You're listening to the John and Heidi Show Bonus Hour. If you miss any
of the program, you can find a podcast at the bottom of the page
at Johnny Radio dot com. Thank you for listening to The John and Heidi
Show on a Monday. We are excited for Brent Baker to be joining us
in the studio to be chatting with him about the real estate market in the
Sioux Empire. Also coming up later this hour, we have This Day in
Sioux Falls History, and at the tail end of the hour, it's a
movie Star Monday. We have David Rashki joining us. He's in a new
movie called About My Father, But I remember him from Sledgehammer on TV back
a long long time ago. Hilarious guy and he's been in a ton of
movies. Excited to chat with him. Coming up at the end of this
hour for a movie Star Monday. Yourself. It's more important than ever to
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credit cards dot Com yourself cards. Thanks for listening to the John and Heidi
Show. Bonus. How we're excited right now? I have Brent Baker joining
us in the studio with Client's First Group and Keller Williams. How are you
sir? I am fantastic today. Always good to have you in here.
And we get to talk about all kinds of fun things that have to do
with real estate. And today I got to talk about a conversation and you
have a little conversation here about condos. And this is something that is fascinating
to me because there was probably a time in my life where I would never
have even considered a condo. The over I get, the more I go,
it would be so nice to have somebody else. It just does all
of this stuff for me. There are some huge benefits to living in a
condo compared to, you know, being the one responsible for all that stuff
on your own, aren't there. Well, that is the attraction to a
condom. I had a family member who lived in a condo for years and
it was great for her. You know, somebody keeps a yardboat. She
never had to go out there and do that, so she could do her
other activities. And for her lifestyle, that was clearly the way to go,
and she didn't have to own a lawn more and back then there were
no electric mowers. Yeah, And so part of this is there's kind of
some shared ownership because you have your piece, but there's other pieces that it's
like an association almost. Is that what you would call it? Correct?
So you own the inside of your walls. The interior you can decorate,
however, and depending on how the structure is designed, you might have common
hallways, common areas. You don't really own anything outside of those walls,
but you do have common areas outside or in the hallways. Some condos literally
you exit right to the outdoors, which is nice because then you have the
feeling of independent living. Yeah, and you know if your entrance is clean,
it's because you kept a clean Yeah. Absolutely. Now, are there
special financing things you have to do when it comes to buying a condo?
Is that the same as buying a house or is it different? There are
some differences there and you have to be aware of those. And so if
you go to your lender and they say, well you're going to be you
know, you're a proof for FHA or VA. Now we have to be
concerned that that facility meets the standards. So there are standards for percentages or
ratios of ownership to renters, and so the banks have to look at these
a little differently. There are some guidelines and in addition to a payment,
if you're buying this and getting a mortgage, sometimes there are like association fees
and things. Is that correct as well? With like a condo, there
are always a homeowners association and that is for maintaining the grounds, the exterior
of the structure and so forth. And you'll find that same thing in townhouses
generally. Okay, And a townhouse is different than a condo or is that
the same? Yeah, they have different legal aspects to them. So when
it comes to the homeowners association fees with the condo, what all it would
be included in that Because we were talking about like maintaining the lawn and shoveling
and that, are there other things too that are covered within correct So in
some of them it is not just the exterior maintenance in the grounds, but
also your garbage. Some condos have swimming pools, so they have the maintenance
of those items. And you also have to look at and say, is
that hway relevant to the facilities. So if it's an older facility, say
it's a thirty or forty year old structure, but the hr way does are
really low, you might be concerned that they're not stocked accumulating enough funds for
maintenance because as a building ages, maintenance is just going to get more expensive,
you know, to maintain the properties. So there have been cases,
not locally for fortunately that I'm aware of, where they were not taking in
enough funds and then a major project came in and now they're too short.
