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Archive for October, 2009

Finding Tenants

Saturday, October 31st, 2009

If you’re looking for tenants or if you?d like to get a new caliber of tenant into your property then the following tips may help you find tenants for your rental property.

Advertise

No one will know that you have property available if you don’t advertise. Today there are many different ways of advertising, internet, television, money savers, newspaper and don’t forget the old standby ?a sign in the yard. Word of mouth is also an effective tool so get the word out that you?re looking.

Price Right

You’re not going to get tenants if you price yourself out of the market and you’re not going to get good tenants if you offer too much of a bargain. Learn what the going rent rates are for similar properties in your area and align your rent with the average.

Curb Appeal

Curb appeal for a rental is almost as important as it is for someone trying to sell a single family home. Many potential renters do a drive by before they make an appointment to see the property, so make sure your property looks appealing from the street.

Check References and Backgrounds

If you’re trying to up the caliber of your tenants then you’re going to have to pick the cream of the crop, so to speak. Follow through with all reference checks and background searches on prospective tenants. Make sure to select tenants with spotless credit reports, no criminal background, good work history, and glowing recommendations.

photo credit:?Living in Monrovia

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Cheap Investment Properties can be fixed up

Thursday, October 29th, 2009

There may come a time when you find a great investment property that needs a little bit of work. While this can scare away many people, you don?t want to be one of them. It is often times the investment properties that need a little bit of work that can make you the most money.

Are you interested in buying investment properties that need fixed up? If your answer is no you can move onto homes that are more suited to your standards. But if you are not afraid of a little elbow grease and some money out of your pocket, there are plenty of investment properties that need some TLC.

Before you buy a cheap investment property in need of repair you need to ask yourself these questions: what types of repairs are needed? Can I complete them on my own? How much money will I have to spend? Once you answer these three questions you will be well on your way to deciding if a particular investment property is right for you.

Even the most run-down investment properties can be fixed up if you put in enough time, effort, and money. So, what do you think? Are you willing to look into properties that need some work? If so, you may be surprised at your eventual return on investment.

photo credit:?Tracy O

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Ways to Advertise your Property

Wednesday, October 28th, 2009

To attract tenants to your vacant rental units you?re going to need to let them know that you have rental units available. The only real way to let people know you?ve got space for rent is by advertising, but there are a number of different ways to advertise.

Yard Sign

The yard sign is still one of the most popular and useful ways to advertise your property has a vacancy. People see these signs when they drive by and tenants see the signs and inform their friends. It?s simple and effective and one of the best ways to advertise.

Print Ads

Whether you?re going to advertise in the newspaper, an apartment booklet or a penny saver, or you?re going to do all three, print advertising is a great way to draw attention to your property, list the highlights and basics, and add a picture.

Word of Mouth

Word of mouth advertising is one of the most effective ways to ?get the word out?. If you?ve got tenants you like, let them know you have a vacancy, they may have friends who need a place. Mention your opening to your friends, to professional acquaintances, to neighbors, tell everyone that you?re looking to rent one of your units.

Internet

More and more people are starting the home buying and renting process online in the comfort of their own homes. This is an excellent tool for really detailing your property highlights and adding several photos. Don?t be afraid of the technology, dive in and you?ll be amazed at the return.

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Are you Capable of making your own Repairs?

Tuesday, October 27th, 2009

If you own real estate, no matter if you live there or not, there will come a time when repairs are needed. When something is in need of repair you need to ask yourself this question: can I take care of the problem on my own?

Some people are very handy. No matter what comes up they can fix it. Does this sound like you? If so, keep doing what you are doing. It is much better to make your own repairs if possible. Not only does this teach you a lot, but you can save tons of money. This is particularly true if you are dealing with a property that is older and always in need of some sort of repair.

Just because you are not confident in your ability right now does not mean this can never change. If you want to learn how to make certain types of repairs you need to practice. Have a leaky pipe? Try to fix it yourself before calling a plumber. Is the grout cracking on your tile floor? Buy some replacement grout and see if you can fix the problem on your own.

Believe it or not, you may be more capable than you think. Once you successfully make some small repairs your confidence will grow.

photo credit:?HVargas

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Bad Property Managers

Monday, October 26th, 2009

Hiring a property manager can be a daunting task for a landlord, especially when it?s the first time, but there are some things you can do to help you determine if the person you?re interviewing is right for the job.

No References

If a property manager comes to you looking for a job but is unwilling to provide any professional references then they are probably not the right person for the job. If you?re looking for an onsite tenant property manager then you?ll want personal references at the very least.

No Interest

A good property manager knows to ask the right questions. Keep track of the questions the property manager asks to see if they?re insightful and make sense. If they don?t ask any questions you should have some red flags going up.

No Licenses

Not all states require licensing for property managers but the better ones get licenses and accreditation anyway. If you want the best of the best you should try to find someone who has some educational background and professional affiliation.

(In)Expensive

Check your area first to determine what the going rate is for a property manager and then aim in the middle. You don?t want to pay too much for a property manager as you might not get your money?s worth, but you also don?t want to pay too? little as you may not get any value from their services.

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Buying an Investment Property with an Agent

Friday, October 23rd, 2009

If you decide to buy an investment property you need all the help you can get. This is particularly true if you are new to this type of investing, or don?t know much about the area you are in. The first place to turn for help is a real estate agent. But you don?t want to hire just any agent. Instead, you want to work with one that has experience with investment properties. This will give you the help you need to make the right decisions, no matter how big or small they may be.

