Landlord Group

Getting Started as a Real Estate Entrepreneur

2008-09-08T07:05:00.000-07:00

by Attorney William Bronchick

Whether you are new to real estate, or have reached a “plateau,” the following will help “jump-start” your real estate investing career.

Surround Yourself With Like-Minded People

“Creative” real estate is non-traditional, which means that most people don’t do it this way. Thus, most people you speak with will tell you it won’t work. If you tell them you heard it in a seminar or a course you bought from a late-night television “guru,” they will laugh and call you “gullible.” Attorneys and other professionals will denounce it, because it sounds unusual. Keep in mind that these people are either threatened by their own lack of success or are looking to protect their own butts.

The first thing you should do its join a local real estate association. A complete list can be found here. These associations will help you keep your thoughts in the right place and prove to your subconscious that it really does work, despite the opinions of the 20/20’s, Datelines, 60 Minutes and other self-proclaimed “consumer watchdogs.” If you cannot find a group, form a “mastermind” group that meets for breakfast once a week. If you don’t know what a mastermind group is, you should read “Think and Grow Rich” by Napoleon Hill. If you already read it, read it again, again and again.

Have a Team

Don’t wait until you have a deal brewing to find the players. You need to find the following players on your team:

Attorney - preferably one that does real estate deals for himself as well as others

Title or Escrow Co - stay away from the big name companies; find one that caters to investors. Make sure they understand double closings, land contracts etc.

Insurance Agent - find one that understands land contracts, landlords, etc.

CPA - find one that is aggressive and owns real estate.

Contractor - one that will give you free estimates and knows how to “cut corners” in the right places.

Mortgage Broker - one that is savvy, creative and experienced with investors.

Partner - in case you need it for money or experience.

Mentor - someone you can call to smooth out the rough spots.

Don’t Talk to Unmotivated Sellers

This is the biggest mistake I see beginning investors make. They waste time talking to sellers who are marginally motivated. Even worse, they drive by the house and look for comps without even talking to the seller first! Never visit a house before speaking with the seller over the phone. I love Ray Como’s Mastermind Script Book. It has hundreds of questions designed to extract the seller’s motivation over the phone. Heck, the course will save you enough gas money to pay for itself!

Be Persistent

Anyone who has ever been in sales will tell you that few deals are ever made on the first try. In fact, most deals are made after contacting a prospect for the fourth or fifth time.

Let me give you an example. I contacted a person in May 1998 who had a junker house he was thinking of selling. I met with him once and made him an offer. He didn’t like it. Did I stop there? No way! I called him twice a month for the last year. I mailed him two more offers he rejected. We finally came to an accord and closed this month.

Have a follow up system like a salesman. I use Symantec ACT! 4.0. I allows me to schedule follow ups and keep a running history of calls and conversations.

Keep Educated

“If you think education is expensive, try ignorance.” I am not sure who first said it, but I give him credit. You can lose more money with a mistake than you can learning how to avoid one. Even if you have been at this business for years, you need to keep up with current trends and laws. As an attorney, I have to go to seminars every year. Some are boring, but I always learn something that either makes me more income or prevents a lawsuit.

Have a Plan

Don’t just wander around looking for deals. Have a plan. Make X number of phone calls a week. Spend $X a month on advertising. Make X number of offers per week. Pass out X number of business cards each day. Eventually, you start to get “lucky.” I mean that facetiously, because luck always happens to those who are at the right place at the right time. If you plan and persist, you get lucky.

Treat This as A Business

People are lured to real estate because of the quick buck that it promises. Don’t hold your breath, you won’t get rich quick. An “overnight sensation” usually takes about five years. I would guess that 90% of the people who take a seminar quit after three months. This is a business like any other. It takes months, even years to cultivate customers and have a life of its own. You need to treat it like any other business. Give it time, effort, attention and professionalism, and it will flourish before you know it.

About the Author: William Bronchick, CEO of Legalwiz Publication, nationally-known attorney, author, enterpreneur, and speaker. Please visit http://www.legalwiz.com

Roofing Contractor

2008-05-19T16:51:00.000-07:00

The main purpose of the roof on your home is to protect itself and the structural components of the home against natural elements ( rain snow sleet hail and wind), most importantly moisture. For the purposes of a home inspection, the roof system consists primarily of the shingles, felt paper, flashings and chimney.

another important part of the roof system is the gutters and downspouts, they direct rainwater and runoff away from the foundation area, to help reduce the potential for water entering the basement area. Because of the important functions the roofing system provides, it's condition should be assessed yearly by a professional roofing contractors. One roofer who i have used in the past is David Ness. He does roofing and gutters in the following massachusetts towns and cities - hingham, fall river, chelsea, dover, waltham, woburn, somerville, revere, cambridge, quincy, needham, newton , cape cod, providence, boston .

Are All Real Estate Appraisals Accurate?

2008-04-26T03:27:00.000-07:00

If you are interested in obtaining a real estate appraisal,it is your duty to get accurate information.Not all real estate appraisals are accurate. This is a flaw in the industry, and one that can really harm you in more ways than one. But you can get
accurate real estate appraisal if you are willing to do the leg work that is associated with getting started.

Do you know the best way to accurate real estate appraisal? Simply put, you need to hire an appraiser who will provide you with accurate information. The best way to do this is to ask them as many questions to clear your doubts. How long have you been doing real estate appraisals in the area? Do you have references? How much do you charge? What do I get for the fee that I pay? These are all questions that will help you to get the most out of your real estate appraisal.

Once you have done your homework, you can probably get an accurate real estate appraisal. But even if you think that you hired a reliable appraiser, things do not always work out like this. For this reason, you have to closely look over the report
to ensure everything is said and done. Since you know your home better than anybody else, you can suggest if everything is as it should be. This is not to say that you know more than the appraiser, but look for glaring omissions or problems that you are not aware of.

When it comes down to it, not all real estate appraisals are accurate. Some of them are better than others, so make sure that you get a good one. If you are going to spend a few hundred dollars paying for a real estate appraisal, you should get accurate results and a report to match.

About The Author: Kim Lee writes for Singapore's Rental Portal
http://www.rentinsingapore.com

Property flipping needs professional presentation!

2008-01-25T13:43:00.001-08:00

Property flipping needs professional presentation!

If you finally decide to invest money into something in order not to let inflation affect your money you should consider buying real estate and began thinking of the real estate flipping possibility. All in all, if you invest money into property - nothing can hurt you and with years passing by property and land rise in price. Flipping houses is another theme that you might be interested in.

Basically, the essence of property flipping consists in the following simple steps: first, you buy a house, second, you sell it for a much higher price. Only one but considerable difference of such a deal is speed! The faster you sell your just bought property - the more benefits you can get of it. Even if not taking into consideration possible fixing works and maintenance - the actual price on property may vary considerably depending how you (the seller) "present" your house.

Do not save our income in money!

2008-01-25T13:39:00.000-08:00

Do not save your income in money!

