Informed Investor Alliance
Understanding The Probate Process
Dealing with the passing of a loved one can be emotionally and administratively challenging, especially if they did not have their property in a trust. One crucial aspect of managing an estate after someone’s passing is the probate process. Probate is a legal procedure through which the court oversees the distribution of assets, determining heirs and beneficiaries, and ensuring that the decedent’s wishes are carried out by the law or a valid will. In this blog, we’ll explore the probate process, its key terms, and important considerations for listing a property in probate.
Probate Is A Legal Process
Probate is a legal procedure that oversees the distribution of a deceased person’s assets, ensuring that their wishes, as outlined in their will or according to state law, are fulfilled. It’s a court-monitored process designed to provide structure and fairness to the estate settlement.
Do I Need Probate?
The answer is unfortunately YES.
Everyone in California will go through probate UNLESS:
The deceased had a well-structured TRUST in place. Trusts are powerful estate planning tools that often allow for the seamless transfer of assets without the need for probate. Therefore, if your loved one had a trust, the probate process can be avoided.
Note that in cases where the will is uncontested and there are no disputes among beneficiaries or heirs (rare!), the probate process may be more straightforward. However, even in these situations, some level of court oversight or validation of the will’s authenticity will still be necessary, and probate fees and timelines still apply. The only way to 100% avoid probate fees is with a TRUST.
Key Probate Terms to Know
Before we delve further into the process, let’s clarify some essential terms:
- Executor or Personal Representative: This is the person responsible for managing the estate, either as per the will’s instructions or as appointed by the court when there is no will.
- Intestate Succession: When there is no will, the court distributes assets based on state law.
- Beneficiary and Heir: Beneficiaries are individuals named in the will to receive specific assets, while heirs include anyone, including a surviving spouse, entitled to inherit under state law.
- Letters Testamentary (or Admin): These documents grant authority to the executor or personal representative to act on behalf of the estate.
- Full Authority under the Independent Administration of Estates Act (IAEA): This gives the executor or personal representative the ability to handle estate matters efficiently without prior court approval.
- Limited Authority under IAEA: In cases where full authority is not granted, certain actions require prior court approval.
Understanding Probate Protocol
Probate is a court-supervised method to ensure the proper distribution of a deceased person’s assets. It involves several key steps:
- Petition for Probate: The process usually begins with a family member or a nominated executor filing a petition for probate with the local court. This petition formally requests the court’s permission to handle the deceased person’s estate. It typically takes 2-4 months for California courts to schedule the initial hearing and grant permission.
- Inventory of Assets: The executor or personal representative must create an inventory of all the assets in the estate. This includes real estate, bank accounts, investments, personal property, and more. The timeline for this step can vary significantly based on the complexity of the estate and the thoroughness of record-keeping.
- Notification of Creditors: The estate’s creditors are notified, allowing them to make a claim against the estate for any outstanding debts. This process typically takes three to six months to allow creditors to come forward and make their claims.
- Review and Settlement of Claims: The court will review and approve or disapprove creditor claims. Any valid debts are paid from the estate’s assets. The timeframe for this step can be influenced by the number of creditor claims and whether any disputes or negotiations are necessary.
- Distribution of Assets: After creditors are paid, the remaining assets are distributed to the beneficiaries as specified in the deceased person’s will or according to state law if there is no will (intestate succession). The time it takes to distribute assets can vary significantly, especially if there are disputes or complex distribution instructions in the will. It is rarely quick, unfortunately.
- Closing the Estate: Once all debts are settled, and assets are distributed, the executor or personal representative can request the court to close the estate. The court’s approval to close the estate may take an additional six to twelve months, or longer, depending on the caseload and administrative efficiency of the local court.
Court Confirmation vs. Non-Confirmation Sales
When it comes to the distribution of real estate through the probate process, there is a critical distinction between sales that require court confirmation and those that do not.
- Non-Confirmation Sales:
Non-confirmation sales are real estate transactions that do not require court approval. In these cases, the executor has the authority to sell the property without seeking the court’s permission, as long as the sale is in line with the terms of the will or state law. Non-confirmation sales are typically faster and less costly than court-confirmed sales.
- Court Confirmation Sales:
In some situations, a sale may require court confirmation. This is often the case when there are potential conflicts or concerns regarding the sale, such as disputes among heirs, questions about the property’s value, or potential issues with the sale terms.
Sale Process Under Full IAEA
A reminder from our earlier probate definitions: Full Authority under the Independent Administration of Estates Act gives the executor or personal representative the ability to handle estate matters efficiently without prior court approval. It’s always ideal to have Full Authority, and here’s an infographic of what that looks like in Orange, Los Angeles, and Riverside county probate sales:
Sale Process Under Limited IAEA
If you do end up with Limited IAEA, things may take longer, and you’ll have more hoops to jump through. Here is an infographic for Limited Authority under the Independent Administration of Estates Act:
Probate Sale Rules and Procedures
Listing the Property:
- Appointment Process: To initiate a property sale, the Executor or PR must go through an appointment process and obtain Letters Testamentary or Letters of Administration from the court, giving them the legal authority to manage the estate, including property sales.
- Exclusive Right to Sell: The Executor or PR can grant a Listing Broker an exclusive right to sell the property, current CA law states a 90-day timeframe to ensure timely and active marketing.
- Extensions: Extensions of up to 90 days can be granted if necessary, allowing flexibility for unexpected issues or negotiations, up to 270 days.
- Notice of Proposed Action: If the total listing period, including extensions, exceeds 270 days, the Executor or PR must issue a Notice of Proposed Action to inform the court and interested parties about their intentions regarding the property sale.
- Listing “As-Is”: It’s crucial to list and sell the property “As-Is,” meaning it’s offered in its current condition without significant renovations. Using estate funds for updates may be considered a misallocation of assets by the court, which should be preserved for the estate’s beneficiaries.
- Fiduciary Duty: The Executor or PR is legally bound by a fiduciary duty to the heirs or beneficiaries. This means they must work diligently to optimize the sale price, acting in the best interests of those entitled to the estate’s assets.
Probate Listing Disclosure:
- Probate Addendum: The Probate Addendum is a mandatory document outlining specific terms and conditions related to the sale. This helps everyone involved understand the unique nature of the transaction.
- Specific Disclosures: Unlike standard real estate transactions, the PR/Executor is not required to provide specific disclosures like the Transfer Disclosure Statement and Seller Property Questionnaire. This recognizes the often limited knowledge of the Executor/PR about the property’s history and condition.
- Responsibility for Known Defects: Despite these exemptions, the Executor/PR must disclose any known defects or property issues within their personal knowledge. Potential buyers MUST be informed about significant issues that could affect the property’s value or condition.
The Sale and Beyond
Once the property is sold, the proceeds are disbursed to the estate account. The Executor or PR is responsible for paying creditors and administration expenses, as well as addressing other tasks needed to finalize the estate, such as selling additional assets, settling debts, and resolving remaining issues. They must also submit a detailed report to the court, which will review it and issue an order for asset distribution in line with intestate succession or the terms of the will. After these steps, the Executor or PR can distribute the remaining assets as directed by the court and close the estate.
Considerations When Listing a Property in Probate
When dealing with a property in probate, you need to consider several important factors:
- Court Appointment: Ensure that the court has appointed an Executor or PR for the estate, a critical first step that can take around three months to complete.
- Legal Representation: Determine if your loved one had an attorney representing them in the probate case and maintain effective communication with the attorney for a smooth sales process.
- Beneficiaries and Heirs: Understand who the beneficiaries and heirs are, how many there are, and whether you are among them. Managing expectations and avoiding conflicts is essential.
- Transparency and Agreement: Encourage transparency with all beneficiaries and ensure that everyone is in agreement regarding the property sale to avoid potential objections and complications.
- Minor Beneficiaries: Be aware of whether any beneficiaries are minors, as this may require special considerations.
- Authority: Understand the type of authority you have as an Executor or PR. Full authority under IAEA can streamline the process, while limited authority may require additional court approvals.
- Property Condition and Appraisal: Assess the property’s condition and verify if the appraisal aligns with its current state. If not, consult with the probate attorney to address the issue, possibly contesting the valuation.
Dealing with the complexities of probate after the loss of a loved one can be so emotionally challenging. Our hearts go out to clients in that situation, and we want to help be a resource and a guide. Understanding the process and following the legal steps in the proper order can make a significant difference. We hope this comprehensive guide has provided you with valuable insights and a clear roadmap to navigate the California probate process.
If you’re currently facing a probate sale, don’t hesitate to consult with us. We learned the breadth of this information from Amy Shah at (949) 385-2681, a knowledgeable Orange County probate attorney, to guide you through the legal intricacies. If you’re reading this post before someone passes, Amy can do even better and set up a proper trust, so you never have to worry about probate woes. Remember, you’re not alone, and there’s support available to help you manage the estate efficiently and by the law.
It’s tough to take the first step towards distributing a loved one’s estate. Please reach out, and we can help you move forward with confidence and peace of mind. We’re here to assist you every step of the way.
5 Factors to Consider When Buying Investment Properties
Investing in real estate can be a great way to build long-term wealth and create a passive income stream. However, it’s important to make informed decisions when choosing properties to invest in. There are many factors to consider when buying investment properties, and each of them can have a significant impact on the potential return on your investment. In this blog post, we’ll discuss five key factors to keep in mind when considering buying investment properties.
- Your overall budget
Before you begin your search for investment properties, you need to determine your overall budget. This will include the amount of money you have available to purchase a property, as well as the amount you can afford to spend on any necessary repairs or upgrades. You’ll also need to consider ongoing expenses such as property taxes, insurance, and maintenance costs. Be sure to have a clear understanding of your overall budget before you start your search for investment properties.
- Maintenance Capabilities
Investment properties require ongoing maintenance and upkeep to ensure they remain in good condition and maintain their value. Before purchasing an investment property, consider your own maintenance capabilities. Do you have the time, skills, and resources necessary to handle the necessary repairs and upkeep? If not, you may need to hire a property management company to handle these tasks for you. Keep in mind that hiring a property management company will increase your expenses, so be sure to factor this into your overall budget.
- Return Goals
When buying an investment property, you’ll want to have a clear understanding of your return goals. How much income do you hope to generate from the property each month? Are you looking for a long-term investment that will appreciate in value over time, or are you looking for a short-term investment that will generate quick returns? Understanding your return goals will help you choose the right investment property and develop a sound investment strategy.
