New Listing!

Langford MLS 96688

NOT ONE BUT TWO HOUSES IN TOWN!

Right in the heart of the action! Two houses on beautiful, tree-lined Burch Street! A 1086 sq ft 2 bedroom, 1 bath main house that is filled with classic Taos character, and a newer, 768 sq ft, 1 bedroom, 1 bath guest house! Live in one, rent out the other? Or live in one and use the other as a studio or office? The possibilities are endless! Park like setting. Mature trees. Walled front yard. Main house has gorgeous wood floors, and 2 kiva fireplaces. Newer remodeled kitchen, windows and bath. Wood ceilings with vigas. The guest house has an open kitchen, dining and living area and a fireplace. French doors from bedroom to front portal. Fenced yard. Skylights. Walk to historic downtown, shops, galleries and restaurants! Great location! $425,000 MLS 96688

NEW LISTING!

SPACIOUS HOME - GREAT FLOORPLAN - BIG VIEWS!

Spacious 2329 sq ft 3 bedroom, 2.5 bath home on a spectacular 2.25 acre lot that protects your huge mountain and territorial views! This is a beautifully appointed home! Ample parking and well maintained driveway. Lovely landscaped access to gated front courtyard welcome you into the spacious entry hall with banco. Open great room/living room with kiva fireplace and an enormous picture window that frames Taos Mountain perfectly. Dining area with glass doors to the spacious covered back patio. Open kitchen with work/dining counter, quality stainless appliance, pantry, and quality cabinetry and granite counter tops. Half bath for guests and a spacious laundry room are conveniently located off the kitchen area. Extra large master suite with the same big views, kiva fireplace, walk in closet and spacious, 5 piece bath. Two guest rooms (one with no closet but would also make a great office) share another full bath. Enjoy the great views from the well landscaped walled and gated courtyard. Double car attached garage! This property is very special, we think you will agree! MLS 96667 $449,000

11 characteristics of a profitable rental investment: Part 1

By Jake Durtschi , Monday, 27 April 2015 - 1:00pm

Out of all of the diversity found in the 1 percent — the most wealthy in history — the one common thread is that they owned real estate. Building a real estate portfolio and becoming a landlord can be one of the best wealth creation tools available. But, if you’re not careful it’s also one of the easiest ways to lose a lot of money.

Cash-on-cash. Market comparables. The 70 percent rule. It is easy to fall into “analysis paralysis” with the investor vocabulary. When it comes down to it, there is a shortlist to look at when choosing a good investment. This list begins with an honest look at your financial situation along with specific goal setting. Below, I’ve listed 11 characteristics that will help you filter out the money pits from the money pots either for yourself as an investor or for a client that is a potential real estate investor.

1. Face the facts.

Before you can even set goals, you must take an honest look at where your finances are presently. Make a balance sheet and a cash flow statement for yourself. Though, this can be difficult, it presents a tremendous opportunity to advance your emotional health and thereby your financial health. I recently did this and found a loser property in my portfolio. With this new knowledge, I can dump the property and 1031 into another. Never stop reviewing financials. They will provide new insights and opportunities regularly.

Remember, a balance sheet has all assets in one column and all liabilities in another column. It will help you measure principal paydown over time, debt to equity ratio and net worth.

Remember, a cash flow statement looks at money going out and subtracts it from money coming in. I recommend you do this with each investment individually so you can measure individual performance.  This exercise will help you set expectations for each new investment.  It will also help you decide whether you should keep a property or trade it for one that will perform to a higher standard.

Remove emotion and take an honest look at your financial position.

2. Set a goal.

Now that you are armed with the facts and you have taken on your emotional and financial health head on, set a goal. Keep it simple.

Examples:

• Increase net worth by 3 percent in the next quarter.
• Increase cash flow by $4,000 over the next year.

Remember, the reason you are here is to increase financial freedom.

3. Know your financing for the property

Most small time investors begin with 30-year fixed notes that require 20-30 percent down. Talk to a couple different mortgage brokers or officers. You should be able to answer:

• How much can I qualify for?
• How much will payments be?
• How much cash do I need?

This will save you time in your property search. Any properties that are outside your loan qualifications on the loan or cash available are automatically disqualified from your list of potential investment properties.

4. Perform a proforma

Whoa! That was a mouthful. In simple terms, you are going to estimate a budget next.