Have you ever thought that dealing with investments can bring you a fortune and all that you require is just a start-up capital? We won't talk here about investing in bonds and shares as this is risky and if you lack economic education and are unable to analyze market changes - there is no place for you at the Stock Exchange.

However, there is a win-win solution for you if you want first to save money and second to gain benefits from a definite sum. You are sure to consider the option if investing in real estate as this is one of the most stable way out to save your income and actually to get even more if you finally resell the property in some time. It is also wise if you attend special real estate investment courses or Free investing consultation provided for free by many companies that are interested in you as a future realtor.

Today no one can guarantee the best way of saving money as nowadays money is nothing but just a payment instrument as money is no longer secured in the means of gold reserves but one thing is clear: time passes but property as well as land is costing more and more.

Dealing In Real Estate And Rental Properties

2007-07-25T07:19:00.000-07:00

Knowing exactly what to invest in when dealing with real estate transactions will determine a good or bad deal. When a good deal is made, it means that the seller, buyer and agent all walk away feeling as though they have won or made a bargain. Having what you want in line is the beginning to making a good deal with all that are involved in the process.

The major component that will make a deal and transaction good is the finances that are involved in it. This means that the right loan with the specific terms and needs should be applied. The right interest rate should be a part of this transaction. You should also have the buyer feeling like they got the home or property for a lower price than other places. The seller should feel like they made some profit for their next property for this as well.

The finances that affect the deal should also be a good deal in offering upfront fees and better rates. For example, some lenders or investors will offer prices but have other fees attached that will add onto the loan. Knowing to look out for these will help you avoid the extra costs that may not be attached to the initial loan. You can make sure that this part of the deal is good by investigating different lenders and
seeing who has the best offer.

Another part of ensuring a good deal comes from the state that the property is in. The property maintenance performances should be done on the house. This means cleaning the floors and other places that have gotten dirty over time. It also means
making sure that the property has everything running smoothly in it. A property manager or inspector will need to move around the property to make sure everything has been maintained. If it hasn't, the investments need to be made before the final deal to fix these certain areas.

Finding the best deal for your needs will allow for everyone to get a good deal. Buying and investing in the property that you want without having the wrong types of costs and problems with the maintenance of the home will help you feel content with your decision for a long period of time.

If you have rental property in Singapore, you can use portals like http://www.rentinsingapore.com

About The Author: Kim Lee write for Singapore's Rental Portal

Real Estate In Greece And Greek प्रोपेर्त्य Investment

2007-07-21T10:02:00.000-07:00

Recently, the Real Estate services in Greece are very well improved. Many agents are trying to organize the Greek property so as their clients to invest their money to property that really worths. Greece is a blessed country as far as the property is concerned. Beautiful beaches, unique islands, peaceful mountains with rich winter and summer tourism. Many tourists who visit Greece decide to buy real estate and spend more time to this country.

A developing country which is also a part of the European Union couldn't be away from the Real Estate market. Real Estate offices pop up in order to support the market and help the potential buyers to make the best choice for them. Property to islands and in the inner country as well is preferred and Greek people see more foreigns to visit Greece and also to become their neighbors.

One of the important developments that are recorded in a lot of regions of Greece is the entry of Russians in the market. Corfu, Crete, places of Cyclades and Skiathos are certain examples of intense purchasing or even investment interest from Russia. It is characteristic that these buyers move among expensive choices, concerning the purchase of residence or the purchase of ground.

The market of Real Estate is found in the first line of interest, but there are cases what is asked is not available. The acquisition of large areas near by the sea constitutes the pick for what is asked from the investors and fortunately Greece has many beaches and islands. Constructional groups and so on are what big constructing companies tend to develop so as the market to be sufficient. Shortly, these investments will mature with the growth of settlements that will be directed for the abroad market. Thus, it is expected that the following years the physiognomy to be perceptibly diffirent, but also the dynamic of purchase of rural residence in Greece.

The constructing companies have already made big plans for many places around the Greece. Investors coming from many places of Europe and other countries have visited the constructing companies and relative services so as to search for profitable
real estate. They can see that day after day people search for property in Greece where they can spend their vacations or even they can see it when the third age people look for other places where they can live after their retirement.

So, whether you are looking for a beach villa on one of the stunning Greek islands, or a traditional mansion in the mountains, Greece property has listings for a huge selection of different property and real estate to suit the desires and requirements of everyone. Fortunately, the market is quite big and the prices are in a low level up to now and for this there is a great number of potential buyers.

If you are looking for a specific property of piece of real estate in Greece, you are more than welcomed because probably you will not be disappointed. A large portfolio of properties is available to the most agents for the investors, which gives them
the possibility to find the right property according to their demands and requirements, with absolute confidence and professional responsibility that successfully Greek agents provide. If you sometime visit respectively international
exhibitions you may come up to Greek representations where many Greek property agents participate so as to give the potential buyer the opportunity to meet with Greek real estate, get better acquainted with the services and above all to feel a bit of Greece as the home seeker or investor must feel and get a taste of home prior to making Greece her or his home.

About The Author: Nick Papas is the webmaster of House finder Real estate in Greece Greek property directory http://www.housefinder.gr and co-webmaster at http://www.article-articles.info, a free high quality article submitting site

Arizona Real Estate

2007-07-18T19:34:00.000-07:00

The Land of Arizona

Contrary to popular belief, Arizona real estate is not synonymous with cactus. Erase the picture of the lonesome wilderness with only the Roadrunner and Wile E. Coyote
disrupting the terrain. Of course, that kind of landscape are still here and there but the fact is, Arizona today is one of the fastest growing states in the United States. A lot of people are drawn to investing in Arizona real estate because of its
quality education, booming economy not to mention its popular and attractive areas of interest and of course who could forget the Phoenix Suns?

Short History

Also know as the "Grand Canyon State", Arizona joined the US in 1912 as the 48th state. The name Arizona originated from the term "arizonac". The word is actually two Papago Indian words that means "place of the young spring". Recognized for its bountiful cactus growth, the saguaro cactus blossom is Arizona's national flower, while its capital city is Phoenix.

Geography

With a total land area of 113,635 square miles, the sixth biggest in the United States, Arizona has an estimated population of 5,939,292 people in 2005. The climate, which is dry and sunny, is ideal for outdoor activities. Snows can be seen capping the tips of the high central areas.

Real Estate Situation

A lot of people have picked Arizona as one of their favorite places to be. Investing in Arizona real estate means the prospect of being close to the state's powerful landscape, while enjoying the vitality that is offered by the major cities.

Experiencing Arizona's vivid scenery is also truly convenient. Its metropolitan centers are not that far from the natural wonders that the state is so famous for. Once you have your piece of Arizona real estate, unwinding at the Grand Canyon or at Lake Mead is certainly within your reach. Literally.

Industry

The most significant industry in Arizona is manufacturing. Arizona real estate is ideal for those who are into the state's primary products, namely aeronautical objects, communication and electrical items. It is also the producer of more than half of the country's supply of copper. Arizona's economy also relies greatly on agriculture which includes breeding of cattle, production of dairy products as well as cotton.

