Archive for March, 2009

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Do all Foreclosures Need TLC?

Tuesday, March 17th, 2009

shutterstock_24246415Have you heard that all foreclosures are rundown dumps? If so, you are not alone. This seems to be the consensus among those who are uninformed of this side of the real estate industry. Simply put, many foreclosures do need a lot of TLC but this is not the case across the board. If you take the time to learn more about foreclosures you will find that some need a lot of work, some need a little, and some can probably stay the way they are for the time being.

Before you buy a foreclosure you need to make sure that you get a good idea of how much TLC it needs. Do you need to gut the entire house? Can you get by with a few repairs here and there? No matter what, make sure you have a solid idea of what needs to be done, and of course, how much money it is going to cost you. If you are unsure of whether or not you can handle a foreclosure you may want to take a pass for the time being.

Many foreclosures are rundown because the past owner did not have the money to keep it in better shape. They could not afford to pay their mortgage so they definitely couldn?t afford to keep their home up to date and in good living condition. But as noted above, there are varying degrees of conditions when dealing with foreclosures.

While most foreclosures need TLC, the amount of work that you need to put in depends on the property itself. There is nothing wrong with buying a foreclosure as long as you know what you are up against in terms of cleanup and repairs.

Posted in Foreclosures | 1 Comment »

Improve Your Rental Curb Appeal

Monday, March 16th, 2009

If you’re hoping to attract decent tenants, the best tenants, then you have to have a property that appeals to the right people. You want people who expect nice things, are willing to pay for those things, and people who will respect your property. The key to attracting this sort of tenant is having a rental property that suggests you feel the same way.

Many prospective renters will learn about the rental unit’s availability through a drive by or they will take a drive by to check out the place before they proceed. This is why curb appeal is so very essential to people looking rent or sell their property.

Your first step in improving your curb appeal is to analyze the property to determine its highlights and downfalls. Do what you have to to emphasize the best aspects and minimize or even correct weaknesses.

Then keep up with maintenance. Make sure the lawn is mowed, bushes are trimmed, flower beds are weeded. You want your property to always look well cared for.

And if you have the time and money, go for some improvements that make your rental unit even more appealing. Add flower beds or potted plants that don’t require weeding, paint the exterior, add some shutters and a bird feeder or two.

Posted in Investment Property | No Comments »

Find Good Tenants

Friday, March 13th, 2009

A bad tenant can be a nightmare, in fact they’ve even made horror films about this sort of thing. So any conscientious property owner will jump through the necessary hoops to make sure they’ve got the best tenants around. If you’re trying to find good tenants, use the following tips as a guideline and practice due diligence to make sure you’re getting good tenants.

Call Tenant References

Take the time necessary to call the tenant’s references, employers and previous landlords. It’s pretty rare for a personal reference to be bad, but you may get a more honest response from employers and previous landlords.

Check Credit Reports

Have prospective tenants sign a waiver that gives you the authority to check their credit report, then actually check it. This will tell you a lot about their financial responsibility.

Check Public Records

Check to see if there have been any criminal or civil proceedings against your prospective tenant. A history of domestic abuse, failure to pay bills, other criminal activities can all point to a bad tenant situation.

Have an Application Form for All

The reason for having a standardized form is twofold, it protects you and ensures you get all the information you need. Busy landlords know it’s easy to let things slip your mind, an application form or series of forms ensures you never forget to gather information. As a secondary measure, it prevents you from future discrimination suits by giving you proof that every applicant goes through the same process.

Posted in Tenants | No Comments »

Open House Marketing Tips

Thursday, March 12th, 2009

shutterstock_23855695Are you selling your home by owner? If so, you know that an open house is a great way to generate foot traffic and hopefully a few offers. That being said, if nobody knows about your open house you are not going to have any success. Do you know how to market your open house? Any method you use is going to work in your favor.

First things first, put an ad in a few local newspapers. The more people who know about your open house the more traffic you are going to receive. Remember, buyers will spend an entire day going from one open house to the next. If you advertise in the right newspapers you can reach a large audience of potential buyers.

Do you have a sign in your yard? Sure, you probably have a ?for sale? sign but it is important to also have one with information on your open house. This will help to draw in interested consumers who drive-by.

Finally, don?t be shy about telling real estate agents in your area. Remember, they have more connections than you can imagine. Not to mention the fact that they have clients that may be interested in what you have to offer. It is important to tell as many real estate agents as you can about your open house.

Simply put, the better you market your open house the more chance you have for a large number of visitors. And as you know, more visitors mean a better chance at a sale!

Posted in Marketing | No Comments »

Tax Deductions for Landlords

Wednesday, March 11th, 2009

Once that tax time rolls around most people are scraping the barrel looking for deductions so they can save just a little bit of money. Landlords are lucky in a way because they have? a lot of built in deductions with their rental properties, the problem is a lot of landlords and property managers forget to take some of their most basic tax deductions.

Interest

Interest can add up to a huge tax deduction if you keep good records. Interest doesn’t only mean the interest you’re paying on your mortgages, but it also refers to any interest on loans you’ve taken to improve the property. Interest can even go a bit further to include interest charged on credit cards for items purchased for your rental properties.

Depreciation

The cost of your rental unit(s) are not deductible in the year in which you pay for it, instead you deduct a portion of the cost of the property over several years. This is how you recoup the cost of your property through real estate.

Repairs

Not only is the interest charged on repairs deductible, but the repair costs themselves are as long as the repair is warranted. Keep careful track of these expenses as you can only use them in the year that the repair occurs.

If you’re still trying to find some deductions for your rental property, contact a tax specialist as there are many of them out there just ready to help you cut your tax bill.

