- Is owning an investment property in Naples, Florida profitable?
- In my years working for RE/MAX South Central Gulf Coast I had some first hand experience buying properties in Fort Myers and Bonita Springs real estate markets. One thing both coasts had in common was that they were highly seasonal. This made prices volatile making investing less than ideal. Over the past couple of decades these cycles have gotten worse due to global warming contributing to higher water levels causing flooding issues in many areas and decreasing land values. Today, most markets are experiencing unprecedented growth, but this makes them extremely speculative, making investment property purchases risky and often requiring larger down payments.
While a majority of people still believe in “buy now pay later” financing schemes like 30+ year mortgage loans, today buyers should be prepared to invest long term and purchase high quality assets instead of short term cheap ones. Buying a property in good area with strong job market prospects will ensure greater appreciation in value rather than simply hoping for the price bubble bursting. If you’re looking to buy a primary residence consider renting first until cash reserves allow you to qualify for a loan with 20% down payment or better. For those who prefer living elsewhere, renting while saving for a down payment can take several months which would then limit the amount of rental income generated.
When deciding to enter commercial real estate investing it pays to understand different sectors including industrial, retail, office and multi family housing. While each sector differs from other types, multi unit projects typically provide the greatest returns given today's depressed consumer spending environment. When searching for deals, research local employment trends along with the demographics of surrounding neighborhoods and schools. As part of your analysis, check whether school districts are expanding or contracting as well as neighborhood crime rates. Finally, be cautious of ‘foreclosure factories’ selling distressed investments quickly without taking care of tenants leaving buildings empty for months or even longer waiting for renters.
After selecting a project location decide upon the type of development strategy preferred ranging from single units to large multifamily projects, whether to participate as an owner or manager and finally determine the specific structure type. Once selected, contact investors seeking similar-sized properties in your target niche and begin reaching out via networking groups and websites providing information. Findings from prior conversations can help inform your own personal search which could include attending community association meetings or contacting developers offering property details and costs. After securing enough leads select locations based on geographic diversity ensuring adequate distance between existing homes and potential sites of construction, zoning restrictions and nearby infrastructure (water, sewer). Most importantly seek real estate agents specializing in residential developments in order to identify opportunities available through private listings or developer led projects. Before finalising a deal conduct thorough inspections noting key physical components and interior amenities. Lastly, decide the timing of closing on the asset. By doing so, you minimize transaction risks associated with holding onto vacant assets increasing profit potential.
To prepare yourself for entry into private lending opportunities you must have solid financial credentials having already met minimum requirements to receive bank or credit union funding during qualifying interviews. However, the lender won't expect you to fully fund your portfolio immediately which creates another challenge. Lenders generally ask borrowers to put 10%-15% down while allowing interest only mortgages (IOTOs) during periods allowing lower monthly payments thus giving you extra...
