Phoenix Real Estate Podcast with Oggie Penev
48 episodes - English - Latest episode: over 2 years ago -If you are looking to buy or sell a home, get all the information and the latest updates, tips, and tricks from Penev Realty Advisors - your professional Phoenix Real Estate Agents.
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Episodes
Everything You Need to Know About Foreclosures
June 27, 2022 00:10 VideoHere’s my explanation of why you don’t need to worry about mass foreclosure. There’s been a lot of talk recently about a flood of foreclosures entering the market next year. People are understandably worried that this could negatively affect the market like in 2008. However, in my opinion, you don’t need to worry about a flood of foreclosures, and today I’ll tell you why. During the last market crash, I worked with banks selling foreclosures and homeowners trying to avoid foreclosure. I’...
Which Is the Better Investment?
June 14, 2022 17:27 VideoHere’s why investing in real estate is better than investing in Bitcoin. Today I’m sharing the five main reasons real estate is a better investment than Bitcoin: 1. Financing. If you want to buy Bitcoin for $400,000, you need to have $100,000 in cash, but if you want to buy a rental property for $100,000 you don’t need all the money, you just need 20% for a down payment. The rest could come from a bank as the financing. With real estate, you can get financing, but no financing is availabl...
Why Cash Flow Doesn't Matter for Investment Properties
June 01, 2022 17:27 VideoHere’s why cash flow doesn’t matter that much for rental properties. Cash flow for investment properties doesn’t matter much. That may sound like a strange statement, but allow me to explain. Even if you buy a rental property that doesn’t have cash flow in the beginning, in the long term, it could be a great investment. Due to inflation, rent increases, so the cash will be flowing in a few years. The crucial thing is to buy the right property in the right location so that it will double ...
3 Things to Know About Manufactured Homes
May 16, 2022 13:11 VideoHere’s what you should know about manufactured homes. Today we’re talking all about manufactured homes. Here are three things to look out for that will help save you time and money. 1. HUD labels/tags. These are metal plates attached to the back of manufactured homes and certify that the home was built to HUD guidelines. Every mortgage company requires manufactured homes to adhere to these guidelines so they can be financed. These guidelines started in 1976, so if a manufactured home was ...
Don’t Buy an Investment Property With Cash
May 05, 2022 09:17 VideoHere’s why I don’t think you should buy a real estate investment in cash. One of the secrets to successfully investing in real estate is to never pay cash for a property. Always use leverage and financing. I was recently a guest on a podcast where this topic came up, so I wanted to share my thoughts with you today. You don’t have to use your own money—use leverage. I would never advise anybody to buy with cash. “Even if you have the cash, don’t buy real estate at full price.” Let’s say...
Real Estate: The Best Investment You’ll Ever Make
April 04, 2022 16:42 VideoHere’s what investing in real estate can do for your portfolio. Let’s say you have $60,000 in cash and you’re wondering whether you should invest the money in real estate or keep it in a savings account for later. Let me outline what each scenario might look like for you. Scenario 1: You decide to buy a rental property. For the sake of this example, imagine you use that $60,000 as a 20% down payment to buy a $300,000 property and borrow the remaining $240,000 as a mortgage. If you add ...
3 Creative Alternatives to Traditional Financing
March 23, 2022 16:53 VideoThree creative ways to finance a purchase if you can’t go to a bank. Oftentimes, homebuyers have enough cash saved up for a down payment but don’t have good credit, which means obtaining financing through a regular bank isn’t an option. In these cases, we use some pretty creative financing strategies. Here are three alternative routes you can take if you find yourself in a similar situation: 1. Lease purchase. When your credit isn’t good enough to qualify for financing but it’s just a ma...
How to Handle Buyer-Requested Repairs
March 08, 2022 00:02 VideoThese tips will help you when a buyer starts making repair requests. In nearly every home sale, buyers make repair requests to sellers. As a seller, here are three tips that will come in handy when a buyer you have under contract starts making repair requests: 1. Try explaining to the buyer the difference between repairs and improvements. Repairs are for when something is broken, and the whole purpose of a buyer’s home inspection is to find items that are broken and need to be repaired—no...
What Shouldn’t You Do to Your Home Before Selling?
February 16, 2022 16:59 VideoToday I want to tell you about two home improvements that will not bring value to your home prior to selling it: 1. Swimming pool. Spending the money to add a pool to your property will cost a minimum of $30,000, but will probably improve the home’s value by no more than $15,000. 2. Solar panels. If you plan on staying in the home for at least seven to 10 years, they’re a good long-term investment and will save you money on your energy bills each month. However, if you’re adding them righ...
