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How to Sublease your Apartment

Friday, October 9th, 2009

Before deciding to sublease your apartment you had better check with your lease or landlord to make sure they allow subleasing, some don?t and those that do may have guidelines on how to do it. If you can sublease and it?s up to your discretion the following steps will help you find a subleaser for your apartment.

Find a Tenant

Because your name remains on the lease (typically) and you are ultimately responsible, you are basically the landlord so you need to do your due diligence in finding a responsible tenant who will pay the bills on time and stay through the length of the sublease.

Get it in Writing

Like a landlord you should get a lease agreement in writing with the subleaser. Make sure they have a copy of all of the rules your landlord stipulated when you signed your lease and that they agree to abide by these rules as well as any you may impose. And don?t forget the signatures.

Inform the Landlord

Your landlord should know everything that happens with your sublease so send them copies of your signed agreement and contact information for you and the new tenant just in case someone needs to be contacted. You should also make sure the new tenant has all pertinent contact information as well.

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

Spare Bedroom in a Snap

Thursday, October 8th, 2009

Not everyone is lucky enough to have a spare bedroom in their home that is dedicated to those infrequent guests or impromptu overnights. If you don’t have the space you can create a spare bedroom in a snap by making your own spare bedroom kit and keeping it handy. Each spare bedroom kit should have the following essentials but you can always add additional items as you wish.

Air Mattress

Air mattresses have gotten more comfortable than they were in the past and they can instantly be inflated so setting one up for overnight guests takes mere minutes and doesn’t wind anybody.

Sheets and Blankets

Sure a blanket is a necessity but so are blankets. Give your guests the comfort of home with a fitted sheet, a flat sheet, pillow cases and enough blankets for the season.

Pillows

A variety of pillows is always nice although you may not want to or have the space to store too many of them. Look for back to school sales to scoop up some great deals on pillows and bedding.

Pajamas

Those impromptu guests may not have brought their pjs so provide them with something to wear. Simple elastic waist bottoms and a t-shirt works for most people.

Alarm Clock

Get a spare travel alarm for guests so they won?t be late for any appointments or for work and you don?t have to get up on their schedule.

Nightlight

A night light is a good option for guests as your home is unfamiliar to them and they may forget where they are or how to get to the bathroom without tripping over the coffee table.

Toiletries?

To make your guests feel really at home, create a little toiletry bag that features the essentials. Get trial sized versions so they can take them with them when they go and you?re not out a lot of cash.

photo credit:?jinkazamah

Posted in Uncategorized | No Comments »

Create Good Rental Listings

Friday, October 2nd, 2009

The first step in successful property management is getting tenants interested in your property. Good rental listings are an essential part of bringing tenants in to your property. Create good rental listings by using the following tips.

Grab their Attention

Much like writing a newspaper headline, rental listings should reach out and grab the reader?s attention. Be creative and come up with a headline that would even catch the eye of someone who?s not looking to move.

Create a Visual Impression

Use descriptive words really bring the highlights of your property to life. Pump up the good points and use effective wording to seal the deal.

Provide a Visual Impression

Don?t rely on your words alone, add photos to your rental listing to get the biggest impact and to really show off the property.

Note the Neighborhood

Find something about the neighborhood to brag about. If your rentals are in a great neighborhood then let the reader know you?re located in the coveted or prestigious neighborhood X. Or advertise the close bus route which may be helpful for students, whatever appeals to your typical renter.

Remember the Basics

Don?t forget to list the basics, how many bedrooms, the rent, parking, your rules on pets, hours for the showings, lease length, your website and contact information. Include those things that most people want to know right off the bat, this will help draw the right people to you and will avoid some wasted time on phone queries.

?If you create a good rental listing that really does your property justice you?ll attract the right type of renter and you?ll be much happier in the long run.

