4 Reasons for Investors to Add an Accessory Dwelling Unit

Today, it’s imperative to get creative with portfolio additions. Perhaps adding an accessory dwelling unit to the single-family dwellings in your portfolio is the right move for you. An accessory dwelling unit, ADU for short, is a secondary dwelling unit with a kitchen, bathroom, sleeping, and living space on the same tax lot as a primary residential dwelling. The ADU can be detached, above a garage, attached, or within the primary unit. Basement and garage conversions are great examples of bonus spaces that can instead be converted into income-generating ADUs.   Cities all over the country are experiencing a shortage of housing, driving up housing costs for both the rental and ownership markets. Cities rely on property owners and developers to develop the much-needed infill housing. Many cities, especially on the west coast, are reducing barriers to develop ADUs, creating new opportunities for investors that own single family homes and duplexes, to build them.   For investors who prefer the long game, ADUs have an excellent track record of providing reliable income and lifestyle flexibility. Here are four reasons why.  1. Versatility Very few homes have the versatility of an ADU. Unlike primary homes that are typically 3-4 bedrooms, ADUs are typically studio or 1-bedroom units. This is attractive to 1-2 person households who wish to live in residential neighborhoods rather than a commercial apartment complex.  Multigenerational household living is on the rise in both the rental and ownership markets due to housing costs. The need for adaptable 1-story infill housing units that works for different age demographics, has never been more evident.   An ADU can provide for common household needs, such as guest quarters, home office, housing for in-laws or friends in transition, or possibly as a short-term rental. Many small-scale investors start out by adding an ADU to their primary residence and renting it out.  Financially savvier even still, an investor may move into the ADU and rent out the primary residence, potentially covering the full cost of the mortgage for the property. This particular “house hack” is a life-changing financial move for many young property owners, setting them on the course of financial freedom and the wealth production that can come with property ownership.  2. Increased property value Building an ADU is no small task. Design, permitting, and construction costs add up. However, over time, the ADU will pay for itself, some in as little as 3-5 years, depending on the type of ADU that is developed.   ADUs have more advantages than disadvantages once they’re built and performing, especially in urban infill neighborhoods, where walkability to amenities is plentiful, and renters typically pay higher rents. ADUs tend to make the most financial sense to develop on more expensive infill properties where the land values are highest since they are being developed on ‘free dirt’ you already own. Other rental housing development requires land acquisition, and that dirt is typically the most expensive part of housing development.  Consistent rental income, and two livable units are a great combination for buyers, and they are willing to pay higher prices for a home that can meet various lifestyle needs over the course of ownership. Hiring a real estate agent that understands the value of ADUs is crucial, more and more real estate agents are tuning in to the ADU trend and stand ready to help. https://www.aduspecialist.org/registry

3. More affordable than buying a new rental property Building an ADU can be an excellent alternative to purchasing another investment property, particularly in high-priced markets where a deal is hard to find. While a newly built ADU can cost upwards of $300k in some markets, a duplex in the same market might start in the $700k’s and require 20% down to purchase. The rents in the duplex may not be at market rate and legislation may impact the rate in which those rates can be increased. A newly developed unit on a property already in a portfolio can fetch market rate upon completion, a strong case for building new.   Living in the ADU and renting out the primary dwelling offers the opportunity to to receive a higher monthly rent, creating a pathway to paying down mortgage and construction costs at a faster rate. If the jurisdiction allows for both the ADU and the primary dwelling to be rented out, as is the case on the west coast, the return on investment is likely to be high.  4. Making an impact Rental portfolios have social and environmental impacts.  In its Making Room: Housing for a Changing America exhibit, AARP illustrated the type of housing that currently exists compared to the household sizes that are most common in the United States. There is a great disparity between the number of smaller households and the appropriate size homes. Cities desperately need more ‘right-sized’ housing units to serve smaller households, and investors have an opportunity to create housing that is in high demand with a strong tenant base. Building an ADU can also provide jobs and support the local economy. Hiring local architects, designers, builders, and tradespeople supports the local economy with jobs and housing.   Care to make an ecological impact?  Residential buildings comprise 22% of the greenhouse gas emissions in the United States.  An 800 sq ft ADU built to basic code uses less energy than a 2,200 sq ft high performance house, due to the reduced heating and cooling loads. Building small saves occupants money in utility bills, making the dwelling more resilient and reliable. Smaller dwellings, and especially internal conversions, use fewer material resources and can rely on the original dwelling to provide part of or all of the building envelope, one of the most resource intensive aspects of a new build.  

