Invest with the Best!

   Years ago, we advertised this as a great investment, just hoping to sell it.  We advertised it on FB, we blogged about it .  We tried to sell this bad boy ourselves to no avail.

Duplex exterior before 

Duplex living room before

Duplex bedroom before

Then, it happened! It dawned on us, why don't we buy this funky little duplex.  It was a banked owned property.  Bank was asking about 70 K and we eventually settled on 55K.  Cash sale, quick close, as-is.  The diamond in the rough was now ours.
We did some quick renovations since the property was vacant.  All new paint on the exterior.  I think Jason must have chalked for two weeks straight!  We had a couple contractors over to fix up the stucco on the exterior where AC units were installed.  Ripped out all the carpets, installed new laminate and painted the interior.  Some newer appliances rounded out the reno and we were ready to rent. Wham- bam- thank you mam!

Laminate flooring after (did this in all carpeted spaces)

Having previous experience both as commercial and residential landlords, screening your tenants is a must.  This little property was easy to rent and was fully rented for the entire two years we owned the building.  As time went on our rents increased from the low $500 to $625. (Just between you and I, our secret to high rent is that we allow dogs.  This is the major reason we use hard surfaces on our units)  We just closed escrow yesterday.  We sold our property for 135K, cash, 21 day close.  A great deal for both of us.

Breakdown:

55K for one funky duplex
+7K in renos, repairs
62 K invest

127K cash return on sale (135 k minus Realtor and Escrow Fees)
+25K in rents
152K

90 K Profit!  (not including tax depreciation write offs)

Stay tuned, we have another investment project coming up that will be taking us in a new direction....

To Flip or not to Flip- that is the question!

A couple of years ago, in 2012, my husband and I viewed several different REO properties as potential investments.  If you remember, this was the height to the real estate downturn and at one point there were over 200 hundred distressed properties in our local market.  On a fabulous fall day, we viewed a property at 38 Pinnacle Rd. in Prescott.  We toured the home, and we could see the potential. This home was built in the late 1970s and still had its modern charm.

Here are a couple of before shots:  From Top to bottom

Exterior front, great room, master bath

The house was located in a desirable neighborhood, had great bones, and oozed with potential. However, at its listing price with the amount of money it would take to bring the home back, it was out of our league. 

Flash forward to yesterday, December 18 2014.  My husband bellowed from the office that I just had to check out a house.  There it was, 38 Pinnacle Rd.  The property had just closed and was starting a new- modern life.  The property was on the market for almost a year (due to an over valued starting price- in my humble opinion).  Purchase price for the REO property was 285K.  Closed price after the rehab was $641K.  Pretty nice profit potential even considering carrying costs and remodel costs.  Check out the pictures below for the updates- I did not even recognize the exterior!

From top to bottom:

Exterior front (new driveway, clean up- same from door!), Kitchen (wall moved, new everything), Great room (flooring, fireplace surround), Master bath (what? no more sunken blue tub?) and a really cool Rear Exterior (nice clear railing and great photo- by Royce Stringer??)

  

5 Money Saving Ways to Winterize Your Home

Fall is here. The weather is cooler, the days are shorter and the trees are changing the color of their leaves. Fall is the best time to prepare your home for the cold weather season before the bad weather sets in. Here are 5 money saving ways to winterize your home.

1. Change your filters – Filters should be changed every 3 months, especially in the dry desert Prescott environment. If three months is too frequent for you, a good way to remember to change your filters is by the season. Once a filter starts to get clogged, your A/C or heater unit has to work much harder to heat/cool down your house. Filters are relatively inexpensive and can be picked up at your neighborhood hardware store or big box store like Walmart or Target. Remember to note the size of the filter before you purchase as there are many different sizes. 
2. Service your heater – Have your heater serviced before winter. Not only will this help you save on your monthly utility bill, it also ensures that your heater is in good working order. There is nothing worse than a heater malfunction on a snowy day. Trust me, I have been there. 
3. Reverse your ceiling fan – Putting your ceiling fan in reverse pushes the air downward into the room. By doing this simple step, the room will stay warmer, which in turn will help lower your heating bill. The way to tell if your fan is in reverse is that the fan blades are spinning counter clockwise. 
4. Turn down the thermostat – Turning down the thermostat can save you up to 50% on your monthly heating bill. Aim for setting the thermostat at 68 degrees during the day and 62 degrees at night for optimum savings. 
5. Take care of the pipes – When temperatures fall, water freezes. Take care of the pipes and hose connections that lead into the house. The easiest way to do this is to turn off any outside water sources in winter.  You can also buy insulated faucet sleeves that cover outside water spigots. These provide a layer of insulation to the water source and can be found at your local hardware store.  Also make sure you are aware of where all of the water shutoff valves are. 

With just a little money, time and effort, you will have a nice and cozy home for the holidays this winter. At the same time, you will keep your property maintained and in proper repair when and if you ever decide to sell. A well maintained home will bring top $.

Team Maneely Welcomes a New Member!

The Maneely Team has some AMAZING news! We have a new team member! Please help us welcome Amy Maneely to the team. 

Check out her bio below to get to know this go-getter. And if you or someone you know is looking to buy or sell a home in the Prescott, area, give Amy a call (928) 830-8282.

