Real Estate Tip

Gerald’s Real Estate Tip of the – Week of 5/23/23

If you hire a property mgmt company to manage your real estate, make sure your property management agreement has the following 3 items: 1. roles & responsibilities 2. payment terms and 3. termination clause

Gerald’s Real Estate Tip of the – Week of 5/16/23

If you allow the seller to stay in a property you are buying after the closing, make sure you have an airtight occupancy agreement that clearly spells out the dates of occupancy and the consequences of failure to abide by those dates.

Gerald’s Real Estate Tip of the – Week of 5/9/23

A property owner must manage his property manager–regardless of how much responsibility you choose to delegate, when you own property, the buck ultimately stops with you.

Gerald’s Real Estate Tip of the – Week of 5/2/23

When you buy a property, make sure that ALL current property owners sign the purchase contract.

Gerald’s Real Estate Tip of the – Week of 4/25/23

Find out if your homeowners insurance uses “actual cash value” method rather than “cost to replace” method to calculate a claim–if so, depreciation will be deducted from your settlement amount, resulting in lower compensation to you in the event of a claim.

Gerald’s Real Estate Tip of the – Week of 4/18/23

Never let a real estate attorney make a business decision for you. Attorneys exist to review and advise not to make business decisions. Tell your attorney to stay in his lane and focus on the law.

Gerald’s Real Estate Tip of the – Week of 4/11/23

Analyze real estate markets and trends locally, not nationally, every local real estate market is different.

Gerald’s Real Estate Tip of the – Week of 4/4/23

Check references and get a sample inspection report before you hire a home inspector to inspect a home you plan to buy.

Gerald’s Real Estate Tip of the – Week of 3/28/23

Select a real estate attorney that specializes in real estate rather than a jack of all trades.

Gerald’s Real Estate Tip of the – Week of 3/21/23

If you own rental property, monitor market rents where your property is located by looking at rental ads online so you can see what your prospective tenants or current tenants are also seeing.

Gerald’s Real Estate Tip of the – Week of 3/14/23

Put money aside for property maintenance. Two pricey items to focus on for property maintenance are your roof and your heating and cooling systems.

Gerald’s Real Estate Tip of the – Week of 3/7/23

Buy property that is consistent with other property in the neighborhood. It’s smarter to buyer the cheapest rather than the most expensive house in an acceptable neighborhood-this increases the odds that your property value will increase and often makes it easier for you to sell.

Gerald’s Real Estate Tip of the – Week of 2/28/23

Pay for property renovation projects by the job not by the hour. When you pay by the hour, it normally takes more time and costs you more money.

Gerald’s Real Estate Tip of the – Week of 2/21/23

Get at least 3 difference contractor estimates on any real estate renovation projects you are considering taking on. Make sure each estimate is for exactly the same scope of work so you can make an apples to apples comparison.

Gerald’s Real Estate Tip of the – Week of 2/14/23

When you rent a property, set up all appointments to show the property at the same time–this saves you time and creates more urgency for tenant applicants to make a decision.

Gerald’s Real Estate Tip of the – Week of 2/7/23

If your mortgage lender pays your real estate taxes from an escrow account, make sure the real estate taxes you claim on your return matches the number on Form 1098 your mortgage lender sends you-Form 1098 will report any real estate taxes you paid.

Gerald’s Real Estate Tip of the – Week of 1/31/23

Think twice before sinking a lot of money into a home renovation like granite counter tops, pricey fixtures and fancy alarm systems–on average, capital improvements add only 50% of their cost to a home’s value!

Gerald’s Real Estate Tip of the – Week of 1/24/23

When you pay for an oil tank scan on a property you are going to buy, have the company you hire determine whether the tank is actively in use. If the tank has been taken out of service, you should request all documents relating to the tank closure including town permits and contractor reports. These documents will prove the tank was closed properly according to regulatory guidelines.

Gerald’s Real Estate Tip of the – Week of 1/17/23

Always pay for a tank scan to check for underground oil tanks during your purchase contract’s inspection period when you buy property.

Gerald’s Real Estate Tip of the – Week of 1/10/23

Overpricing a property reduces its selling price-it inevitably ends with price cutting & a weak negotiating position. The longer a property stays on the market, the less it will sell for. The key to selling a property for top dollar is pricing it correctly in the 1st 30-45 days it’s on the market.

Gerald’s Real Estate Tip of the – Week of 1/3/23

Always get at least a 5 year guarantee on a new roof before you make the final payment on it.

Gerald’s Real Estate Tip of the – Week of 12/27/22

90% of what goes into the current value of a residential property is what similar properties have sold for in the last 6 months—so the key to arriving at the most accurate estimate of your home’s current value is getting recent sold price comparables in your neighborhood.

