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Search resuls for: "Aj Latrace"


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☆ Real-estate investors who nearly went bust on their first and only flip are now landlords of a 16-apartment building. They say real estate is anything but 'easy' or 'passive.'
  + stars: | 2023-03-30 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +5 min
Louisville investors Dana McMahan and Mike Consigliere bought a rundown house for $80,000 in 2020. They lost money on the deal, even after selling the rehabbed house for $435,000 two years later. Now they own a profitable 16-rental building but warn others that real-estate investing is not easy. But after getting a lead on a 16-unit rental property, they scrounged up their remaining savings and cashed out their 401(k) retirement accounts to buy it. Travel nurses and medium-length renters, though, will pay closer to $1,500 a month, McMahan said.
☆ A personal-finance blogger quit being a landlord, sold her rental properties, and still plans to retire early. Here's how.
  + stars: | 2023-03-29 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +5 min
A personal-finance blogger sold two rental properties and reinvested the money into index funds. She plans to retire early and likes that index funds "never call you in the middle of the night." Trading rental properties for index fundsThe Johnsons, who are both in their early 40s, plan to retire in the next few years. Other downsides of landlord lifeA lot of eager real-estate investors may not be fully aware of the downsides of being a landlord, Johnson said. "So many people are getting into rental properties who have no idea what they're getting into and probably shouldn't be at all," she said.
☆ Influencers make being a landlord with lots of rental properties seem easy. But a real-estate investor with 482 units warns newbies to not scale up too quickly.
  + stars: | 2023-03-25 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +5 min
The prospect of easy money and equity lured people to invest in real estate between 2020 and now. Those who purchased rental properties in the last two years saw a windfall, a veteran investor said. But new landlords who follow landlord influencers on TikTok and Instagram extolling the merits of quick-scaling strategies could use a dose of reality, one veteran real-estate investor told Insider. It all means that investors still have to play it safe when looking at a new deal, Ainley said. They buy properties, fix them up, then refinance them to get out cash that they funnel into purchase the fixer-upper.
☆ Phoenix residents are transforming their homes to save energy and conserve water as climate scientists warn of an ever-worsening crisis
  + stars: | 2023-03-23 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +9 min
Its desert climate inspires builders whose designs prioritize conserving both water and energy. A construction worker installing wood-fiber insulation boards over an airtight membrane of the Vali Mews townhouse development in Phoenix. In 2021, of the more than 120,000 Energy Star-certified homes that were built in the US, Arizona built the highest share, 17%, or 20,140 homes. Arizona builders that tout their energy-efficient homes include Fulton Homes, Maracay Homes, and Meritage Homes. Gerald Leenerts used natural Havelock Wool insulation for his accessory dwelling unit instead of spray foam or fiberglass insulation.
☆ The 26 hottest proptech startups of 2023, according to venture capitalists
  + stars: | 2023-03-23 | by ( Alex Nicoll | Aj Latrace | Kelsey Neubauer | ) www.businessinsider.com   time to read: +2 min
Last year VCs invested $19.8 billion into these property-technology, or proptech, startups. We surveyed venture capitalists to identify the hottest proptech companies right now. Climatetech and AI-powered tools are major themes of the proptech industry in 2023, just as they are in the wider venture world. Insider asked more than 20 venture investors who focus on real-estate and construction technology to nominate the most exciting proptech startups in 2023. Here are the 26 buzziest proptech companies right now, presented in alphabetical order.
☆ Don't bother writing a 'love letter' to home sellers. They're a waste of time and someone could get screwed.
  + stars: | 2023-03-18 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +10 min
Moved by the note, dubbed a "love letter" in real-estate parlance, Byington decided to sell the house to her. Elizabeth Scire's "Barbie House" love letter to the seller. EtsyLove letters risk discriminationDeeply personal and emotionally written love letters, however, open sellers and their agents up to legal risks. In a 2020 blog post, the National Association of Realtors said love letters would be more accurately described as "liability letters." In September 2021, Oregon became the first state to enact a law that banned the practice of writing or sharing real-estate love letters during the homebuying process.
☆ Real-estate investors said eliminating a popular tax-avoidance tool would damage the economy
  + stars: | 2023-03-16 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +6 min
President Biden has renewed his commitment to ending the 1031 exchange, a popular tax-deferral tool. Real-estate investors said the negative consequences of doing so could outweigh any gains. They said one impact of ending it could be pushing investors to take their money out of real estate. Of course, real-estate investors — from small-time mom-and-pop landlords to big corporate firms — will want to protect their wealth, and will meet any move to end the 1031 exchange with friction. If they take away the 1031 exchange, there's no incentive not to eat the goose.
