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Top 5 Tips For Becoming a Landlord

March 5, 2018 by Raanan Katz

Top 5 Tips for Becoming a Landlord - raanan karz

With today’s housing market in a sharp decline, most people are finding that renting has become a better alternative for them. To take advantage of such a spike in the rental market, there are steps one can take to not only becoming a landlord but becoming a great landlord.

  • Know the law

If you are going to become a landlord, you absolutely must be aware of what the laws are specific to your state and how they affect you as a landlord. You need to know the laws regarding security deposits, how much notice to provide before entering a premises, and even what your rights as a landlord are. In addition to state specific laws, you’ll also have to be aware of laws that are put in place by the federal government. These laws mostly are concerned with fair housing and anti-discrimination laws.

  • Research your prospective tenants

This cannot be stressed enough. If you have prospective tenants applying for apartments, you will want to make sure that you’re picking responsible tenants who will pay their rent on time because, ultimately, this is a business (more on that later). A good rule of thumb when screening your prospective tenants is to focus on income levels, if there are any prior evictions, that they have good references, and that they generally have a clean background. By doing your research, you’ll have the best tenants possible residing in your unit(s) and can start the tenant-landlord relationship off on the right foot.

  • Respect is key

Once you’ve filled your unit(s) with tenants, you may find that you don’t “jive” with them on a personal level after all. No matter your personal feelings towards them after renting to them, if they prove that they are able to pay their rent in a timely manner, are decent tenants, and aren’t causing damage to your property, then you should afford them the same respect that you would desire they give to you. If there isn’t mutual respect in the tenant-landlord relationship, there will be disputes about small details that come along far too often and it could negatively affect future tenants if your current tenants pass on the “bad review”. Reputation always plays a factor into being a landlord. So, you want to ensure that your reputation isn’t tarnished but instead shines when prospective renters are searching for their next homes.

  • This is a business, not a hobby

All too often, the reason that most landlords fail is because they try to be the “cool” landlord who allows tenants to, essentially, do whatever they want. Landlords need to remember that this is their business. It’s not a fun hobby that they can pick up and drop whenever they want. There are property taxes involved as well as insurance for the unit(s), and obviously preparing the unit(s) for the tenants. Landlords invest a large sum of money into a property before they are able to even rent it out. You need to remember that, bottom line, you must have a return on your investment. Otherwise, you will always be in the red.

  • Forget about getting “rich quick”

As previously mentioned, being a landlord boils down to remembering that it is a business. If you’re expecting to make copious amounts of money rather quickly, you should perhaps select a different career journey to go on. There are always the upfront costs but there are also the costs of maintaining a unit or a building. There are plenty of strategies for investment available, you simply need to find the one that suits your needs and your resources.

 

Becoming a landlord is not necessarily a difficult thing to do. It just takes a good investment strategy, a firm understanding about rental laws in your state and at the federal level and, most of all, patience. Be patient with your tenants when they have requests regarding their unit(s). Be patient and know that you may not have a large return in your first year. Lastly, be patient with yourself and trust that, after all your research and preparation, you can succeed at becoming a great landlord.

Natural Sights to Visit in Florida

April 19, 2017 by Raanan Katz

 

Natural Sights in the Miami Area - Raanan Katz (2)

 

There’s no denying that Florida is filled with nightlife and excitement, but there’s a different side to the this area that few rarely think about: the natural sights of Florida. Florida offers tourists and residents the chance to take in the beautiful wildlife and plant life that is unique to the area. The following places are not necessarily sought after by tourists, but they do offer visitors the chance to get in touch with nature.

 

The Florida Keys

Located at the tip of Florida, the Florida Keys are on many people’s checklist when it comes to visiting the area, and it’s no surprise why. The 120 mile stretch of the Florida Keys offer crystal clear waters, a chance to see sea life like manatees and dolphins. Take a swim or, f you’re feeling adventurous, try snorkeling in the water to truly experience the serene setting.

 

Timucuan Ecological & Historic Preserve

Located in Jacksonville, the Timucuan Ecological and Historic Preserve gives visitors a history lesson in addition to a beautiful area to look at. Before Europeans came to America, this area was ruled by Timucuan Native Americans and for 6,000 years this area was preoccupied. Learn the ways that humans were able to take advantage of the land throughout the centuries and what species of animals also live in the area.