Gerald’s Real Estate Tip of the – Week of 12/20/22

As a landlord, it’s best to have a thorough written rental policy that uniformly applies to all tenants and all tenant applicants

Gerald’s Real Estate Tip of the – Week of 12/13/22

Always get at least a 5 year guarantee on a new roof before you make the final payment on it.

Gerald’s Real Estate Tip of the – Week of 12/6/22

Buy property that is consistent with other property in the neighborhood. It’s smarter to buy the cheapest rather than the most expensive house in an acceptable neighborhood-this increases the odds that your property value will increase and often makes it easier for you to sell.

Gerald’s Real Estate Tip of the – Week of 11/29/22

Before you buy property, incorporate a margin of safety, a buffer for unforeseen circumstances and things that may happen that are outside of your control.

Gerald’s Real Estate Tip of the – Week of 11/22/22

Whenever possible, avoid buying property at auctions. There will usually be at least one person at the auction dumb enough to pay too much for a property–compete with that idiot at your own peril!

Gerald’s Real Estate Tip of the – Week of 11/15/22

Prepare a detailed plan of attack long before you begin renovating a property.

Gerald’s Real Estate Tip of the – Week of 11/8/22

Rather than replacing tile when you renovate a bathroom, consider glazing over old tile-it’s cheaper and if done right can look as professional as new tile.

Gerald’s Real Estate Tip of the – Week of 11/1/22

Ultimately, the true value of the property is what someone is willing to pay for it now.

Gerald’s Real Estate Tip of the – Week of 10/25/22

Shop for a mortgage or funding source before shopping for a home or property.

Gerald’s Real Estate Tip of the – Week of 10/18/22

Do all your homework BEFORE you make your first offer to purchase a property.

Gerald’s Real Estate Tip of the – Week of 10/11/22

Provide multiple comparable sales, with photos, addresses and detailed information when you present a real estate deal to an investor, lender or JV partner.

Gerald’s Real Estate Tip of the – Week of 10/4/22

Before you make a written offer to buy a rehab property, learn what real estate repairs cost (labor and materials), be conservative with your estimates and make a detailed list that you can show to potential lenders, investors and joint venture partners

Gerald’s Real Estate Tip of the – Week of 9/27/22

Confirm contractor availability to work before you commit to buying a property that needs extensive renovations.

Gerald’s Real Estate Tip of the – Week of 9/20/22

Line up multiple potential funding sources beforehand as you plan a property rehab or renovation.

Gerald’s Real Estate Tip of the – Week of 9/13/22

When you file a property insurance claim, document damage with both photos and video.

Gerald’s Real Estate Tip of the – Week of 9/6/22

When you estimate holding costs for a property rehab, consider estimated renovation time as well as the time required to sell the property.

Gerald’s Real Estate Tip of the – Week of 8/30/22

Demand an itemized breakdown of renovation costs from a general contractor rather just an overall estimate for an entire home rehab project.

Gerald’s Real Estate Tip of the – Week of 8/23/22

Find out how many jobs a real estate contractor is working on before you hire him. If he has too many jobs running concurrently, the job you hire him to do will unlikely be completed on time.

Gerald’s Real Estate Tip of the – Week of 8/16/22

Gerald’s Real Estate Tip of the – Week of 8/9/22

Gerald’s Real Estate Tip of the – Week of 8/2/22

Don’t take on a home renovation project yourself unless you have prior experience-1st time home renovators often end up wasting both time and money.

Gerald’s Real Estate Tip of the – Week of 7/26/22

A property owner must manage his property manager–regardless of how much responsibility you choose to delegate, when you own property, the buck ultimately stops with you.

Gerald’s Real Estate Tip of the – Week of 7/19/22

Gerald’s Real Estate Tip of the – Week of 7/12/22

Investigate and correct mistakes on your credit report before you apply for a mortgage.

Gerald’s Real Estate Tip of the – Week of 7/5/22

The best way to avoid paying too much for a property is to never offer too much.

Gerald’s Real Estate Tip of the – Week of 6/28/22

When you file a property insurance claim, document damage with both photos and video.

Gerald’s Real Estate Tip of the – Week of 6/21/22

When you estimate holding costs for a property rehab, consider estimated renovation time as well as the time required to sell the property.

Gerald’s Real Estate Tip of the – Week of 6/14/22

Only make small payments to contractors as they satisfactorily complete mutually agreed upon milestones.

Gerald’s Real Estate Tip of the – Week of 6/7/22

When interest rates are low always borrow for the longest term you can negotiate.

Gerald’s Real Estate Tip of the – Week of 5/31/22

Gerald’s Real Estate Tip of the – Week of 5/24/22

Put money aside for property maintenance. Two pricey items to focus on for property maintenance are your roof and your heating and cooling systems.

Gerald’s Real Estate Tip of the – Week of 5/17/22

Pay for property renovation projects by the job not by the hour. When you pay by the hour, it normally takes more time and costs you more money.

