Now Hiring: Real Estate Agents Needed
Tag: Miami
Coming Soon: Our First Entrefluencer Masterclass! 👨🏫
10 Year Writing Anniversary
Veteran Business Owner Speaks on Innovative Business Model for Real Estate Brokerage Startup in Florida.
Building a Real Estate Investment Portfolio Roadmap
Having a Real Estate Portfolio Roadmap Can Help Investors Identify and Visually Communicate Their Vision.
What is a Real Estate Portfolio Roadmap?
A real estate portfolio roadmap (REPF) is a top-down view of your future real estate holdings that you desire to accumulate over the life of your investment career. The roadmap begins as an idea, becomes a plan of action, the steps needed to reach your end goal – the accumulation of real estate – and works as a punch list throughout your journey.
Because of the difficult nature of real estate transactions, namely their many interrelated pieces, the timeframes presented on this type of roadmap are more like aspirational guide posts rather that steadfast directionals or exacting deadlines.
Your REPR is a working, evolving document. It’s goal is to lay the foundation to reverse engineer your investment agenda over the next five, ten, fifteen, or twenty years.
Do I Need a Real Estate Portfolio Roadmap?
For the novice private investor, a REPR outlines a specific growth path to follow which can help move you towards your end goal faster and with less surprises.
For the investment team, such as a REIT, it moves all stakeholders in the same direction, at the same rhythm, helping them achieve their business objectives with more clarity and synchronicity.
Moreover, using a real estate portfolio roadmap does all of the following:
- Provides clarity
- Communicates investment impact
- Guides the investor (or investment team) along the journey
- Creates the initiative to forecast future income & expenses for each investment project (deal)
- Assists the project manager in forecasting required resources for specific initiatives
- Bolsters accountability, and
- Tracks milestones and progress
Action Steps
- Develop a Real Estate Investment Portfolio Vision.
- Ask yourself, “how much money do I want to net in retirement?”
- Talk to other investors, bankers, and real estate brokers to learn about income and expenses for any given investment.
- Create your investor dream team, which includes an accountant, a lawyer, a banker, and a real estate broker.
- Decide on your internal management team. (Are you a solopreneur or an entrepreneur?)
- Create Your First Draft Picks – a ‘Bird’s-Eye’ View of Your Real Estate Investment Portfolio Over the Span of Your Career (the roadmap).
- The private investor or management team should brainstorm investment options to meet the investment portfolio vision.
- Identify specific purchase initiatives, cost estimates, and management (holding) expenses.
- Decide on how to best structure each deal, taking into account the availability of investment and working capital, funding, tax implications, legal, government restrictions, and internal level of priority.
- Create an Internal Investment Roadmap.
- Start with your first purchase objective. Walk through the entire transaction to identify and document all of the potential moving pieces, costs, timing, potential pitfalls, risk reduction strategies, management duties & expenses, and BTCF.
- Decide who will be the project manager for the first undertaking (and each project thereafter).
- Hire your ‘dream team’ and ask your real estate broker to “shop the market.”
- Implement your plan!
- Rinse & repeat!
As your portfolio grows, so will your ability to scale up small projects or take on bigger projects. Thus, your roadmap will undoubtedly be edited several times throughout your career.
Remember, not even “…the best laid plans of mice and men” ever happen perfectly. Be flexible. And, above all, enjoy the journey!
In closing, if you want to be (or already are) a real estate investor who has several properties in mind, then you should create a REPR. It will help you to organize, evaluate, prioritize, forecast, track, and communicate your investment initiatives throughout your investment journey.
As a real estate broker, my team and I want to help you understand our markets and identify potential investment opportunities for you. We want to become your ‘go-to’ real estate consultant, “your source for real estate investment solutions!”
ColemanTanner.com
Corporate office:
The Groover-Stewart Building
25 N. Market Street
Jacksonville, Florida 32202
By Appointment Only
(786) 258-8855
Sales@ColemanTanner.com
Can I Become a Homebuyer if I Have Bad Credit?
You may be a good candidate for a credit restoration program. Once you’ve improved your credit scores above the qualifying standards and have the eligibility income required, you can get an approval from the lender. If you need help with your down payment, there are sometimes local housing grants that are available on homes being sold in certain regions. You should consult with a credit repair specialist and a mortgage lender for an analysis of your current income and liabilities, as well as guidance on your next steps. Lenders can be found on Rocket Mortgage. Lexington Law specializes in credit repair. If you would like to speak to one of our preferred partners, we can arrange an introduction. Stay persistent in your pursuit of homeownership, your future self will thank you.
New Year, New Career? (Boutique Luxury Real Estate Company in Florida Now Hiring!)
- Job Type: Commissioned Sales
- Number of Hires: 50
- Qualifications: Florida Real Estate Sales Licenses
- Work Authorization: U.S.
- Hours: Flexible
- Job Responsibilities: As a Real Estate Agent, you will be tasked with representing buyers, sellers, landlords, or tenants in the acquisition or disposition of real property (residential or commercial).
- Training: We offer a free 7-module post-licensing residential real estate sales and marketing training series and first-time homebuyer course, available on Udemy at: https://www.johnwtanner.com/courses
- Duties: Assist sellers with determining the value of their home, demonstrate the benefits of showcasing their home, and help them find a buyer by promoting their home via online marketing, MLS listing syndication, and hosting open houses. Assist buyers by determining their wants and needs, discovering neighborhoods and the lifestyles associated with them, and viewing new construction homes and resale homes in those sub-markets. Present offers, facilitate inspections, and negotiate changes as necessary for our client’s best interests. Schedule the final walkthrough and closing. Follow up with clients after closing. Assist landlords with locating tenants or assist tenants with locating a property for lease, negotiating contracts, and conducting due diligence (qualify the person or the property).