Places and Activities

Aside from the Grand Canyon and Lake Mead, other places for rest and recreation include the Painted Desert, Fort Apache, the Petrified Forest, Hoover Dam and Lake Havasu City's reconstruction of the London Bridge.

For camping and hiking aficionados, you won't get tired of Arizona's various sites for these activities. There are five major parks to choose from, two of which are Dead Horse Ranch State Park and Fool Hollow Lake Recreation area. In these parks,
you can camp, fish, canoe, hike and enjoy the view of the wildlife. For those who are into fishing and hunting, Alamo Lake State Park is the place to be.

If you're more of the "lounge around" type, you don't need to go far from your Arizona home in order to unwind. There are also popular resort areas there, as well as cultural sites for the Native American heritage and quaint historic towns.

About The Author: Seth Willis Jr. is the webmaster for http://www.planetpads.com and a savvy real estate investor. His focus for Planet Pads is to allow users to showcase their real estate from all over the world .Users can browse properties , rentals , vacation homes and commercial properties from every corner of the globe.

Which U.S. Cities Are Most Green?

2007-07-11T01:17:00.000-07:00

The buzzword that is going around these days is 'green' – green homes, green building, green living etc. Here is the latest addition to the green world – the top 25 greenest cities in the U.S. These are cities that are more energy efficient and offer a living environment that is least polluting and offer a more healthy living. People looking to live an eco-friendly life may choose from the 379 best greenest cities to live in America. The list of the top greenest U.S. cities to live has been compiled by Country Home magazine based on the data provided by Sperling's BestPlaces.

The survey was conducted among 379 major metro areas in the country where more than 80 % of America's residents live and the rankings were based on several green parameters. The cities were derived from 24 data metrics in 5 major categories including air and watershed quality, mass transit usage, usage of green power, farmers' markets, organic producers and groceries, the number of green-certified buildings and more.

Burlington, Vermont topped the list of greenest U.S. cities in America. Several green programs make this city the greenest place to live. Its 40,000 residents appreciate the importance of green living and the community, businesses and the government, have made green living their priority.

The second best green city in the U.S. - Ithaca, NY, has over 16 % residents who walk to work – the highest percentage in the country. This along with bike riders, mass transit users and home office workers makes Ithaca's commuters the greenest in the nation.

Corvallis, at third position, is the first green power community on the West Coast with over 15 % residents and the city government using green power.

The following are the top 25 greenest U.S. cities of the list, ranked according to how green they are.

1. Burlington-South Burlington, Vermont
2. Ithaca, New York
3. Corvallis, Oregon
4. Springfield, Massachusetts
5. Wenatchee, Washington
6. Charlottesville, Virginia
7. Boulder, Colorado
8. Madison, Wisconsin
9. Binghamton, New York
10. Champaign-Urbana, Illinois
11. Ann Arbor, Michigan
12. San Diego-Carlsbad-San Marcos, California
13. La Crosse, Wisconsin
14. Pittsfield, Massachusetts
15. Eau Claire, Wisconsin
16. Durham, North Carolina
17. Norwich-New London, Connecticut
18. Eugene-Springfield, Oregon
19. San Francisco-San Mateo-Redwood City, California
20. Chico, California
21. Harrisburg-Carlisle, Pennsylvania
22. Barnstable Town, Massachusetts
23. Utica-Rome, New York
24. Missoula, Montana
25. Asheville, North Carolina

About The Author: Real Estate Advisor. http://www.sdhomedatabase.com

Nebraska Real Estate

2007-07-10T09:20:00.000-07:00

There is so much to do in Nebraska. The whole family can go bird viewing, hiking or mountain biking. The more adventurous can go hunting and horseback riding. Dads can play golf. There are also great places to see – heritage museums and shrines, farms and ranches. There are also vineyards and wineries to visit. Specialty shopping for the whole family can be a fun excursion.

Geography and Demography

Nebraska is right in the center of the continental United States. Nebraska has 93 counties and 10 large cities. The State is bordered on the north by South Dakota. Colorado and Kansas take up the southern border. Iowa and Missouri occupy the eastern side, while Colorado and Wyoming takes up the western segment. The 2006 population estimate was placed at 1,768,331.

Climate

Nebraska winters are very cold, and summers very hot. Nebraska rainfall decreases steadily from east to west.

Industries

There are different farming activities in the different regions. Cattle grazing are dominant in the northwestern and north central regions in the northeast and on the Platte Valley farms are grown to corn cattle feed. The southern Panhandle and the southwest are engaged in large scale wheat production. Sugar beets and dry beans are the main produce in the North Platte Valley. Sorghum is planted in irrigated lands in the southern part of the state.

Mining activities are concentrated on crushed stone, gravel, sand, and Portland cement. Petroleum is produced but not in vast quantities. Lumber is not a major industry of the State but there are small lumber operations in the northwest.

Food processing, meat packing, dairy products, vegetable oils, pasta and corn processing make up the industrial sector of Nebraska. Other leading industries are chemicals, drugs, machinery, electrical equipment and instruments. The State is a
leading producer of irrigation equipment and farm machineries. Nebraska also produces transportation equipment, fabricated metals, primary metals as well as rubber and plastic wares.

The Nebraska real estate industry is thriving. Buyers and sellers can safely deal with the recognized firms. The Nebraska real estate agents can help you with the right appraisal of the property you interested to sell or purchase. They can give you
updated listings for homes, ranches, commercial lots, condominiums, and farms.

Nebraska real estate offices have listings for the entire estate. This way they give prospective buyers an update list to enable the buyer to place an offer. When the deal is closed, buyers will be expected to pay fees for additional charges. The services of the Nebraska real estate agents or offices are not limited to buyers or sellers. Their services can be hired by mortgage companies, banks, and auditors and all others who are also interested to have an appraisal of properties they have concerns with. Investors and those who are relocating from other States or are relocating to another region within the State can contact Nebraska real agents to
assist them.

Investors of Nebraska real estate can have so many options. Isn't it about time to check out Nebraska?

About The Author: Seth Willis Jr. is the webmaster for http://www.planetpads.com and a savvy real estate investor. His focus for Planet Pads is to allow users to showcase their real estate from all over the world .Users can browse properties , rentals , vacation homes and commercial properties from every corner of the globe.

A Career As A Real Estate Appraiser

2007-07-10T09:17:00.000-07:00

A career as a real estate appraiser is something that you may
want to consider.Still this may sound a bit far fetched and
risky, as a matter of fact it could be the perfect career for
you.

You should at least look into what it takes to be a real estate
appraiser when you have any type of interest in this. When you
can imagine, this is one career that is always in demand, and
when you are good at what you do there is a chance that you
will make a very nice living.

Then what is a career as a real estate appraiser all about?
What do you have to do day in and day out? Just like any job,
not every real estate appraiser is the same. You will actually
require to look into what the industry has to offer, and thus
decide from there when you should get involved. The important
task that a real estate appraiser undertakes is visiting
houses, and then appraising the asset.Several people need this
done as they are moving, buying a house, or simply require an
assessment for any other reason such as divorce or buying
insurance.

