Mount Dora Christmas Tour of Homes

MOUNT DORA — Because the Christmas Tour of Homes is staged by the Women's Committee of Fine Arts of Mount Dora, it is no surprise that some of the houses are chock full of art.

The annual fundraiser takes place from 11 a.m. to 4 p.m. Saturday and Sunday at five houses on Mount Dora and one in Eustis.

Among them is Judie Lee's house on Overlook Drive, which sports art indoors and out. Brightly painted car hoods, with fanciful characters, animals and amusing sayings, hang on the front porch of the 1955 cottage.

Lee's mixed-media pieces, acrylic paintings, fused glass and metal work is joined by the sculptures of her twin sister, Julie Kessler of Sanford. Artwork by their friends is also mixed in.

"I promote my work and my sister's and that of my friends," Lee said. "People can ask to buy almost anything."                                                

Her Christmas decorations center on a 4-foot tall tree, hung with spaceships, figures of aliens and robots.

Lee said she has spent three years working on the two-bedroom house, which boasts extra-wide doors and hallways.

"People are surprised how big it feels," she said. "It's a happy house when you walk in."
Glenda and Randall Sumner's house in the Country Club of Mount Dora is also full of art and fine crafts. She collects Roseville pottery, known for its roots in the Arts and Craft movement, and Van Briggle pottery, known for its nod to the Art Nouveau period.

She has put her collection of antique linens to work — pillowcases, coverlets and towels — but said her Christmas decorations center on the tree, in this case, a 9-foot tree decorated with old family ornaments and newer pieces.

A small chamber orchestra will play at her house, where people can find cookies and punch.
"All the money goes to art students," she said. "And I feel good about that."

Other houses on the tour belong to Karen and Charles Race, Fransje Zucchero and Barbara Zander.
Tickets with maps are $15 and can be purchased at the Mount Dora and Tavares chambers of commerce.

Proceeds go to the organization's scholarship fund. Organizers ask that no one wear high-heels and no one uses cameras or smokes. For more information, call 352-357-3761 or 352-385-4619.

 

 

 

 

 

Copyright © 2013, Orlando Sentinel

Why You Should Be Investing Your Cash in Real Estate

As entrepreneurs find success with their primary business ventures, many search for the right investments for their profits.

Of course, we can and should all start traditional tax preferred vehicles like an IRA and 401k. These are the bedrock of good ‘benefit’ planning for ourselves and our employees. I’m also convinced more entrepreneurs should consider rental real estate as an important part of their portfolio.

I realize many business owners shrug off this concept after the recent downturn in real estate values, but let me list a few reasons that may change your mind:

1. Gain more leverage. Real estate is one of the few investment vehicles where using the bank’s money couldn’t be easier. The ability to make a down payment, leverage your capital, and thus increase your overall return on investment is incredible.

2. Grow, tax-free. Buying rental property based on speculation of its value is a dangerous tactic since cash flow is the key. However, appreciation over the long-run is certainly realistic and at the least you should be considering a tax-deferred strategy. In the future, you may even consider a 1031 exchange, charitable trust, or an installment sale to lesson your tax liability further.

3. Tax free cash flow. It’s no secret that because of depreciation and mortgage interest deductions (if you leverage your capital), your cash flow should be tax-free. That’s right! The far majority of the time an investor will never pay taxes on their cash flow and can wait for capital gains on the sale of the property in the future.

4. The tax write-offs against your other income. Depending on your classification as an Active Investor or Real Estate Professional and your income level, there is a good chance your rental property will not only give you tax-free cash flow, but an overage of tax deductions you can use against your other income. With that said, this is something you want to discuss with your tax professional before investing so your expectations are realistic.

5. Increased tax deduction strategies. Rental property affords investors with another incredible opportunity to convert personal expenses to potentially valid business deductions. Don’t forget that rental real estate is a business. This means that travel expenses to check on your properties and payments to family members who manage your properties (such as students away at college) can be deductible and increase the tax benefits when it comes to cash flow and the future sale of the property.

