Lease Now, Buy Later

Posted on by Red Team Real Estate

House puzzled (2)Red Team Real Estate is hosting a free home buying workshop for first-time or second-chance homebuyers on Saturday, July 29, from 9:30 a.m. to 11 a.m. Saturday’s workshop will take place at 909 W. Magnolia Avenue, Suite 2, Fort Worth, TX 76104. Anyone interested in learning the ins and outs of the home buying process is encouraged to attend.

The no-obligation workshop features industry professionals, Michael Mayes, Owner/Agent, Red Team Real Estate and Paul Duane, Mortgage Loan Originator, MiMutual Mortgage.

“We’ve spoken with many people who want to purchase a home but think they are too far away from making that dream a reality. Our Lease Now, Buy Later workshop allows current renters to gather information and make a plan, so when they are ready to move forward they are confident candidates. After attending our workshop some attendees find they are closer to home ownership than they realized.” said Michael Mayes, Owner of Red Team Real Estate. “The idea of buying a home is intimidating, especially for first-time buyers or those who may have fallen on hard times in the past. We enjoy talking about the home buying process, providing this free workshop to the community is a win-win.”

Attendees have the opportunity to learn about all aspects of the home buying process, including the true picture of renting vs buying, budgeting, savings tips, credit repair, securing mortgage financing, working with a Realtor, homeowners insurance, property taxes, closing cost expectations, and loan programs aimed to assist new and experienced home buyers.

Breakfast is provided for attendees by MiMutual Mortgage who will also be on hand to answer questions about available financing options including, FHA, Conventional, USDA, VA Loans, and more.

For more information, visit www.RedTeamRealEstate.com or register online. You may also call or email Jennifer Wilson at jwilson@RedTeamDFW.com or 817.921.3545 with any questions.

Grand Prairie Medical Office Transaction Facilitated by Red Team Real Estate

Posted on by Red Team Real Estate

Grand Prairie, TX – Another premier investment opportunity has changed hands with the helpRobinson Road Aerial of Red Team Real Estate. Robinson Road Medical Plaza is a uniquely designed three-building medical complex showcasing two beautiful fountains flowing into koi fish ponds.  The three single story buildings, totaling 8,661 square feet, surrounded by a beautifully landscaped concrete parking area. Tenants include well established medical doctors, medical office staffing, hospice services, and a pharmacy.

The sale was facilitated as intermediary by Red Team Real Estate in Fort Worth jointly with Michael Mayes, Owner/Agent and Chuck Precopia, Broker. The buyer, a local investment group, has retained Red Team Real Estate as manager for this property.

“This was a great opportunity for our clients on both sides of the transaction. The growth in this area is phenomenal; I could not be more pleased for our clients and Red Team!” Michael Mayes, Owner of Red Team Real Estate.

The buyer is thrilled with this acquisition’s location and its distinct offerings in the rapidly developing corridor along Highway 161 just blocks from the new Super Walmart Center and near the IKEA in Grand Prairie.

About Red Team Real Estate

Red Team Real Estate, established in 2012 and led by Michael Mayes, provides professional client-centric service by experienced agents dedicated to your needs. Located on historic Magnolia Avenue in Fort Worth, we focus on the best i
nterest of our clients in each and every transaction. We are dedicated to the development of long-term client relationships! Let Red Team handle all of your residential and commercial sales, leasing services, property management, and real estate investments. For more information, visit www.redteamrealestate.com.

Winning. Clients.

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Printable Version

Change of Address

Posted on by Red Team Real Estate

New Location. Same great service.

Lots of exciting changes are happening at Red Team Real Estate. Our big move to the corner of Magnolia and Lipscomb in the explosive Fairmount neighborhood is at the top of the list. In addition

to the almost 3,000 square feet of office space, we’ve grown in numbers to a seasoned team of 8 ready to serve all your real estate needs – residential, leasing services, property management, and commercial.