The Smartest Way To Choose an Investment Property
October 26, 2021 00:10 VideoHere’s what you should be focusing on when buying an investment property. How do you pick the right investment property? There’s a lot that goes into the decision, but one key factor stands above the rest. Let’s say you have to pick between two properties. One is a new-build property on the outskirts of the city. You can begin renting right away, and it probably doesn’t need too much maintenance for 10 years. The other property is older and will need continuous work, but it’s located i...
The Smartest Way to Choose An Investment Property
October 26, 2021 00:10 VideoHere’s what you should be focusing on when buying an investment property. How do you pick the right investment property? There’s a lot that goes into the decision, but one key factor stands above the rest. Let’s say you have to pick between two properties. One is a new-build property on the outskirts of the city. You can begin renting right away, and it probably doesn’t need too much maintenance for 10 years. The other property is older and will need continuous work, but it’s located i...
Tina Tamboer on Our Market: September 2021
September 28, 2021 00:10 VideoMy talk with Tina Tamboer from the Cromford Report about our market. Today I sat down with Tina Tamboer from the Cromford Report. As some of you may know, the Cromford Report provides the best market analysis for the Phoenix area. If you’re in real estate here, you need to know who they are. It’s been a few months since I talked with Tina, so we wanted to talk about our changing market and some predictions going forward. You can watch the full video above or skip around to topics that in...
What Is Our Express Cash Offer Program?
July 23, 2021 18:54 VideoHere’s how our Express Cash Offer program works. It may be right for you. In the last few years, many institutional buyers (or iBuyers) such as Opendoor, Offerpad, and Zillow have entered the real estate market. We receive tons of questions from clients about how their buying process works, what their offers are, and whether it’s better to sell to them than go the traditional route. So we created a program that gives our clients access to all the iBuyers that are buying homes in our area: ...
The 12 Important Elements of the Universal Sales Call
July 07, 2021 00:00 VideoHere are 12 things every good salesperson should do on the phone. Professional salespeople are taught to use scripts, but a script isn’t always available. Today I’m excited to share a dozen different tips that you can use in any kind of sales call on the latest episode of “Agent Power Huddle.” Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch the full message, or use these timestamps to browse specific topics at your l...
The Top 3 Reasons Why We’re Not Heading Toward a Crash
June 21, 2021 00:00 VideoHere are three reasons why you shouldn’t worry about a crash. Some people believe we’re in a market bubble that’s going to burst and cause a wave of foreclosures. However, if you take a look at the numbers, it’s easy to see that this is extremely unlikely to happen. Here are three key reasons why we’re not on the verge of a crash: 1. The banks are ready this time: When the market crashed and caused a surge of foreclosures in 2007, the banks weren’t ready. The default servicing departments...
Real Estate Market Update With Tina Tamboer
June 03, 2021 00:00 VideoHere’s my full conversation with The Cromford Report’s Tina Tamboer. Our market has been crazy, so I wanted to provide a good overview of the current market with one of the top real estate experts in our market. Tina Tamboer of The Cromford Report sat down with me recently to provide the latest numbers, give insight into the latest analysis, and offer the latest predictions for our market’s future. Cited below for your convenience are timestamps that will direct you to various points in t...
What You’ll Learn by Joining My Private Group
May 21, 2021 14:28 VideoHere’s what you’ll learn in my private group for real estate investors. I’d like to take a moment to cordially invite all of you to my private Facebook Group called “Arizona Buy & Hold Real Estate Investments (R.E.I.) Group.” I’ll provide information for investors who are looking to add real estate to their portfolio. I’ll also be interviewing various professionals about financing, taxes, and more. Overall, this group is going to help you make more money buying and holding real estate. Y...
How to Know When a Market Shift Is Coming
January 04, 2021 20:45 VideoHere are the three key signs that show our real estate market is shifting. To determine whether the real estate market is shifting from a seller’s market to a buyer’s market, there are three warning signs that you need to look for: 1. Days on market. How long does it take for a property to sell on average? If the average is just 21 days, that’s pretty good. If the time increases to, let’s say, 45 or 60 days, that’s a good sign that prices will be adjusting downward. 2. Incentives. When s...
How to Predict Whether the Market Will Crash
December 11, 2020 21:28 VideoHere are three signs to watch for if you want to predict a market crash. There are three signs you need to watch for if you want to predict whether or not the real estate market is going to crash: 1. Vacant homes. Many vacant homes and tons of motivated sellers can push prices down and impact the market negatively. 2. Desperate sellers. This could be caused by the state or city having economic issues like high unemployment. This type of problem makes homeowners unable to pay their mortga...
