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BRRRR-ing It On: A Reliable Guide to Real Estate Riches

Jacksonville Real Estate Investment

BRRRR-ing It On: A Reliable Guide to Real Estate Riches

December 12, 2023 – Bob Shannon

The allure of real estate as a wealth-building avenue is timeless. Among the numerous strategies investors deploy, the BRRRR method stands out as a compelling route to accumulate assets and equity.  This systematic approach is a cycle of buying, rehabilitating, renting, refinancing, and repeating—a formula for potentially high returns. This concise guide from Michelle Mousin-Anderson offers eight pivotal steps that promise to navigate you through the intricacies of this investment odyssey with the promise of success at the helm!

Treasure Hunt for Hidden Real Estate Jewels

Commence your quest by scouring the market for properties priced below their inherent value. Spotting these opportunities is akin to finding buried treasure. They are often homes that, with a touch of care and strategic enhancements, can surge in value.  The greater the underestimation in price, the wider the margin for profit when it’s time to refinance. Work with an expert like Michelle Mousin-Anderson to start your house hunt off strong!

Renovating with Vision

Every property has the potential to become a magnet for tenants. Imagine the transformation as you draw from the vast vault of online interior design portfolios for creative sparks.  Your goal is to infuse the space with such allure and personality that it stands out in the rental landscape; you can find a wealth of decor ideas on websites dedicated to interior design. Strategic makeovers not only elevate the property’s aesthetic but can also significantly increase its market value.

Making Calculated Makeovers 

Rehabilitation requires a scalpel, not a sledgehammer. Your focus should be laser-targeted on renovations that promise the best return on investment. Start with what’s essential; that way, your investment is already safeguarded with the necessary upgrades if financial storms brew, permitting an early exit if required.

Designing Your Property’s Visual Handshake

How you present your refurbished property can make or break tenant attraction. A brochure is your visual handshake; it must communicate value and comfort. Customize templates to fit your business, emphasizing amenities and standout features. This is not merely a flyer; it’s the opening dialogue with potential renters, and it must speak volumes in a single glance.

Balancing Budgets and Timelines

Investment is a performance, and overspending or delays are the villains. Vigilantly monitoring your expenditures and adhering to timelines are non-negotiable.  Deviations can erode your return on investment (ROI) and inject risk into your venture. Exercise control with an iron grip to keep your project on track and profitable.

Marketing Your Masterpiece

Once the dust settles, the spotlight turns to attracting eyes to your property. Forge a formidable online presence, sprinkle your social media with professional visuals, and let your property shine. The digital domain is your exhibition hall; utilize it to broadcast the newly minted charm of your real estate gem to potential dwellers.

Spotting Future Goldmines

Your investment’s location is the soil in which its future growth is rooted. Prioritize areas on the cusp of development where the seed of your investment can flourish. A neighborhood’s ascent will parallel the climb in your property’s worth, padding your investment portfolio with robust equity gains.

Timing Your Triumphs

A shrewd investor is one who moves in harmony with the market’s rhythm. Grasping the nuances of your local real estate climate is crucial. Your exit or entry in the market should not be a roll of the dice but a calculated move dictated by informed predictions and current trends.

Summary

The BRRRR method, when wielded with finesse, can be an investor’s most potent tool in their quest for wealth creation. It’s an alchemical process that turns neglected properties into profitable investments.  Adhering to these fundamental principles, from pinpointing diamonds in the rough to executing a tactical renovation and marketing plan, sets the stage for repeated success. Navigate these steps with patience and precision, and watch as your real estate endeavors evolve into a prosperous and enduring legacy!

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NAR is Forecasting $4.78 Million Existing-Home Sales, And Stable Prices in 2023

NAR Forecasts 4.78 Million Existing-Home Sales, Stable Prices in 2023

Atlanta named top real estate market to watch next year

December 13, 2022Media Contact: Troy Green 202-383-1042

Key Highlights

  • NAR predicts 4.78 million existing-home sales in 2023, down 6.8% from 5.13 million in 2022.

  • Annual median home prices are expected to increase by just 0.3%, following a 9.6% gain in 2022.

  • Atlanta, Raleigh, Dallas, Fayetteville, Ark., and Greenville, S.C. join five other metropolitan areas among NAR’s top 10 housing markets in 2023.

WASHINGTON (December 13, 2022) – Lawrence Yun, NAR chief economist and senior vice president of research, forecasts that 4.78 million existing homes will be sold, prices will remain stable, and Atlanta will be the top real estate market to watch in 2023 and beyond. Yun unveiled the association’s forecast today during NAR’s fourth annual year-end Real Estate Forecast Summit.

Yun predicts home sales will decline by 6.8% compared to 2022 (5.13 million) and the median home price will reach $385,800 – an increase of just 0.3% from this year ($384,500).

“Half of the country may experience small price gains, while the other half may see slight price declines,” Yun said. “However, markets in California may be the exception, with San Francisco, for example, likely to register price drops of 10–15%.”