- Tax/Accounting Consulting Needs
Investment properties can be complex from a tax and accounting standpoint. Before making a purchase, consider consulting with a tax or accounting professional to understand the tax implications of owning an investment property. They can help you understand the tax benefits of owning a rental property and ensure you’re taking advantage of all available deductions.
- Mortgage Interest
Finally, it’s important to consider the interest rate on your mortgage when purchasing an investment property. A higher interest rate will increase your monthly expenses, which will decrease your overall return on investment. Be sure to shop around for the best interest rate and terms before committing to a mortgage.
To further support you in your journey, we offer referrals to reputable lenders who specialize in investment property financing. Their expertise can play a crucial role in securing favorable loan terms and ensuring your investment journey is off to a strong start.
Different Loan Criteria for Investment Properties
Investing in real estate, especially if it’s your first investment property, can be both exciting and challenging. It’s important to note that there are different loan criteria when purchasing investment homes compared to primary residences. Lenders often have stricter requirements for investment property loans, including higher down payments and potentially higher interest rates. Be prepared to meet these criteria, and ensure your financial situation aligns with these requirements.
There are many factors to consider when buying investment properties. By keeping these five key factors in mind – your overall budget, maintenance capabilities, return goals, tax/accounting consulting needs, and mortgage interest – you can make informed decisions that will help you maximize your return on investment and build long-term wealth.
You can seek advice by reaching out to Angie at 949-338-7408 and she will help with your quest to conduct thorough research before making your investment decisions. We are always happy to be a resource to you!
Read Full Post | Make a Comment ( None so far )Properly Bringing a Listing to Market in Orange County, CA
Bringing a listing to the competitive real estate market of Orange County requires meticulous planning and execution. From pristine beaches to upscale neighborhoods, Orange County’s allure demands a tailored approach to showcasing properties. In this guide, we delve into the essential steps to elevate your listing’s appeal, attract potential buyers, and maximize your success.
Your Trusted Partners Every Step of the Way
At AskAngie team, we pride ourselves on our robust network of referrals and connections, spanning every aspect of the property presentation process. From decluttering to staging, photography to landscaping, we have established relationships with experts who share our commitment to excellence.
1. Hauling – Decluttering
Before unveiling your property to the market, start with a clean slate. Decluttering is the foundation of a successful listing. Clear out unnecessary items, depersonalize the space, and create an environment where buyers can envision themselves living.
2. Handyman & Contractors
Address minor repairs and updates to ensure your property is in its best possible condition. Engage reliable handymen and contractors to fix leaky faucets, repaint walls, and handle any other necessary tasks. A well-maintained property reflects positively on its overall value.
3. Organizing
Effective organization enhances a property’s presentation. Closets, cabinets, and storage spaces should be neat and tidy, showcasing ample storage potential. Buyers are often drawn to homes that offer functional organization solutions.
4. Staging
Staging transforms properties into aspirational spaces that resonate with buyers. According to the National Association of Realtors (NAR), staged homes tend to sell 87% faster than non-staged homes. This means less time on the market and a quicker path to closing the deal. NAR also reports that staged homes can sell for up to 10% more than non-staged homes. This increase in perceived value can directly impact your bottom line. A study by the Real Estate Staging Association (RESA) found that 81% of buyers can better visualize a property as their future home when it’s staged. This emotional connection is a powerful driver of purchasing decisions. Our staging connections take this a step further, ensuring your property’s unique features are showcased to perfection.
A Case Scenario: Elevating a $1 Million Listing with Staging
Consider a stunning Orange County property listed at $1 million. You’re faced with the choice of investing $10,000 in professional staging.
Scenario A: Without Staging
Without staging, potential buyers might struggle to envision the property’s potential. The property might linger on the market, potentially leading to price reductions and longer carrying costs.
Scenario B: With Staging
Now, imagine investing $10,000 in staging. The property’s features are highlighted, creating an enticing environment that resonates with buyers.
Here’s the breakdown:
- List Price: $1,000,000
- Staging Investment: $10,000
Staging could lead to a conservative 5% increase in the final sale price, amounting to an additional $50,000. Subtracting the $10,000 staging cost, you’re left with a net gain of $40,000. This illustrates how staging not only enhances your property’s appeal but also potentially greatly impacts your financial return.
5. Landscaping
Orange County’s natural beauty is one of its major attractions. Enhance your property’s curb appeal by investing in landscaping. Well-maintained gardens, vibrant flora, and manicured lawns create a lasting first impression on potential buyers. Our cost-effective landscaping solutions make the exterior of your home “pop,” setting the tone for what’s to come.
6. Professional Photos
Captivating visuals are key to online engagement. We understand this, which is why we provide professional photos for every single listing. High-quality interior and exterior photos highlight the best features and create a lasting impact.
- Increased Engagement: According to a study by the National Association of Realtors (NAR), listings that feature multiple high-quality photos receive 118% more online views compared to listings with fewer photos or lower-quality images.
7. Drone Images
Aerial imagery provides a unique perspective of your property’s surroundings. Drone images showcase proximity to amenities, scenic views, and the neighborhood’s charm, giving buyers a comprehensive understanding of the property’s location. Certain areas may be no-fly zones, but when permissible, we provide captivating drone imagery for all listings.
8. Customized Website
Our commitment extends to creating a customized website for your property. Optimized for SEO and featuring virtual tours, this platform immerses potential buyers in your property’s details, leaving a lasting impression.
9. MLS Listing & Open House
Multiple Listing Service (MLS) is a platform that exposes your listing to a wider audience of agents and buyers. Complement the online presence with traditional open house events, offering interested parties an opportunity to experience the property in person.
- Higher Sale Price: According to the National Association of Realtors (NAR), homes listed on the MLS tend to sell for about 20% more than those sold by the owner.
- Qualified Buyers: MLS listings attract serious buyers actively seeking properties, increasing the chances of securing top dollar.
- Competition and Bidding: MLS exposure can lead to multiple offers and competitive bidding, driving the final selling price higher.
- Expert Representation: Utilizing the MLS with us positions your property strategically, contributing to higher offers.
Properly bringing a listing to market in Orange County is a multifaceted process that demands attention to detail and a deep understanding of the local real estate landscape. By strategically implementing decluttering, repairs, staging, and engaging visual content, your property can captivate potential buyers and stand out in this competitive market. From stunning photographs to open house events, each step contributes to a comprehensive approach that maximizes your property’s appeal. Embrace these tactics and set the stage for a successful property unveiling in the vibrant Orange County market.
Whether you’re buying, selling, or investing, AskAngie team expertise will guide you through the process seamlessly. Don’t hesitate to reach out and connect with Angie today at 949-338-7408. Your dream property or lucrative investment opportunity awaits – and our team is here to make it happen. Contact us now to begin your journey towards real estate excellence.
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Here’s a video with more info on our marketing strategy. Subscribe to our channel for more valuable content – your success starts here!
The 2023 CA Housing Market Forecast: What You Need to Know
The California housing market is always changing, and it’s important to stay ahead of the trends if you want to be successful on your real estate journey. That’s why we were so excited to have Jordan Levine, Chief Economist at C.A.R., give a can’t-miss forecast of the housing market for 2023 at the ReImagine conference last week.
This valuable data will provide insight into today’s pressing housing issues that may impact your equity and your largest investment in the future. It’s essential information for anyone who wants to stay ahead of the curve in California real estate!
Forecast: Chance of Rain in seller’s paradise
Our economy is getting hit with a lot right now, so it’s important to keep an eye out for the clouds! We just finished years of sunny skies in terms of equity and appreciation, but the buyers running after starved inventory have been a bit burnt out.. and now loan rates have hit them with a huge gust of wind on top of it.
Low low interest rates the last 10 years had allowed buyers to continually increase purchase prices, and still have an affordable payment. It looks like that trend is now dissolving, which brings cloudy skies to our CA real estate market.
If you’re looking at the big picture, our 2022 Jan-June market was white hot, and 2021 had the highest volume of California home sales in an entire decade, over 450,000 homes were sold. 3 out of 4 homes sold over the asking price in 2021. The average days on the market was 7, when it’s historically 30-90 days. This type of supply & demand is not healthy, and it had to ‘simmer down’ eventually. Welp… here we are. We are catching our breath; including agents and lenders who have been pelted the last 2 years.
What Does This Mean for CA Buyers and Sellers?
If sellers are confused why buyers are now offering less than the asking price, the interest rate boost adds an additional $1600-1700 per month for the EXACT SAME HOME.
If buyers can’t qualify for the same amount as they could previously, that will affect our property prices. We are now at less than 20% of individuals in California who can afford a home. It’s not as bad as we have been, but it would still be nice if more people had homeownership as an option.
Warning: Rate pressure is building. Mortgage Rates might get worse.
Because rates may go even higher, its critical to price your homes right and maintain realistic expectations. Because every local market is different, what you see on national news is not necessary YOUR reality. And what you see in the newspapers… remember gloom & doom headlines sell, and the news needs subscriptions. Don’t get caught thinking Southern California prices are on a cliff, when we are just panting on the side of the road from exhaustion. Properly priced homes will always sell.
Fact: The sky is not falling
It’s not projected we are heading into a foreclosure market. Homeowners still have over 122K average in wealth, and renters are no better than they were 40 years ago, with a 6K average net worth. The total net worth of consumers is down right now, so we should expect some pushback. Now is NOT the market for Brother in law effect…’my BIL said xyz’. Now is the market to look to the true professionals and experts to guide you. The news outlets are also not experts. Active real estate agents and mortgage lenders are.
Forecast: What does the future for Orange County real estate look like?
Historically, our new rates are still low, and we should be looking at them as the new normal. According to multiple experts, we shouldn’t expect rates to go back down again in the near future. It’s still a great time to buy a home if you’re renting, and the renters were some of the most ignored in our previous market, so you will see them come back into the fray. Buyers who were at the cusp of affordability may unfortunately be priced out of the market, or they will be offering lower than asking price because they are literally chasing the property that was affordable with 6 month ago rates.
Sellers who listed 30-100K over the previous summer comps will likely have to reduce price or face their listing expiring. It’s a good idea to research sales in the community (comps) the last 90 days, and see what the median comp range is. Listing at the top of your comp range with the current market temperature could cause the home to sit frozen on the market. Not to worry though, properly priced homes in Southern California will always sell. Make sure you work with a seasoned professional and list at the right price from day 1, or you could suffer. Discount and ibuying brokerages don’t do well in this type of market – beware!
