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Reasonable Goals For Buying An Investment Property In Harrisonburg |
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Every investor (or potential investor) comes to the table with different expectations for an investment property that they may choose to purchase. A few examples of this broad spectrum include: Having One's Cake And Eating It Too!
Put more specifically in today's context, most rental properties that an investor could purchase in Harrisonburg today will offer (how exciting!) negative cash flow --- even given a 20% down payment, self-management and self-maintenance. This leads me to two questions every potential investor should be asking.... 1. Should I be investing in real estate in Harrisonburg? If you are seriously considering investing in real estate, Harrisonburg is a great place to buy. While there are still some who believe our home values will eventually, somehow, start falling rapidly, we have seen relatively stable home values over the past several years despite the majority of the country seeing sharp declines. This is likely attributable to our low unemployment, a diverse economy, multiple local colleges/universities, and our proximity to D.C. --- all of which are great economic stabilizers that benefit real estate investors in this area. 2. What should I be buying as an investment property in Harrisonburg? And how should I be buying it? First, you'll need to be patient. As stated above, most properties currently for sale won't be very exciting, even given reasonable investment goals. However, there are, and there will continue to be some properties that can work well --- providing positive cash flow, likely appreciation, a stable tenant base, etc. To properly evaluate such opportunities, however, you'll want to (in my opinion) become comfortable with analyzing the properties and their potential financial benefits through several different lenses (cash flow, tax benefits, principal reduction, appreciation). Read up here for more details. If you are considering purchasing an investment property in Harrisonburg, I'd be delighted to assist you in that process. Get in touch (540-578-0102 or scott@HarrisonburgHousingToday.com) and we can start to discuss your situation and goals. | |
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Don't Sell! If You Can Keep Your First Home As A Rental Property, Do It! |
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If you own your first home now, and are looking to move up to your next home --- I urge you to carefully examine the potential benefits (and risks) of keeping your current home instead of selling it. Your first home is likely an ideal rental property, and you can see enormous returns if you are able to keep your current home as a rental property when you purchase your next home. That being said, I know that many people need to sell their current home to use the proceeds of that sale to use as a down payment for their purchase. Scenario #1 -- Sell After Five Years We'll imagine that your home was a townhouse bought five years ago for $110k, which is now worth $155k. In selling the property, you will clear about $42k after closing costs. (Assumptions: 100% financing at 7% fixed, five years of principal reduction, 6% gross closing costs) Net Gain After 5 Years Of Residency = $42,000 As you can see, this is a hefty payoff after just five years. Certainly, even if you didn't need the funds to roll into your next purchase, it would be tempting to "cash out" by selling your first home. Scenario #2 -- Sell After Ten Years (total) We'll again imagine that your home was a townhouse bought five years ago for $110k, which is now worth $155k. However, instead of selling the property, you rent it for $875/month, with a super conservative 1% per year increase in rental rate. We'll also assume that your insurance, property taxes, and property value go up 3% per year. If you keep the property for another five years after moving into your new home, and then you sell it, in addition to getting the roughly $42k out that you would have netted after five years, you'll also likely experience:
Scenario #3 -- Sell After Thirty Years (total) But what if you kept it all the way until the end of the 30 year fixed rate mortgage? Then things would be looking excellent! In addition to getting the roughly $42k out that you would have netted after five years, you'll also likely experience:
The Risks Certainly, as in any investment scenario, there are risks. Here are a few:
The Benefits I believe the benefits CAN outweigh the risks, depending on your own personal financial scenario. Instead of cashing out after 5 years for $42k, you can have tenants pay off the remainder of your mortgage, while you get to enjoy the monthly excesses as rental rates go up, and you eventually get to realize the appreciation of the property. After 30 years, you are likely to have received a net of $353k instead of just $42k. Wow! | |
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Do Townhomes in Harrisonburg Hold Their Value? |