- New Home Naples Buying 101
- In 2019 I finally decided to purchase my first real estate property. But, this was not just another rental deal; rather I thought it would be nice to invest some capital into something tangible to put us ahead financially. My husband and I had planned a vacation for 2 weeks away from work in January 2020 but after talking to friends who bought properties and seeing similar posts/advertisements online we found that many investors were buying homes during Spring break season and we knew this was the perfect timing for us. We wanted to buy a place close to family and near beaches so we started searching. However, due to high demand prices went through the roof quickly which made things tricky. After looking around in different areas of North Naples we opted for Bonita Isles located in Bay Point because 1.) proximity to everything, 2.) affordable market price 3.) short commute times to downtown Naples, 4.) great schools 5.) beautiful view of bay 7.) plenty of amenities 8.) good community feel 9.) lots of restaurants 10.) walkable neighborhood 11.) a few minutes drive to shopping centers 12.) quiet residential area 13.) high end builder 14.) close to airport 15.) less than 30 mins from Marco Island 16.) 20 mins to Ft Myers 17.) no HOA fees 18.) short sale potential 19.) owner financing available 20.) preconstruction 21.) new subdivision 22.) lot size 25 mins from Miami Airport 26.) close to gulfstream 27.) good school district 28.) safe 29.) excellent neighbors.30.) 30 mins from Sanibel Island 31.) less expensive land 32.) less than $1 million 33.) under $250k 34.) less than 2000 sqft 35.) quick move in 36.) no carpeting 37.) zero down payment 38.) 30 years old 39.) newer 40.) ready to go 41.) builder offers 42.) 3 bedrooms 43.) plenty of space 44.) private swimming pool 45.) easy maintenance 46.) ready to build 47.) ready to sell 48.) large lot 49.) move in today 50.) location 51.) waterfront 52.) beachfront 53.) lots available 54.) viewings 55.) prequalified buyers 56.) seller concessions 57.) close to restaurants 58.) great neighbors 59.) convenient location 60.) short sales 61.) multiple offer opportunities 62.) single family home 63.) quick closing 64.) financing 65.) new development 66.) cash buyer 67.) no credit check required 68.) no background checks 69.) high quality builders 70.) no escrow 71.) no appraisal 72.) short selling 73.) no inspections required 74.) all appliances 75.) quick turnover 76.) fast closings 77.) easy paperwork 78.) no broker fee 79.) no agent commission 80.) no loan origination fee 81.) no mortgage insurance 82.) no VA loans 83.) no bank owned 84.) no FHA 85.) no flood zone 86.) no fire proof 87.) zero upfront cost 88.) 100% financed 89.) no brokers 90.) no repairs 91.) no new construction 92.) no moving costs 93.) no title search 94.) no utilities 95.) no water bills 96.) no termites 97.) no foundation problems 98.) builder will finance 99.) built in security system 100.) builder guarantees 102.) built in storage 103.) no interior demolition 105.) lots available 106.) lot sizes 107...
- When buying a new home in Florida follow these steps
- Before investing in a new property make sure you understand current market trends and conditions. Learn what influences a buyer's choice to invest in real estate.
Buyers must be able to see themselves living in this community long term. Ask yourself if you would be willing to stay put in this neighborhood for years to come, then decide whether the location will meet your needs for work or play.
Take inventory of local amenities like schools, shopping centers, entertainment venues, restaurants, parks, libraries, transportation systems, grocery stores, daycare facilities, medical providers and emergency services. If they're lacking, ask which ones should be added next time around.
Research neighborhoods, subdivisions and nearby developments so you'll feel confident about selecting them. Also learn about available financing options. There are many ways to finance a purchase; some buyers prefer to buy outright while others opt for taking equity loans from banks. Others still seek the flexibility offered through private lenders.
Finally, find a reputable contractor who specializes in the type of work required. Have him/her perform a detailed evaluation of your building materials and fixtures prior to starting construction. Be wary of contractors offering quick fixes and "bargain basement" deals because they often cut corners resulting in costly repairs down the line.
Get a good price. Don't pay retail, negotiate to get what you deserve. Ask questions to better understand why you are getting less than what you paid originally. For example, if the builder wants to sell his lots individually instead of assembling them together to form larger parcels, he may agree to discount the per lot prices but increase the overall development costs. Understand this upfront so you can factor those extra fees into your final offer.
When all parties involved reach agreement, make sure everything is signed and sealed. At XonDo Real Estate Group we specialize in helping people own great homes and achieve greater financial freedom. We provide clients with complete service including advice, counseling, assistance and guidance. Our team includes knowledgeable agents, experienced mortgage professionals and professional appraisers ready to assist you every step of the way. From finding your perfect home or selling your present one, we take care of everything else so you can enjoy your dream lifestyle. Contact us today to schedule a meeting!
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- How to find Your New Naples Home or Condo
- In this article, I will walk through each step that should be taken prior to finding a real estate agent. There isn't anything worse than buying something only to realize after moving in that you bought the wrong property.