 

Gulf Islands National Seashore

The Gulf Islands National Seashore stretches across the beaches of Mississippi and Florida, with many different spots along the way to visit. Along the shores, you can take in the natural beaches, hiking areas, wildlife, and even historic sites. For example, the Fort Pickens Area is home to Fort Pickens, one of 4 forts that were built to defend the nation. It was used throughout the Civil War and was even modernized years following the war. Tours are available daily on the fort.

 

The Everglades

The American Everglades is a huge reserve in the south of Florida that covers 1.5 million miles. Within the reserve lives hundreds of species of protected wildlife, hiking, canoeing, and events throughout the year. Be a part of a tour group and learn about the endangered species that live in the area, or learn about the effects of climate change and unique ecosystems that thrive in the Everglades.

What You Need to Know Before Moving to Florida

March 16, 2017 by Raanan Katz

What You Need to Know Before Moving to Florida

 

To many people, moving to Florida would be a dream come true. Harsh winters and expensive costs of northern large cities can make those in the north look to the south for better options. It could be a great move, depending on what you’re looking for, but there are things to consider before making the big move to Florida.

 

There are Distinct Areas

 

In Florida, there are distinct areas of Florida: Northern, Central, and Southern Florida. Each section has its own sense of culture and there are distinct features for each area. For example, there is a huge difference between living in Miami and living in Fort Lauderdale. My advice is to research each area and, if possible, visit each area so that you have a good idea of what kind of place you’ll be moving to. Some areas are busier than others, and some may have more employment opportunities than others. Within each of the areas in Florida, there are even more distinct cultural areas within them. For example, within Miami, there are many distinct districts, each having their own unique personalities.

 

Cost of Living

 

Compared to the majority of the United States, the cost of living in Florida is in line with other parts of the country. According to cost of living, the state of Florida comes in 99 out of the 100 national index and living expenses and cost of goods is in line with the national average. However, the cost of living in different areas of Florida can be drastically different. The average rent amount for a one bedroom apartment in Miami is $2025, however in Gainesville, the average drops dramatically to $955 per month. Do your research before the move to see how your current location compares to your new destination in Florida by visiting the Cost of Living Calculator on Nerdwallet’s website.

 

Tourism Capital

 

It’s no surprise that Florida brings the tourists. With Disney World, Universal Studios, and the beautiful Florida beaches on every shoreline, Florida is definitely a tourist destination. Florida cities like Tampa and Miami are regularly visited by tourists, specifically spring break students. If you’re planning on living in one of Florida’s tourist cities, just know that the traffic is probably going to be difficult to navigate at times and it could get busy during the months of major tourism.

 

Neighborhoods of Miami

February 24, 2017 by Raanan Katz

Miami is home to many unique and interesting neighborhoods and each one has its own personality. Some areas are better for families while others are great for college students and young adults who enjoy the nightlife. Miami offers a wide variety of different vibes from calm and tranquil areas to active business districts. No matter what you’re looking for in a neighborhood, Miami is sure to have a spot for you.

Miami_neighborhoods_map

 

South Beach

I have mentioned South Beach many times in my articles because it has so many interesting Art Deco designed buildings in it. It’s a great place for active young adults that want a neighborhood that feels alive all the time. If you are a lover of the beach, Miami is always going to be a great place to live, but South Beach is the best location to get the most of living close to the ocean. For those with families, South Beach might not be the best option because there’s little room to move around because it is so crowded, but for those looking for a great nightlife spot and gorgeous places to walk, check out this neighborhood.

 

Coral Gables

If you’d rather have more room to move around then Coral Gables is a great spot to look. This area is more residential than South Beach but is just as beautiful. They have a great art culture, offering events every first Friday of the month. According to the website for the city of Coral Gables, this area has 11 places that are listed on the National Register of Historic Places. For families, Coral Gables seems like the perfect place to live with it’s great selection of private and public schools, as well as lovely gardens and interesting museums for the whole family.

 

Brickell

This neighborhood has seen tremendous growth in recent years and has become one of the up and coming areas of Miami. Located in the Financial District, Brickell is easy to navigate with readily available transportation options to other parts of Miami and is easily walkable. This neighborhood is a great choice for young professionals that want to be close to their jobs downtown and also have sophisticated shopping areas and an array of restaurants to pick from each night.

