The uglier the better, house flipping advice

If you are looking to do a flip or buy a home where you can put in some sweat equity to increase the value of your home, look for one that others may not want. If it’s dirty and tired looking you may get it for a better price. Just make sure it has redeeming qualities and a good location then renovate away! You can actually borrow funds when you initially get your mortgage so that you have the cash to fix it right away.
#TeamKander
#UglyCanBeBeautiful
#FlippingAdvice
#MoreForYourMoney

For more real estate investment education like this, please follow us at
Bryce/Penny Kander
Realty Executives Alberta Elite
https://www.facebook.com/teamkander/

403-896-9592

Do I really have to check my house when it’s vacant?

I just heard a sad story...
A family had their home for sale and it was vacant. They were not checking it as often as their insurance required. The waterline on the fridge sprung a leak and flooded the kitchen and into the basement. They were not covered by their insurance because they had not been checking regularly but also because I was told by my Insurance Agent that water damage is not covered in a vacant property. Its a good idea to check with your insurance company as to their rules. Whether a home is vacant or even if you are just away for a few days there are certain rules in place as to how often a property has to be checked and it varies with each policy. If your home is vacant its a good idea to put a piece of paper in the home and have whoever is checking it mark down the date and time it was checked. I also take a photo every time I go as they are date stamped in your phone so that will provide proof that you were checking.
#TeamKander
#DidYouKnow
#FollowTheRules
#ExpensiveLesson
#Insurance
#FloodsHappen

Rent is 100% interest only payment!

We meet people who would like to pay cash for their homes. There are a lot of “gurus” out there who talk about saving for seven or eight years and paying cash for your home. BUT if you look closely at their numbers they often live in Texas or somewhere that a really nice house only cost $50,000. I could imagine saving $50,000 but here in Alberta an average house is $250-$300,000 so I think that might be difficult to save. Also, statistically on average house prices go up 7% a year. That means a $300,000 house is moving out of reach at the pace of $21,000 a year. That alone makes it difficult to keep up with your savings program.
Plus we were thinking... people often express concern over how much interest they pay on their house so that’s why they try and save BUT if you’re paying rent right now you are paying in essence 100% interest because 100% of the rent goes to your landlord and 0% goes to you.
From that perspective saving up a decent down payment and purchasing a modest home now and having equity go back in your pocket of $600-$800 a month is wiser than trying to wait until you can pay cash for a home.
PS. Buy a suited property and end up paying less than rent and you will own the home.
#TeamKander
#InvestmentWisdom
#Perspective
#MoneyInYourPocket

Canada winter games Red Deer AirBnB guide!

Canada Winter Games 2019 is just a couple short months away. If you’ve ever wondered what it might be like to AirBnB a room in your house or your whole house this would be a great time to try it. There will be lots of people coming to enjoy the games and our city and need accommodations. If you want to chat more about that feel free to message us. Or just follow the link below to set up your hosting sight. Its fun and easy! https://abnb.me/e/YpfOzIWOqS

#TeamKander
#BrightIdea
#CanadaWinterGames2019
#ExtraIncome
#AirBnB

How to rent for free!

There are many ways to LIVE RENT FREE. One of my favorite tenants actually rented a house from me that had five bedrooms. He rented out four bedrooms to other people and lived there for free so he basically paid himself to be the manager of the building. Its a great way to learn to be a landlord and even if you have one room free in a month its still only costing you $500 in rent.

Another way to live for free is to rent a SUITED PROPERTY with a double car garage. You could live in the basement, rent out the upstairs and the garage and live for free or almost free.

You could also do a rent-to-own agreement with someone who has a house for sale that hasn’t sold. Preferably a suited property that you could rent out extra spaces in and live for free.
If you find the right space, you may even be able to have a little extra cash flow every month!

If you would like more information on any of these options feel free to message us. We’d love to show you how...
#TeamKander
#Winning
#LiveRentFree

Pre Christmas poem!

Twas the night before the offer when all through the house

not a creature was sleeping
except for the mouse

Our minds were all spinning after viewing a home

We didn’t want to lose it, could we make it our own?

The numbers were flying from Calculator to paper

To see if this was a great idea or merely a vapor

Then what to my wondering eyes should appear

but a vision of the future and it all came so clear.

That acreage we bought on the edge of the town

would increase in value
it would not go down.

As the future unfolded what did we see?

The value going up not by one or two, but by three.

So remember dear clients
it can feel scary no doubt

But you just never know how great things can turn out!

Three things I learned from owning an apartment building!

Three Things I Learned from Owning an Apartment Building...
1. It’s better to lower the rent and fill it with great tenants than to have it sit empty. #Math #FullyRented #Investment
2. Hire the right property manager, otherwise it's like shooting yourself in the foot. #Trust #HireWithIntegrity
3. If someone criticizes your building, write down their points and use them as a "to do” list to improve your building. #MakeLemonade #SmartThinking #MakeThingsBetter

The new way to flip a house!

