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The Pros and Cons Of A College Rental Property

college rental pros and cons

The Pros and Cons Of A College Rental Property

Within residential rental property there is the college student rental subset that investors can consider.  Rents can be higher with a college student rental but the turnover and turnover costs can also be higher.  Whereas with a traditional rental property tenants sometime stay for years at a time, with college rental there can be new tenants every year.  College rentals have consistent demand and can be recession proof.  There are other pros and cons to consider when buying college student rentals as this article explores.

Pro: Higher Rents

Rents over all run higher for college student rentals and some of the reasons for that include: the fact that tenants may only be there for a year or less higher rents can be charged; college students can be a little harsher on their living quarters; overall demand for rentals close to a college campus are high in general; and students can join together to help offset the cost of renting a place.  A four-bedroom house can house 4 students and even more when the students share rooms.  An equivalent sized house in a non-university area will more likely be housing a family where one or two of the residents will be responsible for paying the rent and they have more options to consider.

Pro: Consistent Demand

So long as the rental property is located close to a well-regarded college or university there should always be demand from students for off campus housing.  Many college rental owners start their ...

August 2021 Greater Cincinnati Luxury Real Estate Market Report

Median price for luxury homes ticked down slightly compared to July 2021.  The quantity of homes sold and homes available for sale ticked up a modest amount.  The average days on market a home spent waiting to get purchased did go up by 7 days.  The fact that homes are spending some more time on market can reflect a trend that home sales are slowing down.  In the alternative as people took an extra vacation in August to make up for lost time there just may have been fewer buyers in the market at the time.  September's numbers will be better able to show if this is a trend of a shift towards the market becoming a buyer's market..

August 2021 Greater Cincinnati Luxury Real Estate Market Report

Home Prices Dip - Home price gains dipped a little as buyers in larger numbers started to sit out and wait it out in this very seller drive market.  Sellers still have a strong market working in their favor though.

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What Are Some Of The Common Causes Of Delay In Closing On A Home?

common causes of closing delays

What Are Some Of The Common Causes Of A Delay In Closing On A Home?

When buying or selling a home the timelines set by the contract are an important factor.  Getting inspections done in a timely manner, having appraisals done on schedule and going through the mortgage loan process means there are a lot of moving parts to the process for buying or selling real estate.  This article explores some of the common delays and how they are dealt with.

Can A Home Inspection Cause A Delay?

A home inspection can cause a delay in closing for a number of reasons.  If an inspection cannot be done within the time frame requested on the contract the buyer may need to ask the seller for extra time to get the inspection done.  Especially in an active real estate market, home inspectors will be booked out in advance.  The preferred home inspector may not be available nor might any other inspector be available.  Home buyers should be taking account of this and make sure they are requesting enough time for the inspection.

Home inspections will also bring up issues that sometime need to be further explored by a licensed professional in that area.  For instance, electrical, plumbing, HVAC issues are better diagnosed by someone trained and licensed to provide an opinion on the issue.  Home inspectors are more generalists by nature when it comes to the overall condition of the home and usually will let a home buyer know they found something that may be of concern that should be looked into further. 

All of the above can add time to the process.  Buyers may be holding off on ordering an appraisal until after all inspection matters have been resolved.  Since...

The Top 10 Highest Priced Homes For Sale Today In The Greater Cincinnati Area

THE TOP 10 HIGHEST PRICED HOMES FOR SALE TODAY IN THE GREATER CINCINNATI AREA

The Top 10 Highest Priced Homes For Sale Today In The Greater Cincinnati Area

Cincinnati is the third largest city in Ohio and the Greater Cincinnati Metropolitan area covering Ohio, Kentucky and Indiana is the largest metropolitan area in Ohio and the 27th largest metropolitan in the United States.  The Greater Cincinnati area has a unique variety of architecture and the homes offered in Cincinnati are no different in their unique style and features.  You can find 100+ year old one of a kind homes in different neighborhoods in Greater Cincinnati as well as brand new homes with modern features.