I recommend contacting a local realtor who specializes in selling homes in Naples, FL. A good realtor will take care of everything for you including negotiating the price of your next house. They also provide you with a comprehensive listing package which is critical for your search.
When searching a realtor you must ensure they understand that you are looking to buy. If they ask questions like "What type of neighborhood do you prefer?" then you might want to rethink hiring them because this question suggests that they aren't familiar with current market conditions. Instead, they would probably suggest asking questions like"How long did it take to sell your current residence?" and "Are you planning to relocate soon?". These types of questions show that they understand the importance of being able to accurately forecast demand in today's market.
If your realtor asks questions that seem irrelevant (like whether or not you're interested in living near Disney World), it could mean that they are trying to manipulate the situation in order to get a better deal for themselves.
You must make yourself comfortable enough with this person that you feel confident enough to negotiate.
- Why is Florida's Real Estate Market Booming?
- If you live near Naples, FL then this is the ultimate place for real estate investors like you. There are lots of great neighborhoods with beautiful homes available. If you're looking for something less expensive than a single family house but still close enough to everything, I'd recommend checking out condos, townhomes, and multi units.
In fact, most people who invest in these types of properties buy them to rent. They often pay around half of what they would be worth after five years! But they're perfect for those first time buyers and young families because of the lower monthly cost. Many of these rentals have a few stories, which makes them feel larger and better value. And many times, they include laundry facilities.
Another way to get started investing in rental property is buying a house from a bank foreclosure or short sale. These houses sell for significantly cheaper than other foreclosures on the market today. For less than $100 thousand dollars. Some experts estimate that the housing recovery will continue until 2020 when prices begin returning to normal levels.
So why did the U S housing crisis happen again? Well, as the economy improves, interest rates fall, banks become willing to loan funds once again, and mortgage applications increase. All together, these factors contribute to higher demand for mortgages, increasing competition among lenders. Lenders respond by lowering lending standards. So while more qualified borrowers apply, fewer qualify. And since demand exceeds supply, house price rise. This cycle continues indefinitely. We've seen similar cycles play out during recessions in the past.
When was the last recession? Wasn't the Great Recession in 2008 and 2009? Actually the answer is no! The official definition says that a financial economic downturn happens when the Gross Domestic Product drops below 2% for three consecutive quarters. Since the GDP only counts things produced in the US, such as factories and retail stores, the actual number dropped by 12%. The last recession began in December 2007 when mortgage delinquencies peaked at 9%, but ended in June 2009.
What caused the Great Recession? Banks stopped making loans and homeowners couldn't afford to keep paying up. When they fell behind the payments, their credit scores tanked making it impossible to borrow anymore. Then they lost jobs, income, savings. Everything started going downhill fast. We call this phenomenon the "Levers Of Recovery".
Now that was the worst part of the Great Recession, but that wasn't the whole story. During The Great Depression, unemployment soared to 25 million Americans. People became poor living under bridges and eating garbage. They had no food or shelter. Their situation didn't improve until FDR took office. He introduced government programs called WPA & CCC to help rebuild America through infrastructure projects. So in essence, The Great Depression really happened twice. Once in 1929-1933, and again in 1937-40.
But back to the topic; The Recession of 2012 lasted 4 months. However, the average length of a recession is 18 months! The next big crash isn't scheduled for another 3 years. By that time all these bad habits should hopefully be gone.
Why does it matter? Because this affects everyone else. Even though some places saw an overall improvement in sales, in general, home values plummeted during...
- New Construction Investment Opportunities in Naples Florida
- We’re excited to announce that real estate market conditions continue to improve across Northeast Alabama—and the rest of the Southeast U.S.—as well as central Georgia. We anticipate the same trends will begin to impact the property markets in Northwest Alabama early next year.