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This is a fascinating question, asked by a potential townhouse buyer who is concerned that townhouse values might be more volatile than single family homes because there have been so many townhouses built in the Harrisonburg area over the past several years. Here is my best attempt at evaluating how townhouses in Harrisonburg hold their value compared to single family home . . . Most of the new townhome communities in and around Harrisonburg have been built during the past six years, so I began by comparing how the median price of townhomes changed over the past six years (2003-2009) as compared to the median price of single family homes. I found that townhomes increased in value by 51% during this time period, while single family homes only increased in value by 42%.  Next, I thought it might be interesting to see how each property type has fared in the most recent three years (2006-2009) in a tough market with very little price appreciation. Comparing median price changes between 2006 and 2009, I found that townhomes increased in value by 1% during this time period, while single family homes LOST 8% in value.  Finally, just for good measure, I thought I'd stretch back even further and look at how the median prices of townhomes have changed over the past nine years (2000-2009) as compared to single family homes. I found that townhomes increased in value by 83% during this time period, while single family homes only increased in value by 70%.  Having examined value trends in a 3-year, 6-year and 9-year window, I'm quite comfortable asserting that townhomes grow in value, and maintain their value better than single family homes. Or, at least, they have in Harrisonburg and Rockingham County for the first nine years of this decade! Median price data source: October 2009 Harrisonburg & Rockingham County Real Estate Market Report | |
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Is Harrisonburg Nearing Break Even Again On 80% LTV Investment Properties With Conservative Calculations? |
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 Many (many, many, many) townhouses were built in Harrisonburg between 2002 and 2007. They are still being built, but not at the same pace. The principal reason for this shift in building is that home values increased faster than rental rates. As such, a smaller and smaller pool of investors are considering purchasing townhomes as income generating properties --- though that may be changing again. Let's see how things compare when buying an income generating property in 2002 versus today. In 2002, a new two-story townhome in the City could be purchased for roughly $100,000, and rented for approximately $725/month. Here's how the annual cash flow looks: + $8,338 of rental income ($725 x 11.5 months) As you can see, this is a barely break even scenario using the conservative calculations above, though more positive cash flow was achieved by most investors by managing the properties by themselves, and because very few repairs were needed.- $5,916 for mortgage payments (80% LTV at 6.25%) - $750 for property management (9%) - optional - $590 for property taxes - $360 for property owners association dues - $300 for repairs - likely unnecessary - $252 for home owners insurance Cash Flow = $170 GAIN in the first year Fast forward to 2009, and here's how the cash flow might look on a new two-story townhome in the City that can be purchased for roughly $150,000, and rented for approximately $900/month: + $10,350 of rental income ($900 x 11.5 months) - $8,172 for mortgage payments (80% LTV at 5.5%) - $932 for property management (9%) - optional - $885 for property taxes - $360 for property owners association dues - $300 for repairs - likely unnecessary - $378 for home owners insurance Cash Flow = $677 LOSS in the first year As you can see, an investor would now have to bring more than 20% as a down payment to even break even in this townhome scenario. There are plenty of investors who do bring more than 20%, or who pursue other properties with better cash flow characteristics, but hopefully this is indicative of how the investment property landscape has changed over the past seven years. But --- perhaps some of those investors are, or should be, looking at the Harrisonburg market yet again. You see, there are quite a few townhouse owners who bought back in 2000, 2001, 2002, or 2003 who bought when townhouse prices were very low. If they haven't refinanced, or taken out a home equity line of credit (HELOC), they likely have a loan payoff significantly below what the market will bear for their townhouse. Thus --- there are deals to be found with investment properties right now in Harrisonburg. They won't always jump out at you, as they may be listed at reasonable "market price" --- but if the owner is motivated to sell, and they bought 7-10 years ago, they likely have quite a bit of equity with which they can negotiate. If you are looking for an income generating property, feel free to call me (540-578-0102) or e-mail me (scott@HarrisonburgHousingToday.com) and I can assist you in determining whether we can meet your investment goals given the opportunities in today's market. | |
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How Much Will I Pay In Capital Gains Taxes When I Sell My Investment Property? |
