Welcome to MW Real Estate Solutions and Olivia Homes!
Welcome to Midwest Real Estate Solutions and Olivia Homes, where we are not your typical real estate company. What makes us different is simple. We are committed to helping you, and your family in a very timely manner. We work with homeowners that may be up against strict timelines, and may need to sell their property quickly.
Best of all, there are no surprises, just sound advice and professional service, backed by our commitment to excellence. On top of that you will receive personal attention at each step of the process.
The biggest mistake we see homeowners make is that they do not explore all of their options and simply run out of time due to pressure and stress. Pick up the phone and call us immediately to set up an information only appointment.
Call Midwest Real Estate Solutions and Olivia Homes at 1-800-HOPE-DAY
To better lives and communities through real estate education and proven real estate solutions.
For the real estate investor who purchases properties that need fixing up before flipping can be very stressful work. This is because even your best efforts may not flip the home in a timely manner or get the profit you desire. However, there are ways to remove stress from selling properties by taking the appropriate actions that put you more in control. Keep Emotions in Check Admittedly, it can be quite difficult to keep your emotions under control when you have invested a considerable amount into a property. This means that when buyers make offers that are well below your asking price, you will need to keep your cool. You will need to be reasonable when it comes to the sale of the property, so getting it appraised and making the proper calculations before putting it up for sale are crucial to getting what you want and making the process as stress-free as you can. Get a Good Real Estate Agent Selling on your own will increase the stress many-fold, so you will want the services of a good, reputable real estate agent to do the work. This means doing good research and finding an agent who has worked similar sales before. However, the most important aspect is that they can do the job and find you the right buyers for your home. Let the Real Estate Agent Sell Your Home While it is tempting to look over the shoulder of the agent to see if you are getting the best reputation, you really need to back off and let them to their job. You will need to listen to their advice, let them guide you as to a good selling price for your property, and provide them with enough space so they can contact you on a regular basis. Remember, if they have any questions or concerns, they are going to call you because they have a stake in selling your home as well. This also means letting the agent show your home while you are not present. Let them do the work and if they need you, they’ll call. Create a Plan B One of the best ways when it comes to removing stress from selling is having a Plan B in case your original plan to sell the home is not working. A Plan B usually consists of the minimal amount you will accept as a purchase price and keeping that as a backup in case your original price proves to be far too much. In fact, you should have several backup plans to deal with all reasonable contingencies that are based on the market your property is selling. Changes in interest rates, crime statistics, and general interests from buyers means that what you thought might sell your home is now out the window. So, be sure to have a backup plan or two or three just in case your original effort is not successful. You can talk this over with your real estate agent who can help you come up with different ways of selling the home. Removing stress from selling can be done if you take as many things into account before you put your home on the market. Selling is never easy, but it doesn’t have to be all that stressful. Enter...read more
For investors, the most important step that you should take is finding the right people who can help you succeed. At the top of the list are real estate agents or brokers who can help you find the best deals. While there might not be the perfect real estate broker, there are those who provide the resources you need to succeed. That’s why identifying good real estate brokers may be the most important step you take in your investing career. Knowledge A good real estate agent understands the investing business which means that they will know essentially what you are looking for and where to find it. They may not know everything, but the point is that the real estate agent you want will have a good understanding of investing and the criteria it demands compared to standard real estate investing. This is perhaps the most important aspect of what you want from an agent, so do not settle for one who does not understand the investment side of real estate. Calls Back Quickly Of course, any good real estate agent will be able to answer your call or respond to your email quickly. This is because you may see a deal in the morning that might be gone in a few hours, so having a real estate agent who can move quickly to your needs will be most important. Of course, you’ll have to keep in mind that real estate agents have lives just like everyone else, so your expectations should be limited to the hours in which they work. Accepts Smaller Deals On average, the amount of commission a real estate agent gets when working with investors is smaller than standard residential sales. However, an agent experienced with investors will know that they can expect more deals, sometimes bigger deals, and often less work is required at least in terms of the financial aspect. So, if a real estate agent you contact balks at the idea of lower commissions, then you might want to search somewhere else because this is a part of real estate investing. Good Negotiator Part of identifying good real estate brokers is their ability to negotiate good deals. Your real estate investor should be a good fighter for your team so that you can get the best deals possible. Every dollar they can shave off the deal means more profit for you, so be sure that you have a proven negotiator that will fight for you on deal after deal. Good Patience This is an important aspect that you want from your real estate agent because they are by nature managers who want to control every aspect of the deal. When they are working for you, they will need to exude patience because there are some aspects they cannot control. A patient real estate agent will be most helpful when it comes to landing the right deal and letting you and your team get everything ready. By identifying good real estate brokers who can work with you and your team, you can take advantage of great deals in a timely fashion. Enter your email address below to join our newsletter which has real estate insider tips and tricks Name * Email *...read more
