Archive for the ‘Investment Property’ Category

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Cheap Ways to Tastefully Decorate an Investment Property

Tuesday, July 7th, 2009

Black tulips
When it comes to decorating an investment property you do not want to go overboard. Remember, it is your goal to make the property look good inside and out without spending too much money. The one exception to this rule may be if you are flipping a property and want to draw a high end buyer.

Here are three ways to tastefully decorate an investment property without breaking the bank:

1. Laminate flooring. Why opt for expensive ceramic tile and/or hardwood flooring when you can rely on laminate instead? Not only is laminate flooring inexpensive, but it also looks great and is quite durable.

2. Fresh paint. So many investors look at the big details and forget just how much a fresh coat of paint can help a home. If you paint every room in your investment property a neutral color you will be sure to increase its value and appeal.

3. Mulch. The outside of your investment property needs to look good as well. You should choose options, such as mulch, that are cheap, visually appealing, and long lasting. A few bags of mulch can do wonders for your yard.?

These are three of the best ways to decorate an investment property without spending too much money. As long as your upgrades look good and attract tenants you have done your job.

Creative Commons License photo credit: MandCo

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Vacation Rentals by Owner

Friday, June 19th, 2009

Much like FSBO or property that is For Sale by Owner, Vacation Rentals by Owner (VRBO) is a great way to find a vacation rental property without the hassle and expense of dealing with property management companies or realtors.

By searching for a vacation rental property on VRBO you not only get to save money and some additional hassle by eliminating the middleman but you also get a huge variety of properties to choose from. VRBO has properties from every state in the United States in addition to cabins and beach rental units in a huge number of beautiful and exotic locales.

You can also choose your vacation rental based on specifications other than location, look for beach front property or a vacation rental that is close to local attractions. You can find a rental based on the number of bedrooms and the style of home you’d like to stay in.

Be wary though when using VRBO, this is just a resource for finding your vacation rental property, it does not guarantee that the people renting their property are being honest or fair in their pricing. It’s up to you to do your own research to determine that you’re getting what you bargained for.

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Real Estate Investing: Smart Buys mean Bigger Profits

Monday, June 15th, 2009

When it comes to real estate investing you are taking a risk; there is no doubt about this. You can decrease your risk and increase your chance of success by making the right decisions. Most importantly, you need to remember that buying smart means bigger profits in the long run.

When searching for real estate you need to know what is in your price range. How much can you afford to spend? This is where ?buying smart? begins. A property that you can afford is one that will allow you to make more money in the long run. Remember, when you overextend yourself a lot of your profits may get eaten up by mortgage payments, taxes, and insurance.

You also need to make smart choices about the actual property. Are you interested in a fixer upper? Does this make the most sense? Some people don?t mind a fixer upper because it means they can spend less money upfront. Others would rather invest in real estate that is ready to make money. You will find properties that fit into both categories.

If you want to achieve great success as a real estate investor you need to make smart buying decisions. The right decisions will mean less stress and bigger profits. And that is exactly what you want!

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What?s Involved in Being a Landlord

Wednesday, June 10th, 2009

Almost everyone has considered being a landlord at one time or another, whether it was a financial thought that led to dreams of riches or frustration with a current landlord that had you thinking you could do it better. So if you decide to actually take the plunge, what’s really involved in being a landlord?

Legal Knowledge?

There are a lot of laws, both state and local, that deal with the landlord/tenant relationship and as a landlord you’ll need to know and understand these laws so you’re in compliance and can protect yourself against lawsuits.

Business First?

Adopting the mindset that you are running a business is key, no favors, no exceptions. Sometimes this rule is hard or almost impossible to live by but by holding to it you’re more likely to be successful. But it’s also your business so you can set the rules for your business and make your own decisions.

Get the Best Tenants?

Having the best experiences possible really circle around the tenants so you absolutely need to make sure you’ve done all that you can to screen each and every potential tenant.

Be Responsive

Be available to your tenants 24 hours a day to deal with legitimate complaints and emergencies and do whatever you can to remedy any problems as soon as possible. ?Your tenants should know you’re a professional and this is a working relationship.

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

Selling a Haunted House

Monday, June 1st, 2009

If you have property that is known as haunted, whether you’ve had any spooky experiences or not, it can be quite difficult to sell this property. But there are things you can do to help move a sale forward.

First you need to be aware that a haunted home is called a stigmatized property, which is also the name given to homes in which murder, mayhem or suicides occurred. In 30 days realtors and property owners do not have to disclose information on stigmatized properties but there have been lawsuits against them for this non-disclosure. The difference is it’s rather easy to prove that a murder or suicide occurred on a property but a haunting is harder to prove and you’re less likely to get sued. So follow your state rules, if they say disclose then you have to, if they don’t, you don’t.

Secondly, don’t further any rumors by talking about odd experience or occurrences at your home and swiftly dismiss anything you hear. Gossip can do a lot of damage and you don’t want to add to it.

Third, work to change the atmosphere. Brighten the place with sunny yellow paint or another cheery color. Add flowers to your landscaping, oil creaky doors and secure loose floorboards. Approach the home as you would a child’s nursery, brighten every corner.

