Mission Forge

Here are four comparison points to help think of what life may be like as AI unfolds in our lives.
a) Youtube to solve a problem
b) Google Maps to navigate
c) Yellow Pages to find a business
d) Cell Phones for communication

In the last generation all of these things have changed our lives, largely for the better.  While there are downsides to everything, the changes have increased efficiency, safety, enjoyment, knowledge, and quality of life.  Let's seek, expect, hope, and demand the same from Artificial intelligence as it unfolds into our everyday lives.

As published by the Cardinal news, this opinion piece by Dwayne Yancey discusses the 2023 ODU State of the Commonwealth report.  There are real problems brewing out there.  They are summarized here: 

 ODU report warns again that Virginia is increasingly split between haves and have-nots 

 The report also warns that Virginia is losing young adults and continues to lag behind North Carolina in multiple economic metrics. However, Southside and Southwest have seen the state’s highest income growth. 
https://cardinalnews.org/2023/12/18/odu-report-warns-again-that-virginia-is-increasingly-split-between-haves-and-have-nots/

Could Government changes to banking rules cause borrowers to end up footing the bill for higher costs?  Regulators are worried banks and lending institutions are not resilient enough and want them to hold more capital to weather difficult market conditions.  This could lead to higher costs to sell loans on the secondary market and those costs could be pushed to the consumers.  One prediction is that rates could be pushed higher by thirty percent.

Shouldn't sellers have to refund the proceeds of the victorious lawsuit back to people who bought their houses?  The buyers are owed money.  The sellers are burning the candle at both ends.  They are trying to get a refund on a bill that was paid by the buyer.  The buyers should be able to claim damage equal to the amount awarded back.  

1 you have to learn to manage expectations. 
2. you need to really learn what it means to work with somebody intricately whom you do not represent. 
3 talk to your broker and make sure your compatible with the allowances and systems that they have. 
4 be aware of all current laws. 
5 Undergo necessary training. 
6 spend time learning the forms what they mean and when you should use them. 
7 learn the tools that your office has to leverage your work. 
8 consider working with an experienced property manager to learn the ropes. 
9 Make sure you fully understand how your new knowledge as a property manager can assist your business by helping your existing residential real estate clients. 
10 develop a system for dealing with prospects unavailable rentals and stick to it. Don't vary or make exceptions to your rules. 
11. Circling back to the beginning. Make sure you manage those expectations of your owner regarding your adherence to the law. A good for instance on that is animals in the home on the lease.

#1 Not for the faint of heart.  Emotional aspects of the process have to be left aside as often as possible.  Do not accept an applicant for an emotional reason.  
#2 Consider buying a property needing work, overlooked, distressed.  You can solve condition problems later.
#3 Look for a landlord moving on.  If you can buy a property with a tenant in place, then you are 5 steps ahead of the game.  Be sure to check all documents, procure all escrows, and be sure the management is transferring also.
#4 It is better to be empty for a month or two than to take ina risky applicant. 
#5 It is better to take less rent than the market will allow if you find a solid tenant or want to keep a solid tenant. 
#6 Property turn is the hardest part on the process.  Have plans in place to do repairs faster.  Having paint codes is a big help.  Cooperative tenants are a big help. 
#7 Befriend the neighbors and request a call if anything unusual is noted at your property. 
#8 Hire a property manager who is a member of the NAR.  Unless you are in a very flexible job, already tied to construction, remodeling, or a trade, you are not going to have the ability to solve problems in a timely manner.  Also the laws and proper forms are ever and always changing.  This will cost you, but if you look at the actual long term benefits....less down time, higher rents, fewer non paying tenants, better condition it is really penny-wise and pound foolish to do it alone. 
#9 Understand the financials.  You have different ways to look at your rental financially.  Look at the rental income, less your expenses.  Hopefully that is a cash-flow positive.  Expenses would be mortgage, HOA, insurance, taxes, management fees, and repairs.   Also look at the appreciation of the home.  It is important to get the property for the right price and not over pay.  That is why getting a diamond in the rough can be a good strategy.  
 #10 If you have a 10 year timeline, you can project out what your rental asset will be worth give historical appreciation numbers, say 5%.  In addition, your tenant will be help you with the mortgage and paying down your principal balance. 
#11 Consult a tax professional/CPA regarding the tax implications.  
#12  Convert a principal residence into a rental.  This is a common strategy I see with Military service members who may do this out of necessity. 

At least 6 months before you start applying for rentals check on your credit and solve any outstanding collection items if you owe somebody money and they send it to collections you absolutely have to get that solved and paid off. Have several months with no late payments.

Make sure you save up several hundred dollars for the application process as you may have to make multiple applications. And this might need to be more if there are two adults applying.

Always see the property prior to paying for an application

Always have the listing agent verify in writing that it's available before running your application

Always be extremely upfront with the person regarding anything in your credit or criminal past. It's very helpful to put this into writing so they know that you're serious. If you approach your issues professionally you will be dealt with on a more professional level.

Having a pet can create a lot of headwinds for you when you are looking for a property. Take steps necessary to remove or just know that you're going to need to allow yourself more time and probably more money to get the rental that's right for your family.

Consider hiring a tenant's agent. This type of agency is not terribly popular in our area however if you hire the right agent and offer them a suitable fee for service they can probably save you money in application fees and they can probably negotiate better terms than you could on your own, and most importantly it'll lower a lot of the stress that you're bound to incur.  

Be sure to document the condition of the property in writing as you move in. It's not a bad idea to take photos as well or video but written evidence is very powerful. Make sure you deliver it to the property manager in a timely manner.

I suggest renting professionally managed properties especially when those managers are members of the national association of Realtors.

Read your lease carefully before signing. No you're rights. But also know you're obligations also.

Don't plan on having your security deposit back the day that you move out as managers have several weeks to return your deposit. The better condition you leave the property in the fewer estimates they need to get.  

Paying your utilities as you're moving out and providing proof of those payments will expedite the amount of time it takes to get your security deposit returned

Is it Manipulative to pull a listing from the market and relist it as new?  Some say yes and some say no.  Legal pressures are restricting the practice, even though old listing data is never erased and can be more indicative of the underlying story than is a longer Day on Market figure.  What are your thoughts?

Who pays the brokerage commission on a real estate deal? Is it the buyer or the seller, or both?  Headline news stories about lawsuits are bringing likely change to this question.  But how much change really?  The industry had already prepared for this many years ago.  Nevertheless, the evolution of the process is continuing.  The best thing a buyer can do is be informed.  The best thing a seller can do is be informed.  Besides being informed, the best thing an agent can do is explain and empower consumers.

Small hinges swing big doors. This summarizes my topic on this episode. The results of big goals will not be known for months, sometimes even a year or more. If you're successful and can break down your larger goals into monthly, weekly, and even better, daily tasks then you're going to feel the small rush of success and accomplishment as you achieve those smaller goals that you are sure will lead eventually to the success and accomplishment of the larger goal.