Many investors, seeing the writing on the wall with interest rates, are putting 1031 exchanges in motion, and adjusting portfolios accordingly. Some are tiring of strict Los Angeles rent control and housing regulations, and are opting to relocate investments to neighboring counties or even other states that don’t impress as many regulations or red tape.
If you’re curious about the range of your home’s worth, including short term and long term rental rate averages, click here: https://hmbt.co/TTNcDG – If you would like to receive monthly Orange County and Los Angeles real estate reports simply sign in to the link above for a free account – it’s that easy! Angie is only a call or text away if you would like a full broker price opinion on your home or investment property 949-338-7408.
Creative, Affordable, Durable, Sustainable, & Adorable ADUs in California
Cal Earth inspirational workshops and hands-on classes offer a new way to build real estate
Today we took a field trip to the Cal Earth build & test site in Hesperia. This educational builder camp sits in Hesperia, CA because it has extreme heat, freezing cold temps, and is on a fault line. Additionally, Hesperia experiences flash flooding & washes, so it makes for a perfect test ground.
Superadobe buildings are Seismic & earthquake proof, fireproof, flood, & wind proof. They can handle snow loads and pressure. They don’t need rebar or concrete to build. They look super creative & flowy, but they are actually extremely structurally sound.
Many of the test structures at the Hesperia Cal Earth site are not maintained on purpose to see how they stand the test of time. This school has truly been built out by its students, and the first structure built in 1990’s is still standing today. It was such a fascinating experience!
Meet the Superadobe
If needed for refuge or quick builds, these structures can pop up camp in just a couple days. ‘Water village’, pictured here with Cal Earth volunteers Giovanni & Marco, is an on-site example of a cluster of single room homes, built to serve as a replica of what an actual refugee community might look like. Although designed to be temporary housing, this little village has been standing for the last 20 years.
Since superadobes are so durable, they can also stand the test of time for single family builds. Don’t feel like buying a ‘cookie cutter’ tract home? Cal Earth Institute offers preapproved plans – if you sign up for one of their workshops you’ll get a copy 😉 Of course, this is a part of the reason why we went. What’s a workshop without implementation?
We’d love to hear in the comments if you know anyone who has built a superadobe, or if you plan to build one yourself.
What Makes an Adobe Home a Superadobe?
Nader Khalili is the inventor & architect from Iran, who used to build skyscrapers for a living in Los Angeles, but he wasn’t fulfilled. He discovered Rumi, & changed his direction into sustainable building.
Not long after, Nader invented the ‘superabdobe’; which is a permanent Adobe structure. Rather than a traditional Adobe that cannot withstand a natural disaster, Superadobes are much more durable. Nader has since moved on from this realm, but his vision lives on through Cal Earth Institute.
Khalili loved biomimicry, mimicking designs and structures from nature. His designs include the ‘Seashell dome’; ‘Reptile walls’; and the ‘Koala pouch’. Not everything was biomimicry, however. The dome-obsessed architect also incorporated roofless domes for high heat; apses, and pottery domes.
Supply List to Build a Superadobe ADU
I loved how easy the supply list was. These were things that even I could carry, and didn’t need a huge truck to transport.
- 4 pt double pronged galvanized barbed wire; 12-14 gague thickness.
- 14 inch diameter bags to make 12 inch walls, just FYI you lose some width when you fill the bag with earth.
- Need coffee cans, or gallon buckets, depending on width of bags.
- Shovels,
- Tamper,
- Wheelbarrow,
- Scissors or knife
- A cement mixer or electric mixer makes things go way quicker.
- Level
- Wire cutters
- Water source
Want the FULL supply list? That’s still super short? Just TEXT “Cal Earth Supply List” to Angie at 949-338-7408.
Another thing that’s really neat is you don’t have to build a shelter at all with the earthbags from Cal Earth. You can build benches, stairs, planters, pools, fountains, fences…an Amphitheater for your Hipcamp…or whatever flowy and functional structure your mind conjures up 🙂
Pictured right is Daniel & our new Cal Earth workshop friends practicing with with the tamper. I can just see his wheels turning about what the next Flower Den Superadobe Retreat will look like – stay tuned, LOL!
Tips For Building a Superadobe Structure
A fun fact about superadobes is the heat transfer from outside is only at about one inch per hour. It won’t get too hot or too cold over the 12 hour daylight or nighttime hours. Not only do adobe’s prevent heat, they absorbs it, so that warmth slowly transfers inside to keep you comfortable at night.
Our first tips are about measuring and prepping properly for your fill:
- When laying barbed wire, measure from the center of your bag, and add 2 extra feet.
- When measuring for bag, walk the perimeter of the circle, and add 3 feet before cutting.
- Fold long bags in half & mark the middle. ‘Cuff’ the ends so plastic doesn’t fly all over.
- Partially flip bags inside out from each side, this makes them easier to fill. Be mindful to ONLY fill one side at a time.
More Pointers for a Proper Adobe Build
Since your main ingredient is earth from the land you’re standing on, you’ll want to ensure you’ve got the right mix. As you’ll be investing a lot of sweat equity, make sure to do a soil test before building to know how far you’ll need to go down in the earth to get past the living matter. It was stressed multiple times, make sure no living matter or roots are in your mix. Rocks bigger than your palm need to go too. If you can close your hand around it, then it’s fine, but larger than that should be tossed from the mix. Don’t worry though, it’s very forgiving to make the mix – there are adobe and superadobe structures across the world, & in all different types of terrain.
The tips kept flying fast at our one day workshop; I caught as many as possible. Figure they are best served here as bullet points:
- Keep everything dry & well ventilated if you are building in a wet area.
- Thickness of the wall depends on diameter of the build.
- Stabilize to resist erosion in flood zones, plan French drains & diversion. Your french drains can even be designed to water the landscape 😉
- Plan where the furniture will go before you start to build because a lot of it is built in; remember most furniture is square.. and there will be limited to zero squared angles in an adobe build.
- In case you’re only reading the bullets here, reminder to never use the top 1 ft of soil. Dig deeper to get to the inert materials like the sand, gravel, clay & silt.
- Orient windows south. Create & plan ‘Wind scoops’ facing the main direction of breeze in summer.
- PVC pipes, ceramic tubes, or even recycled bottles can be used for windows. Check out the custom ceramic windows pictured here.
- If doing radiant heat in floors, insulate under first!
- Utilize rocket stoves for simple heat sources.
- By the time you build up, its already compacted.
- Plaster right away, but don’t lay it in too thick, or else it may crack.
- Mesh or chicken wire is recommended to prevent cracking.
- Waterproof paint in wet areas.
- Note that limewash interior is anti fungal.
- If the bag needs to move, lift & pull. Don’t push.
Super Adobe Construction Made Simple
In essence, 4 main ingredients can build a pretty badass house. Sandbags, barbed wire, earth, & stabilizer. So easy. Sandbags can be made from polypropylene, hemp, or jute fiber. You can use long bags designed for adobes, or, just normal sandbags might work best if you’re doing the build with only a couple people. Stabilizer is added in the bag, like lime or plaster. From there, you’ll just cover the bags from UV rays and the elements while you build with a tarp, and you’ll be good. Note that jute might mold or rot, so it’s not recommended to build with it in winter. Supposedly jute is better for short term structures. The barbed wire acts as a velcro or glue between layers of bag and prevents the building from laterally sliding.
It seemed like the toughest part of the day was ‘completing the circle’ – which was the act of finishing each circular level on the stem wall. (That’s the straight vertical wall) It wasn’t difficult so to speak, just a process of folding both ends away from you, after propping the bag up with your feet (known laughingly as ‘bag wrangling’). Once the ends are properly sealed, you meet them up while keeping a tamp as a buttress at the seam. Then tamp the edge a bit so water goes out not in, with a slight angle to the outside. You can literally hear when the earthbags are tamped to correct compaction, the sound is louder and almost echos.
Additional important building techniques include a spring line for keeping the dome structure and trajectory of the dome even, and a compass to guide with proper perimeter and height. All these things were hand created with various tools and scraps we had on site!
Some Challenges Surrounding Superadobe Plans & Builds
No good thing comes without hurdles. In our current days of ‘buying a template ADU off Amazon’, the custom adobe build can face opposition.
Because the design elements with Superadobes are endless, it causes city officials to scratch their heads a bit. Designing these structures to easily follow the contour in the land and mold to the topography makes each one super cool, and super unique.
Let’s be honest….building officials are used to templates and squared angles. They don’t always understand domes, arches, and curves; and they aren’t extensively educated about them in the field. Confusion and inspectors don’t mix, so this means they can tend to deny the plans for your dream adobe without the proper education.
There was a point in time when Cal Earth had pre-permitted build plans, but alas, codes are everchanging… and they need to update permits. Feel free to donate time or funds to help Cal Earth get to the point of offering preapproved plans again.
Our Action Items to Support Superadobes
Locally here in CA, I’m going to see if we can get the City of Santa Ana to approve something. As Orange County’s epicenter, Santa Ana already has a ton of ADUs. Plus, many of the lots are flat with ample space for an additional small structure. And… my partner in life, Daniel, plans to talk to the building department in Sedona, AZ. We know Taos, NM is friendly to superadobes and green buildings; and would love it if you comment other adobe friendly build areas for the fellow nomads reading this blog 😉
In the meantime, one potential workaround with your city or HOA, depending on which one you’re in, is the umbrella of California’s statewide ADU law passed in 2020, SB 13.
How to Spread the Word about Superadobes and Get Involved
Of course, social media awareness always helps! You can follow & support Cal-Earth’s initiatives on Insta or Facebook. It also helps if you sign up for one of their affordable and educational hands on adobe building workshops.
If you’re inspired or thinking of building an ADU in Orange County, reach out, I’d love to come do a video tour whether you’re in progress, or have the finished adobe complete. Thought we could wrap this post up with one of Cal Earth’s favorite quotes from, you guessed, it, Rumi:
You’re Invited to Homeownership Day 2022 – Achieving Through Real Estate
January is always an ideal time to circle back to our roots, to review our long term goals, and realign with our True North. It’s a fresh new year, and anything is possible. Many people are taking a look at what needs to change, and if 2021 is any indication, we are still switching up the way we live and work in light of all that’s happened the last couple years.