How to Get a Business Line of Credit in 4 Steps

How to Get a Business Line of Credit: What You Need to Know

Traditional business loans are the most common way to finance a business, but a business line of credit can be more accessible for startups or business owners with bad credit. A business line of credit is one of the most flexible forms of financing for small businesses.

You can use a business line of credit for working capital, to cover cash flow issues, or to fund an emergency or unexpected opportunity. If you’ve decided that a credit line is the right financing solution for your business, you may now be wondering how to get a business line of credit.

How to Get a Business Line of Credit: A Quick Guide

Step 1: Check your business’s qualifications.

Step 2: Compare your options.

Step 3: Prepare your requirements and documentation.

Step 4: Apply and make a decision.

Apply for a Business Line of Credit Now

4 Steps to Get a Business Line of Credit

Step 1: Check Your Business’s Qualifications

The first step is checking your business’s qualifications. By knowing where your business stands ahead of time (as in, before you start comparing options and completing applications), you’ll save time and effort throughout the process.

Although there are a variety of business line of credit requirements you might have to meet depending on the lender you’re applying with, there are a few common qualifications that you can use to evaluate your business’s prospects.

Personal Credit Score

To start, you’ll want to determine where your personal credit score stands. When applying for a business line of credit (or any financial product for that matter), your personal credit score will very likely be one of the first things a lender looks at. Here are a few reasons why:

Indication of trustworthiness. The higher your personal credit, the more likely you are to qualify for a line of credit, and one with the best rates and terms.

Determine if collateral is needed. If your credit score is below the threshold as laid out by the lender, you might need to offer up some kind of collateral that can be used to pay off debts if your business is unable to.

Find which loans you qualify for. If you’re applying for a bank or SBA line of credit, you’ll likely need to have excellent credit, as well as other top qualifications.

Generally, it’s safe to say if you have a credit score of 600 to 630 (or higher) you’ll be in decent shape to qualify for most business lines of credit.

Annual Revenue

Like your credit score, most lenders will implement a minimum requirement for annual revenue that a business needs to meet in order to qualify for a line of credit. They do this to answer a few questions:

Can you pay back the loan? A lender will use your annual revenue (as well as other business financials) to ensure that you have enough money coming in to pay back any funds you use from your credit line.

What will the terms of the loan be? Regardless of the small business lender you’re applying with, a higher annual revenue will also give you access to a line of credit with the most desirable terms and lowest interest rates.

Which lender is best for you? If you’re looking to get a bank or SBA business line of credit, you’ll generally need to meet a fairly high annual revenue requirement. Alternative lenders, on the other hand, will show greater flexibility, with many lenders setting their minimum annual revenue requirement at anywhere from $25,000 to $100,000 or higher.

On the whole, just like with your credit score, the higher the amount of annual revenue you have, the better.

Time in Business

When you’re looking to get a business line of credit, you’ll also want to consider your time in business as you evaluate your qualifications. Why?

Determines risk. Longer time in business means less risk for a lender, as your business has been able to maintain ups and downs in operations thus far, and therefore, is more likely to be able to pay back a loan.

Determines what you can actually qualify for. Compared to traditional business term loans, it’s often easier to qualify for a business line of credit with only a year in business, sometimes even less.

Online lenders such as BlueVine and Fundbox have very flexible time-in-business requirements for their lines of credit. BlueVine requires six months in business and Fundbox only requires three months.

Collateral

Finally, you’ll want to evaluate what kind of collateral you can offer, especially if you’re a newer business or have bad credit. There are a few options.