 

Skyscrapers to Change Miami’s Skyline

January 31, 2017 by Raanan Katz

miami skyline

At present time, the Four Seasons Hotel is the tallest building in all of Florida at 789 feet high, and until recently no other buildings were allowed to be taller than it because of regulations with the Federal Aviation Administration (FAA). According to the FAA, skyscrapers could not be taller than 800 feet but have recently lifted this ban in May of 2015 and plans for new tall buildings have been popping up. In this race to the top new construction plans are underway and the skyline of Miami will soon look very differently.

 

One Bayfront Plaza

One of the most impressive future skyscrapers, One Bayfront Plaza, is currently being constructed and is going to be the tallest building in the southeastern United States. Upon completion, the building will stand 1,005 tall and have a plethora of amenities within the space including offices, a hotel, a mall, and condominiums. Florida East Coast Realty is in charge of constructing the 80 floor skyscraper will dwarf the rest of the buildings in the Miami skyline. The plans are just below the FAA’s new height regulation that is put in place for the safety of aircrafts flying over the city.

 

Echo Brickell

Another skyscraper approved for construction is the Echo Brickell, which is expected to be completed sometime this year. The Echo Brickell building is located in Brickell, the financial hub of Miami, close to downtown and easily navigable to other parts of Miami. This building will be the home to professionals of Miami who want to experience the ultimate in luxurious living. These penthouses will not only offer exceptional views of the ocean and downtown, they are equipped with the best technology available.

 

SkyRise Miami

Another skyscraper currently under construction is the SkyRise Miami Observation tower. Located in Biscayne Bay, this skyscraper will be a major entertainment attraction for tourists and residents alike. Daredevils will be able to bungee jump inside the tower or ride a free fall ride called SkyDrop. They are also planning on having this tower be a shopping destination with a variety of dining options and live music.

 

Celebrities That Own Real Estate in Miami

January 19, 2017 by Raanan Katz

The Miami area is home to beautiful sunsets, a lively nightlife, and miles of gorgeous beaches. It’s no wonder that because there are so many excellent parts of Miami there are also many celebrities that flock to this area. Unlike most of the country, Miami hosts mild winters and warm ocean water almost all year round. The following celebrities own real estate in Miami and they enjoy the many perks to living in this area.

 

Anna Kournikova

This former world-renowned professional tennis player originally lived in Russia until her and her family emigrated to the United States. Back in 1998, Anna played in Miami at a tournament, creating a name for herself in the tennis world. She now lives with musician, Enrique Iglesias in the beautiful bay area of Miami.

 

Julia Roberts

The Pretty Woman star owns real estate around the world, and Miami is no exception. Julia Roberts is a resident of Fisher Island, Florida. Fisher Island is a barrier island that is a part of the Miami metropolitan area.

 

Barry Gibb

This 1970’s singer from the Bee Gees has lived in Miami for years in his mansion that is estimated to be worth $4 million. Barry also lives at Nashville when he’s not living it up in Miami.

 

Phil Collins

In 2015, Phil Collins bought a mansion neighboring Barry Gibb’s residence. The musician bought his $33 million dollar home that had originally belonged to other singer, Jennifer Lopez. The home was originally built in 1929 but has had major renovations since then.

 

Michael Bay

Film Director, Michael Bay, bought Hulk Hogan’s former residence that is perched high above the Intercoastal Waterway. When Michael originally bought this home, he asked the architect that designed the mansion for help with designing the interior. Michael took on huge renovation projects to create a space of his own.

An introduction to Raanan Katz and RK Centers

January 20, 2016 by Raanan Katz

I’m unbelievably proud of where I’ve gotten to in life and with my company. Its gives me great joy to help people find homes.

Raanan Katz Biography from Raanan Katz on Vimeo.

 

Miami Real Estate: December

January 6, 2016 by Raanan Katz

US Home Prices Rise, but not in Miami

Home prices, raanan kats

Home prices rise across the nation, but not in Miami

Throughout the Fall, the nation saw a rise in home prices. The Standard&Poor’s/Case-Shiller 20-city home price index rose 5.5 perecent between October 2014 and October 2015. Home values rose about 5% during 2015 and while they did so, unemployment decreased down to 5%. A better job market is making for more people buying homes. However, home listings haven’t been able to keep pace. So what we’re getting is not necessarily in increase in homes sold, but an increase in the price of each home sold given competition for what few listings are available. This limit in inventory seems to be serving newly listed homes better than existing homes. Existing homes dropped 10.5%. Mortgage rates are looking stabilized thanks to 30-year fixed-rate mortgages averaging less than 4%, whereas mortgage rates have traditionally hovered closer 6%. This increase in housing prices has primarily affected San Francisco, Denver, and Portland, Oregon. Miami, in addition to Tampa, Detroit, Minneapolis, and Cleveland, is still maintaining lower pre-recession prices.

