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Landlord’s Guide to Single-Family Rentals

Landlord’s Guide to Single-Family Rentals

by | Feb 24, 2023 | Blog, Homeowners, Homes, Villas and Condos, News, Property Management, Renters

Landlord’s Guide to Single-Family Rentals

Landlord’s Guide to Single-Family Rentals

 

Single-family homes often serve as primary residences, but more and more landlords are renting out their houses to keep properties they’re not ready to sell. This can also be a great way to generate passive income with a property you already own, as opposed to buying an additional property to rent out.

Keep reading to learn more about single-family rentals and what tools can help you manage your rental properties like a pro.

What Is a Single-Family Home?

Single-family homes can be a detached home that doesn’t share any walls with another residence or attached dwelling that are separated by a ground-to-roof wall. The property owner typically owns the entire property and the land, while those with condominiums (or condos) only own the interior of an individual unit and share common areas with other members of the association.

Single-family homes also don’t share utilities with others and are responsible for all costs associated with the property.

The Pros and Cons of Single-Family Rentals

With more tenants preferring single-family homes to traditional apartments, it’s easy to see the value they provide to landlords. But before renting it out to tenants, here are the pros and cons to be aware of.

Pros of Single-Family Rentals

  • More space: With rising rent prices, more tenants are willing to sacrifice location and popular amenities for more affordable options that offer space. The amount of space single-family homes offer can increase your chances of filling vacant properties faster, especially with a competitive rent price.
  • More privacy: Single-family rentals offer tenants more privacy and remove the chance of dealing with other tenants.
  • Fewer rules: Most rentals in multifamily properties can have additional rules tenants must follow outside the landlord’s rules. Renting out a single-family home gives landlords more flexibility on deciding what is (and isn’t) allowed.

Cons of Single-Family Rentals

  • Higher purchase price: If you don’t currently own a single-family home, you may have to pay a higher purchase price, down payment, and closing costs than with a condo.
  • More financial responsibility: Since a single-family home is considered a stand-alone property, the owner handles all financial obligations. Examples of costs to cover are property taxes, homeowners association (HOA) fees (if applicable), utilities, maintenance, home improvements, and so on.
  • The sole responsibility for maintenance: With a single-family home, you cannot rely on on-site staff to help tenants with maintenance requests. You will be responsible for finding and hiring contractors to help with other maintenance, which can add to operating costs.

Are Single-Family Homes a Good Rental Investment?

Single-family homes can be a great rental investment when priced fairly and competitively. Renting out a single-family home is also ideal if you’re planning to move out of your primary residence but want to keep the property instead of selling.

But with any investment, analyze a property’s profitability to determine if you can generate a profit each month before committing to renting it out. To do this, you can look at important factors such as the neighborhood, property taxes, average rents, and property history before finding tenants.

Are Single-Family Homes Better Investments Than Multifamily?

While it’s true that both single-family homes and multifamily properties offer a great return on investment (ROI), determining which option is best for you depends on several factors.

  • Local rental demand: Cities can vary on rental demand and the type of rentals tenants are looking for. Some areas may have a higher demand for condos and apartments in multifamily properties, while others prefer single-family homes like detached houses or townhouses.
  • Rent price: Generally, you can charge more for rentals in high-rise to mid-rise buildings since they offer additional amenities that increase the property value. On the other hand, single-family homes tend to have a more affordable price that can make it easier to attracttenants in your area looking to save on rent.
  • Vacancy rates: Depending on rental demand, there’s a chance one type of property can require more time to fill than another. If you find other landlords needing more time to fill a single-family home than a condo in a multifamily home, this is something to consider when determining which type of property to rent.

Do You Need to Hire a Property Manager to Manage a Single-Family Home?

You can hire a property manager to help manage your property for you or use a property management software platform to streamline the process for less money. Property managers can charge anywhere from 8% to 12% of the monthly rent price, not including additional fees they may charge for one-off tasks.

Looking for rental services in Orlando – we , at Remax Heritage Bardell Real Estate, can help. We work with our Owners and tenants as individuals and never under estimate what it takes to keep you happy with your choice of Management Company.

By doing our due diligence with our clients, tenants, and vendors we create a service that exceeds expectations and generates positive referrals. Click one of the buttons below and start your journey with a Residential Property Management company that really cares.

