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 by Matthew David
A lot of investors think that there’s more cash flow in renting than there really seems to be. When you compare the small cash flow surplus, which not everyone earns, with the strenuous work of fixing a toilet or evicting a tenant it just doesn’t seem to fully add up. All of that is true unless you made the cash without having to physically manage and oversee your properties. That’s why I strongly urge you to master creative techniques like lease-options, owner financing, etc. to have self-managing properties. Just remember that the bank makes a small fortune off your property not through the physical management of the property, but rather by simply holding paper. Planning to remodel, repair, or build new? Read this first.
Licensed, bonded, and insured” is a term used loosely in the construction industry and therefore it is important to understand these basics of construction contracting. You know you need a property mananger when… by Trevor Henson
I then proceeded to rattled off my top ten list of “you know you need a property manager when:
As more consumers turn to online reviews to help make purchasing decisions, apartment ratings and review websites are becoming much more than just a passing fad. But that’s no cause for alarm. Positive reviews and ratings are a great selling point to attract tenants who are scanning through pages of rental listings, and a positive way for landlords to garner valuable feedback on how tenants view their rental property. Reading reviews on the Internet can take a thick skin. Rather than going kicking and screaming over the reality of online reviews, landlords can spin this process into a fertile and free opportunity to market online. Tip #66: I’m Not Myself! by Barb Getty Although I own and operate all my properties, none of my tenants know this.
This ploy protects me in many ways. When they want to paint the bathroom black (no way!), I tell them I’ll talk to the “owner” about it. When they beg for a pit bull puppy (no way!), I talk to the “owner.” During difficult evictions, it’s much easier (and safer) not being the owner. Easier, also, when raising rents. Barb Getty is a self-taught landlord who began with a single property and now owns and operates 29 units in downtown Indianapolis, including duplexes and single-family homes. Her second book, The Landlord Chronicles: Investing in Low and Middle Income Rentals, is available at www.authorhouse.com. See last week’s Landlord Quick Tip. Do you have a quick tip to share with other landlords? If so, please email our editor at kim@joinaaoa.org. American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org. Rent it Right by Janet Portman, Inman News
I’m very uncomfortable with this approach — I don’t like to be watched every time I come and go. Isn’t this an invasion of my privacy? –Tina S. How a whole-house fan works
There is an air conditioning system, but it is not zoned and the ductwork is inadequate on the (hottest) floor. On very hot days, the sun pummels us all afternoon, and the heat just soaks into the wood shingles. By evening, the air inside is as hot as the air outside, and by nighttime, the air inside is far hotter than the air outside. Ceiling fans do little but mask the discomfort. We have been considering installing an electric fan of some sort. A traditional attic fan sounds ideal, except we have no attic. Is there some variation we could use that would vent the hot air and draw in the nice, cool nighttime air? by Ray Alcorn
I suppose it is fueled by the late night infomercials touting no money down deals and using pictures of Class A apartment buildings, never saying the one describes the other, but leaving a strong impression that that is the case. by Steven Williams
While the tenant has denied the charges, many other tenants have insisted that I evict the tenant. What can I do? A: Most leases do not address these situations. Humidity may be culprit after recent re-roofing by Bill and Kevin Burnett, Inman News
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Do you want to know something about being a landlord? It really sucks if you don’t have quality A-1 tenants.
Construction is expensive when things go right. When things go wrong, it can be financially devastating.
A friend of mine recently bought an apartment building here in Los Angeles and asked me “How do I know when/if I need property manager?” To which I told him there were several reasons to hire – or at least consult with – a management company.
Whether you realize it or not, tenants are taking note of their rental experiences and sharing that information with prospective renters on the Internet.
They believe I’m the property manager.
Q: A tenant in my building has been hassling me for no reason — I think she’s a bit off her rocker. Others in the building have had their cars keyed and have found her at their doorsteps, yelling and accusing them of various misdeeds. I told the landlord, who has said there’s little he can do without proof. Now he’s set up two webcams trained on my front door and my parking spot. He says when he catches her on tape, he’ll have the proof he needs.
Q: We live in a split-level, west-facing contemporary home built in the early 1980s. It has very high, slanted ceilings in many of the rooms and no attic. It is beautiful and we love it. But it gets hot.
At least once a week, someone posts to the commercial newsgroup seeking a way to finance 100% of the acquisition cost for an income property.
Q: I have a tenant who was recently arrested for sexually abusing children in the neighborhood.
Q: My daughter and I share a duplex. Ever since the building was re-roofed about four years ago, I’ve heard knock-like sounds mostly at night. At first, I thought there were animals on the roof, but now I wonder. There is no noise in the winter. It starts again in the spring.
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