The traditional way of flipping houses isn’t working as well right now so we have to think outside the box and look at a new way to flip!
One of the best ways I have found is to buy a property at a reasonable price that has the potential to be legally suited. Once you legally suite the house it changes the designation of the property therefore potentially increasing the value of your home. Then you can get it reappraised and put a new mortgage on the property and finance out a lot of the improvements. At TeamKander we would recommend that you keep the property as part of your long term investment portfolio, but if you do want to sell it this will give you a great chance to sell it at a profit.
ADDED BONUS: We have a company that will oversee everything from the paperwork to applying for the legalization of the suite with the city, to hiring the contractors, right down to completion and final approval for only $600. That will be the best $600 you’ll ever spend. Give us a call and we can help you find that perfect property in which to do this type of project.
**Not all properties qualify to be suited
#TeamKander
#NewWayToFlipHouses
#ThinkOutsideTheBox
#Investment
#SuitedProperties

Your tenants need tenant insurance!

Your insurance company will want to make sure that your tenant has their own contents insurance. When you rent to someone, they may not be aware that your insurance on the property does not cover their contents. Let them know it is required, give them your email address, and tell them to have their insurance company send you a cover letter so that you know that they have insurance. I’ve seen instances where insurance companies will cancel your insurance policy if your tenants do not have this in place. The great thing is that if there’s ever a fire or flood then you know that everything will be covered for them as well as for yourself.
#TeamKander
#PeaceOfMind
#Insurance
#Tenants
#Investing
#Landlord

Realtor vs Broker explained...

Realtor vs Broker explained...
Real estate broker: A person who has taken education beyond the agent level as required by provincial laws and has passed a brokers license exam. Brokers can work alone or they can hire agents to work for them.
Realtor/Agent/Real Estate Salesperson: A licensed professional who negotiates the buying and selling in real estate transactions. Most agents work for a real estate broker.
#TeamKander
#NowYouKnow
#RealEstate
#Realtor
#Broker

What is an Infill Home?

What is an Infill Home?
It is a brand new home built in an existing, older neighbourhood. Infill homes are often built on lots that had an older house on them. Sometimes the combined value of the lot and location is too great to just have a small, older home on it. This situation is common in established areas where there is high value in the lot, but not much value in the existing house itself. Therefore, one great strategy is to buy a premium lot in a fantastic location, tear down the old house and build a new one rather than buying an average lot in a new neighbourhood for the same price.
This Parkvale home is exactly that type of property. The location is premium and the cost of the lot is much less than a similar newer lot in a brand new subdivision. It’s what every buyer dreams of...a brand new house, in a rare location on a park, at a phenomenal price!
#TeamKander
#InfillHouses
#ParkLocation

Skip a mortgage payment?

Skip a payment?
If you were looking at getting a better return on your investment immediately with cash flow here is an option...
Most mortgage companies have the option of skipping a mortgage payment or 2 or even 3 in some cases. Some banks make it as simple as going online to your accounts and clicking a button. At the Royal Bank, for instance, you can simply go online to your Mortgage account and it will tell you how many mortgage payments you can skip. Then you just click a button and you’re done! Others places require a signature at the bank.
So, if you’re looking to get a larger cash return this year, check out the options on your investment properties and see if you can skip a payment. This does extend the time frame in which you pay off your mortgage and you will pay a bit more in interest but it’s an option.
#RealEstate
#CashFlow
#NiceToHaveOptions
#MoreCashInYourPocket
#TeamKanderLifeHacks
#MortgageOptions

What is "amortization schedule"?

“Amortization” means how long it will take you to pay off your mortgage. A typical mortgage is amortized over 25 years, so that means if you bought the house and made your payments on it for 25 years you would own it. You can choose different amortizations such as 15 or 20 years or really any amount. The amortization years you choose could lessen the amount of interest you pay and you would pay off your home faster. It doesn’t actually cost much more per month to save years of payments.
For a free home evaluation go to www.whatsmyreddeerhomeworth.com
#TeamKander
#RealEstate
#Amortization
#Mortgage
#OwnYourHomeFaster

What is a Real Property Report?

An RPR is something you need to be familiar with when you buy or sell a house. Known now as a Real Property Report it is what used to be called a “survey”. This shows where your house sits in relation to the land that you own. In some cases, a Real Property Report also shows fences, driveways, decks, garages, and sheds. This is important for you to know and the bank generally requires that you have a current RPR or else “title insurance”. You want to make sure that there is nothing encroaching on your property and that your boundaries are determined.
For a free home evaluation go to www.whatsmyreddeerhomeworth.com

#TeamKander
#RealPropertyReport
#RealEstate
#KnowYourBoundaries

What is a free CMA?

Realtors often use the acronym CMA. This means Comparative Market Analysis. Essentially it is a process that we complete looking at comparable properties for sale, recently sold, and those that have expired and then using that data we can help you determine the best price to ask for your home in this market.
It is a type of appraisal on your home but it’s not a certified appraisal so not one that your bank can typically use. At TeamKander we generally do this at no charge for our clients. Call us or go online at www.whatsmyreddeerhomeworth.com for your current CMA.

