If you're new here, you may want to subscribe to my RSS feed. Want more frequent updates follow me on Twitter. Thanks for visiting!

If your tenant is diligent about paying the rent but still violates your rental agreement you have a legal right to evict this person.

If your tenant is doing something that is illegal, an annoyance to other tenants, or dangerous but not specifically prohibited in the lease, check with your city ordinances as they keep a list of violations that are just cause for termination. Make sure you document all of the violations so you have a record for the courts.

(more…)

credit: boarderstu

The nation is facing a bit of a foreclosure crisis, it’s all over the news and if you haven’t been hit by it in some way it’s very possible that you know someone who has. With all these homes sitting empty, it’s no wonder that some industrious people have found a way to turn that to their advantage, and it may not be the people you’d expect. A foreclosed home can be a boon to a shrewd investor but it’s the homeless that are setting up shop.

(more…)

credit: surekat

Becoming a property manager is one thing, but maintaining the property is something all together different. Doing proper maintenance can keep the value of your property up where it belongs, or you can even improve the value. Maintenance can also help you attract the right tenants and keep them.

(more…)

credit: tompagenet

You want your property value to rise so you’re investment grows, but you don’t necessarily want to pay more taxes. Obviously, you’ll pay your fair share, but if you feel you were assessed incorrectly you can fight to have your taxes reduced.

(more…)

credit: NZ Alex

Once you’ve purchased a rental property, its time to fill it with renters. This isn’t always as easy as it seems. A sign staked into the front yard might not attract a lot of people, depending on where your location is. An ad in the newspaper may get lost among all of the others. Hiring a Realtor may not be the most cost effective way to get prospective tenants. All of these are options, and they might be the right option for you, but a better approach is to combine several traditional options with a few of the creative ones listed below to get the right tenants.

(more…)

Being a property manager can be a lucrative career decision, but not everyone is cut out for this job so you shouldn’t jump into it without carefully investigating what is involved.

Property management requires a great deal of organization and people skills as you?ll have to juggle many units and tenants. Finding the right tenants is just the beginning of the job as you’ll then have to keep them happy, maintain the units, handle insurance issues, and any conflicts that arise. You may also have to evict tenants, which requires a personality that can adapt to the situation and to the personalities of your renters, it also requires a lot of patience.

(more…)

If you’re thinking about entering the real estate business and buying some investment properties, the first step to making money is to make a wise investment. Some real bargains can be found in foreclosed properties. A foreclosed property is one where the previous owner could not afford to pay the mortgage and is forced to sell the property to cover their debts.

To find a foreclosure property, check your local classified ads, online ads, local Realtors, or see if you can find a local official or attorney who would be willing to notify you of upcoming foreclosures. You can also check with some government agencies like the Federal Housing Administration (FHA) or the Department of Housing and Urban Development (HUD).

(more…)

Another situation stemming from the deteriorating housing market in the once-hot housing market in South Florida is a case against a group of real estate practitioners for the three percent commission paid them on 24 condos prior to the sale. (Prior to the sale? That certainly wasn’t happening here in Ohio.)

The sales failed to close or the buyers defaulted and the condo developer is suing for the money paid to these brokers. The brokers are countersuing saying that it was the developer’s fault that the sales fell through. To make the situation even murkier, the contract with the brokers doesn’t spell out what happens to the commission if the event the sale does not materialize. In addition, many of the individual agents to whom to money was distributed, no longer work for the brokerages.

To read, the whole story, see this post by “Realty Magazine.”

The record number of foreclosures can bring opportunities for investors, but also headaches and even danger. Stores abound regarding displaced homeowners with little to lose defacing and destroying property before they leave. I’ve read about water being left on, fixtures stripped, and even holes punched in the walls. Nothing, however, compares to the recent story about what a real estate agent found in a foreclosed Cape May, New Jersey house.

It seems the older, former property owner had a WWI artillery shell in his possession, which he left behind for the new owner. (How these shells made it to the US after the war, and why people kept them, boggles the mind, but that’s another story.) The startled agent called the Cape May bomb squad, who verified that the shell was live. The authorities transported the rusted shell to Atlantic City’s Bader Field for destruction. Eight homes were evacuated during the incident as a precaution.

If there’s a moral to this tale, it’s to approach foreclosures very cautiously. If you expect at least a few surprises, you won’t be startled by what you find.

Finding a rental property can be difficult, especially if you’re moving to a town you’re unfamiliar with. Don’t be afraid to seek help in finding exactly what you want.

The first step is making note of what you want. The obvious requirements are how many bedrooms, do you want a garage, washer/dryer. But go beyond that and think about less obvious desires. Do you want to be close to work? How far is the local grocery store? Is there a gym or a park nearby? Think about your daily life and what means the most to you.

Then contact your local housing authority. Find out what the local landlords are required to provide their tenants and only rent from landlords who follow the rules and have good reputations. If you’re questioning a landlord’s reputation the housing authority can let you know if there have been complaints.

Check with a realtor. Even if you don’t want to use a realtor to find a place you can call and just get some general information. They’ll know which landlords have good reputations and they’ll also know which parts of town are most desirable.

Finally, do your leg work. Its time to visit the top properties on your list and see if they live up to your expectations.

photo credit