Actual collateral. Most business lines of credit are secured business lines of credit, meaning they’re backed by some form of collateral. Some lenders will require physical collateral to secure your credit line, such as real estate, equipment, or inventory.

Personal guarantee. Some lenders may require that you sign a personal guarantee stating that you’ll use your personal assets to repay the funds you’ve borrowed in the event your business can’t pay.

Lien. Some lenders may file a lien again your business assets when you get a line of credit with them, meaning that the lender has a legal claim to recoup your business assets in the case that you can’t repay your debt.

Putting up collateral may make you more likely to qualify for a credit line if your other qualifications are lacking.

Step 2: Compare Your Business Line of Credit Options

Once you’ve evaluated your business’s qualifications, you’re ready to start exploring your options.

You’ll want to determine what type of revolving line of credit will be best for your business, considering secured vs. unsecured, short-term vs. long-term, and bank vs. online credit lines.

By using the qualifications you established in Step 1, you’ll be able to narrow down your options to find the right business lines of credit to apply for.

Short-Term vs. Long-Term Business Lines of Credit

Generally, a short-term line of credit is a credit line with repayment terms of a year or less, whereas a long-term credit has repayment terms of longer than a year.

Short-term lines of credit are most often offered by online, alternative lenders. Here are some benefits of short-term lines of credit:

Easier to qualify for

Simpler applications

Fund faster

And now, here are a couple downsides:

More expensive

Need to pay back faster

If you have higher qualifications and can accommodate slower funding, you’ll want to focus on longer-term lines of credit, like a bank or SBA credit lines. Here’s why:

Longer repayment terms

Lower interest rates

Secured vs. Unsecured Business Lines of Credit

Next, you can narrow down your business line of credit options by deciding whether you want a secured or unsecured line of credit.

It’s actually very difficult to find a truly unsecured business line of credit. Even if a lender doesn’t require physical collateral, they’ll often require a personal guarantee or implement a blanket lien to secure your credit line.

To avoid putting up physical collateral, you’ll want to focus on lines of credit from alternative lenders. Lenders like Winston Rowe and Associates won’t require you to put up business assets for your line of credit, but they will likely ask for a personal guarantee or take out a lien on your business.

On the other hand, if you are willing to put up collateral (and have other top qualifications) you may turn to bank or SBA credit lines. These lines of credit will also have the best rates and terms.

It’s also important to consider that putting up collateral for your line of credit may not only make you more likely to qualify, but overall, it may also help you secure more desirable rates and terms.

Bank Lines of Credit vs. Online Lines of Credit

It can be tough to determine if you should go with a bank line of credit or an online lender. This might help:

Bank Pros

Offer most desirable rates and terms

Long-term, secured line of credit

Bank Cons

Difficult to qualify for

Require more documentation

Slower to fund

Online Lender Pros

Greater variety (for bad credit, startups, low annual revenue, etc.)

Simple application process

Faster to fund

Online Lender Cons

More expensive

If you have strong qualifications but simply don’t want to go through the process of applying for a bank or SBA line of credit, you might turn to a lender like Fundation, which can offer a longer-term credit line with affordable rates, and funding in as little as one business day.

Step 3: Prepare Your Business Line of Credit Requirements

After you’ve narrowed down your options, you’re ready to start preparing your applications.

Let’s say, for example, you considered your business’s qualifications and the different types of credit lines and decided that applying for Kabbage and BlueVine lines of credit will be best for your business.

Now, you’ll want to take a look at the application for each of those lenders and determine what requirements you’ll need to meet to qualify.

Determine what each of these lenders sets for their minimum requirements. Check your personal credit score, annual revenue, and time in business before you start gathering documents and filling out the application. After all, if you can’t meet these requirements, you don’t want to waste your time applying for a credit line you’re unlikely to qualify for.