As we saw people quit their jobs and aspire for extraordinary things in the year of ‘The Great Resignation‘, we also saw a huge shift in housing needs and requirements. People ‘quit’ apartments & condos, and opted for single family homes with yards. Families upgraded living space, as employment and schools had extended virtual runs. Change is still happening everywhere, and home is at the center of it all.
With so many people wanting a new environment at the same time, the demand for housing across the country reached record heights and the bidding wars began.
This is just one of the many reasons we offer Homeownership Day on a yearly basis; things always seem to be moving fast when it comes to housing, and it’s important to stay on top of the current trends to be most successful with your real estate.
Achieving Through Real Estate
The 2022 theme for Homeownership Day is ‘Achieving Through Real Estate’, and all are invited to this free virtual event on January 29th from 10am-1pm PST. Homeownership Day is designed to be inclusive for all humans – from renters curious if they can purchase property all the way through investors looking to sharpen skills and knowledge. Our program changes up each year so you aren’t hearing the same information, or outdated perspectives.
The program is brought to you in bite-sized 30 minute educational sessions, so you can get a variety of information on today’s important real estate topics. We know you’re busy, and this event is designed to bring about awareness and build relationships with the right community to accomplish your property goals.
Challenges in the recent market have been lack of inventory, bidding wars, discrimination, sharp price increases, loan / appraisal turnaround time, and more. Sessions for this year have been based around these challenges, and offer help to overcome today’s specific real estate market hurdles.
For this year’s specific sessions and offerings, click here:
https://homeownershipday.com/sessions/
If you’re looking to achieve great things with real estate, please join us and register:
Homeownership Day Online Event
January 29th, 2022
10am – 1pm PST
https://homeownershipday.com/sign-up/
Expect to be inspired with some innovative ideas and fresh perspectives. This is not your average real estate event.
In case you’re wondering, Homeownership Day will never try to pressure you into buying or selling real estate. The speakers have all agreed not to ‘pitch’; only to educate. This event is a public service that is put on through multiple outlets, so you’re never getting pigeon holed into the opinions of one particular corporation or company. Our speakers are industry experts, all hand selected with care, and our goal is YOUR success.
This year’s main sponsors are NAWRB & Vow2Save – both entities creatively serving the real estate ecosystem.
It’s my personal opinion that when we are all successful with real estate, we can focus on what is most important in life – the people and the places we love. If there’s a topic you would like to see covered at a future Homeownership Day event, please comment below so we can help you on your journey.
Read Full Post | Make a Comment ( None so far )Are you buying digital real estate yet? Land NFTs in the Metaverse are something to watch.
As I’ve been experiencing the blockchain revolution in real estate unfold, I’m seeing a whole new version of ‘real estate’ come into the picture…digital property. You’ve probably heard about the Metaverse since Facebook changed their name to Meta. But did you know that companies like Atari, Nike, and Binance have bought space in these metaverses with plans for commerce & connection? And you can too??
A focused real estate lens on NFT research & information
First of all, what exactly IS owning land in the metaverse? This digital ownership concept is executed through NFT’s, or Non-Fungible Tokens. NFT’s are one of a kind, unique, non-interchangable data stored on a digital ledger (aka the blockchain). NFT’s can be artwork, audio, video, and more… with all sorts of utility attached to them.
The metaverse realm offers a space to provide utility for these NFTs whether it’s displaying your digital art, latest fashion line, hosting a concert, or selling your product in a virtual store. The metaverse is vast and there are tons of things you can do, see, and buy in them. My particular focus has been ‘real estate’ in the metaverse. Within these digital universes you can basically purchase plots of land, build them out, flip them, rent them, or run a virtual business in them. Since these are all things we do in traditional real estate, I’m watching the space curiously.
So far it’s confusing, each ‘neighborhood’ or metaverse is different, and there are not a lot of resources available to help determine best platforms and plots. This makes me wonder if we will have virtual real estate brokers in the future? At first I thought no… because it’s just silly digital land, we could eliminate agents and advisors. And then I saw the prices. In many cases real estate NFT’s are a hefty investment which completely justifies an advisor or guide of sorts. We’re talking thousands, hundreds of thousands, even millions of dollars. For.Digital.Land.
Watch this video to learn a little more about buying land in the popular Sandbox metaverse:
Top Metaverse projects by market cap:
As of November 2021:
- Axie Infinity: 8.3B
- The Sandbox: 6.4B
- Decentraland: 6.2B
A resource I use to check the various Metaverse rankings is: https://www.coingecko.com/en/categories/metaverse
Digital currencies, not the almighty dollar, are used in Metaverses
Many metaverses have their own currency, for example Decentraland has the $MANA token used to purchase NFT’s, etc. while playing the game. The Sandbox’s token is called $SAND, and Axie Infinity’s token is $AXS. It’s important to note that you do not have to own land in these metaverses to participate, but you do have to interact using their own individual digital currencies.
There is not one ‘central hub’ for NFT land; you can purchase Decentraland and Sandbox for resale at opensea.io, you have to purchase Pavia land from the Cardano NFT search (cnft.io), Axie from the Aixe game. Every time you’d like land in a different metaverse, you’ll need to convert your currencies.
Sometimes you have to scout out how to purchase the currency that will ultimately secure the digital land, and it can take hours down the rabbit hole. Some currencies are not authorized in certain countries or jurisdictions. It’s very interesting to see these digital communities working to create the infastructure and grow. It reminds me of trying to build a website in 2007. Will be interesting to see how seamless things become in 10 years.
How to price land in the metaverse
NFT land comps seem to currently be defined by a ‘floor’ price, which is the lowest listed price on the marketplace for that NFT series at the time. Keep in mind as these metaverses evolve there are becoming popular areas, which will ultimately sell for higher prices. The 2.4M record purchase in Decentraland recently was in the ‘fashion district’. The wild card is how long will these areas be popular – since NFT’s are so new there are really no statistics on sales trends, cycles, etc. For now, here is a baseline for the popular metaverses:
Decentraland property floor: 3.33 ETH
Axie Infinity property floor: 3 ETH More info on Axie; it’s sold out for now. 1 of 4 phases sold.
Sandbox property floor: .7 ETH
Pavia property floor: 231 ADA
Other interesting metaverses to note:
Bloktopia – offers land and fractional ownership of land
Upland – game with a focus on real estate investing via crypto channels. Addresses are mapped to real world addresses…interesting!
Just for fun, a non-property related but interesting NFT:
Become the crypto mayor of any city in the world:
Map.Cryptomayor.io – And yes…I’m the crypto mayor of Mission Viejo, CA 😂 Gotta have a little fun.
Keep in mind ALL of these metaverses are VERY speculative, many without a working product yet. Please don’t jump in on a whim. It’s critical to do your own research and keep a close eye on how the space is unfolding. One thing is very certain, this will be a part of our future in some way, so keep it on your radar!
Would love to hear what Metaverses you or your family are participating in, and to what level, if any. Want to chat more? Comment below or message me on Instagram, LinkedIn, or your favorite social platform.
Read Full Post | Make a Comment ( None so far )Blockchain and how it’s changing the future of Real Estate
Tuned in to an interesting webinar this week hosted by Dan Smith with Eric Bryant from First American Data & Analytics; they were talking about real estate on the blockchain. Personally I can’t wait for this to happen, I spend half my life ‘grown up babysitting’ to maintain timelines and accountability during the escrow process. I know the blockchain will eliminate quite a bit of that.
Fibree is one of the first adopters, and they are now in 70 regions. They are a real estate technology platform that works with blockchain – keep an eye on them. Rather than talking about too many companies…let’s talk concept first.
What is Blockchain, and how does it affect real estate?
Blockchain defined: Blockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. An asset can be tangible (a house, car, cash, land) or intangible (intellectual property, patents, copyrights, branding). Virtually anything of value can be tracked and traded on a blockchain network, reducing risk and cutting costs for all involved.
https://www.ibm.com/topics/what-is-blockchain
Now that you understand what blockchain is, here are a few specific ways it can positively affect the real estate industry as a whole:
- Decreases time necessary to close property transactions (from 30-45 days down to possibly just minutes or hours)
- Offers security, trust, and transparency to the transaction
- Creates an unhackable public record
- Reduces potential for real estate fraud or data entry errors
- Streamlines the escrow process
- Upholds accountability
Question? Will real estate transactions on the blockchain eliminate escrow agents? Transaction coordinators?
Notice we say “how does blockchain”, not “how can blockchain” affect the space. Blockchain is already starting integrations with real estate transactions, and it is likely the future of our industry, similar to the way the Internet disrupted the status quo (in a good way) many moons ago.
Fractional Property ownerships and Tokenization using Blockchain
Tokenization is simply digital fractionalization – it allows you to own a piece of something. Ever wanted to own a piece of a property? Or maybe you already own a traditional timeshare. Bet that was fun to buy, LOL. But what about finding your next investment from the comfort of your own home? RealT based in Detroit is currently selling real estate on the blockchain, and there are many others in the space expected to follow.
Investor groups and investment firms are already successfully selling STO (Secure Token Offering) properties and this opens doors for thousands of new buyers to enter into investing. Want to see? Check out SolidBlock – it looks like any normal property search site…BUT… you can pay with wire, check, or crypto. Soon enough, property search platforms like this will be popping up all over the world.
Another place you can buy land, the entire plot of it, is Fabrica, which allows you to buy or sell your land completely digitally with blockchain technology.
Smart Contracts and Real Estate Transactions
Smart contracts are digital transactions being coordinated on the blockchain, and they will help maintain timelines and accountability. Smart contracts are very similar to paper contracts, working on ‘if –> then’ scenarios, but everything is done virtually instead of with paper. Smart contracts have a higher level of security and they always report and record progress honestly…which does NOT happen all the time with our current escrow process.
One thing I found interesting is our local board of Realtors has over 10,000 members, and there were less than 50 of us watching this webinar. As usual, it seems like the real estate industry tends to cling to their ways. As a techie, I embrace new technology and try to help my clients ride the wave.
Crypto loans – Something to keep an eye on
One thing that could completely change the mortgage space is cryptocurrency loans. Wallets like Celsius and others use actual data to digitally approve loans, much better than the ‘preapprovals’ that lenders offer today. I would personally love to see more of this, because it eliminates loan discrimination and assures the seller a buyer is qualified. Plus, a crypto loan will close much quicker than the traditional big banks. Less headaches will equal more people in the space, and more homeowners, which makes my heart smile to think about.