Before you buy a rental property look at what comparables properties are renting for in the neighborhood and then check how many of those properties are actually rented. This will tell you two things — gross potential cash flow and likely vacancy expense.

Next you will need to estimate expenses. Taxes, insurance, and maintenance will be the most common. You may have others to address such as utilities or homeowner association fees depending on the property. Do not get too overwhelmed with this section. Ask another investor in the area or talk to a property manager about expense ratios in the area. Age of the property will be a significant indicator of the likely expense ratio.

Now, shove this proforma into your balance sheet and cashflow statement that you already created. Ask yourself, is this property going to provide a step toward my goal?

Note: If your goal is freedom, doing your own maintenance to increase returns does not meet your goal.

5. Location success factors

Real estate markets are constantly in flux. National real estate trends might set the overall tone, but it’s all about local conditions. In order to secure long-term rental demand, you need to make sure you’re buying properties near sustainable supports — hospitals, universities, transit hubs, shopping and entertainment.

Identify up-and-coming areas. These are areas that are likely to see above market increases in value (net value increases more quickly).

Identify areas that are likely to see below-average increases in value.  Take a drive, and these areas will become more apparent to you.

If you want to go in-depth here, talk to your planning and zoning department. They will be able give you information on commercial and residential growth plan for your city. This information is invaluable when considering where the up and coming areas are.

Stay tuned next week for characteristics six through 11.

This post was written by Jake Durtschi, the owner of Jacob Grant Property Management located in Idaho Falls, Idaho. Jake and his team manage over 400 rental properties in east Idaho. He is a successful real estate investor and has been featured on several reputable industry podcasts.

Email Jake Durtschi.

New Listings! 4 Brand New In Town Condos!

Puertas Pintadas Units 13, 14 and 19 and 20!

"Casa Fernando" Unit 13, is a one level, 1164 sq ft, 2 bedroom, 2 bath plan with over-sized one car garage. Open kitchen with work/dining island, deep rich wood cabinetry, flagstone counter tops and handy pantry closet. Stainless appliances include a 5 burner cook top and convection oven and a deep stainless sink. Custom tin works chandelier in dining area. Dramatic high ceilings with vigas. Tall divided light windows and doors. Gas kiva fireplace. Wood floors in main living areas, flagstone tile in baths and sumptuous carpet in the bedrooms. Beautiful bathrooms with flagstone counter tops. Double sinks in master bath. Walk in closet. Ceiling fans. Recessed lighting. Spacious, fenced back yard and covered patio. Walled courtyard with a latilla awning with access by both bedrooms. Delightful floor plan!

"Casa Loma"  Unit 14, is a two level, 1661 sq ft, 3 bedroom, 3 bath plan with over-sized one car garage. (One bedroom and bath on main level.) Gorgeous entry with display nicho and dramatic arched doorway to great room. Open kitchen with work/dining island, deep rich wood cabinetry, flagstone counter tops and handy pantry closet. Stainless appliances include a 5 burner cook top and convection oven and a deep stainless sink. Custom tin works chandelier and wall sconces. Dramatic high ceilings with vigas. Tall divided light windows and doors. Gas kiva fireplace. Wood floors in main living areas, flagstone tile in baths and sumptuous carpet in the bedrooms. Beautiful bathrooms with flagstone counter tops. Double sinks in master bath. Walk in closet. Ceiling fans. Recessed lighting. Spacious, fenced back yard and covered patio.

"Casa Canon" Unit 19, is a two level, 1453 sq ft, 2 bedroom, 2.5 bath plan with over-sized one car garage. (Half bath on main level.) Open kitchen with work/dining island, deep rich wood cabinetry, flagstone counter tops and handy pantry closet. Stainless appliances include a 5 burner cook top and convection oven and a deep stainless sink. Custom tin works chandelier and wall scones. Dramatic high ceilings with vigas. Tall divided light windows and doors. Gas kiva fireplace. Wood floors in main living areas, flagstone tile in baths and sumptuous carpet in the bedrooms. Spacious second floor landing. Master bedroom has access to a wonderful second floor outdoor deck with latilla roof for dramatic, dappled light. Beautiful bathrooms with flagstone counter tops. Double sinks in master bath. Walk in closet. Ceiling fans. Recessed lighting. Walled back yard with covered patio.

