Tag Archives: real estate

Home Reach Expands to Las Vegas!

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Home Reach Real Estate opens in Las Vegas!
Serving Las Vegas and Henderson

I am pleased to announce we have opened our first out of state office in Las Vegas.  With a flurry of foreclosures hitting the city, we needed to have a presence there.  Right off the strip, our Las Vegas office is already buzzing with activity.

We have also expanded our efforts to serve the REO and Short Sale markets across the country by helping consumers reach great REO and short sale agents via www.reoindustrydirectory.com and www.shortsaleagentfinder.com.

VIVA HOME REACH LAS VEGAS!

If you’re looking to buy or sell a home in Las Vegas or Henderson, contact our Nevada office:

Home Reach Las Vegas
2920 N Green Valley Parkway #300
Henderson, NV 89074
Brian Goodman – Realtor
briangoodman@homereach.com
(702) 469-8223

Please note:  HomeReach.com will begin showing Nevada listings online in March.  Until then, contact Brian Goodman for personal service.

How should I invest in real estate?

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Investing in real estate can be a very rewarding experience.  My clients often ask me, “What would you do with this condo, house, or fourplex?”  The answer is simple.  It depends.

The truth is there are different investment opportunities for different people. Buyers are not created equal, nor are their goals.  Below I illustrate a few different approaches to investing in real estate.

I’m a first time homebuyer.

If you’re in the housing market for the first time, it’s important to have the proper guidance so you can be fully protected and advised.  If you’re single or can get away with a small amount of space, you can pick up a small condo or home and begin to build some equity, while keeping your payments low for yourself.  There are many opportunities in San Diego where you can find a buy a condo or small home with as little as 3.5% down (FHA Approved) and have your monthly payments be equal or very close to your current monthly rental expenses.  In other words, you can start paying yourself instead of your landlord.  Not only will you benefit from tax breaks, but it’s a great time to pick up a good deal and build equity as the economy starts to rebound and rebuild.

I’m a cash buyer.

If you’re looking to buy a place for cash, then you need to identify the places that will give you the most return on your money, and also be in an area that will grow in the years to come.  In today’s real estate downturn, cash buyers are king, and they can demand the best prices and for the best terms. A good way to locate a prime location to invest in is to see what the trends are in the area.  Are there new business or restaurants coming to the neighborhood?  What reputation does the area have?  Is it around other growing communities?  Are there any city redevelopment plans?  Once you have this info, you can start to identify rental rates and run simple mathematical calculations to see what will net you the most each year for your investment.  Of course, there are many other factors to consider, like comps, sales trends, HOAs, etc; this is where a good real estate agent/broker can really come in handy.

I want to flip homes.

For the savvy investor with the vision to remodel a distressed foreclosure property, there are plenty of opportunities.  With a record amount of bank owned listings, distressed homes have flooded the market.  The ones with the most potential are the ones that need the most work, but since lenders are hesitant to lend on these properties, cash buyers usually consume them.  If you’re one of those cash buyers, lucky you!  Yes, it is possible to flip homes in this market.  If a home needs $50,000 of work, it may be under market by as much as $100,000 simply because it can only be bought by cash buyers, who have all of the cards in their favor.  That means you can fix it up and flip it, pay an agent’s commission and still have a nice profit at the end of the day.  Flip a few of these a year and you can do pretty well for yourself.  I have many cash clients who have had a lot of success flipping homes in this market.  Remember to always get professional advice and quotes from contractors when you’re making these decisions.

I’m really rich!

Ok so if these single property investments bore you, you may want to consider buying a bank owned apartment complex, between 20-100 units.  Buying in bulk works just like Costco.  You end up paying a much lower per unit cost than neighboring condominiums.  Since you are buying these for rental income to start, you can simply take them over, remodel them and demand higher rents in the short term.  In the long term, you can convert the complex into condos and sell individual units for huge returns.  Then you can roll those profits into an even larger complex.

Want to discuss your personal real estate investment goals?  I’m happy to help.

David Tal

HomeReach.com

Broker/REALTOR®/President

mobile: (619) 955-7706

HomeReach.com CEO, David Tal goes GREEN

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SAN DIEGO, May 13, 2010 – Local San Diego Real Estate Company, HomeReach.com is proud to announce they have been awarded the National Association of REALTORS®’ (NAR’s) Green Designation, the only green real estate professional designation recognized by NAR.