6. Rental real estate is a forced retirement plan. Americans are terrible savers. We lack the self-discipline to put a monthly deposit into our IRA, SEP or 401k as small-business owners. However, buying a rental property is a significant commitment that you are required to commit to and maintain. You will always be grateful in the long-run when you don’t give up on it and build future cash flow and wealth.

The majority of us will never get rich overnight. It takes long-term investing and a diverse portfolio to build true wealth. Don’t forget real estate as an important part of the equation.

7 Signs It's Time To Buy A House

1. Interest rates are good.

When interest rates are low, it's a good time to buy because that means you'll be paying less in the long run. Interest rates are looking good right now but they're going to be rising soon. Historically low rates right now are projected to creep up to 5 or 6% within the next year.

2. Still living with mom and dad

 

There’s nothing wrong with moving back into the family home after college or when times get tough. A recent study shows 85% of college graduates move back home once they’re finished with school. You’re not alone but make sure you’re being smart about finances and take advantage of the saving power you possess! You’re probably not paying rent, there’s food in the refrigerator so you won’t starve and you’re not paying any bills like electric, trash or water. Buckle down and make a financial plan for yourself, you may be able to afford a place of your own sooner than you thought. As a first time home buyer there a programs out there to help you and something called an FHA loan you should be taking advantage of.

 

When interest rates are low, it's a good time to buy because that means you'll be paying less in the long run. Interest rates are looking good right now but they're going to be rising soon. Historically low rates right now are projected to creep up to 5 or 6% within the next year.

 

3. You have an income.

 

If you have a steady income then even if you’re not ready to buy a house now, you could be soon. All it takes is a bit of planning and determination and you could be ready to buy a house in no time. Don’t forget, a great way to break into real estate and start building equity is with a town home or condo. Take a look, you might be surprised what you can afford! Here are some quick tips on what to focus on financially to prepare for buying:

• Save toward a deposit. The bigger the deposit, the smaller your monthly mortgage will be.
• Check your credit and improve it if you can. You can get one free credit check a year from each credit reporting company. If you have less than perfect credit don’t worry, there are ways to improve your credit score.
• Make a budget and stick to it. If you don’t have one already, make a budget for yourself. Set aside money for food, rent, gas, car payments if you have them, phone bill, and then put the rest in saving. Even if you don’t have a steady income, you should be able to put some money away if you’re paying close attention to where it all goes. It’s so easy to pick up a Starbucks coffee here or there and spend money without thinking about the repercussions to your bank account, but take control of your expenses and save your money for something important to your future – like a home.

4. You need more space.

 

If you’re renting an apartment you probably have no yard or outdoor space of your own and lack any semblance of storage space for all that life you've accumulated. And if you’re living with roommates you don’t have control of the TV, you have to share limited kitchen and pantry space, and you can only claim a small part of your living quarters as your own. If any of this is sounding familiar, you know it’s time to ditch your cramped living quarters and upgrade to a real home that can fit the life you've worked so hard to build.
 
5. Pets! 

 

Whether you have a furry friend or have been waiting to grow the family until you have more space, a house is the best environment for most pets. While the goldfish was fun for a few days, it doesn't provide the same companionship and love as a dog or cat. Most apartments don’t allow pets or charge extra fees for them but when you have your own house, you call the shots. If you’re craving a furry addition to the family, it’s time to make room for one.

 

6. You’re settled in.

 

If your job, family, friends and life are all in one place and you will be too for a while, then you're ready to invest in something more permanent than an apartment. If you can see yourself staying where you are for the next 5 years at least, you’re ready to make the commitment to home ownership. Why not start putting your monthly living payments toward your future with a mortgage rather than throwing it away on rent?

 

7. You’re ready to build a home.

 

When you rent, you are living in someone else’s space, just visiting for a period of time with restrictions and an expiration date. But when you own a house you can paint the walls whatever color you want, decorate from top to bottom and finally get comfortable. With your own home you can truly settle down and into your life.

Selling a Home with Tenants in Place

Many homeowners have rented out their place in recent years to tenants. When it comes time to sell the home, it is critical to understand how having tenants in the home can impact your home sale.