"Casa Pueblo" Unit 20,  is a one level, 998 sq ft, 2 bedroom, 2 bath plan with a welcoming, long, bricked front portal. Open kitchen with work/dining island, deep rich wood cabinetry, flagstone counter tops and handy pantry closet. Stainless appliances include a 5 burner cook top and convection oven and a deep stainless sink. Dramatic high ceilings with vigas. Divided light windows and doors. Gas kiva fireplace. Wood floors in main living areas, flagstone tile in baths and sumptuous carpet in the bedrooms. Beautiful bathrooms with flagstone counter tops. Walk in closet. Ceiling fans. Recessed lighting. Walled back yard and covered patio.

Consumers Show Shift in Home Ownership

DAILY REAL ESTATE NEWS | FRIDAY, APRIL 24, 2015

The majority of consumers are upbeat when it comes to the housing market. Low interest rates and a strengthening economy have prompted this consumer optimism, according to Berkshire Hathaway HomeServices' Homeowner Sentiment Survey, a survey of about 2,000 consumers' attitudes toward home ownership.

Home Ownership Optimism

Income Increases Boosting Housing Optimism

REALTORS® More Confident for the Spring

Millennials Move Toward Home Ownership

94 percent of home owners and potential buyers surveyed say that home ownership is a critical piece to their long-term financial planning.

"Home owners today seem to have a longer term perspective for their properties," says Gino Blefari, HSF Affiliates CEO. "Owners are telling us a home is more than its price tag, and they're placing more value in a home's intrinsic qualities of wealth building, safety, satisfaction, and a place to raise a family."

However, there are some differences among age groups when it comes to home value perceptions. Baby boomers and Gen Xers, tend to embrace home ownership first as a "smart, long-term investment." On the other hand, millennials are "thinking in the now" about real estate and tend to place the highest priority on the "ease of a purchase decision," including the ability to close quickly on the property, secure financing, and afford monthly payments.

Millennials' say they see one of the major benefits to home ownership is having a place they’re proud to show family and friends. They also value a community with great schools and seek locations that encourage healthier lifestyles. 61 percent of millennials say it's also important to live in a neighborhood with a variety of trendy dining and retail options.

"As millennials become a larger part of the home-buying market, their preferences become better defined and seemingly more traditional," says Stephen Phillips, president of Berkshire Hathaway HomeServices. "We have always believed there is more similarity than difference among home-buying groups, and this new data seems to support that view."

Overall, the majority of current home owners – 88 percent – say it's important to update or renovate their home over time to enhance its long-term value. Many home owners seek home improvements that are energy efficient and eco-friendly systems and materials. More than 60 percent of current home owners said they favor "green" home improvements – even over kitchen, bath, and flooring projects.

The millennial generation is the most enthusiastic about home improvement projects. Sixty-one percent surveyed say they wan ta home they can upgrade to their preferences.

A Slice of Taos History - Gorgeous Pueblo Revival Adobe Home on 5.19 Irrigated Acres!

New Listing! A Slice of Taos History - Gorgeous Pueblo Revival Adobe Home on 5.19 Irrigated Acres! MLS 94360 $795,000

Way back...early 1950's Gordon (Slim) Bastian and his wife Lillian built this extraordinary pueblo revival, adobe home, in the style of famed adobe designers Wilfred and Myrtle Stedman, on 5.19 acres of land with water rights. This location was perfectly private for full time living but also provided easy commercial access for Slim's TV repair shop! Slim passed away in 1993 but ask any long time Taos residents where they used to get their TV's repaired and certainly they will talk about Slim Bastian. Fast forward, 2015...this remarkable adobe home offers the grace of yesteryear with all the modern conveniences. The house is approximately 2944 sq ft with 2 bedrooms, office, and 2 baths PLUS the 2 attached but private 1 bedroom, 1 bath guest suites where the TV repair shop used to be. Main house has gorgeous wood floors and 3 Carmen Velarde wood burning kiva fireplaces, museum quality character with carved wood doors by Elidio Gonzales, gorgeous latilla and viga ceilings and newer divided light windows that capture the pueblo revival character. The 2 guest suites are large, have beautiful baths and can be used in a variety of ways...studios, offices, rentals, or just for your own guests! Lots of versatility here. Beautiful patios, portals. 5.19 acres with surface water rights (that are being used!) orchard, and stunning views! The property is zoned County but also commercial within the Upper Colonias Neighborhood Association Zoning. So make this property your private oasis with easy access, or a bunkhouse, B&B, home office, studio, business or???