Posted in Money & Finances, Taxes & Finances | No Comments »

Newspaper Ads for your Rental Property

Tuesday, March 10th, 2009

shutterstock_23760656Is your rental property sitting vacant? If so, this means you are losing money as each month goes by. For this reason, it is probably in your best interest to market your property until the tide turns. One of the best things you can do is to purchase newspaper ads to market your property.

Of course, buying classified space is not always as easy as it sounds. For this reason, be sure to follow these tips:

1. Buy space in more than one newspaper. This is often times overlooked, but can go a long way in ultimate success. More ads mean you will reach a larger audience. And that is what you want, right?

2. Be clear about what you are offering. Remember, you are not going to get very far by attempting to trick readers. It is important to include clear, accurate details that will make it easy for a potential tenant to determine their interest level.

3. Include as much information as you can. In addition to clear details you want to offer information on everything from the price to the number of bedrooms to the location and proximity to public transportation.?

These three tips may sound like common sense, but many people forget about them when advertising their rental property in the newspaper. If you implement each tip you will definitely be on your way to finding your next tenant.

Posted in Rental Market | No Comments »

Buying Your First Home

Monday, March 9th, 2009

If you’re thinking about purchasing your first home there are a few things you can do to make the process go a little more smoothly and to help you purchase a bit more home.First, evaluate your long term plan and decide whether you’re actually planning on being in the area long enough to justify your home purchase. If you’re thinking about an investment purchase, look at the housing market where you live and evaluate how long you would have to hold the property to make it financially beneficial.

Months before you plan on buying, study your credit and learn what you can do to improve your credit rating. The better your rating the more likely you are to get a good loan at a low percentage rate.

Then only look at homes you can actually afford, there’s no reason to tempt yourself with something that is simply out of your reach.

Because you’re making your first home purchase you probably won’t need to come up with 20% to pay down. Many organizations offer first time buyers a deal and in some cases the down payment can be as low as 3%.

Then, get preapproved so you know your loan amount and you’re ready to start bidding. Only bid on homes you are sure you want to buy and only bid informed prices that are based not based on heart or gut feelings.

Posted in Investment Property, Money & Finances | No Comments »

Add Revenue to Your Rental Property

Saturday, March 7th, 2009

With the housing market at bargain rates it may be hard to keep your rental units full of good tenants, but by using some of the following tricks you can increase the revenue you’re getting for your property.

The Best Rental

The key to remember is that if someone perceives something to be of quality and value they’re more likely to buy that product or rent that apartment. You need to be proactive and put yourself out there as the leader in quality, appearance, and service and let people know that your property is the preferred brand, even if it isn’t.

Curb Appeal

Curb appeal is key, especially if you’re trying to get new tenants. You’ve already put yourself out there as the best place to live, so now you’ve got to prove it from the surface. Maybe you can’t tell the book by the cover, but I’ll bet you’ve bought a lot of books simply based on the front cover image and the blurb on the back cover.

Point out Benefits

You’ve spent a lot of time and possibly money making sure people know your rentals are superior to the others on the market, so keep driving that point home. Create an attractive handout that the tenants can refer to throughout their tour and after they’ve gone home which has highlights mentioned and even photographs. But reemphasize that with note cards throughout the apartment so the prospective tenant has an actual memory of the feature that is tied to the handout.

Hit the Senses

Sure you’ll make the apartment look good to prospective renters, but try to hit some of the other senses as well. Play background music, if it’s slower than the standard heart rate people will “shop” slower and be more likely to buy rather than rush through. Create a scent that is not only comforting but one that hits the taste sense also. I.E. chocolate chip cookies. Back some in the unit you’re trying to rent and leave them out for guests to snack on, there’s nothing like comfort food to make people feel at home.

Posted in Rental Market, Rental Property Management | No Comments »

Decorating Around Leather Furniture

Friday, March 6th, 2009

Leather furniture has become quite popular and with good reason, it’s incredibly durable, comfortable and beautiful. The problem comes with having purchased an impressively large piece of leather furniture and then not knowing how to decorate around your leather furniture. The following tips can help you bring your room together around your leather furniture.

Lighten Up

Whether you have dark leather or light leather, leather furniture tends to give off a heavy feel, especially if it’s as large as a sofa. Turn the heavy feeling around by lightening up around the room. Incorporate lighter colors, softer and airy fabrics, and smooth, soft textures.

Natural Fibers

Leather is an incredible natural material and brings a feel of earthiness into your home, the worst thing you can do is pair leather with loads of synthetic fibers. Look instead at bringing more natural touches to your room; natural fibers, colors inspired by nature, floral or leaf prints, and even living plants.

Simple Touches

Leather is a big statement and it can easily be overwhelmed by decorations that are too fussy or too busy. Use simple statement colors to balance out your leather furniture. Floral themed throw pillows are a nice feminine soft touch for the couch, but flowered wallpaper would just be overwhelming and contrasting in style. Try to be simple in your approach and limit your decorating sense.

Decorating around leather furniture takes a little effort as you’re looking to find elements that complement a significant piece of furniture. Think about the overall picture when you’re decorating the room to create the effect you’re working towards.

Posted in Mixed Bag | No Comments »

Chicago’s Landmark Buildings and Historic Skyscrapers

Thursday, March 5th, 2009

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Founded on the shores of Lake Michigan in 1833, Chicago is the industrial and commercial hub of America’s Midwest. The construction of railroads and a canal connecting the Great Lakes to the Mississippi River rapidly inflated the business taking place in Chicago and the city grew quickly. With the growth of commerce came a need for dramatically increased office space. Builders and architects responded to this need by creating enormous structures, many of which still stand today, as long-term solutions to the real estate needs of a busy city. Reflecting its strength as a business center as well as a place where design and function come together, Chicago’s landmark buildings and historic skyscrapers: (more…)

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Posted in Mixed Bag | No Comments »

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