credit: droooooLandlords have a lot of responsibility, and not following through can lead to a lot of financial problems and legal problems in the end. But, if you take your responsibilities seriously from the get go you can alleviate your future liabilities. Pick the right renters. One of the most important things you can do as a landlord is renting to the right tenants. Start with a written application and use that information to find the credit history, references, and any background information that may be pertinent. Once you have that information, follow up. Don’t assume that because the person listed references they’re good. Call and check to make sure the person is in good standing. Contact their previous landlords, this is where you?ll get some of the most valuable information for your particular situation.
(more…)
Archive for March, 2008
Finding the Right Renter
Saturday, March 22nd, 2008Maintaining your Property with a Manager
Friday, March 21st, 2008
Many property owners have made the decision to hire property managers to run their different properties. This can be a very convenient arrangement and can leave you free to run your life without having to worry about the minutia of each property. But this shouldn’t leave you completely distanced from your properties. Consider your property managers as your employees and monitor them appropriately. In a worse case scenario you could wind up with a manager who commits a crime for which you can be held financially liable. In a more common scenario, you could have a manager who is more concerned about the bottom line than the tenants and avoids handling complaints and repairs. This situation also leaves you financially responsible in the end and can harm your reputation as a property owner in the community. To avoid these situations, stay on top of what is happening at your property. Give tenants your contact information and request that they first speak with the property manager, but be available if they need to move up the chain of command. Require regular reports from your manager, they may be written or verbal but let them know that you care about what is happening on your property and that you will check up on them. If necessary, or as a regular part of your communications, go through files and paperwork to make sure everything is flowing smoothly.
Foreclosures May Be On The Decline
Thursday, March 20th, 2008
credit: Jaypeg21We all keep waiting for news that foreclosures are on the decline. There is hope that the trend is decreasing with a new report from Realtor stating that foreclosure rates decreased four percent from January to February of this year. That isn’t enough to say for sure that we’re going to start seeing less and less foreclosures in the housing market but it’s a glimmer of hope for those people who have been waiting on the end of this negative trend.
(more…)
Insurance for your Rental Properties
Wednesday, March 19th, 2008
credit: drewsaundersEvery property owner knows that insurance is important, whether you own a single unit or if you own multiple units. But a good property owner will stay on top of their insurance and make sure that they are covered for all possible situations, especially if that property owner is a landlord as well.
Florida Guilty of Mortgage Fraud
Tuesday, March 18th, 2008Florida has been ranked the number one state for the problem of mortgage fraud for the second year in a row. Mortgage fraud is of great concern these days because the downturn of the real estate market has made some people desperate to get a housing loan. That kind of desperation breeds financial problems and fraudsters are taking advantage of that fact by targeting this population.
Questions to Ask Before Getting a Reverse Mortgage
Monday, March 17th, 2008
credit: FoxgirlThe reverse mortgage loan is one of very few mortgages in the country that is actually on the rise. That’s because this loan is entirely different from the standard mortgage and serves a need in the community that exists today. Rather than being a loan that you take out and have to pay back each month, this is a loan that is paid out to you from the lender. The reason that the bank does this is because you are accessing the money through your home equity.
Chicago Cuts Jobs Because of Housing Slump
Sunday, March 16th, 2008
credit: scmikeburtonIt isn’t just individual homeowners who have been impacted by the real estate downturn; city governments are also facing economic problems as a result of the housing slump. The city of Chicago has discovered that their projected incoming tax budget isn’t as high as they expected as a direct result of decreased real estate market activity.
(more…)
Seniors Get Help Selling
Saturday, March 15th, 2008
credit: JOE M500An interesting trend is coming out of the housing slump that has seniors reaping some unexpected benefits. Developers, whether out of greed or generosity, are offering a variety of services to the elderly to help them sell their old homes and move into the developer’s new buildings.
Environmental Trends in Properties
Friday, March 14th, 2008Everyone knows its all about the green, but what green do they mean? Green used to signify the almighty dollar, but in the past few years its come to signify a move toward environmental consciousness. And basically, in today’s environmental hot bed, if you want one green, you’ve got to embrace the other.
The real estate industry is no different than others in this respect. More cities are passing ordinances that not only push eco-conscious building practices, but some cities are now passing legislation that requires it. In fact, Los Angeles, the city known for its smog, has put in place an initiative that would make it the “greenest big city” in America. Whether this lofty goal is achievable or not remains to be seen, but the builders in the region are feeling the push of a new comprehensive green building plan.
credit: thingermejigFor developers this means they will have to forgo some of their old fashioned ways of doing things and take a crash course in environmentalism. Or we’ll see a new type of developer or consultant emerge, one who has a background in sustainable design and environmental studies. Expect to see this trend filter down from the biggest cities in America to the medium sized ones, or the biggest cities in your state, and eventually down to small towns across America. The environmental trend is picking up steam and growing and will likely wane eventually, but it will never go away.
Property Managers Tackle a Drought
Thursday, March 13th, 2008
credit: Mr WabuDroughts in the Southeast have forced property managers to rethink the water consumption of their buildings and to hold individual tenants accountable. Many are having individual water meters installed on their units so they can see who the worst offenders are. If there is an obvious abuse tenants are confronted and quite possibly this could be seen as an eventual reason to evict.
Other property managers are looking for ways to conserve water wherever possible and many are asking for tenant cooperation. Rain water is sometimes collected for landscaping, pools are drained and closed for the season, fountains have run dry.
Some property managers are still trying to keep their curb appeal intact and have adopted a new desert-style landscaping concept. They’ve replaced water-thirsty grass with rock beds and turned to desert shrubs and greenery to provide a healthy living atmosphere. The southeast’s drought is considered so severe that some experts predict that the area could run out of water in a decade or two. More short term predictions see developments being halted as government worries about the effect on the landscape and environment.
