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Ep 32 Daren Blomquist – What Are the Hot Florida Markets?
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Investors and consumers alike are aware of the changes occurring in the Florida real estate climate. Clearly, there has been a marked shift away from the colossal fallout that came with the 2008 economic downturn, but what are the new trends emerging in Florida real estate markets? What can investors look for as the new, hot Florida markets?
Daren Blomquist joins us to discuss these changing markets and what investors and potential investors may want to look out for. As Vice President of RealtyTrac, Daren has nearly 15 years of experience in real estate data collection and analysis. Although initially specializing in Foreclosure data collection, RealtyTrac has expanded its scope to encompass a more holistic approach, collecting data on wide-ranging varieties of real estate markets and empowering consumers, developers and investors with the resources and information on market trends.
In Florida markets, Daren indicates several trends and potential trends that are currently forming in real estate. As Florida is still on the recovery from the massive flood of foreclosures following the 2008 economic downturn, there are many hot markets stemming from these foreclosures. Potential markets are also being projected based on consumer trends following the recession; there has been a paradigm shift overall away from traditional home ownership.
- Despite dramatic decreases, Florida remains top-ranking in foreclosure rates
- Jacksonville (Duval County) highest in FL
- Tampa (Hillsborough County) 2nd
- Daytona Beach (Volusia County) 3rd
- Decrease in home ownership
- roughly 5 million age 35 and under not owning
- roughly 7 million age 35-45 not owning
- shift towards rentals
- Cash sales constitute 53% residential property sales
- Multi-family markets on upturn
- 2-4 units and 5+ up roughly 7% annually
- 5+ units up 15%
- House-flipping remains active in FL on foreclosure-centric areas
- Ocala sees 13% increase in single-family house-flipping
- Miami, Tampa account for high flip rates
- “Responsible Flipping”
- Hot-spots for rent increase rates (above HUD fair-market data average)
- Citrus County – 3%
- Polk, Bay, Volusia – 3%
- Brevard, Okaloosa, Alachua – 2%
To find out more from RealtyTrac or to view recent reports, visit:
For foreclosure and other market trends, visit
Investors and developers can find resources and information by visiting:
Subscribe to RealtyTrac for even more info!
EP 31 – More Flood Insurance Changes
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When weighing projected costs for potential and current real estate investments, it is important to consider how to insure your investment as well as costs associated with that. In Florida, flood insurance for your property represents a significant facet to consider. Recently, Florida has undergone major changes in regards to insurance legislation which has had a dramatic effect on flood insurance requirements.
The Biggert-Waters Act, passed in 2012 ushered in major changes to flood insurance requirements and affordability. As a response to a budget deficit, Congress passed this law that took a drastic approach to the standing National Flood Insurance Program (NFIP) parameters, notably, introducing a substantial hike in policy rates to take place within a year. The bill, now amended as the Flood Insurance Affordability Act of 2014, has extended the previous deadline of one year to an incremental increase over four to five years.
Chris Coleman of Coleman Insurance Agency based in Dunedin,FL discusses provides expert insight on changes that are occurring in flood insurance affordability and how you can manage your real estate investments under these new conditions.
Chris can be reached at:
1255 Belcher Road
Dunedin, FL 34698
Phone: 727-239-4971
You can also find him on Facebook at https://www.facebook.com/coleman.insurance.agency.cia/timeline?ref=page_internal
- Flood Insurance Affordability Act of 2014
- Changes Implemented Apr. 1, 2015
- Amended Prior Biggert-Waters Act of 2012
- Flood-zones Remapped
- Introduces incremental price-hikes on all new/renew policies over 4-5 yrs.
- 18% cap on residential
- 25% cap on commercial
- Changes to Deductible Limits
- Limit Increased from $5k to $10k
- Separate deductibles for building and contents (possible deductible up to $20k)
- Be informed, know how to save
- Opting for premium deductible may offer rate discount (up to 30%)
- “Flood-proofing” property may decrease rates up to 70%
EP30 – What Type of Show Do YOU Want?
Invest Florida Show is here for its listeners and investors. Our philosophy is centered around education. Each week, our knowledgeable guests discuss topics that help us all learn and grow as successful investors.
We are here to provide YOU with the tools and information needed to make sound, profitable investments in dynamic Florida real estate markets. In an effort to cater more directly to the needs of our audience, we are asking you, our listeners, for feed back! Let us know what your concerns are or if you’d like to hear a topic discussed. Help us build a stronger real estate investment show!
Please take a few moments to visit our website InvestFloridashow.com for a short survey. Thank you and we look forward to hearing from you.
