Grateful to Give Thanks

At this time of thanksgiving I am grateful for the many blessings associated with being the managing broker for what I consider to be the best property management company on the Space Coast. I am grateful for my amazing staff who works tirelessly to keep Showcase Property Management a great company. Being the largest management company in Brevard County, FL comes with a significant work load.  Our office processes hundreds of application per month with people searching for a place to live.

 

I am grateful to our owners who put their faith and trust in the Showcase Property Management Team. Keeping more than 2000 properties maintained across Brevard County, FL isn't always easy, but we make it our priority to keep all of our investment properties the most desired rental properties.

 

I am grateful for all the tenants who rent with Showcase Property Management. Keeping up with all the problems and issues that arise with rental homes is sometimes tough, but we make it mandatory to have our vendors respond as quickly as possible and resolve issues promptly.

 

I am grateful for all the Showcase vendors who provide exceptional service, even on week-ends and holidays like Thanksgiving. Many of our vendors have been with us for many years, I am grateful they make our properties a priority.

 

I hope you enjoy the Thanksgiving video as much as I did; it made me realize how thankful I am for so many wonderful Showcase blessings. From our Showcase Property Management Family to your family… we wish you a Blessed Happy Thanksgiving.

Zillow Offers Guidelines: Investing in Real Estate

With all the short sales and foreclosures it makes it an ideal time to buy real estate. I came across an excellent post on Zillow, Investing? 6 Types of Properties to Pursue which offers solid advice on scoping out investment properties.

Leonard Baron says, “Too many people buy fixer-uppers thinking they’ll add value by doing a renovation. Then they get mired in a much more expensive and time consuming property than they ever expected. More money into the property means lower investment returns for you and less wealth-building than you expected.”

Investors get mesmerized by a “cheap price” however price is just one factor in the equation. Location, location, location is still very important, along with the rental demand. What about resale, will the property sale easy in the future?

Our Turnkey Operation was created to help investors purchase prime rental properties. Our rehab team can help with properties that need CPR, (Carpet, Paint, Repair). Once repairs are complete we put it on the market for rent.

Whether you’re a long time investor who wants to add to your existing portfolio, or a newbie venturing into investing in rental properties for the first time, contact me. I am confident you’ll be impressed with how easy we make it to invest in real estate.

HomePath Financing Foreclosures

Wow, what a great option for home financing!   Fannie Mae properties listed on their website www.homepath.com are eligible for HomePath mortgages.  HomePath is offered exclusively to borrowers buying homes from Fannie Mae.  There are options for Primary Residences, Second Homes and Investment properties to include Single Family Residences and Condominiums.   Primary residences require a minimum of 3% down payment, with 10% down payment on Second Homes and Investment properties. 

 A few advantages to mention regarding the benefits of HomePath financing are No PMI (private mortgage insurance), No Appraisal, No Condo Questionnaire, and No need to fix repairs to qualify for financing.

Generally, if the borrower does not have 20% down payment, mortgage insurance would be required.  No mortgage insurance can save a borrower thousands of dollars over the life of the loan. For example, if the mortgage insurance is $100 per month, with a minimum of 5 years to keep on the mortgage, that is $6000 over the life of the loan.  With Homepath financing, mortgage insurance would not be required, thus a huge savings to the borrower. 

There can be many issues with a house appraising.  With HomePath, the sales price is used as the property value.  Fannie Mae has determined the price and the lender will accept that value without an appraisal.

Condominiums do not require a review except to verify that the project is not a Condotel.  This would avoid the need for a condo questionnaire to be completed.  The information contained on the condo questionnaire may make a condo ineligible for financing under normal conventional financing.    With HomePath, that would not be an issue.  Another great advantage is that some lenders have no additional LTV limits that would apply to Florida properties. 

A Fannie Mae-owned house or condominium may need repairs but would not be able to be completed prior to purchase. By applying for a HomePath mortgage, which doesn't require a property inspection or appraisal, the borrower would be able to finance the property and make the repairs after closing.  HomePath allows for 6% seller contributions for Primary and Second Homes, and 2% seller contributions for Investment Property. This could allow the borrower to keep more of their closing costs money in their own pocket to complete the repairs needed after closing. 

Happy to answer your questions on HomePath Financing.