Gerald’s Real Estate Tip of the – Week of 5/10/22

Gerald’s Real Estate Tip of the – Week of 5/3/22

When you rent a property, set up all appointments to show the property at the same time–this saves you time and creates more urgency for tenant applicants to make a decision.

Gerald’s Real Estate Tip of the – Week of 4/26/22

Think twice before sinking a lot of money into a home renovations like granite counter tops, pricey fixtures and fancy alarm systems–on average, capital improvements add only 50% of their cost to a home’s value!

Gerald’s Real Estate Tip of the – Week of 4/19/22

Gerald’s Real Estate Tip of the – Week of 4/12/22

Always pay for a tank scan to check for underground oil tanks during your purchase contract’s inspection period when you buy property.

Gerald’s Real Estate Tip of the – Week of 4/5/22

Gerald’s Real Estate Tip of the – Week of 3/29/22

Gerald’s Real Estate Tip of the – Week of 3/22/22

The Capitalization or Cap Rate for a property is the ratio between its net operating income (NOI) and the property’s value: Capitalization Rate = Net Operating Income/Value You can transpose the formula to solve for property value or net operating income: Property Value = Net Operating Income/Capitalization Rate Net Operating Income = Property Value*Capitalization Rate

Gerald’s Real Estate Tip of the – Week of 3/15/22

Be very careful if you participate in a real estate auction. Auctions encourage impulsive behavior and at most auctions there’s usually someone dumb enough to pay too much for a property– better to let that person win. No one ever got rich paying too much for something!

Gerald’s Real Estate Tip of the – Week of 3/8/22

Use low-flow toilets to reduce your water bill or make your existing toilet more efficient by dropping a soda bottle filled with sand or water into the tank. It will use less water each time it flushes.

Gerald’s Real Estate Tip of the – Week of 3/1/22

In a real estate transaction, don’t accept any piece of important data that is provided to you until you’ve gotten third party confirmation of it (i.e. lease-verified rental income numbers)

Gerald’s Real Estate Tip of the – Week of 2/22/22

You can legally invest in real estate with your IRA and 401(K) and pay little or no taxes provided your IRA or retirement plan uses an approved custodian. The widespread misconception that permissible IRA investments are limited to stocks, bonds, mutual funds and CDs is the result of people and companies who are in the business of selling these products.

Gerald’s Real Estate Tip of the – Week of 2/15/22

Be careful when you make offers to purchase bank-owned property, also known as REOs because there is no previous owner compelled to disclose problems like a leaky roof or oil tank. You must do your own homework which includes a property inspection–the bank will only give you clear title to the property.

Gerald’s Real Estate Tip of the – Week of 2/8/22

If you choose to hire a property management company to manage your real estate, make sure you require the individual or company to sign a written agreement that spells out roles, responsibilities & payment terms.

Gerald’s Real Estate Tip of the – Week of 2/1/22

Before you buy a previously owned property, call the local utility companies to try to get historical gas, electrical and water usage info. This will help you more accurately predict your operating expenses.

Gerald’s Real Estate Tip of the – Week of 1/25/22

Do a thorough title search before you buy a property to make sure that you get clear title free of outstanding liens or other encumbrances.

Gerald’s Real Estate Tip of the – Week of 1/18/22

Look at real estate markets and trends locally, not nationally, every local real estate market is different.

Gerald’s Real Estate Tip of the – Week of 1/11/22

Never fall in love with a property. Adhere to my 2nd Real Estate Commandment: Thou Shalt Use Logic And Never Let Emotions Affect Real Estate Decisions.

Gerald’s Real Estate Tip of the – Week of 1/4/22

Adapt to the real estate market around you; don’t expect it to adapt to you.

Gerald’s Real Estate Tip of the – Week of 12/28/21

When you renovate a property, get multiple bids from several contractors–prepare a set of bidding instructions with a detailed scope of work, a start and finish date so you can compare bids effectively.

Gerald’s Real Estate Tip of the – Week of 12/21/21

Most of the best real estate deals will involve properties that are in need of repair. In order to capitalize on these rehab deals, you or someone you work with will need to know how much time and money are required to renovate these properties.

Gerald’s Real Estate Tip of the – Week of 12/14/21

Rather than replacing tile when you renovate a bathroom, consider glazing over old tile-it’s cheaper and if done right can look as professional as new tile.

Gerald’s Real Estate Tip of the – Week of 12/7/21

Ultimately, the true value of a residential property is what someone is willing to pay for it now.

Gerald’s Real Estate Tip of the – Week of 11/30/21

Get a great loan when you buy so you don’t NEED to refinance; if rates improve and refinancing makes sense, aim to do so only once–serial refinancing can be expensive, wasteful & financially destructive.

Gerald’s Real Estate Tip of the – Week of 11/23/21

If you own rental property, monitor market rents where your property is located by looking at rental ads online so you can see what your prospective tenants or current tenants are seeing.