The market for owner occupants is bigger than the investor market

One of the most important things when selling a home is to make sure that it appeals to the broadest audience of potential buyers. There are way, way more buyers out there who want to owner-occupy a home or condo. They cannot occupy the home themselves if they have to inherit tenants with a long-term lease. Owner-occupant buyers will ignore homes with long-term leases in place.

Also remember that owner-occupant mortgages are given at much more favorable terms than investor loans. Generally, if you cannot occupy the home within 60 days, a buyer would have to either pay for the home with an investor mortgage or cash. No one looking to owner-occupy a home is going to ever choose those financing options.

You must follow landlord-tenant laws

When you sign a lease as a landlord, you are bound to a written contract with your tenants. You are also required to follow all applicable landlord-tenant laws in your area. The act of selling a home has no effect on leases that you have in place, so the new buyer inherits your lease terms.

One strategy a seller may employ is to try and remove the tenants prior to sale. If their lease expires, tenant removal is easy. If they have 6 months remaining on a 12-month lease, you will have to negotiate with them for an early cancellation.

If a lease is month-to-month, local laws may have special procedures that allow for termination of the lease to sell the home, but you need to follow the law exactly. The courts generally do not look kindly on landlords who don’t know local tenant laws, and you definitely don’t want to be on the receiving end of a tenant lawsuit.

Showing homes to prospective buyers when tenants live there is a hassle

Sometimes you might try to market the home while tenants live there. This can often be a sub-optimal way to get a home sold.

Remember that landlord-tenant laws require advance notice for the landlord to enter a rental. If the tenants want, they can insist on receiving the proper written notice before allowing a buyer inside. This could mean a 24-48 hour delay for buyers to see the home.

Tenants are also not incented to keep the home in “showroom condition.” Dirty dishes, dirty clothes and an unkempt appearance is going to lower the sale price you get for the home. Since tenants are not required to keep the home tidy, you may consider offering to pay for a cleaning service while the home is listed for sale.

Landlords looking to sell their home should have an upfront conversation with their tenants about the sale process. Make them aware of the process for buyers to see the home. If tenants are not cooperative with the selling process or are extremely untidy, it may pay to wait until their lease expires before selling the home.

Apartment investors generally like occupied buildings

If you are selling a larger apartment building with multiple units, the potential buyers are all investors. In this case, they may actually prefer that the building is occupied and generating rent when they purchase the building.

If apartment investors are inheriting a group of tenants, they are going to want to understand the lease terms they are buying. You need to have current, well-written leases and should also be able to demonstrate that you did the appropriate due diligence on the tenants who currently live in the building.







by Kevin Lisota

For Sale By Owner: It Can Be A Halloween Nightmare Story

At some point, every person with access to Zillow has considered ditching their agent when buying or selling a house. After your first purchase you may have thought, “I could have done that myself.” Side-stepping a Realtor may appear to be a good idea, but the experience may lead to your worst nightmare (think the Nightmare on Elm Street II when the homeowners learned about a death in the house only after having moved into the house. Did they have a Realtor?). There could be trouble lurking behind any and all of the doors to the home that you intend to purchase or sell. Unless you are an experienced real estate agent or an attorney well-versed in residential real estate, you may want to stick to your day job. Why not proceed pro se, you say?