We had a great turnout for our open house in early May. Many complimented our blending of the old and new. Unfortunately, Stella’s horse, Lady Blu, was unable to make an appearance (as you know, she’s got a busy horse schedule).
“We’re excited to be on Magnolia where it’s such a happening place,” said Red Team owner, Michael Mayes. “My favorite moment of the move happened when the guys came to put the signs on the window. Of course, it was almost 2 o’clock on the day of our open house so that might have had something to do with it, but I was still so proud.” 
The new digs have ample office, conference, and gathering spaces with beautiful views of downtown Fort Worth and Magnolia Avenue. We’re looking forward to neighborhood events where Red Team can stay involved. If you’re in the area, please drop in, it would be great to see you!

Thinking About Buying or Selling A Home In 2016?

Posted on by Red Team Real Estate

Here’s What You Need To Know…

Who could forget the nightmare of the foreclosure crisis? Borrowers didn’t understand the terms of their loans, many were blindsided by last minute changes in fees and rates at the closing table—essentially, home buyers were most upset about the lack of disclosure in the mortgage process.

Since then, the Consumer Financial Protection Bureau has been working on making the loan process more transparent than it had been leading up to this, and as of October 3, 2015, there are two new forms that have replaced the previous (four) more misleading and confusing ones.

Both the Loan Estimate and Closing Disclosure are intended to streamline the loan application process and make it easier for borrowers to understand their contract by clearly spelling out the most relevant details all on one page—including the interest rate of the mortgage loan, the amount of the monthly payments and a listing of all the closing costs. Even if you apply for an adjustable rate mortgage, your documents will explain how the interest rate and future monthly payments could change based on certain factors.

The good news is that the “Know Before You Owe” forms have built in many protections for borrowers. Although making that big step into your new home should be (financially) more clear and sound—Purchasers not paying cash could be waiting up to 45 days for their contract to close, along with other set-backs.

The NAR is recommending you have everything ready seven days prior to closing, so before you start house shopping, here are the things you need to know:

Rather than waiting until the day of the closing to see the final figures, Borrowers now receive the Closing Disclosure three days in advance. To prevent any unwanted closing delays, a good rule of thumb is to have all the paperwork in order a week before your scheduled closing date. When you go into the three-day period, you’ll want to avoid any unnecessary changes. Making changes as the clock winds down can come with a cumbersome set of hurdles.

So this means that you and your settlement providers, including your Lender and Agent are really under the gun to get everything squared away—more so than ever before. Buyers and Sellers have to be cooperative as well, because if last-minute negotiations are made, a new three-day waiting period kicks in.

With zero tolerance for error throughout most of the disclosures, it’s vital everyone is working with a Real Estate Broker and Lender who understands the multiple new systems that have been introduced with these forms.

For those of you thinking about buying or selling a home in 2016, there’s a lot to do, and now is the time to get started!

We invite you to connect with us at Red Team Real Estate. Our Realtors are skilled in handling all types of real estate, and our comprehensive knowledge concerning the latest laws and market trends, along with the ability to network with other Agents and Lenders will truly benefit you. Contact us today and find out how we enhance both the buying and selling experience for each and every Red Team client.

Winning. Clients.

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

2016 Must-Knows for Real Estate Investors

Posted on by Red Team Real Estate

Red Team’s Year in Review

What a year! I hope that you found 2015 and all its new developments to be as exciting and rewarding as we did.

Among the changes this past year is the implementation of what is called the TILA-RESPA Integrated Disclosure rule, which has literally changed the way we’ve done business over the last several decades.

The ball started rolling back in 2011, when the Consumer Financial Protection Bureau began working on making the loan process more transparent than it had been leading up to the foreclosure crisis.

As of October 3, 2015, the two “Know Before You Owe” forms have replaced the four disclosure forms you’re probably accustomed to: the Good Faith Estimate and the initial Truth-in-Lending disclosure (provided when you applied for a loan), and the HUD-1 Settlement Statement and the final Truth-in-Lending form (issued just before closing).

