Condotels Are A Vacation Home And A $$$ Maker...  

...can be a great 1st time investment property

as long as you understand how they work at a super high level

they are absolutely different than your typical condo

and can cost a lot less than a traditional condo

keep in mind that they are almost always cash sales

as most bank will not approve a mortgage in a heavy rental building

condotels can look and feel a lot like a hotel

many of them have a front desk for check in/check out

1 main difference is that each unit is individually owned 

so renters deal directly with the owners

or their property managers for bookings and assistance

owners typically spend some time using their condotels during the year

and then rent it out when they aren't staying there

which for many investors is the perfect situation

where the rental income covers most/all of the annual expenses

which ends up feeling like they have a free vacation spot

as with any short term rental property

it's expected to be furnished and fully stocked for guests

a handyman and a cleaning person are typically hired to oversee things

today's show takes you through the process of purchasing a condotel

and leveraging your investment to its maximum income potential 

Behind The Scenes At The Fed...   

...There is some talk that Fed Chair Jerome Powell may not make it to the end of his term

There are 12 members of the FOMC (Federal Open Market Committee)

that are trying to set the proper economic policy to keep inflation in check

there are critics that feel they have held rates stable for far too long

other economies around the world have lowered rates 

and gained a perceived advantage in trade markets

I don't think that the President will fire Powell

as some have suggested

with that said, I wouldn't be shocked if he nominates the next Fed Chair soon

it has been surmised that 7 of the 12 Fed Members

are not likely to vote for a rate drop at the July 30th meeting

if that holds true then it only leaves 3 more meetings left in 2025

to get to the 2 predicted rate drops before the end of the year

my suspicion is that the market has already priced in a rate drop

so if the Fed chooses to keep the rates the same next week

there is a possiblity that rates edge up a little higher in the days after

trying to determine which way things will go can be tricky

as the internet is full of contradicting information

many people have been waiting for something to happen in the market 

in order to make a move to buy or sell

oddly enough

when the thing you were waiting for to happen doesn't happen

it causes many people to make the move anyways

despite the fact that nothing changed

today's podcast discusses where we believe things are actually heading

If I Were Selling A Home Today...   

...I wouldn't be making any rash decisions

with market conditions such that they are

buyers are taking longer to make big purchase decisions

some are literally frozen in place 

as they try to comprehend all of the conflicting data they are reading

the economy and inflation are certainly adding to the confusion

its quite common for people to do nothing in these situations

with that said

a growing number of people will move forward and buy anyways

as their concerns are outweighed by the need to move now

short term trends, such as monthly reports

are typically too short of a time period to determine meaningful changes

we are seeing some up/down reports each month

which simply means that the market is trying to find its direction

today's podcast gives you my insight into where the market is heading and why

If I Were Buying A Home Today...

...I would not be trying to do anything tricky

I would be focused on the main goals of selecting

• the right home
• at the right price
• in the right location

more and more I see home buyers over complicating their search

and its the exact wrong thing

my 2 cents - Under Think It

get very clear on the 4-5 non negotiable things you want in a home

and hold firm on getting most/all of them when you decide to buy

if there are 2 decision makers

then I suggest that you play a game

get your favorite beverages and sit at the kitchen table

each person writes down a secret list of their top 5 things 

in the order of importance

then you share the lists and see if you have alignment

if not, then let the discussion commence

until you have a mutual top 5 list that becomes bedrock

did I mention to choose your beverage wisely?

the list will eliminate a lot of homes without ever having to go see them

it will also let you know very quickly if you need to go see a home

and sometimes thats all it takes 

to jump start your home search

today's podcasts gives you some additional insights

Hurricane Storm Season Downgraded...   

... as Colorado State University Researchers are dialing back their forecasts

Hurricane Season begins on June 1st and Ends on November 30th

A typical year has 14 named storms 7 hurricanes and among those 3 that make landfall in Florida

Thus far we have had 3 Named Tropical Storms

Andrea, Barry, and Chantal...

none of which made landfall or casused significant damage

The revised forecast for 2025 is now 

• 16 named storms (down from 17 named storms)
• 8 that will become major hurricanes 
• 4 major hurricanes 100+ MPH winds

By contrast the 2024 Hurricane Season Produced

• 18 named storms
• 11 hurricanes
• 5 major hurricanes 100+ MPH winds
• 3 that made landfall in Florida

Preparedness is something that is worth going over a few times per year

Complacency can absolutely set in as consectuivre storms fizzle out

If you travel frequently, then it is advised to have a plan to board up the home

or a contingency plan in case yoiu are unable to travel back due to the storm pattern

Today's show shares with you 20+ years of personal hurricane season experience

Florida homeowners Insurance Gets Good News...

... 2 more new Insurance Companies have been approved for the Florida Market

this brings the total to 14 new companies now available to write homeowner policies

since the industry reforms that took place in 2022 and 2023

that decreased the financial incentives that lead to numerous frivolous lawsuits

and jammed up the industry, leading to lengthy delays

in processing time for the legitimate claims

for storms related repairs and other damages 

these 14 new companies are able to open and operate

without being saddled with claims and lawsuits

that occurred prior to the industry reforms

this means that they are able to operate far more efficiently

and re open product lines that have been missing for the last few years

competition will be created among the companies

which should lead to better rates and coverages for homeowners

it should also reduce the number of homes 

dependent on Citizens Insurance as their only option for coverage

with more choices and lower rates on the horizon

its a real possibility that the cost of insurance will stabilize

and perhaps even become less expensive

this is great news for any homeowner that wants a lower monthly payment

and opens the door to those that have struggled to become homeowners

due to the rising cost of home ownership

Today's show explains the wins coming up for everyone in the real estate market

Rocket Mortgage, Redfin, and Mr Cooper Have This In Common...