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 First, here's how to calculate your gain or loss on the sale of your investment property.... Selling Price - Purchase Price - Purchase Costs - Improvements - Selling Costs + Depreciation You may have heard of short-term and long-term capital gains --- the difference is in the timing.... If you sell an investment property within one year (including one year exactly) of purchasing it, your "short-term capital gain" will be taxed at the same level at which your ordinary income is taxed. This could be at a rate as high as 35%, but depends on your income level. If you sell an investment property after one year of owning it, your "long-term capital gain" will be taxed at either 0% or 15%. If you (as an investor) are in the 10% or 15% income tax bracket, you will pay 0% (yes, that's right, no taxes) on your long-term capital gains. If your income tax bracket is above 15%, you will still only pay 15% tax on your long-term capital gain. This is important to note, as an investor might pay a 25% tax on their ordinary income, but can pay significantly less (only 15%) on their income (long-term capital gains) on investment properties in that year. Of note, these tax rates (0%, 15%) only last through the end of 2010 given current legislation on the books. If they aren't extended, they will revert back to the previous tax rates of 10% and 20%. | |
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Everything You Need To Know About Buying An Investment Property in Harrisonburg, Virginia |
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This won't actually cover absolutely everything you need to know, but I believe it will give you a good overview. These questions were posed by a reporter from the Shenandoah Valley Business Journal, and my responses (below) were in print a month or so ago. If you missed the newsprint version, keep reading... 1. Is real estate still a good investment? What should investors know about this market? Real estate is still a good investment over the mid to long term time horizon. The days, however, of buying an investment property and selling it for a profit one year later are likely gone for good. Our local market experienced record price increases between 2003 and 2006 --- which brought a lot of new investors into our market. The perfect storm included a combination of low prices as compared to rental rates, low interest rates on investment loans, and lenders willing to finance 95% - 100% of an investment loan. In 2003 a brand new two story townhouse would sell for $100k and rent for $750/month. Three years later, in 2006, the same townhouse would sell for $160k and rent for $900/month. The 60% increase in value was accompanied by just a 29% increase in rental income. As becomes evident, the investment opportunities are not as exciting now as they were in 2003. 2. What's the difference between residential and commercial investing? Is one better than the other? A "residential investment property" is typically a single family home, townhouse or condo that will be rented to a tenant with the rental income being used to pay the monthly mortgage payment. A loan on a residential investment property will often be amortized and paid off over 30 years, similar to loan on a home being purchased as a residence. A "commercial investment property" might be a duplex building, a small or large apartment building or complex an office space, a shopping center, a farm, undeveloped land, or factory space. A loan on a commercial investment property may be amortized over 20 (or possibly 30) years, but it often will have a balloon payment after 3, 5 or 7 years --- requiring the borrower to pay off the loan or refinance it. Commercial investing is much more complex, with many factors to analyze to understand the value of any given investment opportunity. Residential investing is a much more straight forward analysis with fewer variables. Given this basic difference, those considering investing in real estate for the first time should like start with residential investing to familiarize themselves with the concept before considering the purchase of a commercial property. 3. What should potential investors look for in an investment property? Most investors start by examining cash flow --- how much cash the property will generate each month compared to the expenses that must be paid. The expenses may include: a loan payment, taxes, insurance, repairs, association dues, management expenses, utilities, advertising and supplies. Just a few years ago, positive cash flow (more income than expenses) could be achieved with 80% of even 90% financing. Today, there are many available investment properties that barely (if at all) provide positive cash flow when financed at 80%. This change is a result of property values increasing more rapidly than rental rates. After understanding the cash flow of a property, an investor should also analyze their potential one-time maintenance costs upon purchasing, or within the first few years. If a property has wonderful cash flow, but needs new flooring, paint, appliances, windows and a roof, then it is not as exciting of an opportunity as it may have first appeared. Additionally, an investor should examine other investment properties in the same neighborhood or area to evaluate whether property values and rental rates are stable, increasing, or decreasing. There are a variety of other aspects of an investment property that should be evaluated as well, including the tax consequences of buying and the potential benefit from principal reduction, tax savings and appreciation. 4. How long should investors plan to commit to their property? There are a limited number of opportunities for flipping a property in our current market. There are still, occasionally, properties that can be purchased, fixed up, and re-sold for a profit. Most investment properties, however, will need to be held/owned by the investor for at least 4 to 5 years. Residential properties in Harrisonburg and Rockingham County increased in value by an average of 15% per year between 2003 and 2006. In contrast, they decreased in value by an average of 0.67% per year between 2006 and 2009. An investor could have bought and sold in a 1 year time horizon in 2003, 2004 or 2005, but since then the time horizon would need to be much longer. While an investor won't necessarily see quick gains in appreciation if they buy an investment property now, they will have the potential for lots of negotiating room on price depending on the property being considered. That opportunity to buy below the value of other comparable properties, combined with record low interest rates, makes it a valid time for an investor to consider a purchase. 