LEAD PAINT!

RRP- the EPA, Renovation, Repair, and Painting Certificate.

If you own a home built before 1978 you MUST learn about RRP before you do any Renovating, Repair, or Painting.

This is especially true of landlords.   All contractors, subcontractors, painters, AND property managers are required to follow the new EPA guildelines.

The EPA, Environmental Protection Agency has been levying huge fines for non-compliance.

Home owners who do their own work are excluded from RRP requirements.  But if you hire a contractor and the work will disturb any painted surface make sure the contractor is RRP certified.  Also note if you do the work yourself keep a record.   If you eventually want to sell your home  it will be helpful to have this information.  Homeowners who sell a home built before 1978 need to comply with lead paint disclosure requirements when they sell.

For a landlord or property manager, if a tenant paints your pre-1978 property and deducts some of the cost from rents YOU HAVE HIRED THEM!   You must follow the RRP certification guidelines if your tenant is compensated!

I found these two videos on YouTube that explain some of the risks in involved.

EPA Lead Safety & Property Management

Contractors upset Regarding RRP

Trulia Summer 2011 Rent vs. Buy

Trulia Summer 2011 Rent vs. Buy.

Here’s a link to Trulia’s rent vs Buy survey from this summer.  In case the link doesn’t work Here is a copy of the Transcript.

 

Trulia Summer 2011 Rent vs. Buy – Presentation Transcript

  1. Better to Rent or Buy?
    Summer 2011
  2. Homeownership Beats Renting in 74% of Major U.S. Cities
    12%
    74%
    14%
  3.  Top 10 U.S. Cities Where Buying Beats Renting
  4.  Top 10 U.S. Cities Where Renting Beats Buying
  5. Rebounds and Setbacks in Foreclosure Hotspots
    It’s still more affordable to buy in Miami, but a mini-buying boom created by foreign investors and foreclosure freezes have caused its price-to-rent ratio to jump by 112% from 6 in January to 13 in July.
  6. Rebounds and Setbacks in Foreclosure Hotspots
    Recent job gains in the auto industry have not countered Detroit’s falling home prices. The city’s price-to-rent ratio has dipped 39% from 12 in January to 7 in July.
  7. Rebounds and Setbacks in Foreclosure Hotspots
    Las Vegas, on the other hand, continues to be the best place to buy instead of rent for the past six months with its price-to-rent ratio remaining consistently at 6.
  8. Rebounds and Setbacks in Foreclosure Hotspots
  9. Extra! Extra!
    INTERACTIVE RENT VS. BUY VISUALCheck out Trulia’s data visual to see how the rent vs. buy debate has changed throughout 2011 in America’s 50 largest cities. http://insights.truliablog.com/vis/rent-vs-buy-q3/
    RENT VS. BUY CALCULATORCompare the costs of owning versus renting a home with Trulia’s rent vs. buy calculator to see which option may be a better fit for your financial needs. http://www.trulia.com/mortgage-calculators/06/rent-or-buy/
  10. Methodology
    Trulia calculated the Summer 2011 price-to-rent ratio for the 50 largest U.S. cities using the median list price compared with the median rent on two-bedroom apartments, condominiums and townhomes listed on Trulia.com as of July 1, 2011.

    Sample Price-to-Rent Ratio Calculation:

    • Median List Price: $140,201.37
    • Median Rent: $1,871.65
    • Price-to-rent ratio: $140,201.37 ÷ ($1,871.65 x 12) = 6

    Interpretation Key:

    • Price-to-Rent Ratio of 1-15: Owning a home is much less expensive than renting in this city.
    • Price-to-Rent Ratio of 16-20: The total costs of homeownership in this city are greater than the costs of renting, but it might still make financial sense to buy depending on the situation.
    • Price-to-Rent Ratio of 21+: Renting in this city is much less expensive than owning a home.