Where to Find Single-Family Homes to Buy

With so many house hunting websites apps, you may wonder which is best for finding available single-family homes. Some options to explore are Realtor.com®, Zillow, Homefinder.com, Redfin, Trulia, Homes.com, Estately, and ForSaleByOwner.com.

We specialise in the residential real estate market in the Orlando area. When you are searching for your new home finding the right real estate agent is key and local knowledge is essential. Relocating from out of state, moving within the Orlando area or emigrating from another country you need to work with an agent that knows the local markets and is committed to delivering nothing but first class service and advice each and every day.

Call us today to speak to one of our real estate or property management professionals today! 863-424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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How to become a real estate agent

How to become a real estate agent

by | Feb 21, 2023 | Blog, Buyers, Homeowners, News, Real Estate News, Sellers

How to become a real estate agent

How to become a real estate agent

If you’re wondering how to become a real estate agent, you’re not alone. It’s a question thousands of people Google every month in America, as they consider joining the millions of real estate licensees in the U.S. And for good reason: Helping people buy the perfect home or make tons of money selling their house is exciting!

Still, buying and selling real estate isn’t as easy as it might look. And it’s a notoriously tough industry for newbies; some real estate experts like industry vet Tom Ferry estimate that a majority of all new agents fail within the first five years.

All of which means you should carefully weigh the risks and rewards of joining this profession. Just so you know what you’ll need to invest in terms of time and money upfront, here are the steps it takes.

  1. Take a real estate pre-licensing course
  2. Take the real estate licensing exam
  3. Activate your real estate license
  4. Consider becoming a Realtor®
  5. Join a brokerage

How much do real estate agents make?

Not to mention the rather enticing fact that real estate can be a lucrative field. According to the Bureau of Labor Statistics, real estate agents make an average of $49,000 per year—and the top 10% tier of agents can earn more than three times that amount.

“We can make as much money as doctors and lawyers, and they spend tens of thousands of dollars on their degrees,” says Rae Wayne.

Still, that’s not to say the process is easy. Here’s a general overview of how you get there.

Step 1: Take a pre-licensing course

Cost: $200 to $300

States require people to take pre-licensing training from a certified institution before they can sit for the real estate licensing exam. The required number of training hours can vary significantly by jurisdiction: In Virginia, for example, real estate agents must take 60 hours of pre-licensing training, but in California they need to take 135 hours.

The course will teach you real estate principles (terms like “lien,” “escrow,” and “encumbrance”), real estate practices (like how to determine a property’s value), and the legal aspects of the business. Go to your state real estate commission’s website to find information on licensing requirements and a list of accredited pre-licensing institutions.

Pre-licensing courses can be taken in person or online, so consider your learning habits before deciding where to enroll. (Some people focus better in a classroom setting, Wayne points out.)

Step 2: Take the licensing exam

Cost: $100 to $300

Revisit your state real estate commission’s website for instructions on how to sign up to take the licensing exam. (Most states outsource administration of the exams to third-party testing centers.) Exams are typically divided into two portions: one on federal real estate laws and general real estate principles, the second on state-specific laws. Both typically consist of 60 to 100 multiple-choice questions, including math questions that require you to use a calculator (e.g., prorating taxes for a specific property). Most pre-licensing courses provide students with sample tests, and many real estate commissions publish sample questions online.

So what are the odds you’ll pass? In some states like Florida, 50% fail the first time. The bright side is you can usually take the exam as often as you want over a two-year period. But once two years elapse, applicants are required to retake the pre-licensing course.

Step 3: Active your real estate agent license

Pass the test? Congratulations! Here’s what you need to do next to start engaging with clients:

  • Activate your license through your state real estate commission’s website. Activation fees vary but typically cost around $200 to $400.
  • Pay for membership to the local multiple listing service. Membership in your local MLS is essential, since you must use the system to list properties, which are then dispersed to websites like realtor.com®. The service also enables you to easily pull a property’s tax information, analyze market trends, and see listings before they go on the market.

Step 4: Consider becoming a Realtor®

In order to become a full-fledged Realtor®—a licensed agent with the ability to use that widely respected title—you need to be a member of the National Association of Realtors®. No exceptions. So what’s the advantage?

