Pending home sales fell 2.5% in July, with each of the four major regions of the country seeing a decline in contract activity.
Digital Marketing: Social Media
The RRC Digital Marketing: Social Media certification is for real estate professionals who want to develop expertise with social media resources and the sites that are an essential part of today’s digital marketing mix, whether you are promoting your business or the properties you represent.
BiggerPockets Podcast 345: “Vivid Visions†and 90-Day Sprints—Brandon’s Approach to Mobile Home Park Investing (and Life!)
Today, Brandon Turner’s on the other side of the microphone.
J and Carol Scott, co-hosts of the BiggerPockets Business Podcast, recently interviewed him… and the result was so epic we wanted to share it here, too!
In this episode, Brandon reveals why he chose mobile home park investing (hint: NOT necessarily because it’s the “best†investment) and describes the method his team used to get hundreds of pads under contract in just a few months. (It’s an approach YOU can apply using the new BiggerPockets Intention Journal.)
But this show is about much more than real estate. It’s about avoiding that all-too-common pitfall where you set an ambitious goal only to see it buried under an avalanche of more urgent (but less important) responsibilities.
Brandon shares the tools he’s used to break that cycle and how he’s applied them to other challenges—like moving to Hawaii, improving his personal health, and spending more meaningful time with his family.
You’ll hear how Brandon’s first business venture failed, how he got into real estate investing for cash flow, and how he discovered a way to bring BIG value to BiggerPockets as Employee #2, despite not owning a computer the year before! Oh, and you’ll learn the meaning of “M.I.N.S.†and the role they play in moving your business forward (ESPECIALLY when the going gets tough).Â
Brandon also shares why writing out a “vivid vision†of your future might be the best thing you can do to move yourself closer to your ideal life; why he asks, “What would be awesome?†and then works backwards; and why he and his wife organize a goal-setting retreat together on the same day every year.
This is an amazing episode that lays out a battle plan for getting WAY more done while setting aside quality time for friends, family, and fun.Â
Download this one, and subscribe using your favorite podcast app so you won’t miss any future shows!
A place to call home: Americans favor homeownership over renting
Despite a competitive housing market and current concerns about housing affordability, 70% of Americans still see owning a home as a clear sign of success in adulthood, according to Wells Fargo’s 2019 “How America Views Homeownership†survey.
Seven in 10 respondents of the survey of 1,004 adults 21 years and older say that owning a house is on par with having a career as a sign of a successful adult. Those surveyed note that they see homeownership as a clearer sign of success over getting married (32%) or having children (34%).
Close to 90% of the respondents say that the benefits of homeownership outweigh the drawbacks. If they could do it all over again, current homeowners say they would still choose to buy their home (93%) instead of continuing to rent, and nearly all (95%) note that owning a home is a better financial decision in the long run than renting.
Affording a down payment is seen as the primary hurdle to buying a home, according to 27% of those surveyed, with 38% of aspiring millennial homeowners naming it their biggest challenge to achieving homeownership. Wells Fargo notes, however, that some mortgage lenders allow qualified buyers to put as little as 3% down on a home.
Nearly 8 in 10 homeowners would be willing to move to a smaller city or town to afford their home, and 74% say that they would consider buying a smaller home with fewer amenities.
First-time homebuyers frequently look to condominiums as a lower-cost housing option. Roughly 40% of the 347,000 community associations in the U.S. are condominiums, according to the 2018-2019 National and Statistical Review for Community Association Data from the Foundation for Community Association Research. Recently updated requirements from the Federal Housing Administration should make lending easier for condominium unit buyers.
More than 73 million U.S. residents currently live in a community association—up from 62 million in 2010. Community associations are growing due to the value of collective management, privatization of public maintenance services, and the expansion of affordable housing options.
The post A place to call home: Americans favor homeownership over renting appeared first on Ungated: Community Associations Institute Blog.
BiggerPockets Podcast 344: “No Money†Real Estate Investing with Gabriel Hamel
Over 25 seller financed deals in a few short years! Today’s guest, former service member (and diamond pushup world record holder) Gabriel Hamel, sits down with Brandon and David to share how he built a portfolio of over 140 units (in an expensive market) using creative methods and seller financing to make deals where other investors miss them!
Gabriel shares how he started investing in a tough market and used sub-prime lending (successfully) to house hack his first few properties. He gives some awesome advice on approaching sellers with seller financing proposals, structuring the offers, and showing them how it’s a win-win. He also gives great advice on finding gentrifying markets, walking away from closings with money in his pocket, and applying a mindset to real estate investing that helps him succeed in all aspects of life! Gabriel has very practical, down-to-earth, useful advice and shares it willingly.
This is an episode for both newbies and experienced investors to download today!
Safeguarding finances: 9 steps to prevent fraud and embezzlement in your HOA
Community associations fall victim to theft and embezzlement too frequently. Board members should know the warning signs and institute preventive measures before the community is left with a difficult recovery. Combining these safeguards should help to keep your association and homeowners from being victimized.
1. Know the association’s Federal Tax Identification (FTI) number. Use it to obtain periodic listings of all bank accounts and account numbers, and make sure they are all under the association’s name and FTI number.
2. Use a lock box system for deposits. A lock box allows owners’ payments to be mailed or transferred directly to the association’s bank accounts. This reduces the chance that the association’s money will be deposited into the wrong account.
