2015 and 2016, which is a 4% growth rate. Therefore, is seems reasonable to assume a growth rate of around 4% in these industries during the next few years unless there is a significant shift in economic activity.

Office Building Supply and Demand

A Newmark, Knight, and Frank report on the U.S. office market showed that in the third quarter of 2017 the Orlando metro area had 68,542,974 square feet of completed office space. The vacancy rate was 7%, which equates to about 63,744,966 square feet of utilized rentable area. The market had absorbed nearly 1,000,000 square feet of space before the end of 2017.

The portion of the labor force that works in office space can vary from market to market. For this analysis we assume that 50% of government workers utilize office space, and 100% of information, financial services, professional and business services, and other services utilize office space. Using this approximation, there were around 374,810 employees who needed office space at the beginning of 2017. Converting these values into the amount of space required per employee, there is a need for about 170 square feet per employee (63,744,966 sqft / 374,810 employees = 170 sqft/employee).

If the growth of these industries continues at a rate of 4% annually and space needs remain around 170 sqft/employee, it is possible to forecast office space needs for the Orlando metro area over the next few years. This chart shows the effect of an additional 1,000,000 square feet of new rentable office space in the market annually. At this rate, the demand for office space would exceed supply by 2020.

Under these conditions, the office market would have the capacity to absorb around 2,000,000 square feet of new office supply per year in the Orlando metro area. Even at that rate of increase in supply, vacancy rates would still experience a decline from the current market average.

Another interesting point to consider, however, is how the utilization of office space has changed over the past ten years in major metropolitan areas. As rent increases and there are cultural shifts in how workspaces are defined, the average sqft per employee declines. If space per employee fell to 130 sqft in the Orlando metro area, there would be far less demand for new supply of office space. Developers and investors should be aware of these shifts in the market as well.

Conclusion

This example shows how to convert data about population and industry employment growth rates into estimates of real estate demand. A more in-depth analysis might consider permits for construction of new space, differential needs for specific classes of office space, and industries such as construction and medical that may have a minimal demand for office space. Another factor that can be considered is how increasing market rental rates can impact these forecasts. For example, declining vacancy rates in this second scenario would cause higher growth rates in market rent. This change would likely change the demand for office space and may cause some businesses to look for less expensive rental rates farther outside the Orlando metro area. 

Property Owners Vehemently Opposed to “Right of First Refusal” Proposals Giving Tenants Up to 240 Days to Purchase Rental Properties For Sale

In an effort to stem the affordable housing problem, cities like Cambridge and Somerville are exploring giving tenants a legal right to purchase the homes and apartments they are renting when owners go to sell them on the open market. The concept is a “right of first refusal” which would be triggered when the owner lists the property for sale and gets a bona fide offer from a third party buyer. Under the Cambridge proposal embedded below, a tenant would have up to 240 days to put down a deposit, obtain financing and close on the purchase, and would also have the right to assign the contract to a non-profit housing trust for affordable housing. The proposed law would apply to all rented single family homes, condominium units, multifamily and apartment buildings except owner two-family residences fully owner occupied or with one of the units occupied by the owner’s immediate family. (These definitions are somewhat unclear).  

Somerville State Senator Denise Provost originally filed a Tenant Right to Purchase Bill with the Legislature, but it did not move past committee. Now, Cambridge and Somerville are considering Home Rule Petitions to pass their own Right of First Refusal laws. If these proposals gain traction, they could spread to other cities and towns like Boston.

Property owner groups vehemently oppose these proposals. A similar proposal was passed in Washington, D.C, and the Huffington Post has exposed how it’s been an abysmal failure and abused by tenants. As the HuffPost, writes, “some tenants are using [the Act] to extract money from landlords, should a landlord decide to sell a building. At present, TOPA is holding up or blocking real estate transactions, causing grief for developers and homeowners and victimizing low-income residents stuck living in buildings owners are unable to sell but forced to maintain at a financial loss.”

I agree that this would be a terrible idea and extremely unfair to Massachusetts property owners. No, it’s not just terrible. It’s crazy and socialist. First, any sale of rental property is always subject to an existing tenancy or lease. That’s been the law in Massachusetts for centuries. So renters are already protected from displacement. Second, the proposal would wreck havoc on the local real estate market and skew free market dynamics. The Cambridge law would give tenants with no skin in the game 8 months to purchase a property. That’s 3 real estate cycles! Knowing that any offer would be subject to a tenant right of first refusal, investors would avoid making offers for occupied properties for sale, or would reduce offering prices, thus chilling sales. Tenants would be able to “flip” their right of first refusal to local nonprofits for affordable housing, walking away with a tidy profit. There are much better ways to create affordable housing than this idea.

Update (3/6/18): After Owner Outcry, Cambridge City Council Votes Down Proposal

Cambridge MA Tenant Right of First Refusal Home Rule Petition by Richard Vetstein on Scribd

Tagged as: Cambridge MA Tenant right of first refusal, Right of First Refusal, Tenant right of first refusal law

It might appear to be a challenge to market beach homes for sale during the frigid winter months. Often beach houses are associated with summer fun and sun. However, waterfront properties are always desirable. Discover how the right marketing approach can improve beach home sales during all the seasons of the year.