In most cases, an agent will not charge you a dime to help you find a home. Instead, he or she splits the commission with the selling agent. In other words, you are getting free help from an experienced real estate agent. Why wouldn?t you want to take advantage of this sort of knowledge base?

Once you find an agent you trust you can rely on him for your first deal, as well as any others in the future. The team that you put around you is important to your success.

Buying an investment property can be stressful. By hiring a real estate agent you can cut back some of this stress, and hopefully find the property you have been looking for.

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Types of Flooring

Thursday, October 22nd, 2009

Selecting flooring for your home has never been as exciting or as confusing as it is now with so many types to choose from. Below are a few of the more common and more popular flooring options.

Hardwood Flooring

A perennial favorite, hardwood floors are solid wood from either maple, pecan, beech, cherry, oak, pine, birch, walnut, hickory and a few other woods. They are expensive but can last for centuries with little maintenance and can rather easily be restored to their original luster.

Bamboo Flooring

Bamboo is quickly becoming a favorite flooring option because it is much more environmentally friendly than hardwood floors. It looks a little different than hardwood but creates the same overall impression.

Laminate Flooring

Laminates are growing in popularity too as they?re relatively inexpensive. They are basically composite material with photographs of wood laid on top of them. They are incredibly resilient and can look very much like hardwood as well.

Linoleum Flooring

Linoleum is the green version of vinyl flooring and has been around for 150 years. This type of flooring is fairly inexpensive and not as popular in high end houses. But linoleum is still used quite frequently in bathrooms and kitchens.

Marble Flooring

Marble floors have become very popular in high end houses and look beautiful and elegant, but they can be cost prohibitive and their cold nature may not appeal to some.

Carpets & Rugs

Carpeting is wildly popular because of its softness, the variety of color and textures, and sound dampening qualities. Not a great choice for rooms with a lot of moisture, carpeting tends to be a good choice for the rest of the home.

photo credit:?avidtile

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When to Hire a Property Manager

Wednesday, October 21st, 2009

If you?re in the property game and feeling a little overwhelmed by the workload but is it time to hire a property manager or can you still do it alone? Use the following guidelines to determine if you?re ready to hire a property manager.

Are You Falling Behind

Are you falling behind with your day to day tasks? Think beyond your properties but in your regular life as well, you don?t want to make too many sacrifices or nothing will be done correctly. If you?re consistently putting things off because you don?t have the time then maybe it is time to hire a property manager.

Where do you Live

If you don?t live in the same area as your property you may have a very difficult time staying on top of tenant complaints and routine maintenance and it is more difficult to interview prospective tenants. You may want to think about hiring a full or a part time property manager in this case.

What Does the Property Require

Some properties are fairly hands off and don?t require a lot of maintenance and the tenants are a dream. Other properties are money pits, requiring constant upkeep and they house tenants who are always finding problems. And most properties fall somewhere in between. If your property and tenants require more time than you?re able to give then a property manager may be able to help.

Are you in Over your Head

If this is your first foray into property management then you may feel as though you don?t know how to deal with everything, an experienced property manager can help you learn the ropes and make sure you?re doing the best job you can.

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Is now the Best Time for a Mortgage?

Tuesday, October 20th, 2009

Some people believe that now is the best time to buy a home because of the mortgage products that are available. In other words, low interest rates can make the home buying experience much more enjoyable; not to mention more affordable. But does this mean that you should rush ahead and buy a home?

There is no denying that interest rates are very competitive. For a 30 year fixed rate loan, a consumer with good credit can secure a rate of around 5 percent. For a 15 year loan, the rate dips below 5 percent and may touch 4.7 or so. As you can imagine, these rates can save you a lot of money in the long run.

Of course, lenders are tightening their belt and only offering loans to consumers who are able to repay them ? this was not always the case in the past. You only want to secure a mortgage if you are comfortable with the monthly payment and in the market for a home. In other words, don?t let the mortgage market dictate when you buy a home. There is more to the buying process than securing a low rate.

In short, now is a good time for a mortgage but only if you are 100 percent sure that you want to buy a new home.

photo credit:?woodleywonderworks

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Renting Tool at Zilpy.com

Monday, October 19th, 2009

There is a great new tool online that can help renters and landlords alike. Zilpy.com stays on top of rental market trends and gives you accurate data about the rental market both in your neighborhood and across the country.

Neighborhoods are quickly compared on a variety of levels so people relocating can instantly get a better feel for the area. Enter your criteria and you?ll suddenly have a list of places that are available. For renters this can save hours and better prepare you with information on the neighborhoods.

For landlords the analysis helps monitor rental trends in their neighborhoods which can help with setting rent rates. This information is provided instantly so no more scouring the newspapers and calling for rates and amenities is necessary.

For people interested in investing in real estate, especially multiple family units, Zilpy is very helpful as it gives you information on what the units are renting for and therefore you can estate your gross income. You will also see what the trends in the area are and if the property you?re looking at is comparable.

With information like this so readily available it will be easier for everyone involved with apartments to comparison shop and gather more detailed statistics for their research.

Posted in Money & Finances, Real Estate Market | No Comments »