3. Safeguard your association’s reserves. Like checking accounts, the reserve account(s) should be under the control of at least two people. Do not give one board member total control over reserve accounts.
4. Require duplicate operating and reserve accounts statements be sent every month. One statement should be sent to the management company (or, if self-managed, to the treasurer or bookkeeper) and the duplicate to a board member who does not have authority to sign the checks or make any type of transfer or withdrawal.
5. Check invoices against checks paid and the original receipts for credit card accounts, if any. If the association has professional management or a bookkeeper, the board treasurer should conduct this review. If self-managed, a board member without access to the bank accounts or credit card privileges should check for any unauthorized use.
6. Shop around for bank services. Unfortunately, some banks do not enforce dual-signature requirements or prohibit electronic transfers between accounts, despite being under different FTI numbers. If the bank wants your business, demand that it demonstrates the safeguards it has in place to minimize theft, especially through electronic transfers.
7. Insure the association’s money. Obtain fidelity coverage on the board members and the management company or bookkeeper, if any, in an amount that equals or exceeds the association’s reserve fund and several months of operating funds. Even with coverage through the association’s insurance carrier, the board should require evidence that the management company carries its own fidelity coverage, which would provide the first line of recovery in the event of theft by one of its employees.
8. Make sure the management agreement includes specific terms to require these safeguards. A professionally managed association should have its legal counsel review the original agreement and any renewal prior to execution, so the agreements are not riddled with lopsided terms that are detrimental to the association.
9. Regularly have an independent certified public accountant conduct an audit. While it may be too costly to conduct an audit every year, the board should commit to having one performed every few years. In the interim, the association should have an annual review performed, with the stipulation that the bank balances be independently verified.
This article was originally published on HOAResources.com, which provides information and tools to community association members living in condominiums, homeowners associations, and housing cooperatives. Read the full version here.
The post Safeguarding finances: 9 steps to prevent fraud and embezzlement in your HOA appeared first on Ungated: Community Associations Institute Blog.
ADA Website Case Dismissed
An SDNY court dismissed an ADA website lawsuit filed by NY plaintiff against an Ohio based grocery chain based on mootness and lack of personal jurisdiction.
Employment Practices Legal Hotline
EPL Assist™ is a set of risk management resources and tools, including live online and telephone access to expert legal advice. Coverage under the NAR Insurance Program now includes access to this valuable resource.
BiggerPockets Podcast 343: Using Checklists and Systems to Get More Done in Less Time with Pilot/Investor Steve Rozenberg
Want to build a cash flowing portfolio while working a full time job?
Today’s guest did just that! Steve Rosenberg shares his incredible story of how he built a huge property management company (along with several cash flowing rental properties) while working as an airline pilot and travelling the country! Steve has a genuine, straight forward style and shares what he did wrong buying real estate, where he learned what his strengths are, and how he and his partner resurrected a dying business. Steve also shares how he learned why systems are so important, how he learned to build them, and which systems he uses in his own business to save time, make money, and scale! Steve shares some of the most painful lessons he learned through failure so you don’t have to learn them yourself.
This is an episode you definitely want to download today!
Elevator safety: Deadline looming for NYC condos and co-ops
Condominiums and cooperatives in New York City have until Jan. 1 to comply with a safety regulation from the city’s Department of Buildings that requires installation of door-lock monitoring systems to prevent an elevator from moving if the doors are not fully closed, The New York Times reports.
This safety regulation, adopted in 2014, was prompted by a fatal 2011 incident. It’s estimated that about 44,000 automated elevators in the city need to be fitted with door-lock monitoring systems, says Donald Gelestino, president of elevator maintenance company Champion Elevator.
The installation cost of the door-lock safety systems depends on the elevator’s age, with newer ones needing only an activation of the device that is likely already in place or a software update compared to elevators that are at least 5 years old, which would either need to go through a retrofit or a complete upgrade.
Dennis DePaola, an executive vice president and director of compliance at New York City-based management company Orsid Realty, says the company communicated early on with approximately 170 condo and co-op clients in the city to let them know about updating the systems.
“The cost could be anywhere from $15,000 to $25,000 per elevator, and many of our buildings have four, five, or six elevators, so it could be a costly endeavor,†explains DePaola. He adds that because the safety devices do not contribute to the operating life of the elevators, Orsid provided boards with evaluations about the remaining useful life of the equipment before they decided whether to either retrofit or upgrade.
Orsid got the discussion started early at each of its properties, but DePaola says that there has been “a lot of anxiety through the management community in New York City about the ability of elevator maintenance companies to go and retrofit all the elevators in the city. There’s only so much personnel and equipment to go around.”
Several trade groups have been in talks with the Department of Buildings to request an extension for some buildings that cannot complete retrofits or upgrades before the Jan. 1 deadline.
The city’s Department of Buildings also is requiring elevators to have a secondary emergency brake installed by 2027, which is prompting many boards to contemplate a complete elevator modernization project for systems that are more than 20 years old, according to The New York Times.
DePaola recommends that condo and co-op boards looking to modernize their systems hire an elevator consultant to find out what specifically needs to be upgraded or brought up to code. The consultant will typically suggest that boards get bids from three or four maintenance companies before undergoing a modernization project.
The post Elevator safety: Deadline looming for NYC condos and co-ops appeared first on Ungated: Community Associations Institute Blog.