Let Your Tenants Send Your Kids to College

Posted on December 10, 2012 by Herb Baldwin

Let Your Tenants Send Your Kids to College

Most people have lots of things to save for but not always enough discretionary income after the family essentials have been met.
A relatively small investment in a rental home can control a good home that will easily rent, generate positive cash flows and pay for itself. The borrowed funds create leverage that earn a return on the total value of the home and not just the amount of cash you have invested.

The strategy is simple. Find a slightly below average priced home that will rent well. It will appeal to a larger group of people while it’s rented and when it’s ready to be sold.

Rent the home and maintain its condition over the years. As the loan amortizes and the value increases, the equity will grow. When your student is ready to start college, you’ll actually have several options.

You can sell the property; pay the tax on the gain at the reduced capital gains rate and fund the education. Another option would be to refinance and take the proceeds to pay for the tuition. This would allow you to continue to own the asset but would free your equity and under current tax laws is a non-taxable event.

Regardless of whether you’re trying to plan for your children’s education or your own retirement, rental property offers many solid investment opportunities. Contact me if you want more information.

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Time To Refinance Your Morrow County Home Mortgage?

Posted on October 4, 2012 by Herb Baldwin

Refinancing Too Soon?

Some people believe they shouldn’t refinance more often than once every two years. The determining factors are if you’ll lower your payments and plan to stay in the home long enough to recapture the cost of refinancing. If so, you should consider refinancing.

 

Interest rates have actually come down significantly in the past 12 months and even more in the past 24 months. According to the Freddie Mac Primary Mortgage Market Survey®, rates on a 30 year fixed rate mortgage are down to 3.6% in August, 2012 compared to 4.27% one year earlier.

Refinancing in the example below would save the homeowner $67.04 per month and they would recapture the cost of refinancing in 3 years and 9 months based on approximately $3,000 of closing costs.

Click Here to make your own projection on a Refinance Analysis calculator.

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Home Safety & Security Tips In Morrow County

Posted on September 19, 2012 by Herb Baldwin

We’ve moved in Morrow County about 10 times in the last 20+ years and this latest home is about 60+ years old.

As I look over this list, I see a lot of things I could/should do to make this a safer home for not only Kathy and me, but for visiting friends and family as well.

A quick once-over of the items on this list may improve the safety and security of your home and could protect your family and friends. It is important to periodically pay attention to these things because things change over time.

Here’s what I’d like you to do:

  • Print out this post and look it over.
  • Pick the top three areas of concern. Stick this on your refrigerator and highlight or circle those three items and make it a goal to fix them before the end of the month.
  • Your family will thank you … whether they realize it or not.

Security

  • Does each exterior door have a deadbolt?Safety and Security Tips for Homeowners
  • Does the lock on each window work?
  • Have you added pins or clips to your windows for additional security?
  • Do you have dowels or broom sticks in the track of windows and sliding glass doors?
  • Do you have security company labels or signs displayed prominently?
  • Do you have an alarm system? Is the system monitored?
  • Do you have a dog that barks when strangers approach the home?
  • Are emergency numbers posted near the telephones?

Fire

  • Do you have smoke detectors near all sleeping areas?
  • Do you check the batteries monthly and change them annually?
  • Do you have two carbon monoxide detectors?
  • Do you have an escape ladder for upper floors?
  • Do you have fire extinguishers near exits and in the kitchen?
  • Do you have an emergency escape plan and is the family familiar with it?
  • Are any outlets or switches warm to the touch?
  • Are kitchen ventilation systems working properly?
  • Is the dryer ventilated to the outside and is the exhaust free of lint?
  • Is the furnace cleaned and serviced yearly?
  • Is the space around the hot water heater clear of combustible materials?

Falls

  • Are all electrical and phone cords out of the flow of traffic?
  • Are rugs and runners slip resistant?
  • Is your step-stool sturdy and in good condition?
  • Are stairs clear of objects that could cause a fall?
  • Are all entrance ways, exits, halls and walks well lighted?
  • Do bath tubs and showers have non-skid strips or suction mats in them?