By introducing forms that are expected to be less confusing, they hope to make sure consumers understand at every step along the way, the terms of their loans and the fees that they are paying. The following new forms will be used in every mortgage transaction:

The Loan Estimate form includes the interest rate, the fees for both lender and third-party services such as appraisals and title insurance, estimated closing costs and whether the borrower has the right to shop for services like title insurance. It also lists any prepayment penalties or future expected changes in interest rates. Lenders will be required to provide this form within three days of a loan application.

The Closing Disclosure includes the final figures for closing costs, prepaid taxes and insurance, payments, fees and mortgage terms, plus what costs are being paid by buyer and seller—and for the first time, how much is paid to each real estate company involved in the transaction.

Although it should make understanding what fees are being charged and what amount of money is needed at closing much easier, the new variables are going to create some problematic confusion as well.

We’ve already witnessed many delays of the closing process, especially with Investors who were working with Real Estate Brokers who are not yet familiar with the new rules and forms. And it’s also creating fundamental challenges for the Lending industry as well…

Rather than waiting until the day of the closing to see the final figures, Borrowers now receive the Closing Disclosure three days in advance. If the type of loan changes, a prepayment penalty is added, or the rate changes more than one-eighth of a percent, another waiting period of three business days is required again—after the redrafted documents have been sent out and received by the buyer.

Another big change is that you’ll be seeing the closing documents drawn up by lenders, rather than by closing agents. While the law doesn’t require the lender to draw up the documents, it now holds the lender accountable for any errors.

The National Association of Realtors has advised its members to add 15 days to contracts.

The good news is that these forms have built in many protections for borrowers. But for Investors who are not paying cash, it can make the time to close from contract execution take somewhere around 45 days. With zero tolerance for error throughout most of the disclosures, it’s vital you’re working with both Real Estate Brokers and Lenders that understand the multiple new systems that have been introduced with these forms.

For those of you looking to navigate through this new process both smoothly and effectively, we invite you to connect with us at Red Team Real Estate. We work for our owners, making your investment in your rental property create as much value as possible!

Winning. Clients.

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

Red Team News: The 7 Guides When Selecting a Property Management Company sneak peek

Posted on by Red Team Real Estate

Are you a current property owner who wants to ensure you’re getting the best return on your investment?

Red Team Real Estate is proud to announce that our very own Michael Mayes is publishing his first book, The 7 Guides When Selecting a Property Management Company. Set to debut in 2016, this book goes far beyond simply selecting a property manager. Inside you will find a wealth of information, tips and secrets that all current and would-be investors should know. Ready for more? Here’s a sneak peek of one of the topics Michael will cover:

Investor’s Technology

What Landlord would want to pay more than necessary for interest or any other day-to-day operating expense? None, of course! So why are so many paying more taxes on their rental income than they have to?

Well, my guess is they just don’t know how Rental Real Estate can provide more tax benefits than almost any other investment. Failing to take advantage of all the tax deductions available could make the difference between losing money and earning a profit on a rental property.

Real Estate Managers have a responsibility to help their Investors achieve their financial goals for their properties—Property Management Companies like ours at Red Team Real Estate, use advanced technologies and industry leading practices to help you and your investments operate at their fullest potential.

Want to learn more about Investor’s Technology? Check out our latest article, New Trends in Property Management: Tax Time is Almost Here… Are You Prepared?

There are only 168 hours in a week and your Property Manager should be working smart and using them wisely! Owning real estate is a business and should be treated as such. Just because someone agrees to collect the renter’s check, does not ensure they are looking out for you best interest…

The 7 Guides When Selecting a Property Management Company, coming soon in 2016!

 

Winning. Clients.

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

New Trends in Property Management

Posted on by Red Team Real Estate

Tax Time is Almost Here… Are You Prepared?