Matheson Estate Goes for $47 Million

matheson estate, raanan katz

The new mansion built on the Matheson Estate

The picturesque Matheson Estate located on Key Biscayne just sold for $47 Million. The anonymous new owner has built a modern mansion on the property. The Matheson Estate was once home to the wealthy industrialist W.J. Matheson during World War 1. In 1908, Matheson bought a 1,700 acre estate and built an opulent mansion he called Mashta (“resting place” in arabic) House. in the 1930s the house was badly damaged by storms and was eventually abandoned. Years later in 1989 it was acquired by Fernando Caballero for $1.3 million. And just the other day it was acquired for $47 million.

South Beach

the webster, south beach, raanan katz

The Webster, South Beach

“This beachfront neighborhood wasn’t the place where Art Deco was created, but between the spacious, sleek hotels and pastel colors, its appear like one of the truest expressions of the form.” The real estate website Curbed.com recently listed South Beach as one of  10 Neighborhoods that Influenced US Architecture. Some highlights to see include The Webster, The Carlyle, Cadillac Hotel, The Delano, and the Bass Museum. 

Miami: A Billionaire’s Market

September 30, 2015 by Raanan Katz

Miami is a hot market. Whether it’s the trendy Design District or the bustling Ocean Drive, real estate is one of the most attractive elements of the Floridian city. The city’s glamor is quantified in its subsequent real estate trades: everyone wants to own a part of Miami.

Last month, one of the richest people in the world purchased an entire block of the city in one of the largest real estate deals in Miami-Dade history According to an article from The Real Deal, an entire block of Miami Beach’s Lincoln Road traded hands for $370 million to the 79-year-old self-made Spanish billionaire Amancio Ortega.

zaraOrtega, whose fashion empire includes the well-known Zara brand is currently ranked by Forbes as the world’s fourth richest person, pegging his wealth at $70.2 billion.

In 2012, Forbes wrote that Ortega “seems to be using more of his free time to invest in real estate. He has pulled money from Spanish investment funds and poured it into buildings through his Ponte Gadea real estate investment firm.”

Investors started leasing the property in 1999, paying a total of $12 million for spaces that now go for $300 per square foot. Michael Comras was one of these investors who sold the property, saying, “It’s a project that we started 16 years ago, and Jonathan and I felt that we had really created one of the most incredible retail blocks on a High Street around the world,” The timing was right, and “it made sense to sell the asset.”

The sale to Amancio Ortego occurred this August. The Real Deal scoured the Ponte Gadea buyer until they traced the address to Amancio Ortega, who keeps a low-profile in Spain and abroad.

This is a great development in the Miami market. People notice where influential buyers such as Amancio Ortega put their money. And if that’s in Miami, then we are moving in a great direction.

The Current State of Miami Real Estate

February 25, 2015 by Raanan Katz

Raanan Katz Miami Real EstateLocal real estate industry leaders recently gathered in Miami to discuss the real estate market in South Florida. Interest in South Florida real estate from both the United States and abroad has made the real estate market attractive for developers. Due to the increased interest in real estate development in Miami, the luxury market has followed suite and thrived along with the increasing real estate costs. Commercial real estate prices have skyrocketed, as they have doubled over these last six years.

Although the real estate market is looking great in Miami, as buyers are making 50% down payments on condos, experts still believe that there will be volatility. As Miami is becoming a hot bed for real estate, and prices are soaring, developers are turning their focus on under developed neighborhoods with potential expansion. Developer’s favorite so far is the Biscayne Boulevard corridor. The area is right on the bay, close to the beach, has a major road, and there is plenty of empty land for real estate development.

There have also been discussions to create public green spaces in the Miami-Dade area.  One potential project in the rumor mill is a 10-mile bike path under the Metrorail line that goes from Dadeland to Brickell Station. There is plenty of unused space in the area, and public officials are interested in re-purposing that land to give back to their community and increase the allure of living in South Florida. Other proposals have been put forth to convert unused railway tracks into lush pedestrian walkways as seen from the skyline in New York City.

Traffic is an issue in Miami, so city officials and real estate professionals agree that some major additions need to take place in the transportation sector if Miami wants to compete on an international level. To read more about the foreign interest in the real estate market in Miami, please refer to this  blogpost from Raanan Katz.

 

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