#TeamKander
#www.whatsmyredderrhomeworth.com
#RealEstate
#MarketAnalysis

The why behind location, location, location! Part 3

Sometimes when you’re looking at buying something you have to look into the future. What looks like a scruffy slough on the edge of town could turn into something as beautiful as Anders on the lake. Or an acreage close to red deer next to a busy highway can appear to be just a noisy location.
Both of these scenarios are places that we purchased,the one became a lovely lake with walking paths in a city. This town grew so much that it is now city not just a town.when I bought it the one Lake was just a pond of sorts. Now there are beautiful walking paths, picnic areas and the water levels have risen so that it is a lovely lake now. The one at the edge of red deer client said oh it’s too noisy. But it becomes development land with much higher value as you can sub divided into smaller lots. So try to think 10 or 20 or even 30 years into the future when you’re looking at buying something. That gnarly piece of rock may actually be a diamond.

The why behind location, location, location! Part 2

LOCATION! LOCATION! LOCATION! (Part 2)
When people are purchasing a property they are always looking for the “IT”! The “IT” is something that sets the property apart from all others. When you are looking at purchasing a home, find that thing that makes your heart go pitter-patter.
Like a condo that we have for sale at the top of Michener Hill. When you walk into the living room and look out the window, the magnificent view of the Red Deer city downtown is jaw-dropping, especially at sunset or in the evening when the lights are all twinkly. You feel like you’re in New York or something. I think it’s everyone’s dream to own something with a skyline City-view.
These properties usually sell for more money than just a basic condo looking onto the back of somebody else’s house or a parking lot view. It’s worth it for the enjoyment factor and the desirability factor, and the increase in value will probably exceed just a regular condo.
So, when you’re looking at making a move, make sure you buy the very best thing that you can possibly afford because when its time to sell, everybody is wanting that special “IT”, that thing that makes your heart skip a beat, that place that you can call feel proud to call home.
#TeamKander
#RealEstate
#LocationLocationLocation
#Condo
#Cityview
#TheItFactor

The why behind location location location! Part 1

LOCATION! LOCATION! LOCATION! (Part One)

This is one of the main things I look at when buying a property. When we purchased our condo in Hawaii Bryce said, “well there’s one thing you can’t do and that’s install an ocean view.“ This is true! There were many condos for sale that might’ve been bigger, had more bedrooms, etc. but when I asked the Kauai realtor how many people when they come to Hawaii want an ocean view he paused... and then spread his arms wide apart and said “this many want ocean view”. Probably 90% of people coming to a tropical location want a view of the ocean. So it was a done deal. We purchased the one oceanfront listing with the 280° ocean view. Properties with a view typically cost more but when you go to sell it, if 90% of the people are looking for a view, your chances of selling it are much better than if you buy somewhere else. Plus historically that type of property will increase in value much faster than just a basic location.
#TeamKander
#RealEstate
#Kauai
#LocationLocationLocation
#OceanView
#Value

Bubble burst

The more income you claim on your business at tax time, the more you will be able to ask for on MLS! If you write off all your income, the bank will have a difficult time lending on your business when someone tries to buy it!

What if you needed to sell your business in a pinch for a good price?
You would either need to:
1. Redo your last 2 years of taxes (your accountant can redo your books and you’d have to pay your updated taxes. You could probably pay after the sale of your business from the proceeds.)
2. Sell for a considerable discount
3. Carry the financing for the new owner
Less is not always more!
For Example: If you didn’t show $10,000 of your income for whatever reason, you may save $2,000 at tax time but when you go to sell your business, that extra $10,000 is typically worth 2 1/2 times in value. Therefore you are trying to save $2,000 but it could be costing you $25,000.

If you would want to talk more about this please give us a call!

#WeCanHelp
#PayNowProfitLater
#Selling
#TeamKander
#Taxes
#Business

Bryce bio!

Bryce bought his first house at the age of 13! He has been investment minded and interested in real estate from a very young age. He could see future potential in land and people even when others couldn't. He became a realtor at 18 years old.  He was homeschooled and this allowed him to spend a lot of time interacting with the ins and outs of a real estate career in a very tangible way.   Bryce owns/co-owns 8 properties including an apartment building.  He has accomplished a lot in his 26 years and has big goals for the future personally and for helping people achieve success both locally and abroad.  He has travelled to the Philippines, India, and various African countries and has a huge heart to use his knowledge to help the people there develop skills to have better opportunities for their future.   Bryce has surrounded himself with a great variety of people that teach him and give him good counsel and that he can ask questions.  He is acquiring great skills with regards to creating a business, working out a business plan, and making good contacts. He is an avid volunteer. No job is too insignificant or too big for him to try.   Bryce loves to search out answers to your real estate questions in every area and therefore is acquiring a solid base of knowledge on many topics. He is also involved with various investment groups in Alberta and the Success Builders leadership team at his church.  Bryce is a top-selling Realtor in Red Deer with 8 years of experience.  He has the depth of insight and understanding of the industry of a very seasoned realtor coupled with the vitality of youth for a winning combination. He loves helping people get set up for long term success especially through purchasing suited properties.