Thanks for checking out the Real Estate Today podcast. Let’s talk about managing your real estate investment.
Bob: I’m Bob Nelson, real estate investment broker with Pacwest Real Estate Investments.
Marcia: I’m Marcia Edwards, residential broker with Windermere Real Estate. Now I say I’m the residential broker, but I do believe that a residential piece of real estate is also an investment. It’s one of the biggest investments you’ll have in your lifetime. In looking at this as an investment, I want to talk a little to the point, we want to talk a little to the point of what you do to manage that investment.
Bob: First of all, understanding what you have and understanding how pleased you are with the situation is particularly important. Now unfortunately, people have a tendency to wait until they’re absolutely fed up or some disaster has occurred in their life before they start to make a move. You can do it that way. It’s life by accident, but there’s a better approach and Marcia would be a great person to talk to for residential needs. Maybe you’re outgrowing the property because people have moved out, empty nesting or you got more whatevers.
Marcia: I’ve also learned not to overgeneralize in the empty nesting terminology.
Bob: Right.
Marcia: I just went yesterday to a couple’s home and they’re 70 something. They’ve got four stories of house and they are using every room. They’re enjoying it. They’re embracing it. They’ve got care for their [lawn and 01:20] yard by someone else. They’re living in a space where their kids’ memories lie and they’re happy there and the kids come home and they’re still coming for the holidays. In that case, just be prepared. They still called me in and said, “I want to know my value of my house and I want to understand that I’m not doing anything that’s sliding me backwards in that value over time.” That conversation was relevant, was not a waste of my time. It didn’t cost them money and now, they’re going to have a good finger on the pulse in the event something does change.
Bob: Absolutely. This is something that maybe you do what, once every year?
Marcia: Excellent. I would really encourage you to have that conversation once a year and definitely, the time of an event, an event such as having some improvements done on the house or if you have damage in the house and you have to redo some dry rot work or things, I might encourage you to get a hold of dry rot inspection report if no one’s been under the house for years.
Bob: That’s a great idea. You would be absolutely amazed what’s happening beneath the floor surface of your property. We’ve got a lot of moisture, at least it’s just now starting, but we got a lot of moisture and that leads to all kinds of things, termites, Powderpost beetles, etc., and you don’t know it until it’s too late.
Marcia: Don’t hesitate to call me about this just to get an idea of where you’re at. I’m Marcia Edwards at Windermere Real Estate.
Bob: I’m Bob Nelson, real estate investment broker with Pacwest Real Estate Investments.
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