Cleveland House Contractors and Homes for Rent; Your Home Mechanics and Property Managers
  • Welcome to the Reilly Painting and Contracting Blog

    Welcome to Reilly Painting and Contracting, "The Home Mechanics," and Reilly Properties. We are your Cleveland home contractors who specialize in major home design projects and remodels, and minor home repairs. We also provide house rentals throughout Cleveland, Ohio.

  • Socialize

    Find us on Facebook.

    Watch us on YouTube.

    Follow us on Twitter.

    See us on Pinterest.

    Subscribe to our RSS feed.

  • Points of Interest

  • Topics

  • Testimonial

    "The painting/repair team assigned to us was so professional, polite and efficient. The attention to small details made our house look really great. Tom, Bill and the team really listened to our concerns, whether small or large, and eliminated them all. It is so delightful to have had such a positive experience. We appreciate it very much."

    Janis P.
    Cleveland

  • Buying & Renting Property

    [caption id="attachment_4731" align="alignleft" width="300" caption="Become The Landlord"]home[/caption]

    If you have considered owning properties and becoming the landlord, take a look at this article from Jessica Silver-Greenberg of The Wall Street Journal titled Are You Ready to Be a Landlord?:

    The pitch is compelling: Buy a vacant house or apartment building and rent it out to some of the throngs of Americans who have lost their homes to foreclosure. With interest rates near record lows and property values still slumping, getting into the landlord business is cheaper than it has been in years.

    Investors turned off by paltry bond yields and the mercurial stock market are intrigued. Kimberly Foss, president of Empyrion Wealth Management in Roseville, Calif., says she has seen a surge of clients looking to purchase distressed homes and apartment buildings. Her clients have an average net worth of about $4 million, she says.

    U.S. home prices inched 0.2% higher in August, according to a closely watched index released Tuesday. That prompted one economist to see a "modest glimmer of hope" for the downtrodden housing market. Mitra Kalita has details on The News Hub.

    "Many of my clients are looking to use part of their portfolios to scoop up properties," she says. "They see it as an alternative retirement plan."

    WSJ Heard on the Street columnist David Reilly stops on Mean Street to discuss the merits of the government's plan to help some refinancing homeowners.

    But aspiring property owners need to watch out for a slew of traps. Among them: prolonged vacancies, surprise costs, deadbeat tenants, difficulty refinancing and overestimating the rental potential.

    It is easy to overlook those risks when the market conditions appear so ripe. Home prices have fallen to 2002 levels nationwide, according to the latest data from the S&P/Case-Shiller index, and financing remains cheap. For the week ending Nov. 10, the average rate on a 30-year fixed-rate loan was 3.99%, not far from the Oct. 6 record low of 3.94%, according to Freddie Mac data going back to 1971.

    WSJ's Jon Hilsenrath reports on a Fed plan to revitalize the housing market by purchasing mortgage-backed securities. Photo: REUTERS/Jonathan Ernst

    Rents are improving, too. The average monthly rent for all categories, including apartments and single-family homes, was $846 nationwide in the third quarter, up 2.5% from the same period a year earlier, according to Local Market Monitor, a Cary, N.C., firm that analyzes real-estate trends. That is lower than the long-term average gain of 3.5% a year, but better than the 3% decline in calendar year 2009.

    Read more at The Wall Street Journal

    Filed under: Selling Your House
    Tags: , , .
    Bookmark the permalink.

    Leave a Reply

    Your email address will not be published. Required fields are marked *