How Can You Protect Your Investments From Events Like Brexit?

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Today I wanted to talk a little about Brexit, the U.K.’s decision to leave the European Union. The night before the vote, Wall Street predicted that the U.K. would stay but those who wanted to stay lost by a 2% margin.

Wall Street does not like uncertainty and, if you have a 401K, you probably felt some real pain the Friday after the vote came through, especially considering that the market fell by 800 points. That’s why today, I want to talk about building wealth.

As a society, we’re trained to put money into our 401Ks when a single event, like Brexit, can entirely decimate your portfolio. How can you make yourself immune to global events or insane behavior on the stock market?

I am fortunate to know many multi-millionaires. These people have made money in the real estate market, not the stock market. They understand the stock market and they do not like not having control of their money.

Stocks are a very important part of any portfolio, but I think you also need to invest in some real estate. No matter what is happening in the world, someone still has to rent an apartment. Not only that, real estate is tangible wealth. You can even add value to it by making certain upgrades.

In fact, I’m closing in two days on a multi-family rental. That property will have huge positive cash flows. If I bought that building for $170,000 in cash, my return would be 13.75%, even after I pay out taxes, insurance, and more. I would still have a better return than I would in the stock market, and that’s not even including appreciation on the building! That’s the beauty of real estate.

As money flows out of stocks and into bonds in the wake of Brexit, mortgage rates have come down. Now is a great time to take out a 15 to 30-year mortgage.

If I buy that building, which is 20% down and figure $5,000 or $6,000 in closing costs, that’s about a $40,000 investment. After I pay my debt service on that mortgage and my property taxes, my return is 40% on that $40,000. In about two years, I will have my entire investment on that property back. Again, that is not including appreciation.

When you figure in the equity build-up, appreciation, and positive tax returns over the course of that mortgage, my return on investment is close to 50% on that building.

If you’re not investing in real estate right now, I really think you should consider it. It’s a great way to diversify your portfolio and become more immune to the stock market and other events that could decimate your 401K.

I also wanted to share my latest Barbara Corcoran commercial with you. Watch the video above to check it out!

If you have any questions, just give me a call or send me an email. I would be happy to help you!

How You Can Diversify to Protect Yourself from a Volatile Stock Market?

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Today, I want to briefly discuss how important it is to diversify. The volatile stock market is making it more risky to keep all of your assets invested in it, and now is a fantastic time to make a safe investment in real estate.

Right now, if you want to be an owner-occupant of a multi-family home, you can buy one with as little as 3.5% down. This means you can buy a $200,000 property with only $7,000! If you're an investor who does not plan to live in the building, you can buy a building with only $40,000 down!

Instead of purchasing a fancy car, which is only going to rapidly lose value, I highly recommend investing in real estate. A home is only going to appreciate in value and you will be able to pay off your expenses with the revenue you get from renters.

If you've ever thought about diversifying your portfolio or buying your first home, buying a multi-unit may be a great option for you. There are a lot of young people out there buying homes with only 3.5% down, living in them for a few years, and moving away to bigger and better things - while making a profit in the process!

If you have any questions about real estate investing, don't hesitate to reach out to me. I would love to give you a hand!

When Should You Sell Your Home in Albany?

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I've had many people asking me lately about the perfect time to sell a home. There are a lot of conflicting ideas about the best time to sell, and you'll probably get a different answer from every Realtor that you ask. 

I trust statistics, so I went back several years and did some research, and I found that the fall market is a better time to sell a home than the spring market. Trying to time the market is impossible. However, September and October do appear to be the best times to sell your home in general. 

A lot of people think the summer market is the best, but we just don't see a lot of activity around here in the summer because people leave town. July and August seem to slow down, as well as the holiday season from December to January. 

With all of this being said, there are many different factors that determine a good time to sell your home, and I would love to discuss them with you. Please don't hesitate to reach out to me if you would like to discuss real estate in Albany!

Are You Looking to Buy and Sell?

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Today I'll be answering a question that I received from someone who watched my last video. It has to do with whether or not you should sell your home before you buy a new one. This can be a tricky situation for some people, and it really depends on what you're trying to do.

The problem with selling your home now is that we can get it sold in a week, and then you only have two more weeks to find another home to move into. So you're scrambling to find a home that you're going to live in for 20 or 30 years, and that's never a good situation. On the flip side, if you find your dream home, then you'll be in a rush to sell your current home and you may have to discount it.

My solution to this problem is to have you sit down with me and I can help to assess your financial situation. Some buyers are pickier when choosing homes, and some buyers can afford to pay two mortgages at once. Ideally we could arrange the sale and purchase to be on the same day, and we've done this for many clients in the past. It's really not as difficult as it may seem.

We also have a guaranteed sale program, which will alleviate a lot of the risk and stress for you in a situation like this. 

If you need help buying or selling a home in Albany this summer, please don't hesitate to contact me. I'm always here to help!