Going GREEN has been a commonalty in many different industries and now we are even seeing a significant difference in real estate. The decision by CEO, David Tal to go GREEN highlights HomeReach.com’s ability and desire to continue to be on the forefront of an ever-changing real estate industry here in San Diego. This continuous drive to evolve and revolutionize the real estate market is directly related to the “sharing is caring” philosophy that HomeReach.com has committed to provide to the San Diego community.

Tal expresses his enthusiasm for receiving this award, “As one of San Diego’s first GREEN Brokers, I’m happy to announce that we are leading the way for greener and more environmentally conscious real estate transactions. We can also educate our clients on ways to save green by going green. It’s all part of our “Sharing is Caring” company culture.”

David Tal and HomeReach.com achieved this prestigious designation after completing a course designed specifically for REALTORS®.  The courses were created in collaboration with a multidisciplinary team of industry experts from across the country; ensuring designees gain comprehensive knowledge of green homes and buildings and issues of sustainability in relation to real estate.

More specifically, Tal was trained in understanding what makes a property green, helping clients evaluate the cost/benefits of green building features and practices, distinguishing between industry rating and classification systems, listing and marketing green homes and buildings, discussing the financial grants and incentives available to homeowners, and helping consumers see a property’s green potential.

HomeReach.com’s company culture, “Sharing is Caring” has now been elevated from not only sharing its commissions with their clients, but now saving them additionally by Tal’s Green certification, “As energy costs rise along with concern for the environment, homeowners are looking for innovative ways to save money and live responsibly,” said Dick Gaylord, NAR’s immediate past president.  NAR’s Green Designation was developed in response to growing consumer awareness of the benefits of resource-efficient homes and buildings. The designation helps consumers who care about energy efficiency and sustainable building practices identify REALTORS® who can help them realize their green real estate and lifestyle goals.

“We urge San Diegans to not only go online and begin searching the San Diego market, but at the same time begin interacting with our agents so we can assist in the buying experience,” Tal advises. Next time you are searching to buy or sell, ask yourself: Am I GREEN? Visit HomeReach.com to begin buying the green way; more GREEN both in your pocket and your home.

HomeReach.com Golf Tournament – Sign Up Today!

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On April 8th, CEO of HomeReach.com, David Tal was on San Diego Living with Rich Mundy form PING Golf, the presenting sponsor of the tournament. April 28th is soon approaching! Click here for complete details.

San Diego Real Estate Expert, David Tal’s HomeReach Weekly

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Get $3,000 to short sale your home?

April 8, 2010 – In an ongoing effort to stave of foreclosures, the government has been coming up with new ways to help troubled borrowers.  Their newest program may just do the trick!

A short sale is when a troubled borrower owes more on his home than it is actually worth; therefore, he can’t even sell it, but rather is forced to foreclose.  Short sales help the borrower sell the home, once approved by the lender to accept a short payoff.  Lenders like this method because it saves them tens of thousands of dollars in most cases to avoid the foreclosure process and sell it while it’s in a better condition.

Tragically, only a small number of homeowners have been approved for a short sale by their lenders, and the small percentage of people who were approved had to wait for a 6-9 month short sale process.  In many cases, they lost their homes to foreclosure during this tedious and time straining attempt.

On April 5th, the government enacted the new Home Affordable Foreclosure Alternatives program, known as HAFA.  Under this new legislation, borrowers will receive $3,000 to relocate.  Short sale servicers will earn $1,500 for handling the transaction.  The holders of the mortgages, or investors, will receive $2,000 for participating and helping to share proceeds with any secondary lien holders.

Lenders that participate must make it clear to the homeowners as to what market price they will be willing to accept, and they must approve offers that meet the guidelines within 10 days.

There is no doubt this program will help thousands of people, and speed up the short sale process.  In many market areas, it’s been estimated that up to 2/3 of all transactions this year will be from short sales.  A foreclosure does twice as much damage to your credit score than a short sale, so homeowners should really consider this option before they just walk away from their homes.

Consult your local agent to discuss your options and alternatives to foreclosure!

Visit us online at HomeReach.com to view all San Diego homes for sale.

Real Estate Expert, David Tal’s HomeReach Weekly

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A new $10,000 housing tax credit for CA homebuyers!

March 25, 2010 – Last March in California, a $10,000 tax credit was enacted for homebuyers who purchased new construction homes in an effort to stimulate the housing market and help developers that were stuck with a glut of inventory on their hands.  The state allocated $100,000,000 for the program.  It was a huge success.  It was too popular in fact, because 4 months later, the fund ran out.