If you’re sitting on a pile of crypto from the bull run and would like to ‘take profits’, we can help with escrow companies who are familiar with cryptocurrency closings. If you’d like to cash out crypto to buy a home, OR just transfer crypto coins for a home purchase without cashing out first, we can help with the proper referrals or team. Feel free to reach out and text Angie at 949-338-7408 or comment here anytime you’d like to talk tech & real estate!
Read Full Post | Make a Comment ( None so far )Women finding freedom through the sharing economy of AirBnB
Let’s be honest, a lot of females are juggling household schedules, making beds on the daily, and working full time jobs in customer service or hospitality type industries. A lot of these same females are also searching for a way to spend more time with loved ones, and to find a better work-life balance.
This brings the question: How can we live richer, more fuller lives while making a difference in the world? Keep close connections with our families & still sprinkle what we were meant to do into the ethosphere?
For those who have a passion to roam and to create, enter the opportunity of vacation rental management, AirBnB experiences, and niche property rental platforms.
If you have a unique property or space, big or small, this is an opportunity for you. People love to rent not only stick & brick type properties, but also RV’s, boats, cars, treehouses, yurts, water towers, and land.
We now live in a world where you can tow a trailer, link up to solar, put out a cell booster, charge devices, and work / connect from almost anywhere. As the clouds from Covid continue to lift, people are ready to explore this new world. Are you ready to connect with them?
I recently had the opportunity to interview some of these women who have opened their spaces in the home-sharing economy. Each has a unique story to tell, weaved in with their life passions and experiences.
Take for example entrepreneur Heather Carter, running Eureka Springs Coffee House with 2 AirBnB units above. Guests enjoy the main strip of historical Eureka, Arkansas; and also have discount offerings at the coffee shop below. Travelers include vacationers and business professionals alike. In a recent video interview with Heather, she said “We used to live above the coffee house ourselves, but we soon discovered we had a unique opportunity for rentals here”. Indeed she did!
Heather advised she prefers the niche with commercially zoned properties, so she can avoid any roadblocks with residential vacation rental limitations. If you aren’t sure about STR rules in your community or city, be sure to research accordingly to avoid pitfalls.
Another go-getter making the most of her skills is April Snow-Kass, a Realtor in LA specializing in harmonious homes for musicians. April recently branched out to nearby Joshua Tree as a vacation rental host. Now, not only can April sell property in a new area, she can speak to personal experience on the equity gains and the rental income her ‘Retro Ranch‘ in the JT desert is recently experiencing.
Let’s not forget supermom and High School Counselor Carolynn Cribley. Her and financé Matthew Herman in Grandville, Michigan, are putting an extra room in their home, coined ‘The Barnhouse,’ to STR use. They stated in a recent interview that it’s brought such great results, they not only bought another property, but looped parents in on the opportunity. They inspired and guided Matthew’s parents to a short term rental purchase as well. Not only has Carolynn & Matthew created additional monthly cash flow (partly used to build a fun new pool!), they’ve hopped the family on the path to generational wealth.
According to the NAWRB’s website and WHER report:
“…research found women seek homeownership for these primary reasons:
As a “Sanctuary”
https://www.nawrb.com/one-tough-mother-how-single-mothers-are-defining-the-homebuying-process/#more-18821
A sanctuary is defined as a place of refuge, an oasis or a retreat. Women value creating a unique space from which to retreat from the outside world—one in which they control the climate, the decor, the layout. One’s home is a psychology of space…”
Vacation rentals are a method to live this ‘sanctuary’ lifestyle, and create income. Win-win.
Another example is Corporate Executive ‘girlboss’ Vanessa Montanez, who explained to Homeownership Day attendees in January easy steps to enter into investing. Vanessa discovered the benefits of renting her Temecula wine country home on AirBnB recently, and as a lender herself, was kind enough to share strategies with other would-be investors at Homeownership Day.
Admittedly, all of these hosts know STR life is not as ‘passive’ as long term rentals; but it can be more profitable, plus it allows the ability to vacation in your own property, afford *more* units, & / or meet new friends. Yes, you may still be making beds, running multiple schedules, and rocking your 9-5. But it’s a way to squeeze the most out of almost any property.
Best of all, homeownership is open to many, regardless of education level or background. With low interest rate loans and programs like FHA allowing as little as 3.5% down, many females are opting into a property purchase. Additionally, SBA loans for Women Owned Businesses have opened even more doors to run a viable business from home. There are many options to sell creations of any kind from home, be it via online avenues or to guests traveling through your space.
Speaking of online avenues, the fast-track growth of property rental apps makes the marketing side become much easier. You don’t have to do your own Search Engine Optimization anymore – these apps are paying to get the word out on your behalf. Platforms to easily start your sharing economy hosting on are AirBnB, VRBO, Hipcamps, Harvest Hosts, Furnished Finder, Outdoorsy, Turo, and more.
For additional information or a guide into the vacation rental lifestyle, reach out to NAWRB Delegate Spokeswoman Angie Weeks, or watch her video interviews at http://www.YouTube.com/HomebuyingRegistry/
This article was written for Women in the Housing and Real Estate Ecosystem; NAWRB. If you would like an article for your publication simply comment below or reach out to Angie at 949-338-7408.
Read Full Post | Make a Comment ( None so far )Buying Property in South America: Ecuador, Columbia, & Argentina
Thanks to our Global Committee for bringing together speakers from National Association of Realtors and South America today for some online networking. It was really neat to interact with people across the country and across the world through our Zoom webinar. The Internet continues to bring us together so we can collaborate about buying and selling across the country. As a Certified International Property Specialist (CIPS), I’m excited to bring you this great info 🙂 You can certainly click around this blog as well as our YouTube channel to learn about buying property in other areas including Jamaica, Spain, Iceland, and Costa Rica.
First of all, if you’re considering moving to the US, and wondering which US states have the most foreign purchases, here’s a map to help you:
California is only 2nd in line behind Florida, with 15%. This makes CA a great place to call home for both investment, and immigrant opportunity angles. But we’re here to talk about South America…not Cali.
Buying property in Ecuador
Adrian Rodriguez welcomes us to Ecuador – discussing the tropical climate and beautiful beaches, as well as the fact the economy is strong in Ecuador. You can purchase using US dollar, which always tends to make things a little more comfortable – especially if this would be your first foreign purchase.
Ecuador offers fun festivals such as Corpus Christi, where you’ll find native foods, fireworks, and fun. Carnaval is another yearly celebration that brings tourism and fun.
Infastructure for health and medical is strong, which adds to the booming economy. Business opportunities are aplenty as well. Cost of living is also affordable, which makes it a popular spot for vacation homes as well.
Tourism activities include:
- Beaches
- Surfing
- Music festivals, including Opera
- Art festivals
- Machu Picchu
What is the cost of living in Ecuador?
Wow, pretty affordable! Adrian said a monthly food budget of $100, and a monthly vehicle budget of $100 will have you eating and riding like royalty. A couple things that foreign buyers should know about purchasing property in Ecuador: Foreign owners must own 5 years before cashing out, and there is a 5% tax upon selling.
If you’d like more info about buying property in Ecuador, comment or contact us – we can connect you with Adrian for a Zoom meeting to answer all your questions 🙂 Now, let’s move on to Columbia…
Buying Real Estate in Columbia, South America
Andres Fernando Correa shared some great info about owning property in Columbia with us today. Columbia has SO much nature from birds, to fruits, to frogs…. you’ll find a plethora of bright and beautiful varieties here! The country is basically split into regions, here’s a graphic of them all:
In order to buy property in Columbia, you can use your US Passport, but if you’d like to STAY there longer than 180 days.. you’ll need to purchase at a certain price. Mompox, Santa Marta, Cartagena are some of the Caribbean region popular cities. Here’s a little more about all of them:
We know, you are wondering what region of Columbia is the coffee region… where all the famous coffee is produced???! It’s Andina! Andina is mountainous, hilly, and has mild and cold weather due to the high altitude. It’s great for ‘the coffee belt’. Andina is also well known for cycling, and has a popular pastime of biking with award winning teams. Tourists also enjoy horseback tours, birdwatching, rafting, and other outdoor fun.
Have you ever wanted to explore the Amazon? The jungle of Columbia has wildlife, plantlife, water features, and history to explore.
But let’s talk about Columbia real estate, not just all the fun things to do and see. One important thing to know is that a real estate broker in Columbia is NOT required to have any licenses or education, so buyer beware. You’ll likely want to work with a company you are already familiar with. One of the most popular ways investors are buying property in Columbia is through Social Housing projects. With a lot of developments currently under construction, you can buy a portion of a development in Columbia for as little as $20K. Here are some of the most popular Social Housing projects to explore:
Other popular housing opportunities and developments in Columbia are senior living, shopping malls, strip malls, and tourism clusters. No matter what type of property is your ‘sweet spot’, Columbia has something for you. Remember, just reach out if you’d like a consultation about what type of investment in Columbia may be the best fit for you 🙂
Now, let’s travel to the south of South America for some information on Argentina.
Learn About Argentina Vacation Homes & Property
Argentina isn’t just about the sports and football teams. Santiago Arnoldi presented for us today, and shared all about Argentina. Argentina is located at the bottom of South America, and they have a smaller population. Argentina is a diverse country with residents who have immigrated there from all over the world – including Spain, Australia, and France.
Health and education are both strong in Argentina. Argentina is also rich in tradition and smiles. The culture and community enjoy coffee, matte, and regular BBQ’s – they are a social bunch! Top that off with all of Argentina’s famous wine & olive oil, and you have a perfect place to retire or vacation.
What cities in Argentina are popular for vacation homes?
Buenos Aires is one of the most popular cities in Argentina, with 2.9 million people. You can find a detached 3 bedroom home with a private pool in the metropolitan areas of Buenos Aires for around 300K, and you can get condos or flats in the city for around 400-550K USD. Here’s an example:
Another popular city in Argentina is Rosario, where you can get beautiful homes for the 150-300K range.
Other cities that are growing and great to buy property are Cordoba, Mendoza, and Patagonia.
One thing you need to know about buying in Argentina is they aren’t big on loans. Banks don’t really offer them. Most properties are bought with cash, or private loans, so you’ll want to plan for your financing well in advance. If you’d like to be introduced to some ways to buy property in Argentina, don’t forget to comment or contact us so we can put you in touch with Santiago to show you the ropes.