How Much Can You Expect to Pay for Closing Costs in New York?

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What are closing costs in New York state? This is a question I've received A LOT recently, so I thought I would take the time to answer it today. Unfortunately, in the state of New York, closing costs are more expensive than anywhere in the country. 

As a buyer, costs will fluctuate substantially depending on the lender. Lender fees, bank fees, and attorney fees, among others, will be included when you close. The mortgage recorded tax will cost you 1-1.25%; if you take out a mortgage for $300,000, for example, you will have to pay the state at least $3,000 just for the right to take that mortgage out. 

You also have to pay title insurance, which is based on the price of the home and can run several thousand dollars. Additionally, the lender may ask you to put up a year's worth of taxes in escrow - that's cash you need to come up with on the spot! When you add all these factors together when buying a home, the closing costs can run you up to 5% when buying in our state.

Fortunately, it's a whole lot cheaper on the selling end. The attorney fee is generally between $500-700, and you'll typically owe a couple hundred dollars for a transfer tax. Unfortunately, there is an additional closing cost where you will pay for an abstract or title search for the buyer in Schenectady County. Other than these fees, there really isn't much else!

If you have any questions about the buying or selling process, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!

Don't Leave Money on the Table When Selling Your Albany Home

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A big thanks to everyone who has sent me questions and ideas for topics to discuss here on my blog. I received over 100 responses, so I have a lot to cover over the next few weeks! Today's question comes from Mike: "What is the most cost-effective thing I can do to

improve the value of my home?" 

• Paint

• Refinish hardwood floors

• Kitchens

• Bathrooms

If you want to get the best bang for your buck, you need to focus on cosmetic items. Here are a few of the BIG things you need to key in on: 

You want to avoid putting money into things that won't get you a return on your investment. A new roof, for example, will not make you any money; it's better to sell it as it is and negotiate a credit into the sale price. Furnaces and windows are more examples of items that will not yield a return. 

When you upgrade kitchens, bathrooms, and hardwood floors, you're going to get a return. Recently, I put $6,000 into a listing's bathroom renovations and doubled my money. Fresh paint is also another great investment if you are thinking about selling. In fact, we typically say that paint is $500 in the can, $5,000 on the walls! 

If you have any questions about cost-effective ways to improve your home's value, don't hesitate to reach out to us. We would love to help you get top dollar for your home! 

What's Happening with Albany Real Estate This Spring?

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Selling a home? Click here for a FREE Home Price Evaluation 
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Spring is here, and with the blooming of flowers also comes the booming of the real estate market. As the snow melts, the inventory of homes will increase substantially. This increase will certainly lower home prices, so the sooner you list your home, the more money you'll be able to get for it. 

If you're purchasing a home this year, it's a fantastic time to do so. Inventory will be increasing tremendously in the next 60 days, and affordability is sky-high right now. Just be aware that competition will be fierce, because other buyers will want to take advantage of these tremendous real estate conditions. 

Interest rates are still at historic lows, but they're not projected to stay low for long. It's important to remember that just a 1% increase in interest rates decreases your purchasing power by 10%! So, the sooner you get out and buy, the better off you will be. 

Overall, it's a great time to be in the market whether you're buying or selling, and we would love to assist you with either of those endeavors. Please don't hesitate to call us!

How to Avoid Costly Damages to Your Home This Winter

There are many great Albany homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (518) 861-7016 for a FREE home buying or selling consultation to answer any of your real estate questions.
Although it's the dead of winter, the real estate market is incredibly active. We're seeing multiple offers on homes that are priced right and other positive signs for our market, especially considering the tough winter we've had. Today, I want to share a few tips on keeping your home in good condition during these crazy months.

First, icicles are NOT good for your home! They may be pretty, but they are a sign of ice dams, which can cause some serious leaking that you want to avoid. It's incredibly important to get up and clear the snow within three feet of the edge of the roof. Once you do that, the melting snow will be able to run off as it's supposed to.

What causes these ice damns? A lot of the problems stem from a lack of insulation in the attic area. I've been in many houses where I've seen insulation stuffed in the eaves and soffits of the attic. Homeowners will explain that they did that because they saw daylight coming in and wanted to correct it. My advice: you need to have air flow from your soffits up to your ridge vent! Your attic should be cold - the circulation of air is vitally important if you want to prevent ice dams on your roof. 

Another problem we've seen lately is mold in attics. A lot of times, especially in older homes, contractors have vented bathroom fans into the attic, which effectively dumps more moist air into attic space, causing heat buildup and eventually mold. My advice: check to make sure your bathroom fans are vented out through the roof to avoid mold buildup in your attic.

If you have any questions about winterizing your home, don't hesitate to give us call or shoot us a quick email. We're real estate professionals, so we deal with this stuff all the time and would love to give you a hand! We look forward to helping you soon.

Thanks, and make it a great day!