Gerald’s Real Estate Tip of the – Week of 11/16/21

Put money aside for property maintenance. Two pricey items to focus on for property maintenance are your roof and your heating and cooling systems.

Gerald’s Real Estate Tip of the – Week of 11/9/21

Pay for property renovation projects by the job not by the hour. When you pay by the hour, it normally takes more time and costs you more money.

Gerald’s Real Estate Tip of the – Week of 11/2/21

Gerald’s Real Estate Tip of the – Week of 10/26/21

When you rent a property, set up all appointments to show the property at the same time–this saves you time and creates more urgency for tenant applicants to make a decision.

Gerald’s Real Estate Tip of the – Week of 10/19/21

If you relocate for a new job and rent out your property, you are a landlord in the eyes of the IRS, so make sure you report your new rental property on your federal income taxes.

Gerald’s Real Estate Tip of the – Week of 10/12/21

Gerald’s Real Estate Tip of the – Week of 10/5/21

Gerald’s Real Estate Tip of the – Week of 9/28/21

Gerald’s Real Estate Tip of the – Week of 9/21/21

Always pay for a tank scan to check for underground oil tanks during your purchase contract’s inspection period when you buy property.

Gerald’s Real Estate Tip of the – Week of 9/14/21

Gerald’s Real Estate Tip of the – Week of 9/7/21

Gerald’s Real Estate Tip of the – Week of 8/31/21

Gerald’s Real Estate Tip of the – Week of 8/24/21

Cash-on-cash return for a property = Cash flow before taxes($)/Cash investment($)

Gerald’s Real Estate Tip of the – Week of 8/17/21

Gerald’s Real Estate Tip of the – Week of 8/10/21

Classifying real estate expenditures as repairs rather than capital improvements often results in tax savings.

Gerald’s Real Estate Tip of the – Week of 8/3/21

Gerald’s Real Estate Tip of the – Week of 7/27/21

Get a free copy of your credit report from all 3 major credit bureaus and make sure there are no errors that need to be corrected BEFORE you apply for a mortgage.

Gerald’s Real Estate Tip of the – Week of 7/20/21

Know when to walk away in a negotiation to purchase a property. When you walk away, a lot of times the other party will come back to you later on–and if and when they do, you’ll have an even stronger negotiating position to work from.

Gerald’s Real Estate Tip of the – Week of 7/13/21

Before you make offers to buy property, look at as many similar properties in that area as possible so you’ll have a solid frame of reference to make a reasonable bid.

Gerald’s Real Estate Tip of the – Week of 7/6/21

In a real estate transaction, don’t accept any piece of important data that is provided to you until you’ve gotten third party confirmation of it (i.e. lease-verified rental income numbers).

Gerald’s Real Estate Tip of the – Week of 6/29/21

As a rule, it’s smart to get three estimates for any service or construction work done on your home or property.

Gerald’s Real Estate Tip of the – Week of 6/22/21

Keep detailed records of each expense related to your property so you will be able to take advantage of every single tax deduction you are legally entitled to use.

Gerald’s Real Estate Tip of the – Week of 6/15/21

Gerald’s Real Estate Tip of the – Week of 6/8/21

Make sure any contract you sign to buy a house has an inspection contingency that provides you more than enough time to get a thorough property inspection.

Gerald’s Real Estate Tip of the – Week of 6/1/21

Gerald’s Real Estate Tip of the – Week of 5/25/21

Gerald’s Real Estate Tip of the – Week of 5/18/21

Do a thorough title search before you buy a property to make sure that you get clear title free of outstanding liens or other encumbrances.

Gerald’s Real Estate Tip of the – Week of 5/11/21

Gerald’s Real Estate Tip of the – Week of 5/4/21

Gerald’s Real Estate Tip of the – Week of 4/27/21

Always ask to see any existing leases for any rental property you are considering for purchase. If you buy the property, you will be subject to the terms of those leases. Make sure the leases match the seller’s representations.

Gerald’s Real Estate Tip of the – Week of 4/20/21

The average number of days on market required to sell a home gives you a good indication of the strength of that local real estate market–a higher average number of days on market usually suggests a weaker market, a lower average number of days on market implies a stronger local real estate market.

Gerald’s Real Estate Tip of the – Week of 4/13/21

Gerald’s Real Estate Tip of the – Week of 4/6/21

Avoid poorly designed homes–this is often referred to as functional obsolescence. Functional obsolescence reduces the desirability of your home and makes it more difficult to sell. Here are some examples that you should steer clear of: 1) No bathrooms on first floor 2) Bedrooms with no closest 3) Knob-and-tube wiring or fuses instead of a circuit breaker box 4) One outlet per room

Gerald’s Real Estate Tip of the – Week of 3/30/21

Adapt to the real estate market around you; don’t expect it to adapt to you.