Other

  • Do you keep drugs and medicines out of reach and sight of small children?
  • Are interior doors designed so small children cannot lock themselves in rooms?
  • Are pool and play areas fenced to keep small children in and uninvited guests out?
  • Are firearms kept out of reach and sight of children?
  • Is a well-stocked first aid kit available for emergencies?
  • Is there one member of your family trained in first aid, CPR and the Heimlich maneuver?
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Suicide Prevention Walk Sept 8th

Posted on August 29, 2012 by Herb Baldwin

As you all may already know, there continues to be suicides in our community. Last week, a local Pastor did a funeral for a young man
who committed suicide. Our children and families are dealing with more pressures and issues than before such as unemployment, divorce, drug and alcohol abuse, poverty, broken family relationships, mental health and medical issues.

The suicide prevention staff at Helpline conducted some excellent workshops and seminars on Suicide preventions this past year in Mt. Gilead, Ohio.

The Helpline staff also helped with our recent Children’s Grief Camp. Through the years, some of our children have lost parents and loved ones to suicide. It is very difficult death for children and families. We supported children and families cope with their grief as suicide touched their family.

On September 8, 2012, The Community Agency Helpline will host the 2nd Annual Suicide Prevention Walk.

The one mile walk through historic downtown will raise awareness on the public health issue of suicide and instill hope in those who have lost a loved one.

If you would like to support his cause, please walk with us. I have attached a flyer to this email. I have also added some pictures of the Kid’s grief camp where the staff at Helpline helped us as well.

The location will be at the:

Ohio Wesylyan University @ Northeast corner
RW Corns Building
14 Park Ave, Delaware, Ohio 43015

From 10:00 am to 11:30am. For more information call (740) 363-1835. An optional free registration will be at www.helplinedelmor.org.

Helpline also serves Morrow County residents with many programs. Please encourage any church members, youth and community folks to

attend this important event. It is free. We can work together to help prevent Suicide and give hope to our communities.

Dave Matos, Chaplain
Hospice of Morrow County

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Determining the VALUE of your home in Morrow County

Posted on August 28, 2012 by Herb Baldwin

Determining the VALUE of your home in Morrow County

Knowing the current value of your home is important when you’re considering a move, refinancing or getting a home equity loan. Prices are determined by recent sales and the supply and demand of current inventory.

The process of selecting comparable properties involves matching similar features like bedrooms, baths, square footage and updates. In addition to price, there are other factors that affect the value and ultimately, the sale of a home.

Location plays a significant role because by the unique combination of improvements and land. Beneficial considerations would be convenience to schools, shopping, transportation and proximity to freeways. Undesirable concerns could include being in the vicinity of busy streets, high-tension lines, commercial property and other things.

To receive a computerized estimate on the value of your home that includes prices of comparable homes that have sold recently and homes currently for sale, click here.

Value is not totally objective and does require a certain amount of subjective considerations. If you have questions after you receive your report by email, contact us and we’ll be happy to talk to you about your concerns.

In the meantime, to learn a little more about home value and comparables, take a look at this short video.

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Great News For Morrow County Home Sales

Posted on August 24, 2012 by Herb Baldwin

The reports are in to the Central Ohio Board of Realtors and the numbers for home sales (units sold) and average sale price are both up for the month as compared with July of 2011.  That’s great news for sellers (and not so great for buyers).

The number of units available for sale are down, another indicator that the market is rebounding.  The advice for “lookers” out there is to buy now before the number of available properties shrinks even more and the money source (mortgage lenders) start to increase their interest rates which are currently at an all-time low …. hovering around 3% for a 30 year fixed rate mortgage loan.