Finally, if you’re still not able to make the sale, consider going the other route - some people are actually very interested in haunted properties, so go crazy and spread rumors, make it as spooky as possible.

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How to Address Major Repairs in a Rental Property

Thursday, May 28th, 2009

New BathroomNo matter what type of rental property you own you should realize one thing: repairs will be needed from time to time. This is even the case if you own a newer property that is in good condition. Things break, and tenants do not always take the best care of a property that is not theirs. Dealing with small repairs is usually easy enough. But what are you going to do when it comes time to address a major repair? This is not always as easy, but you will learn quickly enough. (more…)

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Apartment Trends 2009

Wednesday, May 27th, 2009

If you’re looking to boost the value of your rental units and draw more renters with higher incomes then following some of the current housing and apartment trends will make your rental units more attractive to prospective renters.

Go Green Inside?

Incorporate as many environmentally friendly and ecologically sound features as you can in your rental units. This is not only attractive to prospective renters but its cost efficient for you and the tenants. Also, if you do your research, some local areas give rebates or tax credits for installing environmentally sound features, such as water-saving toilets.

Go Green Outside?

Reevaluate your landscaping. A more attractive exterior helps with drive bys as it makes the property more appealing so add as much landscaping as you can.

Lighten Up?

Flood the interior with light as well lit places are more attractive to prospective renters and they appear larger. Add ceiling lights, track lighting, spot lights, lit stairwells, etc. You should also make sure the exterior is appropriately lit so that it’s safe and not attractive to prowlers, peeping toms and criminals.

Individualize Units

Living in a cookie cutter is not appealing to many people so try to individualize your units by offering some decorating differences in flooring, counters, cupboards or even layout. By promising tenants a unique unit you’re greatly increasing the appeal of your apartments.

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Buying Waterfront Property

Wednesday, May 20th, 2009

Is your dream to wake up each morning and gaze out across the water, watching it gracefully lap the edge of your property? If it is then there are some great deals to be had in today’s housing market but there is more to consider than just the price and the view. Buying waterfront property is a big investment that can make your dream come true or turn into a nightmare.

Your first step is thinking about what you actually want to do on the water near your home. Are you a boater, a skier, a fan of fishing or are you content to simply sit and watch the water. Once you determine what the waterfront property will do for you then you need to examine the properties you see with that in mind and visit them at different times of the day and week. What seems like a completely peaceful lake on a Wednesday evening might be a loud and raucous party place on the weekends. And remember that sound carries.

You’ll also need to check out the local laws concerning the shore of your property and the water itself. Some states declare all of the state’s water as public property and they have strict guidelines on what you can do to the land butting up against the water. Learn everything you can before you dive into buying waterfront property.

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Landlords on the Web

Friday, May 15th, 2009

If you’re a landlord you may have already hopped on the bandwagon or you’re considering hitting the internet with your own website. A website is a great tool for landlords as many people shop via the internet and it’s a great opportunity for you to be out there highlighting the benefits of your property. If you want to get the most out of your property take heed of the following tips.

Use Photographs of your Property

As they say, a picture is worth a 1000 words, so emphasize property highlights, show the inside of units and fill the website with photos to let prospective tenants know what you have to offer.

Be Positive but Honest

If writing really isn’t your thing, hire a freelance writer to help you create great text for your website. You want to be as positive as possible and sell the property but whatever you do, don’t lie, it will not only come to light in the future but may cause a load of problems.

Feature the Tenants

If you can get tenants to agree, have some of them give testimonials of how much they love living there and how nice the facilities are. Include photos of the tenants and try to show the diversity of the property to emphasize that you do not discriminate.

Convenience for All

Include downloadable application forms and other information so prospective tenants can take care of themselves as much as possible. You can also use the website to reach out to your current tenants and take their critiques and praise as well as maintenance requests. Your website can do a lot of the work for you and cut down on phone time.

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What are your Real Estate Investment Options?

Thursday, April 16th, 2009

3D Realty Handshake
Are you interested in buying real estate as an investment as opposed to somewhere to live? If so, you need to know that there is more than one option. Saying that you want to invest in real estate does not cover a lot of ground. Instead, you need to pinpoint exactly what you are trying to do.

The most common options are as follows: buying real estate and renting it out to tenants; and buying real estate, fixing it up, and reselling it for a profit. These are the two most common ways of investing in real estate. Which option sounds best suited to your situation?

Once you have an idea of how you are going to invest in real estate you can plan better for the future. Remember, there is no right and wrong way to invest. Some people would rather buy, hold, and rent. Others would rather flip homes as a way of making quick money.

Before you invest in real estate, no matter how you do it, make sure you are aware of the pros, cons, and risks that are involved. Remember, not every real estate investment is going to make you rich. Are you willing to take a risk for the chance to make a lot of money? There is no denying that real estate investing is a risk, but the rewards are many if you succeed.

Now that you know the basic options you can decide which one is best, and whether or not you are cut out for investing in real estate.

Creative Commons License photo credit: lumaxart

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