- Take our quick survey at our website
- Tell us what you want to hear in a real estate investment podcast
- Help us expand the reach and effectiveness of our program
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EP29 – Gavin Welch: 5 Tips on How to Find Off Market Real Estate Deals
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For those new to investment real estate markets, pulling the trigger on a new potential property can be difficult. It is important to strategize and form a plan for your investments. A thorough plan will provide you with the confidence and knowledge to execute an investment property acquisition. Discovering untapped or overlooked real estate markets can also provide opportunity for investments.
Gavin Welch is real estate agent based out of Lakeland, FL. He has years of experience in finding investment properties as well as managing several of his own. Gavin discusses five helpful tips for scouting these off-market properties and how you can build a successful investment base in these properties.
Gavin can be reached at:
Phone: 863-670-0303
In addition to his own podcast The Real Estate Loop, you can also follow him on Twitter and Facebook.
- Obtain evictions list from County Clerk
- Cross-reference names with Property Appraisers
- Notify landlord/owner of property interest with hand-written note in mail
- Scout absentee owners
- Absentee owner lists may be purchased or compiled manually
- Often property is inherited or owner holds little interest
- Build a strong referral base
- Word-of-mouth can be strongest marketing tool
- Networking, social circles, and family can all be sources of referral
- Seek abandoned or neglected properties
- Burned-out or mold-ridden properties may offer high returns
- Ask public service workers (garbagemen, mail person) or neighbors for information on properties
- Pull code violations from city code enforcement
- Owner may be eager to sell to cut losses or unable to continue costs of maintenance
- Code Enforcement Dept. may offer leniency with some violations if issues addressed
Book recommendation – Landlording on Auto-Pilot
Advice – Don’t get emotionally attached to the property you are buying or holding.
EP28 – Joryn Jenkins: Learn How to Manage Your Real Estate Risk in Divorce
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Divorce has a rightfully earned reputation for being an extremely stressful time for two individuals. The dissolution of a relationship can cost both parties involved an enormous amount of strain on an emotional and financial level. What many don’t realize is that professional and commercial investment partnerships can also be affected by divorce. There is a tendency during a dissolution of a relationship to sleight the opposite party or best them in some way. This is an emotional response to the break-up of a partnership and it inevitably leads to years of litigation and divorce proceedings, posing an extraordinary risk to the security of each party’s investments. Real estate represents a major factor that may be at risk in a divorce. It is a complicated issue due to real estate usually holding a high value on paper, but being a tangible asset, it is difficult to liquidate and Equitable Distribution may not make it entirely equal for each party. This can be avoided by exploring an exciting new approach: collaborative divorce.
Joryn Jenkins is a family law attorney with over 35 years of experience as a trial attorney. However, she stepped away from her background in litigation and pioneered the concept of collaborative divorce. As an alternative to conventional divorce proceedings, a collaborative divorce allows both parties to avoid trial and the costs associated with it by removing the courtroom atmosphere and strains of litigation. Open communication between the two parties is emphasized to “produce solutions that meet each parties’ needs” (Joryn Jenkins).
- 50% marriages end in divorce
- Spouse can be greatest investment risk; Equitable Distribution entitles spouse to roughly 1/2 of property and assets
- Conventional divorce can be costly and time consuming, taking between 1-3yrs and costing up to $100k in fees for each spouse
- Collaborative divorce proceedings take roughly 6 months and costs each party appx. $15k in fees
- Collaborative divorce can serve as a safety net for investments and financial future in the event of a dissolution of partnership
- Collaborative divorce aims to preserve the assets of each party and to mitigate costs of divorce
You can reach Joryn at http://openpalmlaw.com/
EP27 – Kevin Bupp: Making Money with Mobile Home Parks
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It might not be the first asset class people consider when they start to invest in real estate, but there certainly are opportunities. Warren Buffett doesn’t involve Berkshire Hathaway in to businesses without great potential for return. Over 12 million live in mobile homes and post WWII manufactured housing has been the go-to solution for affordable housing. Potential for higher returns, increased tax incentives through deprecation and limited competition from new mobile home park developments are just some of the reasons this asset class should not be overlooked.
Our guest, Kevin Bupp, like many investors, got his start in single family homes, but soon realized that single family home investing did not offer the economies of scale to allow him to reach his lifestyle and financial goals. He saw an opportunity in mobile home parks, which tend to sell at higher CAP rates than apartments. Here are some highlights of our discussion with Kevin:
• Owning the land and not the trailer is the preferred form of ownership, as there is less management involved with the land.
• Management of a park is not that much different than running an apartment building
• Buyer competition is less intense at the moment than apartments, but the inventory is much lower as well
• City utilities is a big plus, as opposed to the park maintaining its own treatment plant or septic. If buying parks with septic, make sure the size is large enough so that you don’t lose a lot(s) if you have to upgrade the septic or rework it to bring it up to current code.