Posted in Investment Property, Marketing | No Comments »

Pricing a House to Sell

Thursday, October 1st, 2009

Selling a home can be an emotional experience and leave you confused at what price is actually fair and reasonable. The first step in selling your home is to recognize that you are making a business transaction and divorce yourself from any emotional attachment to the home.

Look at the Market

Familiarize yourself with the local market and learn what else is for sale, find similar homes and look at their asking prices. Keep neighborhood, size, amenities, length of listing, and other key factors in mind.

Research Pending Sales

The price of pending sales isn’t advertized or available until the sale is finalized, but your realtor may be able to find out or you can call the listing agent and ask yourself. This will let you know what price range is hot in your local market and where you compare.

Local Market Trends

Most of the housing market is in a downward trend or a buyer’s market but some regions are starting to pick up and seller’s are having more luck, but a neutral market will have to come about before it’s an actual seller’s market. This will dictate your home price as much as anything else.

If you have a realtor then they can be of great help in this area. They won’t be able to set a price for you but can give you some helpful advice and can provide assistance with your research.

photo credit:?patriotweb

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

Renter’s Insurance

Wednesday, September 30th, 2009

If you’re a renter you can’t assume that your landlord’s insurance will cover your property if the place is robbed, flooded or burned. In fact you can pretty much count that situation out. So to protect yourself and your property you’ll need a renter?s insurance policy.

Renter’s insurance should really be required for all renters as its really quite inexpensive, most likely provides you with the only coverage you’ll have for your valuables, and damage to a shared property may be caused by someone else so it is a good way to hedge your bets.

Basic renter’s insurance covers any loss or damage to your personal property, family liability protection in the case of legal disputes, guest medical protection for anyone injured at your home, and additional living expenses if you’re forced out of your home due to a catastrophe.

Check with your insurance agent to see what sort of coverage they recommend for you and remember you can up the bill a bit by getting replacement coverage which will cover the full purchase price of your lost items and you could add high value item coverage for items not typically covered under insurance, like expensive jewelry or work valuables.

Posted in Money & Finances | No Comments »

Why Hire a Realtor

Monday, September 28th, 2009

If you?re thinking about buying property, whether a primary residence, vacation property, or a multifamily investment you may be debating the pros and cons of hiring a realtor. You definitely do not need a realtor to complete a property sales transaction but you may find one beneficial for the following reasons.

Experience

Good real estate agents have years of experience and have run across more situations than you have and will instantly either know how to handle the situation or be able to find the right references to explain things in detail.

Local Knowledge

Not only do realtors know about the local market’s prices but they know which neighborhoods are good and which are having issues, they know what features are popular locally and of high interest to buyers and what features are considered a deficit.

Price Information

Your realtor will not set your price or your offer for your but they do know a lot about the area and what home values are and a good real estate agent will be able to guide you in setting fair prices.

Networks

Real estate professionals tend to network with each other frequently so your agent will know about the entire market, not just homes their company handles. They’ll also know where to find contractors who are experienced and have a good reputation.

Paperwork

Buying a home, especially the closing, is a paperwork laden procedure that leaves many people feeling overwhelmed. Real estate agents routinely handle the paperwork and will be able to translate and guide you through the entire process.

Basically a professional real estate agent can be a great benefit to those thinking about purchasing property, especially first time home buyers, because their experience and knowledge will lighten your stress load and make the entire process go more smoothly.

Posted in Real Estate Market | No Comments »

Increase Rental Property Cash Flow

Friday, September 25th, 2009

If you want to boost your profits on your rental properties there are basically two things you can do that are guaranteed to increase our profits. You can decrease your expenses and you can increase your income. Sounds ridiculously simple and it is but each of those steps towards increasing your rental property cash flow has some work attached to it and you won?t make more money instantly.

Decreasing your Expenses?

Decreasing your expenses might not seem possible at first, but with a little work and a diligent review of your regular costs you can probably find some places to cut back. One thing you should do is look at regular service providers and see if you can find someone who?s willing to do the work for less or see if there is a way to optimize your current providers to get more out of them or a discounted rate.