Prepare your application. On the whole, the documents and information that will be required for your business line of credit application will be specific to the lender; however, you may expect to provide any (or all) of the following:

Basic personal information including your name, social security number, and ID

Basic business information including business name, entity type, tax ID number, and industry

Personal and business credit score

Personal and business tax returns

Business financial information including annual revenue, bank statements, balance sheets, profit and loss statements, etc.

Debt schedule (if you have existing debt)

Legal contracts and agreements

Step 4: Apply and Make a Decision

After you’ve gathered all of the documents necessary based on your lender’s requirements, you’re ready to complete your application and apply.

If you’re applying for a business line of credit from an alternative lender, you’ll likely find that the online application is fairly simple, requires limited documentation, and can be completed in minutes. On the other hand, if you’re looking to get a business line of credit from a bank or from the SBA, you need more documentation and the process will be longer. Many banks (like Chase) will require that you go in-person to apply for a line of credit.

Once you’ve submitted your application, make sure that you’re prompt to answer any questions or requests from your lender. This will help expedite the process and get you access to your funds faster.

Generally, online lenders can fund business line of credit applications quickly, sometimes even within one day. As you may have expected, banks will be slower to fund, taking anywhere from a few days to a few weeks.

After you’ve completed the application and answered any requests, the lender will come back with an offer (if you’re approved). At this point, you’ll want to carefully review the offer to understand how much your business line of credit will cost—and you should compare all of the offers you receive to ensure that you’re getting the best rates and terms. In particular, here are some things to keep an eye out for:

Terms and amount: You’ll want to review all business line of credit applications to see the credit line you’ve qualified for—in other words, the maximum amount of your line of credit, as well as the terms. The terms will indicate how long you’ll have to repay the funds you’ve borrowed.

Payment schedule: Lenders will have different payment schedules that designate how often you’ll make payments on the funds you borrow—some will require daily payments, whereas others may offer weekly or monthly payments. You’ll want to see what kind of payment schedule your business line of credit offer includes.

Interest rate: As you might imagine, the rate on your line of credit will be one of the most important things to review. This being said, you’ll want to look for the APR on your credit line, as opposed to the simple interest rate. The APR will give you a better sense of how much your line of credit will actually cost.

Additional fees: You may find a variety of additional fees that a lender can charge with a business line of credit. In particular, you’ll want to look out for withdrawal fees (charged every time you draw on the credit line), non-use fees (charged if you don’t draw on your credit line for a certain period of time), and prepayment penalty fees (charged if you pay off your balance early).

Once you’ve reviewed the offers, asked your lender any questions, and decided on the best business line of credit for you, you’ll be all set to sign the agreement and receive your funds.

Frequently Asked Questions

Can you get a business line of credit with bad credit?

What are the loan amounts for a business line of credit?

How do business lines of credit work?

The Bottom Line

Once you’ve decided to focus your financing search specifically on business lines of credit, you’ve already tackled a huge part of the process.

Getting a business line of credit comes down to evaluating your qualifications, finding the right line of credit for your business, gathering your documents, and completing the application. Once you’ve completed all of these steps, you’ll have access to one of the most flexible and useful financial products on the market.

Plus, after you’ve gone through this process once, it will only be easier the next time you decide to apply for any type of business financing.

Office Building Funded in Brighton Colorado

Winston Rowe and Associates is pleased to announce that they have successfully assisted in the funding of an owner-occupied office building in Brighton Colorado through their extensive contacts in the capital markets.

This was a very time sensitive and challenging transaction. The client had a hard money loan with a 10% interest rate and balloon payment coming due.

Winston Rowe and Associates was able to help their client secure a long fixed term loan with 30 years amortization at around 4% interest.

They have a full spectrum of asset based commercial real estate financing solutions with no upfront fees.

Winston Rowe and Associates Capital Deployment Objectives Include:

Apartment Buildings
Debtor in Possession
Office Buildings
Vacant Commercial Buildings
Equipment
Medical Buildings
Assisted Living Facilities, CCR
Industrial Buildings
Strip Malls & Shopping Centers
Hotels & Motels
Manufactured Home Communities
Owner Occupied Business for SBA
Fix & Flip Rehab Rental
Rental Portfolio
Real Estate Portfolio
Special Purpose or Single Use Properties

Loan amounts from $250,000. to $25,000,000.

