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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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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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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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
Posted in Mortgages | No Comments »
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 »
October 16th, 2009
With unemployment at an all time high and the economy tight you might be looking for ways to save money anywhere you can. One popular way to save a lot of money is by looking at your living situation and reassessing. Did you know that many landlords will offer you free or reduced rent if you act as an onsite property manager for their unit? This can be an ideal situation as you can save a lot of money and learn a new job skill while continuing your current job.?
Each property is different but there are several skills you?ll either have to have or be able to learn if you want to be a property manager.
Diplomacy?
To be a property manager you?ll have to be diplomatic with other tenants and contractors as you try to resolve disputes, schedule repairs, enforce rules and handle all daily interpersonal interactions.
Light to Heavy Maintenance?
Some landlords want onsite property managers who can do all of the landscaping and most of the repairs on their property some don?t need as much heavy lifting but most of them expect their property managers to do light maintenance such as salting icy sidewalks, changing burned out lightbulbs, cleaning up trash on the property and other similar tasks.
Organization
Onsite property managers will need to have very good organizational skills in order to organize maintenance schedules, routine inspections, apartment showings, cleaning schedules and other events throughout the year.
Before you decide to become an onsite property manager make sure you learn all that is expected from the position and the hours you?re expected to be available. Finding the right job to fit your schedule and lifestyle is key to making sure everyone is happy and satisfied.
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October 15th, 2009
Are you in the process of building a home? If so, you are probably spending most of your time thinking about the design and interior decorating. Even though these are important details, you don’t want to overlook the landscaping. Many people do, and when their home is complete they end up regretting it.
When your home is built brand new from the ground up, the land is torn to pieces during the process. Construction vehicles are moved in and out, the land is leveled to make for an ideal build, and people are trudging the property for hours on end. As you can imagine, the end result is a lot of dirt and very little grass and trees.
Does your builder also offer landscaping services? If so, you may want to speak with them about how much it will cost. This way, upon completion your builder will be able to make the outside of your home look just as good as the inside. Of course, if your builder cannot help you out you can always hire a professional landscaping company to do the job.
Building a home is a fun process. Just make sure you consider every detail, including the landscaping. Curb appeal is important, and with a newly built home you want everything to be perfect!
photo credit:?Donna Cazadd
Posted in Mixed Bag | No Comments »
October 14th, 2009
If you think the property management field might be one you?re interested in joining it may help you to examine the three different types of property management and see which one fits your skill set best. The three areas of property managers are leasing, administration and management.
Leasing?
Property managers who specialize in leasings are responsible for getting people into the landlord?s units. They have to be good sales people but also have to be able to read people and know if someone is going to be a good tenant or not. Knowing the highlights and lowlights of a property is essential as is being able and willing to perform background checks on every single applicant. Property managers who specialize in leasing will also have to keep meticulous records.
Administration?
Property Managers who specialize in administration focus on keeping records. They handle rent payments, late notices, court actions, evictions, collection notices and actions, tenant complaints and a whole list of other activities that focus on accounting and legal actions. They may also be responsible for handling property bills and other bookkeeping activities.
Management
Although all property managers have something to do with management, but some of them focus specifically on the property itself, many of them live onsite or have specific office hours onsite. In addition to handling paperwork, tenant applicants, tenant disputes, small maintenance activities, routine actions, and court appearances. They?re sort of the catch all for issues and if they don?t handle it they are responsible for dolling out the duties to others.
Posted in Property Management | No Comments »
October 13th, 2009
For at least four thousand years, the area of Seattle, Washington has been inhabited by man. Today, the city is a boom town to its core, riding one boom of industry after another. As many know, it is the home of grunge music, but go back further and one will discover it was also the birthplace of Jimi Hendrix. Starbucks coffee hails from Seattle, as does Microsoft, and Boeing. The following buildings are some of the city’s most historically significant. They are also 100% Seattle. Read the rest of this entry »
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October 12th, 2009
Taking out a mortgage to buy a home is very common. Most people do not have the cash on hand to pay in full. The question is: how are you going to find the best mortgage for you and your home? This is not always easy to answer. Some people turn to a mortgage broker for help. Others like to do everything on their own. Whether or not you work with a broker is up to you. You should know the pros and cons before hiring or turning down a broker.
The job of a mortgage broker is simple: to find the homeowner the best mortgage product available. The benefit of using a broker is that he can show you what is out there, while also searching far and wide for the loan that is best for somebody in your position.
But can you really trust a mortgage broker? A broker gets paid by the lender when your business is sent to them. This means that a broker, in theory, can push a particular mortgage to earn more money. Most brokers are trustworthy and would never do this, but it is hard to know for sure.
You are not required to work with a mortgage broker. If you want to learn more about the benefits of doing so, hire a broker and see what they have to offer. Remember, you are not required to do what the broker says ? they are simply available for help. It is up to you to decide if choosing a mortgage through a broker is in your best interest.
Posted in Mortgages | No Comments »