In addition, local economic growth coupled with population increases continues to stimulate demand for housing stock across the area which should support continued price appreciation through at least 2022. As this trend plays out, new homes sales and single family residential values will increase accordingly which could help offset some of the supply constraints being experienced near Houston/Ft. Worth Metroplex today.
Home Builders & Developers
Today’s young families prefer to live close to their parents and extended family members while they establish themselves during the first few years of their careers. They typically move to larger metropolitan areas after establishing roots in smaller suburban communities like those found around Jacksonville. These patterns suggest strong demand for single family rental properties in most parts of North Florida including the Gulf Coast Corridor. While many homeowners sell their existing residence and purchase another house to suit their needs, investors often find these types of properties attractive due to their proximity to job centers and higher value multi-family communities.
Homes built under current construction codes represent excellent opportunities to acquire affordable assets quickly via bank financing, FHA loans, VA funding, REO programs or traditional lending options available to qualified buyers. Many builders offer various forms of financing assistance to prospective borrowers who qualify for a loan and are willing to accept lower equity percentages than normal. Buyer incentives from developers, lenders, sellers and other third parties further enhance overall affordability levels as does Federal Housing Administration insurance coverage on newly constructed homes provided through Fannie Mae’s HARP 2 program. A great way to enter the market safely without having large down payments is to select an “asset backed” lender who purchases mortgages on behalf of a developer prior to delivery.
This provides the following benefits: 1) Interest rates tend to be competitive; 2) Lenders provide mortgage funds upfront as opposed to waiting until completion 3) Banks and credit unions are generally better equipped to handle asset quality risks relative to the private sector 4) There is less competition among banks 5) More cash flow is received immediately upon closing
While home prices began rising steadily starting earlier this decade and accelerated rapidly since 2014, we expect them to remain stable through mid year 2020. However, new homes sales are continuing to decline nationwide amid tightening inventory levels as buyers seek out cheaper alternatives. While this condition has only begun impacting the region recently, we expect it to get worse over the coming months particularly as inventories drop further still. Even though a lot of new houses come onto the market each week, they sit empty for weeks awaiting buyer offers. If you miss out on buying soon, then chances are greater that you won’t see a decrease in prices anytime soon.
To summarize, in the upcoming 12 months (2019 to 2021), we believe home buyers and owners alike will face several headwinds affecting both individual and overall regional economies. Here are just a few examples:
1) Tightening Inventory Levels = Lower Prices in Most Areas 2) Rising Unemployment rate = Less People Buying Homes 3...
- Examining Real Estate Market History in Florida
- In order to analyze trends in real estate market conditions, I recommend researching historical prices of homes sold in nearby areas in relation to sales price of current properties.
This way you will be able to determine whether you should be optimistic or cautious about investing in certain area because historically there was lower demand and higher cost per square foot, but these days demand could increase due to increased employment opportunities, as well as the overall economy.
If selling property isn’t possible or feasible, then another method would be analyzing recent sale prices in similar neighborhoods in different months of the year. For example January and February tend to see lower median prices than August & September while October through December usually sees increasing values. These statistics help us understand fluctuations in the market which affect buying decisions.
Another thing is to keep an eye on interest rates and mortgage availability. As long as homeownership remains attractive, they won’t feel forced to sell just yet. If buyers aren't interested, this is good news for sellers. Interest rate rises can lead to fewer options for buyers but high rates mean more competition for sellers. On the other hand, falling rates can encourage borrowers who had previously put off buying to finally take advantage of better borrowing terms. Falling rates typically occur after rising ones, making them easier to predict. Mortgage lenders use rate changes to gauge buyer interest and adjust loan products accordingly.
Current Federal Funds Rate [FRED]: 2% (2%)
30 Year Fixed MBS Price Index[MBAYBALANCE], Nov 2019: 1.66%
5 Year Treasury Yield:[STOPSCHEDLAYSERVICECURRENCYFEEANDINTERESTRATES], Nov 2019: 3.09%
Source: FRED; MBAYBALANCE
- Getting approved for your New Home Purchase in Naples, Florida
- If you are considering buying a house and planning to invest in real estate this summer, then you should take note of these facts first.