For landlords, getting the right tenants is arguably the most important aspect of running your property. This means that you will need to do everything reasonable to find the right tenants from the start and eliminate those who have troubling issues. Here are a few tenant screening tips that will help you find the best ones for your property. While no screening process is perfect, the tips will help you minimize the potential for getting undesirable tenants which will only cause more headaches. Start Early You need to start the process of looking for new tenants in the months before the lease from your old tenants runs out. If you do not plan to re-sign them or if they have indicated that they will move out, you will need to start looking for new tenants as soon as possible so that you are not facing a time-crunch. You will start with the phone call with a potential new tenant that you get from their inquiry which is usually through an email. When you talk to them, be sure to answer the questions they have about your property, but have a few questions of your own for them to answer. You need not be too specific as it is the tone and tenor of their answers, not so much the substance that you will be honing in on to see if they are right for your property. Application & Follow-Up When they apply to be on your property, they will need to fill out an application form. You will need the basic information from their work status, rental history, information about their income, criminal history, and more. If the tenant is reluctant to provide such information, you can stop the process right there. Once the application is filled out, you can start the follow-up process which consists of verifying the past information. You will want to talk to their previous landlords that are listed, make a general search online for any criminal record, and check their employment history and even their credit report if necessary. Naturally, any large red flags such as their previous behavior or bad credit score should be investigated further or you can eliminate them if you wish. However, keep in mind that many good tenants have a blemish or two on their past, so keep that in mind. The Walk-Through One of the most important tenant screening tips happens when you show the property to the prospective tenant. You should look for signs of whether they are really interested in your property. If they have seen enough after a few minutes and want to leave, that is a good indication that they are not really that interested. However, if they are interested, they might offer to sign a lease quickly and provide a security deposit. Tenants willing to set firm dates and willing to pay are interested in staying on your property, so those are the ones you want to have. By following a few tenant screening tips, you can find the best people for your property. You also may want to consider that good tenants come with different personalities and backgrounds, so it is important for you to know their background and their demeanor when looking over your property. This will provide you with good...read more
A happy tenant is the best tenant, so as their landlord you should strive to make the conditions in which they live as comfortable as you can. While you cannot please all your tenants, there are ways to keep tenants happy on your rental property. Here are just four methods you can employ that will create the best conditions to keep your tenants pleased which will make it easier for you to run your property. Answer Your Tenants Quickly When you receive an email, message, or phone call, it is your job to answer it and respond to your tenants in a prompt, professional manner. Remember to keep their concerns in their perspective so you can address them properly. While you cannot be perfect, what tenants appreciate is that they are being listened to and a proper response is forthcoming. Taking a few moments to listen and provide a proper response means the world to tenants. Expedite Repairs & Maintenance A common complaint from tenants is that repairs are slow in coming once something breaks down. What may seem like a small thing to you may be of major importance to your tenant, so have in place a system where repairs can be performed quickly. This means having a maintenance person on site and a backup in case they are unavailable. Be sure to quickly respond when your tenant tells you of the needed maintenance or repair and set a schedule for it to be addressed. Provide Ample Notice before Entering a Tenant’s Space Landlords are most appreciated when they are close enough to be contacted quickly and far enough away so the tenant can enjoy living on the property. It’s a tough balance to be sure, but the most successful landlords manage to strike it by providing ample notice before they enter their property. While there are times when you will need to be there unannounced, such as noticing something wrong when driving by. However, a good tenant does not need frequent intrusions on your part. So, when there is scheduled maintenance or pest control to be done, let them know well in advance. Make Rent Collection Simple Many landlords use the old-fashioned mail system which is efficient, but also has some drawbacks as tenants must sign checks, get money orders, and pay for postage. Still, it may be preferable to other methods depending on how often you can be on the rental property itself. Whatever option is the easiest for your tenants to do each month is the one you should choose. Being a landlord is not an easy job, but it is one that provides many benefits if you can keep your tenants happy. This means being close enough so you can respond to their questions and requests, yet far enough away so they can think of the rental property as their own. It helps to be clear and consistent in your approach so that everyone is treated equally. Remember, there will always be bad tenants or situations that you cannot control. However, you can reduce such occurrences to a minimum if you strive to keep your tenants pleased. Enter your email address below to join our newsletter which has real estate insider tips and tricks Name * Email *...read more
