Steve Welty

Issue# 13

August 2024

Happy Saturday Housing Heroes!

Steve Welty here! This week, I’m mixing things up with a short video where I share my top 3 tips for building strong relationships.

I’ve also got some valuable market insights from our partners—Erik Motsenbocker, founder of Pacific Premier, diving into the latest in the insurance industry, and Jesse Ibanez, co-founder of The Greenhouse Group, giving his take on the current real estate market. You won’t want to miss these updates!

Check it out below 👇

August Real Estate Market Updates

Eric Motsenbocker

Founder @ Pacific Premier Insurance

Key Points

1. Habitability exclusions are more common in larger apartment complexes than 1-4 unit properties. It's important to review your policy and understand any exclusions related to habitability.

2. Check your policy for coverage of pollutants like mold, asbestos, and lead. If not covered, you may need to obtain standalone pollution coverage.

3. Thoroughly documenting any repairs, renovations or updates to the property. This includes getting paid receipts or contractor letterhead, as insurance companies are increasingly using technology like AI and drones to verify property conditions.

Jesse Ibanez

Co-Founder @ Green House Group

Key Points

1. The San Diego real estate market has been very resilient, with prices continuing to increase despite rate hikes. This has made it challenging for buyers, as there is no "win" on price.

2. Buyers are facing a new normal of higher mortgage rates, around 6.5%, which has impacted affordability and payment ability. This is a constant factor buyers have to contend with.

3. The condition of homes is now a critical variable, with a significant gap between turnkey, move-in ready homes and those needing substantial remodeling. Sellers need to be strategic about pre-sale investments to maximize their returns.

Catch this week’s IG Live with Jason Lee

Jason is the CEO & Founder of JLM Real Estate and manages a $50 million portfolio with over 100 units in Southern California. We chatted about the financial advantages of trading up from a house or condo to an apartment building, what to look for when buying an investment property, and the real estate market in Orange County and San Diego.

Recent Articles

What a Landlord Cannot Do in California

While many laws protect landlords, they are also prohibited from taking certain actions. We’re unpacking all the things that landlords cannot do in California.

Read more →

The Value Triangle: Why Repairs Cost What They Do

Nobody enjoys overpaying for repairs. But determining what “too much” means can be tricky since value is subjective. One key concept to understand is the Value Triangle, which consists of Price, Quality, and Speed

Read more →

Free Tools

Get your Instant Rent Estimate

Rent Estimate

Rent vs Sell Calculator

Access Now

That's it for this week! We hope you enjoyed the content and found it useful. Be sure to check your inbox next Saturday at 6 AM for our next update. Have a fantastic week!

P.S. Please share this newsletter with a friend, so they can join the conversation.