What Are 3 Legal Challenges to Owning a Vacation Rental Home?
November 25, 2020 14:53 VideoHere are some legal situations to be aware of as a vacation rental owner. Whether you already own a vacation rental home or are thinking about purchasing one, there are three legal challenges that you should be aware of from the start: 1. Lease agreements. It’s very important to use the proper document for the type of rental property you have. There are two types of rentals: short-term and long-term. If you use a long-term lease agreement on a short-term rental, it could be a problem if y...
Wishing You and Your Family the Best This Holiday Season
November 13, 2020 14:32 VideoThe holidays are here and we wanted to send a short message to all of you. Another holiday season is here, and it’s the best time to remember those who make the holidays meaningful. This year has been full of surprises and challenges, but now it’s time to slow down and focus on what really matters: enjoying life and having a good time with family over great food and even better conversations. We thank all of you for your support this year, and we wish you joy, happiness, and a very success...
What Do You Need to Know Before Selling to iBuyers?
October 30, 2020 14:14 VideoHere’s what you need to know about selling your home to iBuyers. An iBuyer is a person or entity like Opendoor, Offerpad, or Zillow, which gives you an instant offer for your home. Here are three things you need to know if you’re planning to sell your home to an iBuyer: 1. How iBuyers decide on the price of your home. Usually, they pull comparables out of the market via tax records, and they always go in the lower spectrum of those comps. For example, if a property in your neighborhood se...
Is Real Estate a Better Investment Than Stocks?
September 28, 2020 15:02 VideoWhy is investing in real estate better than investing in stocks? More than investing in stocks, I prefer to invest in real estate. There are three primary reasons why: 1. Leverage. You can borrow money to buy a real estate investment. When you want to buy a stock for, say, $200,000, you have to get the cash and buy it—you can’t borrow money from a bank to purchase stock. If you want to buy a rental property for the same amount, you can easily go to the bank and apply for a loan. Leverage ...
Are You a Landlord Struggling to Pay the Mortgage?
September 16, 2020 21:01 VideoIf you’re a landlord struggling to pay your mortgage, now there’s help. If you’re a landlord, I have great news. The Rental Property Owner Preservation Fund was established by the governor’s office to assist rental property owners here in Arizona. This program helps eligible landlords who have been directly or indirectly affected by the pandemic and are struggling to make their mortgage payment due to nonpayment by a tenant. This program has some limits, but it can certainly help many land...
How Do You Write an Offer on a Bank-Owned Property?
August 28, 2020 18:51 VideoToday we’ll discuss tips to help you write an offer on a bank-owned property. In the last installment of our series on writing strong offers, we focused on how to find out more about a seller’s primary motivations to sell. However, there’s another unique situation you need to know about where those tips won’t apply. When you make an offer on a bank-owned property, there are no emotions involved. Instead, you’re simply dealing with institutions, systems, guidelines, and numbers. Today I’ll ...
Q: How Can You Write A Winning Offer With Convenience in Mind?
August 14, 2020 20:57 VideoToday, I’ll continue our discussion about writing winning offers with a few tips on how to write one when the seller is looking for convenience: 1. Allow the seller to choose when to close escrow. This typically comes up when a seller is trying to close on their property and also buy another one, but they’re not sure when their purchase will close. Allowing them to choose the close of escrow date lends them flexibility and makes your offer more attractive. 2. Offer the seller post-posses...
Q: Which 3 Tips Will Help You Write an Airtight Offer?
August 03, 2020 13:41 VideoHere’s how to write the most secure offer possible. If you’re making an offer on a home whose seller values security above all else, what do you do to prove to them that your offer is strong and will close? Here are three tips that will help you: 1. Make your earnest money non-refundable. You can do this at the beginning of the transaction when you open escrow, but the most secure way is to do it right after the inspection of the property. “By waiving the appraisal contingency, you’re s...
How to Write a Winning Offer in Today’s Market
July 20, 2020 19:24 VideoHere’s how to make a winning offer to a home seller who values speed. When we are competing with other buyers to purchase a property, we have to tailor our offers to fit the seller’s needs. If the seller needs a quick close, we have to put certain things in the offer to make it attractive. Here are three tips on how to do that: 1. Inspection. Usually in Arizona, the inspection period is 10 days. If we reduce this to three or five days or waive the inspection altogether, you can cut down t...
Q: How Do You Write a Winning Offer?
July 07, 2020 13:43 VideoWhen you, a homebuyer, learn that the seller of the home you’re interested in is mostly motivated by how much money they’ll net, you’ll need to tailor your offer to make it more lucrative for the seller if you want to win. Here are three tips to help set up your offer: 1. Use an escalation clause. Beat the other offers without paying too much for the property by using an escalation clause. An escalation clause is simply a clause written into your offer that states you’ll offer a certain am...