1. Experienced Realtors Are Great at Marketing Homes for Sale – Yes, putting a sign up is easy and you can make a flyer on your computer. Your neighbors and the folks who drive your street will know the home is for sale. Practicing Realtors have tools to gain unlimited exposure for your property including personal websites, syndication systems that spread the listing through all areas of the internet and most have a vast network of fellow Realtors who are also helping customers and clients buy and sell.
2. Realtors Can Make Or Save You $$$ – Knowledgeable Realtors easily identify issues with a property and know the appropriate inspectors and/or repairmen that you need in order to determine the value of your home or potential home based on what needs to be done. From a buyer’s perspective, you will want to negotiate the lowest price based on the number of repairs needed as determined by the inspection. From a seller’s perspective, you will want to find someone who can help you mitigate any significant loss due to the repairs that you may have to make prior to sell. In many states the deed merges into the contract after the purchase of a house. Let me translate that for you. If you purchase a lemon and you did not know that it was a lemon, unless there was proof the transaction was clearly fraudulent, then you will need to learn how to make lemonade.
3. Realtors Get Paid To Buy and Sell Homes Every Day - They are trained, licensed and their years of experience have built a network of resources to get most anything home related taken care of. They handle all of the tedious back and forth communications that you may not have the time to do. If you do not employ a Realtor, you will be stuck making endless phone calls to hard-to-reach individuals, during daytime hours that you may not have to expend. Realtors have background knowledge, inside tips, and access to lockboxes. Things you may have to search long and hard for or jump through hoops to get.
4. Realtors Add Safety To The Home Sales Process – Safety is a very important aspect of buying and selling property. Realtors work hard to screen prospective clients and customers. They make sure prospective buyers are qualified to buy the property and not just “looking around.” In addition, Realtors use electronic lockboxes to secure your property and prospective Buyers must be accompanied by an agent with an MLS issued access key.
5. Realtors Know Where The Deals Are - In 2013 P.R. (post-recession), there have been foreclosures on every corner. Short sales are also common. The average Joe Plumber cannot navigate those waters. You need a trained professional to sift through the good deal from the bad and the mounds of paperwork that accompanies these types of real estate purchases. Even trained professionals can get blind-sided with the legalese contained in real estate contracts but an experienced real estate professional has the resources and knowledge to help you land a deal.
6. Realtors Are Bound By A Code of Ethics - If the agent does not uphold his or her fiduciary duty to perform his or her job to the best ability, you may be entitled to recourse. You, however, will not have recourse against yourself, only the deepest regret.

Think of the scariest movie you ever saw -- I am thinking along the lines of Stephen King’s “It.” Remember the clown, Pennywise, that turns into everyone’s worst nightmare? Scary, right? Not hiring a realtor could be akin to that clown with those razor sharp teeth.






Written by Atlanta Real Estate Brokers

5 Things to Know About Home Security Systems

Home security systems, combined with automated monitoring, can help protect your home from thieves.

 

New technology means that you have many more options for boosting your home security. You can use a variety of home protection services, a mobile phone app, or even a low-tech solution such as an automated dimmer switch.

 

1. New players mean fresh options
With cable and Internet providers now offering security systems, the industry is changing. Many of these firms sell simple install-it-yourself services that eliminate the usual upfront fee of $1,000 or so.

Prices also vary based on whether the provider levies an equipment charge, the level of monitoring, and more, so total all costs before you buy, says Kevin Brasler of rating site Consumers' Checkbook.
In the first year, expect to pay between $250 and $1,500.

2. Your phone can help keep you safe 
A basic security system (alarm, control panel, and series of motion sensors) costs about $20 to $30 a month, but many companies now offer a mobile app for a few dollars more.

Michelle Schenker of security tip website ASecureLife.com, recommends springing for the app, which allows you to use your smartphone or tablet to arm your system, see alerts, and turn off false alarms, even when you're far from home.

3. Someone must call the cops 
With mobile tracking tools taking off, some firms do not offer monitoring services, which alert the police when an alarm is triggered. Yes, going with a non-monitoring option will save you $10 to $15 a month.

Still, Robert Siciliano of BestHomeSecurityCompanys.com, which rates security systems, advises against it: "You want that call made to protect you."

4. Customer service is the key
Many companies use similar technology, so it's service -- say, how quickly they fix faulty systems and respond to calls -- that makes firms stand out, Brasler says.

Before you choose a provider, check its reviews on sites like Angie's List (subscriptions are $3 a month) and Yelp. Keep in mind that national firms, such as ADT, "are only as good as the dealer in your area," says Schenker. And since break-ins don't always happen during business hours, look for 24/7 support.

5. The pros aren't your only choice
If you're among the 80% of homeowners without a security service, there are steps you can take to help fend off break-ins.

Trim any shrubbery that could shelter someone trying to get in through a window. Security company stickers, often sold on eBay, could dissuade a potential intruder, says Siciliano.

Thieves typically look for vacant homes, so when you're out, set an automated dimmer switch ($40 to $75) to turn on lights at odd times.

Tips for Moving with Pets