How Property Management Specialists Make Your Real Estate Life Easy

Posted on: January 26, 2011

Categories: Property Management

Author: lbuen

As the upsurge of great deals rush into your real estate business, you may now be accumulating rental properties with number and locations that may be too much for you to handle. Instead of devoting you time deciding on which next handyman special to acquire, marketing your newly acquired properties or spending your weekend playing baseball with your son, your day may be encumbered with fixing leaky roofs or tackling delinquent tenants. This may be the cue for you to consider turning over the reins of property management to a property manager or a property management company.

Property Management – A Wide Range of Responsibilities
As you may already know from experience, the breadth of property management could be overwhelming, more so that your little realty empire has grown in territory. One of the important things that this

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Landlord Tips For the Legally Blind Property Owner

Posted on: January 25, 2011

Categories: Investors, Procedures, Property Management

Author: lbuen

Landlord Tips on Rental Applications and Lease Agreements

Prevention is better than cure. The cliche surely applies to renting out properties, and legal documents such as Rental Applications, Lease Agreements and lease clause inserts are your prophylaxis to the headaches that many landlords suffer from when they have not taken the trouble of getting vaccinated. Some experienced landlords and lawyers handling landlord versus tenant cases prescribe some landlord tips for the beginning landlords who are most often still legally blind and additional landlord tips for those who have been in the business for a time.

Landlord Tips on What Legal Documents to Prepare

For a smooth-sailing contract-signing with the tenant, require him to bring the necessary documents including a copy of his social security card, driver’s license, and the amount due in cash, certified funds or money order. The… Read the rest

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4 Great Reasons Why REIs Must Do A Green Rehab

Posted on: January 12, 2011

Categories: Fix, Ideas, Investors, Property Management, Things To Consider

Author: lbuen


Image by lawtonchiles via Flickr

With the growing social awareness of the need to care for the environment, emphasizing the importance of  green living to parry climate change, every rehabber may have toyed the idea of doing a green rehab. So what’s holding you back from jumping on the green bandwagon?

While you think of some excuses why you cannot get involved in green rehab, here is a list of why you should:

1. Let’s Begin With the Obvious: Green Rehab to Help Minimize Climate Change

It is the conscientious thing to do. Since this opens up to a larger topic, and perhaps may spark several arguments, let me leave it to Greenpeace and other tree huggers to expound on it.

2. Do Green Rehab to Cash In on the Growing But Untapped Green Market

The… Read the rest

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Where to Source Your Rehab Funding

Posted on: January 10, 2011

Categories: Buy, Fix, Investors, Property Management, Things To Consider

Author: lbuen

Avalanche of Money Lenders Replaces Customary Lunch with Private Investors

Luncheons with a coterie of investors with deep pockets used to be the avenue that lead real estate investors to the Land of Ready Cash. Today, however, more and more private lending companies are purveying rehab loans to rehabbers and real estate investors who want to renovate their rental properties. The government is also offering rehab funding with terms and conditions varying from city to city.

A real estate investor does not have to go far to look for a rehab loan. Skipping the need for leafing through the menu of the restaurant where private investors’ money were used to be raised, a cash-hungry real estate investor can instead browse the Internet for a list of lenders for this kind of loan. For the newbie, however, selecting the lenders… Read the rest

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Shhhh…Underground Advice: How to Claim the Homestead Exemption as a Landlord

Posted on: November 20, 2010

Categories: Property Management, Things To Consider

Author: buyfixandprofit

Shhhh…Underground Advice: How to Claim the Homestead Exemption as a Landlord

The landlord was planning on raising the rents on his properties in order to offset his additional costs, until he discovered that his county allows for tenants to claim the homestead exemption. The homestead exemption reduces the assessed value of a property, which in turn lowers the property taxes. So instead of raising the tenant’s rents, he worked with them to have them claim the homestead exemption, which in turn would maintain his cash flows.

