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Archive for September, 2009

Tenant Background Checks

September 16th, 2009

Before you rent any property you own you need to do a background check on all potential tenants. That should go without saying but in too many situations it just doesn?t. Let me make this clear, you MUST do a background check on EVERYONE. Even if you?re going to rent a unit to a very dear friend or a family member, it is in your best interest to do a background check because other tenants or even people that apply to rent the property can hold that against you in the future.

Make sure you do a thorough background check and don?t skip any portion of it.

Credit Check

Getting a credit report on prospective tenants is actually very easy and ridiculously packed with useful information. You?ll learn about their payment history, their financial responsibility, their loans, their credit rating and many more important pieces of their financial background.

Criminal History

Most states have online criminal background histories and searching for the background on your prospective tenant is just as easy as plugging their name into the query page. There is no rule that says you can?t rent to someone with a criminal background BUT you could have serious problems if your prospective tenant is a registered sex offender and you have children living on your property. There are no national criminal registries so try to get information on where the applicant lived in the past.

Rental Past

The Credit Check and Criminal History will actually give you information on the prospective tenants rental past if there was a problem as legal actions against them by tenants will be in the criminal check and any collection issues will be on the credit report. But it?s not always this easy, call their past landlords to get a reference and a better feel for their rental past.

Remember to get the prospective tenant?s permission, in writing, before performing any sort of background check.

Historic and Famous Buildings in Boulder Colorado

September 15th, 2009

For ages, the area of Boulder, Colorado was an area where the Native Americans preferred to spend their winters. In 1858, just under a decade after the forty-niners went to California, the prospectors showed up in Colorado in search of their fortunes. The “Boulder City Town Company’ was founded soon after, and the city itself was founded in 1871, predating the state of Colorado itself by five years. The mining industry stayed prevalent in Boulder until the middle of the 20th century. Today, Boulder is known especially for its University, as well being the home of the National Institute of Standards and Technology facility that houses the Atomic Clock. It is this clock that serves as the official time for the entire nation of the United States (with adjustments made for time zones, of course). Suffice to say, there are numerous historic sites and buildings in Boulder, Colorado. (more…)

Three Steps to a Cleaner Looking Bathroom

September 15th, 2009

Does your bathroom have good bones, but is a bit old and dingy? If so, you are closer than you may think to cleaning things up and giving off a better appearance. There are many ways to freshen up your bathroom without having to do major work.

1. New paint. Believe it or not, a fresh coat of paint can go a long way. Not only can this transform the look and feel of your bathroom, but it can cover up imperfections as well.

2. Change the floors. There are many ways to add new flooring to your bathroom without spending a lot of money. You can opt for vinyl, hardwood, or ceramic. Which one of these options best fits your budget and style? To save even more, learn how to do the job yourself.

3. Accessorize. Many people don?t realize just how far a few accessories can go. A picture here or there, along with some other small fixtures, can take your bathroom from boring and blah to wow!

There is a good chance that you spend a lot of time in your bathroom getting ready for the day, getting clean, etc. Why would you want to do so in a dingy room with nothing to offer? Follow the steps above and you will be well on your way to a cleaner looking bathroom that invites you in.

photo credit:?dprevite

Play Up the Strengths of Your Market

September 14th, 2009

For Charlotte property management companies, finding amenities people care about can be the difference between renting a space and having a unit sit empty on the market.? Aside from having fast-paced development prior to the economic downturn, Charlotte has something going for it that a lot of other major cities are still trying to keep up with: its public transportation system.

A centrally located and modernly developed city, Charlotte reaps the benefits of multiple sources of public transportation. The Charlotte Area Transit System (CATS) operates mass transit options in the area including light rail, historical trolleys, express shuttles and bus services. One of the newest additions, which opened in late 2007, is the LYNX light rail also known as the Blue Line which runs in South Charlotte. The city is also served by three Amtrak routes, two major interstate highways and an international airport.

In today?s economy, owning a car or paying for gas might become a luxury many renters can?t afford. As such, property managers would do well to promote the ease and accessibility of these public transportation options in the Charlotte metro area.

To really drive the point home, if the unit is located near bus lines, link rail stations, or shuttle pick up areas, include the schedules, maps or pricing brochures with rental applications and a couple of free passes in welcome packets.

Focusing on location strengths is one of the keys to successful property management. Learn what your area has to offer, and make it a selling point for your available units

Property Background Check

September 11th, 2009

Before you hire someone or rent property to someone you should always perform a background check. This should go without saying, but many people have never thought of doing a property background check, in fact they?ve never heard of them.

A property background check gives you the background on the property you are considering purchasing, letting you know who owned the property, rented it, any accidents that occurred there which created insurance claims, and any deaths on the property. You can also find out what the assessed value is, prior assessments, purchase prices and any features that have changed throughout the years.

With this information you get a better idea of the home?s value and if you think it?s really priced fairly. Sometimes what seems like a good deal may actually be a bad purchase because of some ?hidden? aspects of the home that make it undesirable. A property background check can help you find those defects.

In the past you had to go to the local courthouse to find records on the property but today they?re readily available online and you can typically get a full background pretty quickly without much hassle or expense.

Now that property background checks are really easy to obtain you should always get one before your purchase a property, it could actually help you make a decision whether to buy or not to buy.

Hire Maintenance Help for your Rental Property

September 10th, 2009

Are you having a hard time keeping up with the exterior maintenance of your rental property? In this case, you can do one of three things: 1. continue to overwork yourself and do things on your own. 2. Let things go and hope they do not get too bad. 3. Hire outside help. Which one of these options will work best for you? Most rental property owners agree that number two is out of the equation. And if you just don?t have enough time, you will want to look into hiring help.

