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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...

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...

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...

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...

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...

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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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

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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...

February 2021 Greater Cincinnati Luxury Real Estate Market Report

Inventory continues to be tight in the US and specifically in the Greater Cincinnati and Northern Kentucky real estate markets.  The luxury home market is not as short of inventory as the non-luxury market and new luxury home communities are currently being built (such as the Riverview Estates at Coldstream Country Club).  If you need help buying or selling a luxury home in the Greater Cincinnati or Northern Kentucky area feel free to contact me so I can help you with your goal.

February 2021 Greater Cincinnati Luxury Real Estate Market Report

About the author: The above article “February 2021 Greater Cincinnati Luxury Real Estate Market Report” was provided by Luxury Real Estate Specialist Paul Sian. Paul can be reached at paul@CinciNKYRealEstate.com or by phone at 513-560-8002. If you’re thinking of selling or buying a home, investment or commercial business property I would love to share my marketing knowledge and expertise to help you.  Contact me today!

I work in the following Greater Cincinnati, OH and Northern KY areas: Alexandria, Amberly, Amelia, Anderson Township, Cincinnati, Batavia, Blue Ash, Covington, Edgewood, Florence, Fort Mitchell, Fort Thomas, Hebron, ...

Great Tips For Buying The Luxury Home Of Your Dreams

graphic of a luxury entry way for article about buying a luxury home

Great Tips For Buying The Luxury Home Of Your Dreams

Homes in many markets are selling at a quick pace.  Luxury homes are no exception and many luxury homes up for sale are seeing multiple offers coming in right at the start of the listing period.  Luxury home buyers who are wanting to buy their dream home need to be fully prepared in order to be competitive with other buyers who are trying to buy the same home.  This article looks at the important steps luxury home buyers should be taking in order to be competitive with other luxury home buyers.

Start Planning Ahead Of Time

Most home purchases do not happen overnight or over a weekend.  Prior to buying a home luxury home buyers need to be researching neighborhoods and the housing types.  Are you looking for condos with amenities, neighborhoods with sizeable lots, downtown living, luxury town homes or something else?  Each of the different options provide different benefits and drawbacks.  Downtown living usually means being closer to work and downtown entertainment and activities but it also means smaller and more expensive homes overall.  Looking for homes with a larger yard means being further away from the downtown areas but one can get much more square footage as compared to a downtown home which can be a plus for those with families.  Not researching and planning ahead will result in wasted time for the luxury home buyer.

Work With A Qualified Real Estate Agent

Buying a home represents one of the biggest investments many people will make in their lifetime.  Homes purchased with a mortgage...

Tips For Supporting Local Cincinnati Businesses During The Pandemic

Tips For Supporting Local Cincinnati Businesses During The Pandemic

Tips For Supporting Local Cincinnati Businesses During The Pandemic

The pandemic has resulted in many businesses suffering due to the slowdown in spending.  Local small businesses have been hurting the most since they rely on local foot traffic to keep their business running.  Travel has also decreased during the pandemic which means fewer tourist dollars for local businesses as well.  With local businesses struggling that means those employed by local businesses are also seeing their hours cut or even worse being let go.  This article provides some tips for helping out local businesses so they can survive the downturn during the pandemic.

Buy and Eat Local

While sites like Amazon, Walmart, Target and more offer options for buying things online and getting them shipped locally, there are many local small businesses and shops who sell the same items.  By buying local you are ensuring your money gets used to help local businesses and that means getting the items you need/want even quicker since one just needs to buy and take with them their purchases.  Spending your money locally means that money is used by the shop owner to pay their employees who also live in the local area.  Look for shops that offer locally produced or grown items for even a bigger impact.  

Consider local restaurants outside of the usual chain restaurants when buying cooked to order meals.  While chain restaurants employ local people often times with the very large chains any profits from the business is usually sent out of the local area.  Whereas with a locally owned restaurant any profits the owner generates stays in the local economy with the owners who hire local employees...

January 2021 Greater Cincinnati Luxury Real Estate Market Report

With housing inventory being tight in many different markets, the Cincinnati luxury real estate market is no different.  Prices continue to climb and the amount of homes on the market available for sale are also lower than typical.  Median price has climbed and can be traced to very low mortgage rates.

January 2021 Greater Cincinnati Luxury Real Estate Market Report

About the author: The above article “January 2021 Greater Cincinnati Luxury Real Estate Market Report” was provided by Luxury Real Estate Specialist Paul Sian. Paul can be reached at paul@CinciNKYRealEstate.com or by phone at 513-560-8002. If you’re thinking of selling or buying your investment or commercial business property I would love to share my marketing knowledge and expertise to help you.  Contact me today!

I work in the following Greater Cincinnati, OH and Northern KY areas: Alexandria, Amberly, Amelia, Anderson Township, Cincinnati, Batavia, Blue Ash, Covington, Edgewood, Florence, Fort Mitchell, Fort Thomas, Hebron, Hyde ParkIndian Hill, Kenwood, Madeira, Mariemont, Milford, Montgomery, Mt. Adams, Mt. Washington, Newport, Newtown, Norwood, Taylor Mill, ...

10 Smart Tips For Getting A Home Ready For Sale

10 Smart Tips For Getting A Home Ready For Sale

10 Smart Tips For Getting A Home Ready For Sale

With every home there are different factors that need to be taken account of due to age of the home, the current condition, and what sorts of updates if any were done as part of the consideration for putting it up for sale.  When getting a home ready for sale, each homeowner must approach their home as that of a neutral buyer looking for their next home.  A homeowner who loves their current home as-is is not doing themselves any favors by thinking everyone else will think the same.  Today’s buyers want market priced homes that are in move in ready condition.  This article looks at some of the ways home sellers can make sure their home is ready for buyers prior to putting it up for sale.                              

1. PROPER HOME PRICING

Pricing your home according to Cadillac standards when all your neighbors own Chevy homes will lead to failure.  That kind of pricing strategy usually does not work.  Even if your home does have Cadillac features compared to everyone else in your neighborhood that does not mean buyers are ready to pay the Cadillac price in a Chevy neighborhood when one street over they get a Cadillac home in a Cadillac Neighborhood.  Buyers want to buy homes where other homes in the neighborhood can support the value of the home they are considering.  So if the pricing of your home is out of line with that of your neighbors the chances of it selling are reduced.  

2. CURB APPEAL

Curb appeal is another thing all...

RealCincy.com Podcast: VA Mortgage

picture of soldier in front of a flag for VA mortgage podcast

Podcast: VA Mortgages

For this podcast I sat down with Trey Budke, mortgage loan officer with USA Mortgage where we discussed the VA mortgage and all the benefit it offers to active duty and veteran miltary service memebers.  Learn about VA mortgage credit requirements, down payment requirements and more.

Watch on YouTube

You can connnection with Trey Budke on Facebook, LinkedIn, via phone 513-988-7191, via email.

You can connect with me on FacebookPinterestTwitterLinkedInYouTube and Instagram.

About the author: The above Podcast ...

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