Winston Rowe and Associates best business and commercial real estate funding solutions occur when they combine data with consultation and common sense.

You can contact Winston Rowe and Associates at https://www.winstonrowe.com

They are a national consulting firm that specializes in commercial real estate investing, labor relations and business turn around financing.

Contact
Winston Rowe and Associates
processing@winstonrowe.com
248-246-2243

What happens to real estate during inflation?

Inflation, the economic term which refers to the devaluation of your money, can sound like a blaring car horn to the ears of many investors. However, while its consequences are simple enough (a rise in the cost of goods and services) it’s also comprised of many less obvious negative aspects as well.

For example, the direct effect that it has on the real estate market and housing prices (which includes impacting the many financial aspects involved in many kinds of real estate investment, from commercial real estate to single-family rentals).

Below, we describe these consequences in fuller detail and offer a solution that will allow investors to avoid the consequences of an inevitable rise in the inflation rate.

Consequences of Inflation on Real Estate Investment

Three consequences of inflation on real estate investment

1) Increase in cost of home construction

Remembering that inflation refers to a rising cost in the price of everyday goods, think of all the materials it takes to build a new home: from concrete and bricks to drywall and stucco, the list is quite long. Inflation means that all of these required materials just became more expensive for home builders.

2) Rising home prices

Consider the consequence of higher home building costs once more: as these put a greater financial burden on home builders, they have little recourse but to make up for it with higher listing prices for just-built properties. Unfortunately, this isn’t the only reason inflation causes real estate prices to rise. When the Central Bank increases the money supply in the economy (a primary cause of inflation), house prices automatically increase.

3) Decline in financed home purchases

Another effect inflation has on the housing market and real estate investing involves debt. When inflation rises, causing money to become more expensive to borrow, people don’t borrow as much of it; they may not even borrow any at all. This results in a chain reaction of fewer mortgage-financed home purchases, which may flatten economic growth.

7 Successful Self-Storage Site Selection Strategies

LOCATION, LOCATION, LOCATION!!!! We have all heard how important it is to have the right location, but how do you find the “killer” site? Let’s review some proven tips and tricks for finding the best site.

Purchasing the right site is as much trial and error as it is good luck and science. Do not be discouraged if you burn through five or six (or ten or twelve) sites before you “land” the deal. Be patient AND persistent. If you work long and hard enough, you will eventually close on a property. Detours that you may encounter:

Zoning Issues

Changes in Credit Markets

Sellers That Change Their Minds

Title Issues

Environmental Problems

Competitors

PLAY GOLF. NETWORK, NETWORK, NETWORK. – I honestly believe that some of the best self storage sites in the country today are being found on the 7th green, or in the golf cart on the way back to the clubhouse. Your attorney, CPA, clergy, neighbor and therapist may be a “friend of a friend, who knows a guy, whose uncle has a piece of land…” In other words, use your list of contacts influential to spread the word you are serious about self-storage. Prepare yourself with a concept package. Once the investor is intrigued, be prepared to follow up with a concrete business plan. Include graphics, spreadsheets, and demonstrate that you have a team of experts to get the deal through the 18th hole. Show them that once you have a site identified, that you are prepared to move quickly to execute your plan.

TRAVEL TO NEW AND EXCITING PLACES – One of the largest mistakes first time real estate investors make is they select a market area that is geographically convenient, not economically viable for self-storage. Know that when you limit yourself to one or two markets, you have greatly increased the time it may take to find the best site. In fact, you may have chosen an area that is not ready for self-storage growth, and you may be forcing your project into a crowed market. Check saturation levels, competitive environment and the economic climate of many areas that are acceptable to you and broaden your horizons.