Part 2: Technology for Investors

The objectives of investment in Real Estate have traditionally been income and appreciation in the value of the property. But there’s much more to the story—there can be lucrative tax advantages as well: IF YOU ARE DOING IT RIGHT!

What’s an operating expense?

For tax purposes, you will figure your profit or loss each year from operating the rental property. Generally, you can deduct all expenses incurred to operate the rental. The following are potential operating expenses that are deductible:

  • Advertising
  • Cleaning & maintenance
  • Bank charges – if a separate account is maintained
  • Insurance – fire, casualty and liability
  • Utilities – gas, electricity, water, cable, etc.
  • Services – yard care, pool service, pest control, etc.
  • Rental commissions
  • Property Management fees
  • Mortgage interest – on debt to acquire or improve the rental
  • Property taxes
  • Repairs
  • Local transportation expenses
  • Homeowner’s or association dues
  • Tax return preparation fees
  • Depreciation allowance

There are so many variables when it comes to operating expenses, and because taxation can have such a significant impact on your cash return as an Investor, it only makes sense to have both knowledge and technology working for you!

The fact is, being aware of the tax laws which affect Real Estate is a major first step in making the most of your property, but that’s only part of the puzzle… There’s a lot of labor, paperwork, and “red tape” associated with this type of investment, so unless you are leveraging the benefits of the best technologies, you’re probably spending an excessive amount of time “saving” money.

C’mon, you know the saying – Time is money. So the real question should be… How much money are you spending on your investment?

Property Management Companies like ours at Red Team Real Estate, use advanced technologies and industry leading practices to help you and your investments operate at their fullest potential.

Are you ready to learn more about no-stress reports, augmented cash flow, taxable income, tax breaks for repairs, and how to save more through overlooked deductions? Contact us today and start up the conversation— this is one call that will be well worth your time!

Winning. Clients.

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

**Disclaimer: Red Team Real Estate is not a Tax advisor or CPA, and more specifically, we are not giving and cannot give tax advice. We do, however, work with CPAs and Tax Advisors to make sure our clients have the most current information for success.

Client Spotlight: SafeHaven of Tarrant County

Posted on by Red Team Real Estate

Red Team’s December Spotlight features: SafeHaven of Tarrant County. Here’s their story!

“The mission of SafeHaven is to end domestic violence through safety, support, prevention and social change.”

This is a group that Michael Mayes supports and has even raised money by performing cartwheels at Holiday Events. Consider giving money to help those who are trying to get away from the horror of domestic violence and onto a new and better life.

We would love to help you too! Contact us today.

Educating for REAL Greatness,

Red Team Real Estate and Property Management

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

Red Team News: The 7 Rules of Selecting a Property Manager sneak peek

Posted on by Red Team Real Estate

Are you a current property owner who wants to ensure you’re getting the best return on your investment?

Red Team Real Estate is proud to announce that our very own Michael Mayes is publishing his first book, The 7 Guides When Selecting a Property Management Company. Set to debut in 2016, this book goes far beyond simply selecting a property manager. Inside you will find a wealth of information, tips and secrets that all current and would-be investors should know. Ready for more? Here’s a sneak peek of one of the topics Michael will cover:

Owners Technology

In today’s market it only makes sense to have technology working for you. Any Property Management Company worth their weight in salt will be giving your properties the leverage they deserve by using technological tools that will nourish a successful investment.

Show me the money!
Collecting rent shouldn’t be a hassle. If you’re still going door-to-door, or only accepting cash and check payments, you’re doing too much work. Every Property Manager needs to invest in technology that will allow tenants to pay in whatever manner is convenient for them. And remember, the rent you receive must be reported on your taxes, and the right software will keep detailed records of all payments. This includes monthly owner statements, cash flow reports and other information that owners need to confirm your “Rental Business” is working.