Remember, as a professional you will be offering a service that
people will require. The bottom line is that when somebody
requires a real estate appraisal you will be the person that
they call.

You will get paid based on the number of real estate appraisals
that you complete. In other words, you can set your rates and
charge a flat rate for each house that you appraise. This makes
things easy on you, and allows you to get a good thought as to
how much money you can make.

Ultimately, several real estate appraisers love their job as
they are not cooped up in an office all day. Rather, they can
go from house to house on their own. And anyhow, when they get
to where they are going they can communicate with clients, etc.

A career as a real estate appraiser may be only what you have
been searching for. You may get your appraiser license, and
never look back!

About The Author:Jerry Martinez.
http://realestatearticledirectory.com/articles/california-real-estate.html

Internet Real Estate Marketing

2007-07-10T09:14:00.000-07:00

When searching for a house you will most definitely want to use the internet to your advantage. Several years ago this may not have been possible, but in this day and age the internet has a lot to offer. The best thing about searching for a house online is that you never have to leave your house. Why would you want to drive around searching for a house that you do not even know exists? Rather, you could be searching for a house online and finding asset after asset.

Certainly, you will even have to go out and see a house in person once you find one that you like, but by starting your search online you will be able to cut out a lot of stress and wasted time.

The other reason for searching for a house online is that you will lower your chances of missing out on something that actually suits your requirements.

Thus,several people make the mistake of searching for a house by driving around, and in turn they miss out on assets that they would really like.

This is not to say that your only choice is the internet, but you should at least use it to supplement your other procedures. In fact the matter is that by searching for a house online you will lower your prospects of making a mistake.

And when buying a house this is something that you will almost definitely want to do. Overall, using the internet to find a house is a great idea. This will give you the ability to find several properties that suit your requirements without having to leave your computer. Searching for a house has never been easier. Why not use the internet to your advantage? The bottom line is that this process cannot hurt you, it can only help!

About The Author: Jeannie Rusnack. http://sarasotakeysrealestate.com/index.htm

Buying Real Estate For The First Time

2007-04-11T22:46:00.000-07:00

Buying a home for the very first time is both exciting and terrifying in spite of its numerous advantages such as value appreciation, tax breaks, and deductible depreciation costs etcetera.

(there is a free ebook: 101 Tips For Selling Your House,for you to download, from a link at the bottom of this page).

Despite the advantages there are also vulnerabilities and risks that you have to contend with during the acquisition process. You can manage these risks and lessen the stressful process by observing the following guidelines.

Seek the help of a mortgage broker or mortgage specialist to help you determine your budget, secure a pre-approval for your mortgage and to have him assist you in the home acquisition process.

As soon as you have done the above, most especially getting a pre-approval for your mortgage loan, you can then start the process of searching for your dream home. As soon as you have a short list of homes that interest you, get in touch with a real
estate agent. Having a buyer's agent costs you nothing since it is the seller who pays all the fees. But if the owner is selling on his own, then the situation becomes better for you as the price of the home would be lesser than if there was a real estate broker involved.

Make sure that the location of the property meets your needs and specifications.

Make sure you get a disclosure statement from the buyer or the real estate broker.

Do not allow yourself to be pressured by the real estate broker or seller.

Before you ask to view the short-listed properties, conduct your own research to identify any problems or issues that might impact the acquisition and the amount of your offer.

As soon as you have decided on one particular property, visit the neighborhood during night time as well.

Interview the neighbors regarding schools in the district, playgrounds, and other amenities.

Find out the property value taxes in the neighborhood and inquire about neighborhood association fees if any.

With the assistance of a lawyer, make a formal offer, give a deposit and outline all of the conditions and terms of your offer.

Provide the owner a copy of your pre-approval to signify the seriousness of your intent in buying the property.

Request all necessary documentation from the owner including title clearance within a specified number of days so as not to prolong the buying process.

It normally takes 30 to 90 days from the date of offer to complete a home acquisition deal but it is very important that all terms and conditions and guidelines between you and the seller are taken cared of as early as possible.

It is always best to educate yourself when buying real estate and not simply rely on the real estate broker, the owner or somebody else to provide you with the necessary information. This makes the home buying process much more exciting!

About The Author: Download 101 Free House Selling Secrets Here-with resale rights: http://www.freelandproperty.com/buysellhomes/buy.htm

How To Find Good Real Estate To Invest In

2007-04-11T22:43:00.000-07:00

Generally, real estate investments are categorized as low risk investments with potentially high yields on your capital.

However, some people have a common misconception regarding real estate investing – that it is an easy business and that you do not need to do to do anything.

The truth however is that real estate investing actually requires you to put in effort if you are serious about making money. It takes patience, a keen feeling for the market pulse and research to find the property that you can invest on and later on sell for profit.

With the dot com boom in all aspects of our lives and businesses, the internet is the first place where people start looking for real estate properties for sale.

Searching for properties on the internet is definitely easier and straightforward; you can even specify your search to filter out only those that meet the criteria you specify. Sometimes, there are also images and floor plans included in the listing.

However, what if you are not that proficient in using the powers of the World Wide Web for your benefit?

There are other resources that are still available and which have been around for a long time, even before the dot com revolution. There are several newspapers dedicated to real estate and even local community papers have their own classifieds for real estate.

Going to open houses is another good way of getting to see dozens of real estate for sale properties in a short period of time.

Investor groups are also another rich source of real estate for sale information.

Real estate brokers are one the most popular information resource for real estate for sale. They usually provide information about various real estate for sale and at the same time also assist in getting the deal finalized and closed.

However, one of the best ways to look for real estate is the multiple listing services (MLS).

The MLS is published regularly by state real estate boards and getting your hands on a MLS book as soon as it is out will surely give you an edge in getting good deals.

You can also check out http://www.mls.com for a complete list of property listings by state.

You can also get good deals on real estate by attending public auctions, bank foreclosures, Federal Housing Authority and Veterans Administration foreclosures and distress sales.

But considering that all of these resources are now also available online, you should put in an effort into getting familiar with using the computer and navigating the World Wide Web.

About The Author: Download 101 Free House Selling Secrets Here-with resale rights:
http://www.freelandproperty.com/buysellhomes/buy.htm

Selling Your Home: Making Your Home Accessible And A Pleasant Showing Experience

2007-04-11T22:38:00.000-07:00

A lot of people ask for advice on how to sell their homes. There is the standard good advice... You can hire a professional stager to make your home be on the level of a model home. You can retile you bathroom or install granite in your kitchen to have a little more upgrades than the one down the street for sale.

You can do all kinds of things on the level of presentation. One thing I think most people overlook is making your home accessible and making the showing experience a pleasant one.

First, try to be inviting to everyone who calls on the house. It is definitely inconvenient for people to be romping through your daily lives, but it is unfortunately part of selling a home. When someone calls to see the home, say something like: "Sure, we were heading to the park, so feel free to look around."

Basically, you just want them to feel like they are not bothering you. This just helps set the mood of the home being inviting instead of starting off the showing with a feeling of intrusion.