BEGIN WITH THE END IN MIND – Think first about the end. What is your exit strategy? Is this a short term play to springboard into larger ventures? If so, then build your store at a location which meets “Institutional Grade Criteria”. The most important of which are:

Metropolitan Area Population

Traffic Counts

Primary Market Area Population Density

Visibility

Access

Primary and Secondary Median Incomes

Property Size

If your strategy is a long term hold, remember to “never say never”. As soon as you proclaim you will “never” sell your store, Murphy’s Law or your children who want cash, not a bunch of garage doors, may create a need to exit a property. You will want to make certain that you have covered all the bases, and not have created a store with extended marketing times. Be careful of building:

In small towns

In an inferior, less expensive location

Because you already own the land

A store of less than 50,000 square feet (net rentable)

Behind your competitors (both identified and yet to be identified possible)

Two or more Floors in a single story market

Life has a habit of taking strange turns. If you believe that one door opens when another closes, you may not want to be encumbered by a self-storage property that does not allow an efficient exit.

FOLLOW THE MONEY – Be prepared to play with the big boys, where they have invested lots of money. There is much to be said for being “where the action is”. If you are an experienced operator (or hire an expert management company), and build the right product in the right location, you should have no trouble competing with even the largest of operators. In fact, this may give you a distinct advantage. Consider:

Large operators have the resources to conduct thorough market research and have the ability to spend lots of money to analyze markets. I would be very cautious of building in a market that is absent of institutional players. Piggy back off of their market research.

Large operators tend to be rate leaders. I do not know of any major player in self storage with a “lowest price” strategy. Typically, institutions require strong rates of return on an investment, and are not prepared to win customers on price points. What better competition to have than one who is always raising prices. Learn from this, and follow suit accordingly, or be a little braver, and YOU take the initiative and lead the market with the highest pricing. I can almost assure you the big boys will follow suit and move their pricing up as occupancy grows or stabilizes.

Large operators like the efficiencies of multiple stores. This means you may be a good acquisition candidate when you (or your children) are ready to sell. Make it easy on them and yourself to sell the store. If they are in a market, chances are they believe in the market and that makes the purchase of your store much easier.

Be very careful of a market where the big guys are selling their stores. There must be compelling reason for a self-storage investor to get out of a market. This is an indication that the market may be soft, or rates are weak.

GET PROFESSIONAL HELP – There are two sources to look to when finding and evaluating sites. The first are brokers and the second are consultants. Keep in mind that brokers (and boy will I get some hate mail form this statement) may not have your best interest in mind. They ONLY get paid when your money is spent. This motivates them to get the deal to closing, but does not ensure that they are really concerned with what is in YOUR best interest. Here is the second statement that will make every broker hate me…”Make them work for their money”. Nothing irks me more than a lazy broker. Too many brokers believe their role in life is to pass along a name. Most brokers have the ability to “make a deal happen”. This two edged sword can be used to your advantage. Make sure that your broker has been given the right tools to find you a piece of property. Inform them of the following:

Site size

Traffic counts

Density required

Price range

Zoning parameters

There are several broker strategies. One is to use an experienced self-storage broker that knows the business (they are an owner or develop of self-storage properties, not just a broker). This may help to eliminate a number of sites as you are not chasing dead end deals. One caution: this broker is often a competitor, or becomes one.

Make certain that you have a non-compete clause with the broker whom may operate self-storage properties (contractually specify distance and time-frame). The challenge with this type of broker is they may already be wired into an institutional or seasoned developer which means you may be looking at leftovers.

If you have several seasoned self-storage developers in your area, and a site is visibly for sale, there may be something wrong with the site. The second strategy is to hire an aggressive broker that you may have to educate or be patient with in having them find you a site. Once the broker brings you a site, make sure your broker provides you with:

Current demographic data

Traffic Counts

Parcel specific zoning data

A site plan or survey

Recent land sale comparable

Self-storage facility sale comparable

Be equally careful choosing a consultant. Make certain they have a plan and are following it. Make sure they have the resources to carry the ball across the finish line. If they are helping you find a site, have the consultant give you a written strategy to find you the right site. Make them commit that they communicate with you often, and you monitor their performance. If the consultant is strictly helping you with feasibility, make certain that they have informed you up front of what they see as the strong points of site selection, and that you concur as to what the project should achieve. This will save you lots of time and money in evaluating sites.

