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Mastering the BRRRR Strategy: Tips for Real Estate Investors
Real estate investors looking to grow their portfolio understand the importance of adopting the BRRRR strategy (buy, rehab, rent, refinance, repeat). While this strategy can be rewarding, it requires a combination of skills, knowledge, and expertise. Here are some tips to help you master the BRRRR approach.
Up-And-Coming Areas
Choosing the right location is crucial when it comes to real estate investing. As a BRRRR investor, focusing your search on up-and-coming areas will cause the property to appreciate as you work on it. The best thing about up-and-coming areas is that they are affordable and offer great potential for growth and development. Identifying these areas early on can be the difference between a profitable investment and a failed one.
Undervalued Properties
The next step is to look for undervalued properties with the potential for appreciation. You want to find properties that are sold below market value but have the potential to increase in value after renovations. Doing so ensures that you get the best profit possible. Keep in mind that the key to finding undervalued properties is research, persistence, and patience.
Choosing Renovations
Once you’ve found the perfect property, the next step is to start making renovations. However, budget constraints can cause you to run out of funds before completing the project. To minimize this risk, focus on renovating the most valuable and necessary aspects of the property first.
Digitizing Paperwork
Real estate investment involves managing a lot of paperwork, which can be overwhelming if you have multiple properties. However, digitizing your documents into PDFs and storing them in the cloud is an effective solution. Digitization saves space, reduces clutter, improves security, and makes it easier to retrieve documents when you need them. If you use a PDF file converter, you can streamline your real estate investment process and focus on growing your portfolio.
Timeline and Budget
Time and budget are crucial factors when it comes to real estate investing. As a BRRRR investor, it’s essential to be mindful of your timeline and budget. You want to ensure that you complete the project on time and within budget. Running over budget or taking too long to complete the project can eat into your profits.
Understanding the Local Real Estate Market
Having a solid understanding of the local real estate market is key to making informed decisions when investing. You need to know when the right time to sell is, what properties are in demand, and what features buyers are looking for. A good way to stay informed is by networking with local real estate agents, attending industry events, and following market trends online.
Market Effectively
The final step is to market the property effectively. You want to attract as many potential buyers as possible to increase your chances of selling quickly and at a good price. Effective marketing involves professional photography, virtual tours, detailed descriptions, and listing your property on reputable real estate websites. The more exposure your property gets, the higher the chance of finding the right buyer.
In conclusion, mastering the BRRRR strategy requires a combination of skills, knowledge, and expertise. By focusing your search on up-and-coming areas, looking for undervalued properties with potential for appreciation, keeping all paperwork digitized, and more, you can increase your chances of success as a BRRRR investor.
When you’re ready to purchase a home, contact the Kari Haas Real Estate Team for exceptional service and local expertise.
Image: Pexels
This post was written by Micah Norris for the Kari Haas Real Estate Team blog.
Making Your Home a Healthy Place
Most of us spend a good deal of our lives at home, so of course, we want it to be a healthy place. Some improvements can be made quickly and easily, and others require more time, money, and effort, but there’s always something you can do to make your home a healthier place to live.
Do it yourself, or get a pro?
Healthy upgrades can be done on a large or small scale. If you’re planning to sell your home in the next five years, it’s a good idea to have value-boosting changes made with future buyers in mind.
For example, if you notice mold around your windows, they likely need replacing. Unless you have some carpentry experience, this is a job for the pros. If your windows are in good shape, but you want to have more control over light, temperature extremes, privacy, and the view, consider top-down-bottom-up shades. While you might enjoy selecting the perfect blinds for your home, many stores offer great deals, including installation, which could save you a lot of headaches.
If you have any leaky faucets or plumbing fixtures that no longer work as they should, have them replaced by professional plumbers. If the exhaust fan over your stove is not properly vented to the outdoors, then you are bringing particulates from cooking right back into your home and redistributing them. Installing or remediating an exhaust fan is a job for a pro.
Many things you can do yourself
So many upgrades to make your home a healthier place can easily be done by you. For example, you can purchase a free-standing air purifier and try it out in several rooms. Some plants actually cleanse the air of pollution, and investing in a few of these is a great idea.