Gerald’s Real Estate Tip of the – Week of 3/23/21

Whenever possible, avoid buying property at auctions. There will usually be at least one person at the auction dumb enough to pay too much for a property–compete with that idiot at your own peril!

Gerald’s Real Estate Tip of the – Week of 3/16/21

Rather than replacing tile when you renovate a bathroom, consider glazing over old tile-it’s cheaper and if done right can look as professional as new tile.

Gerald’s Real Estate Tip of the – Week of 3/9/21

Ultimately, the true value of a residential property is what someone is willing to pay for it now.

Gerald’s Real Estate Tip of the – Week of 3/2/21

Before you make an offer to purchase a rental property, estimate a property’s monthly rent roll by examining and ideally visiting comparable rental properties in the same neighborhood.

Gerald’s Real Estate Tip of the – Week of 2/23/21

Good tenants are worth keeping. Keep rents for good tenants slightly below market–this limits service calls and reduces your property management and maintenance costs over time.

Gerald’s Real Estate Tip of the – Week of 2/16/21

Investigate and correct mistakes on your credit report before you apply for a mortgage pre-approval.

Gerald’s Real Estate Tip of the – Week of 2/9/21

Gerald’s Real Estate Tip of the – Week of 2/2/21

Gerald’s Real Estate Tip of the – Week of 1/26/21

Always pay for a tank scan to check for underground oil tanks during your purchase contract’s inspection period when you buy property.

Gerald’s Real Estate Tip of the – Week of 1/19/21

Gerald’s Real Estate Tip of the – Week of 1/12/21

Gerald’s Real Estate Tip of the – Week of 1/5/21

Turning your fans clockwise can save money on heat in the winter since it will stop the warm air from rising.

Gerald’s Real Estate Tip of the – Week of 12/22/20

You can defer paying taxes on realized gains on the sale of investment property by utilizing IRS code 1031 (common known as a 1031 like-kind exchange.

Gerald’s Real Estate Tip of the – Week of 12/15/20

Increase your mortgage interest deduction by pre-paying your January mortgage payment in December.

Gerald’s Real Estate Tip of the – Week of 12/8/20

Before you rent a property look at other rental ads online for similar properties so you can see what your prospective tenants are seeing–become a secret rental shopper.

Gerald’s Real Estate Tip of the – Week of 12/1/20

Before you renovate an apartment or house have the occupants move out–the renovation will go smoother and take less time.

Gerald’s Real Estate Tip of the – Week of 11/24/20

When you renovate a house, do the floors last so you don’t get paint etc. on them.

Gerald’s Real Estate Tip of the – Week of 11/17/20

When you buy property, avoid bidding wars–you win by buying property cheap not by overpaying for it.

Gerald’s Real Estate Tip of the – Week of 11/10/20

Analyze your local real estate market before you list your home to sell.

Gerald’s Real Estate Tip of the – Week of 11/3/20

Reduce your taxable income by taking advantage of property tax and mortgage interest deductions by buying a home before the end of the year.

Gerald’s Real Estate Tip of the – Week of 10/27/20

Find out how many jobs a real estate contractor is working on before you hire him. If he has too many jobs running concurrently, the job you hire him to do will unlikely be completed on time.

Gerald’s Real Estate Tip of the – Week of 10/20/20

The best way to avoid paying too much for a property is to never offer too much.

Gerald’s Real Estate Tip of the – Week of 10/13/20

Bring in a qualified roofer to examine the roof of a home before you buy to fix and flip because replacing or repairing a damaged roof is one of the costlier renovation tasks associated with a rehab.

Gerald’s Real Estate Tip of the – Week of 10/6/20

When you go over a repair or renovation estimate with a contractor that’s going to do work for you, make sure you ask exactly what work is NOT included in his estimate.

Gerald’s Real Estate Tip of the – Week of 9/29/20

When you sell a home, set your asking price based on the current market value determined by an appraisal or a comparative market analysis (CMA) done by a licensed realtor.

Gerald’s Real Estate Tip of the – Week of 9/22/20

When you sell a home, don’t surrender the keys to the buyer until the actual closing in case the transaction does not close for some reason.

Gerald’s Real Estate Tip of the – Week of 9/15/20

Gerald’s Real Estate Tip of the – Week of 9/8/20

Gerald’s Real Estate Tip of the – Week of 9/1/20

Cash-on-cash return for a property = Cash flow before taxes($)/Cash investment($)

Gerald’s Real Estate Tip of the – Week of 8/25/20

One of the secrets to success as a rehabber is knowing the cost of materials and labor in your local real estate market.

Gerald’s Real Estate Tip of the – Week of 8/18/20

When you pay a deposit to buy a property, make certain your deposit is a credit toward the purchase price.

Gerald’s Real Estate Tip of the – Week of 8/11/20

Keep detailed records of all property expenses so you can take full advantage of every deduction available.

Gerald’s Real Estate Tip of the – Week of 8/4/20

1031 tax-deferred exchanges are most successful when investors find like-kind PROFITABLE property that satisfies their long term goals to trade for.

