Finding Investment Properties And Other Questions From The Mailbag
The Savvy Synopsis
Have a burning question that needs answering? When it comes to real estate matters, there are hundreds of questions as you make big decisions (attached to even bigger dollar amounts). We will dive into the mailbag to answer four questions from our listeners.
Did You See This?
When looking for a home, you want the best of the best--including a low crime rate. But did you know that realtors are not allowed to discuss crime rates? There is research you can do though to get a good understanding of the area you are looking to buy in.
When considering homes as investment properties, what can a real estate agent help you with? Here in the Triangle, investment properties can be hard to find in this market. First, you may want to define what kind of investment you plan to do--are you going to flip it or buy it to rent it out?
How about renting a home for yourself--when is it better to rent and when is it better to buy? And when it comes to selling your home, is there any way to reduce the stress of the process? This episode of The Savvy Realtor podcast will answer all of these questions from the mailbag and leave you more prepared for buying or selling a home.
Listen to the episode in its entirety or click the timestamps below to skip ahead to a particular question.
0:39 - Mailbag: Dale in Raleigh wants to know where to find homes in low-crime areas.
4:24 - Mailbag: Jenny in Durham wonders what kind of support do realtors provide when looking into real estate investing.
5:46 - Realtors can help you look at the numbers you need to understand the market.
8:20 - Mailbag: Alice in Apex wants to know when it is better to buy than rent.
11:10 - Mailbag: Frank needs help eliminating stress from the process of selling a home.
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Note: This is an automated transcription. Please forgive the robots as they tend to make some (a lot of) mistakes...
Speaker 1: It's time for the savvy real tour podcast I'm Walter Storholt alongside Angie Cole, the owner and broker in charge of a co realty serving you throughout the triangle, teaching you about the ends announced When it comes to buying or selling a home, you can find the team online by going to a coal realty dot com. That's a c o l e realty dot com or by calling 9195783128. That's 9195783128, and now it's time for one of the top rail tours in the Triangle. Angie Cole and the savvy real tour podcast. Let's start it off with answering some of your questions. You go to acole realty dot com to submit a question to the show if you'd like. The 1st 1 comes to us from Dale in a rally. It's a pretty simple when Dale says, Where can I find homes in low crime arrogance? Andy,
Speaker 2: you know, Dale, although I mean, this is a question that we do get quite a bet. We unfortunately, we cannot discuss this as being a real estate agent, you know, we are limited on talking about certain protected classes per se and crime rate is just one of those that we cannot give you feedback and guidance on. Now, what I can tell you, though, you can do there is a lot of online resource is where you can go and you can look at crime reports. You can actually look at the maps and see what type of crime happened in what area you know you can also I know I personally did this at one point is I called my local police station and I was able to get a crime report for, you know, I told them to specific address and they pulled, for example, like 1/2 mile radius, and they were able to give me a crime report. So there is research that you can do as being a buyer, but that just unfortunately, is not something that says agents we can give you guidance on. And, you know, honestly, we don't 100% even know, right? I mean, there's no way for us to understand all areas and what is happening and in what specific spots, I always say, a rule of thumb though is you know, Dr through during certain days and decided that's an area where you feel comfortable. So, you know, maybe drive thru at eight in the morning, maybe drive through midday and then eight at night and just see, you know, how does the area make you feel? So that's something that you unfortunately you're gonna have to determine. And a real estate agent. Really? We cannot give you guidance in regards to crime. And where What areas have low crime rates
Speaker 1: so you can point in the right direction for the tools, but can't really give opinion on what areas are just
Speaker 2: like schools is the same school. Same thing. We could point you in the right direction to send you to the, you know, public Web school websites. But, you know, if you say, hey, I want to be in a good school district It's a lot of its opinion to write, because toe one person Oh, a lot of break ins is no big deal. But when they're shootings, that scares May, uh so a lot of it can be opinions as well, So that's why we really cannot give you guidance on that end
Speaker 1: Yeah, and same thing with school. Some elements, You know, our testing scores More important than college placement Or more important than a diverse school or whatever it may be, there's people. You didn't hit
Speaker 2: it off with one teacher, so they now hate that school. Yeah, sure. That's just not fair, you know? Guidance for us to give you there.