Another thing is to try to leave when potential Buyers are being shown the home. Buyers just do not feel comfortable if someone is there, and they usually rush through the home without spending some time looking at where their furniture will go or how big the closets are. In addition, if you have dogs or animals that would be distracting during the showing experience (i.e. barking or jumping), try to take them with you, or if you are at work, keep them in the backyard. Basically, let the Buyer concentrate on your home.

Also, don't give a personal tour of your home. It is hard to resist since you know the most about your home and want to share that with potential Buyers, but when it comes down to it, you want people to daydream about the overall home being theirs, not concentrate on sink faucets. You want the people to become interested in your home on a personal level, thinking of how they will go about their daily lives in your home rather than notice every detail. Noticing every detail will come later.

Also, ask your listing agent to list your house with the easiest showing instructions so that your home is accessible without much effort. Sometimes Sellers will need to make appointments due to certain situations like the elderly or newborns. But if possible, have the Buyers phone / leave a message and head to the home. Our MLS system calls it "Call 1st - Go". This makes it possible for anyone to come by, even if they were just driving by and admiring the home. You may not get much notice, but it allows these sudden-interest people to come in, and the more people that come through will give you more a chance sell it.

Talking about short notice, try to keep your home as clean as possible at all times. Many Buyers will say that they can imagine beyond a mess, but most cannot. Messy homes end up being distracting from what the home is offering. It is definitely hard to keep a model home look while trying to live in it, but it helps sell the home. And if you keep it consistently clean, then when a Buyer ends up wanting to come with short notice, you will be ready.

Also, do not use combo locks, if possible. Phoning for the combination is an extra step that may prevent the showing if the person with the combo is not available. Most MLS systems have electronic lockboxes available, which make access easy and have the added plus of logging in each agent that comes. Of course, if electronic lockboxes are not available in your area then combo locks are a good alternative to trying to arrange appointments.

The last thing is to never say no to someone requesting a showing. It can definitely be hard to prepare when someone wants to see your home, especially when you have little notice. This again is where being prepared and tidy at all times is helpful. Have a game plan prepared, especially if you have kids or animals. Many people decide to take their dog on a walk because it us a quick exit and lets the Buyers have a little time in the home to look around.

In summary, you want as many people looking at your home as possible and the showing experience to be as comfortable for the Buyers as possible. So, try to make the showing access as easy as possible and keep distractions (like animals, messiness, & even yourself) to a minimum.

About The Author: Escapeso Austin Real Estate is a team of Austin Real Estate Agents. Their site http://www.escapesomewhere.com allows users to search the Austin MLS.

Foreclosure Home Remodeling

2007-04-11T22:35:00.000-07:00

There are many foreclosure home remodeling projects being undertaken everyday by professional contractors. These repair teams specialize in turning a foreclosed home into a resalable real estate commodity within 45 days of repossession or closing. Many foreclosure home remodeling projects are cosmetic and can be finished well before the 45 day deadline.

Other foreclosure home remodeling areas are more difficult to finish and will take almost all of the allocated time to complete. The foreclosed home may have been neglected for a long period of time, and rodents may have entered the home and chewed holes through walls, woodwork and attic spaces. The items that will need to be replaced, and the repairs that must be accomplished, must be determined before foreclosure home remodeling efforts can even begin.

Professional contractors have a good idea of what damage has been done by viewing each area of the home. They realize the materials that are behind the walls, and how many rolls of insulation are in each wall space. A foreclosure home remodeling project might include repairs to the ceiling areas due to water leaks. If the roof is leaking, then shingles will need to be added to the list of supplies that will be needed to complete the foreclosed home remodeling project on time.

Buckled flooring will definitely require further investigation because this is an indication of structural damage that extends to the support system under the home. The cement slab may be cracked by broken pipes, or the land might have shifted underneath the home from recent storms and a poor drainage system. This type of foreclosure home remodeling problem might delay the home from being listed on the market at all.

Home building contractors do not worry very much about peeling paint and dirt and grime. These are easy fixes for me, and this fix will allow a foreclosure home remodeling project to proceed as planned. Walls can be resurfaced if they are rough and unsightly and the white wall finish will make these walls look brand new after a few coats of paint. A foreclosure home remodeling project can require plumbing skills too. If the piping system in the home is broken, then there is going to be accumulated water somewhere under the home. Broken pipes have to be repaired before a home is placed on the market for sale.

Some of the foreclosure home remodeling projects - are very simple, and some are quite costly. In some cases, the cost of repairs will liquidate, the cash that the owners hope to make on the property, and cost of them more to repair than they will ever be able to recoup. In these cases, it is better to stop the foreclosure home remodeling project and tear the building down and start fresh.

The materials that are used to build the new home might not have as many outstanding features as it would normally have, such as Jacuzzi bath and marbled countertops in the kitchen, but the investors have to cut costs at every turn to recoup the monies they have lost. The new home is like to sell quickly if an attractive price is listed, and it will definitely sell because people love buying brand new homes. The new owners can start their own remodeling projects when they settle in to their new home.

About The Author: Jena Luthovski writes about
http://www.luxuryhomeremodel.com/

Virgin Islands Real Estate

2007-04-11T22:31:00.000-07:00

The Virgin Islands is located in the Caribbean Sea. Virgin Islands is an archipelago situated in the Leeward Islands. The islands are separated into two parts: the British Virgin Islands and the United States Virgin Islands.

The great characteristic about the country is the long stretch of coastline that surrounds its islands. When you want to invest on a resort near the beach, a Virgin Islands real estate property is the best option for you. The unexploited beauty of
the beaches in the country provides elegance that other beaches in the world cannot offer. The white sand dunes glisten under the heat of the sun and are an attraction among tourists who look for beaches with breathtaking beauty.

Wider real estate options

The Virgin Islands real estate property investment is getting worldwide popularity. There is a growing demand for villas, townhouses, apartments, and all sorts of residential as well as commercial properties in the country.

A prospective Virginia Islands real estate investor will be delighted to discover the endless choices of attractive real estate properties available in Virginia Islands. One will be sure to have something worth every money spent. One may choose from properties ranging from private and luxurious villas to breathtakingly relaxing residential coastal residences. Investors look into a lot of reasons when putting their money into a business venture.

They could be looking for some place to invest in and sell later, a place to spend the retirement years, or a grand holiday vacation home. Regardless of the reason, investing on a Virginia Islands real estate is sure to give you a big smile in the face.

Profitable potential

Several investors are discovering the profitable potential of an investment in the islands. Investors have been purchasing Virgin Islands real estate properties to put up homes, apartment complexes, condominiums, or resorts in the beach areas of the islands. There has also been an increasing demand for properties to accommodate commercial establishments in the country. The growing popularity of the region die to real estate investments is enough guarantee that profit is just within arm's reach.