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Landlord Jailed After Trying to Suck Tenants’ Toes

Posted on: November 19, 2010

Categories: Property Management

Author: buyfixandprofit

Landlord Jailed After Trying to Suck Tenants’ Toes

Here’s a story to help give your mind a break from placing offers, negotiating short sales, and calculating cash flows.

A landlord with a bizarre foot fetish who targeted his tenants by trying to suck their toes and acting indecently in front of them has been given a 18-month prison sentence after being found guilty of a number of sexual assaults.

Can you imagine going in front of a judge and asking to break the lease because the landlord would not stop sucking on your toes?  This world is filled with some crazy people.  I bet the tenant could have negotiated a rent reduction at least.  I’ll let the bank rep suck on my toes if they reduce my mortgage by 50%!

Read the story here.

http://goo.gl/XdBXR

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Is it Legal for a Landlord to Establish a No Smoking Policy?

Posted on: November 13, 2010

Categories: Property Management

Author: buyfixandprofit

Is it Legal for a Landlord to Establish a No Smoking Policy?

Q. I own and manage a medium-size apartment building. A few of my tenants have asked me to implement a “no-smoking” policy for the entire building, including individual units. Can I do this without getting into legal trouble?

Bottom line answer is YES.  Landlords are allowed to establish and enforce no smoking policies in their rental properties.  Landlords who have established smoke-free buildings have often met resistance from smokers, who claim their “right to smoke” is being infringed. These claims haven’t prevailed, nor have similar objections to municipal ordinances banning smoking in multifamily settings within the city limits.  Please check with your attorney to verify your local laws are no different.

When Should a Landlord Start Enforcing a No Smoking Ban?

How about right away?

Your tenants’ request is one of a chorus of demands by residents nationwide that they… Read the rest

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Landlords: Are You Aggressive Enough In Trying to Rent Out Your Property?

Posted on: September 28, 2010

Categories: Property Management

Author: buyfixandprofit

Landlords: Are You Aggressive Enough In Trying to Rent Out Your Property?

Many landlords find it difficult to close the sale. They don’t get a definitive agreement to rent an apartment or their freshly rehabbed REO home. When the prospective tenant is at the building, you need to seize the moment and ask them to fill out an application and leave a deposit. Don’t be shy! Create a sense of urgency, schedule several appointments at the same time – it works.

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Property Management 101 – Document, Enforce, Love

Posted on: September 12, 2010

Categories: Property Management

Author: buyfixandprofit

Property Management 101 – Document, Enforce, Love

Successful Property Management – It’s in the Planning

The key to successful operation of any property is planning. All property owners need a written plan guiding the day-to-day operation of their buildings. In fact, the actual planning should start prior to purchasing a property. Pre-purchase planning should include deciding in what neighborhood or area you want to buy, what size house or building you want to buy, and what mix of bedroom-size apartments you want. You will also have to decide whether you want to buy a fix-it-upper, a brand new building, or something in between. Additional planning should include how and where to finance your purchase, how much equity you have available and want to invest, and what improvements you want to make upon closing the purchase.

Document and Enforce Landlord Policies

When… Read the rest

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Tenant Screening: How to Choose a Tenant When All the Tenant Credit Reports Are BAD!

Posted on: September 15, 2009

Categories: Profit, Property Management, Things To Consider

Author: buyfixandprofit

Tenants with a Bad Credit Scores

Rehabbing bank foreclosures, a.k.a REO’s, for long term positive cash flow with little to no money down, will typically require investing in low to middle-low income neighborhoods.  When working in these neighborhoods, there will be times when the pool of tenants to choose from will all have bad credit along with several delinquencies on their credit report.  So how does the real estate investor, rehabber, and/or landlord choose a tenant under these circumstances?

Steady Employment

When credit scores are low and late payments take up the first three pages of the credit report; look for the tenant with a steady a job with at least a year of current employment.  The longer the tenant’s current employment, the better.  Steady predictable income shows that the person is capable of holding on to a job and… Read the rest

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