Listing Courtesy of JACK LINGO REHOBOTH
Become a landlord!
Be your own boss!
Build equity that someone else pays for!
These may sound like the kind of come-ons that you tune out when you hear them on the radio or TV, but, surprisingly, they’re actually more reality-based than not. Whether you're buying a Rehoboth Beach property for its rental potential, or preparing to turn a currently-owned property into an income-producer, the game plan is straightforward. Locate a suitable Rehoboth Beach property: one with the rental potential to create cash flow either as income, or to build real estate equity…or both!
So what’s the catch?
In fact, there is one. Becoming a successful landlord has more to it than spotting an appropriate Rehoboth Beach property and sitting back, waiting for someone to nail up an ‘Easy Street’ sign. In order to make the most of the opportunity an Rehoboth Beach rental property represents, you need to either already have, or develop, a requisite set of skills. Chief among them:
1. The relationship between landlord and tenant, and landlord and the tradespeople he hires, should be purposefully professional. Your tenants may also be fellow Rehoboth Beach residents (or even neighbors), yet skillfully establishing and maintaining an amiable yet businesslike relationship takes dexterity and finesse. Substituting an overly personal relationship instead of the more proper businesslike one can result in counterproductive consequences…like tardy rent payments or superfluous demands.
2. As much as any other business, successful landlords are usually ‘people people’: they don’t shy away from interactions on a face-to-face basis. Whether it’s dealing with renters’ concerns, interviewing potential tenants, or handling the personnel who help maintain a Rehoboth Beach property, great landlords have great leadership skills. They have the knack of bringing positive energy to everyday dealings. Good landlords exhibit authority without being overbearing, and they allow their tenants to feel the right degree of investment in what is their home, if only temporarily.
3. It may seem as if turning a property into an income-producer is an extremely simple task, but in fact it takes organizational skills to accomplish it efficiently. There are laws that have to be observed, and documentation to be maintained. People who cultivate clarity in such matters are nicely suited to the demands of running a rental property.
4. There are unavoidable time availability demands that mustn’t be ignored. A tenant with a maintenance emergency needs to have it addressed. Now. It’s one thing that even the most people-oriented, organizationally proficient business titan should be prepared to attend to without delay.
But suppose you lack some (or even all) of these traits? Should you just walk away from a Rehoboth Beach property—even after you’ve spotted one you know has great potential? Actually, there is a Plan B, which is to hire a property manager—a professional practiced in all the requisite skills. To explore the current crop of Rehoboth Beach property listings with serious potential, just give me a call! Call/Text me Russell Stucki at (302) 228-7871, email me at firstname.lastname@example.org, visit more listings at www.beachrealestate.com.
If you use a credit card or Delaware bank checking account’s online system, you may have noticed the appearance of a free service: FICO score tracking. You find it as a clickable area with a link title like “Your FICO® score” or just “FICO®.”
For many years, each of the major credit reporting agencies was mandated by law to honor any consumer’s request for a copy of their credit scores—but it was a once-a-year deal. For access to regular updates, you had to pay for a subscription. Particularly for consumers working to improve their credit scores, the paid services became a prudent monthly expense. The arrival of anytime free FICO score reporting eliminated much of that need.
Of course, tracking your FICO score is only useful if you know how the lending institutions will view it—and the answer to that is anything but clear-cut. Not only does each lender has their own confidential requirements, but since there are three separate reporting agencies, Delaware consumers have three FICO scores (and they’re rarely the same).
Even so, let’s face it: the single piece of information most everybody wants to know is what FICO score is needed to buy a home? or to refinance a home? Even if the answer is imprecise, it’s human nature.
To quell that curiosity, at least one source is willing to report what amounts to an average of approximations: it’s called EllieMae®. Ellie is a company that serves banks, credit unions, and mortgage companies by providing a raft of automated tools—but those are for industry insiders. As a sideline, they also put out a monthly Origination Insight Report with statistics drawn from the home loans processed through their systems—including some that most future Delaware home loan applicants will be interested to learn:
Average FICO score for conventional mortgage refis closed last month: 732
Average score for conventional purchases: 752
Average for FHA purchases: 681
Average FICO score — all loans: 724.
Average time needed to close: 43 days.
The percentage of mortgage refis grew to 39% of all loans, probably because interest rates decreased “for the sixth straight month” to 4.2%. EllieMae reckons that constitutes “a new 2017 low”—something Delaware refi and home loan applicants will be interested to know!
Those bargain basement interest rates continue to create a terrific opportunity for Delaware real estate. Call me for a no-obligation discussion about how you might take advantage of the current real estate environment! Call/Text me Russell Stucki at (302) 228-7871, email me at email@example.com, visit more listings at www.beachrealestatemarket.com.