Please think of us if you’re a US citizen looking for an introduction to buy a foreign investment property anywhere in the world. The CIPS designation allows us to connect you with the best of the best, and you’ll want the highest level of service when you’re making such a large investment in a different country. Happy world traveling!!!
Read Full Post | Make a Comment ( None so far )Where is YOUR happy place? Homeownership Day 2021 is going virtual, nationwide, & global.
Hi friends!
Although 2020 has been a challenging year for all of us, it has not been without some unexpected benefits. One of them is the new age of virtual employment, which has opened doors for so many to have an opportunity at homeownership. Individuals previously forced to rent in expensive urban areas are now free to move to a larger place, for less money, and have more options. We’re all about that – and Orange County Young Professionals Network is here to support your adventure!
Simple Solutions to Buying, Selling, & Investing in Real Estate
To that end, in 2021 YPN will do our annual Homeownership Day event virtually, and it won’t just be about investing in Southern California real estate. Instead, we’ll be offering local expert agent guidance in many popular cities across the United States, and actually the entire world.
If you haven’t looked at your home as an investment, or considered property as a path toward early retirement, we encourage you to attend the event on January 23, 2021 and look at your real estate in a new light. YES, it’s a place to thrive, to make memories, to customize your taste, to raise your family. But it can be so much more.
You can turn one property into a legacy, and that’s the session I teach & am passionate about. This year’s title is “Concepts to Become An Automatic Millionaire in Southern California & Beyond”; you can register for this 30 minute session by filling out the form below. I’ll educate you on a safe, secure, and timeless strategy for building up your real estate portfolio. These concepts don’t encourage you to stretch yourself too thin, take on a second job, or become a handyman; they are simple and easy to follow. And you can learn them in 30 minutes. I’ll tell you what – if you’ll just commit the time – I’m here to cheerlead you to the finish line.
Owning Property Can Change Your Future
As many of you know, I have been personally working on this strategy for over 15 years now! Because Real Estate is my full time job, we’ve taken it to the next level with vacation rentals, and the creation of Flower Den Retreats. I have found that owning property allows me to truly express myself, whether I’m creating art within, or dreaming up the next concept for a therapeutic space with the ones I love.
I want you to be able to flourish in your space too – are you? If you are, please comment what you love about your home below. Its fun to share our unique ideas 🙂 If you aren’t, fill out the form here and let’s get you on your way in 2021.
If you’re curious to hear what other previous attendees have to say, success stories, or info on the sessions we’ve held in the past, just subscribe to our YouTube Channel. We’ll be uploading new content on the regular. Here’s a video from a couple previous attendees who were able to buy a townhome with barely any money down, and now they are happily raising a family there.
Let Homeownership Day Lead You to Your Happy Place
Sometimes, change is good 🙂 To have a supportive tribe around you as you grow is so helpful, and that’s exactly what you’ll get out of Homeownership Day. Like minded people who want to learn and level up too. All the speakers are no-pressure, happy to answer questions, and excited to connect with you. The vibe of this event will be fresh, fun, educational, and there won’t be a single pitch. Promise. We’ll see you online Jan 23rd!
PS. If you know someone who should be presenting at this event, just connect us by emailing ochomefair@gmail.com & the committee will reach out to them – we love new angles of education and to connect with other professionals across the globe.
Homeownership Day 2021 Sign Up
2021 Real Estate Market Predictions for Orange County, CA
Today one of our favorite forecasters, Steven Thomas, gave his thoughts on closing out the crazy 2020 Covid real estate market and what we expect to see here in 2021. If you love stats, be sure to subscribe to our email list, as we send out Reports on Housing statistics monthly. These reports will keep you on top of exactly what is happening right now with property prices, average days on market, and demand.
We’ve had a really interesting year in real estate, almost flipped from our normal Orange County trends. We were slower in the spring, obviously due to quarantine and virus setbacks (coined ‘The Pandession’). Then we heated up in summer and are still going strong here in fall, when things usually cool.
The pandemic really made people think about what they wanted in a home. And now, they are going out to get it. Sometimes it’s a larger yard, other times a pool, being closer to loved ones, or relocating to a rural environment. Change is brewing in all levels of our housing market.
2020 has seen a SURGE in Luxury demand and sales, and we are seeing it in our team deals as well. Here’s a visual for a better picture:
Demand far outweighs supply, so almost every listing is selling with multiple offers at this point in time. Will it continue? Read on…
One of the factors that will affect our market significantly is Coronavirus numbers and which way they are swinging. If we end up in quarantine again, it WILL affect all markets, including housing, so keep that wild card in mind as we enter into 2021.
Foreclosure Predictions for 2021
Should you be worried about foreclosures? Waiting for that screaming deal on one??? Not really. Less than 6% of homeowners are on forbearance or late on their mortgage. That’s not enough to create a ‘foreclosure wave’…even if ALL of them get foreclosed on. This chart helps to tell part of the story. In 2006, owners didn’t have much equity. In 2020, owners have a LOT of equity.
Due to this equity, the forbearance options, and the rates driving buyers, Steven does NOT expect any wave of foreclosures in 2021.
What about the Rental Moratorium?
Approximately 20% of renters are late on their rent. At first that number seems like WOW…but…rewind to Oct 2019… and the tardy-on-rent number was ALSO…20%. So landlords aren’t hurt that bad, even though renters are on a break until Jan 31st 2021 with the rental moratorium here in the state of California.
Will Housing Demand Stay High in 2021?
Demand is strongest it’s been since Sept 2012 – eight years. If you think we’ve been busy hustling homes, this year is even busier. Demand is expected to slightly drop during the holiday season for November and December, but it will still be higher than the last 8 years. If you have a home to sell before Dec 31st – get in touch – it’s totally a possibility!
Inventory is the lowest it’s been since 2013 – pushing the average days on the market in OC to under 40. A hot seller’s market is under 60 average DOM….so we are in a hot HOT seller’s market, which not even the election division is extinguishing.
Should I buy a home in OC before 2021?
Short answer: Yes. Interest rates are LOW. Demand is high. Prices continue to go up. Lucky for our buyers, even with these prices.. the payment is more affordable than it would have been a few years ago. Check out this comparison:
Interest rates drive affordability. Right now your payment is SO affordable. If you can qualify to buy, it is a fabulous time to make a purchase. In Steven’s words…’You’ll be kicking yourself if you don’t’ LOL. We know, you don’t have the down payment saved. But let’s have a conversation with a parent or grandparent who has equity, or get you crowdfunding your down payment with Vow2Save.
2021 Forecast according to Reports on Housing
Uncertainty with Covid, vaccines, Washington DC, travel, and employment can all make things sticky. If we continue to experience the same demand, things can get sticky.
- Prediction: Real estate will enter 2021 strong and remain that way for at least half the year.
- Prediction: Appreciation 4-7%. Prices are NOT expected to go down at all in 2021
- Prediction: Upper ranges will continue to rise
- Prediction: Closed sales should double what they were in 2020. (from 4 to 8%)
Want to stay up to date on the Orange County real estate market? Simply fill out the form below and we’ll start sending you Steven’s Reports on Housing via email!
History and Current Rules of Fair Housing
It’s important to remember and understand where we have been, to have the best future possible. Today I had the pleasure of attending Young Professionals’ Network webinar on The History of Fair Housing.
Equality is an important topic of discussion in our country right now. One of the best ways we can honor our Constitution stating ‘all men are created equal’ is through housing.
For the purpose of learning and growing, let’s start with a summary of
Where we went wrong with discrimination in housing:
- ‘Men’ in the quote above meant white men who owned property; not women, nor men of color
- Real Estate boards prohibited women or blacks in the early 1900’s
- Redline (racially segregated) areas where residents could not get a mortgage were established
- Racially restrictive CC&R’s
- Federal Fair Housing Act was not passed until 1968
- Realtor Code did not prohibit discrimination until 1974 (that’s under 50 years ago…)
- Protected class of marital status only recognized since 2005 in California
- Gender identity was not protected until 2012 in CA
- AFFA Rule is rescinded in 2020 by POTUS. This took the teeth out of Fair Housing enforcement.
Yes, we went horribly wrong, but there are many ongoing efforts to bring about equal housing in the last few decades and today. This includes lobbying efforts from the National Association of Realtors, and California Association of Realtors to bring back the important elements in AFFA.
Did you know that nationwide there are 7 Fair Housing protected classes? In CA, there are 24 Fair Employment & Housing protected classes. When it comes to Fair Housing, the greater of regulations apply, not the lesser. So… if you are a landlord in California, you have 24 classes to remember to truly make unbiased decisions with your tenants. To help you, there is a new Fair Housing disclosure that is now included in each California purchase or lease agreement.
Sometimes discrimination can be subtle, or without malice. Here are just a few examples of Discrimination in Housing…some may come as a surprise to you.
What Discrimination in Housing Looks Like:
- Treating anyone unequally
- Failing to show a home or lease
- Offering unequal terms
- Advertising specific terms or preference
- Inquiring about a protected status
- Refusing to accomodate a disability (aka emotional support animals)
- Denying a family with children’s offer because you don’t think your pool or busy street is safe for them
- Refusing to rent an upper unit to an elderly tenant because you feel stairs are too dangerous
- Showing preference for one protected group above another (i.e. preferring a family with children over a gay couple)
- Not renting the home to a family with multiple kids because ‘the children will destroy the home’.
- Not treating everyone with the same professional courtesy (greetings, returning calls, tonality, response time)
- Buyer or agent ‘love letters’; especially those with photos
Up until this year, I was an agent sending & receiving love letters. I had no idea they were an indirect method of discrimination; and our stories previously helped my clients get the deal. 2020 brings about many changes, and I am happy to adjust course to assist in offering a better opportunity for all. Please, encourage other professionals in the industry and owners to practice making selling and leasing decisions based on criteria that does not exclude. I will recommend future sellers do not read letters during the decision making process. We can all improve from here and be better at this.
Here’s an interesting infographic with the most common Fair Housing complaints from 2018:
If you know someone who has been party to discrimination in housing, it’s important to educate, and to speak up. Here’s a link to submit a violation:
The only way we change the cycle and truly offer equal housing to all humans is through a system of ethics, awareness of implicit bias, and accountability measures. Feel free to comment your thoughts or experiences below – let’s bring about some positive acknowledgment to build better, stronger, more diverse communities together.