    Definitions:

    • Total costs of homeownership include mortgage principal and interest, property taxes, hazard insurance, closing costs at time of purchase and ongoing HOA dues and private mortgage insurance, where applicable. It also includes an offset for the tax advantages of homeownership, including mortgage interest, property tax and closing cost deductions.
    • Total costs of renting include rent and renter’s insurance.

 

Nest | The Learning Thermostat | Living With Nest

 

 

A very cool looking Thermostat that’s designed to be attractive, easy to use and save energy.  The inventor, Tony Fadell, had big part in developing the iPhone.

Nest | The Learning Thermostat | Living With Nest.

HouseLogic | REALTOR® Content Resource | Appeal Your Property Tax Bill

One of the most frequently asked questions from homeowners  is why is my tax value so high when I can’t sell my house for that much.   This article will take you through he steps to help you dosomething about that high tax bill.

How to Buy a HUD Hoe- New Sales Contract Package

BestAssets Announcement – New Sales Contract Package.

First Time Home Buyer Seminars-EVERY MONTH!

October 20, 2011
6:30 pmto8:00 pm
November 17, 2011
6:30 pmto8:00 pm

 

 

The fact is homes are more affordable than ever!

If you are sick and tired of paying rent and  paying your landlord’s mortgage find out how you can own a home of your own.  Our thought provoking free seminars might help you change your life forever.

Here’s what you will learn at our seminars:

  • The Media is WRONG!  Home loans are not hard to qualify for!
  • Low down payment loans and several down payment assistance programs can get you started with a very little money down.
  • Little known ways to find,  buy and fix up those bank owned bargains you hear about.
  • The home buying process doesn’t have to be scary.  It can be fun and exciting!

If you have ever thought about owning your own home you owe it to your self to learn first hand what it takes to own your first home.  Our free hour and half seminars are low key.   You won’t find any high pressure sales tactics here.   Our Minnesota Real Estate Team experts will be happy to answer any and all of your questions.

Just email me at Bob@FYIBob.com or call me at 952-491-0404 to register.

The Best Rehab Loans in the Twin Cities! from the Investment Mortgage Guy

Rob  Bonahoom, “The Investment Mortgage Guy”, wrote a nice article on his blog about the great programs available to finance both the purchase and rehab of Fixer Upper homes.

 

Cornerstone Mortgage Offers the Best Rehab Loans in the Twin Cities! | Investment Mortgage Guy.

 

Rehab Loans are a great way to make a run down foreclosures and other distresses fixer upper bargains and turn them into great home to live in.

Here’s a quote From Rob’s article, “Where most buyers and investors think they need cash, Cornerstone Mortgage offers great rehab financing for both owner occupied buyers and real estate investors. For the owner occupied buyer, Cornerstone likes to utilize the FHA 203k loan. This loan requires only 3.5% down payment and allows a buyer to finance renovations with a total project cost up to $365,000. Projects as low as $5000 on up will be considered. Rates for this 30 year fixed product are currently around 4.5%. There are a few lenders in the market that offer this program but I believe Cornerstone is one of the best at it.  We close most of these loans in 60 days or less. We also underwrite and fund the loans and draws in-house so the delays are minimized.”

Technorati Tags: , , ,

Low Ball Offers on Bank Owned Foreclosure Properties | Investment Property Expert

 

Low Ball Offers on Bank Owned Foreclosure Properties | Investment Property Expert

Fellow Minnesota Real Estate Team member, Scott Ficek’s blog is always a great source of information for investors.  In this article Scott answer’s one of the most commonly asked questions,

“How low of an offer can we make on this foreclosed house”?

 

 

 

Wisdom & Title Insurance | StAugustine.com

Wisdom & Title Insurance | StAugustine.com.

Title insurance is a nominal expenditure at closing that can prevent you from spending wads in a lawsuit later on.  “

QR code for FYIBOB.com

So what’s a QR code you ask.

Just Google QR scan codes and see what the buzz is all about.

You will need code scan application to use the symbol I posted.

qrcode