Posts

If You follow us on Social Media (If you don’t you should) you’ve probably noticed a couple of properties we just listed with multiple units. So it got me thinking, what are some of the advantages of owning these types of properties and why you should consider it!

Duplexes are a great start for those who are interested in investing in real estate. And, a superb (yet out-of-the box) strategy for first-time buyers. Duplexes are unique, and can prove to be a winning proposition!

Five advantages of owning a duplex


  1. Affordability

A duplex can be a great start for you if you are looking to buy a bigger home in the near future. Why? Rental income. The potential to finish `which helps pay off the mortgage.

  1. Get help with your mortgage

As I mentioned above, you can use your rental income to pay off the mortgage much quicker making it more affordable. This is one of the greatest advantages when owning a duplex which is why it’s appealing for new or seasoned investors.

To help paint a picture, let’s say your mortgage payments on the property is $1,500 per month. You rent the other half of the property for $950 a month, which leaves you only paying only $550 a month! If that isn’t turning some gears in your head then I don’t know what will.

  1. Live in one side, work from the other

If you’re an aspiring entrepreneur who want’s an affordable workspace why not work from next door? Living next door to the office can save you time and money in the long haul. Say goodbye to the long hour commute.

  1. Use the second unit for family

If you have an older family that need close attention, a duplex arrangement might be a great solution. You can all have peace of mind knowing your just a doorknock away. Another idea, rent it out to a family member who’s just graduated from University but can’t quite afford their own place yet. Not only will they be thankful but helping family and friends is one of the most rewarding feelings.

  1. Airbnb

We’ve all heard of it but does it work? There are numerous investors (new and experienced) who are taking advantage of the airbnb platform. Having the ability to rent out half of your property for a certain time is a win win. Check out how you can take advantage with a click youtube search to get started!

We helped our good friend Elvia downsize from her beautiful custom home in Chula Vista. Her business was growing and both her son’s were soon moving out, so she decided to start a new chapter in her life.

Agent Prolific’s momentum continues…

 

coralwood

Press Release from 11/02/16

 

As the year is coming to an end, Agent Prolific’s momentum continues to grow. David Castillo of Agent Prolific (Led by Miguel Contreras) continues his streak by helping the Gustafson family purchase their beautiful new home in the Encanto neighborhood for $405,000. The Gustafson’s were looking for investment property in San Diego, and David Castillo delivered. On the other side of the deal Dante laura of Coldwell Banker West represented the sellers.

With newly installed granite counters, high end laminate floors, and stainless steel appliances this remodel is a charming piece of property.

Agent Prolific is San Diego’s most exciting up and coming Real Estate Group. Innovation is what makes Agent Prolific an exciting company to watch out for in the future. The core mantra of Agent Prolific is connectedness, happiness, and grit when working with their clients. “Agent Prolific isn’t the average run of the mill real estate company you’re used to, it’s a lifestyle company reinventing the way a company connects with clients by giving MORE than just a house”.

 

###

Nowadays, many of us have rented or know someone who’s rented an airbnb.

If you’re unfamiliar with the airbnb (click here), it’s a simple app that lets individuals rent someone’s home for a short amount of time. For some, this opened another stream of income without the headaches that come with long term renting. You have the opportunity to bring few extra bucks here and there and if you’re ambitious, grow it to become a main source of income.

With that being said,  we wanted to list some tips here on our blog for people who were seeking some advice, and were interested in renting out their properties airbnb style!

Know your Clients

Take a look at the property you’re thinking of renting and visualize the type of client that would consider staying there. Are you close to a business district? Is nightlife lively? is it located in a remote area? Understanding your niche will help give you leverage when marketing and pricing your airbnb. It’s not enough just to market to everyone, so really take your time here.

You have neighbors!

Some of you might have neighbors next door, or even above you if you plan on renting an apartment. Do you live in a quiet neighborhood with early bird neighbors? You need to keep this in mind when renting out to a client. It is important to have a good relationship with your neighbors if you plan on renting out your space. An angry neighbor could destroy your chances of an airbnb business. Remember to always be respectful and polite.

  • Be respectful
  • Be aware
  • Be professional

Marketing is key!

If you want potential clients to choose your listing you have to SELL IT. That doesn’t mean just putting up photos with your favorite filter, or writing up a cute description and thinking you’re done. Remember you are targeting a specific client, so tailor it specifically towards them. If you live next to a certain district highlight it, if you’re okay with them throwing a party and the neighbors are informed and approve it, help paint them that picture of a great party.

  • Target a specific group
  • Be aware of events
  • Know you’re neighborhood

Set the Rules

You want to be clear with your list of rules beforehand, but remember not to go overboard and scare all your potential clients. A printed copy of house rules will be the best solution in making sure your guests are clear on what they are. Some categories to think about would be:

  • Extra guests permitted?
  • Smoking?
  • Parties?
  • When are quiet hours?
  • Are Pets allowed?

Get the price right

Setting the price right can be tricky and requires constant updating. you don’t want to be over priced where no client would want to stay, or place it too low where you would be throwing away money. To learn a good strategy check out this article.

If you follow these tips you’ll be on your way to extra income in no time. So get out there and make sure this a fun experience for you and your clients. If you have any questions on investing in properties in the San Diego area for airbnb make sure to contact us today!

Tips for buying Probate Property with Court Confirmation.

Probate properties requiring Court Confirmation are often sold below market value but can take 5 months to several years to complete the process. Purchasing probate properties with Court Confirmation can be confusing. We went ahead and put a list of steps to help investors and potential home buyers throughout this process.

1. Contact your real estate agent.

The executor of the estate will hire a real estate company to handle the sale of the property. Make sure to be clear with your agent about how much you are willing to spend. Agent Prolific has an extensive probate listings page and will gladly guide you throughout the entire process.

2. Make an offer.

You can make an offer on the probate property at any time. However, sometimes there can be  specific requirements for probate properties that are not typically required for regular real estate – For Instance:

  • You must give a deposit of 10% of the offer price.
  • The representative of the estate may accept or give a counter offer.
  • Even if your offer is accepted, it is only a provisional acceptance until the probate court confirms ( if the probate requires court confirmation)

3. Ask for an inspection.

If your offer is accepted, ask to have a home inspection. Family members selling a property do not know all of the problems with the property. Trust us, you will want to inspect the home to get a better understanding of potential problems.

  • It is important to note that probate property sales are “as is.”

4. Move forward after the offer is accepted.

Once the seller accepts your offer the attorney for the estate applies for a court date so that the sale can be confirmed.

5. Attend court hearing.

In order for the sale to be confirmed, you must attend a court hearing, along with any other potential buyers. The court will identify the property you made an offer on and then conduct an auction style bidding process. If there are no other bidders, most likely the court will confirm your offer.

6. Outbid other buyers.

If there are other interested parties, the court will begin raising the price of the property until a final bidder is left.

7. Finalize the purchase.

Once a bidder is set as the purchaser, they have to show that they have the financing to continue forward with the purchase of the property. Once confirmed the buyer will sign a contract with the estate court.

  • All funds would be transferred to the estate, and the buyer would become the new property owner.
  • This process may take about 30-45 days from the court hearing