The Greater Cincinnati is no stranger to luxury homes and has many luxury apartments, condominiums, and homes to choose from.  The neighborhoods these homes are found in are in and around the Greater Cincinnati area and represent the best the city has to offer.  These homes offer some of the latest and greatest in luxury as well as technology and are found in the following great neighborhoods:

Indian Hill, OHio 45243:

What began as a farming community in 1904 the Village of Indian Hill later was reshaped into more of an area for large estates.  The homes in Indian Hill represent some of the best of what Cincinnati has to offer.  In 2002 the Robb Report rated Indian Hill, OH as one of the best places to raise a family.  Of the top ten priciest homes in the Greater Cincinnati area Indian Hill has 7 homes on the list.

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What Can Cause A Home’s Foundation To Go Bad?

What Can Cause A Foundation To Go Bad?

What Can Cause A Home’s Foundation or Structure To Go Bad?

The foundation of a home is a critical part of the home and it what keeps a home standing up.  While factors outside of a homeowner’s control (such as severe storms, earthquakes, sink holes and more) can cause foundation problems there are things the homeowner can do to prevent foundation problems.  Foundation problems can lead to uneven floors, broken windows, stuck doors and much more.  Therefore, preventative maintenance to control what is in the homeowner’s control is important and this article looks at some of the common problems that can cause issues with the foundation and house structure.

Water Caused Foundation Damage

Water related issues are one of the biggest causes of home damage in general.  Water and excess humidity can lead to mold, wood rot, and more which can make a house unlivable.  Water when not properly diverted away from a home results in water entering collecting close to the basement walls.  As the water builds up it creates inward pressure on the wall which can cause cracking and can even force walls to fall inward into the basement.  Homes have gutters and downspouts to help properly divert water away from the foundation of the home.  Gutters or downspouts that get clogged means water is not drained away properly which then results in the foundation issues noted above.

When water enters into the basement either through gaps in block foundation mortar or cracks in concrete and stone walls that water over time causes the gaps to get bigger if left untreated which...

July 2021 Greater Cincinnati Luxury Real Estate Market Report

The median sales price ticked up slightly as did the days on market and total homes available for sale.  With the restrictions being relaxed in multiple areas more people wanted to get out of the home and travel.  More people travelling means fewer buyers and fewer dollars to put towards buying a home.  As August and September roll around it will be interesting to see how the numbers play out then.  

July 2021 Greater Cincinnati Luxury Real Estate Market Report

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Who Should Be Notified Before You Move

Who to notify before moving

Who Should Be Notified Before You Move

What Businesses and People Should Be Told You're Moving

Are you going to be moving? Moving from home to home is a difficult and stressful time for most people. You need to do things like get boxes, pack all your stuff carefully, and rent a truck or hire professional movers.

One of the many tasks you need to complete when moving is changing your address. You need to understand who to let know you are moving to avoid problems after being in your new home. Knowing how to forward mail will be an essential part of moving you can't forget about.

Some of the companies you need to notify of the move need to be contacted as soon as you know your moving day. We give you a list of businesses and organizations that you need to update with your new address before moving.

Post Office Change of Address

One of the first places you should notify of move intentions is the post office. Their change of address service will forward your mail to your new address for a year.

Notification of moving with the post office can easily be done online through their website. Please fill out their forms at least a week before your moving day to avoid any of your mail going missing. It is always better to make the change as early as possible.

If you need to cancel your address change for some reason, you can always do that later.

Tax Accountant and The IRS

Though you might want to avoid it, you need to inform you about moving with federal and state tax...

What Is An Estoppel Agreement Used For When Buying Investment Real Estate?

what is an estoppel agreement

What Is An Estoppel Agreement Used For When Buying Investment Real Estate?

When buying any type of investment real estate that has tenants involved an estoppel agreement helps to protect the buyer by verifying the terms of the tenant’s current lease.  Most real estate investment properties are purchased with the intent of generating cash flow.  If a certain building ends up generating less cash flow than anticipated since the owner might have exaggerated some numbers that can make what seemed like a good investment turn out to be a bad investment.  This article looks at what an estoppel agreement is, what the estoppel agreement should contain and whether the estoppel agreement can be relied upon 100%.