Dawn M. Houser Senior Mortgage Banker

Phone:  239-464-9455   / Fax:  866-686-5382  / Email:  Dawn.Houser@aemc.cc

 

 

Investors Provide Rental Properties for Growing Demand

Many of our investors who have properties managed with Showcase Property Management are purchasing short sales and foreclosures and not just expanding their portfolio but meeting the growing demands of the rental market. In many cases the owners are able to remain in their home and pay rent, less than the mortgage payment they could no longer afford to pay.
 
 
Investors located all across the United States receive emails with MLS Property Alerts that have short sales and foreclosures for sale in prime rental markets in Brevard County, FL. Each time a distressed property comes on the market they receive an email notification that provides an MLS report of property details and photos. The KGB sales team assists with obtaining the properties our investors choose to buy.

 

Our turn key team includes qualilty professionals who are quick to provide estimates for property inspections, flooring, window and door replacement, window treatments, pest control, plumbing, electrical work, lawn and landscaping, pool service and a host of other sevices to help transform properties, especially foreclosures that can need extensive work. The investor is made aware of problems and can determine cost to rectify issues. If the property needs extensive work, our rehab team gets it back in tip top shape to be a desirable home we manage and market to rent. We refer to this has our Investor Turnkey Program

If you're an investor who wants to expand you portfolio or you want to get started with obtaining investment properties, just complete the information below:

 

5 things to Know About Investor Financing for Real Estate

Feature post by Tim Horr, Thomas Louis Mortgage

As a mortgage broker I come across people who eager to invest in properties and take advantage of the current real estate values. With mortgage interest rates currently at a 40 year low and home prices so reasonable. It makes sense to invest in real estate because it really is a great time to buy Brevard County investment properties.  It’s a no brainer if you plan to pay cash, but if you want to leverage and obtain financing there are parameters to follow. Here are the top 5 things you need to know before you move forward on financing an investment property.

  1. You will need a relatively high credit score 680 at a minimum. Investor financing is the most credit scrutinized of any loan.
  2. The optimum purchase is with 25% down. You can get in with just 20% down but  I highly recommend  25% down. Once you see the numbers you will agree.
  3. You will have to qualify with your current monthly debt and the new mortgage. The new mortgage debt will include principle, interest, taxes, insurance and any homeowners association fees.
  4. Avoid trying to secure financing for condominiums in Florida. Hopefully this trend will end in a few years. But currently condo’s are real hard to secure financing.
  5. Use a local mortgage professional like myself to help you with your financing. And most importantly , once you own the investment property I highly recommend you hire Karen Gunn Bardot and her team to manage your investment property.

I have been a licensed Mortgage Originator since 1997 and have helped many investors who were new to investing and those who are pros. I can say confidently, now is the time  to invest in real estate, the real estate opportunities are ideal to  expand and diversify your portfolio. . . and Brevard County is excellent choice.

Tim Horr  | Thomas Louis Mortgage | 321-698-0417 | tim.horr@gmail.com | TimHorr.com

My Team and I Manage Property As if It’s Our Own

Managing property requires knowledge, experience and a network of professionals to keep investment properties in top condition. If you’re one of our owners then you are already familiar with the quality of how we maintain the properties we manage.

If you’re one of our tenants than you can attest our maintenance department is quick to respond to service calls, even on week-ends. It’s the long time relationships we have with our vendors and trades who help keep our tenants happy and make sure properties maintain their values.

We do much more then collect rent. Our inspector conducts regular inspections to assure properties are being maintained and make certain everything is in proper working order. Our job is to always keep the highest property value and desirability to rent.

If your not already following our Facebook Timeline, make sure you click this link where we provide weekly owner and tenant tips.

Short Sales and Foreclosures Shift Rental Market

All of the short sales and foreclosures taking place leave people in need of a home to rent, making it a great time for investors to purchase investment properties, not just in Brevard County, FL, but anywhere in the sunshine state. The post The New Growth Business; Becoming a Landlord states, “Investors from Warren Buffett to mega financiers like GTIS Partners to small-time wholesalers are looking to cash in on the U.S. Housing market.”

Typically investors worry about vacancy rate, but the distressed property real estate market has created a huge demand for rental properties which is likely to be in place for the next 10 years. At that time the market will rally back to stability, making it an ideal time to sell, perhaps to the tenants who are renting the property.

Buying investment property still requires expertise of what will be most rentable for the long haul and saleable in the future. There are constants in real estate investing that are timeless, meaning buying property because it’s cheap, doesn’t always provide the greatest rate of return.

The shift in the rental market makes it an ideal time to invest. Drop us a reply below to get a list of the ideal investment properties to purchase in Brevard County, FL.