When it comes to financing multifamily property investments, you’ll find that not all lending is the same. The difference of one unit can be significant in terms of getting the type of program that fits your budget. Your down payment may be significantly higher and your credit score even more important when the investment property you want contains more units. Here are a few tips when searching for the right financing to purchase a rental property. The more you search beforehand, the better the chances of finding the right deal that meets your needs. Large Down Payment One significant difference between financing a single-family home and a multiple family property is the down payment. Thanks to government programs, you can find down payment opportunities for as little as 1% on single family homes. However, they do not cover multifamily properties as they are considered investments. Regardless of your credit score, you can expect to pay at least 20% down for the purchase. For larger properties, 25% down payment is not uncommon, so be prepared to put down some significant cash to get the property. Good Credit Score A good credit score helps with lots of things, but today it is more important than ever when it comes to investment properties. Because of the Housing Crisis of 2008, getting a loan is now more difficult than ever and your credit score will need to be at least 700 to 720 if you want consideration from banks and lenders. Your credit score will also need to be clean of any mortgage defaults and any issue that might cause a lender to think twice. The 75% Rule Keep in mind that lenders will loan you the necessary money based on a 75% occupancy rate, not 100%. Very few properties are fully occupied and lenders are not going to take a risk based on 100% occupancy. So, be sure that your calculations are made at 75% which is low, but one that provides a more realistic measure. Fewer Borrowing Opportunities Because there are not as many financing options for multifamily properties, you will need to careful about looking over what is available. You can increase your options with a larger down payment as that makes it easier for banks and lenders to provide you with the needed money for purchase. Focus on gaining as much money as you can with a large down payment and then shop at lenders who network with other lenders for the best deal. Interest Rates and Insurance You’ll need to know all the monthly payments you are going to make before purchasing the property. That includes the interest rates, insurance coverage, and all fees that must be paid regularly so you can calculate the cash flow. Too many investors overlook calculating all the fees which may mean some nasty surprises when it comes to how much money you are making. The good news about investment property is that there is still a big market that you can take advantage. Keep in mind that financing multifamily property opportunities may be more difficult today than a decade ago, they still provide the type of rental income that makes them a great way to earn money month by month. Enter your email address below to join our newsletter which has real...read more
It would be nice if all tenants were warm and loving to your property. Unfortunately, there will be those who will cause rental property damage either intentionally or not. When that occurs, you will need to assign rental repairs as quickly as possible by using the tenant’s security deposit which is designed for that purpose. Here are a few tips that you will need to follow in case your rental property becomes damaged by a tenant. If you do not properly document what occurred, you are asking for the tenant to file a lawsuit when withholding their security deposit which they will probably win. Take Photos Perhaps the easiest way to deal with damage to your property is having a photographic record of all rooms in their pristine state and then taking photos when they are damaged. You can take the photographs during the time the tenant moves into the residence and then take new photos before repairing any damage that has occurred. By doing the proper documentation which only takes a few moments, you can protect yourself when tapping the security deposit to make repairs. Make the Tenant Aware of the Damage ASAP Right after you photograph the damage, you will need to alert the tenant as soon as possible. You can start with a phone call and leaving a message if they do not answer. However, you’ll want to follow up with a certified letter so that the date can be independently confirmed as to your notification. This protects you in case the tenant claims no knowledge of your notification. Provide Cost Estimate for Repairs You should have one or more contractors to call and get estimates for repairing the damage. You can inform the tenant about your steps in repairing the damage and they may offer to pay out of pocket rather than tap the security deposit. If so, that is reasonable on their part if the repairs are carried out. You should provide estimates from three different contractors so there is no favoritism. The key is to get the repair done in a reasonable amount of time, so do not tolerate any unwarranted delays. Show Repair Amounts to Tenant All repairs will warrant some type of payment from the security deposit or directly from the tenant. You will need to show the breakdown of the costs, even for small repairs such as fixing a broken toilet roll dispenser. Any repair that requires money to fix or replace should be part of your cost breakdown. By being upfront with your tenants, you can help ease their concerns, but do not expect to be very popular. After Photos Remember that most damage that is discovered usually occurs during the final inspection before they leave. So, be sure to take photos of the damage and when the repair work is completed, take more photos to show what has been done. Dealing with rental property damage is never easy, but it is a necessary part of being a landlord. By following the proper steps towards discovery, documentation, and rental repairs, you can make the process as simple as possible. Enter your email address below to join our newsletter which has real estate insider tips and tricks Name * Email *...read more
