PODCAST

Covina, CA Real Estate Podcast

Shawn Luong

A Video Blog about the Covinia CA Real Estate Market for buyers and sellers by Covina"s premiere Realtor Shawn Luong

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All Episodes

2 Methods of Helping Buyers Compete

Covina, CA Real Estate Podcast ·

2021/04/15

Here are two strategies to help buyers find success in our market.I’m sure that you’ve heard about all the bidding frenzies we’ve seen in our market. Listed homes are currently receiving five, 10, or even more offers apiece. That has left many buyers wondering what they can do to increase their chances of getting their offers accepted and ultimately winning the house. Today I’ll share two methods that I have used to help my buyers secure a property. “ Since homes are selling fast,

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Great News for Homebuyers With Recovering Credit

Covina, CA Real Estate Podcast ·

2021/04/01

Here’s some key info regarding changes to the lease-to-own program.When ‘lease to own’ was introduced in 2011, the program sponsor would agree to purchase a home for up to $600,000 and lease it out to a would-be buyer with bad or recovering credit but a qualifying income.It was designed for people who had just gone through a bankruptcy, short sale, or foreclosure.So long as you had the necessary, dependable income to pay rent each month, you could build up your credit while renting with the goal

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What to Know About the Mortgage Credit Certificate

Covina, CA Real Estate Podcast ·

2021/03/03

First-time homebuyers should take advantage of this little-known program. I discussed mortgage credit certificates a few years ago, but now we have so many millennial first-time homebuyers that I thought it was a good idea to remind you about them. Be sure to ask your lender if they’ve been approved by your state and local governments to sponsor you for the MCC.So what does the MCC do for you? Suppose that you pay $20,000 in annual interest. With the MCC, Los Angeles County allows a tax credit

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What If Your Appraisal Price Doesn’t Match the...

Covina, CA Real Estate Podcast ·

2021/02/17

You have a couple of options when your sales price differs from your appraised value.What happens when there’s a difference between your home’s sale price and the appraisal value? This conundrum comes up a lot when there are big increases in property values over a short period. Well, we have a couple of ways to address the issue: 1. The agent can submit a rebuttal. Your agent can compile a list of comparable sales and send it to the appraisal company to show them why the appraised value was

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How Do SBA Loans Make Commercial Property Cheaper?

Covina, CA Real Estate Podcast ·

2021/02/02

Here’s what you should know about the SBA loans in the new stimulus bill.You all know by now that I’ve been following the financial world for the last few years. Today I have a piece of information that I’m excited to share with you, and I hope you share it with your friends and family.With the new COVID-19 stimulus package, SBA loans are here. Traditionally, it carried a 2.3% rate on a guaranteed fee, but that has now been cut in half to 1.5%. The origination fee has been eliminated as well

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Still Not Convinced Real Estate Is Better Than Stocks?

Covina, CA Real Estate Podcast ·

2021/01/05

Real estate offers more leverage than stocks; 2020 is the proof.If you’ve done business with me or have been a follower of my blog, you know that I’ve always said real estate gives you leverage. In 2020, the real estate market has outperformed the stock market—one slice of “normal” we can be thankful for. If you don’t think that’s normal, consider this: As I’ve pointed out in past videos, the stock market didn’t effectively change in the period between 2000 and 2009; if you had put $10,000 into

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What Do the Latest Stats From September Tell Us?

Covina, CA Real Estate Podcast ·

2020/11/25

Here’s what you need to know about our market as we head into the holidays.We now have the complete market report for September 2020, so let’s compare it to September of last year for a clearer picture of real estate’s remarkable comeback:- Home prices increased 15.2% year over year (note: average yearly appreciation is only about 5% to 6%)- The median price for a single-family home in Southern California increased from $570,000 last year to $656,000 this yearOf course, most of you are only

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Q: What’s the New Construction Market Doing?

Covina, CA Real Estate Podcast ·

2020/10/28

Here’s everything you need to know about new construction right now.With interest rates historically low, buyer demand remains high in our market. Furthering this demand is the fact that more buyers than ever before have the freedom to work remotely, which means that they don’t have to settle for a cramped apartment in the city—they can use their increased purchasing power to move wherever. Resale inventory is still scarce, so all of this demand has begun spilling over into the new construction

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Q: What’s Your Real Estate Investment Journey?

Covina, CA Real Estate Podcast ·

2020/10/01

If you’re thinking about investing in real estate, think about ADUs, too.I’ve been building wealth through real estate for years, and today I’m going to share my journey with you.Cited below for your convenience are timestamps that will direct you to various points in the video. Feel free to watch it in its entirety, or use these timestamps to browse specific points at your leisure:0:55- Why my property’s location doesn’t allow me to take full advantage of the ADU laws2:00- How our tight

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Q: Is This a Good Market to Build Wealth in Real Estate?

Covina, CA Real Estate Podcast ·

2020/07/22

Here’s what the market looks like for homeowners who want to build an ADU. Continuing my series about how to create wealth through real estate via an ADU, I’m going to shift my focus to the market and how it is right now for investors. I’ll take a look at the second quarter numbers of 2020 and compare them to the second quarter numbers of 2019. In April of 2019, we had 2,500 new listings come on the market, and 1,787 homes went under contract.That means 71% of the listings were going to

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Q: How Can I Get an ADU If I Don’t Have the Cash?