Make sure the curtains or blinds in your bedroom completely block out all light in order to get the best possible sleep. Moving TVs and computers out of your bedroom is another way to ensure better sleep. Replace any Teflon or non-stick cookware with stainless steel or cast iron to avoid having your food absorb toxic chemicals from the coatings. Consider shifting to the use of natural cleaning products, such as baking soda and vinegar. Switch out candles made from petroleum-based paraffin to some that are soy-based–they’ll burn cleaner and emit fewer noxious chemicals.
Designing a healthy home office
Your home office shouldn’t be in your bedroom or living room if you want it to be efficient. It’s ideal to put it in a location with plenty of natural light, preferably coming in from two different sides of the room. Since natural light is known to increase productivity and concentration, choose window coverings that allow you to let the light in. Make sure that your desk and office chair are both the right height for you to avoid ergonomic issues, such as carpal tunnel. Make sure your office space is appealing, after all, you’ll be spending a good bit of time there.
There are many changes, both big and small, that can be made in your home to make it a healthier place to live. Start small, for example, by instituting a no-shoes rule and providing a place for everyone to leave their shoes upon entry. Before you invest in big remodeling projects, it might be worthwhile to check with a successful local realtor to find out what features are most appealing to current buyers. You may not want those features in your home, but then again, you might. While you are overhauling the healthy aspects of your home, it’s a great time to create a home office with the same parameters of maintaining good health in mind. Maintaining a healthy living and/or working space is an ongoing project that will pay off for years.
Planning on selling or buying a home? Contact the Kari Haas Real Estate Team for exceptional service.
Image courtesy of Pexels.
This post was written by Micah Norris for the Kari Haas Real Estate Team blog.
When Establishing a Home Office, Should You Buy New or Remodel?
When Establishing a Home Office, Should You Buy New or Remodel?
West Bellevue Beauty Home Office
When you have dreams of running your own business from home, your first reaction is likely to evaluate your current space. Is it big enough? Can you actually run a business from home without violating zoning regulations? How can you ensure your business’s success in this space? These are all fair questions, and ones you should answer before you decide on whether to buy a new home or remodel your existing space to fit your professional plans.
No matter your real estate needs, expert realtor Kari Haas can help you reach your goals! For more information, submit this form or call/text (206) 719-2224.
Twin Lakes Custom Split Level Home Office
Buying New
Buying a new home makes a lot of sense if you have equity in your current property and need a larger space. Determine the value of your current property and your remaining mortgage, which will give you an idea of how much cash you have to work with to put down on another. You should also confirm that your city or county will allow your type of business to operate in a residential zone. Chances are, if you simply need a home office and don’t plan to meet with clients, you can more or less relocate anywhere.
Next, you’ll want to take preemptive steps to separate your personal finances from your business’s cash flow. Do this by forming an LLC, which also has tax advantages and reduces your personal financial liability if your business begins to struggle. Forming an LLC is not complicated, and you can typically use a formation service and file on your own. Zen Business outlines the steps required to form an LLC in Washington and explains that this will start by registering a business entity name.
Dramatic Styling & Luxury Design Home Office in Edmonds
Remodeling
In some cases, staying where you are is the most family and budget-friendly option. This is especially true when you already have space, such as a garage or walk-in attic, that you don’t use. Remodeling a garage or other unfinished area can be expensive, and you can expect to invest thousands of dollars to make it right. That being said, it is still less expensive than spending hundreds of thousands of dollars on a new home.
Before you begin such a large undertaking, consult with numerous contractors for quotes. You’ll also want to confirm that their license is up to date and verify that they carry liability insurance.
With doing over 50 transactions a year and helping her clients remodel homes, Kari Haas is an excellent person to support you in a remodel. Whether it is bouncing around ideas or providing trusted referrals, Kari Haas is there to help you.
Charming Remodeled Showstopping Tudor Home Office in Seattle
Making Do
Many of us simply don’t have the funds to buy a new home or renovate an existing space when we are also starting a business. This doesn’t mean that you can’t work from the comfort of home and have a creative and productive space from which to do so. Look around at your current setup. A spare bedroom, bonus room, or even large walk-in closet can easily be turned into a home office. A desk and chair, overhead lighting, and a strong internet connection may be all you need to get started.