Factors to consider

•Purpose should be the primary factor considered when availing of a Virginia Islands real estate property. Are you looking for some place to spend your retirement years or are you deciding on buying a holiday home for the family to enjoy?
•Quality. Does the property live up to your standards? Does it use first-class materials that will stand the test of time? Are its features compatible with the interior design you intend to put up inside it?
•Location. Is it near the church or supermarket or bank? Is the beach just a walking distance away? Is the airport anywhere near?
•Price. Will you still have enough after purchasing a Virginia Islands real estate property? Is it worth spending your lifetime savings on?

To come up with a good decision in purchasing a Virginia Islands real estate property, seek help from a professional real estate agent. With a solid experience in the word of real estate investing, he can surely give you valuable advice on your investment plans.

About The Author: Seth Willis Jr. is the webmaster for http://www.planetpads.com and a savvy real estate investor. His focus for Planet Pads is to allow users to showcase their real estate from all over the world .Users can browse properties , rentals , vacation homes and commercial properties from every corner of the globe.

What Makes For A Good Beach Rental Property?

2007-04-11T22:27:00.000-07:00

South Padre Island is one of the few coastal communities in the U.S. in which rental revenue can still come even close to cash-flowing a rental property. In most areas the property values have risen far above what the rental prospects can sustain. Most smart investors know that the real reward is in the appreciation of the property rather than the seasonal income it may produce. However, the rewards of rental can certainly offset the costs of owning a vacation property. Some properties are superior performers and return an average of 10% of the purchase price. While others are geared to a more specific renter and don't do as well. Every buyer must choose a property that they will enjoy owning and using sometimes. But, there are some similar characteristics among the best rentals. I have spent some time examining what works and have come up with these best bet models.

1. Multiple bedrooms. The difference between a hotel and a good rental condo is number of bedrooms. Families and groups who vacation together save money and enjoy a group vacation in 3 or more bedroom properties. They also enjoy multiple condos rented together or a multi-family building.

2. Beach over bay. The bayside has a specific market group but in general, lucrative summer renters want to be as close to the beach as possible.

3. Beach houses. A classic beach house is still a good rental. People who have been visiting Padre for years still envision the perfect island vacation in a beach house with a big balcony and a grill outback. They also enjoy the idea of a private island oasis without the hassle of secured parking and front desks.

4. Amenities. Complexes like Saida perform well because of all their resort quality amenities. Families enjoy the spacious pools and grounds. It gives all members of the group an activity.

5. Beach Décor. Most properties are now marketed online. Your property has to look outstanding in 300 pixels or less. Beach Décor in bright island colors wins every time.

6. Quality. The rental market is becoming more competitive. The days of "good enough for rental" are done. Remodeled bathrooms, updated kitchens and units in good repair get the repeat business.

These concepts may be basic aspects of rental marketing but, its easy to lose sight of the ultimate rental goal. Consider your target market group when looking to purchase a rental property or when preparing your own rental property for success.

About The Author: Wendy Hauschildt is a Licensed Realtor® with Coastal Properties GMAC Real Estate, a weekly columnist with the Island Breeze Newspaper, and director of real estate Marketing. She lives and works on South Padre Island at the tropical tip of Texas. Visit http://www.SPIproperty.com for more info.

Landlord Rights within the UK - Knowing Where You Stand

2007-02-02T15:03:00.000-08:00

Landlord Rights within the UK - Knowing Where You Stand
Copyright (c) 2007 J. Chippeck
Land Lord Action
http://www.Landlordaction.co.uk

Being a landlord can be lucrative and it can give you a sense of pride in knowing that you actually own a property. However it can also be extremely stressful and expensive if any problems do arise and it is more than likely that they will!

Poor tenants? Rent not being paid on time? Pets ruining the home? There are so many problems that can occur and often landlords do not know their rights so they are unable to do anything about it. So, if you do own a home and you are not sure what rights you have as a landlord, here you will find the information that you need in order to make the best decision on what to do if a problem does arise.

You Have to Know What You Are Responsible For

In order to know your rights you have to first understand what you are actually responsible for. Every landlord within the UK has to:

See to Any Repairs

As a landlord you do have to make repairs both to the inside and to the outside of the property. Now, it generally depends upon how the problems to the property came about as to whether you are actually responsible to pay for the repairs or not. For example, was it something that the tenant could not control, or was it caused specifically by the tenant? If it was something that nobody could have controlled then you are responsible for the repairs. If however it was something that the tenant specifically did on purpose, then they will have to pay for the repairs to be done themselves.

Properly Install New Sanitary Units

If anything needs replacing or changing regarding hot water, sinks, baths or basins then you will need to take care of it. It is essential so you will have to make the changes as quickly as possible otherwise the tenant could report you. So, ensure that you do make the necessary changes to any sanitary units whenever possible and that way you will be sticking to your landlord obligations.

Make Sure That The Home is Properly Heated

As a landlord you will have to make sure that the property is fit to live in and that the tenants will not get ill once they are in the property. In order to do that you have to make sure that it is hygienic and that it is properly heated. If the property is not heated then there is a big chance in colder months that the tenants will get ill and if you have elderly tenants the cold could even kill them. So that is why heating within the property is essential and required by law.

Overall you just have to make sure that everything works properly and that the tenant can live happily within the home. There should be no danger within the property such as faulty wiring or a faulty boiler and all repairs will need to be made. As long as you keep the property up together you are ensuring that your landlord obligations are met. So just what do the tenants have to do?

What the Tenants Are Responsible For

Obviously each tenant will have different responsibilities based upon the tenancy agreement that they sign at the beginning of the tenancy. You should have created one in order to state what the tenant can and cannot do. For example, are they allowed to have pets? If so are there any conditions of them having pets such as fumigation at the end of the tenancy? What date is the rent due? Are they allowed to smoke? Once the tenancy agreement has been made the tenants have to stick to it.

Keep in mind however that there are certain things that you are not allowed to add into the agreement. The "Unfair Terms in Consumer Contracts Regulations" state what you can and cannot add to the agreement so it is advised to go through that thoroughly before you print one out.

Generally within the UK tenants have to:

Pay Their Rent on Time

This is one of the most obvious things that the tenant has to do. When they enter into the tenancy agreement they are stating that they will pay the rent on the date that it is due. If they fail to do so then you do have the right to either demand the rent from them or give them an eviction notice. However, you should read through the agreement in order to see how much notice needs to be given and when you can start giving the eviction notice after rent has not been paid.

Look After The Property

The tenant has to look after the property that they rent and they have to ensure that nothing within the property gets damaged. If they do not look after the property then they can be evicted but again you will have to give the proper notice.

Paying Utility Bills

Most tenants are responsible for paying Utility bills and council tax bills. This should be stated within the tenancy agreement so that there is no confusion to both you and the tenant.

Overall there are organisations set up in order to help you know what your rights are as a landlord. You do have the right to evict tenants if they have constantly failed to pay the rent and if they have been warned about it. Also, if the tenant does not
look after the property then that also means that you can evict them in the proper way. You are not allowed to enter the property unless it is needed due to repairs and you should not turn up unannounced or bother the tenant in any way. As long as you
follow your rights and know what rights the tenant has, you should be able to go through the renting process quite easily without many problems.