Write a Winning Offer Amid Heavy Competition: Part I
June 22, 2020 19:21 VideoThese are the communication basics needed to write winning offers. When the market is hot, buyers can expect to be competing against multiple offers, and they need every edge they can get. That’s why I’m kicking off of a series of videos dedicated to writing winning offers based on understanding a seller’s needs. There are five main seller needs: money, timing, security, convenience, and distress property. Today’s installment focuses on three tips to effectively communicate with the listi...
Q: What Is Our Express Cash Offer Program?
June 05, 2020 18:54 VideoIn the last few years, many institutional buyers (or iBuyers) such as Opendoor, Offerpad, and Zillow have entered the real estate market. We receive tons of questions from clients about how their buying process works, what their offers are, and whether it’s better to sell to them than go the traditional route. So we created a program that gives our clients access to all the iBuyers that are buying homes in our area: the Express Cash Offer program. In the past few months, we’ve partnered wit...
2 Important Arizona Laws That Protect Homeowners
May 26, 2020 18:21 VideoThere are two very important Arizona laws that all homeowners should know for their own protection: 1. The Arizona Homestead Exemption Law. This is designed to protect homeowners from general creditors. It protects the property for up to $150,000 in equity. Let’s say a property is worth $300,000 and you have a mortgage balance of $150,000. This means that you have $150,000 of equity that can’t be seized by creditors. This is great protection if you’re a homeowner. 2. The Anti-deficiency L...
Q: What Are Holding Costs?
May 12, 2020 20:27 VideoWhen a real estate investor is flipping a property, one of the most common things they forget about is the holding costs and their impact on the profitability of a transaction. If you’re in the fix-and-flip game, three holding costs hold the key to deciding the outcome. One is the cost of ongoing expenses such as utilities and property taxes that can add up after a while. The act of simply holding property for six months can cost you tens of thousands of dollars. To learn more, watch this s...
Why Short Sales Are Preferable to Foreclosures
April 29, 2020 13:31 VideoHere’s why homeowners are better off doing a short sale instead of a foreclosure. How can a short sale help you avoid foreclosure? A short sale is a process where the bank allows the homeowner to pay less than their current mortgage to sell their home. This benefits both sides: The bank saves money on legal fees and the homeowner doesn’t have to go through foreclosure. Opting for a short sale and avoiding foreclosure carries three big advantages: 1. You won’t have a foreclosure on your ...
How We’re Keeping an Eye on Home Prices
April 17, 2020 19:57 VideoWith all that’s going on in the world right now, a lot of people have been asking me about home prices and when they might start to go down. When the economy isn’t doing well, the first thing to get hit is the stock market, but the real estate market is always six to 12 months behind. Today I’m showing you three indicators that we’re following to tell whether prices will go down in the future. The first is supply and demand.
What Economic Injury Disaster Loans Can Do for You
April 09, 2020 19:16 VideoIf you’re a landlord having problems with your tenants or a homeowner struggling to pay your mortgage, an economic injury disaster loan can help. Some of you may want to run straight to the PPP, in which loans can be forgiven. Don’t! You can also obtain the EIDL (Economic Injury Disaster Loan) and use it for a different purpose. I am talking about this loan before describing the PPP for several reasons. First, you can apply online immediately without having to talk with a banker, and secon...
The Story of Our Shrinking Inventory
March 31, 2020 13:57 VideoHere’s a look at how inventory levels changed over time—the numbers are staggering. Here’s a quick update about where our real estate market has been, where it is right now, and where it’s headed in the future. We started the year in a strong seller’s market; we’re down 48% on listings from last year. At 0:39, you’ll be able to see a color-coded, time-lapsed map illustrating the change in inventory starting January 12 of this year. We used different colors for different ZIP codes (ranging...
3 Reasons Now Is the Time to Upgrade Into a Better Home
February 14, 2020 15:28 VideoNow is the time for homeowners to upgrade in our market. There are three reasons why. Here are the three reasons now is the time to upgrade into a newer, better home: 1. The difference in prices. If you’re selling a lower-priced property ($200,000-$300,000), you can take advantage of high demand and sell for top dollar. Then, when buying at a higher price range ($500,000-$600,000), you can take advantage of less demand and negotiate a better price. 2. The market is good. Mortgage compa...
What Can You Do to Lower Your Down Payment?