The Basics of An Estoppel Agreement

An estoppel agreement is a document that the tenant and the current rental property owner both sign and that acknowledges the amount of rent the tenant is currently paying, what type of lease they are on, how much security deposit they have given to the current owner, any other fees or rents they pay (pet rent), and if the tenants get any rent discounts for any reason.  If tenants are paying their own utilities, there will also be a section for that to be noted on the estoppel agreement.  Some tenants may help out the owner by making sure the trash cans are put on the curb for trash pickup day and put away after trash service has completed.  Tenants may also help with the cleanup for the common areas of the property, clean snow and other tasks that are performed in return for a discount on rent.man holding hand up...

June 2021 Greater Cincinnati Luxury Real Estate Market Report

June 2021 GREATER CINCINNATI LUXURY REAL ESTATE MARKET REPORT

Luxury home inventory ticked up slightly with little change in median listing price.  A few more homes sold and slightly less time on market also is noted as the changes from May 2021.  Rumors of a buyer's strike seem to be coming true in some markets as mortgage application rates are dropping.  Whether buyers are taking a break to catch up on travel and vacation time or are really serious about not wanting to buy a home remains to be seen.

June 2021 Greater Cincinnati Real Estate Luxury Statistics


If you need help buying or selling a luxury home in the Greater Cincinnati or Northern Kentucky area feel free to contact me so that you can gain some insight in to the local luxury real estate market.

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Smart Tips For Automating Your Home

home automation tips for your home

Tips For Automating Your Home

Home automation can help reduce some of the effort of managing a home and make it overall more enjoyable to live in.  Certain automation tools available for the home can maintain proper temperatures, keep an eye on security, and even report serious issues like HVAC or water heater issues.  This article explores some of the home automation technology out there and how it can benefit homeowners.

Leak Monitoring

A flooded house can be a huge disaster for homeowners especially if not caught in time.  Many homes have finished basements with carpeting, furniture and electronics that if exposed to water can result in a total loss to those items.  Even worse, water that is allowed to sit in a basement for any length of time can make the entire house unlivable since water will cause mold to grow and that mold will spread to the rest of the house.  Smart water leak monitoring devices can keep an eye on leaking pipes and basement floods in general which will alert the homeowner to water issues before it is too late.

Things like sewage ejector failing to work or leaking from the ejection pipe, back up in the sewer lines can be make for even a worse (read stinky) situation.  The sooner one knows about sewage leaks/backups in the basement the sooner one can act to stop any further damage.  There are a number of companies who make smart water leak sensors and some of them will integrate with existing smart home systems like Apple HomeKit, Amazon Alexa and more.

Smart Thermostats

Maintaining the proper temperature in a home helps keeps the inside of...

What Should You Do With A Bonus Room In A House?

What Should You Do With A Bonus Room In A House?

What Should You Do With A Bonus Room In A House?

A bonus room is one of those extra spaces found in the house that does not fit within the definitions of the other rooms found in the house.  Bedrooms and other rooms have their names and particular uses whereas the bonus room does not.  The bonus room still can be useful for the homeowner and this article explores what homeowners might want to utilize their bonus rooms for.

What Exactly Is A Bonus Room?

As mentioned above a bonus room is usually not one of the other typical rooms like bedroom, family room, living room, or den.  Sometimes the bonus room is found in the upper levels of the home like an attic space that has been finished.  The room may not be large but is still big enough to utilize in some way.  When in an attic there may be slanted ceilings or lower than normal ceilings.  Basically, it is not a typical room and rather than let that room be wasted space someone (builder or the homeowner) decided to covert that room to usable space.

Can A Bonus Room Be Used As A Bedroom?

Depending on the size of the bonus room, some can be used as a bedroom.  Whether it can be described as a bedroom in marketing remarks when selling a home is a different story.  In most locations a bedroom has to have a closet and two ways in/out of the bedroom (a window can be one of those ways) in order to be legally called a bedroom.  So, a bonus room on the third-floor attic space may not be technically called a bedroom that does not mean people won’t use it as such.  Even without...

May 2021 Greater Cincinnati Luxury Real Estate Market Report

May 2021 Greater Cincinnati Luxury Real Estate Market Report

Luxury home inventory increased slightly from April 2021.  Days on market decreased slightly and the amount of homes that sold overall increased as compared to last month.  The summer time is traditionally a slower time period for sales.  This time last year the real estate buying cycle was pushed due to the COVID pandemic and summer remained pretty active time for real estate.  As the economy is opening up and people are wanting to get out we might see a drop in home buying/selling activity as people opt to spend more time travelling and catching up on things they could not do during the pandemic.