When you’re ready to make your move to home-based entrepreneurship, you have options. Whether you choose to buy a new home, renovate your existing space, or stay put, you are getting ready to start a brand-new adventure. No matter the choice, be prepared, plan your budget, and get ready to get to work.
This post was originally submitted by Tina Martin and has been edited by the Kari Haas Team. Tina is the creator of Ideaspired.com, where she helps people follow their dreams and be their own inspiration.
Eco-Friendly Smart Home Upgrades For Greener Living
Smart home tech obviously offers a lot to get excited about, but did you know it can also make your home more eco-friendly? There are a ton of smart home upgrades that go a long way toward reducing your carbon footprint. This will make your home greener, lower your electricity bills, and can even boost your property value!
Here’s a look at how to turn your house into an eco-friendly smart home:
Staying Safe While Getting Smart
Adding smart devices to your home is a great way to improve your day-to-day life and reduce your impact on the environment. However, you must do it right, and that means doing it safely. The more devices you have connected to the internet, the more vulnerable your home is to hackers. You want to make sure you’ve secured your network as much as possible, and stay careful and thoughtful every time you add a device.
Start by creating an additional hidden WiFi network, and make that the only network you connect smart devices to. The great thing about a hidden WiFi network is that it won’t come up in “available network” searches for people nearby. Although they’re not impossible to find, they prevent you from being an easy target. You should also always set up your networks with randomly generated passwords, and only give network access to people you really trust. It is also smart to change your WiFi password after, say, a breakup — just in case.
Smart Utilities
The most straightforward way to use smart technology to reduce your carbon footprint is to build smart tech into your utility usage. For example, you could invest in a smart thermostat. This offers several carbon-footprint-friendly features — most notably, it allows you to keep your heating and cooling output low while you’re out of the house, but brings the temperature back to comfort-level before you get home.
You could also look into installing a smart faucet in your kitchen. This gives you the ability to be really specific with your water usage. For example, if you need two cups of water for a recipe, it’ll measure two cups exactly — no overage to pour out. It can also help you track your water usage, which keeps you aware and helps you moderate where possible.
Obviously, it is wonderful how these devices help reduce harm on the planet, but let’s be honest: the reduced utility bills are nice, too.
Smart Tech for Eco-Friendly Lifestyle Changes
Smart technology can make your life eco-friendlier indirectly as well by encouraging environmentally conscious lifestyle decisions. For example, you might be surprised how much smart tech is out there for indoor container gardening. You can use smart sensors to know exactly when your plants need water, whether or not they’re getting enough light, and more. This is a great support tool for anyone who wants to move toward a more self-sustainable lifestyle by growing their own herbs and foods at home.
Even something as simple as a smart home hub can encourage you to stay eco-friendly. Subscribe to environmentally-minded podcasts and set them to play on your smart speaker throughout the day. This keeps you up to date on the latest technology and science for keeping the planet healthy and empowers you to make smart decisions on a personal, professional, and political level.
Smart home tech can do a lot to keep our lives as eco-friendly as possible while also making them easier and more pleasant. Focus on the forms of tech that will shrink your utility bill, reduce your carbon footprint, and improve your property value all at once to create the perfect eco-friendly smart home.
Looking for a property so you can get started? Contact Kari Haas for help finding the perfect fit!
Photo Credit: Pexels
This post was originally submitted by Lisa Walker and has been edited by the Kari Haas Team. Lisa walker is the creator of NeighborhoodSprout.org, which provides inspiration for people putting time and energy into their homes.
How to Boost the Value of Your Vacation Rental
Tens of thousands of dollars — that’s how much you could be making by renting your property out to vacationers if you do it right. Boosting the overall level of comfort and aesthetic appeal could turn a modest dwelling into a cash cow. Potential guests are willing to shell out for the extras, as long as they’re the right ones. If you want to turn their heads, as well as a tidy profit, you need to have a top-notch rental in a great area to get an excellent return on investment.
