Broker's Corner with Tanya Chappell February 2021
Hi, It's a beautiful 74° today and feeling like spring in Florida especially after a few weeks of constant rain. The river is threatening to crest so we're having to keep a close eye on it and think about moving our "garage band room" and stuff to higher ground. I can't help but feel the excitement in the air with the powerful energy of the swollen river combined with this beautiful spring day!
But, I think it's more than that. I don't know if you feel it too but I think with the warmer months coming and Covid vaccines becoming available (even if not everyone goes for it) the possibility of herd immunity is seeming inevitable and in sight. I feel like that has people feeling a little less stressed and possibly happier. Man, I sure hope so because it's seemed like the Collective tension could be cut with a knife lately. Politics and Covid (or Covid Politics! ) It's all been enough already. Perhaps it's just that we are now reaching that point that it is no longer new and the new normal is simply now the normal.... it reminds me of a saying of my favorite teacher Mickey Singer, "the problem is never the problem. It's your reaction to the problem that is the problem...."
Here in Real Estate land, we're facing a pretty severe shortage of inventory and a very inflated cost of construction. That means the sellers can't sell because they have nowhere else to move to. Now that the election is over, and vaccines and herd immunity are in sight I sure hope construction costs quickly go back to pre-pandemic rates so that we can start building again and put an end to this housing shortage. There are so many jobs fueled by new construction, but I fear if we don't get on the ball soon our economy will start suffering and confounding the already complicated economic issues that we face from the pandemic.
In the property management world, things are still rolling along fairly smoothly for us. We do have an occasional late payer blamed on Covid but most of our tenant profile is in the medium to upper-income levels and it's the lower-income levels that are most affected. I am part of a Landlord/Property Manager ERAP (emergency rental assistance program) Steak holder group with Alachua County that holds a weekly call to give updates and take suggestions on how the program will work. Tenants that are under housing assistance programs seem to be the larger part of the population that is having difficulty paying rent. Unfortunately, some property managers reported assisting tenants directly with rent payments doesn't always make it to the landlord, so we are pushing for this money to be paid directly to Landlords that are owed.
I would imagine in about four or five months we may start seeing the fallout through foreclosures being most landlords can't pay their mortgage without rent coming in. That is a sad hard fact but on the flip side, you investors out there that are looking to pick up distressed properties need to be ready with your cash. If you want to be on my mailing list for off-market distressed properties, please reach out to me and I'll add you to our email list.
Here on the river, we are still working on that darn rental, but it is coming together rather nicely. Yes, it's taking us way longer than it should, yes life is getting in the way, but we are very close and it is almost time to start shopping for furniture linens dishes etc. I've decided to call this one "Two Rivers Hideaway at Hatchbend" which is the area of the river the property is close to. While I'm not too excited about having frequent turnover so close to home. I am very interested in the income potential and I'm willing to give it a try. Worst case scenario I turn it into a long-term rental.
Looking back through my picture roll for the month it doesn't appear that I went anywhere too exciting to tell you about, but it was exciting that my granddaughter Alicia won her last basketball game of the season and they were super stoked!
The video above is in fast mode because it is soooo much more fun to watch 8 to 10 year old's play basketball sped up. The regular speed can be quite a nail biter! Alicia has the pink sleeves and makes a basket right off the bat. But in the wrong hoop! LOL
It was so heartwarming to watch them celebrate the first and only win on their last game of the season. This was her first year playing basketball as it was for many of the girls on her team. At only 8 to 10 years old, some of these girls have already been coached up quite a bit. Alicia was more concerned about the girls that would fall down and get hurt and making sure that they got up and we're OK than she was with winning a game or even make a point. It was extremely adorable!! I'm sure if you aren't the parent or grandparent you might not have thought so. Next, I think she is on to dance. You've gotta keep the little ones learning and trying out new things. Of course, everybody knows that being versed in many sports just makes you that much better of a volleyball player. That is after all my evil plan for her!! Lol just kidding but I can hope!
Our neighborhood Volleyball is coming along quite nicely. We are currently running twos and threes on three-quarter sand Court with the family and friends. I'm so happy to see them all have a great time and improve so much in quick time. This week while we were playing Alicia wanted to have a fire in the fire pit because she like roasting things over the fire. We were caught up in the game so this crazy and independent kid built her own fire and was in the house cutting up carrots to roast over her fire when we stopped playing. God I love that fun-loving and very independent kid! Cheers! Till next time.
Psssssttttt!!!
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