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Welcome to the AAOA Forum, where we discuss the the topics our members want to hear and want to talk about. We like to take an active roll in the online community to help our members learn and help educate landlords new and old. We encourage you to participate and join in our discussions. Thanks.
Can Multifamily Avoid the Commercial Turmoil?
While the turmoil in the residential real estate markets continues to make headlines, some analysts and prognosticators are questioning whether we will see the same kind of meltdown and mass foreclosures in the commercial real estate side of the industry. And the general consensus of those quoted in various news services and website across the United States is not good.
The commercial real estate market, including retail malls, multifamily buildings, office buildings and other non-residential buildings has already been hurt by falling prices, unemployment, economic decline and foreclosures. However, as already mentioned, commercial real estate includes many different property types, which perform differently under the same economic conditions.
Posted by Kim Ezzell on 07.30.2009. 1 Comment »
Filed under: AAOA Forum, Financing
Getting Funded With a Hard Money Commercial Loan
Conventional financing through traditional lending institutions, such as commercial banks, Wall Street brokers and major insurance companies, is becoming very difficult to find. Banks and other conventional lenders have tightened their lending standards significantly and are caught up in the credit crunch. In many cases they can’t make a loan even when they want to.
There is a very severe lack of liquidity in the major financial markets. One consequence of the banking crisis has been that more and more commercial real estate investors are turning to private, often called “hard money” lenders. Hard money commercial mortgage loans have become a primary source of funding for property owners, investors and developers all over the country.
Posted by Kim Ezzell on 07.30.2009. 1 Comment »
Filed under: AAOA Forum, Financing
Canceling Rental Will Cost Landlord
Janet Portman, Inman News
Q: I’m in a bit of a bind. I own a unique, lovely duplex (we live upstairs) that I easily rented in our town of few rentals and high demand.
Posted by Kim Ezzell on 07.30.2009. 2 Comments »
Filed under: AAOA Forum
Getting Rid of What Your Tenant Leaves Behind
There’s the tenant who ‘forgot’ his trashed furniture and personal items when he moved out, or the previous owner who never cleared out the property before he abandoned it to foreclosure.
Maybe it’s the remains of a remodeling project. Paying the construction contractor to haul it is expensive. Hauling it yourself is expensive. Even storing a dumpster is expensive.
With all the regulation on disposal, these abandoned items are not easy to get rid of — and it’s only getting harder. That stands in the way of making money on your real estate investment.
Posted by Kim Ezzell on 07.30.2009. 3 Comments »
Filed under: AAOA Forum
Simple Checklist Saves on Heating, Cooling Costs and Repairs
Performing regular maintenance on your cooling and heating systems saves energy and extends the useful life of these expensive appliances.
Energy efficiency expert David Lowe offers these tips to keep your systems in top condition: -
Outdoor condensing units (the part of the cooling systems where hot air can be felt blowing) can become clogged. Dust and dirt will accumulate in between the small metal fins, blocking air flow. This will make the compressor work harder, increasing energy costs and shortening the lifetime of the compressor.
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Inspect heating and cooling ducts and seal any leaks. Direct leaks in duct systems can result in large losses.
Posted by Kim Ezzell on 07.30.2009. CLICK to Leave a Comment »
Filed under: AAOA Forum, Going Green
Landlord Quick Tip
Determining the appropriate rent to charge has always been a matter of science– and target practice. You know that the figure you chose is too low if you are getting a flood of calls on your ad, and too high if only problem tenants are calling you. - Check out RENTOMETER, a free online sources for comparable information.
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The online rental ad services MyNewPlace.com is another free source.
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Don’t just consider rentals in your comparables research. Find out what the same tenant could buy in your area with all the incentives now available to stimulate home sales.
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Listen to what your applicants are saying about comparable rentals.
To subscribe to our blog, click here.
Posted by Kim Ezzell on 07.30.2009. 2 Comments »
Filed under: AAOA Forum
Evicted Tenant Enjoys Celebrity Status
You may remember our eviction story, Landlord Gives Easter Bunny the Boot. When a tenant set up a display of Easter Bunny Peeps on her interior door, no one bothered her. But, when she left it there for a couple weeks past Easter, the landlord became concerned that the sugary decorations would attract pests and posed a hazard to other tenants.
Posted by Kim Ezzell on 07.30.2009. 5 Comments »
Filed under: AAOA Forum
Ouch! Bad News for the Rental Market
On Wednesday, July 8, 2009, the Wall Street Journal reported that apartment vacancies had risen significantly, to a 22 year high. This report used statistics furnished by independent research firm Reis, Inc.
Posted by Kim Ezzell on 07.30.2009. 10 Comments »
Filed under: AAOA Forum
This Lease Provision Won’t Protect You
Despite Lease, Landlord May Have to Pay for Tenant’s ‘Accidental’ Damage
by Janet Portman, Inman News
Q: My landlord has demanded that I reimburse him for the cost of repairing damage that was caused by a fire in my apartment. Here’s what happened:
I purchased a hair dryer, used it once, and left it plugged in (but turned off). The dryer’s switch must have been defective, because somehow it turned itself on during the night and ignited.
The landlord admits that it wasn’t my fault, but claims I’m responsible, because my lease has a clause that says I’m liable for the results of my acts (”Lessee shall be liable for all damage to the premises and appliances and equipment belonging thereto, in any way caused by the acts of lessee, lessee’s occupants, guests and invitees”).
Posted by Kim Ezzell on 07.29.2009. 2 Comments »
Filed under: AAOA Forum
Tips on Staining Untreated Woods
Q: First-time homeowner and first-time stainer here! I do realize this wood is not the optimal wood to build with, but it has got to be stainable! (Please tell me it is!) Do you have any suggestions as far as getting a deep red/brown coloring to soak in the wood and give it the rich look? Is there something I’m doing wrong? Is there a better stain for this type of wood, or do I just start considering paint? Any suggestions would be great.
Posted by Kim Ezzell on 07.29.2009. CLICK to Leave a Comment »
Filed under: AAOA Forum