Yun expects rent prices to rise 5% in 2023, following a 7% increase in 2022. He predicts foreclosure rates will remain at historically low levels in 2023, comprising less than 1% of all mortgages.

Yun forecasts U.S. GDP will grow by 1.3%, roughly half the typical historical pace of 2.5%. After eclipsing 7% in late 2022, he expects the 30-year fixed mortgage rate to settle at 5.7% as the Fed slows the pace of rate hikes to control inflation. Yun noted this is lower than the pre-pandemic historical rate of 8%.

Top 10 Real Estate Markets to Watch in 2023 and into the Future

NAR identified 10 real estate markets that it expects to outperform other metro areas in 2023. In order, the markets are as follows:

  • Atlanta-Sandy Springs-Marietta, Georgia

  • Raleigh, North Carolina

  • Dallas-Fort Worth-Arlington, Texas

  • Fayetteville-Springdale-Rogers, Arkansas-Missouri

  • Greenville-Anderson-Mauldin, South Carolina

  • Charleston-North Charleston, South Carolina

  • Huntsville, Alabama

  • San Antonio-New Braunfels, Texas

  • Knoxville, Tennessee

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How to Successfully Start a Business and Move at the Same Time

How to Successfully Start a Business and Move at the Same Time.

The excitement of starting a business and becoming your own boss is unmatched. However, this can be overwhelming if you have to move to a different location, especially if it’s a new state.

You have figured everything out, done extensive research, and settled on the idea of moving to be a positive one. Relocating to start a new business is not often a good idea. However, the excitement, growth, and identity you bring to a new community will immediately reward you.

Read on, and we’ll show you how to make it work.

Consider the cost of living

You most probably want to move to a bigger house, one that has a huge office space. Also, you might be considering moving to a well-known area for your business’ growth and marketing. These two factors already scale up the cost of living.

This might be an excellent investment for your business. But, if you can live in a lower-cost area, do it because you’ll be financially secure, especially if you want to start a home-based business.

Move because you want to

Move if and when you are comfortable, don’t make your business’s sole purpose for your relocation. Only make this decision when you are personally comfortable with it. This is especially important when relocating to a different state.

Consequently, ensure that you carry out thorough research on the area so you can make informed decisions. Do not move on people’s hearsay.

Consider hiring Michelle Mousin-Anderson, PA an experienced Realtor® that will help you secure the house you desire and in an area that will contribute to your business’ growth.

Keep everything organized

With the stress and chaos brought along when moving, one will likely lose important items, especially documents. Before asking for help from family, friends, or moving companies, ensure that you take some time and set aside every essential document, both personal and business-related.

Consider using online tools that will help you organize and manage these files and help you store everything related to your business. Digitizing records comes in handy, especially to business owners who are simultaneously moving and launching their startups.

Instead of using so many files for storage, you can use a PDF merging tool to combine PDFs into one file. Once you are done, you can arrange them correctly for easy accessibility.

Research the available economic resources

The amount of money spent on moving and starting a new business will leave your wallet wanting. So, it might be wise to research the available economic resources in the area you are moving into and make the most out of it. Resources such as state grants and internship connections will significantly affect establishing yourself in the new community.

Reach out to other businesses

Reach out to other businesses and learn as much as you can. Create personal connections and get to know other establishments both professionally and socially. This step is primarily practical once you’ve moved and already launched your business.

Help out and organize fun events in the community, which will help market your business and give you an identity. Interact with people during these events and give out your business cards as much as possible.

Be as active and as interactive as you can

Conclusion

Moving and starting a business all at once can be very stressful. Hopefully, the tricks we’ve provided will give you a smooth transition, and you’ll be able to settle in no time. Ensure that you carry out more research on everything before making any major life-changing decisions.

Best Regards,

Bob Shannon
Guest Blogger

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Jacksonville Daily Record 090420

‘Great places to thrive:’ How the pandemic is changing home design

It’s also allowing people time to evaluate how and where they live.
by: Scott Sailer Staff Writer
Home not only is where the heart is. It’s where the office, family, school, meals, exercise, lounging, gardening and even isolation are, and for longer periods of the day. As the pandemic that began in March is forcing people to work remotely if they can, it also is allowing people time to evaluate how and where they live. As a result, COVID-19 is changing the way single-family homes are designed or renovated.  

Deryl Patterson, architect and president of Housing Design Matters Inc. of Jacksonville.

