Posts Tagged ‘landlord’

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Tips For Buying Investment Property

September 3rd, 2010

Becoming a landlord is a big responsibility, but buying investment property to rent out can be quite lucrative. Finding discounted property, making the necessary repairs, and renting the property out can build a pretty nice sized nest egg for your future.

The most difficult part of investing in property is finding that diamond in the rough. You do not want a piece of property that has too many repairs, but you do not want to spend a substantial amount of money on the purchase price either. Finding a happy median will require some research, but with so many different properties available you are sure to find the right deal at the right price.

Cost to Rehab

When searching for property to buy you think of the obvious; your peers, the newspapers, and online classifieds. One quick, easy, and free way to find great deals is to drive through the neighborhoods and do some scouting on your own. Search for empty homes, abandoned apartments and houses. When you find a few different potential places take those addresses and search for the owner.

Another thing to consider is the maintenance and management of the home or unit. If you are investing in a single family home including outside maintenance and minor upkeep in your rental agreement is a possibility and just have the tenant mail the monthly check to you. Some investors do not want to deal with tenants at all so they hire a property management company to do this.

When investing in property you have to decide if you will sell or rent once the remodeling is complete. You will need to consider the area, if homes are currently for sale, and if so, are they priced in a range that will result in a profit for you. Will the property, once rehabbed, be able to compete with the market value in the area or will you have to sell for less?

Lease to own is a great option, but the contract should be reviewed by a real estate attorney. Each party should know exactly what they are getting themselves into beforehand to avoid problems at the end of the lease term.

Renting out property can be a nightmare if not planned property. For those who have done their homework and rented to qualified, trustworthy tenants, the process and term of the rental agreement can be smooth and hassle free.

To find much more support not to mention guidance that is on the subject of buy to let investment property and caribbean property investments visit us.

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Real Estate Law – Lease And Rental Agreement Terminology

July 8th, 2010

The landlord and tenant relationship is often fraught with turmoil, especially when one violates the lease or rental agreement. In order to help manage expectations in the event of a default by either party, make sure you are familiar with the following terminology.

Duration:

The duration provision will define how long the lease or rental agreement will be enforceable. Most leases are for a defined period of time, generally six months or one year. Rental agreements are usually month-to-month, and they can be terminated upon the expiration of each month, as long as the tenant gives proper notice.

Deposit on Security:

Many landlord and tenant disputes occur because of the security deposit. The purpose of the security deposit is to allow the landlord to have a reserve in the event that the tenant causes damage to the property. A typical security deposit will be equal to the first and last months’ rent.

Monthly Rent:

The rent provision should state what the amount, the due date, any grace period, and the amount of any late fee. Look for unreasonable late fees or grace periods.

Utilities:

Someone has to pay for the electric, gas, and water bills. The lease or rental agreement needs to specifically state who is responsible for these utilities. Most agreements contain a provision whereby the landlord or the tenant is responsible for all utilities. But some agreements divide them in half, or state that one party is responsible for a specific utility. But this is an important provision, since utilities can often be several hundred or even thousands of dollars per month.

Use and Occupancy:

Both residential and commercial leases will generally contain certain restrictions on the use and occupancy of the property. An example of a use restriction would be if the tenant cannot have pets on the property. Additionally, most residential leases contain restrictions on loud noise or music. Finally, the lease may limit specific types of property or items. For example, the agreement may state that waterbeds are not allowed.

Right to Enter the Premises:

The landlord will most likely have the right to enter the premises, either to inspect or do some other at. The rights of the landlord, and also of the tenant, should be specifically outlined. That is to say, the who, what, where, when, why, and how of the landlord coming onto the property should all be set out in detail.

Maintenance:

Maintenance of the property can be a big issue, especially when the building is old or contains expensive appliances. The maintenance provision should answer the questions of who will be responsible for maintenance and in what situations.

Default and Remedies:

What constitutes default? What happens in the event of default? How much and what type of notice does the landlord have to give to the tenant in the event of default before initiating proceedings in court? What are the tenant’s rights in the event of the landlord fails in his or her obligations? These are questions that must be answered in the default and remedies sections of the lease agreement.