1. A lot of people still get confused regarding the difference between a “home buyer” and a “property investor”.
2. Buying property is not like buying anything else; it takes long term commitment.
3. If you intend to purchase a single unit residential building or multiunit apartment buildings, you will have to comply with local laws pertaining to zoning approval; therefore, be ready to meet the requirements of those agencies which oversee your specific area.
4. Most cities offer tax exemption benefits through programs sponsored by state governments and county commissions, but only residents who live permanently in the residence qualify.
5. When buying commercial properties, you must pay taxes every year regardless if you sell them or rent them back out to tenants.
6. For most areas, buying property requires a substantial down payment along with monthly mortgage payments. So, it is advisable to save enough cash and be prepared well ahead of making an actual purchase decision.
7. There are different types of mortgages available; some require a large deposit whereas other allow loans without putting in any upfront capital while paying interest rates. But before deciding upon a certain type of loan, always consult your financial advisor.
8. Once you complete these steps, you could start looking for potential options online or talk to your trusted friends, relatives and business associates about getting involved in investing in real estate market.
9. After doing research and analyzing various factors, you could decide whether to buy a newly constructed project or an existing building, depending on several criteria including location, price range and financing issues.
10. As far as choosing a neighborhood goes, check for schools near your intended place of living, traffic conditions, safety precautions and proximity to recreational places as well as transportation routes such as highways and city streets.
11. Make sure you have adequate information on real estate prices for similar houses located in the same neighbourhood as a basis for calculating the value of your proposed home. And if possible try talking with current homeowners or homebuyers to determine the approximate amount they paid per square foot for purchasing their own homes.
12. Finally, consider hiring professionals like realtor, lawyer, appraiser and contractor to help ensure smooth completion of your home purchase transaction and avoid unforeseen complications.
13. So as you prepare yourself mentally before moving forward with this endeavor, remember that it takes patience and perseverance to achieve success in real estate investments. Be patient during initial stages as you search for a suitable property and wait until you find one which appeals to you. Do not forget that it does cost quite a bit of money in order to acquire a home which meets your expectations.
14. So once you have decided to buy a house, the next step would be finding a lender who specializes in lending money to qualified buyers. The best way to go about this task is contacting banks or finance companies offering mortgages.
15. It is wise for you to visit websites of lenders and lenders and read reviews written by customers concerning their experience with each company. Read online customer testimonials carefully so you will learn the experience of...
- What makes Xondo Florida's Most Convenient New Condo/Home Buying Platform?
- XonDo's unique approach makes buying real estate easier than ever before. We take care of everything and provide you with the most convenient way to buy real estate online. Our team helps buyers get through all stages of finding the perfect property, negotiating deals, getting prequalified and financing.
We're dedicated to making your search experience effortless. Whether you are interested in a single family residence, condominium unit, land parcel or commercial space, we will be able to help you find exactly what you are looking for.
XonDo was founded in 2010 by experienced real estate professionals who wanted to simplify this complex process by providing consumers with the fastest and easiest method of acquiring residential and commercial properties nationwide. Today, we serve tens of thousands of customers every week from across North America.
We believe everyone deserves home ownership and we strive to deliver exceptional service and value to each customer. We offer our clients unparalleled convenience, affordability, and reliability.
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What sets us apart from other companies is our dedication to helping people achieve their dreams of owning a home. This includes offering a wide range of services, including a full selection of homes available for immediate purchase.
- How Xondo makes Home Buying & New Construction Investing in Naples Easy?
- In this edition I will cover:
– Why you should consider investing in real estate
– Top 5 benefits of buying property through XONDO
– 3 tips to find and buy a great deal
– Tips to avoid common mistakes made during purchase negotiations
I hope these articles help you decide whether or not you would like to invest in realty. If yes then keep reading.
