The Best Way To Find Fixer Uppers...

...They Are out there if you know where to look

I fully realize that everyone wants a great deal

but let's face it there isn't a hot deal out there for everyone these days

if there was, it would push prices upward

Fixer Uppers can be the easiest properties to find

and the hardest to get a great price on

its a very crowded space with a ton of competitors chasing the same thing

we all know that sellers want to make a profit on their home

but at the end of the day Sellers really just want closure and certainty

I have 3 easy steps to get you on the right path

Step 1

• Stop Looking for deals on homes the 1st day on the market
• Start looking at homes that have lingered on the market 90+ days

Step 2:

Have your $$$ ready

• a bank statement available at all time if you are paying cash
• a current pre approval letter available if you are financing any part of the purchase

Step 3:

Seller Friendly Terms - Its got to be attractive for them to give you a deal

• inspections done in 7 days or less
• can your loan approval be done in 20 days or lease
• can you close in 30 days or less

Today's show is loaded with strategies to get the deal you are looking for

There Is A Sudden Shift In Listings For Sale...

... new listings are increasing

home sellers are definitely doing their research

and the agents that are winning have this going for them

• they are full time 24/7 agents
• have top notch communication skills
• superior marketing
• they have mastered video and have a YouTube channel
• successfully negotiated 100's/1,000's of sales
• 500+ online reviews
• robust social media network
• the support of team members with 10+ years experience

if you are considering a home sale

and plan to interview agents

someone needs to be a good friend and tell you

that top agents are actually interviewing you too

here are a few tips

• let the meetings be conversational and find a great partner
• interviewing 15 agents with your list of old school generic questions is a bad idea
• bullying agents to give discounts won't help you hire a strong negotiator
• friends and family are not always the best option
• understand that today's market conditions are different than when you bought the home
• your home probably isn't as unique as you think it is

we are on the verge of a market move

listings will increase in July

and August/September closings will be higher than usual

today's show gives you my take on how it's all going to play out

People Brought Cash To The Table To Sell This Week...

... and it can absolutely make sense for some home sellers

now let's be clear

most home sellers expect to get some $$$ back after the closing

but there are situations where it just isn't possible

within the time constraints that certain sellers require

here are some of the top reasons that people are willing to sell at a loss

• they have to sell fast due to a job relocation
• they are in a divorce situation
• they lost a job
• they are moving to care for a family member
• they bought 2-3 years ago with little $$$ down
• home flippers that paid too much
• they refinanced the home and took cash out already

sellers that had low/no down payment are at particular risk

and if the seller paid for their closing costs as well

then these sellers are the one with the highest likelihood

of being in this precarious situation

today's show goes deep into the details from every angle

Does A Low Appraisal Break The Deal...

...not necessarily

so let's talk about it

for whatever reason - many times the appraisal comes in right at the contract value

I have often wondered

if the 3 differerent apprsaisers went to the same home

and weren't given the contract price

would they get the same value

at the end of the day it doesn't matter much

but its interesting to consider

so what happens if the appraisal comes in low?

the buyer can ask the seller to drop the price

the seller doesn't have to agree, but it could end the deal

the buyer can absolutely move forward with the deal

and many times they do just that

the buyer and seller could also come up with a way to share the pain

the toughest deals involve a buyer with a low down payment

that also needs help with paying the closing costs from the seller

it takes a lot more effort to make sure the numbers work out on those deals

todays show walks you through all of the details on how to navigate these situations

You May Owe $ For Taxes After A Home Sale...