Leases and rental agreements are living, breathing documents. While the above provisions are generally included in every lease, there are other provisions which are jus as important. Whether you are landlord or tenant, you should thoroughly review every word of the lease and, if necessary, seek the aid of an experienced attorney to help you interpret each paragraph.

Landlord-tenant laws are both complex and specific to each State. If you need a Maryland real estate attorney or Virginia real estate attorney, we are here to help.

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Good Things About Apartment Living

April 20th, 2010

Are you thinking of buying a house? There are good things about home ownership. However, there is much to be said for apartment living. Here are some advantages to consider.

Are you going to be at the same job, a few years from now? Maybe you will need to relocate in the future. Do you want to live in your current city for five years or more? If not, renting may be the best option for you. There is only a few things to concern yourself with when you move. You will need to pack and move out. That is not the case with home ownership. You will have to sell your house. This can take a lot of time. It can also cost a lot of money. You may need to fix things, in order to sell your house. Your house will have to be listed for sale. Then you must wait for it to sell. It may take many months, or not sell at all.

You can rent your house and move. However, there are pitfalls there, also. You will still be responsible for upkeep on the house. Renters may do damage to the property. You may live in another city. This can mean a lot of stress and expense. It is much easier to move from an apartment than from a house.

In many cities, it may be considerably cheaper to rent an apartment, than to make house payments. When real estate values rise, so do house payments. In areas with high property values, this may be a cost effective way to live. You will not have closing costs or down payments to come up with either.

Inside upkeep: What will you do if your hot water heater breaks? Moreover, it may late at night. Your basement may be filling with water. You have to fix the hot water heater. You also have to take care of the flooding. Can you do the job yourself? Maybe you have to find a professional. It can be a stressful situation.

House exterior upkeep: Your roof may start leaking. A bad storm has damaged the roof. This can mean a stressful time ahead for you, as a homeowner. Someone has to call the insurance company. It will take time for an adjuster to come to your house. It will take longer to get it fixed. You will pay a deductible. If you rented, you would not face this.

Outdoor work: Did someone just run over your mailbox and leave? Maybe the lawn needs mowing. You want to watch your favorite television show and relax. It will have to wait. There are things to tend to. If you rented, you may be sitting in your chair right now.

Amenities: When you live an apartment, you may have free pool privileges. You might also have resources like a clubhouse.

Conclusion

Apartment living offers many benefits over home ownership. There is no lawn to mow. When something breaks, it is not your fault. You may feel less stress. You may have more time to enjoy life. It may be easier on your budget.

Toronto rentals offers the largest offering of toronto apartments for rent. When looking for the best apartments for rent toronto be sure to visit Torontorentals.com.

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Tips on Conducting Rental Property Move-In Reports

September 19th, 2009

Did you know tenants are required to leave the premises they rent, in as good as or better shape then when they moved in? But how do you know what shape it was when they moved in?

Having a thorough and well documented move-in report will counteract any questions on the condition of the home when the tenant moved it. The tenant will be held accountable for any discrepancies between the move-in and move out reports.

Don’t be too hasty when performing the move-in. A little time allotted for precise and meticulous documentation, will go a long way in the end.

Having an established route you take when performing move-ins or outs help prevent any oversights. Many landlords start with the first room they come to when entering the house. Often it will be an entryway or living room. Now is the time where details matter; marking the entire living room as okay is severely lacking details.

Whether or not you want to start at the ceiling and work your way down, is completely your prerogative. Try to ensure you keep whatever sequence works best for you throughout the home. Check for cracks, discolorations, holes, rips, tears, etc.

Once you are finished with one area continue on to another. Look at the blinds; are they clean? Do they work properly? Do the windows open and close as they should? Are the screen the right size and free from bends or holes? Is the carpet new or are there worn areas?

Now continue on this path throughout the house, make sure to check all the bedrooms, bathrooms, kitchen, dining room or area. Don’t forget basements, garages, and utility or laundry rooms as well.

Taking pictures of the home is always a good idea, especially focus on areas of concern or new items through the house. Documenting the outside condition is vital as well. Check the exterior lighting and fences. Is the yard alive, recently mowed or raked?