If no please check back next week for new information on other topics related to home ownership.
Why Should You Consider Investing in Real Estate?
Buying real estate is a good decision if you are planning to stay for awhile in the place you live. There are several reasons why people invest in real estates, but the most popular reason for doing that is to earn passive income on it, which is the main topic of today’s article. Here’s why you should be interested in buying property through us:
1. Passive Income Stream
Real estate investments generate monthly cash returns, but they usually are not considered active because they require little effort. However, if you own multiple properties, you could potentially get paid every month without having to spend money or work.
2. Tax Benefits
Taxes play a huge role in determining a person’s overall financial situation, including his/her ability to save, invest, and pay bills. When you’re paying taxes on rental profits instead of salary, you’ve already got a head start in saving and building wealth over a longer term than someone who only pays tax on his/her income.
3. Capital Gains Deduction
One advantage of owning property is that capital gains can be deducted. If you sell property for $10 million dollars and you bought it for $5 million dollars, you’d still receive a deduction on $4.98 million. This is because the difference ($0.02 million dollars), multiplied by 12%, equals your deductible amount. So basically, if you sell a house worth millions of dollars, you can deduct thousands of dollars per month, just for being able to afford to keep the house.
- How To Make Money On a New Home or Condo Purchases in Naples, Florida
- In recent years, buyers seeking homes outside of large cities like Miami and Atlanta had their pick of many quality real estate communities across America including Orlando, Chicago, Los Angeles, Seattle, and Austin, but none quite captured the attention of the nation's capital until recent years. As Washington D.C.'s reputation began gaining momentum due to both government employment growth and political power, the demand for properties beyond the traditional tourist locations skyrocketed, leading sellers to offer some truly amazing deals. Whether purchasing a condominium apartment or single family home in Washington DC today will pay handsome dividends to those who seek to invest capital for the long haul are few questions without sufficient answer; however, understanding the current market trends offers insight into potential opportunities to profit well while buying real estate in this exciting city.
For example, most realtors advise against considering neighborhoods near Dupont Circle because they represent a high price tag and generally attract lower-income residents with higher rents. A better neighborhood for those interested in investing would be Petworth which houses several condos available for under $300k, but if a buyer wanted something different than one bedroom or studio apartments, he/she could consider buying a property further south along 16th Street where prices fall considerably making these places ideal investments. If a homeowner wants to take advantage of living close to work and shopping options yet is unwilling to settle for a small place in Southeast, Capitol Hill represents another great bet since its proximity to Downtown makes travel almost seamless.
While most areas around Washington D.C have become desirable destinations as a result of rising incomes among local residents, affordable housing continues to be scarce despite efforts to bring development projects through federal programs and incentives offered by the District Department Of Transportation (DDOT). Those seeking homes in the greater metropolitan area should keep abreast of recent developments since developers continue to expand housing stock in established areas while focusing on developing markets like Southwest D.C. where there is still plenty of space to produce larger scale properties that appeal to a broader demographic without having to raise rates significantly.
If real estate investors wish to enter the world of residential realty investing, then the first step towards purchasing a house requires a thorough assessment of each potential location. For instance, an investor must evaluate whether an individual property appeals to him/her based upon a combination of factors ranging from size, amenities, proximity to other buildings, as well as surrounding schools and hospitals, crime rate, and more. When comparing properties, one must be cognizant of the fact that the cost per square foot and monthly mortgage payment differ greatly depending upon the distance of each building from nearby parks or freeways. Likewise, it pays to ensure that prospective purchases match personal preferences when choosing an area because otherwise, potential returns on investment in a particular community will remain poor given that certain communities lack necessary amenities and services. Additionally, once a target location is selected, residents can begin contacting builders regarding the availability of specific units and asking them for details regarding financing options as soon as contracts go live in order to secure preconstruction interest sooner rather than waiting until after contracts expire, thereby avoiding losing out on multiple bids by competing contractors as happens frequently nowadays.
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