... and keep in mind that I am NOT a CPA

but I've learned a few things along the way

that you can discuss with your tax planner

have you ever noticed at the end signing closing documents

that there is a "tax form set of questions" for a 1099R

it is used to help determine if you may owe tax on the home sale

if the home being sold is a primary residence

and you have lived in it at least 24 of the 60 last months

you may have enough exemptions to wash out any tax due

so when might you owe tax ???

this is not a complete list

but its a starting point

• an investment property
• a 2nd home
• a property owned less than 2 years
• a property owned less than 1 year may owe more tax

in the case of an investment property

you may have been depreciating the home on your taxes

and that would be recaptured when the sale is done

here are a few things you can do to reduce your tax due

• keep all of your receipts as it may increase your cost basis
• avoid selling a home within the 1st year
• file a homestead exemption to show primary residence
• meet with your tax planner in advance of buying/selling
• do a 1031 exchange

today's show walks you through all of the bullet points above

Is It The Right Time To Get A Real Estate License...

...occasionally I have clients ask me this question

their reasons are usually:

• they want to purchase a home
• they think it would be fun
• they want to study the market
• they think they can make some easy $

my response to them is always the same

if you think you are ready

then you are ready

the process isn't all that hard

in fact, I think the barrier to entry is super low

• apply with the state of Florida
• pass a background check
• pass a 63 hour class
• pass the state exam

once that is completed

you would need to activate your license

by joining a brokerage and a real estate board

keep in mind that what you are taught in the licensing phase

is mostly core law and ethics

with a little bit of math and case study mixed in

the majority of the training you would need to be successful

would be learned through your brokerage

and sales training for a coach or mentor

todays podcast breaks it all down

A Very Unsurprising Announcment...

...The Fed Rate was unchanged this week

We have talked about this at length over the last few weeks

The new Fed Chair Kevin Warsh

made some comments that caught my attention

he is looking to modernize the way that the Fed looks at inflationary data

with a goal of getting closer to real time data

to make more timely decisions

to keep the economy heading in the right direction

the 12 Fed Governors all appear to be in alignment with his vision

and with that, it sets the stage for a highly anticipated July 28-29 meeting

tune into todays show for my forecast on where rates are heading

and how to win in this market

The Clearest Sign That The Market Is About To Pick Up ...

...just happened

The reconciliation package was just approved by Congress

which ended the last part of the government shutdown

and now we have an end to the Iran War in place

as each country has signed documents on June 15th

There is a Fed Meeting taking place this week

but no one is expecting any change in the interest rates this time around

one of the interesting things I am seeing

is the price positioning for homes coming on the market

where the current owners bought them over the last 2-3 years

the market has been somewhat neutral over this time

so its not likely for many of these owners to turn a big profit on the sale

but they are also buying into the very same market

and could very well get a home they wanted a few years back

but couldn't afford at the income they had back then

as always, there will be some stubborn sellers

that will refuse " to lose money" when they sell

and in reality the majority of them won't lose any $ at all

becuase their homes simply won't sell

today's show takes you quickly through these scenarios

Fearlessly Forecasting The Next 3 Fed Meetings...

...at a time when the direction of the market is anything but clear

The 1st meeting led by new Fed Chair Kevin Warsh is approaching quickly

The 2 day meeting June 16-17 may not be the tone setter

that everyone has been anticipating over the last 6 months

with all of the uncertainty in the economy right now

its very likely that nothing changes with the interest rates at this meeting

I do believe that we will see rates come down at the July meeting

and we could very well another rate drop in September

if we take this a step further

we may see a quieter June/July than in most years

but also see a much busier September/October than we might expect

Watch for a quiet period in October

as many people will be locked on to the mid term elections

interestingly, we might just see a real estate rally at the end of the year

today's show lays it all on the line for you

Lessons Learned Owning An AirBnb...

...the things we now know that can help everyone considering a purchase

We recently sold a beach property that we have owned for 5 years

we made some $$$ along the way by renting it out

and got some tax benefits as well

the prices in the area had increased, so we turned a nice profit at closing

no complaints and we would definitely consider another one

key items we learned

• licensing needed with city and state
• fire and safety inspections needed
• insurance options available
• 7 day minimum vs daily rentals
• pest control issue resolution
• people smoking next to your non-smoking unit
• detailed checkout checklists can work against you
• cleaning person can also be your resupply person
• online reviews drive new business
• photos and videos are crucial for views
• your decor choices matter

today's episode gives you all the details