All Forum Posts by: Koel Gaylord

Janet Yellen recently said inflation is transitory and then walked back her comments saying that she should have used a different word. lol

Things are getting bad for potential buyers and sellers and its not just the interest rate.

All Electric: According to the Center for American progress (June 14, 2022) Regulators efforts to promote climate risk mgt. by banks are starting to take place. In order to reduce carbon footprints companies are promoting all electric businesses, buildings, facilities and homes. What if you don't comply? What would this do to buyers and sellers if their property isn't converted to all electric? According to CAP, NY Private equity firms are lending money to property owners and taking a lean out on the property in order to comply to these changes. How will the average consumer with little to no equity afford to convert to all electric? How could one sell to a potential buyer without the conversion to all electric?

Property Tax increases:   According to Adam Schuster (June 15, 2022) amendment 1 would guarantee a $2,149 tax increase for the typical Illinois family. A proposed change to the Illinois Constitution would effectively transfer power over taxpayer money to government worker unions. This trend will gradually increase over the next four years. This is being talked about in other parts of the country as well. Will we see this trend nation-wide? How will this effect buyers and sellers?

Insurance Companies Pulling Out:   According to the CEO of Redfin, Glenn Kellman, 40 million or about 1/3 of home owners will be at risk of not being able to obtain insurance. From NY to Miami and the gulf coast region, insurance companies are pulling out of risky markets due to climate change, weather patterns, hurricanes etc. Insurance companies claim that the risk is too high in these areas and it is going to be hard for the average consumer to obtain insurance as we move forward. Financing will become much harder.

What are your thoughts as we find new hurdles to jump over as government regulations play more of a role forcing industries to comply?

KG

@Joe S. I have a heat pump and someone accidentally switched the thermostat to emergency heat. It must have been left on for weeks. The electric bill doubled. So keep that in mind for tennants.

@Kim Thayer 52? No way :)

@Jay Hinrichs

I’ve had many male customers contact me for a possible showing or a potential listing when they are ready to sell and buy.

The men are people I’ve known from around my local area. However, I haven’t met their wives.

They wives always know a friend of a friend or some realtor their parents used years ago and the wife goes with them.

The wife usually has the final word.

@Wes Blackwell

It will be spent on drugs, alcohol and big screen TV’s.

@Seth Davis

I like your idea. You will be the GC while other contractors do the actual work right?

I’m asking because I have little experience in residential construction.

I’ve never built anything, I have just fixed things that were already built.

Have you thought about getting your RE broker license so that you can sell it as well and save a little $?

thank you for sharing this! 

Hello everyone, 

I have been house hacking sfh's in my neighborhood. I buy a house, move into it and live there for a year. Then I buy another house move into it while renting the previous house out for 400 over mortgage payment. 

Can anyone tell me anything that might save me from making mistakes? Ie., the homestead tax credit from the previous house that is now a rental will drop off automatically? Do I need to report to someone it's a rental now? I don't want to have two homestead tax credits, or ill end up owing back taxes.

Thank you so much for any advice you can offer.

Koel

Brandon,

Sounds like a tough situation but I would have to consider the cost of vacancy and repairs etc while you are doing a turn around and showing the place. Also, will future tennents be signing a 1 yr lease, if so, how many new leases will you go through in the next 10 yrs? Vacancies? You have a solid tennent. I would keep her. Is there any way to squeeze more out of the government by including lawn care or snow removal if you are not already doing so? 

Kg.