Welcome to the Inter-Web…
One of the latest and most effective tools for potential tenants and property managers to showcase their properties is online and through social media outlets. 87% of electronic device sales will be tablets and smartphones…which means property owners (or their managers) will need to accommodate this new generation of prospects and applicants with mobile online leasing tools. Investing in mobile online leasing tools allows potential tenants to do the whole application process online and saves you a heap of a paper mess!

There are only 168 hours in a week and your Property Manager should be working smart and using them wisely! Owning real estate is a business and should be treated as such. Just because someone agrees to collect the renter’s check, does not ensure they are looking out for you best interest…

The 7 Guides When Selecting a Property Management Company, coming soon in 2016!

Winning. Clients.

Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.

New Trends in Property Management

Posted on by Red Team Real Estate

Which ones are shaping the future of your investment?

Part 1: Technology for Owners

Technology is changing the Property Management industry for both Landlords and Renters alike.The question is…which trends are shaping the future of property management right now, and most importantly, how can you use them to make the most of your investment? Here are Red Team Real Estate’s top two trends and the “must haves” for Investors or their Property Managers.

Management Software

Every REAL Property Management has to invest in Management Software to assist them in their account management. There’s so much paperwork and documentation involved in this business—it only makes sense to have technology working for you. Here are some of the most helpful and valuable tools for managing your property:

  • Accepting Payments via ACH
    Every month property owners and management companies spend a great deal of time and energy collecting rent from their tenants. All the while, costs for accepting, processing and depositing checks continue to escalate. Using a service like ACH saves you time, money and all the headaches typically involved in rent collection.
  • Reporting
    When you invest in technology and the management systems, it enables you to have clear and concise reporting. This includes monthly owner statements, cash flow reports and other information that owners need to review to confirm that their “Rental Business” is working.
  • End of Year Reporting
    Realtors that “do property management” have a hard time with end of year reports as well as with 1099s. When a Property Management Company invests in technology the 1099 process is automated and accurate. No hand completed 1099s for your owners or vendors!

Investing in technology for your Rental Business just makes good sense! Here are just a few other benefits you’re sure to appreciate:

  1. Web-based solutions available 24/7/365
  2. Risk management tools to help reduce losses
  3. Ability to edit payment information and schedule
  4. Robust reporting

Harness the Power of the Internet & Social Media

One of the latest and most effective tools for marketing to potential tenants and assisting property managers with showcasing their properties is online and through social media outlets. Sorry, folks…the world wide web isn’t going away, so if you’re not already proficient in rental property marketing, it’s time to hop on board!

  • Mobile Leasing Tools
    According to an article in Apartment Management Magazine, 87% of electronic device sales will be tablets and smartphones…which means property owners (or their managers) will need to accommodate this new generation of prospects and applicants with mobile online leasing tools. If you’re not already targeting mobile users you’re missing out on a huge slice of the renter demographic.
  • Application Process
    Most companies, regardless of industry, have embraced the Internet. It is amazing how many owners and “part-time” property managers are still using paper applications. What a mess! Investing in software systems allows you to do the whole application process online. With mobile online leasing tools, you’ll even have the ability to have a prospective tenant complete an application on an iPad or smartphone before they’ve left the property. Talk about efficiency!
  • Ratings and Reviews
    An online rating can carry a lot of weight with many potential tenants, and bad reviews tend to get much more attention than the good ones. Property management companies need to develop a program to get satisfied renters to post positive reviews and give good ratings. It may seem frivolous, but we’ve found that these types of programs are a worthy investment that can provide a good return.

Purchasing and learning how to use all this new technology may seem overwhelming to an Investor. Red Team Real Estate has a proven track record of giving their clients the leverage needed to stay on top of the most current trends. If you’re not already using a Property Management service, or your current company isn’t keeping up, we invite you to give us a call and speak with one of our experienced agents today.
  Winning. Clients.
Red Team Real Estate and Property Management
Red Team Real Estate and Property Management was started in 2012 to focus on being the provider of quality service that has never been seen before in property management. Our approach is to serve our owners by providing professional, knowledgeable service with maximum value.