A new bill has been introduced in the California State Senate that would reintroduce this tax credit incentive as early as May 1st, coinciding with the end of the Federal first time homebuyers tax credit that ends April 30th.

With resale homes getting absorbed at rapid rates, many buyers are turning to new home sales which can offer great incentives from the developers like credits for upgrades, waiving Home Owner Fees for a given amount of time, major price reductions, and more.  If the state tax credit gets a new lifeline, so will developers of new homes, and homebuyers alike.

Stay tuned for more information on the California State Senate’s $10,000 tax credit for new home sales.

Visit us online at HomeReach.com to view all San Diego homes for sale.

Sound Advice for First Time Home Buyers

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It’s your first home, or maybe you made some mistakes when purchasing a property once before, so you’re not feeling so confident. You’re excited about the prospect of getting a good buy in today’s market, but you want to feel you’re making the right choice. You may feel ready to ask your REALTOR for a tour of homes, but first, here are a few tips to remember before setting out:

Know your Credit Score.

Get Pre-approved with an experienced, reliable lender, so you’ll know what you can afford. This will also help your REALTOR to be able to show you homes within your price range.

Create a Long-Term Budget. Don’t get caught short of cash, somewhere down the road. Make sure you have enough reserves.

Don’t forget about taxes, insurance, utilities, and other possible fees.

Work with a REALTOR who has experience and “know-how”, who will help you every step of the way, including negotiating, answering vital questions, and being there for you when you need advice. A good real estate agent will return your calls within 24 hours, but a great agent will get back to you as soon as possible.

Prioritize your “Gotta-Haves” and “It-Would-Be Nice-to-Haves”, and understand that each home will most likely have a bit of each, but will seldom fulfill all your desires.

Get a Home Inspection, and choose your own Home Inspector, so you are confident there will be no conflict of interest. Your REALTOR will surely be able to give you a list of professional inspectors, but in the end, it’s your choice.

Know what you’re getting into. If the Home Inspection Report lists too many expensive repairs, don’t be afraid to cancel the contract, and continue your home search for a home in better condition.

Know your neighborhood. Show up at various times of day and night to check it out, before you make the move. Be aware of noise, or any other factors that may make the area undesirable to you.

Resale Value. Consider what you pay for your home, and whether it will hold its value over the years. Life has many surprises for us. You may want, or need to sell sooner than you think. Be prepared.

This is one of the most important decisions you’ll make in your life. Don’t hesitate to call as I will be there for you throughout the entire home buying process.

Your HomeReach Certified Agent,

Bonnie Maffei

760-730-2191

San Diego Real Estate Expert, David Tal’s HomeReach Weekly

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Three Cash Flowing Neighborhoods in San Diego!

February 18, 2010 – It would have seemed unimaginable for the past few years.  More neighborhoods in San Diego are cash flowing, making them extremely appealing for homebuyers and investors alike.  On average, San Diegan’s are now only paying 16% more to own than they would to rent.  That is a small premium to pay to own your own home and gain from it’s appreciation, tax incentives, and vast benefits.  Compare that to 2006, when it cost 66% more to own than to rent and it’s easy to see why the attractiveness of owning a home back in 2006 came to a quick and strong halt.  The last time owning a home was only 16% more expensive on average in San Diego was in 1999.

  1. Oceanside, CA – Oceanside is the 2nd highest selling community in San Diego County, selling thousands of homes each and every month.  Values dropped 40-50% from their peaks but dropped only 7% for 2009 with an upward trend in the last 4 months of the year.  Strong rental demands from government military and naval bases, as well as thousands of young families moving slightly farther away from city centers find great values here for their money.  Investors have taken note too!!!  See the Best Deals in Oceanside
  1. Chula Vista, CA – Believe it or not, Chula Vista is selling more homes each month than any other neighborhood in the County.  There are really two completely different areas of Chula Vista, divided by the 805 Freeway, and spread over 5 zip codes.  The greater part of 3 of those zip codes were only built in the last decade and they are stunning.  For those who have visited, they know what I mean.  It’s clean, brand new, beautifully landscaped, wide streets, homes with some actual land, it’s safe, exciting and the values are on a league of their own.  New schools, parks, shopping centers, business districts and restaurant/nightlife line the avenues of the new Chula Vista, nestled just east of the 805 freeway and just south of Bonita.  Chula Vista was hit the hardest by foreclosures since most of it was built during the peaking years of the housing bubble.  Now, homes values have dropped 40-60% and rents have remained strong because of the schools and low housing costs we have today.  Come take a look for yourself.  Chula Vista is cash flowing!  View Foreclosure Deals in Chula Vista
  1. Imperial Beach, CA – Imperial Beach hasn’t been as popular as other coastal areas like Pacific Beach, La Jolla and Del Mar.  But those areas have weathered the storm better and have always been expensive.  Imperial Beach is now getting a 2nd look, not just from homebuyers, but the city too, which has zoned coastal areas of Imperial Beach as a Redevelopment District.  The Imperial Beach in 10 years from now will be a very different place than it is now, but already we’re seeing major tenants moving into the neighborhood, and redevelopment along the coastline.   Dozens of home owners are taking time to upgrade and update their homes, realizing the future potential of their home.  Imperial Beach is San Diego’s most affordable coastal city for all that it has to offer, with direct access to Coronado Island and the 5 Freeway. Within a two block radius of the naval base, there are dozens of 1 and 2 bedroom foreclosures, completely upgraded, priced between $80,000 and $150,000 that can rent for $800 to $1,500 per month!  Cash flow baby!  View all Imperial Beach Bank Owned Homes!