☆ Homebuyers, take note: 21 spots across the US where prices may fall
  + stars: | 2023-03-11 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +3 min
Real-estate data firm Attom evaluated which counties across the country are most vulnerable. Attom's researchers looked at a number of key indicators to determine the overall health of a region's real-estate market. Home prices that are out of reach for many locals suggests they are overly elevated. One is that the counties around major cities such as Chicago and New York are particularly vulnerable. Out of the 581 counties Attom analyzed, here's a look at the 21 counties that are most vulnerable to a decline.
☆ A popular tax-avoidance tool that home sellers and real-estate investors have been using for decades is at risk — again
  + stars: | 2023-03-09 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +3 min
The 1031 exchange is a popular tactic that allows home sellers to avoid paying taxes. The strategy allows sellers to postpone paying taxes on any capital gains — or the money they made in addition to their original investment — by using those funds to immediately buy a similar property elsewhere. This isn't the first time that the president has targeted the 1031 exchange. In 2020, Biden's "caring economy" plan sought to close the 1031 exchange to raise funds for other programs, like universal preschool and a childcare tax credit. Biden's previous threats to end the 1031 exchange were met with stiff resistance from the real-estate industry and were never passed.
☆ A 27-Year-Old Home Flipper Rehabbed Rundown 3 Homes — See Inside
  + stars: | 2023-03-07 | by ( Aj Latrace | ) www.businessinsider.com   time to read: 1 min
Crenshaw purchased this house in Harker Heights — which neighbors Killeen and is about an hour north of Austin — for $188,000 and sold it for $232,000 after renovations. He said he just broke even on this project. Crenshaw said "the energy was terrible" during his first walkthrough of this house. He cleaned up the landscaping, top, and painted the garage door a dark color, bottom. John Crenshaw
☆ Real-estate investors seized upon a tried-and-true strategy to fix up homes and make money. Then the market turned.
  + stars: | 2023-03-05 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +6 min
One way: buy a home, fix it up to rent out, then refinance to get cash and buy the next one. "We looked at long-term rent and we would have been in the hole a few hundred dollars per month based on interest rates and property taxes," Holland told Insider. But a perfect storm of softening home prices, increasing taxes, higher mortgage rates, and steep building-material costs has made the BRRRR model less attractive to investors. When the BRRRR numbers don't work, Holland said, there are a few strategies investors could consider instead. But even that strategy has its own competitive advantages and disadvantages, she said, such as seasonality and uncertain income.
☆ A self-proclaimed 'Airbnb Queen' who managed other people's properties is accused of stealing from homeowners then fleeing town
  + stars: | 2023-03-01 | by ( Dan Latu | Aj Latrace | ) www.businessinsider.com   time to read: +6 min
Massey told Fox 23 that when she confronted Widell on the accounting "irregularities," Widell lashed out and responded "aggressively." A separate unnamed property owner told Fox 23 that he paid Widell $11,000 to stage his rental. Since then, seven of Widell's tenants told Fox 23 their water had been shut off and they risk losing electricity. "Honestly, the worst thing she has done is taken away everyone's peace of mind," one tenant, Traci Nunnelly, told Fox 23. After convincing landlords to switch to Airbnb, Neth said, she would then seek to manage their listings as a paid property manager.
☆ The problem with home-flipping giants
  + stars: | 2023-03-01 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +9 min
Meanwhile, the corporate scalpers of the housing market — companies that buy and relist homes by the thousands without doing much, if any, work on them to make a profit — are struggling. Last week, two of the biggest remaining corporate home-flipping companies, Opendoor and Offerpad, reported dismal earnings, another sign that their business model is incredibly risky. Kelman also said one "problem is that iBuying is a staggering amount of money and risk for a now-uncertain benefit. At its core, the main business model of home-flipping firms doesn't create a ton of immediate value. Opendoor, Offerpad, and other companies that rushed to purchase homes are now discounting the asking prices of those homes to get them off their books.