5. What tax and legal issues should investors consider before making their purchase? Consult a tax accountant and an attorney! Some of the issues that deserve consideration include: increased tax liability based on investment property income, the short and long term impact of reported property depreciation, methods for limiting legal liability, the best type of ownership structure for investment properties (personally owned, LLC, corporation, etc) 6. How does the Valley compare to the rest of the state/country in terms of investment potential? The Shenandoah Valley has not seen dramatic drops in property values that have occurred in other parts of the state and country. As a result, we may not have as many great investment opportunities in the short term, but the investor is also likely more protected from value drops in the long term. Our real estate market, and local economy have proven to be much more stable than other economies, which provides value to the investor because of a lower likelihood of losing tenants, or having difficulty leasing a property. 7. There are lots of programs designed to help first-time home buyers enter the market. Are there any incentives for investors? The government has created many incentives for first-time buyers, but there are very few incentives for investors. Investors, in fact, were a large part of the turmoil seen in real estate markets across the country. In many larger markets, investors were speculating on new construction --- signing contracts to buy 10 or more condos or other residential properties, and then selling them by the time the construction was complete to the eventual end user for 20% (plus) more than their contract price. Large scale investor speculation on new construction led to higher prices than would have been experienced otherwise, as well as a false sense of demand that led to some of the overbuilding in those markets 8. What are the best resources for potential investors? There are many concepts, calculations, measures and benefits that an investor must understand as they are considering an investment property purchase. Perhaps the most important is to understand the nature of and changes in the local real estate market -- for this, I recommend that investors review the market reports on HarrisonburgHousingToday.com. Investors interested in foreclosures can either review the printed "Trustee Sale" notices in the Daily News Record, or browse recent foreclosure notices on HarrisonburgForeclosures.com. Perhaps the most important is finding a Realtor who can assist you in evaluating individual investment properties, and comparing several investment opportunities side by side. | |
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Buying real estate for your son or daughter to live in while they attend JMU |
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 Many parents of JMU students consider buying a property in Harrisonburg for their son or daughter to live in while attending college. This can be a great financial alternative to paying several years of rent, especially if there is, or may be more than one student in a family attending JMU. But you can't just come to Harrisonburg, buy any property, and put your students and all of their friends into it. Here's what you need to know about buying houisng for your JMU student to live in with friends:
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Examples of Great Deals in Harrisonburg |
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Yesterday, I mentioned that there are good deals available on investment properties in Harrisonburg, with the key to finding them being: Seek properties listed at prices under market value in neighborhoods (subdivisions) where it is easy to understand market value. To continue that theme, here are a few examples of what I'm referring to: 1296 Victorian Village Drive (Beacon Hill) Asking price: $139,900 Average recent sale price: $155,633 Average current list price: $152,720 view details 1043 Meadowlark Drive (Reherd Acres) Asking price: $136,100 Average recent sale price: ~ $150,000 Average current list price: ~$150,000 view details There are other possibilities on the market right now, and these opportunities will continue to present themselves over time. If you have funds available (10% - 20% of the purchase price) to buy an investment property in Harrisonburg, I'd be more than happy to help you sort through the available properties to find some of your best options. | |
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"Good Deals" on Investment Properties in Harrisonburg |