Gerald’s Real Estate Tip of the – Week of 7/28/20

While you’re under contract to buy a rental property, check the applications of any new tenants the seller finds–if a new lease is signed with a less than qualified tenant, you’ll be stuck with them after you close.

Gerald’s Real Estate Tip of the – Week of 7/21/20

Make sure your property manager contacts you first before agreeing to expensive repairs on your property–there may be a cheaper or more efficient solution.

Gerald’s Real Estate Tip of the – Week of 7/14/20

Replacing flooring and carpeting is dirty work. If you paint first, dirt and dust will end up on freshly painted walls. Install new carpet or flooring before you paint.

Gerald’s Real Estate Tip of the – Week of 7/7/20

Rehab costs have a way of always being higher than you initially expect so build a cushion for unexpected repair items into your estimates.

Gerald’s Real Estate Tip of the – Week of 6/30/20

If a person you hire to do a home inspection thinks he also is going to to any repair work, he may invent repair items.

Gerald’s Real Estate Tip of the – Week of 6/23/20

Do ALL your analysis BEFORE you make a purchase offer to buy property.

Gerald’s Real Estate Tip of the – Week of 6/16/20

Don’t buy garbage, even if it’s on sale! Property you buy must be appealing to a tenant or a buyer.

Gerald’s Real Estate Tip of the – Week of 6/9/20

Gerald’s Real Estate Tip of the – Week of 6/2/20

Gerald’s Real Estate Tip of the – Week of 5/26/20

Buy residential property that is consistent with other property in the neighborhood. It’s smarter to buy the cheapest rather than the most expensive house in an acceptable neighborhood-this increases the odds that your property value will increase and often makes it easier for you to sell.

Gerald’s Real Estate Tip of the – Week of 5/19/20

Adapt to the real estate market around you; don’t expect it to adapt to you.

Gerald’s Real Estate Tip of the – Week of 5/12/20

Never fall in love with a property. 2nd Real Estate Commandment: Thou Shalt Use Logic And Never Let Emotions Affect Real Estate Decisions.

Gerald’s Real Estate Tip of the – Week of 5/5/20

Before you buy property, incorporate a margin of safety, a buffer for unforeseen circumstances and things that may happen that are outside of your control.

Gerald’s Real Estate Tip of the – Week of 4/28/20

Whenever possible, avoid buying property at auctions. There will usually be at least one person at the auction dumb enough to pay too much for a property–compete with that idiot at your own peril!

Gerald’s Real Estate Tip of the – Week of 4/21/20

Prepare a detailed plan of attack long before you begin renovating a property.

Gerald’s Real Estate Tip of the – Week of 4/14/20

Rather than replacing tile when you renovate a bathroom, consider glazing over old tile-it’s cheaper and if done right can look as professional as new tile.

Gerald’s Real Estate Tip of the – Week of 4/7/20

Ultimately, the true value of the property is what someone is willing to pay for it now.

Gerald’s Real Estate Tip of the – Week of 3/31/20

Shop for a mortgage or funding source before shopping for a home or property.

Gerald’s Real Estate Tip of the – Week of 3/24/20

Before you make an offer to purchase a rental property, estimate the property’s monthly rent roll by examining and ideally visiting similar rental properties in the same neighborhood.

Gerald’s Real Estate Tip of the – Week of 3/17/20

Consider deferring capital gains taxes using a 1031 exchange when you sell real estate and reinvest the proceeds to purchase like-kind investment property.

Gerald’s Real Estate Tip of the – Week of 3/10/20

Never sign a purchase contract as a buyer with an inspection contingency period less than 7 days.

Gerald’s Real Estate Tip of the – Week of 3/3/20

Homeowners should always put money aside for property maintenance. Two pricey items to focus on for property maintenance are your roof and your heating and cooling systems.

Gerald’s Real Estate Tip of the – Week of 2/25/20

Gerald’s Real Estate Tip of the – Week of 2/18/20

Pay for property renovation projects by the job not by the hour. When you pay by the hour, it normally takes more time and costs you more money.

Gerald’s Real Estate Tip of the – Week of 2/11/20

Gerald’s Real Estate Tip of the – Week of 2/4/20

When you rent a property, set up all appointments to show the property at the same time–this saves you time and creates more urgency for tenant applicants to make a decision.

Gerald’s Real Estate Tip of the – Week of 1/28/20

In winter or when it’s cold outside, reverse your ceiling fans to help circulate warm air that gathers near the ceiling. When the fan blades rotate clockwise, they push the warm air down to “reheat” the lower areas.

Gerald’s Real Estate Tip of the – Week of 1/21/20

Replace old thermostats with newer, programmable models that allow you to set a lower temperature while you are away or asleep and raise the temperature only when you need it.