☆ Home prices could drop 10% 'in many places' this year, said a 50-year real-estate veteran who's witnessed many booms and busts
  + stars: | 2023-02-24 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +3 min
One real-estate veteran sees the housing market cooling down further after a multiyear bull run. As prices fall, he added, there will also likely be a mass exodus of real-estate agents. For instance, San Francisco, San Jose, Seattle, and Phoenix have all seen their median home prices decline by 10% or higher since the housing market peaked last year. Liniger, who in 1973 established ReMax, which now has 140,000 real-estate agents in 110 countries, has witnessed numerous economic peaks and valleys over his 50-year career in real estate. Real-estate agents may flee the industryHowever, the housing bust of 2008 led to severe attrition of real-estate agents, and that exodus from the industry could be repeated this time around, Liniger said.
☆ Bidding wars no more: Regular people have a better shot at scoring a home as investors flee once-hot cities from Phoenix to Atlanta
  + stars: | 2023-02-23 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +5 min
But investors have backed off, especially in formerly hot areas like Phoenix, Redfin found. The significant drop in investor purchases means less competition for regular homebuyers. Investors purchased approximately $31 billion worth of properties — equivalent to 48,445 homes —nationwide in the last three months of 2022. They include Las Vegas, Phoenix, the New York City suburb of Nassau County, Atlanta, and Charlotte, all of which saw investor purchases fall over 60% year-over-year, the report said. But the drop in home prices and investor purchases last year could signal even more dire conditions in 2023, some analysts and experts predict.
☆ A 27-year-old real-estate investor who rehabbed 7 Austin properties last year is now targeting San Antonio, where homes can cost less than $100,000. Here are 3 reasons it's the next big investor hot s
  + stars: | 2023-02-18 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +5 min
San Antonio. You can buy homes for relatively cheap"A lot of people have overlooked San Antonio," Crenshaw said. January data from Redfin pegs the median home price in San Antonio at $255,000, which is less than half of Austin's $530,000. San Antonio — the fastest-growing large city in the nation between 2020 and 2021, gaining nearly 14,000 people, per census data — remains attractive to newcomers. Relocators get affordability in San Antonio, Crenshaw said, without sacrificing exciting nightlife and other big-city attractions such as museums and professional sports teams like the NBA's Spurs.
☆ Homebuyers have a better shot at scoring a deal on a house in the 14 cities where home prices have plummeted the most
  + stars: | 2023-02-16 | by ( Aj Latrace | ) www.businessinsider.com   time to read: +2 min
According to Black Knight, 14 of the 50 largest US markets have seen home prices fall by 6% or more. The San Francisco Bay Area leads the nation with the largest drop in home prices. Softening home prices in some of the most expensive cities will benefit buyers. But there's a chance for them to come off the sidelines — in fact, some already have — as prices fall in some key areas. Leading the nation with the largest drop from the 2022 peak is San Francisco, where home prices have fallen nearly 17%.
☆ The founder of a real-estate investing platform highlights the 3 most attractive cities in the southeast right now, explains what's so appealing about them, and offers predictions for the coming month
  + stars: | 2022-10-29 | by ( Morgan Chittum | Kathleen Elkins | Aj Latrace | ) www.businessinsider.com   time to read: +6 min
Real estate investment platform Cadre identified the most valuable places for investing right now. Institutional money has made big waves in residential real estate over the last year, with each quarter seemingly setting a new record for the number of homes purchased by investors versus regular individuals. A year ago, some of the most popular places for investors included southern cities such as Atlanta, Charlotte, and Jacksonville. Raleigh, Charlotte, and NashvilleRaleigh, Charlotte, and Nashville are some of the top growing cities for industrial, commercial, and multi-family real estate, Williams says. These fundamentals are what make these three metros strong candidates for continued investment in various asset classes — particularly residential real estate — in the coming years, he suggests.
☆ Online real-estate investment firm Fundrise is paying way over housing-market value for some build-to-rent communities. Here's why it says it's still a winning strategy.
  + stars: | 2022-10-24 | by ( Alex Nicoll | Lisa Kailai Han | James Rodriguez | ) www.businessinsider.com   time to read: +14 min
Build-to-rent communities skip the intermediary and go straight to the homebuilder. While typical single-family rental strategies, pioneered by Blackstone in the aftermath of the Great Recession, are inherently tied to the housing market, build-to-rent is not. In the eyes of private equity, there's no difference between build-to-rent communities and apartment blocks. If you value Cypress Bay as an apartment building, instead of a collection of homes, Fundrise got a good deal. Fundrise is still working on deals, Miller said, with a deal pipeline stretching out to 2025.
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