What do you need help with? This is the next question you have to address. Some only need help with basic tasks such as cutting grass. Others need to find a crew that can do much more, such as keep an eye out for unsafe maintenance related issues. While you don?t want to totally disappear from your rental property, you do need to pass off some power to those you hire. Ultimately, you need to make the final decision on what is and is not done.

If you are falling behind and the exterior maintenance of your rental property is suffering, now is the time to hire outside help. Once you put together a good team you will have a much easier time getting along.

photo credit:?usefulguy

Before Buying an Investment Property have it Inspected

September 9th, 2009

Buying an investment property is just like a home that you will live in. You want to make sure it is in good condition before you agree to the purchase. One of the best ways to do this is by having the property inspected. If this is something you are not going to do you are taking a very big risk.

But I don?t want to spend the money on an inspection? Generally speaking, a home inspection costs anywhere from $300 to $500. Yes, this is a lot of money for many people. But remember, any flaws that are found can save you a lot of money in the long run. Take for instance something like an air conditioner that is on its last legs. If you don?t have the home inspected you may never find out about this and end up spending several thousand dollars on a new unit in the near future. On the other hand, if you learn of this through an inspection you can ask the seller to fix or replace it before you move in. In this situation you will save yourself way more than the cost of the inspection.

As the home is being inspected, you should follow the inspector to ask questions. He can explain what looks good, what looks bad, and what you need to keep an eye on in the future. And remember, asking questions is a good thing. Anything that is on your mind should be addressed.

Before buying an investment property you definitely want to have it inspected. This can save you a lot of heartache and money in the long run.

Cheap Do-it-yourself Landscape Upgrades

September 8th, 2009

There are many ways to upgrade the exterior appearance of your home and yard. Unfortunately, many of them are entirely too expensive for most homeowners. That being said, there are a few cheap do-it-yourself landscape upgrades that you should not overlook. For less than $100 you can spruce up your landscape and make it look like you spent thousands.

1. Use mulch to create beds throughout your yard. A bag of mulch costs roughly $3. With a shovel and some sweat you can create mulch beds in the areas of your yard that need updated the most. To go along with this, you can buy cheap stone pavers to jazz it up even more.

2. Plant flowers. Just like mulch, flowers are very cheap. You can plant these in your mulch beds, alongside your walkway, around trees, or anywhere else that will look good. Be creative; the choice is yours!

3. Pull weeds. Talk about cheap. Pulling weeds is a great way to update the look and feel of your yard without spending a dime. Sure, it can take time and a lot of work to get rid of all the weeds in your yard. But once you do this you can be rest assured that it will look much better.

These are three of the cheapest (or free) do-it-yourself landscape projects that any homeowner can easily complete.

photo credit:?RO/LU

Easy Ways to Add Value to Your Home

September 7th, 2009

In today?s market, it might not feel like the right time to sell, but that doesn?t mean that you can?t tackle a few small improvements that will add value to your home when you do decide to move.

Talk to a professional; whether you choose property management agents, or an interior designer and home inspector?having experts with an impartial eye walk through your home can give you a better idea of which projects to prioritize and which to leave for the next owner. A real estate pro might suggest some of the following:

Get a home inspection. Make sure your house is as beautiful in the nooks and crawlspaces as it is in the living room and kitchen. Knowing if you have any major issues to tackle before putting your house on the market is better than being blindsided at the bargaining table and can give you an idea of what to work on.
If you?re worried about budget, start small with upgrades in your house like replacing faucets, handles and light fixtures ? little touches do get noticed by buyers.
Schedule periodic deep cleans. These will not only help your house stay beautiful, they will help maintain its value. For example, by investing in that professional carpet cleaning once a year, you?re adding dollars to your asking price.
When choosing areas, go for upgrading the kitchen and the bathroom first. These are the two areas that get the most traffic, and are most important to buyers.

While these may seem like only little adjustments to your home planning, they can go a long way when you do decide to sell. And adding value to your home now will not only make it better once you decide to move, but it will update your house for you and your family while you?re still there to enjoy the changes.

Top 5 Roommate Disputes

September 4th, 2009

Living with someone else can be difficult at times as there are always going to be disputes that arise. In fact there are five disputes that tend to arise more often than others. By being aware of these potential conflicts you might be able to head them off at the pass.

Dishes?

There are very few people in the world who like doing dishes, especially someone else?s. It?s one of those chores that just creates some animosity so to avoid disputes work out a schedule and try to stick with it.

Property?

You?ll be sharing things and you have to accept this and not feel like you?re contributing more. But try to be as respectful of each other?s property at all times.

Paying Bills?

There?s no room for flexibility here, bills are due on time and you have to pay your full share. If there is a problem then this needs to be discussed immediately.

Friends?

Friends and romantic acquaintances can become a huge problem if someone is having visitors regularly, especially overnight visitors. This is a hard problem to resolve but if you can sit down and discuss it and work out a schedule then do so, it may help. But always remember that your home is your roommate?s home as well.

Schedules

There are people who live similar lifestyles and schedules but there are always situations that arise where one person is sleeping while another is not. Typically in a respectful situation this isn?t a problem but even taking a shower and going to work early can disturb the sleep of a roommate. These things can?t be helped but should be considered before the living arrangement is established.

The key to all roommate disputes is open communication and discussing the problems before they get out of control.