Goodbye summer hello fall! We are now officially into fall and the leaves are starting to drop! Maybe the weather will change soon and it will stop raining long enough for this river to go down and mosquitoes to start dying off. I don’t know when the last time is that we’ve had such a wet summer as this past one.
There’s a million different articles and ideas out there about what’s going to happen with the real estate market, including our own feature article. It seems the common thread is that prices are going to continue to hold strong as inventory is still very low and demand is high. I don’t think the threat of interest rates rising soon will do much to dissuade people from buying. The biggest factor is inventory. There is just not a lot to choose from. Construction costs have started coming down but not as drastically as they went up. It will certainly be interesting to see how all of this plays out.
Our team is breathing a little easier with our summer busy season behind us and moving into a historically slower and calmer time of the year.
Jeff and I are putting the finishing touches on the property we renovated one block off the river. We had intended to do a vacation rental on this one. But the more I thought about it, the more I disliked the idea of having constant turnover of renters and my peaceful weekends being interrupted with the various calls and questions that vacationers may have.
I know We could make twice as much money renting as a short term vacation property, but money has never been my motivating factor. A peaceful enjoyable life is more what I’m after. So I’ll be putting that property on the rental market next week. I’ll be sure to put together some really cool before and after pictures and videos of this one to share in our next Newsletter.
Here’s a sneak preview of the before/after.
We picked up a property in Chiefland that we’re in the process of renovating and when we get close to being done we will make the decision on whether we’re going to sell that property or hold it long term. If money were no factor I would definitely hold it long term. But at some point we need to start recouping some of the money we’re spending on these properties.
The most likely route will be to refinance once they’re completed and reimburse ourselves for the money we put out and still hold it as long term investment.
They call that the BRRR approach to investing. Buy , renovate, rent, refinance!! That way we get to have our cake and eat it too. We get reimbursed through the refinance for the money we have put into the property and we get to hold it long term for capital appreciation as well as having tenants in the property that basically pay for its monthly mortgage and expenses.
I hope you guys take time to enjoy some of the fun fall festivals and things to do that Tianna and Ashley have picked out for you and shared in the above articles. They did an awesome job putting together a list of some really creative activities around town for you guys. Enjoy your Fall!!
Tanya Chappell Broker/Owner [email protected]
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