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I met with a client earlier this week who has funds available to purchase an investment property, and we were contemplating what might make the most sense in the Harrisonburg. Here's what we came up with... Seek properties listed at prices under market value in neighborhoods (subdivisions) where it is easy to understand market value. If we consider, for a moment, townhouses and duplexes in the City of Harrisonburg --- we find that most of these properties are barely viable investment properties given their current market value and the rental income that they can generate. Most new-ish two-story townhomes in the City are selling between $155k and $165k, and might generate $850-$950 per month in rental income. When you consider 80% financing, insurance, taxes, association fees, you'll likely have (on average) $900 of rental income to offset (roughly) $900 of monthly expense. This "barely break even" scenario can make sense to some investors --- they are not only in it for the monthly cash flow, but also for the tax savings, principal reduction and appreciation. But consider this --- if you can purchase a townhome in one of these communities between $135k and $145k, the scenario can be quite different. Dropping the purchase price by $20k reduces your monthly obligations by approximately $110, which creates a nice buffer between income and expenses. Furthermore, you will likely be picking up some "instant equity" because you are buying below market value. A few important notes:
Feel free to call me (540-578-0102) or e-mail me (scott@cbfunkhouser.com) to get started. | |
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Analyzing Investment Properties |
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When considering the purchase of an investment property, you ought to account for the following investment benefits:
Click on the image for more detail.  | |
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Fannie Mae empowers real estate investors! |
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 Fannie Mae's current policies don't allow an investor to finance any more than four properties backed by Fannie Mae. Thus, if you own the home you live in, you could only purchase three additional properties as an investment. This has directly affected several of my clients who have had to stand on the sidelines, or seek a commercial loan as they considered recent investment purchases. THE GOOD NEWS --- effective March 1, 2009, an investor will now be able to finance up to 10 properties through Fannie Mae! Fannie Mae does, however, put some rather significant limitations on this new policy. This summary is my interpretation of the new policy, but I encourage you to talk to read the policy yourself as well:
Thanks to Jeremy Hart, a fantastic Realtor in Blacksburg, VA for bringing this to my attention! | |
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New rules limit real estate investors to four loans |
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 One of my clients forwarded me a story from the Atlanta Journal-Constitution, which discusses new Fannie Mae and Freddie Mac rules that states that Fannie and Freddie will only back up to four real estate loans by one person. This new four-loan rule apparently replaced a previous limit of 10 loans, and was is in place to keep inexperienced or start-up real estate investors from over-investing. The four-loan limit does not allow for any exceptions for income, assets or credit scores. In checking with a local lender, I was told that if a borrower has more than 4 non-owner-occupied homes and a primary residence, no one but a commercial lender can help them on their next investment purchase. So, what is the solution?? One option is to move several existing residential investment loans into a commercial "blanket loan" thus removing residential loans from their balance sheet. Commercial loans on residential properties don't count against the four loan limit if they are in an LLC. If any lenders or investors know of any other options with this new loan limit, please let me know! | |
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Looking for investment properties in Harrisonburg? |
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 Some investors wonder whether there are any good opportunities anymore in buying investment properties. You will find good investment opportunities if...
If you're interested in seeing either of these properties, or having an investment analysis for these or other properties, feel free to call (540-578-0102) or e-mail me (scott@cbfunkhouser.com). | |
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Buying A Foreclosure Property Before The Sale |
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 Can it be done? YES! Is it easy and fun? NO!Properties in Harrisonburg and Rockingham County that are being foreclosed on are almost always advertised in the Daily News Record as an upcoming "Trustee Sale." When I see good opportunities in these notices, I post the trustee sale details on my blog. Oftentimes, information about these foreclosure sales is available several weeks before the actual sale, and thus interested buyers sometimes wonder if it is possible to short circuit the foreclosure proceedings, and buy the property before the sale. The simple answer --- yes, this is possible. However, there are typically a few obstacles: Owners in denial --- or seclusion --- or anger! Being in situation where you can't pay your mortgage any longer, and the bank is foreclosing on your home is not AT ALL a fun situation to be in. I don't at all intend to make light of the unfortunate light that some homeowners find themselves in. And thus, if you are hoping to purchased a foreclosure property prior to the trustee sale, it is important to consider the perspective of the homeowner. Many such homeowners are in denial --- thinking or hoping that they will catch up on their mortgage payments such that the sale will not take place. Others will be