Covina, CA Real Estate Podcast ·

2020/07/06

Today I’m explaining how to get an ADU even if you don’t have the cash. This is my first week back to work in my regular office after more than three months of lockdown! In my last video, I discussed ADUs (accessory dwelling units) and received a ton of feedback from people who are telling me they’re interested but don’t have the cash and want to know how they can pull it off. Today I’m going to be sharing all the information about theFannie Maeprogram that can assist with this. I’ve helped

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Q: How Can You Build $330,000 in Equity Quickly?

Covina, CA Real Estate Podcast ·

2020/06/08

Here’s how to build wealth quickly via real estate with one simple plan. As mentioned in Part I of my series about how to retire and build wealth in real estate, my case study focused on an Accessory Dwelling Unit (additional unit) in the city of Burbank, California. Now, I’m using data from Burbank for houses between 1,100 and 1,500 square feet that have sold within the last six months; that makes my average 1,300 square feet, valued at around $511 per square foot and totaling $664,000

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Your May Market Update

Covina, CA Real Estate Podcast ·

2020/05/14

Here’s why ours is still a strong seller’s market with multiple offers. Are we headed for a housing market crash? Today I’ll share the latest market data from April to draw contrasts between the calamity of 2008 and our current crisis. Believe it or not, we’re still currently experiencing a strong seller’s market, and prices are stable. Though total sales were down significantly year over year for April (1,087 compared to 1,683), the average sale price this year was much higher, and inventory

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How Homeowners Can Pay Down Their Mortgage Through ADUs

Covina, CA Real Estate Podcast ·

2020/05/07

Today I’m sharing how first-time buyers can use ADUs to help pay down their mortgage. Welcome to part one of my new series on how to retire without savings through real estate. This information can benefit anyone, including millennials who have just purchased or are about to purchase their first homes. A quick note before we settle into today's topic: Remember that we do have down payment assistance programs for first-time buyers through FHA and conventional loans which only require 3% to 5%

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How Has the COVID-19 Lockdown Affected Real Estate?

Covina, CA Real Estate Podcast ·

2020/04/24

Our market has slowed since the COVID-19 lockdown began, but not substantially so. What do the latest numbers say about our Southern California market? First a quick reminder: I sent out a slew of emails before the CARES Act was passed about the SBA’s Economic Injury Disaster Loan. If you’ve applied for this loan and received it, I welcome your feedback. Also, for those I referred to a small community bank that processes this loan faster than big banks, I estimate that 50% of them have been

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COVID-19: How to Properly Respond to Tenants’...

Covina, CA Real Estate Podcast ·

2020/04/01

In my last email, I asked for all to sign a petition to Congress to provide tenant rent and landlord mortgage relief. What I will discuss now is strictly for residential properties. There is a 60-day no eviction and no rent increase moratorium throughout the state of California, ending May 31, 2020. Courthouses handling unlawful detainer are closed and cases are suspended until April 16, 2020, so the tenant has 10 days to respond and the default date will be May 5, 2020. For units with Section

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What I am doing for the upcoming COVID-19...

Covina, CA Real Estate Podcast ·

2020/03/06

James Robb, pathologist and molecular virologist, recently released this letter discussing the likelyhood that the coronavirus could be “widespread in the US” by late March and April. Dear Colleagues, as some of you may recall, when I was a professor of pathology at the University of California San Diego, I was one of the first molecular virologists in the world to work on coronaviruses (the 1970s). I was the first to demonstrate the number of genes the virus contained. Since then, I have kept up

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Down Payment Assistance

Covina, CA Real Estate Podcast ·

2020/02/28

First-time homebuyers don’t have to pay a 20% down payment. Down payment assistance programs can help you save. Lately, I have received many questions from people about down payments. They say they want to buy a home but don’t have enough to pay for a 20% down payment. The good news is, 20% is rarely needed these days. There are down payment assistance programs for first-time homebuyers in California, but in some regions, there are income limits. These programs range from 3% to 5% of the

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How to Properly Increase Rent Without Legal Troubles

Covina, CA Real Estate Podcast ·

2020/02/11

I’m back to answer more of your questions surrounding the rent control measures here in the state of California. There has been a lot of talk about rent control in California lately; many people don’t seem to fully understand how to navigate this tricky issue. Today I’ll answer three frequently asked questions to provide clarity on this issue and help you avoid legal issues down the road. “Why is there rent control now when, in 2018, Prop 10 was defeated by 62%?” Well, the state legislature

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Answering Your Questions About California Rent Control

Covina, CA Real Estate Podcast ·

2020/01/27

Today I want to provide some clarity about California’s Assembly Bill 1482, a rent control law that has some investors worried. My last video regarding California’s Assembly Bill 1482 generated a lot of interest and questions, so today I’ll review the bill and provide some clarity on rent control and what it means for you. First, single-family homes and condos are not subject to rent control unless they are owned by a corporation or a real estate investment trust (REIT). In the city of Los

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Covina, CA Real Estate Podcast

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