Click here to see the statistics for Morrow County Home Sales and you can see a visual (chart) that clearly displays that the market is improving with:

  1. Lower inventory (available homes for sale) equating to higher asking and offer prices for sellers
  2. Shorter Days On Market because of the smaller inventory, buyers are offering higher prices sooner, fewer available homes to look at
  3. More homes (units) selling at a higher average price due to the smaller inventory and lower mortgage rates

Check out the video below.  If you’re thinking of moving toward buying a home, you might want to learn a little about Buyer’s Agents

 

Have a great day and call me or email if you have any questions.

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Home Ownership Rules In Morrow County

Posted on August 15, 2012 by Herb Baldwin

Homeownership Rules in Morrow County

Most people agree that homeownership rules!    When asked, people say they want a home they can call their own, to raise their family, share with their friends and to feel safe and secure. It also accounts for the majority of most people’s net worth.

 

These rules can help protect your investment and make homeownership in Morrow County more enjoyable.

  1.  Don’t overpay for your home
  2. Maintain your home’s condition
  3. Minimize your assessed value to lower property taxes
  4. Make extra principal contributions to save interest and build equity
  5. Validate the insured value of improvements and contents
  6. Stay current on surrounding property values
  7. Make mortgage interest payments deductible
  8. Invest in capital improvements that increase market value
  9. Don’t over-improve the neighborhood
  10. Keep records of capital improvements and other maintenance
We want to be your personal source of real estate information and we’re committed to helping from purchase to sale and all the years in between.
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Homes Sold In Morrow County – July 2012

Posted on August 12, 2012 by Herb Baldwin

There were 15 homes sold in Morrow County, OH during July of 2012.  See them all in a concise report by clicking MorrowCountyHomesSoldJuly2012

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Retirement Homes For Sale In Morrow County

Posted on August 12, 2012 by Herb Baldwin

Retirement Home Now?

Maybe you’re not ready to move into it but that doesn’t mean that you shouldn’t take advantage of the present opportunities to acquire the home you want to live in during retirement. The combination of the low interest rates, reduced prices and lower competition may never be this good again in our lifetimes.

The rental market is strong and a tenant could pay for your retirement home. The cash flows are attractive and the yield is bound to be stronger than what you’re currently earning. Even if you don’t retire to this home, it could be a placeholder to control the costs of the home you do move into.

One thought would be to finance it with a 15 year loan that will have a lower rate than that of a 30 year loan and it will obviously amortize in half the time. Even if you don’t have the home paid for by the time you retire, your equity will be larger.

Ideally, if you sell your current home when your move into this retirement home, you may be able to take up to $500,000 of tax-free gain for a married couple. That profit could be used to fund your retirement.

With home prices and mortgage rates certain to rise, this may be one of the best decisions you can make. We want to be your personal source of real estate information and we’re committed to helping from purchase to sale and all the years in between.

If you’d like more information on how this plan could work to your benefit, give me a call at 419-947-4004

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Homes selling quickly in central Ohio

Posted on June 21, 2012 by Herb Baldwin

Homes selling quickly in central Ohio (direct from the Columbus Board of Realtors)

(June 21, 2012) Central Ohio home sales in May were up for the fifth straight month. Residential home sales in May reached 2,070, up 5.0 percent from the 1,971 sales recorded in May of 2011.

The 7,966 home sales January through May of this year mark a 6.0 percent increase over the 7,451 sales recorded during the same period last year according to the Columbus Board of REALTORS®.

Homes in central Ohio sold for an average of $167,518 last month which is up 6.3 percent from one year ago.

“Home buyers looking for big discounts on housing today are finding that their offers are no longer winning contracts,” said Jim Coridan, 2012 President of the Columbus Board of REALTORS®. “With inventory back to pre-boom levels and sales prices creeping back up, sellers don’t have to sacrifice their goals to sell their home today.”

The 11,971 homes for sale in central Ohio is down 32 percent – and selling about 13 days sooner than they were one year ago.

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