Increase your Income

Raising rent is usually the first thing that comes to mind when landlords and property managers are thinking about increasing their rental income. But there are other charges you can implement to increase your income. Consider charging for parking spaces and renting out unused parking. Perhaps you want to loosen your pet restrictions and charge tenants a security deposit and a small monthly fee for keeping a pet. Make your money work for you, by making sure any deposits you collect are being held in an interest accruing account.

Just be careful that you?re not decreasing your expenses and increasing your income too much or your tenants will feel ripped off and you?ll earn a bad reputation in the local market.

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

Eviction: Notice to Quit

Thursday, September 24th, 2009

If your landlord or property manager just sent you a notice to quit you can basically think of this as your last chance before eviction. The notice to quit is not a court document so you do not have to move out by the date but the landlord will then start the legal process of having you removed.

Typically a notice to quit is asking you to cease doing something that is a violation of the lease or the law. If you wish to resolve the situation and stay in your current home then you will have to ?quit? and inform the landlord or property manager that you will resolve the situation and expect to stay in your home.

If there is any legal or medical reason you cannot quit an activity, then you should probably contact a lawyer or a tenant?s rights advocate to help you plead your case. I know of a case where a woman?s medical condition caused her to scream at night while sleeping. Because this is a medical condition then she could not be evicted for routinely disturbing the peace. Also if you are handicapped and have a pet trained to help you, you obviously would not be subject to lease rules regarding no pets. So there are situations where you do not have to quit an activity even if you have received a notice to quit.

If you wish to stay and you have not ceased the activity which caused the notice to quit and you have not found representation to defend yourself then you will receive a summons and complaint from the court requiring you to make a court appearance. This means that official eviction proceedings have begun and you will most likely be asked to leave your residence.

photo credit:?jonfeinstein

Posted in Real Estate Law, Tenants | No Comments »

Renting to Students

Tuesday, September 22nd, 2009

The housing and rental markets have taken some hits in the last few years but one area of property management that is holding its own and even improving is student housing. Every year there will be that influx of students looking for off campus housing and the newest crop of students expects more from their housing and they’re willing to pay for it.

Obviously renting to students isn’t all peaches and cream as there are some downsides. One of them is that most of them don?t want to live there the entire year so you have to figure out a way to deal with rent during summer months or possible subleasers. Another problem is students have a well earned reputation of being irresponsible and hosting parties. This is where screening and hefty security deposits can be useful.

The upsides of renting to students is they are often willing to share which can actually prove to be a windfall financially for you. They also have parents which you can typically require to cosign on their lease agreement, which gives you a backdoor if there is a problem with rent that you typically wouldn’t have.

So if you’re looking to infuse your property management business with some new energy and income, try renting to students.

photo credit:?dcJohn

Posted in Tenants | No Comments »

Getting a Rent Discount

Friday, September 18th, 2009

Let?s face it, times are financially tough for people all over the country, the world in fact. So any break you can get financially is a good one, at least until everyone gets back on their feet. If you?re having a hard time making ends meet you may want to try to figure out a way to get a discount on your rent. There are several ways to attempt this but none of them are foolproof.

Ask for It

Explain your situation to your landlord and ask if he or she is willing to give you a discounted rent rate temporarily. It may not work but it can?t help to ask. And your landlord might be more interested in keeping you as a tenant than losing you.

Work for It

See if your current landlord needs a property manager or a caretaker to help with the other tenants and the odds and ends around the property. If your current landlord doesn?t need help look for someone who does, you may be able to find a place that will let you live rent free for work you do around the unit.

Barter for It

If you have a professional talent that can be of use to your landlord then see if they?re willing to take you up on that offer. If, for instance, you?re a hair stylist maybe you can cut the entire family?s hair for free and in turn get a discount on your rent. If you?re a painter maybe you can paint units when old tenants mover out. Be creative and see what works.