The Do’s and Don’ts for Investing in Real Estate

Investing in Real Estate tips

Are you thinking about investing in real estate in 2021? It may be the perfect year to purchase a rental property, a vacation home or to flip houses. We are happy to help you find the perfect investment property and have put together this list of tips to help you get the best return on your investment.

First, consider what type of investment property is best for you and your family.

If you are thinking about a rental property, such as a vacation condo or rental home, consider how much time will be needed for things like maintenance, managing a website or rental listings and vetting potential tenants. For rental homes, make sure the areas you are searching are attractive to tenants in terms of proximity to nearby business centers and transportation hubs and in good school districts for family tenants.

Is a family vacation property more to your liking? Make sure you read any and all rules pertaining to owners and guests, as well as rules on renting your property out when you are not using it, if that is something you plan to do. Also be sure that your vacation property is somewhere you foresee your family wanting to travel to often enough to make it worthwhile.

For new house flippers, you want to find out what return you can expect to get in your market area and talk to contractors and suppliers to get realistic estimates on renovations, both in terms of price and time of completion.

Here are some additional Do’s and Don’ts for investing in real estate:

Do aim for at least a 15% return on investment.

Do look for homes priced in the low end of the median price range.

Do look for 3-bedroom, 2-bath single family homes for rentals or flipping.

Do focus on one neighborhood or area.

Do purchase rental properties close to your home if you plan to manage them yourself.

Do use one real estate agent to help with all your buying and selling needs.

Don’t purchase a second property until the first is earning revenue.

Don’t buy properties that you wouldn’t want to manage, even if you plan to use a property manager.

Don’t buy a home that you cannot afford to carry for several months in case of a slow market.

Don’t buy a home or condo without having inspections performed.

Don’t buy without title insurance.

Don’t buy more properties than you are able to manage.

As said, we can help you search for investment properties. Sometimes buyers make the mistake of searching on their own and contacting the sellers or listing agents directly. Working with several different people wastes your time and increases the chances that you will miss out on a deal. Also, working with one agent allows that agent to learn your tastes, needs and parameters…that way your agent can be out looking for the right property while you are busy doing other things.

Celebrating the Holidays Safely in 2020

Ideas on how to celebrate the holidays safe

As we close out 2020, we can all have hope that our lives will soon return to normal, but for this holiday season, families are faced with the challenge of celebrating safely. Here are some ideas for making the most out of this holiday season while keeping your loved ones healthy.

Go with simple as a theme. Cutting back on gift giving and holiday activities will cut down the time you and your family spend exposing yourself to crowded shopping centers and other venues. You will benefit by having more down time to enjoy decorating, baking, or watching movies with your family.

Shop early. Avoid crowds by shopping earlier than usual and taking advantage of online shopping. Shopping early will also help you avoid unwanted stress and increase your enjoyment of the season.

Skip the Party Circuit. Avoid large gatherings and indoor get-togethers. Instead of feeling like you are missing out by skipping a party, spend the time talking with family or friends on the phone, or doing something special at home with family members.

Celebrate Outdoors Whenever Possible. When weather permits, take your celebrating outside. Arrange a driveway happy hour with neighbors, socially distanced caroling or neighborhood scavenger hunt.

Stage some friendly competition. To take the place of neighborhood or family gatherings, stage some fun virtual competitions. Categories may include tree decorating, gingerbread house building, gift-wrapping skills, and carol singing. Participating families can submit their entry photos or videos for everyone to vote on.

Plan Secret Santa Activities. Instead of getting together for cocktails or dinners with friends and coworkers, play Secret Santa and drop off cookies, a crock of soup, or homemade pet treats to your friends’ doorsteps. You may create a tradition you continue for years to come.

Take Care of Yourself. This unprecedented time has caused many people to suffer from stress, anxiety, or depression, so whenever possible, exercise self care. Even though the holiday season is a time we usually focus on others, it’s important to care for your own needs. Take time to rest, meditate, exercise, and get enough sleep.

Check in with Relatives Often. You may not be able to gather as a family this year, but you can spend quality time with relatives virtually. Arrange weekly Zoom or FaceTime calls, have your children draw pictures and write letters to their elderly relatives, or plan online family game nights with your extended family.

5 Most Expensive Homes Sold In Frankfort in November

Out of 42 homes sold in November, these were the 5 most expensive…

5. Discher Estates: Sold for $363,000       discher estates frankfort

4. Silver Lake: Sold for $367,500                 silver lake home in frankfort ky

3. Rural Area: Sold for $405,000                 rural home in frankfort ky

2. Two Creeks: Sold for $410,000                 two creeks home in frankfort

1. Two Creeks: Sold for $415,000                Two Creeks Neighborhood

                                                

*Data researched using Lexington-Bluegrass Association of REALTORS®*

Home Maintenance Tips for Fall and Winter

home tips

The cold season has already arrived in many parts of the country. Here in Frankfort, we’ve had those random over 70° days, but I think that is now behind us!

It’s important to prepare your home for the colder weather coming. Taking a little bit of time to winterize your home can save you a lot of time – and money – later on. Check out these tips for preparing your home for the fall and winter.

1. Check window and door weather stripping for damage.

2. Disconnect water hoses and turn off outdoor water supply lines and irrigation system.

3. Wrap exterior water pipes or hose bibs with heating tape.

4. Clean your gutters.

5. Check your roof for damage or leaks.

6. Fill cracks in your driveway and foundation.

7. Check attic insulation for pest damage.

8. Have your furnace serviced.  See my previous blog on HVAC systems for recommendations on companies.

9. Check your chimney for obstructions and make sure your damper is working.

10. Clean and store your lawnmower.

11. Aerate and fertilize your lawn. Check your local Southern States for some great assistance in this area!

12. Change the air filters in your HVAC system.

13. Change smoke detector batteries.

14. Clean and store outdoor furniture.

15. Have landscaping pruned and put fresh mulch down.

16. Bring potted plants inside.

17. Change your ceiling fan direction.

18. Clean humidifiers before using.

19. Check the condition of your pool cover.

5 Most Expensive Homes Sold in Frankfort in October

Out of 64 homes sold in October, these were the 5 most expensive…

5. Buena Vista Estates: Sold for $325,000       buena vista estates home sold

4. Heritage: Sold for $365,500                             heritage neighborhood home

3. Rural Area: Sold for $399,900                         rural frankfort

2. Leatherwood: Sold for $440,000                   leatherwood neighborhood

1. Two Creeks: Sold for $550,000                                                            *No Photo Available*

*Data researched using Lexington-Bluegrass Association of REALTORS®*