Visit us online at HomeReach.com to view all San Diego Foreclosures by area or zip code.

San Diego Real Estate Expert, David Tal’s HomeReach Weekly

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Tips for Buying Foreclosures

February 11, 2010 – San Diego Foreclosures are at the top of every homebuyer’s wish list.  With distressed banks trying to unload their assets at record rates, they have drastically cut home prices and put them on the market to sell, and to sell fast!  The longer banks hold on to these assets, the more it costs them in upkeep, attorney fees, property taxes, insurance, utilities, etc.

Here are some helpful tips to buying foreclosures in San Diego’s recovering housing market.

1. Be patient!

With so many buyer’s competing for the best foreclosure bank owned bargains, many of these deals are getting bid up so high that they are no longer the bargain they appeared to be.  It’s best to stick to a price you feel comfortable with and don’t let your emotions carry you into uncomfortable territory.  There are more foreclosures on the way, and the right one for you may hit the market tomorrow or next week!

2. Get pre-approved with the same bank that owns the home

If you’re making an offer on a home owned by Wells Fargo, they may favor your offer over others if you pre-approve with them directly as well.  This is a way for the seller to minimize the risk that you’ll come across third party lender issues, and they may be able to make some gains working on your loan as well.  You can never be forced to use a certain lender so you can always change your mind and choose another lender.

3. Don’t be afraid of a fixer upper

Most banks sell their homes in “as-is” condition.  They rarely want to get into the business of making repairs and other accommodations, as it’s not in their best interest to do so.  That being said, they price the homes accordingly.  Since fixer upper homes usually take more imagination and capital, there are fewer buyers competing for them, so you also have a better chance of getting your offer accepted.  In most cases, the homes are priced far lower than it would take to bring them up to speed again.  Unfortunately, many homeowners who are foreclosed on leave their homes in less than good conditions, and sometimes they trash the home.  A buyer that can look beyond this can get a great deal by investing some time and effort in their new home.

4. Wait for the home to sit for a few days before making an offer

As I’m sure you’ve already noticed if you’re making offers in today’s market, foreclosures tend to have multiple offers within days of being listed.  This is because the buying frenzy has created an environment of desperation.  Some homebuyers have been trying for months to get their offers accepted, so now their strategy has turned to making offers on many more properties, many times without even looking at the homes in person yet.  Tell your agent to talk to the listing agent or seller and try to get a good read of what the other offers may be like.  By waiting a few days for the bulk of the offers to come in, you may get a competitive advantage by waiting for other buyers to show their cards first.

5. Preview homes with a contractor

Having a good contractor by your side when you’re touring properties can be very helpful.  A contractor can tell you how big or small a problem is.  Many times issues may appear more complex than they really are. Conversely, many times what may appear to be a minor issue may actually involve a lot more than expected.  A good agent can help you leverage this information when you’re writing offers.

6. Keep your offers simple and clean

With so many offers on the table, banks much rather go with a simpler contract that doesn’t ask for dozens of little items or ones with lengthy contingency periods, complex addendums, and inconsistent requests.  For the banks it’s all about the bottom line and a quick closing.  Having an agent that’s well versed and experienced in bank owned foreclosures, also known as REOs, is crucial when you’re putting your offer together. Good agents know what a clean offer looks like, while at the same time protecting your interests.