very difficult to reach, and it won't be possible to discuss a way to help them sell their home without being foreclosed upon. And some homeowners will be downright angry if someone contacts them about their home, and it's status as a pre-foreclosure property. The lender can't sell you the home before the trustee sale, so if you are to attempt to purchase it beforehand, you'll have to deal with the homeowner. Be careful how you broach the subject, and be sensitive to a time of difficult life circumstances! The timing will be tight! While there are often several weeks between the first notice of a foreclosure and the actual foreclosure sale, if you are financing the purchase, you will need every last day of it if you hope to purchase the property before the sale takes place. If you are purchasing the property with cash, or if you already have your financing lined up, you may not have as much of a time crunch. Sometimes the lender will postpone the foreclosure sale if they can be assured of a pending successful sale of the property that would pay off their loan. If they have doubts as to the buyer's performance, or doubts as to whether the purchase price will pay off the remaining balance of the loan, they may foreclose as planned. If you are going to attempt to buy a foreclosure property before the sale, be sure to have all of your financing details arranged ahead of time! Those second lenders don't like being in second place! Finally, it is important to recognize that there is sometimes a second mortgage or line of credit on the property being foreclosed upon. If a primary loan of $180,000 is being foreclosed on, it won't necessarily work for you to swoop in and offer the owner $181,000 because you know this will pay off their first mortgage and because you know the property is worth $200,000. If a second mortgage (of perhaps $10,000) is in place, the owner won't be able to sell the property to you unless they have other funds in place with which to satisfy the second loan. The potential existence of second mortgages doesn't mean you shouldn't pursue a foreclosure property prior to the sale, but it does mean that it will be worthwhile to do some preliminary research before making a proposal to the homeowner. It can be beneficial for multiple parties to purchase a home before it is foreclosed upon. You, the buyer, can get a good deal on the house. The seller can avoid a foreclosure scar on their credit history. The lender can avoid the hassle and cost of foreclosing on a property. But if you are going to attempt this feat of real estate acrobatics, be sure to review the factors above and consider how to adjust your proposal to make the scenario work best for all involved parties. Some additional light reading on foreclosures: - Types of Foreclosure Opportunities - How & Why To Buy Property At A Foreclosure Sale | |
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What on earth is this "cap rate" you keep talking about? |
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 No --- that's not a cap rate!! Simply put, a "cap rate" is a measure of how quickly your investment is being returned to you. By your "investment" I mean the value of property that you have purchased. by "returned to you" I mean the amount of money that a property generates in a year. The cap rate formula is . . . Net Operating Income / Purchase Price So if you buy a property for $160k, rent it for $975 per month, and have $1,500 of annual expenses, you have a cap rate of 6.375%. ( ( 975 * 12 ) - 1500 ) / 160,000 = 6.375% Care to know more? Read these . . . What Is A "Cap Rate"? Harrisonburg Single-Property Cap Rates Harrisonburg Multi-Family Cap Rates Would you like help calculating the cap rate on a property you own, or are considering purchasing? Call me (540-578-0102) or e-mail me (scott@cbfunkhouser.com). | |
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Harrisonburg Single-Property Cap Rates |
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Cap rates vary over time, as market conditions change. Here is a brief analysis of current cap rates for single properties in the Harrisonburg area as of May 2008. | |
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What Is A "Cap Rate"? |
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The "cap rate" or capitalization rate of a property is what I call an an "investment measure." It is a value that compares the income generated with the acquisition cost of an investment.
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Harrisonburg & Rockingham County Foreclosures |
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For some time now, I have been posting the details of foreclosures on my blog. I began to post all Harrisonburg and Rockingham County foreclosures because I have had clients interested in buying foreclosed properties. I'm making a change starting today, that I believe will still well serve my clients, and those interested in foreclosure properties. First, let me explain that I categorize foreclosures into three areas:
As I move forward, I will only be posting the foreclosure properties that I would categorize as a "good" or "great" opportunity. | |
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Foreclosure: 730 Virginia Avenue, Harrisonburg |
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Foreclosure: 1121 Rebecca Ridge Court, Harrisonburg |
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Scott Rogers
Coldwell Banker
Funkhouser Realtors
540-578-0102
scott@cbfunkhouser.com
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