Speaker 1: Yeah. Good question. The Dale Thank you for asking that. Check out some of those tools online. That air, you know, at your disposal. And that might help you then make your own decisions on kind of drawing those lines around the areas that you like the most based on some of that data, if that's important to you. And you mentioned this and hinted at it a little bit, too. About driving around at night and checking areas out. That can often be oh, really useful. So that's definitely not something to be overlooked. Don't just rely on the stats, necessarily. Go look for yourself and see how you feel. You
Speaker 2: know what a name. If you find a home that you love, you know, go and knock on the next door neighbor and ask. Hey, what do you think about this neighborhood? Do you enjoy living here? You know, those neighbors will probably be your neighbors for quite some time, so get to know them and get a good feel again of the area and see if it fits with what you're looking for.
Speaker 1: Yeah, absolutely great question, Dale. Thanks for submitting that one. If you have any questions for, Angie has always go online to a cold realty dot com. That's a c o L eat realty dot com, and you can ask questions on the website. Listen to past episodes of this show on the podcast version of the program. Just search for the savvy real tour in your favorite podcasting APS and you'll find us right there were on all the major podcasting platforms, certainly where you can check that out. Jenny's got our next question on this show. Jenny is in Durham and says, What kind of support do you provide for someone looking to get into real estate investing?
Speaker 2: Sure, Jenny. So first of all, there, I I would say different types of investing. You know, there are those that by looking for a deal, and they then want to flip the home in order to make a profit off of the home. There's other investing where they buy in. Their long term goal is to rent out. The place is so it's more of property management. So there's really two types of investing, I would say, but you know, if you are looking to find First of all I know, no matter what, you're probably looking to find kind of a steel, a great deal or a great find in our market, I want to be upfront and honest with you is finding those kind of needle in a haystack type of homes. It's tough just because a lot of that Holmes never make it thio the market per se. They never hit our MLS database. And if they dio, typically there are multiple cash offers those homes if they're in good conditioner or decent or great by their flying off the market. So you know, oftentimes, Jenny, you know, going directly to the courthouse to find you know, those properties that you would want to invest in, especially when it comes to renovating or flipping, might be smart, you know, kind of more of a wholesale by is what I would suggest. But, you know, the big thing that our team can do is once you do find those great fines And I was actually just doing this with one of our investors clients yesterday is we can look at numbers with you. So you know, you know, say, hey, you're buying this home at this amount of you know, this dollar amount, which is super super low, but let's go through. And let's talk about what it will take to get it to the condition that the market is selling now for so in that particular area. What are the norms for the areas? Forest custom is ations. How much money will it take to invest into that home to get you there? And then what does that mean? As far as your return? Because, for example, whether one investor client I was working with yesterday, you know, although home it looked like a great deal and it was a great deal, But when we looked at all the numbers, he wasn't gonna make any money from him. He was going to break just even. And so at that point, it made no sense for him to invest into that home and put his sweat equity into it. So, you know, that's where we come in two places, you know, not only helping you with finding those homes, but looking at the long term investment and the, you know, our ally. The return on the investment is really what's, you know, important for you
Speaker 1: super important to Ah, you know, just make sure that you've got all your i's dotted and t's crossed when it comes to that investing side of things, Jenny. And yet it's that's a big definition. You know, you're looking for investing Could mean a lot of things to different people flipping a rental on you know, that's important to make sure that that's well defined is what's gonna be your mission when it comes to that investing side of things. But certainly a real estate agent can provide a lot of support and making sure that all of that gets executed well, on the on the buying. And now, if you're gonna become a landlord. Angie, I think you guys step out of that part of the process, right?
Speaker 2: You know, we d'oh! Right now, we do not have a property management division, but we do have, you know, a great contact. I'm actually two wonderful contacts that we can recommend you to for handling the property management. But we can still definitely assist you on the buy side with finding great homes. That would be, ah, in a great spot for, you know, long term rentals for years. So we can definitely help you on the buy in. And then we can definitely connect you with a preferred vendor when it comes to managing your home. If you prefer not to do it on your end,
Speaker 1: you're telling me you're not actually going out and physically, you know, fixing toilets and that kind of thing. People. Angie, come on service
Speaker 2: Pretty savvy. But seven
Speaker 1: different things, right? Right. It is the pass on fixing Fix the toilet, Not the savvy Handyman. You're the savvy real tour
Speaker 2: there. Yeah,
Speaker 1: there's a difference. That's right. Yes, Alice in Apex has a question for us. By the way, you could go to a co realty dot com to submit questions to be featured on the show and ask Angie, who's got a bunch of years of experience helping people here in the area buy and sell homes and one of the best agents in the triangle. Your direct line to ask her questions. You're on the program. Alice says, Is there a certain price point where it makes sense to buy instead of rent?