Location Is Important
Having a rental that’s close to activities, shopping, and dining makes all the difference. And when marketing your vacation rental, you want to highlight these nearby attractions — especially since you’re likely to have competition in a hot market like Seattle. If your rental is in one of Seattle’s many unique neighborhoods (Shoreline, Ballard, Queen Anne, Capitol Hill and West Seattle to name a few!) you’re well on your way to attracting guests. And even if you aren’t in one of these neighborhoods, look for other ways to make your rental stand out.
Whether seeking a vacation rental or searching for a forever home, location is key. Make it as easy as possible to envision the geography of the area and what activities, shops and services are nearby. This property is in the heart of Queen Anne with a gorgeous view of Puget Sound, easy access to downtown, and around the corner from the Seattle Center.
Upgrade the Kitchen
Vacationers often rent homes rather than stay at hotels in order to cook for themselves, so offer them a pleasant experience preparing their meals. First, make any necessary changes to the layout. Then, continue with popular upgrades that focus on function and appearance, such as new countertops and fixtures.
Upscale custom cabinets, new appliances and imported granite? Yes please! This home has gorgeous updates in every room including two master suites. Searching for an investment property to use for a vacation rental? Look no further than right here!
Add Some Appliances
New appliances could seal the deal when a potential client is considering your property for rental. They’ll expect the basics, such as an oven, refrigerator, and microwave, while toasters, blenders, and food processors make for attractive bonuses — as long as they don’t take up too much space.
Redo the Bathrooms
You can save money by doing a bathroom remodel yourself. You’ll significantly boost value with a coat of paint, some fresh grout, and a new vanity. Of course, if you’re not handy with a hammer and drill, hiring a contractor to install these wouldn’t be a bad idea. If you want to do a full remodel, make sure there’s room in your budget. Even a mid-range bathroom remodel averages $19,000. However, the Kari Haas team has great resources and new bathrooms are often less than $7,000 for designer details!
If they are looking into renting a home for their vacation, these vacationers are probably most interested in being a tourist in the city. If you want to really impress them with your property, don’t just stop with the kitchen remodel, bring the vacation into every room, including the bathroom. Who ever said no to a giant luxurious soaking tub?
Install New Lighting
New lighting will make the whole interior look more spacious, warm, and inviting. There are a few ways to do this quickly and easily using recessed fixtures and sconces, with perhaps some under-cabinet task lighting in the kitchen to make cooking that much easier. And don’t forget the outdoors, particularly the path that leads to the doorway.
Give It a Unique Decor
Provide an experience that’s one of a kind rather than run of the mill. You can do that without busting your budget by buying furnishings and decorations at secondhand or outlet stores, estate sales, consignment shops, and auctions. There’s treasure to be discovered there.
Make the Patio Special
Your guests want to chill outside with a drink in their hand, one of the most pleasant parts of any vacation. Ensure they can do that in style and comfort with seating that fits the climate, along with some shade from umbrellas or a retractable awning. If space permits, consider setting up an al fresco dining area.
Every extra thing you do to enhance your property gives vacationers more of a reason to give you their business.
Plan for Maintenance
When it comes to maintenance, a preventive approach comes highly recommended and could save up to 20 percent in repairs when it comes to major appliances, as well as the heating, ventilation, and air-conditioning systems. Regular tasks like cleaning filters should be carried out according to a strict schedule, which should also include periodic visits from qualified technicians.
Keep It Spotless
If your vacation home isn’t clean, you may get a nasty review from one of your guests that scares off future business. Pay close attention to the kitchen, bathrooms, and bedrooms, as those draw the most scrutiny. Hire a cleaning service to keep your vacation rental sparkling clean. In the Seattle area, this will typically cost you between $123 and $239.
Learn How to Market
These improvements are for nothing if potential clients don’t know about them. Pictures are the best way to show them what’s on offer, so they should be taken by a professional. They will make an impact when you spread the news of your property far and wide on the internet and social media. Call Kari Haas for great photographer referrals costing between $300-$500!
With these upgrades and savvy salesmanship, you’ll get rave reviews that’ll bring a steady stream of clients flowing through your doors. Any successful business person will tell you that regular business is the best kind.
This post was originally submitted by Erin Reynolds and has been edited by the Kari Haas Team. Erin Reynolds is the creator of DIYMama.net, which provides resources to help others with home improvement projects and repairs.