The jump in HWA you know, is would be too much. So wow,
it's important to talk to somebody who is really well versed and say is
this an appropriate HWA fee? Yeah. So when it comes to buying a
home, a lot of the time there are inspections, they're involved. How
does that work when it's something like this where it's a you know, you
don't have the whole thing. Are they just inspecting your unit or the whole
facility? Then, so they're going to inspect the unit, but they will
still make general observations about the exterior the structure. You know, they're not
going to dig into it, so to speak. But home inspector does us
every day, so they know what to look for. Even on the exterior,
that might be a telltale sign. So say all of the decks are
very weathered and maybe looking a little raggedy. Okay, then we need to
start asking questions. Is this on the repair list for the facility in general
or not? And it's well worth the money? And how about insurance when
it comes to buying a home, that's another thing. Make sure you have
homeowner's insurance. But I've heard of a renter's insurance as there, like insurance
for condos as well. I'm assuming there has to be something. I guess
yes, and so that would be also something that's included in the h away.
Is insurance for the exterior of the structure. Does not include the interior
of your unit or your personal property. But that's part of what's included in
your h away. So if somebody listening would like to learn more about this,
maybe they're saying, Hey, I've got a home, I've got all
this space, kids are grown and gone, I don't need all of this
anymore. Maybe it's time for me to move into a condo and let Brent
sell my house and have Brent helped me buy a condo? How do they
get a hold of you? I can be found at six zero five three
one zero zero two seven or Brent Baker at kW dot com. Are there
quite a few condos on the market at any given time or is that something
where there's a limited supply? You know there's a lot of them out there,
but you don't see a lot of them available. Yeah, certain facilities
have a little higher turnover, but they tend to be older, very nice.
If you would like to connect with Brent, you can reach out to
him if you if you missed his number. Clients FirstGroup dot com as the
website as well, and you can always reach out to me and I'll gladly
get you in touch with him. Thanks for listening to the John and Heidi
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That's Genesis gold dot com. Time now for this day in Sioux Falls
History, brought to you by the Sioux Falls Fund Page and Sunny ninety three
point three. It was on this day June twenty six, twenty twenty,
the Guy Fieri, popular host from Diners, Drive Ins and Dives on the
Food Network, visited Sioux Falls. He visited and filmed and no less than
five locations around the area, among them Urban Chislick and Labella Ethiopian Restaurant,
which would be included in the January first, twenty twenty one episode South Dakotasmorgus
Board. Also, he stopped by Bread and Circus Sandwich Kitchen that air January
sixth, twenty twenty one, for Spice and Things Up Looks Market air January
twenty ninth, and an episode entitled Savory Meats and a Little Sweet and Daily
Clean Food and Drinks on Ribstickers that aired February twelfth. Guy drove around town
and his iconic red convertible, posing for photos, chatting it up with the
locals, and being an all around awesome guy, all while taking in some
of the best cuisine Sioux Falls has to offer. However, I think so
much told let him know that there's plenty more that he could come back for.
Maybe invite him back for more delicious Sioux Falls food. This day in
Sioux Falls History has been brought to you by the Sue Falls Fund Page at
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fifteen dollars a month. Learn more now at mintervention dot com. Here's your
market being minute for Monday, June twenty six, brought to you by Genesis
Gooldira dot com. Equity markets pulled back last week as traders prepare for this
week's PC price index. The price index is expected to show another hot increase
in consumer level inflation and keep the Fed on track to hike rates again.
The question is if the FOEMC will hike by only twenty five basis points or
will it hike another fifty or more. As it is, the market is
only pricing in a single interest rate hike and may be surprised by the data.
This week, the SNP five hundred pulled back and snapped a winning streak,
but is still above the key forty three hundred level, so the near
term uptrend is intact. The index may pull back to forty three hundred before
moving higher, but the stage is set for the updraft to continue even with
hot inflation. The rise of AI and stimulus related government spending underpinn strength and
the tach in industrial sectors and will help the market move higher. The question
is how high the market will go before the reality of the Fed's new normal
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