Preachers encouraging squatters? A recent NBC news report revealed an unusual development in the housing market. In one Atlanta neighborhood, residents and church members have seen a rise in distressed property that is foreclosed and then abandoned, growing dilapidated and becoming what neighbors call "crime magnets." In order to preserve their neighborhood, residents have encouraged families to move into distressed property, fix it up, and keep the neighborhood clean and safe. This approach is being encouraged to prevent neighborhoods from sliding further into disrepair and decline while also trying to bring in families from shelters and off the streets, especially during the winter months. I can't say that I agree with this approach, but I understand where they are coming from. I also think there may be another option.
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Kaaren Hall of uDirect IRA Services and Chris Clothier of Memphis Invest
Did you miss it? Not to worry...
Kaaren Hall, President of uDirect IRA Services out of Southern California, and Chris Clothier, one of the partners at MemphisInvest.com and DallasInvest.com presented a Webinar presentation this past week answering questions and giving out current information on the rules and regulations of governing Self Directed IRA usage.
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Premier Property Management Memphis Performance
Another month has come and gone and it feels like the Memphis real estate market continues to heat up on multiple fronts. There are definitely conflicting numbers being released by different groups all wanting to paint the real estate picture in Memphis a certain way. Home sales are up and sale prices are up. But, foreclosures and short sales are also up and while it appears homes are selling for slightly higher prices, the pace is still way off from what a normal housing market looks like.
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NBC News reports that the housing market recovery is well on its way. Indeed, more people are buying houses, inventories of distressed properties are down, and prices are moving slowly upwards.
Interestingly, according to NBC, "Current homeowners accounted for 54 percent of October’s non-distressed market, up from 50 percent in June," while first-time home sales are actually declining. "Unfortunately, first-time home buyers are seeing just the opposite, largely left out of this surge in sales and prices. Their share of the market, usually up in the 40 percent range historically, fell to 34.7 percent in October."
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For any investor wanting to get started in real estate investing, it is a dilemma. For others, it is a clear-cut issue. If you own investment property, you may feel hesitant to allow renters to have pets inside, especially if you have dreams of keeping that property pristine over time. You may also want to direct your property management company to no allow pets in your properties if you have a management company in place. However, you may be surprised to find that there are many benefits to allowing animals, and it can even boost your real estate cash flow. A great article from Karen Aho on MSN Real Estate points out the benefits of renting to tenants with pets while also pointing out that some of the 'best" horror stories are often far from reality. The story also highlights one of the few if only studies conducted on rental properties and pets and it found that units allowing pets experienced a longer occupancy term, 46 months, compared to those that openly prohibited pets, 18 months.