Membership in the NAR  offers a number of benefits, including access to real estate market data, discounts on education courses, and transaction management services. And being able to use Realtor on your business card and your marketing materials also adds credibility.

Step 5: Join a brokerage

In order to become a real estate agent and legally practice real estate, you must work under a supervising broker. Real estate brokers are licensed by the state to oversee real estate transactions and ensure that real estate salespeople (that’s you!) are adhering to the required legal and ethical standards. Think of it as a similar safeguard to how stockbrokers must work at a licensed firm to trade stocks, rather than just winging it on their own. Eventually, you could also apply for a license to become a real estate broker as well, but you will first want to get a few years as an agent under your belt.

Don’t expect to waltz in and collect an hourly salary: Most brokerages pay their agents only by commission. In other words, you get paid only when you complete a transaction, and you typically won’t receive benefits. Due to this pay structure, brokerages are typically eager to welcome new agents, since it comes at no cost to the company. So be sure to find a brokerage you like, one that is open to taking you on so you can receive some on-the-job training.

 

Join Our Team!

You worked hard to get your real estate license and we think you should be able to keep earning from that investment. We also know you want to make sure your friends, colleagues and past clients receive the same stellar service that you provided to them in the past.

Refer Florida was created specifically to serve agents here in Florida. It allows you to keep your licenses active, earn extra income and avoid the costs associated with traditional brokerages, MLS’s and trade associations. If you know someone wanting to buy or sell anywhere in the US simply complete the form and leave the rest to us. No showings, no contracts, no worries. Choose Refer Florida – referrals made easy.

 

Visit our website or call us today to learn more!  863-424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Beautiful Two Story Haines City House Just Listed

Beautiful Two Story Haines City House Just Listed

by | Feb 18, 2023 | Blog, Buyers, Homeowners, Homes, Villas and Condos, New Listing, News, Property for Sale, Property for Sale in Orlando, Sellers

Beautiful Two Story Haines City House Just Listed

114 Minniehaha Cir, Haines City, FL

$459900

5bed – 5bath – 7518 sqft lot
Photos | Maps & Local | Schools | Print

Located in the well maintained, guard gated community of Calabay Parc at Tower Lake this beautiful two story home offers spacious living accommodation comprising 5 bedrooms, 4 full bathrooms and 1 half bath. The welcoming entrance invites you into the home with the family room straight ahead, formal living/dining room to your right leading to the well equipped kitchen which overlooks the family room with views over the pool area. The downstairs floor plan also features a spacious master suite with sliding doors leading to the pool, double closets, large ensuite bathroom with garden tub, separate walk-in shower and dual sinks. A convenient half bath and a laundry room leading to the garage (which is currently set up as a games room) completes the first floor. Upstairs you will find a second private ensuite bedroom, bedrooms 3 & 4 sharing a convenient Jack n’ Jill bathroom and the 5th bedroom is next to the family bathroom. Outside, the fantastic pool area is ideal for entertaining with a covered lanai perfect for al fresco dining, extended deck for sunbathing, a relaxing spa and no rear neighbors! This sought-after community has a private boat ramp with access to Tower Lake, a clubhouse with fitness equipment and is ideally located off Hwy 27, minutes from Haines City and easy access to I-4 at Posner Park, schools, restaurants, medical facilities, shopping and of course not forgetting our wonderful theme parks! Currently used as a second home and vacation rental, the home is being sold fully furnished & equipped and represents an excellent investment opportunity for either short term or long term rental and would also make a most delightful family home. Don’t delay! Ask to schedule an appointment today!

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Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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New 55 Plus Community In St. Cloud

New 55 Plus Community In St. Cloud

by | Feb 17, 2023 | Blog, Buyers, Homeowners, New Construction, Retirement / 55+, Sellers

New 55 Plus Community In St. Cloud

Central Florida’s #1 Active Adult Lifestyle community is Twin Lakes! With its idyllic location on Live Oak Lake, Twin Lakes offers its residents an array of amenities. The community features an incredible clubhouse, a lakefront resort-style pool, a state-of-the-art fitness center, several heated pools, tennis, pickleball, bocce ball courts, a putting green, a community boat dock, kayaking, canoeing, fishing, and a full-time activities director, so residents can live life to the fullest! At the center of our amenities is our community clubhouse, which includes:

• Spacious Gathering Room
• Game Room with Billiard Tables
• Poker Room with Card Tables
• Art Room with Kiln
• Commercial Kitchen with Class/Demo Area
• Poolside Patio and so much more!