Allow your tenant to review the move-in report; answer any questions they may have. Arrange for convenient times to make any repairs that may have arisen during the move-in. Have your new tenant sign and date the report with the understanding that this IS the move-in condition. Mail or give them a copy of the report, and allow them three to seven days to make notes of anything else they may find needs documentation.

Detailed move-in reports are essential to rental properties. You as the landlord and the tenant will benefit from such a report. Not only does it protect the tenant from incurring costs from damage that was present prior to their move-in; it also protects you the homeowner in the event that there is new damage after the tenant moves out.

Looking for the best Red Bluff Property Management or Red Bluff Rentals? Northern California Property Management is the premier property management in the area. Click on the previous links to learn more about us.

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Five Ways To Becoming A Landlord

September 11th, 2009

To know how to be a landlord you must understand what a landlord is and does. A landlord is an individual who owns a piece of property. This property may be an apartment, a house or a piece of land. This individual then rents this property out to someone to use for an agreed sum called rent. This person who rents out this property is called a landlord. Here are tips on how to become a landlord.

If you want to know how to be a landlord you must first know how to acquire the property. One of the easiest ways of becoming a landlord is by inheriting the property. Someone who owned the property passes away and leaves their property to you. You automatically become a property owner.

The other way of being a landlord which is harder is by buying the property. If you do not have the kind of money it takes to buy property today then this can be torture. It will take you years to pay off a loan or a mortgage that you take out to buy the property.

To know how to be a landlord requires that you know how to take care of your property. If you want a lot of people coming to rent your property then it must be well taken care of. You must always take the effort to make sure that you maintain your property.

The second thing about knowing how to be a landlord well is to learn. You will have to learn the laws of owning your piece of property. For example you cannot just rent out your property for the construction of a bar if the area does not permit bars in the neighborhood. You will have to learn all these codes.

How to be a landlord also requires the knowledge of property values. For example if you inherited the piece of property you may want to have a realtor evaluate it. Only after you know the value can you then rent out the property. The amount will not only be fair to you but to the tenant as well.

One who knows how to be a landlord will know where to buy his property. Property in the Hampton for example will cost much more than property in Kansas. Less people are also likely to want to rent in the Hampton as they are mostly rich people who prefer to buy property instead.

A good landlord will know not to rush into buying property where crime is on the rise for example. He must always put in the time and energy to find the right location for his venture. If he wants to rent out a piece of land for agricultural purposes then he will have to buy in an area with fertile soil.

Dawn Enstruthe writes for The Rent Source where you will find details on best price apartment rental insurance and really cheap car rental business insurance.

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The Benefits of Detailed Move-In Reports at Rental Properties

September 6th, 2009

Did you know tenants are required to leave the premises they rent, in as good as or better shape then when they moved in? But how do you know what shape it was when they moved in?

That is where the move-in report comes into play. Having a detailed move-in report will save you in the long run. You will have written documentation to hold the tenant accountable to.

When performing the move-in report, make sure you allow yourself plenty of time to be accurate and methodical in your records. This will save you headaches in the long run.

When conducting the move-in, it is best to start in one room of the house and move fluidly throughout the home. Often times it will be the living room, because it is typically the first room you enter. Remember the more detailed the better. Marking the living room as good just will not cut it.

Start from the ceiling and work your way down to the floors. Are there hooks or cracks in the ceiling? Is the popcorn crumbling in some areas? Check to see if the ceiling fan works properly. Make sure all the lights are all working properly

Once you are finished with one area continue on to another. Look at the blinds; are they clean? Do they work properly? Do the windows open and close as they should? Are the screen the right size and free from bends or holes? Is the carpet new or are there worn areas?

Proceed in the same manner throughout the rest of the home. Go through each and every bedroom and bathroom. Examine ever cupboard in the kitchen, open the stove, and check for leaks in the sinks or showers. Don’t forget any extra rooms like an attic or laundry room.

Time and again the exterior of home gets ignored. The exterior has many components to it; yard, fences, sprinklers, stairs, walkways, driveways, mailboxes, and the list goes on. If there is damage to one of these components and you do not have proof of its condition prior to move in, you will be stuck with the repair bill. Do not forget the exterior of the home.