EXERCISE YOUR CREATIVE GENIUS – Get creative in digging up sites. Consider sites that are too large, and what other types of uses may be compatible with self-storage at that location. Do not be afraid to negotiate. Think about ways to reduce your land cost…

Tax parcel splits

Pad site spin-offs

Joint developments

P.U.D’s

Subdivision creation

Assemblage

Think about joint land uses:

Car Washes

Fast Food Restaurants

Flex Space or incubator space

Record and documents storage

RV and Boat storage

Limited service hotels

Strip centers

Use creative financing to leverage properties:

Seller Financing

Land Leases

Options

Contingent Sales

Life Estates

All in all, life is short and play hard. Be bold, and follow your dreams. If you believe in the industry, and dedicate the necessary resources, you will succeed. While you are looking, educate yourself. Attend conferences, trade shows and seminars. Be diligent. Read trade magazines and absorb as much information as possible about self-storage. But most important maintain a high energy level, do not be discouraged, and if you do not succeed, try, try again!

Protect Your Commercial Real Estate Investments from Fire

Protecting a rental home from the perils of fire is a very hot topic today. Commercial insurance will protect you and your lifetime investments in the unlikely event of a fire. Check your policy for fire coverage.

Did you know that every year problems cause more than 28,000 house fires and massive property damage? Most recent insurance studies indicate “Fires” as causing more than $1.3 billion in property damage (National Fire Protection Association, 2003-2007).

1] Flickering lights, buzzing noises, and face plates that are warm to the touch are all signs that a circuit may be overloaded, or wiring may be wearing thin.

2] Listen to Your Breaker — If you are continually tripping a switch and having to reset your breaker box, your house is trying to tell you something. There may be a fixture with faulty wiring or too high an electrical load on the breaker.

3] Review and Replace — Frayed electrical cords, wobbly ceiling fans, and loose face plates are more than mere annoyances. You should routinely inspect your home and replace or repair items in need of attention.

4] Working smoke and cigarette detectors on all levels of your home is an absolute must. Make sure you have a working fire extinguisher, and you know the proper way to use it.

5] Ban natural Christmas Trees, there are 1000’s of fires nationwide every year.

6] Never rent to smokers of anything, aside from the thousands of dollars third hand smoke causes to a property. Just one errant cigarette or joint can burn down your investment property.

7] Outside BBQ, Deep Fryers and Smokers can cause grease fires.

It is important to consider fire safety at every stage of commercial real estate investing.

This article was developed by Winston Rowe and Associates. They are a nation consulting firm that specializes in working with commercial real estate investors.

This Year’s Renters Want More Space, Good Deals and the Great Outdoors

Winston Rowe and Associates

Renters are on the hunt for open-air amenities, more space, and a better deal in the city they already live in as 2021 unfolds, according to a recent RENTCafé survey on how renters’ preferences have changed as a result of the pandemic.

An improvement in lifestyle was the main driver for the more than 10,000 people who participated in the survey while searching for an apartment on rentcafe.com. The top features respondents searched for a year into the pandemic included open-air amenities (21%) and more space (20%)—data that stands in stark contrast to RENTCafe’s March 2020 survey, where top drivers were price and safety. In addition, space and open air amenities were more important to renters than WFH amenities like home offices.

The prospect of a better deal motivated 29% of respondents, while the need for a change of scenery prompted a quarter of those surveyed to move. And perhaps most interesting? Contrary to breathless pandemic-era reports of Americans ditching their cities for secondary markets, approximately 90% of renters were looking for long-term rentals with 48% looking to remain in the same city. A mere 4% of renters chose to move because they could now be more flexible by working remotely.

“This shows that improving housing conditions—not drastic change—is the goal,” RENTCafe notes in the survey findings. Of those surveyed, one-third (34%) reported they’d already moved once over the last year, with the majority doing so because of the pandemic.