Read Full Post | Make a Comment ( 1 so far )New Property Trends: Modular Net Zero Homes
Hi friends! Have you been looking for a cheaper, better, faster way to build a home? Read on for some new trends in modular housing that might suit exactly what you’re looking for!
What is a modular home?
S2A Modular Model #GreenLuxHome 22
Modular is NOT manufactured. They are not your rectangle box mobile homes that might come to mind. They are created 90% in the factory, and about 10% on site, and they look and feel like any normal home. Modular homes aren’t different than a traditional stick built home, other than they are built indoors in a controlled factory environment, instead of outdoors.
Brian Kuzdas, CEO of S2A Modular, presented an interesting webinar today and told us about ways that modular homes are more sustainable for the Earth, take less time to create, have a 35% potential ROI for investors.
A couple of the main benefits of modular homes are they save you from shady contractors, and there is no compromise when it comes to design.
Other advantages of modular homes:
- Time (traditional home build time: 1 year; modular home build time: 3 months)
- Price (15-20% cheaper to build in factory)
- Strength (modular homes have to survive a literal transport, traditional homes don’t)
- Neighbors (much less stress on the neighborhood)
- Contractors (get to work inside instead of out in the elements)
- State inspections (less time waiting for inspectors)
One of the downsides to modular is financing. There aren’t a ton of lenders familiar with modular housing loans, but US Bank is one of them. Just reach out if you’d like a contact!
Want to build a modular home of your own?
S2A Modular Model #GreenLuxHome 13
Modular homes can be built ‘tiny’ as ADU’s, and size all the way up to 10,000+ sq ft mansions. There are 7 steps if you’re interested in building a custom modular home from start to finish:
- Feasibility study (cost $3500, and helps you determine how big you can build)
- Design (a modular architect is recommended, it will be less expensive in most cases)
- Construction agreement (firming up your choices)
- Engineering
- Permitting
- Site construction / setting modules
- Onsite completion (this is the last 10% of building that assembles the pieces & happens on site. These last materials also dictate the style and make your home exactly as you want it)
Check out https://www.s2amodular.com/ for various design styles & ideas to build a modular home of your own. Endless customization – so neat!!
Sustainability & Modular Homes
The modular homes that S2A builds are ‘Net Zero’ & ‘Net Positive’ when it comes to net metering. They also use high performing, affordable, solar panels and solar roof tiles with Graphene technology. You won’t have any utility bills.
Smart windows, doors, heating, cooling, insulation, & lighting are all used in these custom modular homes. Furthermore, organic building materials are used, and they are all resistant to termite, dry-rot, and mildew free….which saves money down the road. Li-Fi technology is used instead of Wi-Fi, and there is a singular app that controls these homes, which makes the systems un-hackable.
If you’re interested in planning your modular home build, just reach to Angie via text at 949-338-7408, or fill out the form below. We’ll help you plan for your perfect pad, & get you all connected to the right contacts to create your custom home 🙂
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Global Real Estate – Hot Spots & Tips to Buy in them
Global & International Real Estate is GROWING
Did you know 1 in 10 US residents are considering owning international real estate? But how can you protect yourself from making a lemon investment? Thanks to OCR’s Global committee, we have some pointers for you! Michael Cobb CEO of ECI development started off our International Real Estate Forum today reminding Realtors that we bring value to international transactions by helping our clients know to ask the right questions. In foreign countries, hot water, running water, and other conveniences (like plumbing) we take for granted in America are not alway included in the price tag. It’s critical to be careful and make sure you align with multiple professionals to ask ALL the right questions when you buy internationally. One way to do this is to work with a CIPS Realtor to help you find the most reliable real estate contacts in your preferred country. CIPS agents are Certified International Property Specialists, and have special training to help you avoid international buying nightmares.
Nicaragua – an International investment gem
Nicaragua has been a growing spot to get deep discounts in real estate, and Michael personally lived there for 14 years, while raising 2 young daughters. It usually takes about 6-9 months after you visit Nicaragua and sign documents to receive your title, and buying is friendly to foreigners. The country has beautiful scenery, and also offers the following benefits:
- Safe
- Inexpensive real estate
- Low cost of living
- Low cost medical care
- Fishing, diving, snorkeling, surfing
- Social projects & involvement
- You CAN own the land and get freehold title
- Property tax is only 1%
- Easy residency programs
Foreign Property Investments in Belize
Belize is a tiny country that wasn’t on the radar at all until recently, and now it’s exploding. The title process is 3-6 months, but you can complete a property transaction in just an hour if you’re there in person. English is the official language, so it’s easy to read contracts. Prices are reasonable right now, and the hotspot to check out is Ambergris Caye. Belize was also voted the “most wished for place to visit” on AirBnB, so an excellent consideration for your vacation rental. If you’re thinking of AirBnB, you will have to pay hotel tax, so be sure to factor that in. Speaking of air…air travel has doubled over the last 3 years to Belize, and there is still plenty of room for growth. Baymen Gardens by Best Western currently offer options under 100K for a residence if you’re looking for an affordable vacation rental. Some benefits of owning property in Belize include:
- Political stability
- Short easy flights
- 17% tourism growth the last 3 years
- Property is still affordable
US Citizens are now buying property in Costa Rica easily
Beautiful Ocho Bungalows in Costa Rica – Sean the owner used to live in US, and now calls Tamarindo his home. He built these gorgeous bungalows there.
Costa Rica is an absolutely stunning country, with 27% park-protected land. Costa Rica has a “Pura Vida” (Pure life) mindset, so this is the place to go if you like a healthy lifestyle. Hunting is banned, no zoos, and animals cannot be pets. No tornados or hurricanes there, however, they do have earthquakes. Ocean temp is about 80 degrees all year long, so it’s perfect for a vacation home or rental. Weather is typically nice, but they do have rainy season. You can stay for 90 days with a US passport, so plenty of time to research areas, builders, and pick your perfect property! Costa Rica is also a solid consideration for a second home because:
- Democracy for 196 years, stable society, tradition of peace
- Mostly Bilingual
- Foreign property rights
- Blue zone for longevity, excellent health care
- Quality national public health system, as well as private healthcare
- Wildlife tours, river rafting, hikes to waterfalls, hot springs, zip lines
- US Babies born there get dual citizenship
- Property tax only .25%-.40% (niiiice)
- Food has no hormones or weed killers
An update to our previous video about buying real estate in Costa Rica —> there’s now NEW foreign mortgage opportunities for US citizens in Costa Rica!! Previously you had to buy with all cash, so this is really cool! It’s for residential only, no business or land. Interest rates in Costa Rica for locals run high, around 12%. This program comes from a lender in TX, and currently has a 7.5% rate for loans over 100K. No coastline foreign investments closer than 200 meters, though. 720 credit is required, and 30% down is required. If you’d like more info just contact us at 949-338-7408 and we’ll help you on your way to a Pura Vida lifestyle 🙂
Mexico beaches drive global condo buyers
Real Estate expert Alvaro Quirante presented about Riviera Maya and the consistent growth of traffic into the Cancun airport, which creates opportunity. Travel is consistent all year long, so there is no on or off season. Currently they are creating a huge marina, and a theme park, which will create 5000 new jobs in the area. Tulum has been one of the cities that gets the best capital gains each year. A few reasons:
- Eco-friendly
- Mayan ruins, top TripAdvisor destination
- Tulum famous beaches
- Stable economy with multiple sources of income
- Properties start around 75K
- Availability to have major companies back your investment guaranteeing 8-13% yearly ROI, with Lux properties for example.
- You can buy property with a self-directed IRA
What does the buying process in Mexico look like? We tried to explain it in this video about buying real estate in Cabo…but here’s an easy slide from today’s presentation that guides you through the process:
As you can see, each country is really different when it comes to process, ability to get a mortgage / title, and the various property options you have. We LOVE international real estate and would love to help you explore your next global property investment. Simply fill out the form below or text 949-338-7408 and we’ll send you some international property buying tips!
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5 Things We’re Focusing on During COVID-19
Welp, in a matter of 2 weeks… our world has completely changed with the Coronavirus COVID-19 pandemic, and we’re scrambling along with the rest of society to find a ‘new normal’. That said, it’s refreshing to have the opportunity to rethink everything we’ve been doing; both professionally and personally, to reprioritize what’s most important.
Our Top 5 Focus Areas During Orange County Quarantine
- Relationships – Above all, we love & care about our family, clients, prospects, & fellow humans. We’re moving to Zoom meetings, FaceTimes, and other online communication forums to ensure everyone’s safety and flatten the curve. Checking in on people who might be lonely or struggling with kind texts. I’ve committed to doing more regular videos, and virtual open houses. One action item was a comfy space at home to do virtual meetings – have you created yours yet? It’s fun! Feel free to comment a pic for us 🙂
- Immunity – Clearly, we’ve got nothing without our health. We think and act better when our body is functioning at it’s best. During this time, are you eating for health & wellness? Taking vitamins? For sure….dark chocolate is still aplenty in our home, but personally I’m watching my sugar, soy, hormone, and gluten intake, and drinking more alkaline water. We’ve got handsoap filled by each sink – one of our fave brands is Jade Bloom if you like delivery & to support small business 😉 Another thing we did was up our Farm Fresh to You order. They deliver all kinds of healthy fruits, veggies, & even organic eggs to your door. Why go to grocery if you don’t have to? Also made a nightly routine of essential oils, because they are soothing & help immunity. Favorites are lavender, protect, & lucid for sleeping. Please share…what are your secrets for immunity?
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We’re seeing a lot of our clients on social media baking & crafting with their kiddos. We love to watch everyone embracing this family time in their homes.
Mental health – This is a BIG one. People’s lives just got disrupted and they are angry, scared, and upset. Ignoring it, shaming yourself, or attempts to drown it away won’t help. We need to come to terms, choose LOVE, and a new path to move forward. My preferred way to handle this is to ask: “Is my inner child happy today?” If I do something to make my inner child happy, then I usually feel good about life. When I cage my inner child, shame her, or ignore her because I’m unbalanced in some way….THEN my mental health seems to go sideways. Usually ‘little Angie’ wants to make something, hence the artist studios we’ve been building through Flower Den Retreats. Cooking, yoga, meditation, and prayer are also great daily exercises for mental health. What are you intentionally doing to protect your mindset right now? Are you at peace with yourself & love yourself? This is the space where smart & strategic decisions come from…be ready to make them. And it’s OKAY if you’re down in the dumps. Please reach out to someone you love for a life rope. The national suicide hotline is 1-800-273-8255 – save this number in your phone – you may never need it, but a friend just might!