May 2021 Cincinnati Luxury Real Estate Market Statistics
If you need help buying or selling a luxury home in the Greater Cincinnati or Northern Kentucky area feel free to contact me so that you can gain some insight in to the local luxury real estate market.

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Does A Mortgage Payment Always Stay The Same?

Does A Mortgage Payment Always Stay The Same?

Does A Mortgage Payment Always Stay The Same?

When one buys a house with a mortgage the common thought may be that now my house payments are fixed for thirty years and there is nothing else to worry about.  Depending on the type of mortgage a house is purchased with and whether taxes and insurance are escrowed the monthly home payment may not stay the same for thirty years.  This article explores what a home mortgage payment actually consists of and how sometimes the monthly payment can go up or down at times.

What Does A Mortgage Payment Consist Of?

The most common parts of a mortgage payment consist of the principal and interest payment.  As the homeowner pays off their mortgage over time they are paying a certain amount towards the principal balance of the mortgage (the amount of the actual loan) and towards interest.  The principal and interest payment rarely will be the same amount and will change over time where the balance being paid towards principal will increase and the amount going towards interest will decrease.  One common way of paying down a mortgage faster over time is by paying extra towards the principal so that way less interest is paid overall for the mortgage.  

If a homeowner has paid less than 20% down towards the purchase of their home then the lender will require that the homeowner also pay into escrow a pro-rated monthly amount to cover the payment of homeowner’s insurance and property taxes.  Generally, whatever the total amount of annual taxes plus the insurance premium will be is divided by twelve in order to determine the monthly required house picture...

Great Bakeries In Cincinnati

Cincinnati Bakeries

Great Bakeries In Cincinnati

Looking for some great bakeries in Cincinnati?  Look no further than the list below.  While not all inclusive this list does cover many of the local small business bakeries that are in and around Cincinnati and provide great cakes, cupcakes, pastries and more!

SUGAR

If you are looking for some awesome baked goods then Sugar is the place for you.  Located in the Over The Rhine area north of downtown Cincinnati Sugar offers plenty of deliciously sweet treats that will have you going back for more.

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April 2021 Greater Cincinnati Luxury Real Estate Market Report

Homes continue to sell at record pace.  The average selling price for luxury homes is up, but at the same time inventory is still down compared to previous years which means increased competition for buyers.  Seller's continue to control the market which appears to be something that will last at least a few more months if not more.

April 2021 Greater Cincinnati Luxury Real Estate Market Report

If you need help buying or selling a luxury home in the Greater Cincinnati or Northern Kentucky area feel free to contact me so that you can gain some insight in to the local luxury real estate market.

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Tips For Winning A Real Estate Bidding War

tips for winning a bidding war for a home

Tips For Winning A Real Estate Bidding War

In today’s real estate market all over the US home buyers are seeing fewer homes available for sale and having to compete with multiple other buyers for those same homes.  The end result is bidding wars where home buyers have to compete against other home buyers in hopes of getting the winning bid.  There are some strategies that home buyers can use to put their offer on top and this article looks at those strategies and why they may be a good strategy or not.

Pay In Cash

A good way to beat out other buyers who will mainly be using financing to make the purchase of the home is to offer cash for the home.  Sources of the cash can include 401(k) loans, loans from family members, bank or business lines of credit, cash savings and more.  With cash the buyer can shorten the time period for closing (if the seller wants that) as well as waive the appraisal contingency.  One less contingency in the offer means the seller has one less thing to worry about going wrong prior to closing.  With a cash offer the seller also does not have to worry about a mortgage lender pulling the loan at the last minute.  After closing the buyer always has the option to get a mortgage on the home and put the cash back from where they got it from.

Get A Mortgage Pre-Approval

The message about mortgage pre-approval is often repeated and bears repeating here.  Going into a bidding war on a home without a pre-approval letter when buying a home with a mortgage is a hand holding dollar sign...

What Is Deed In Lieu Of Foreclosure?

What Is Deed In Lieu Of Foreclosure? graphic

What Is Deed In Lieu Of Foreclosure?