After you have finished the report; review it with your tenant. Address any issues or questions they may have. Make certain the sign and date the form, and provide them a copy for their records. Also, allow them time to report any missed details, usually about 7 days. A report of a fist size hole through a bedroom door reported three months after they move-in is not tolerable.

Detailed move-in reports are essential to rental properties. You as the landlord and the tenant will benefit from such a report. Not only does it protect the tenant from incurring costs from damage that was present prior to their move-in; it also protects you the homeowner in the event that there is new damage after the tenant moves out.

Looking for the most professional Red Bluff Property Management or Red Bluff Rentals? Northern California Property Management is the premier property management in the area. Click on the previous links to learn more about us.

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Convince Your Landlord To Accept Your Pet

August 9th, 2009
by Britnee Nguyen

When you move into rental homes in Utah you might find many landlords don’t like to accept pets into their rental property. This is because they fear the pet will cause more damage and possibly be a nuisance to the neighbors. There are a couple of ways you can convince your landlord or Utah property management KeyRenter that your pet is trained and will be okay on the rental property.

Provide any training certificates to the landlord showing the pet has been taught obedience in proper schooling. This helps the landlord trust your pet knowing it has been trained by professionals. If your pet hasn’t had formal training, then there are other ways to prove that your pet will behave at the rental home.

One way is to invite your landlord to your current place of residence so they can see the condition of the place with your pet living in it. You could also get a letter of reference from the neighbors and current landlord for the pet. The landlord can also meet the pet at that time to see how they get along and its behavior.

Negotiate a possible pet deposit for having your pet live there. This will give the landlord money in case there does happen to have damage from the pet. If nothing is damaged, you can get the money back when you move out.

Check the laws since some states have policies that allow pets into rental homes. This includes if tenants have special circumstances such as if the tenant is visually-impaired and needs a dog to help get around. This would over-ride a no-pet policy.

If your landlord won’t budge on their no-pet policy, then you will have to find a different rental home to move into. Ask KeyRenter to find a rental home that fits your needs including a home for your beloved pet.

About the Author:
KeyRenter assists hundreds of Utah homeowners rent out their homes. As a Utah property management company, KeyRenter handles leasing, management, and accounting for Utah rental homes.

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Looking For Rental Homes In Utah Valley

August 8th, 2009
by Britnee Nguyen

Looking for a place to live in Utah Valley because of a job or for schooling? The best place to live would be in homes for rent in Utah. Utah Valley is just 40 minutes from Salt Lake City which many people choose to commute for work. It is also home of two universities, Utah Valley University and Brigham Young University.

There are many rental homes in Utah Valley that are available for rent; you just need to know how to find the one that fits your needs and interests. KeyRenter, a Utah property management company help people like you to have a good rental experience in Utah.

With more than 25 towns to choose from in Utah Valley, you must evaluate what are your needs and wants when choosing a rental home. If you need to commute to Salt Lake City, then choose a more northern part of the Valley. This includes Draper, Alpine, and Lehi cities which are just at the point of the mountain on the I-15.

If you are moving to Utah to experience the great outdoors, consider moving to Cedar Hills, American Fork, Provo, Orem, and Spanish Fork which are nestled next to the entry ways to canyons and national forests. If you are a college student, choose a rental home more south in either Orem or Provo.

After deciding which town in Utah Valley suits you best, then the search begins. As an out-of-state person moving into Utah, your best bet would be to contact a Utah property management company like KeyRenterwho can send you listings of rental homes in Utah. This saves you time from sifting through listings online that may not have enough information about them or are not reliable.

KeyRenter.com has their entire list on their website. So you can just go to their website and look through reliable listings there. You will find that a tenant application is available for download online as well. Finding a rental home in Utah Valley is easy with KeyRenter.com who represents several homeowners in that area.

Be sure to find a rental home that is in your price range. It’s unwise to apply for a high cost rental if you are not positive you can afford it. Don’t waste your time applying for it because they will do a credit check on you to see how your financial situation is. If you already know you are not qualified, then don’t apply.