This beautiful, gated community offers boating, kayaking, and amenities usually found only at resorts.  

Twin lakes community

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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Difference Between Net Effective Rent vs. Gross Rent

Difference Between Net Effective Rent vs. Gross Rent

by | Feb 17, 2023 | Blog, Homeowners, Homes, Villas and Condos, News, Property Management, Real Estate News, Renters

Difference Between Net Effective Rent vs. Gross Rent

Difference Between Net Effective Rent vs. Gross Rent

You may have come across a rental listing with an attractive rent price, only to discover the actual rent is more than the one in the ad. While this may come off as a surprise, it’s common for landlords to use net effective rent and gross rent interchangeably in rental listings. However, this can make it hard to know how much to budget for rent for both renters and landlords.

We outlined the difference between net effective rent and gross rent to help you distinguish the two types of rent prices.

What Is Gross Rent?

Gross rent is a flat monthly rent price renters are responsible for covering throughout the lease term. Gross rent is typically higher than net effective rent, since it does not account for any promotions landlords may offer.

What Is Net Effective Rent?

On the other hand, net effective rent is the average rent amount that accounts for any discounts the landlord offers. Some landlords add the net effective rent price on their rental listing to attract interest, but this will not match the gross rent amount listed in the lease agreement. Net effective rent is viewed more as a helpful calculation that can help you properly prepare your finances as a renter and income as a landlord.

The landlord can either require the net effective rent each month or only the gross rent for months that are not included in the promotion.

How Is Net Effective Rent Calculated?

Net effective rent is calculated by multiplying the gross rent by the total amount of months a renter is responsible for paying rent. That number is then divided by the lease term, which can be anywhere from six to 15 months.

For more context, let’s say you’ve come across a listing that has a gross rent price of $1,800 and two months free rent on a 12-month lease.

net effective rate calculation example graphic

Because of the promotion, the rent the renter is responsible for will average to $1,500 per month — $300 less than the gross rent price. They can pay $1,500 each month (including the months that are considered free) or pay the gross rent price for only 10 months, depending on what the landlord prefers.

Pro tip: Check your lease agreement to ensure your landlord has listed which months you will not have to pay rent.

Finding Available Rentals

Net effective rent and gross rent both equal the total amount of money that will be paid during a lease term, but can dictate when and how much rent is paid. While it’s normal for landlords to use both rent prices interchangeably, you’ll want to ensure you’re aware of the exact price you’ll need to pay each month during the lease term.

Looking for an Experienced Residential Property Manager?

If you have a home to rent in the Orlando area be assured there is no substitute for experience. Covering Clermont, Winter Garden, Windermere, Dr Philips, Kissimmee, Davenport, Champions Gate, Hunters Creek and Haines City. We remain focused on this greater Orlando area to ensure we are able to provide outstanding service to our Clients without sacrificing performance. Looking for an experienced residential Property Manager in the Orlando area with a demonstrable track record – look no further.

Call us today to find out more (863) 424-2309

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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What Is Rammed Earth Construction?

What Is Rammed Earth Construction?

by | Feb 15, 2023 | Blog, Buyers, Homeowners, Homes, Villas and Condos, New Construction, News, Real Estate News

What Is Rammed Earth Construction?

What Is Rammed Earth Construction?

 

You may not be familiar with the term, but you’ve seen the building technique—think of the ancient architecture of the Great Wall of China, the Alhambra in Spain, and the stunning Kasbahs of Morocco.

These examples of rammed earth construction have stood the test of time, for several hundreds of years. And that durability is one reason this type of construction is making a comeback—albeit in buildings with significantly smaller square footage.

Rammed earth homes are sustainable and have a warm yet contemporary aesthetic to boot. Here’s what you need to know if you’re thinking about building or buying one of these unique homes.

What are rammed earth homes made of?