Deed in lieu of foreclosure is a term used by mortgage lenders to mean the homeowner gives up their ownership of the home to the lender in order to avoid a foreclosure action against them.  There may be any number of reasons why a homeowner wants to give up ownership of their home and a foreclosure is a huge negative mark on one’s credit score.  For the mortgage lender a foreclosure action can be a lengthy and costly process.  This article explores deed in lieu of foreclosure and why a homeowner may want to choose that option.

How Does A Deed In Lieu Of Foreclosure Work?

Sometimes deed in lieu of foreclosure is referred to as jingle mail since the homeowner is literally mailing the keys of their home to the lender as a statement that they are giving up their ownership of the home.  The process is not that simple though as title to the home needs to be transferred back to the lender.  Usually this can be done by signing the deed over to the mortgage lender and filling out any other paperwork the lender requires.

Generally, lenders are willing to take a deed in lieu of foreclosure since it will be less costly than pursuing the foreclosure process.  Of course, this assumes that there are no other liens or other loans secured by the property.  If there are tax liens, mechanics liens, home equity loan liens on the home that could make the process a little more difficult for the primary mortgage lender.  If the home...

How Do Real Estate Websites Work?

how do real estate websites work graphic

How Do Real Estate Websites Work?

As a home buyer or seller you may have come across many different real estate websites.  While there are different “brands” of real estate websites they usually all share one thing in common, they show current listings of homes that are available for sale on the market.  Some websites can show which homes are for sale all around the United States whereas others are limited to specific areas.  This article explores how real estate websites work and which websites may be the better option to go with.

Who Owns These Real Estate Websites?

The big nationwide real estate websites like Zillow, Redfin, Trulia, Realtor.com and some others are owned by big corporations.  Those websites get nationwide access to all the multiple listing services woman holding chalkboard question marks(MLS) around the US so they can provide home buyers with current homes listed for sale.  Those national real estate websites and their home listings though may not always be accurate depending on how they get the information for their websites.  Some of them are pulling the information directly from the MLS while others use a third party to pull that information together for them which can result in some delays of status updates on properties.

There are other national real estate websites that have listings from where ever they have a physical presence in the market.  Most home buyers and sellers have heard of the big-name...

8 Smart Moving Tips To Help Prevent Yourself From Going Crazy

smart tips for avoiding moving stress

8 Smart Moving Tips To Prevent Yourself From Going Crazy

While the activities of buying or selling a home are not as stressful, the time when people really can melt down is when it comes to moving.  Moving literally involves a lot of moving parts.  Getting the right packing materials, packing up items so as not to break or lose them, disassembling larger items in order to transport them more effectively and not getting injured in the process.  Moving is not easy and moving without a plan is a recipe for disaster.  This article provides eight great moving tips which can help you from having a nervous breakdown.

1.  Hire Professional Movers

Professional movers are worth their weight in gold and can move their weight in gold and then some.  These mover teams are moving many home buyers and sellers throughout the week so they know how to care for the things you care for.  Don’t just pick any mover or the cheapest mover since the results may not impress you.  Professional movers have insurance on themselves and on the items they are moving for you.  So, if something does happen to break or not make it to the final destination at least you can be financially covered.

Movers can do everything for you if you want them too.  Movers will pack up each and every room safely and securely and unpack them in the new house as well.  All the homeowner has to do is tell the movers where to unpack things and let the movers handle the rest.  Make sure to choose movers by either using multiple word of mouth recommendations or one that has stellar online reviews in order to have the best experience.

2.  Plan Ahead

Especially when...

RealCincy.com Podcast: Commercial Real Estate

Podcast about commercial real estate recorded in Cincinnati

For this podcast I sat down with Bruce Hopkins, attorney with Finney Law Firm.  In the podcast Bruce and I discussed how he got started in commercial real estate, how he helps out commercial real estate clients, what commercial real estate investors need to be doing when wanting to buy commercial real estate, commercial real estate leases and more.

Watch on YouTube:

You can connect with Bruce at Finney Law Firm.

You can connect with me on FacebookPinterestTwitterLinkedInYouTube and Instagram.

About the author: The above Podcast “Podcast: VA Mortgages” was provided by Paul Sian. Paul can be reached at paul@CinciNKYRealEstate.com...

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