Gerald’s Real Estate Tip of the – Week of 1/14/20

Check the furnace pilot light to see if it is lit in your home. Turn on the furnace and blower to ensure the furnace ignites and completes a full cycle, from warming up to blowing heat and shutting off the blower again.

Gerald’s Real Estate Tip of the – Week of 1/7/20

Insulate ductwork that runs under your house or through unheated areas with blanket insulation.

Gerald’s Real Estate Tip of the – Week of 12/17/19

Gerald’s Real Estate Tip of the – Week of 12/10/19

You can increase your mortgage interest deduction by pre-paying your January mortgage payment in December.

Gerald’s Real Estate Tip of the – Week of 12/3/19

Close on your mortgage refi before year end and claim points you paid—the IRS allows taxpayers to deduct points for any payments made in the tax year.

Gerald’s Real Estate Tip of the – Week of 11/26/19

Get your gas furnace serviced annually, otherwise the manufacturer may void your warranty.

Gerald’s Real Estate Tip of the – Week of 11/19/19

As a rule, it’s smart to get three estimates for any service or construction work done on your home or property.

Gerald’s Real Estate Tip of the – Week of 11/12/19

Gerald’s Real Estate Tip of the – Week of 11/05/19

Gerald’s Real Estate Tip of the – Week of 10/29/19

Keep detailed records of each expense related to your property so you will be able to take advantage of every single tax deduction you are legally entitled to use.

Gerald’s Real Estate Tip of the – Week of 10/22/19

Gerald’s Real Estate Tip of the – Week of 10/15/19

Clean creosote buildup in your fireplace every year to avoid chimney fire.

Gerald’s Real Estate Tip of the – Week of 10/08/19

Don’t overprice your property when you rent it out or it will sit vacant and you will lose money.

Gerald’s Real Estate Tip of the – Week of 10/01/19

To lower property water bills water bills, replace old toilets and shower heads with more eco-friendly versions.

Gerald’s Real Estate Tip of the – Week of 9/24/19

Landlords should make sure their lease is set up for tenants to pay any utility that isn’t shared including water, heat, electric, trash, etc.

Gerald’s Real Estate Tip of the – Week of 9/17/19

Check with the local building department for open permits on property before you buy.

Gerald’s Real Estate Tip of the – Week of 9/10/19

Get a Charles Jones report on a property you plan to buy early in the buying process to uncover potential liens or title problems.

Gerald’s Real Estate Tip of the – Week of 9/03/19

Check local inspection and occupancy requirements early in the home buying process.

Gerald’s Real Estate Tip of the – Week of 8/27/19

When you buy property directly from a seller, consider seller financing as an option to purchase.

Gerald’s Real Estate Tip of the – Week of 8/20/19

Do a preliminary lien search on a property before you sign a contract to buy it.

Gerald’s Real Estate Tip of the – Week of 8/13/19

When you buy rental property, treat being a landlord as a business not a pastime.

Gerald’s Real Estate Tip of the – Week of 8/06/19

Gerald’s Real Estate Tip of the – Week of 7/30/19

Real estate wholesalers should first build a comprehensive list of potential buyers before they present deals to flip to a mass audience.

Gerald’s Real Estate Tip of the – Week of 7/23/19

When interest rates are low always borrow for the longest term you can negotiate.

Gerald’s Real Estate Tip of the – Week of 7/16/19

Confirm contractor availability to work before you commit to buying a property that needs extensive renovations.

Gerald’s Real Estate Tip of the – Week of 7/9/19

Line up multiple potential funding sources beforehand as you plan a property rehab or renovation.

Gerald’s Real Estate Tip of the – Week of 7/2/19

When you file a property insurance claim, document damage with both photos and video.

Gerald’s Real Estate Tip of the – Week of 6/25/19

When you estimate holding costs for a property rehab, consider estimated renovation time as well as the time required to sell the property.

Gerald’s Real Estate Tip of the – Week of 6/18/19

Only make small payments to contractors as they satisfactorily complete mutually agreed upon milestones.

Gerald’s Real Estate Tip of the – Week of 6/11/19

Demand an itemized breakdown of renovation costs from a general contractor rather just an overall estimate for an entire home rehab project.

Gerald’s Real Estate Tip of the – Week of 6/4/19

When you value a property, consider highest and best use as well as sales comparables.

Gerald’s Real Estate Tip of the – Week of 5/28/19

Find out how many jobs a real estate contractor is working on before you hire him. If he has too many jobs running concurrently, the job you hire him to do will unlikely be completed on time.

Gerald’s Real Estate Tip of the – Week of 5/21/19

Only hire real estate contractors that have established trade lines (credit accounts that allow them to buy supplies and materials themselves).

Gerald’s Real Estate Tip of the – Week of 5/14/19

Conduct a thorough local rental demand analysis before you sign a contract to buy a rental property.