True to its name, builders use earth-based compacted soil to construct rammed earth homes. This earthy mix—which consists primarily of sand, silt, water, and clay—is set in formwork on the foundation.

“The rammed earth material is placed within the form in layers called lifts, typically 6 to 8 inches in depth, which are rammed with pneumatic tampers that can be maneuvered within the walls,” explains Bly Windstorm, CEO of Earth Dwell Ltd. and U.S. president of the nonprofit North American Rammed Earth Builders Association (NAREBA). “After a lift is fully compacted, another layer’s added and then rammed.”

Builders repeat this process until the wall is complete. All the building block essentials to complete the home are within each completed form. This includes reinforced steel, electrical and plumbing conduits, switch boxes, and even frames for doors.

The earth and aggregates available in the future home’s location determine the actual color of the walls. But if you want to put your stamp on Mother Nature’s offerings, you can alter rammed walls with various textures and finishes.

Types of rammed earth walls

The rammed earth buildings still standing today were constructed in areas where the earth’s soil had the optimum constituents for making durable walls. These “raw” types of rammed walls consist of sand, silt, water, and use clay as a binder, exactly like today’s walls.

However, it’s rare to find the optimum soil mix and the correct type of clay to make raw rammed-earth walls in the United States. And while, historically, clay has proven to be effective as a binder, the material isn’t earthquake-resistant, says Peter Jones, CEO of Gryphon Construction in Victoria, British Columbia, and Canadian president of the NAREBA.

As a result, new rammed-earth homes are mainly built with “stabilized,” reinforced rammed earth walls, to meet current building codes. So what makes the walls more stable?

“The addition of a Portland cement, lime, or other pozzolans [concrete improvers] allows the building of durable walls with local earthen materials in most localities around the world,” says Windstorm.

And the newer rammed earth formulas are more environmentally friendly, thanks to the additives like slag—a stony byproduct of melted or refined metal, which may remove harmful chemicals from the environment, says Jones.

Down-to-earth benefits of rammed earth construction

If you decide to build a rammed earth home, you won’t just be paying homage to one of the wonders of the world. You’ll enjoy these eco-friendly benefits as well:

Energy-efficient climate control: The aesthetics of these homes may evoke a stone-cold feel, but the opposite is true. Rammed earth walls are known for their high thermal mass, which means they absorb, store, and release heat, whether the house is in Alaska or Arizona.

“The house remains naturally cool in the summer and warm in the winter, with a small fraction of the energy required for a conventional home,” says Windstorm. Bonus: The walls are fireproof and provide sound insulation.

Environmental advantages: Rammed earth homes basically last forever, Jones says, “whereas conventional ‘stick-homes’ may last 80 years.”

Rammed earth walls don’t require painting or siding. And they are non-toxic, which means there’s better air quality within the home. 

Another green checkmark? Utilizing the earth’s soil for walls reduces the heavy load on our forests. And there’s not much chance of depleting earthen material.

“Even a small, 5-acre quarry could produce enough earthen material for over 1,000 homes,” adds Windstorm.

Minimal maintenance: There’s an endless to-do list of maintenance and repair costs with houses made out of wood. With rammed-earth homes, the upkeep is minimal.

Rammed earth walls are weather-resistant and only need a second coat of sealer 10 to 20 years after construction. The only significant housing components that might require attention at some point are the roof and windows.

Drawbacks to rammed earth homes

“The greatest downside is the higher cost of construction as compared to a stick-built home,” says Windstorm. The massive rammed earth walls—about 18-inches to 2 feet thick—are expensive to make, take longer to build, require special equipment and skilled labor to erect.

Gore Designs, a rammed earth builder, says that they could cost 30% to 70% more than a stick build. However, rammed-earth homeowners save in the long run, thanks to the lower energy costs and the fact that they need less upkeep.

Finally, there’s the commitment issue. It’s way more complicated to add an electrical outlet—let alone remodel a bathroom—when you have a rammed earth home, due to the thickness of the walls.

That means you have to put a lot of thought into designing a home that you can live in for many years to come.

Experts in Residential Real Estate in Orlando

If you are buying or selling real estate it’s quiet often the single most important financial decision you make. For the last 30 years we have helped clients buying and selling property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.

Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

 

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