- Budget – Not gonna lie – things could get tight. Are you handling this on a proactive or a reactive basis? You probably have the time to be proactive, so do that. Check online to see what relief your mortgage company is offering, and stay subscribed to our YouTube & blog here for regular updates on national mortgage relief options. Think….Where can you cut more? What small businesses can you support more? For example, we’re planning to cut our 800# & moving to WhatsApp – seems to be the preferred international & ‘long distance’ platform anyway. What apps are you paying for that you don’t use? Subscriptions? This is a great time to organize your finances, put everything on autopay, or even take the time to improve your credit. We recommend the CreditKarma app to get started on credit, and Mint.com for an overall picture. Let us know what resources you use to plan your budget.
- Investments – No time like the present to watch your favorite experts on YouTube! Consider sharpening up your knowledge and exploring some new areas to invest in. Ask hard questions like: Am I diversified? Stocks, mutual funds, crypto, property? How can I spread my risk? Do I have all my eggs in one basket? WHO am I trusting to get my facts from? Since we’re experts on the Orange County real estate market, we’ll help you with quality local resources to trust. A couple favorites are Reports on Housing & California Association of Realtors.
“Nothing can bring a real sense of security into the home except true love.” – Billy Graham
For most of our clients, their home is their biggest investment, and they’re spending a LOT of time in it right now. Hopefully, you’re happy with your space and embracing this time to improve upon it. If you’re worried about your property value going up, down, or sideways… you’re not alone. We offer monthly home value reports to show you what’s happening in your neighborhood. Just text Angie your address at 949-338-7408, or fill out the form below to receive your property’s value.
We want to wish you and your family health, healing, and happiness during this quarantine. Please reach out if we can help you with anything – we’re here for you & care about our fellow humans!
Sustainable & Strong Housing – Meet Sol-Nest
Sol-Nest: Building for Humanity
Sol-Nest is “building for the right reasons” and changing the building industry while they do it! Sol-Nest strives to ensure families have a sustainable and affordable roof over their head. Sol-Nest provides people with shelter regardless of where they’re located. It is their mission to reverse the housing attrition trend by “creating resilience and lowering the threshold of affordability.”
Sol-Nest recognizes that fires, floods, hurricanes, earthquakes and tornadoes destroy thousands of homes every year. Your home is an investment, to some it is your greatest asset – the last thing you want to worry about is a natural disaster destroying your home. But how can you minimize the risk of natural disasters destroying your home without packing up and moving?
The Disaster Proof Housing Solution? Sol-Nest
Sol-Nest understands the economic effects that these events cause, thats why Sol-Nest developed a patent pending proprietary building technology that is less expensive than your typical building methods. The new building technology can be used in distressed areas to provide affordable housing, built to last longer than traditional homes. Sol-Nest, LLC homes are built to survive earthquakes, fire, floods and 250 MPH winds.
Hybrid I- Post and Panel System
The patent pending process under Sol-Nest, LLC is called HIPPS™. HIPPS stands for Hybrid I- Post and Panel System.
What Makes Sol-Nest, LLC/HIPPs homes sustainable and strong:
- The use of indigenous materials
- The use of Basalt Filament Rebar
- Stands up to an ever changing climate
- The method of laying concrete
- Quick assembly: little as eight weeks
- Designed to be implemented in large-scale housing projects
- Lower cost of building
- Ability to utilize solar power to build homes “off the grid”
If you’re thinking of building anywhere in the world, make sure you build strong. For more information, visit: https://sol-nest.com/
Interested in investing in this sustainable building technology? There’s opportunities in Puerto Rico and other gorgeous areas across the world.
Contact Garry Spain.
Phone Number: 310-625-6622
Email: intercorpresources@yahoo.com
Read Full Post | Make a Comment ( None so far )What the hoo is an ADU?? Maximizing your Southern California Real Estate
Have you heard of an ADU?
Accessory Dwelling Units are additional legal units on your property, and they can help you earn BIG bucks. If you’d like to run a duplex or generate additional income without buying an entire new property, then adding an ADU to your lot is a GREAT option. ADU’s can cost anywhere from 20K-200K, which is waaaay cheaper than a ‘unit’ in today’s Southern California real estate market. That said, not everyone has an additional 20-200K laying around to seize this opportunity, so let’s learn how you can use other people’s money to make some of your own!
Renovation loans are NOT construction loans, so if you have never heard of one… read on. There are multiple options for reno loans, so it’s about finding your best fit. Today we were at Eric C Miller’s Finance of America’s presentation and got some details & highlights for you. Finance of America highlighted how this process benefits you!
Orange County Renovation loan process in a nutshell:
Pre-qualification –> Offer Accepted –> Disclose –> Underwriting conditional commitment –> Assign Project manager –> Collect credit conditions –> Project Scope & bids –> Appraisal –> Clear to Close –> Sign Docs –> Close –> Begin Renovations
Fannie Mae Homestyle Renovation Loan
- Utilizes a construction project inspector sourced by lender
- No minimum in repairs
- Inspection prior to draw disbursements, up to 5 draws
- All repairs and improvements must be attached to property, and supported by appraisal
- Borrowers have 6 months to complete improvements
- Repairs must begin within 30 days. (it’s ok if permits are the delay…you can pull permits on a property you don’t yet own)
They can be FHA or conventional, and they are a fully amortized single close transaction. 98% of the time they appraise on resales, so don’t worry if you’re buying resale.
FHA 203K – limited
- nothing structural,
- limit of 35K,
- repairs must be completed in 4 months
- limit of only two payments to each contractor
FHA 203K – standard
- can tear down the entire property but MUST use the entire foundation
- utilizes a HUD consultant.
- 6 months to complete improvements
- can loan up to FHA limit for the county, high balance eligible
- owner occupants only
- Contract lingo: “The borrower has applied for Section 203k financing, and that the contract is contingent upon mortgage approval and the borrowers acceptance of additional required improvements”…this must be in there, but is not necessary in the purchase agreement.
Things to know & next steps:
- Choosing the right contractor and renovation team is critical! Always get multiple quotes. If you’re looking for a forward thinking Orange County ADU company, check out RC Smith Design & Build.
- 30 day escrows won’t fly, renovation loans take 45-60 days.
- Reno loans are TOUGH. You’ve got to coordinate bids, contractors, and make deadlines. If you’re looking for an ‘easy button’ into homeownership, this may not be it 😉 BUT then again…you could try buying one of these Amazon ADU’s and avoid MOST of the contractor back and forth 🙂
- ADU regulations are different and ever-changing. Here’s an OC ADU resource to get started. Always check with the city to find out your guidelines before beginning work or submitting offers!
Did you know most people spend 15K on their home the first year they buy it, and they statistically put it on credit cards? Ouch. Don’t be that guy, there’s a better way! Call or text Angie to start exploring your best ADU options at 949-338-7408 or email Angie@AskAngie.com
Read Full Post | Make a Comment ( None so far )Orange County Area #2 in Global Relocations
I’ve got to hand it to OCR’s Global Committee, they ALWAYS put on such relevant and informational events. We continually try to support them and keep our CIPS education up to date 🙂 Today was the Global Forum, packed with info on how we can better serve and attract foreign buyers to beautiful Southern California. International buyers are a huge market in SoCal – read on to learn more about taking advantage of this!
Did you know the Orange County & Los Angeles area is the #2 area of interest for international buyers and global relocations?
So how can we help international buyers make the most of their money, so they can close easy and afford to pay more for our properties?! One way is MoneyCorp – a unique banking tool international buyers are using to get better exchange rates and guarantee funds. Contact Andrew Graziani to learn about their no-fee / no hassle transactions. They have very small minimums to exchange, and no caps. Furthermore, they have a deep understanding of how to work with every country’s currency, which is not easy. For example, consider Brazil, one currency that bounces around up to 30% in one month, and has a ton of regulations. If you want to protect your foreign transaction, make sure to work with experts like this! There are a ton of landmines when completing a foreign transaction, as noted from our previous Global Forum.
National Economic Forecast by Lawrence Yun
Lawrence Yun is one of the most respected in our industry – as National Association of Realtors’ Chief Economist for the last 10 years… when he speaks.. we listen 🙂 Let’s start with the local picture:
Is Orange County in a Real Estate Bubble?
Of course, the first thing everyone wonders is ‘are we in a bubble?’ One recent thing to note is the housing market has not been increasing as the job market increases, which is a bit of a bummer. Regardless, Mr Yun doesn’t see any kind of extreme correction on the horizon. Home prices are 3.5x higher since 1995. Lawrence, like the other experts at the recent WCR Economic Throwdown, doesn’t believe there is a bubble. SO STOP WORRYING :))
Seriously, don’t worry, but do always be on the lookout for risks or warning signs of a market shift
- International trade wars
- Rising rates and inverted yield curve
- Shift to snowballing pessimism (perception is reality!)
We have nothing to fear but fear itself – Franklin Roosevelt
What about Interest Rates?
We are on a permanent track to increase rates, so our advice to International buyers is buyer sooner than later, the rates will only rise.
The Global Real Estate Market
Exchange rate, political environment, and comparative price appreciation are all factors that affect our foreign buyers. At this point in time, the US currency conversion is high, so we saw less foreign buyers in 2018 than in 2017. That said, we still have PLENTY of international buyers, and that is not expected to change soon, only increase. Foreigners still love to buy in the United States, overall it’s considered it very safe and secure here.
Global Committee chair Spencer Hoo introduces 2018 Global Forum speakers
As financing, exchange rates, inventory, and immigration laws all improve, we can expect more and more foreign transactions. Currently, here’s the top 5 countries buying US homes:
- China
- Canada
- Mexico
- India
- United Kingdom
19% go to Florida, and 14% come here to California!
More expectations for the US market:
- Short term uncertainty but long term solid pent-up demand
- Next 3 years of home sales…..booooorrrrrrring. No real increases or decreases
- Flat & even real estate market
If you’d like a consultation to make sure your home is attractive to the foreign buyer pool as our market softens a bit, just give Angie a call, text 949-338-7408, or WeChat.
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