Know the Year Round Benefits of the Area

Sometimes waterfront communities are only seen from the perspective of seasonal vacationers. Many of these neighborhoods remain vibrant throughout the year. And research reveals the summer might not be the best time to buy or sell a beach home. Get to know the year-round attractions that make the area desirable. Surfers may prefer to hit the waves during the colder months when the surf is pounding its hardest. Fishing enthusiasts might head to the neighborhood to catch specific fish that aren’t accessible during the warmer seasons. Nature lovers could flock to the area to observe winter bird migration and unusual plants. Include these benefits in property descriptions and images to gain their attention and interest.

Take Advantage of Holiday Cheer

Holiday marketing is effective for all types of industries, including agents marketing beach homes for sale. During the summer, agents instantly recognize the value of showcasing waterfront sunsets, dock space, and sandy beach frontage. In the winter, focus on warm and inviting amenities, such as indoor and outdoor fireplaces or a year-round hot tub with a scenic waterfront view. Fill the house with holiday cheer to make it inviting during open houses and tours. Avoid personalized decorations or anything that reflect religious beliefs. Consider fragrant pine sprigs, poinsettia plants, and white lights in a bay window for universal appeal.

Work With Qualified Buyers

In the summer, agents often deal with people who want to see homes but might not be qualified to buy them. Qualified buyers tour homes during the winter. Some of them are corporate transfers as the majority of these job relocations occur in January. The savviest buyers tend to shop during the late winter to get first dibs on the best waterfront homes before the spring competition kicks off. In the winter months, agents have an opportunity to work with serious buyers who are ready, willing, and able to make a deal immediately. Because there is limited inventory, agents can often get top dollar for coveted waterfront homes.

Provide the Highest Level of Customer Service

During the spring and summer, the best real estate agents are busy seven days a week. Typically, there are more houses on the market and a more significant number of buyers searching for them. While agents always strive to offer dedicated service, they must divide their attention between several clients at all times. In the winter, agents have more time to provide the highest level of customer service. From developing creative marketing campaigns for sellers to finding the perfect home for buyers, agents can take time to give clients exactly what they want.

Affiliated Better Homes and Gardens® Real Estate agents achieve year-round success by focusing on our core values identified by the acronym PAIGE – passion, authenticity, inclusion, growth, and excellence at all times.

Consider Winter Safety and Curb Appeal

Once the trees lose their leaves, the flower gardens wilt, and the snow falls, the curb appeal of a home can become dreary. Consider safety and visual appeal when marketing beach homes for sale during the winter. Clear the snow and ice away from walkways, driveways, and stairs so people can safely access the house. Carefully select outdoor decorations that appeal to a wide variety of buyers. Display non-holiday themed seasonal wreaths and pine garlands to add a touch of color and life to outdoor spaces such as patios, porches, and docks.

Put the Internet to Work to Attract Winter Buyers

Before the days of the Internet, most buyers searched for homes during the spring and summer to avoid going out in inclement weather. Now buyers can tour homes online to narrow down the prospects and visit the ones they like best. Take advantage of the power of online marketing to attract potential buyers to beach properties. Provide aerial photos or videos to show the layout of the property and its waterfront frontage. Share 3D video and virtual tours for buyers in the area and out-of-state who want beach houses. Give potential buyers an opportunity to see all the amenities the home offers, so they are willing to venture out in the cold to see more.

People search for homes and purchase them 365 days a year. Successful agents learn how to market beach homes for sale during the winter months. Hard work and creativity help agents boost home sales during the slowest months of the year. And motivated buyers remember agents who were willing to tackle the winter snow to find them a dream house – and that means repeat business and referrals in the future.

For more great information, read our 4 Tips to Boost Interest in Your Home Listings.

Browsing for homes online and found one that caught your eye? Your next step is to go see it. Getting an inside look at the home can help in more ways than you might think. It can even give you an edge when it comes time to make an offer. Here are five reasons why you should schedule a home tour sooner rather than later.

1. Beat the competition
As they say, the early bird gets the worm. The sooner you check out the house, decide whether it’s right for you, and put in an offer, the better. If you can get your foot in the door before that open house this weekend, you have a higher chance of beating your competition to the punch.

2. Find pros and cons you didn’t notice online
While home listings are a great source of information, the best way to get an accurate idea of how you’ll feel in a home is to tour it. Will your bed, dresser, and bookshelf fit nicely in the master bedroom? Does the living room get enough natural light during the day? Are the appliances in good working order? You’ll get a much better feel from your tour.

3. Feel out the neighborhood
On your tour day, you’ll be able to scope out the surrounding neighborhood as well. Does it feel safe? Is there nearby construction or road noise? How is the traffic at different times of day? All of these factors will affect your day-to-day life, so it’s good to do some exploring.

4. Add a personal touch to your offer
Did you know you the highest bidder doesn’t always win the house? Each seller is different. Some would really prefer to wait on moving until after the holidays. Some put a lot of effort into designing their home, and want a buyer who loves it just the way it is. Others are hoping for a buyer who plans to enjoy the home, rather than flip or rebuild it. You can learn more about the seller’s needs during your tour, and tailor your offer based on your findings.

5. It’s free!
With Estately, you can set up a tour whenever it fits your schedule, and cancel anytime.

Estately real estate search makes finding a home simple, easy, and efficient. Find your next home now at Estately.com, or with Estately iPhone App or Estately Android App.