- Consulting & Property Management: Provide clients with assistance in determining investment strategies, exit strategies, and asset management.
- Networking: Develop a robust list of contacts with third parties who service real property owners.
- Maintain Confidentiality.
Additional Qualifications:
- Computer literate
- Valid driver’s license
- Motivation and grit!
- Witty and creative team players with extroverted personalities are encouraged to apply.
- Locations: Miami, Fort Lauderdale, The Palm Beaches, Naples, Tampa, Orlando, Pensacola/Destin/FWB, Tallahassee, Jacksonville/Fernandina Beach/St. Augustine, and Daytona Beach.
Send resume to: HR@colemantanner.com
Coming Soon: A Different Kind of “Board” Meeting – Viewers Are Transported “Behind-the-Scenes” To Have a Look Inside of Coleman Tanner’s Real Estate Team Meetings.
Winedown Wednesdays – Airing on YouTube at 6pm.
So, you’ve been working for the past three days, grinding it out, and are craving for the weekend to come sooner. Why not wind down with us, have a glass of wine (or two), and join our little weekly soiree! We’d love to have you with us (virtually). Join us Wednesdays for happy hour as we dive into a business meeting over wine and a charcuterie board as we talk about our real estate agency activities of the week and brainstorm ways to serve our clients better.
I was working on a new business that I launched in January, 2020 – Coleman Tanner Realty – and then the pandemic hit us. At first, I was frozen in fear. I had already launched the business on a shoestring budget, and now I had no idea how to develop business when I was “stuck at home.”
It has been a real challenge given the crisis we all were (and still are) in. After postponing for several months, I decided to take action to lay a foundation, build the business on it, and gain momentum along the way. I figured that since others were doing well online, that’s where I needed to turn my attention – and here’s one of the cornerstones: a “behind-the-scenes” look at what we are (and will be) doing in our business.
I know that showcasing our business strategies online is like tipping your hand in poker, but I don’t mind others using our ideas in their business because I have an “abundance mentality” – there’s enough for everyone. I hope you enjoy the show and I welcome your feedback. Thanks for watching.
Cheers!
John
What Roofing Materials Should I Buy?
1. Clay tile. AKA “Spanish tile” (my favorite) this material is considered the most attractive, but also more expensive. This roof will have a 50 to 100 year life expectancy, but is costly to repair.
Benefit: good wind resistance.
2. Steel Panels. This roofing material is less expensive than clay tile, but not as attractive.
Benefit: lower cost & good wind resistance.
3. Composition Shingle. There are many grades of shingle quality to choose from, they are the most affordable material, and they have a 20 to 50 year life expectancy. However, they are the least wind resistant.
Benefit: low-cost.
Roofing Options: Solar Panels. When you are thinking about your roofing installation, you may want to consider adding solar panels. They may cut your electric bill, but you should consider the installation costs, as well as future repair and replacement costs. Also, they may be difficult to remove when repairing your roof and they are not attractive.
Perhaps when the technology expands to the point where the panels are embedded into the roofing materials, it will become a “must have.” For now, you may need to crunch the numbers closely before placing an order.
In closing, when designing your new home, you may be restricted by the developer’s rules on what roofing material you can use. Also, take into consideration your environment and how well your preference will blend in. Lastly, remember the old adage that you get what you pay for.
Happy Homebuilding!
New Construction: What Is Standard vs. Upgrades?
New home buyers often fall in love with the model homes they visit because the builders hire interior designers to showcase almost every premiere feature they offer. As such, it is important to clarify what IS and what IS NOT included in the model that you buy.
Here is a list of typical upgrades offered by most new home builders:
- Coffered, Vaulted, or Raised Ceilings,
- Built-in Shelving, Alcoves, Art Niches, or TV Cut-outs,
- Bonus Room, Mud Room, Laundry Room, In-Law Quarters, or Sun Rooms,
- Covered Patio or Lanai, Wood Deck, Brick Paver or Concrete Slab Patio,
- Swimming Pool (with Option to Screen Patio),
- Landscaping (Front/Rear/Sides),
- Fireplaces and Mantles,
- Covered Porch,
- 1 to 3 Car Garage and/or “Porto Cochere” (carport),
- Dormers (real or faux), Shutters (real or faux), or Decorative Windows (such as “Bay” Windows),
- Skylights or Recessed Lighting, and
- Optional Siding (Brick, Stone, Stucco, or Log Siding). Note: I recommend you avoid buying a home with synthetic stucco, vinyl, aluminum, Hardy board (aka T-111 siding), or Masonite lap siding. These low cost options have aged poorly in the past and may cost you money for replacement when you want to sell, as well as lose its luster and reduce your home’s curb appeal.
Also, keep in mind what others are doing in your neighborhood. An appraisal rule of thumb to keep in mind is that if your home is the only one in the neighborhood that has a fancy “thing-a-ma-gig” that nobody else has, it will be deemed an “over improvement” and not be given weight to the bottom line market value of your home.
In closing, when negotiating the features of your new home, be sure to get the cost of each upgrade upfront and in writing and stick to your budget. Compare the builder’s costs versus doing it yourself, or consider the cost of outsourcing some of these optional items, such as the pool, on your own, post-purchase. But do keep in mind that any items included now will also be financed into your home loan at highly remarkable, low interest rates – in today’s market October, 2020 – that’s under 4% for a fixed 30-year loan.
Best of luck in your new home construction purchase!
John W. Tanner, J.D., M.S. 