Only apply for the realistic rental homes you can afford. After you find your rental home and get accepted to move in, make sure to read over the terms of your contract so you know what is expected of you and your responsibilities as a tenant.

About the Author:
KeyRenter assists hundreds of Utah homeowners rent out their homes. As a Utah property management company, KeyRenter handles leasing, management, and accounting for Utah rental homes.

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Find The Best Utah Property Management

August 8th, 2009
by Britnee Nguyen

With rental homes in Utah, there are several Utah property management companies that manage them for homeowners. Homeowners get to choose which rental property management they would like to be partnered with. If you are looking for one, there are a couple of questions you should ask to see if they fit into your criteria. Know your options and ask questions to find the best Utah property management for you.

Does the Utah property management help with rental price analysis and marketing? There are some like KeyRenter who offers advice on rental price by accessing the MLS to determine the value of your home. This can help since you don’t want to be too high or too low when you give an offer. Marketing is another aspect that should be looked into. Some only market online while some do both online and print marketing.

Do they put a lockbox on homes for rent in Utah? Lockboxes are convenient for potential applicants. They can be given the code to the lockbox which is hung on the front door handle and gives them access to the property. This use is so an agent isn’t needed for them to see the property. If they are in town for only a short time and need to see it quickly, they don’t have to go through the hassle of waiting for an agent to show up. Lockboxes are used by KeyRenter to also keep the property safe.

How are the rent checks handled? Many take the rent check and divide it up. First, they give a portion of it to themselves for the management fee and then give the rest to the homeowner. Some places like KeyRenter.com will directly deposit the check into your banking account for you. Sometimes the check won’t get to you until the 15th of the month because it goes through the process.

Do they help with needed evictions? Most of them help with evictions if they are necessary. They will give an eviction notice and then go through the proper, legal proceedings of the state. That way you are ensured that you won’t do any illegal evictions and that it will be done in a swift manner.

What are the management fees? Most of the Utah property management companies charge by the percentage of your rental price. So each month they’ll take 8-10 percent of the rent check and give the rest to you. With Keyrenter.com, they have a flat fee of $75 a month which is lower compared to the percentage management fee.

About the Author:
KeyRenter assists hundreds of Utah homeowners rent out their homes. As a Utah property management company, KeyRenter handles leasing, management, and accounting for Utah rental homes.

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Give A 30-Days Notice Of Your Utah Rental Home

August 8th, 2009
by Britnee Nguyen

As a tenant of a rental home, your contract may be ending soon. The usual protocol is to give a 30-days notice of whether you will be moving out or renewing your contract. Landlords like this time frame because it gives them time to market their rental home if you’re leaving or reassures them they don’t have to look for a new tenant. KeyRenter is a Utah property management company that handles notices for tenants and landlords of rental homes in Utah.

A 30-days notice could be verbal, but this isn’t the best way to give the notice. It should be writing so there is a hard copy of proof what the agreement was and the date it was signed. This way both parties can’t misunderstand what and when the 30-days notice was given.

It doesn’t need to be the first day of the month to give a 30-days notice. It is helpful though so you don’t have to pay extra pro-rated rent. So you could give a notice in the middle of the month, but since it’s for 30 days, you’ll have to pay for the extra days, even if you’re not living there anymore.

If you decide to move out and that’s what you tell the landlord or Utah property management like KeyRenter, then they will be advertising their rental home to find new tenants when you move out. You may have people knocking on your door to take a look at the home. You don’t have to let them in unless the landlord is with them, and even then the landlord should give you an advanced notice if someone is coming to look.

When giving your 30-days notice, if you are moving out, discuss the terms of what needs to be done when you move out. This includes how much the last rent check should be, how you’ll get your security deposit back. Discuss what day you’ll be out and by what time and also any cleaning you will do.

If you say you’ll be staying in your 30-days notice, discuss this with your landlord. Talk about renewing the contract which means printing it out and signing it again. This is also a time when you can negotiate any terms of your contract.

About the Author:
KeyRenter assists hundreds of Utah homeowners rent out their homes. As a Utah property management company, KeyRenter handles leasing, management, and accounting for Utah rental homes.

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