To get the loans needed to secure real estate, you’ll need to increase your credit score as much as possible. The higher your credit score, the better off you will be when it comes to getting loans. The good news is that there are several ways to boost your credit score, although some efforts will take time. So, be sure to start as soon as possible and expect to wait a month or more before the full effects are reflected on your credit score. Remove Errors & Old Information You will need to look over your credit history to ensure that all the information is correct. Quite often, there is information that is out of date or even false which is holding back your credit score. You can alert the agency that the information needs to be removed with the appropriate proof and it will be gone from your credit score once approved. For some, this will significantly improve their credit score while for others it may not have much of an impact. In either case, it is important that you keep your credit score current and free of misinformation. Minimize Your Outstanding Balances How much you owe, even if it is still lower than your maximum balance on credit cards for example, has a negative impact on your credit rating. Even by reducing the amounts by a few hundred dollars, you can make a significant impact on your credit rating. Look for ways to reduce what you owe so that your credit score can go up. You may want to take out a low interest loan that covers the amount owed so you pay it off for less money. Use What You Have, Not What You Can Borrow Credit cards are certainly handy, but not necessary for many purchases. The less you pull each month from your credit cards, the better. Get a debit card to pay for everyday expenses such as groceries, gas, and the like. Only use your credit cards when needed for bigger purchases. A few pulls on your credit card each month will not have an impact on your credit score. However, six or more in 30 days will have a negative impact, so you will need to reduce that if possible. Update Each day that you are late in making a payment is one more hit on your credit score. You will need to get up to day and make payments on time so you can avoid any unnecessary damage. Being current with your accounts means paying them off when they are initially due, not 30 or 60 days later. Once you catch up, you’ll start to notice your credit score rising as well. There are many ways to increase your credit score, but you will need to employ as many as possible if you are considering a real estate purchase. Of course, it’s a good idea to improve your credit score regardless of your future investing plans. A little time and patience will be your main assets when addressing the needs of your credit score. Enter your email address below to join our newsletter which has real estate insider tips and tricks Name * Email *...read more
It’s that time when people set goals for the year. Unfortunately, too many people who make a new year’s resolution fail to look back at the one they made twelve months earlier. If they did, most of them would remember that their resolutions were probably the same and they didn’t pan out very well. To correct that for this year, you will need to make a 2017 action plan that you can follow. Here are a few tips to help you keep your resolutions and have a happier 2017. A little effort can go a long way and when you reach the end of the year, you’ll be ready to make new resolutions. Write Them Out You may know by heart what your resolutions are for this year, but you still need to write them out. Transferring them from your mind to paper is the first step in making them happen as you take them from your imagination to reality. It’s been demonstrated that people who write out their goals are far more likely to make them come true. Plus, you can detail out a plan to make them happen by setting up a larger goal and then smaller goals that you achieve month by month so that you stay on track. Understand that Obstacles will be in the Way No worthwhile goal is free of obstacles. So, you cannot let them stop you when trying to achieve a worthwhile goal. Losing weight means restricting what you eat and increasing your activity level. Becoming wealthy means finding the right methods to success and working harder to achieve them. If achieving your goals were easy, then you would have accomplished them by now. So, understand that you will face resistance in one form or another when trying to make your goals a reality. How to Do It Now that you know what to do and have written them out, the next step is figuring out how to make them come true. For example, if you want to lose weight, you’ll need to figure out just what steps are needed for you to achieve this goal. This will most likely mean eating a healthy diet, joining a gym, doing exercises at home, and the like. Create a Schedule and Stick to It Planning requires discipline and that requires the guidance of creating a schedule. For example, if you plan to lose weight this year, you’ll want to create a schedule so that you can map out your progress. You’ll know if you are reaching your goals or if you need assistance. Creating a schedule means making the daily and weekly commitment to seeing that your resolutions come true. Also, remember that failure is part of the obstacles you will face on your journey to making your resolutions comes true. Failure is a part of success and often is needed for you to learn and apply new methods to reach your goals. By making the effort to reach your goals one day at a time, you’ll be able to keep your new year’s resolution. All this, thanks to creating a 2017 action plan that really works. Enter your email address below to join our newsletter which has real estate insider tips and tricks Name * Email *...read more