• Targets a 15% cash on cash return
• While based in Florida, he likes the Carolinas, Georgia, and the Midwest when seeking opportunities
Kevin also has his own podcast, Real Estate Investing for Cash Flow, where he covers many topics in commercial property, mobile home park and multifamily investing.
How to reach Kevin:
EP26 Joel Block – How Will the New Crowd Funding Rules Affect Raising Capital?
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Joel Block, CPA of Bullseye Capital and founder of the National Association of Syndicators joins the Invest Florida Show for the 2nd of 2 part series. Big changes have occurred in crowd funding. In the last week of March 2015, the SEC announced the new set of crowd funding rules implementing Title IV of the JOBS Act. These changes affect Regulation A small public offerings, and are referred to as “Reg A+” Joel is with us to tell us what this means. It might be a good idea for listeners to check out the first episode on general syndication issues from our first discussion with Joel if you are new to syndication —-> Click Here!
Points:
- In April 2012, Congress passed the JOBS act which was designed to allow small businesses easier access to capital
- The Securities and Exchange Commission (SEC) released some new rules the last week of March 2015
- Crowd funding is an offering of securities in a company. The company buys the real estate.
- Changes in exemptions from individual State registrations
EP25 {Podcast} What Should Canadians Know When Buying Real Estate in Florida?
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Florida continues to be a hotspot with Canadians. They are the largest foreign buyers of Florida housing. More than 500,000 Canadians currently own real estate in Florida. It is hard to name a town or city south of the I-4 corridor that doesn’t have a healthy population of Canadians…. Sarasota….Bradenton….Venice….Orlando…Kissimmee….Miami….Ft. Lauderdale….Palm Beach….Cape Coral….Ft. Myers….Tampa…..St. Petersburg….Naples….Marco Island to name a few.
While most of the Canadian buyers favor vacation or retirement homes on the coastal areas, Florida continues to offer a growth story for investors across commercial and residential asset classes. Florida recently passed New York as the 3rd most populous state in US. The opening of the Panama Canal is predicted to grow the economy in Florida ports. And, most recently, the US government has taken action to ease the restrictions place on Cuba. Removing the more than 50 year embargo would have dramatic effects on both the Tampa and Miami economies, as well as their respective real estate markets.
Nick Podetz, of TD Bank and Jason Ansel of the law firm Altro Levy, join the Invest Florida team to discuss issues for Canadians to consider when buying US property.
Subjects covered are:
Canadians applying for a Mortgage – Canadian Mortgages on US property and US Mortgages on US property
Estate Planning Issues
Filing US taxes and tax planning to mitigate total tax paid
What are the liability issues?
Geographic areas and asset classes in which to consider investing
Should you hold title to US property in your children’s name?
Nick Podetz, Senior Manager, TD Cross Border Banking
Nick leads Cross Border Banking activities for TD Bank, responsible for overseeing the strategies and activities that help make banking across North America easy for customers investing in the US.
Jason Ansel, Associate at Altro Levy, a Canadian based law firm
Jason and his firm are dedicated to cross border Tax, Estate Planning and Real Estate Legal Services. He assists clients with the various issues on holding assets in the US for both business and personal use.
EP24 Joel Block- How to Raise Money for Bigger Real Estate Deals
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You are a successful real estate investor. You have want to acquire larger assets, but lack the equity. How do you acquire the funds? What is the process? What are the rules?
Our guest on the show is Joel G. Block the CEO of the Bullseye Capital Real Property Opportunity Fund, LLC and founder of the National Association of Syndicators. Syndicating real estate is the method investment firms use to pool larger sums of capital to acquire larger assets. Syndication is an excellent mechanism for people to put together groups of investors to acquire larger assets than they ordinarily would be able to acquire. It also helps investors who don’t have the time to go out and find their own deals, let alone the time to manage the property, to invest in and benefit from ownership is real estate.
Relevant Points Discussed on the Show…
- Revenues that come from Syndication
- General Solicitation
- The Risks and Rewards of Syndication
- The Financial side of Syndication
- Customers who are the right fit in a syndication deal
Quotes from the show
“The money is not in the real estate, the money is in the money.”- Joel G. Block
“New technologies create new ways of doing business.”- Steven Silverman
“Fear and greed is what makes the world go around.”- Eric Odum
“Once you learn how the money works, you will be surprised at how many opportunities are out there.”
-Joel G. Block
Contact Information
818-597-2990
Finally, if you are interested in learning more about syndication visit Joel G. Block’s blog at syndicatefast.com where he posts videos and free literature about the many facets of syndication.