...They are all on the same team now

Rocket Mortgage has now completed these acquisition for Redfin 

and Mr Cooper is up next

and they have beaten Zillow and others to punch in my opinion

for many years it has been anticipated that zillow would be the 1st

to do what what Rocket has now accomplished

and they now have a seamless end to end platform 

where consumers can get a loan prequalifcation done online

search homes online and hire a real estate agent all at the same time

and they are now offering incentives to borrowers that will be very attractive

with offerings that are tethered to using a Refin Agent to purchase a home

the hidden gem is the Mr Cooper loan servicing platform

as it will give Rocket a peek at the current loan portfolio

for opportunities to get more refinance business which bolsters each company

this will be a bigger deal than it appears on the surface to the industry

its going to put a lot of pressure on Zillow to put out a competing product

there have been whispers that companies such as Amazon and Google

were also looking at this model the past few years

Rocket definitely has a huge head start on the others

and with an aggressive plan in place

they may quickly increase the gap between their platform

and any others contemplating an entry into this space

the longer that others delay their own launch

the less likely that it will be for them them to compete

let alone catch up and pass up Rocket 

Things just got very interesting

Listen in and hear what this will mean to the consumer

Big 4th Of July Moves...

...Are Going To Be a Rocket Ride for the real estate market

Congress just sent the Big Beautiful Bill to the President to sign

like it or not, things will be moving quickly in economic circles

and with that, a lot of uncertainty disappears for home buyers and sellers

The next thing that I believe will happen

will be a tremendous amount of pressure dialed up

on the Federal Reserve Chairman Jerome Powell

he will be replaced next year when a new Chairman steps into his role

I can pretty much gurantee that interest rates will come down

at the July 29-30 Fed Meeting by at least .25% 

and there will be some talk of a .50% drop coming

watch for interest rates to drop in the next few weeks before the Fed meeting

as banks begin to price in the anticipated rate drop

some of them will be aggressive to gain market share

and lenders will compete hard for the summer mortgage business

with 4 Fed meetings left in 2025 there is a path to rates as low as 5.875%

which I have been predicting since the 4th quarter of 2024

I believe thats it's inevitable for rates to get there

rates in the 5's cross a psychological barrier for many borrowers

and this next step will speed up the real estate market from its year long pause

home sellers will be more inclined to trade in theit 3-4% mortgage rate

for a 5-6% rate and make the move that they have been delaying

more homes will go in the market soon

which will give home buyers more options

all the wheels are now in motion for a revitalization of home sales

buckle up for a change in the dynamics of the real estate market

So You Just Inherited A Home...

...Which can be sad, exciting, and difficult all at the same time

In most cases there is a will, which makes known to all, the wishes of the deceased 

a decision maker called The Executor, is named in the document

a process that is called probate, which is handled by an attorney

ensures that the will is legitimate and settles any/all claims to the estate

for those that have considered, or in the process of their estate planning

it can be a daunting task to say the least

the idea behind the process is to have an orderly distribution of assets

to the heirs of the estate that allows a clear and simple path to its completion

the process includes listing all of the assets, as well as any debts

the names, numbers, contact information, and account numbers should be included

if there is a home that is owned, then all of the maintenance vendors would be important

if there are pets, then the information for the vet, and their records would be beneficial

to whoever would care for them - and hopefully there is someone to take them in

the most difficult task may be figuring out who gets all of the household possessions

as it is not practical to have a list of every item that a person possesses

and if there are multiple heirs involved trying to sort things out

they may not all move at the same pace

in fact its quite normal to see some heirs move faster than the others

and there will likely be some very trying moments along the way

and thats if everything goes somewhat smoothly

its unfortunate, but there are times when there is diagreement on many levels

which can lead to family strife, or even worse, dissension

the fact that the process can be quite lengthy only adds to the stress involved

and keep in mind that there are times when there isn't a will

and there is little if any guidance on how to distribute things

as time passes, we often find that the number one thing for most heirs changes 

from the actual inheritance of possessions

to the eventual completion of the probate process

and the closure that provides an opportunity to move on

whether it is to finally fully grieve, or to celebrate those that have passed on

todays show discusses a number of ways to navigate the process 

The Real Estate Market Is...   

...in GRIDLOCK

sellers want their home to sell quicker

and buyers want to see even a larger supply of homes to choose from

so we have this conundrum of everyone watching and waiting for a breakthrough

and we find that most buyers on "PAUSE"

which is causing home sellers a lot of anxiety

and with that they are searching for ways to increase interest in the home

they prefer the easy list

• increase the advertising
• change the listing description
• change the order of the photos
• add or enhance the virtual tour
• do more open houses

as opposed to doing the things that they should do or have to do

and in a market where buyers are largely indifferent to making offers

there are only 2 levers that a seller has to make an impact

Time and Money

so unless sellers are willing to reduce their price or make capital improvements

chances are their efforts will not provide an acceptable offer

Let's Face it - There are only 3-4 Things that matter when selling a home

1. Location
2. Condtion
3. Marketing
4. Price

The reality for most home sellers is that a price adjustment

is a good idea but may not get the job done

and if that's the case

many will delay a price reduction until the market is "more ready"

which leaves us in a perpetual state of gridlock

today's show goes over how we got here and a way out this situation