About the Author: Article by J Chippeck. J is part of the evict tenant team at http://www.Landlordaction.co.uk. LandLord Action is a UK based tenant eviction troubleshooting agency pecialising in providing rent and property recovery solutions to corporate and private landlords with bad tenants.

Desert Hot Springs California Real Estate Offered With Zero Down Payment To Benefit Community

2007-01-22T08:20:00.000-08:00

James Williams, a real estate investor, is offering a Desert Hot Springs California home for sale with zero down payment in an effort to give back to the community where he conducts business.

"We are looking to help a young family become Desert Hot Springs real estate owners by offering a home with zero down payment. If we help them it helps the overall community," states James Williams.

James Williams is a real estate investor and also President of Precision One Mortgage Corporation, a nationwide mortgage company based in Southern California.

"In many cases a down payment is the only obstacle that stands in the way of young family becoming home owners. They have the ability to make a monthly mortgage payment, but have never managed to save for the initial down payment. By offering this home with zero down payment w are removing that obstacle."

Williams acquired the Desert Hot Springs real estate in a run down condition, but it has been completely refurbished.

"The 1300 square foot home has 3 bedrooms and 2 bathrooms, with new wiring, plumbing, central air, dishwasher and stove. This is a great starter home."

"By offering this Desert Hot Springs real estate with a zero down payment, we accomplish two things. Firstly we help a young family become real estate home owners, and secondly we avoid any expenses that we may incur if the property is unoccupied for any length of time."

"We are always asked "what's the catch?" after being told that zero down payment is required. There isn't one! Our company philosophy it that by helping a young family we are giving back to their community."

"Unlike other real estate investors that want top dollar for their properties, we are more concerned with making less money and helping families with a zero down payment to become Desert Hot Springs real estate owners," concludes Williams..

About The Author: James Williams is a real estate investor and also President of Precision One Mortgage Corporation, a nationwide mortgage company based in Southern California. http://www.goldmedalmortgage.com/Desert_Hot_Springs_Real_Estate_No_Money_Down

Making Money In Real Estate Investing: How To Calculate Profit

2007-01-19T10:44:00.000-08:00

There are many things that can affect your profit margin when investing in real estate. Being knowledgeable about all aspects of making money in real estate and learning to recognize all of the costs that you could incur with any given real estate investment will help you to choose good investment properties and avoid those that are more trouble than they are worth.

By now you probably already know how to calculate how much gross profit a property can potentially earn. To do this all you have to do is take the market value of the home and subtract your purchase price to see how much profit the property could potentially make you. But this is only a skeleton glimpse into the potential of the property, making money in real estate requires that you know every hidden cost, no matter how small, that could reduce your profit margin.

Some of the most obvious costs to flipping a property and making money in real estate include any repairs and remodeling that need done to the house before you can resell it. Make sure that you account for every repair. Get estimates and price supplies. Don't guess. Attention to detail will make it more likely that you will be to stay on budget during the construction phase of your project. Oh, and don't forget about building permit fees.

You will also need to account for any liens that you will inherit with the property. Liens can include arrearages in property taxes or any other bill that has been attached to the property for collection purposes. Being able to find these hidden costs is key to making money in real estate.

Carrying costs will also need to be subtracted from the gross profit potential of the investment. These include any taxes, loan payments, interest payments, and insurance costs that you will have to pay while you own the property. These costs will continue to mount as long as you hold the property. That is why it is very important to move a property quickly when making money in real estate.

You will also need to take into account inspection fees, brokerage commissions, legal fees, and advertising costs that you will have to cover when it comes time to sell the property. Include everything that you can think of. This will help you avoid any hidden costs and give you a clearer picture of what you stand to earn on each and every property investment that you make.

About The Author: Chris Thomas is a real estate investor and author of the best selling ebook "Dominate Preforeclosures," which teaches you how to acquire property in pre-foreclosure with a successful, proven way to approach homeowners and get the deal. Visit http://www.dominatepreforeclosures.com for more.

5 Secrets To Finding The Best Realtor When Buying A Home

2007-01-17T13:08:00.000-08:00

When buying a home here are 5 things you should do to get prepared, and find the best Realtor to help you find that dream home:

Decide on your needs
Write down a list of what your needs are for your next home search. Be sure to differentiate between your wants and needs. For example; Do you really need that 3 car garage, or is it just a want? It could mean the difference between finding 50 homes with a 2-car garage that meet your needs, and only 5 with a 3-car garage. (It may be different where you are, but in the Denver real estate market, you'll likely cut your options by 90% to 95% by requiring a 3 car garage vs. a 2-car garage unless your budget is over about $500,000.)

Establish a "top 10" list of your wants.
Be sure that number one on that list is what city (or cities) you need to live in. This will be paramount in how you go about finding the best Realtor to help you. If two of you are going to buy the home, each of you should write a "top 10" separately. After you're both done, compare notes, and agree that any criteria that match are "must-haves". Everything else can be negotiated. My wife and I did this two years before our last move, and it settled a lot of would-be arguments about what home was right for us. When we eventually found our dream-home, every single one of those criteria was met! Sit down right now, and write your list, and keep it for future reference.

Find a Realtor who will best serve you, and don't settle for anything less.
Start with how you find your Realtor. If you are "internet friendly", and do a lot via email and the web, the last place you should look for a Realtor is in the phone book, or classified ad section of the newspaper. The agents you will find there most likely center their business around the phone, and you'll find that many of them might not even check email except every few days. On the other hand, if you don't regularly check email, and aren't comfortable "surfing the web", you'll likely want to start your search in the phone book or newspaper. The last thing you need is to start working with a Realtor who is excellent at email correspondence, but slow to return phone calls. Either way, once you identify a few buyer-specialists that look like they might be able to help you, contact several of them (via your preferred method of contact), and ask them what homes they can send you that meet your specific needs. Give them a list of what you're looking for, and see what they can find for you.

At this stage, you should be contacting 3 to 5 Realtors. Contact less, and you might not have enough "candidates" to make an informed decision. Contact more, and you will get overloaded with agents constantly checking in with you in order to get your business. (This is the largest problem buyers have when calling a dozen or two listing agents (one at a time) to get details on homes that interest them.)

Narrow the list
Now that you've got 3 to 5 Realtors vying for your business, judge them based on their performance. If any of them tried to talk you into their own listings, or strayed from the list of needs and wants you gave them, drop them. They've already demonstrated that they aren't going to listen to your needs. How they get back to you is also important. If you are a "phone person" who only checks email every few days, why not deal with a Realtor who is willing to call you whenever they find a home that meets your needs. If you like to look on the web, make sure your Realtor is willing to email you every day (and make sure that they're ONLY emailing you properties that meet your specific needs.) This step usually narrows your list to one or two agents, and the choice will likely be an easy one after an initial meeting with them. Once you have met with them, have a discussion about "exclusive agency". When you have that discussion, be sure they have a "cancel anytime" policy. If they aren't 100% satisfied that you will be happy with their performance, why should you be?