Gerald’s Real Estate Tip of the – Week of 5/7/19

Investigate and correct mistakes on your credit report BEFORE you apply for a mortgage.

Gerald’s Real Estate Tip of the – Week of 4/30/19

The best way to avoid paying too much for a property is to never offer too much.

Gerald’s Real Estate Tip of the – Week of 4/23/19

Gerald’s Real Estate Tip of the – Week of 12/11/18

In winter, turning water on so that it keeps running through the pipes in a home can prevent them from freezing. The constant flow of water will help avert water freezing in the pipe. You can also open cabinet doors under kitchen or bathroom faucets to bring more heat from the home to warm up the pipes.

Gerald’s Real Estate Tip of the – Week of 7/3/18

Avoid overly unique properties because they tend to be harder to value, harder to finance and they generate lower demand and appeal to a smaller percentage of potential buyers.

Gerald’s Real Estate Tip of the – Week of 6/12/18

When possible, buy building materials in bulk to save money over time.

Gerald’s Real Estate Tip of the – Week of 2/21/17

If you relocate for a new job and rent out your property, you are a landlord in the eyes of the IRS, so make sure you report your rental property on your federal income taxes.

Gerald’s Real Estate Tip of the – Week of 1/31/17

Gerald’s Real Estate Tip of the – Week of 12/6/16

If you can afford to raise your deductible, you could save 25% or more on your homeowner’s insurance premium.

Gerald’s Real Estate Tip of the – Week of 10/25/16

Classifying real estate expenditures as repairs rather than capital improvements often results in tax savings.

Gerald’s Real Estate Tip of the – Week of 10/18/16

Gerald’s Real Estate Tip of the – Week of 10/11/16

Get a free copy of your credit report from all 3 major credit bureaus and make sure there are no errors that need to be corrected before you apply for a mortgage.

Gerald’s Real Estate Tip of the – Week of 10/4/16

Gerald’s Real Estate Tip of the – Week of 9/20/16

Before you make offers to buy property, look at as many similar properties in that area as possible so you’ll have a solid frame of reference to make a reasonable bid.

Gerald’s Real Estate Tip of the – Week of 9/13/16

In a real estate transaction, don’t accept any piece of important data that is provided to you until you’ve gotten third party confirmation of it (i.e. lease-verified rental income numbers).

Gerald’s Real Estate Tip of the – Week of 9/6/16

Make clear to your home inspector that you’d never hire him to do repair work on your property. Otherwise, he may try to inflate or invent problems with your property in his inspection report and then try to get you to hire him to do the repair work.

Gerald’s Real Estate Tip of the – Week of 8/30/16

As a rule, it’s smart to get three estimates for any service or construction work done on your home or property.

Gerald’s Real Estate Tip of the – Week of 8/9/16

Keep detailed records of each expense related to your property so you will be able to take advantage of every single tax deduction you are legally entitled to use.

Gerald’s Real Estate Tip of the – Week of 7/5/16

When you renovate a property, get multiple bids from several contractors. Prepare a set of bidding instructions with a detailed scope of work, a start and finish date so you can compare bids effectively.

Gerald’s Real Estate Tip of the – Week of 3/22/16

Whenever possible avoid buying property at auctions. There will usually be at least one person at the auction dumb enough to pay too much for a property–compete with that idiot at your own peril!

Gerald Real Estate Tip of the -Week of 3/1/16

Ultimately, the true value of the property is what someone is willing to pay for it now.

Gerald’s Real Estate Tip of the – Week of 4/21/15

Use IRS Code 121 to defer real estate capital gains on your primary residence.

Gerald’s Real Estate Tip of the- Week of 4/14/15

Use IRS Code 1031 to defer paying taxes on real estate capital gains of investment property.

Gerald’s Real Estate Tip of the – Week of 3/10/15

Cover or close open-air vents during winter because freezing temperatures combined with wind drafts can cause pipes to freeze.

Gerald’s Real Estate Tip Of The Week – 3/18/14

Gerald’s Real Estate Tip of the Week 1/28/14

Real Estate Tip: Most of the best real estate deals will involve properties that are in need of repair. In order to capitalize on these rehab deals, you or someone you work with will need to know how much time and money are required to renovate these properties. -Gerald

Gerald’s Real Estate Tip of the Week 1/21/14

Real Estate Tip: The average number of days on market required to sell a home gives you a good indication of the strength of that local real estate market–a higher average number of days on market usually suggests a weaker market, a lower average number of days on market implies a stronger local real estate market.

Gerald’s Real Estate Tip of the Week 1/14/14

Real Estate Tip: Avoid poorly designed homes–this is often referred to as functional obsolescence. Functional obsolescence reduces the desirability of your home and makes it more difficult to sell. Here are some examples that you should steer clear of: 1) No bathrooms on first floor 2) Bedrooms with no closest 3) Knob-and-tube wiring or fuses instead of a circuit breaker box 4) One outlet per room -Gerald