I Wasn't Looking to Sell Until My Broker Got Me A 1 Million Dollar Offer

Queens, NY is a one of a kind place filled with culture and adventure. Most Queens home owners have lived here for so long and they're unaware that a gold mine sits right under their feet. Some people have dreams to move to Florida and never look at their home as the vehicle that could get them there in first place. 

True Story:

To protect this millionair's identity we will call this man Eric. Eric started off renting in Elmhurst Queens. Upon his mother passing away he inherited a 1 bedroom co-op worth $200k in 2009. He decided to sell with his realtor and wanted to move somewhere that had potential. His Realtor recommended Sunnyside because Long Island City was on its luxurious rise to fame. 

He moved in 2009 and lived in the property till 2015. He wasn't thinking about selling until his realtor told him that he might want to test the market because he thinks the market is shifting and he could walk away with some serious bucks! The realtor tested the market and the 2-bedroom he bought for $300k sold for $429k! At that price, he could not turn it down. 

"Invested...with a huge house and 8 investment properties."

He then bought a Woodside condo which was a rental conversion building and because he was one of the first to buy he was able to secure one of the 2-bedroom 2-bath units at $495k. He promised his realtor that this would be the last move until in 2017 and his realtor told him to test the market. He ended up selling that unit for $836k.   

Fast forward Eric took his money and moved out of state. He took his profits and invested in Florida with a huge house and 8 investment properties. 

LESSONS FROM ERICS STORY:

TEST THE MARKET WITH YOUR PROFESSIONAL

It is always important to run a market analysis on your property every year. If you like what you see place it on the market you have nothing to lose and everything to gain. You never know! 

TIP: Make sure your realtor knows exactly what he's doing and you trust their judgment and knowledge of the market. 

KEEP AN EYE ON THE HOMES SELLING ON YOUR BLOCK

If you see a bunch of homes on your block go on the market it can mean one of 2 things. The market is dropping! :: The sky is falling :: OR values are going through the roof! It's important to talk to a professional to come up with a game plan and figure out whats going on. 

BEFORE YOU MAKE MAJOR REPAIRS IT MIGHT BE WISE TO SPEAK TO YOUR REALTOR

I want to redo my kitchen before I sell because it will get me 50k more for my property. 

TIPS: DONT MAKE ANY RENOVATIONS WITHOUT SPEAKING TO YOUR SALES PROFESSIONAL. 

Trends change and you could lose a ton of money by making the wrong renovation decision. It would be a shame if you could have still got market value by just leaving your home 'As Is.'

We can all learn the power of real estate investing from Eric. Some may consider him lucky based on the factors presented to him. The funny part about the story was Eric never considered himself an investor until he had rental properties. IF YOU ARE A HOME OWNER YOU ARE AN INVESTOR and you might be making a killing without even knowing it! 

Queens Homeowners: Cut your electric bill by nearly $700

What could you do with an extra $500-$950 per year? Would you save up for a weekend get away? Buy your kids the Christmas gifts they've been asking you for all year?

Saving money and home ownership go hand in hand. For most who live on a budget, it's important to cut corners and save where you can. Here are 8 ways you can save some money without  sacrificing much convenience:

Shut It Down

Ever thought about moving into Queens or Brooklyn? 

Not in the room? Lights off! 

When you decide to leave a room or retire for the night turn off all the power strips and lights in a room when not in use. You can get the kids involved by having a points and rewards system. When the habit's in place it would be impossible to not be conscious of it moving forward. 

Countdown timers or Smart lights

Alexa, turn off all the lights in the house! Yes, with technology that allows you to avoid the hardship of actually flipping a switch it should be easier. An alternative to this is motion sensor lights and countdown timers. 

Tip: With motion sensor lights, make sure your moving every so often, nothing is worse than being in the dark on the porcelain throne. 

SAVING ESTIMATE: $100-$300 per year

Heating and Cooling Hacks

Strategically use windows

-Install heavy drapes on your sunny windows. This will allow you to keep the sun out on hot days and help keep the cold out on winter days. 

Install a couple ceiling fans

-Installing a ceiling fan yourself isn't an easy task, but it has a large payoff. Spin the blades downward in the summer to promote cool air flow through your home. Run the blades clockwise during the winter to push warm are through your space. 

Fine tune that thermostat

-Yes, most people do this but it is worth mentioning again. During the winter turn the heat up when home and turn it down 10-15 degrees before bed and/or when at work. You can also apply that to air-conditioning in the opposite manner. 

Estimated Savings: 5-30% of yearly electric bill! 

 

Minimize Hot Water Use

Stop overusing that dish washer

Use your dishwasher only when you have a nearly full load! No more than once a day if necessary. Let's not be lazy you can rinse out your cereal bowl.

Wash clothing in cold water

With the strong cleaning properties of contemporary detergents, it's not shocking that they perform very well in cold water. If you have clothing that requires a hot water wash place them together and wash them together when needed.  

Fine tune the water heater

Lower your water temperature to 120 degrees F. As a plus, this technique can help you avoid hot water accidents. 

Estimated Savings: $100-$250 per year

So, that is how you can save money by being conscious of your energy consumption. Not only are you saving your pockets but you are helping the planet by leaving a small carbon foot print. What are some ways you save money?