January 30, 2020 14:56 VideoSaving up for a down payment can be tough, but it’s easier when you know that you have options. Here are three ways to help with your down payment that don’t require saving. Even if you don’t think you can afford a down payment right now, there are ways for you to purchase a home without one. A lot of people think they need 20% to put down on a home, but that’s not true. FHA only requires 3.5% down and other programs only require 3%. Even so, a lot of buyers still can’t afford that. Here...
The Benefits of Owning vs. Renting
January 16, 2020 20:02 VideoOwning a home is a much better financial decision than renting one. Here are three reasons why. If you’re debating whether you should buy or rent a home, you should know that owning a property has some great financial benefits. Here are the three reasons that you should buy instead of rent: 1. Homeownership is a good investment. Homes generally appreciate every year, so your down payment could very easily double. If you buy a home for $300,000 with $10,000 down, a 5% appreciation will pra...
The Best Investment Properties in Terms of ROI
January 02, 2020 16:33 VideoIf you’re thinking of buying an investment property anytime soon, here are the types of properties that appreciate the most. In previous videos, I talked about the criteria that make the best types of investment properties, but which type of investment property brings the best return on investment? As it turns out, homes priced between $175,000 and $225,000 appreciate the most per year—between 7% and 8%. Additionally, smaller homes (e.g., those under 1,000 square feet) have appreciated by ...
How Do Escrow Holdbacks Help Buyers and Sellers?
December 12, 2019 14:58 VideoEscrow holdbacks are a great way to save deals from falling through. Here’s what I mean. What is an escrow holdback? When you buy a property, the bank providing your financing will send an appraiser to the home to appraise it. In addition to calculating the home’s value, they’ll check the home’s condition. Banks don’t like to see specific problems in homes that are under contract (broken windows, a bad roof, etc.), so if they see these problems, they’ll require them to be fixed before the...
Don’t Make These 3 Major Mistakes When Buying a Home
November 26, 2019 20:07 VideoOnce you’re under contract for a home, there are three mistakes you must avoid as a homebuyer. When you buy a property, your mortgage company has to pre-qualify you for financing, which means at the beginning of the transaction they’ll check your credit and employment to ensure you can afford your mortgage payments. What most people don’t know, though, is that they do the same thing again shortly before the deal closes—they’ll run your credit and call your employer. “Getting new loans wil...
How Should You Choose Your Tenants?
November 14, 2019 14:38 VideoHow can you make sure that you choose the right tenant for your property? Here are six of my best tips. Here are some tips that you should follow to ensure you choose the right tenant for your rental property: 1. They should be making 3x the rent of the property. Having a good income will make it much easier for the tenant to pay rent on time. 2. Verify the tenant’s income. 3. Determine the tenant’s credit score. The average score is around 660, so they should be near that number. If yo...
3 Costly Mistakes You Must Avoid as a Landlord
October 29, 2019 16:24 VideoThere are three mistakes you must avoid as a landlord if you don’t want to cost yourself money. Here are three costly mistakes you must avoid as a landlord: 1. Entering the rented property without notice. This act is subject to a fine, which is usually worth at least one month’s rent. If you want to enter your rented property, you need to give at least 48 hours’ notice to your tenant(s). 2. Not refunding the security deposit after the tenant moves out. In Arizona, landlords have 14 days...
Watch Out For These Red Flags When Selecting Tenants
October 15, 2019 13:52 VideoHere are a few red flags you need to be aware of when choosing tenants for your property. When you’re choosing tenants to live in a property you own or manage, there are a few red flags you’ll want to keep an eye out for if you don’t want problems down the road: For one, if a tenant has a lot of unreported cash or is paid almost entirely in cash, that’s a red flag. The sources of that money are hard to track down, and if you eventually need to collect from a tenant, it can make doing so h...
3 Reasons Why You Should Invest in Arizona Real Estate
October 01, 2019 13:50 VideoThere are three things that make Arizona the perfect place for your next real estate investment. If you’ve been thinking about investing in real estate, Arizona should be at the top of your list. There are three big reasons why our state makes for such a good choice: 1. The economy and population growth: Our economy has been doing very well, and the governor recently announced that we have a $1 billion rainy-day fund. If a recession happens, this fund will help us manage its impact. On to...
A Recession Is Coming: How Will Arizona Be Affected?
September 19, 2019 16:54 VideoDuring a recession, one of the problems facing the real estate market is the people who are moving out of state and decreasing its population. However, Arizona has demonstrated positive growth—our population grows an average of 1.4% each year, which means that around 200 people move to Arizona every day. This will keep the demand for purchasing and renting homes high. Another factor that affects the real estate market during a recession is the overall economy of the state. In Arizona, w...