Amy grew up in the Midwest and moved to Prescott Arizona in 2001 after graduating from Indiana University. Previously, Amy worked in secondary education at Prescott High School and has spent the last several years raising her children. Jason and Amy teamed up in 2014 to offer their Real Estate services. With a background in education, Amy will communicate with buyers and sellers during every step of the transaction to make sure they are informed and understand the process. She believes in real estate transparency and equipping buyers with any information related to their real estate interests. With a training in home staging and marketing she can offer seller suggestions on how to make their property stand apart from the competition.

By working with Jason as Team Maneely, they combine experience and market leading strategies to make your real estate experience a "Smart" one.

Contact Information:
teammaneely@gmail.com
www.teammaneely.com
(928 )830-8282

Stoneridge – Family Friendly Golfer’s Paradise

Stoneridge is one of Prescott Valley’s most sought after master-planned communities. Conveniently located just south of Hwy 69 in the foothills of the Bradshaw Mountain Range, this family friendly golf oasis is just around the corner from restaurants, shopping and entertainment.  Lot sizes range from .3 to 1 acre. Enjoy sweeping views from your new porch with housing options ranging from 2200 – 2700 square feet, single or two story.

Situated on 1840 beautiful acres, Stoneridge amenities include an indoor/outdoor community pool, workout room, 18 hole golf course, clubhouse and restaurant. If you have a family with young children or pets, there are plenty of parks, playgrounds, sidewalks and tree lined streets for walking. Also included in the community center is meeting space which can be utilized for parties, events or business meetings. And don’t forget the golf!

For those of you looking to live the luxurious life on the links? Stoneridge is currently undergoing new growth with the addition of luxury golf villas. The first phase will consist of 47 units with four models to choose from ranging in size from 1600 – 1955 square feet. You can roll out of bed and onto the course in less than 5 minutes.

I am a 3^rd generation Prescottonian and have been a Stoneridge resident for the past six years. Give me a call today at (928) 925-6050 if you have any questions about buying or selling a home in the Prescott Valley area or to find out more about this wonderful family friendly golfer's paradise. 

Don't forget to "LIKE" us on Facebook at https://www.facebook.com/BuyPrescott for insightful articles, tips, local calendar events, new listings and a little humor. Check out my YouTube channel at MrPrescottRealEstate to see current videos of listings in the Prescott Valley area. 

The Colorful Meaning Behind Your Front Door

I have always been an admirer of houses with brightly colored doors. They liven the exterior and give the house a personality. Your front door can be any color under the rainbow. Although red, blue, green, yellow and purple seem to be the most popular choices. A choice of door color is mostly aesthetic and that of the homeowner, but did you know there is a philosophy behind what each color represents?

We have compiled a list of the different door colors and the many meanings behind them.

Red: In Feng Shui and old American tradition, a red door means welcome. It also provides protection and means the home owner is mortgage free. A recent study found that people who live behind a red door are the happiest. Could being mortgage free be the reason?

Blue: Blue is one of the most eye-catching front door colors. Blue doors represent water and abundance. They are also viewed as being calm and representing trust, loyalty and stability.

Green: Green is one of the most popular colors for an exterior front door.  In some cultures, a green front door represents growth because it is the shade of green plants in nature. They can also represent prosperity and safety.

Yellow: Yellow doors are viewed as being cheerful and bright, much like a sunny disposition. They also represent a home owner that is perceived as being social, giving and community oriented. They are friendly, optimistic and welcoming.

Purple: Purple is historically viewed as representing wealth, honor and royalty. In this day and age, having a purple door let’s others know that you are living a prosperous life. Not so much in a monetary sense but that you are rich in your quality of life. They can also represent honorability, open-mindedness and like a blue door, a sense of calm.

What color would you paint your door?

Sew On and Sew Forth

Some people would consider sewing a lost art, but it doesn't have to be. As times change, women and men are not as self-sufficient as we once were.  Many people have grown up not learning how to sew.

I grew up with a grandmother and mother that enjoyed sewing, so I was fortunate enough to have some basic sewing skills. In college, I really enjoyed sewing as a hobby, but did not know much about creating a professionally finished project. The more I was sewing, the more I knew I needed lessons.

Fortunately the machine I had purchased from a big box store, finally died. Somehow I convinced my darling husband that a new machine would be a great birthday gift. This time however, I also wanted to upgrade. Time to shop!! So after a little research, I found Central Sewing. The Marchant family owns this gem of a sewing store. I found a great machine, and my husband gifted me with it. Because Central Sewing is the BEST- the machine came with lessons. I can not emphasize how important lessons are. I learned so much about technique and how to use my machine. Jamie (Marchant) Estes taught the classes, and she is excellent. High energy, patient, always willing to help- Jaime is a 'rockstar' in my sewing world. Of course, this wasn't my last experience with Central Sewing. Over the years, I have purchased a Serger to accompany my sewing and embroidery machine and lots of small items to help with my sewing. My projects are now professional looking and I could not be happier. Hopefully I will have a chance to "upgrade" my machine again and take my sewing projects to the next level. When I have the opportunity to do this, I know where I will head- Central Sewing.