For those who have just purchased investment property such as home, duplex, or apartment building, there is the temptation to be your own property manager. For some, this can be a rewarding experience as you get to know and interact with your tenants. However, for many it can be a considerable sacrifice of your time which works against the reasons for purchasing the property in the first place. It’s little wonder that so many owners will use a property manager to oversee their properties. Hiring an individual or a property management firm offers considerable advantages. This is true if you find a properly qualified individual or firm to manage your property. Here are just a few of the many benefits that having this type of assistance offers for property owners. Maintaining the Property Every home or unit will require some repair or upgrade from time to time. A proper manager can oversee the maintenance of the grounds quickly and efficiently since they should live on or near your property. This frees you from having to be on call 24/7 or having to adjust your schedule to accommodate an unexpected repair. You’ll have to pay for the assistance, but it will free up your time to focus on other things. Understanding the Rules One aspect that property management firms have is the full understanding of local rules and regulations in respects to running your property. Changes in zoning laws, rules that dictate relationships between landlords and tenants, and other regulations and statues that govern how rental property is managed can be quite daunting for property owners. While it is important that owners have a good understanding of the appropriate laws, a property manager will know all the nuances. Rent Collection One good purpose of the property manager is that it puts someone between you and the tenants when it comes to collecting the rent. It takes a certain type of personality to go after tenants who are late with the rent. Therefore, hiring a good manager for your property helps because they are motivated by your paycheck to ensure that your tenants are paying on time. Locating Tenants Arguably the toughest task for any property owner is finding tenants to fill up the vacancies. You are not just looking for anyone, but those who make the best tenants. When you use a property manager, they will be there to show off the property and screen the applicants until they find the best. A good property management firm will help ensure that you get the best tenants for your property which keeps repairs down and raises the status of the property itself. Allows You to Live Your Life When you use a property manager to oversee your tenants, it frees up your time to run your own business and do the things that you want. This is because the needs of your tenants or property may be minimal for weeks at a time and then suddenly there are surprise issues that arise. Having a qualified person or firm run your property offers many benefits that well exceed what you pay for their services. Enter your email address below to join our newsletter which has real estate insider tips and tricks Name * Email *...read more
One of the most important tasks you need to accomplish if you are investing in real estate is building your buyers list. This is because so many deals appear quickly, so you must be ready to make a fast transaction. The sooner you can build a reliable list of buyers, the better off you will be when acquiring investment property. We Buy Houses You probably have seen signs that have individuals or companies will to pay cash for houses. This can be a great source for your buyers list because they have the cash needed to purchase residential properties quickly if the price is right. You’ll need to call and ask which types of properties they are mostly likely to purchase. This is because you may run across a niche property that only certain ones want to buy. By separating the single-family home buyers from multifamily and commercial property buyers, you can start building up your list quickly. Network in Your Area You will want to focus on the local market and take advantage of all networking opportunities that are available. Just by listening you can find out about who is purchasing properties in your area. You can go to REIA meetings and speak with real estate agents along with lenders which will give you an idea of where you can start your buyers list. Be sure to collect business cards and make a few notes as to which buyers are interested in the properties that you want to purchase. Social Media Contacts There are real estate agents, mortgage brokers, lenders, accountants, and attorneys who may have buyers as part of their client list. You can find them on social media accounts such as Facebook and ask if they know someone who might be interested in making fast transactions in real estate. It shouldn’t take too long to find those in your area who invest in real estate properties. Once you gain some contacts, send them a message explaining what you do. List of Cash Sales Your real estate agent will have a list of those who purchased properties with cash. You can take the information and visit your city hall where they keep records of the buyers thanks to their tax payments. You should send them a letter first which tells them of your intentions. However, if they have a number to call, then that might be a good way to introduce yourself. This is because you are offer Craigslist Admittedly, Craigslist takes a beating for certain practices, but they are still one of the best places to find potential investors. This is a great place when it comes to building your buyers list, however you will need to do some research. The good news is that you can see the properties that they are buying. This provides you with insight into the types of properties and locations they are interested. By using these tactics, building your buying list should occur over a short period. By having a good list of buyers, you can quickly find who you need to help you with your next investment. Enter your email address below to join our newsletter which has real estate insider tips and tricks Name * Email *...read more