  “The pandemic has created a renewed focus on the importance of housing. Not just places to live but great places to thrive,” said Deryl Patterson, architect and president of Housing Design Matters Inc. of Jacksonville. Designers are looking at adjustable walls to allow flexibility in an open floor plan for temporary activity spaces for work, exercise, entertainment and schoolwork. Others promote mudroom-type home entries for sanitation areas and delivery drop-offs. Some are adding an area or guesthouse for aging parents or for isolating a sick person. They are upgrading to touchless and smart appliances, fixtures and entries, germ-resistant countertops and flooring, and regulating the indoor environment with systems for air purification and ventilation. Some builders are changing floor plans to make sure buyers have a home office or two, even in smaller models. Patterson is modifying home designs to accommodate the changes necessitated by the pandemic. For example, she talks about a parcel delivery vestibule and space for people who “don’t want to send mom or dad to a congregate care facility so people are going to find ways to age in place longer.” Patterson said the pandemic has influenced “the idea of acoustical privacy, which is something that there has been a heightened awareness of because working and schooling from home has become different.” She also has noticed an increased demand for rental single-family and townhomes where “people are not sharing an entrance and have access to private outdoor space.” People that spend more time at home are taking up gardening and are cooking more in their kitchens.  

A classroom space for children learning at home. (Housing Design Matters)

  People want more cooking appliances and “larger pantries because the way we shop is different now,” Patterson said. National homebuilder Lennar Corp. recently introduced a floor plan for a 2,270-square-foot home in Northeast Florida to address work and school at home. “In today’s landscape, where many people are working from home and having kids school at home, it’s apparent there’s a great need for this. We intentionally designed this plan for the home office, and we see it as the new trend,” said Matt Devereaux, Lennar Jacksonville division president, in a news release. The Lennar floor plan includes rooms for working or school that have separate entrances, share a bathroom and have built-in desks and cabinets. The home also has a dedicated package delivery drop zone.

Shawn Starr, owner and president of Starr Custom Homes LLC in Jacksonville, said that before the pandemic homebuyers already were looking for open floor plans and office areas.

  High-end custom builder Shawn Starr, owner and president of Starr Custom Homes LLC in Jacksonville, said the prepandemic floor plans in high-end homes already accommodate many of the spaces influenced by the coronovirus. “The open floor plan still rules the day,” he said, with a great room, kitchen, transitional dining area and outdoor living. “The formal living room is long gone in favor of a study, library and home office areas that are more purposeful. The study or library has become a little more formal and functional as an office,” Starr said. Many high-end homes feature larger rooms, separate work and entertainment spaces, large kitchens with luxury appliances, large butler pantries and laundry areas, storage space, summer kitchens, covered outdoor space, pools and mechanical systems with air purification systems, he said.

A Murphy bed can transform an office area into a bedroom. (doornob.com)

  While design might not have changed, one aspect of the process has. “We have certainly changed the design process using virtual meetings,” Starr said. Another change is who is buying or leasing.  

Engel & Volkers Real Estate Advisor Michelle Mousin-Anderson.

 

Engel & Volkers Real Estate Advisor Michelle Mousin-Anderson said 50% of her buyers in the past several months are fleeing the Northeast. “Every full-time Realtor that I talk to that has been doing this a long time says the same thing,” she said. People are relocating to Northeast Florida not only for the weather but because they can work remotely with lower property taxes, no state income tax, relatively reasonable property prices and “there are less people than in the cities, which they are not comfortable with anymore,” Mousin said. Some buyers are moving from South Florida because they say it is too crowded there, too, she said. Housing is in demand. The Northeast Florida Association of Realtors reported that home inventory was down almost 30 percent in July from the year before, driving down the supply to 2.5 months from 3.8 months. A balanced market is considered one with a 5- to 6-month supply, meaning it would take that long to sell the current number of available homes. As of July, the median sales price rose almost 10 percent over the year to $265,000. And Bankrate.com reported that the interest rate on 30-year fixed mortgages averaged about 3% as of Aug. 10, down from more than 4% during 2019. Mousin said her current buyers still want open floor plans with up-to-date kitchens and appliances, home offices and a lush backyard. Families usually want four bedrooms. “Pools and outdoor living space is huge,” she said. “If you want a pool built, it will be next summer and the average price is now $80,000 to $85,000 for a medium size pool, where five years ago it was about $40,000,” she said. Mousin said the low existing home inventory along with low mortgage rates has made “everything hot right now. Large homes that sat for a long time, a year or more, are selling. Homes that were not selling and needed remodeling are selling now.”

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Home & Garden TV

“Home & Garden TV” with Wally Conway brings viewers first-rate insight, advice and tips on home improvement, inside and out. Each episode, longtime home and commercial building inspector Wally Conway welcomes experts on everything from cabinets and carpets to patios and pools.

Wally has been a featured expert on HGTV’s House Detectives, as well as host of DIY Network’s Finders Fixers. Locally, he hosts The Home and Garden Radio Show on WOKV—the highest-rated radio show on home improvement in the Jacksonville market.

As the founder and president of HomePro Inspections , Monument Commercial Building Inspections  and Chimney Champion, Wally elevates the exposure and credibility of each and every guest on his show, through his broad industry expertise, charismatic on-air personality and a loyal following built over decades.

Name: HomePro Inspections
Address: 2950 Halcyon Ln Ste 201, Jacksonville, FL 32223
Phone: (904) 268-8211

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