“After months of staring at the same walls, it’s understandable that some people want to make a move now, if only for a change of scenery,” the survey findings note. “However, many of those who moved back in the spring of 2020 seemed to have done so out of need—not because they wanted to. More precisely, their reasons for moving during those uncertain early days of the pandemic were related to their lease being up or feeling financially insecure.”

The survey also revealed that space and open-air amenities were more important than work-from-home amenities. Only 10% said a good internet connection was crucial, and  5% said they needed a home office.

Despite this data, the multifamily industry is prepping to meet the demands of a growing body of WFH renters. Research last year from Newmark showed that multifamily owners are increasing floor plans to create more flexible spaces (think one-bedroom plus a den) and more outdoor space to accommodate workers who are staying home. The firm advises developers, however, to make more incremental changes to unit mixes and amenities since resident needs are still being hashed out as the pandemic wears on.

Source: globest.com

New York Apartment Demand Surges As The City Jumps Into Reopening Mode

Winston Rowe and Associates

A full year into the pandemic, New York City landlords are securing new leases at a rapid clip as depressed prices appear to be luring back—or holding on to—tenants willing to sign for the right deal.

New York buildings in Manhattan, Brooklyn and Queens, the number of leases signed during February beat a record set in 2012 during the comeback from the global financial crisis. The median rental price—lease value net of concessions—fell at least 11% across those boroughs last month, according to a new report by Douglas Elliman Real Estate.

The news comes as New York City slowly begins to reopen. Restaurants will soon be able to operate at 50% capacity and movie theaters are once again beginning to show films. It’s been a brutal year for the city; the seasonally adjusted unemployment rate stood at 11.4% in December, a 7.8% increase over December 2019.

Hundreds of thousands of New Yorkers fled the city at the onset of the pandemic, to ritzy enclaves upstate, quiet towns in the Northeast and other pockets of the country. The coming months will help reveal how many intend to return, and whether rental prices will subsequently increase.

In light of the revived demand, some owners are temporarily keeping units off the market in the hopes of a sustained rebound that may help them get higher rates sooner than expected. According to UrbanDigs, a real estate insights firm, in Manhattan landlords took more than 1,800 apartments off the market in February, as the Wall Street Journal reported earlier this week. For their part, renters are enjoying the reprieve from record prices, which peaked just before the pandemic.

Below is a closer look at the current New York City rental market, utilizing data from Douglas Elliman and Miller Samuel Real Estate Appraisers & Consultants.

Manhattan

Non-luxury units offer the best deals, with apartments of three or more bedrooms having the biggest year-over-year discounts, possibly a sign that after living through lockdowns, renters are looking to live with fewer roommates. The median rental price dropped 22.7% over the last 12 months on those units. Two-bedroom apartments are down 8.9%, while studios are down 19.3%.

New signings are up dramatically from February 2020, but the overall vacancy rate remains high, at 5%, compared to 2.01% last year.  More than 40% of new leases come with some form of landlord concessions, the authors said, often one or more months of free rent during the first year after signing.

Brooklyn

Brooklyn saw the “highest number of new lease signings since tracking began during the financial crisis,” Miller Samuel reports, at 1,834 for February, a 133% year-over-year increase. Still, the median effective rent dropped 16.3%, more than any other year in almost a decade. Nearly 40% of new signings last month included landlord concessions.

Studios are commanding the best discounts; median rental prices fell 18.8% compared to last February, while second place goes to apartments with three or more bedrooms, at a 12.5% decline. Still, a glut of inventory remains; there are 3,438 listings in Brooklyn, up from 1,375 a year ago. That figure doesn’t even account for units that have been pulled off the market.

Queens

The story is largely the same in Queens, where February also set a nine-year record. Inventory is up 64% compared to last year, and 36% of signings include concessions.

Overall, the median rental price dropped 13% compared to last February, to $2,522, with studios taking the biggest hit at a drop of 28.7%.

Source: forbes.com

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