Speaker 2: No. You know, Alice, I don't think that there is. It really depends on your situation. And I say that as faras timeline, you know, because if you plan on living, for example, maybe you're moving to Raleigh. But you're not sure if you're staying put, You know, maybe your goal is to live here for a year and then move. I honestly would tell you probably to rent. I don't think that it would be worth your investment to buy hold on to the home for only a year than to resell, because I couldn't promise you that there would be enough appreciation in the market where you wouldn't be upside down. But any time you plan on being in the area for I would say, you know, three plus years, definitely buying is the route to go right. It has to make financial sense for you, but with the market that we're in right now, we are still seeing appreciation and so, you know, based on location and area Overall, you should see some appreciation toe where it makes sense financially. And remember, too, that when you're renting, you're paying for someone else's mortgage, right, your pain for their investment. Even if it's an apartment complex, you know you're making them money, but when you're paying your own mortgage, it's your own investment. And there's things beyond the future appreciation. You, of course, you have your tax write offs. You know that's super important as well. So you know, I wouldn't say that. There's a certain price point where it makes sense to buy versus rent. It's just more of, I would say, a timeline, miss four hours your situation, whether or not buying his best versus renting.
Speaker 1: It's a really good question. Alice and I think a lot of people do as a first time buyer, kind of hit that point where they start going, would it be worth just buying instead of renting? And it's kind of an eye opening revelation when that happened, said speaking from experience, not realized, it wasn't something I was considering. And then you run the numbers. You're like, What's good work? Interesting
Speaker 2: We're seeing a lot more where students are going to school and, you know, just even undergrad going four years. We're seeing a lot more situations where their parents are moving forward, buying a home, and they, you know, pretty much run it back to the their child and maybe even to a friend. So again it's and from an investment standpoint, but it makes no sense for them for four years to just be paying someone else's mortgage. So they end up buying. And, you know, that's a smart route. So just, you know, look at your scenario. Look at timeline.
Speaker 1: Sometimes there's, ah, there's boarding. Costs at school can can run pretty expensive. So depending on certainly, that's something to consider. Another question here to wrap us up for the week. Angie comes to us from Frank in few quay, Verena Frank says. I stress out easily. I need to sell my home this year. Those two statements seem like water and oil. How can you help eliminate as much stress as possible from this process?
Speaker 2: Well, Frank, you know it's funny. Always tell ah, seller's. Whenever I meet with them. I always say selling your home is not fun. And I say that just because you're keeping your home neat and tidy, you need thio. Get out of your home when it comes to showings, it's even a little bit tougher if you have pets or if you have children, just kind of group and everyone out and getting them out of the home. But, you know, in the grand scheme of things for sellers, we tell them we say you sit back and we let you know when it's time to do something. Um, and I always say you mentioned water and oil, but we like to say that we're like a well old machine and working with our team. The process is smooth. It's seamless, you know, we're always one step ahead. We're letting you know when things were taking place when we need you to do something. And so you know, it shouldn't be a stressful time. And sometimes I see where sellers they almost assume it's going to be stressful. And so they almost sabotage the whole transaction. Where it's like guys, you're you're worried about nothing. You're freaking out for no reason. Just calm down. This is normal. It's all gonna going to be OK. So you know, if you go online to Zillah, we have over 225 5 star reviews. You know, I would say at least 50% of those being sellers and all of them on Lee had amazing things to say about the process. So, Frank, I understand that you can stress out easily, but that's where we come into play to take or eliminate the stress out of the transaction. And they get an easy one for you. And so, Frank, you know, it sounds like you're ready to sell your home. And, you know, we would love to give you an idea of what your home is worth in today's market. So we have a really cool, cool tool that you can use from your smartphone, and most of us have our smartphones on us. Now you can text the word listing to the phone number 555888 From there, we will send you back a link. Make sure that you click that link, and from there we'll give you an idea of what you could sell your home for in today's market. So once again, anyone out there he's listening. If you're thinking about selling your home and you want to get in idea of what your home is worth in today's market, just text the word listing to the phone number by 55888
Speaker 1: You've been listening to the savvy real tour podcast on Walter Store Halt alongside Angie Cole. She's the owner and broker in charge of a co realty here in the triangle. And if you have questions for Angie, we invite you to go online to a coal realty dot com. Listen to past podcast episodes on the website, read the block and all the great information, including the option to find a home right there on the Web site. That's a coal realty dot com, and you can also call Angie with your questions. 919578 31 28
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