The Due Diligence of Buying an Investment Property

Investment properties are good for your business, but there are a few things you need to know about a property before buying it.

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If you don’t already own an investment property, it should be your goal to buy one by the end of this year. Before you buy a property you’re interested in, though, there are a few things you need to consider. First, what is the projected income of that property? What are its income rates now, and where will they be in the near future? Look at the rent rates and see if there’s an opportunity to raise them. Remember, the higher the income, the higher the value of the property. If the current landlord has owned that property for at least the past three years, the rent is properly low. Second, what is the current tenant’s situation? Get a copy of the property’s leases and see if anything needs to be adjusted so you can better understand what you’re getting into. Next, consider the utility situation. If you’re buying a multi-unit property, there will be separate utilities, which means there will be a difference in income.

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When you invest in real estate, you can offer more value to your clients.

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Also, consider the overall condition of the property. You already know that you need to order an inspection for it, but in some cases, you’ll need to bring in additional experts so you can better understand what needs to be done to fix it up and whether you have the funds in place to make the necessary improvements. Lastly, try to have six months’ worth of cash reserves so you can make those improvements. Make sure you have that money in the bank so you can take care of roof expenses, plumbing expenses, etc. When you invest in real estate, you can offer more value to your clients. You understand rent laws, what it takes to buy and sell a rental property, and what it’s like being a landlord. Also, you can reap the benefits of owning that property’s income forever. If you have any more questions about the benefits of investing in real estate or there’s anything else I can help you with, don’t hesitate to reach out to me. I’d love to speak to you.

What You Need to Know About the Utah Market

What is happening in our Utah Market? Today I am going to look at it with you.

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Today I want to give you a quick market update and tell you what you need to know about real estate in Utah. When comparing this quarter to last quarter, we are down 4.6% in home sales. In fact, the Board of Realtors said that, if we looked at listings, they are down 1.6%. While we are seeing less homes on the market, our home values have increased dramatically. Since last year, the median home price in Salt Lake County has increased 7.8% from $327,000 to $352,000. Of course, different markets and areas are seeing different trends. However, this market has been fantastic with 10 years of growth. Now, though, interest rates are increasing which affects affordability. Recently, we had a buyer looking for a $440,000 home, but interest rates increased and reduced his affordability to $410,000. If you are selling a home, this changes the number of people that can buy your home.

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If you are selling a home, affordability changes the number of people that can buy your home.

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When we have less homes on the market, people become afraid of where they are going to go and buyers think that they can't afford a home. Statistically, property values have increased by an average of 3.3%over the last 26 years. What you need to know is this: Interest rates are still great, but they are going up. It is affecting the affordability and is starting to squeeze the value and the affordability of homes. You are going to start seeing more and more townhome projects that come to your city planning meetings as well as smaller micro units. Also, according to economists at the University of Utah, we are seeing an increase in the number of multi-generational families that are living in the same habitation due to affordability concerns. If you need anything such as a home value or a new home, now is a great time to look at different options. For sellers, it's a good time to decide whether to sell or keep your home. Meanwhile, if you are looking at buying, you can look at the interest rates to see if it's a good time to buy. I will say this: Never wait to buy real estate. If you have any questions, please feel free to contact me. I look forward to speaking with you soon.

Be Present With Clients and Break Through to the Next Level

Do you want to break through to the next level and bring in more business? Today I have three important tips on how to do so.

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One of the things that I have learned over the course of my career is that sometimes, when we join the real estate business, we get so heavily involved with every step of the process that it results in us not being fully present with clients.Today I am going explain how we show up and how to break through to the next level. 1. You have to be present. When you are with a client, you should be focused on them. Whether you are talking to one person or 100,000, bring all of your energy to that conversation. I never know who is listening to me on my videos, but regardless of if it is one person or 20, I will bring the energy to it.

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Be expressive and show passion as you speak, because this will help show them that you are a person they can trust.

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2. You have to own your space. Clients want and expect you to be a force to be reckoned with. Be expressive and show passion as you speak, because this will help show them that you are a person they can trust. Clients should have a good idea of how you’re going to guide them to their goals. This is exactly what I’ve done with my own clients. I’ve created this impression by speaking and acting with confidence. One client in particular affirmed that this was the case during a recent conversation I had with them over email. I had reached out to them to explain my thoughts on their million-dollar listing. When they responded, they said “You’re the pro. You’re the expert. Just let us know what we need to do.” When you display confidence during interactions with clients, you won’t have to convince them of your competence. They will sense it. 3. You have to find your love for it. I really love this business and I hope that is apparent. The key to being successful, yourself, is to find your niche in this industry, whether it is working with people, working with contracts, or doing construction. When you find what you love, it will be easy to show clients that you’re passionate. Having passion will bring a new level of intensity to your career and will help you attract more business. If you need anything from me and my team, please feel free to reach out to me by phone or email. I look forward to speaking with you soon.