Sunday, April 28, 2013

Cleveland area sales of homes up 17.2%



I found this news story written by Dominic Picione. It shows the great things happening in the Cleveland area.  Sales and rents are all up in the areas that Rooftopinvestment is buying in.  The sales prices are up by  8.9% in Cuyahoga County were we purchase all of our investors investment properties.

Not only are prices going up but there was a 17.2% increase on homes sold from March of 2012 to March of 2013.  This shows the increased interest in the northern Ohio area. With those kind of numbers it can only mean one thing you better get investing if you want the best deals.

We sold 8 properties last week and have a high demand for more properties. The demand will only increase for these double digit return properties.  I spoke at a conference in San Fransisco last week and people were in line to talk to me and my associate Kelly.  They waited as long as 2 hours to speak to us.  They are very seasoned investors and purchased many homes from Rooftopoinvestment.com at that conference.

The word is out Ohio is a very hot market! What are you waiting for? Higher Prices? Brett Young Rooftopinvestment.com

Here is the full story from Dominic Picione of Local Voices in the Lakewood Patch


 According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper, homes sales in the region continue to surpass last year's sales figures. Lower home inventory (which is beginning to increase), higher rental prices and higher buyer demand due to low interest rates, is driving this increase in activity and increase in sales prices.  Competition over available homes has been more common over the past several months.

Sales comparing March 2012 to March 2013 show increasing sales figures.  Among the 15 counties in Northeast Ohio, single family home sales are up 15.8% and condo sales are up a 15.6%.  From February to March 2013, single family home sales increased 48.9% and condos increase by 33.3%.  In addition to the increase in sales activity, Northeast Ohio is showing a 6.9% increase in single family home prices and 1.0% increase for condos, compared to last March. 

The key point here is that the market is starting to stabilize and shifting to a seller's market.  Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates.  Buyers should note that interest rates have reached nearly as low as they can go, when deciding the best time to make a purchase.  In fact, rates have already shown increases over the past several months.  The data also indicates we have seen the bottom of the local real estate market.

By comparison, Northeast Ohio is showing a higher price increase of 6.9% versus Ohio's 5.2%. The US market actually saw a 0.6% decrease in sales price from the year before, but is showing a home price increase of 6.9%.  Nationally, 4.92 million homes have sold, which is just shy of meeting the lower part of the 5-6 million of annual home sales considered to be a normal or healthy range

 Dominic Picione

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Tuesday, April 23, 2013

Just Finished

3361 Beechwood Cleveland Heights Ohio

This is a large 4BR 1.5BA single family home in Cleveland Heights Ohio, centrally located near all the best shopping and restaurants in Cleveland Heights! This home is being completely remodeled! Updates include, new/refinished flooring throughout, fresh paint throughout, new electrical plugs switches covers and fixtures. This home has a new dishwasher and garbage disposal!




This home already has 2 applications and will be rented very soon. Get your monthly income going today with Rooftopinvestment.com

Sunday, April 14, 2013

The True Cost of Construction



Doing the right things on your construction is as important as buying the right investment property to begin with.  Think about yourself and how you either take care of your self or you don't? The health of your investment is either taken care or it isn't.

When your renting or selling a investment property you want your investment to be low maintenance for years to come. The plumbing, Electrical, Heating,Cooling, Water Heater, Roof, and if you in the mid west your basement.  These items will be the foundation to your success in real estate investing.

What do I mean by that?  Let's talk about tenants first, they must pay their rent monthly.  We deal with the $950 a month and up tenants and they like thing to work properly.  Our tenants stay an average of 18-24 months.  The quality of construction has a lot to do with their long stay at our properties. Check our properties out at Rooftopvideo.com and see what we do from start to finish.

The tenants also tend to take care of properties that are done properly and the maintenance cost is very low on these properties.  For example: We had a tenant just move out in a Cleveland Heights property we manage.  The rehab cost was $945.00 and most of that was covered by the tenants deposit.  If that home was done improperly then the tenant would have probably not lived there for the 16 months they did.

I had a tenant call me and was really impressed with out quality rehab in our properties, she said that she had been looking for a while and was very dissatisfied with other properties and the rehabbing that had been done on them.  She rented a property from us in Cleveland Heights Ohio.

Rooftopinvestment prides itself in getting the highest possible rents and returns for our clients.  So doing the right construction helps our clients get the higher rents and low maintenance over a period of years.  We have one client that has 2 homes that have been rented for over 4 years each with the same tenant.  We have another property in Euclid that has only been vacant for 2 months over the past 4 years.  I could go on and on with these stories, but my point is that attention to construction upfront saves you both in maintenance and keeps your Clients (Tenants) happy.

If you are flipping homes the construction is very important in two ways.  You want your home to be trouble free for your new buyers.  You can also use happy buyers to help you sell your next property through a testimonial.  Your new buyers can help you pre sell your next property by using your buyers home to show as a model home.  Just pay a little money to them each time you show the home and your prospective buyer can see the finished product.

These are just a few things to consider when you think about the true cost of construction.  Brett Young Rooftopinvestment.

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