If you're not moving for several months (or even a year), it's that much more important that you get in touch with 3 to 5 Buyer Agents. If they're not willing to invest their time in educating you on the market, they're not serious about their business. Odds are that if you start with half a dozen Realtors in January, only 1 or 2 will still be in touch come June or July. Those agents are the ones you want working on your side. The rest will simply weed themselves out for you.

Get out and start looking!
Once you've identified a handful of homes that interest you, contact the agent you've decided to work with and start looking! No amount of pictures and virtual tours can substitute for getting out with your agent and actually looking, touching, and feeling the homes you might one day be moving into. By giving your agent the assurance that you're ONLY working with them, they'll clear their calendar for you whenever you want to look at homes, and since you've got a "cancel anytime" agreement with your agent, you can get rid of them if it turns out they're not as great an agent as you initially thought they were.

About The Author: Joel McDonald is the owner of Benchmark Realty - a Boulder Colorado real estate company. To find out more about Benchmark Realty, visit http://www.BenchmarkRealtyLLC.com

Home Buying Preference Of Echo Boomers/Generation Y

2007-01-17T12:56:00.000-08:00

Home buying preferences of large demographic groups have a lasting influence on the housing market. The impact of Generation Y or echo boomers - the people born in the United Stats between 1981 and 1999, on the housing market is undeniable. With the echo boomers now coming of age and buying homes, their home buying preferences have assumed greater importance. This article is a brief summary of the home buying preferences of people born between 1981 and 1999.

According to industry experts in the recently held Urban Land Institute (ULI) annual fall meeting in Denver, Gen-Y homebuyers do not prefer a home in the suburbs like their baby boomer parents did. Echo boomers do not want to limit themselves to major metros. Instead, Gen Y buyers are more likely to be drawn to urban infill locations. Moreover, Gen Y homebuyers want to live in culturally and ethnically diverse neighborhoods.

According to Gadi Kaufmann, Managing Director and CEO of Robert Charles Lesser & Co., a Maryland firm that focuses on real estate trends, echo boomers increasingly gravitate to more affordable second tier and third tier cities if they are well-provided with enough entertainment and recreational amenities.

The coming decades are likely to witness more high-rise housing in an increasing number of small cities to accommodate the housing needs of the echo boomers. People born between 1981 and 1999 are more likely to be attracted toward home designs that emphasize bright, open spaces, with plenty of windows and those that offer flexible use of rooms and spaces.

Wireless Internet access is indispensable for this "most connected generation". Since the echo boomers are an environmentally conscious lot, this generation prefers homes that have incorporated green building features. This could have a positive influence on the green home market and is indicative of future trends that have considerable growth potential for green housing.

Unlike baby boomers who were home owners at a much earlier age, home ownership could be possibly delayed among people born between 1981 and 1999, just as they are putting off until a later age other commitments such as marriage and childbirth.

About The Author: http://www.sandiegocondos.name http://www.scrippsranchrealestate.info http://www.tierrasantahome.com

Buying Your First Home: The Time Is Right

2007-01-03T07:02:00.000-08:00

If you are currently renting but considering shopping around for your first home, the time is right. The past year in real estate has led to many homes lingering on the market and a stabilization of home prices. To top it all off, interest rates on mortgages are still at all time lows. With this wonderful selection of more affordable homes to choose from, it's not only a buyer's market, but a first time homebuyer's dream market too.

When thinking of purchasing a first home, there are many things to take into consideration. To keep your costs down, you may consider looking at fixer-uppers. Are you reasonably handy? Can you make some attractive but low cost improvements on a home that needs a little work? Maybe it's as simple as patching a few walls, and some fresh paint and carpet. Maybe it's a new countertop to spruce up that tired looking kitchen. Kitchen improvements don't have to cost thousands, so much can be done on a shoestring. There are some great low cost Formica countertops at the home centers that will give your kitchen a whole new look on a small budget. And, old cabinets can come to life with a fresh coat of white paint.

Another option for first time homebuyers to consider is looking at condos and townhomes. This is an excellent way to enter the market. For about the same cost as doling out rent each month, you will have pride of ownership and tax benefits, while building equity at the same time. After a year or two, you may feel you need more space or another bedroom for baby. By this time, your condo or townhouse will most likely have appreciated in cost, making it easy to trade up to a larger home. This is a smart transition and a way to step up slowly.

The market this past year has certainly provided lots of inventory. This means lots of great homes to choose from. With interest rates still so low, the time to consider buying is now. These conditions may not last much longer and we may not see this kind of market again for a long time. Today, first time buyers are looking at some excellent and exciting opportunities in the real estate market.

About The Author: Bob Lipply and his team of full time, full service Tampa Bay Realtors, work hard to find the perfect Trinity Florida home for their customers. View available properties at http://www.trinity-florida-real-estate.com

Selling Ranch Real Estate

2007-01-03T06:56:00.000-08:00

Do you have a piece of ranch real estate that you are interested in selling? If so, you are in luck. Over the past few years this industry has really began to take off. This means that you should not have any problems finding a buyer for your property if you take your time. Just remember that selling your ranch real estate property is not always a quick process. You should get the money that you deserve, or you should not sell at all. With ranch properties being so popular there is a good chance that you can make a pretty penny from your piece of real estate.

The first step to selling your ranch real estate is to get a good idea as to what it is worth. One of the best ways that you can do this is by hiring a real estate agent to work on your behalf. Not only will they be able to asses your property and tell you how much to sell it for, but they can also handle every other detail as well. They will do their best to find a seller, and have many connections in the industry that can help you to get a good selling price. The only thing that you should remember about hiring a real estate agent is that they are going to take a chunk of your money after the sale; this is known as their commission.

Your other option is to sell your ranch real estate on your own. Many ranch owners opt to sell by owner so that they can maintain complete control. When you sell your ranch by owner you will be responsible for setting the sale price as well as showing the property. You will pretty much run the entire show until you find a buyer that suits your needs. The reason that a lot of people do this when it comes to ranch real estate is because there are not a lot of agents in the area. After all, ranches tend to be a bit out of reach, in areas that agents usually do not work. Of course this is not always the case, but many times it holds true.

Selling ranch real estate is just like selling any home. You need to set a firm selling price, and then make sure that you get as much money as you can. If you are not in a hurry to sell your property you should most definitely hold out for the best price possible. In an industry that is becoming more popular you should be able to get close to your asking price.

Selling ranch real estate is not as hard as you may think. There are thousands of potential buyers out there; all you need to do is make them aware of what you have to offer. From there you should not have any problems making a sale.

About The Author: Robert Flournoy writes about ranch real estate properties for http://www.ranch-estates.com/ . For more information on ranch properties visit http://www.ranch-estates.com/ .

Are You Really Ready to Buy a Home? by Bob Gatchel

2006-02-21T04:50:00.000-08:00

To most people, the home buying process can seem like a complicated and confusing process Even though it seems like a daunting task can be made much easier if you take things step-by-step, you will soon be holding the keys to your own home! But before going into the process of buying that home, you really need to honestly ask yourself if you are honestly ready to buy a home in the first place! Think about this.

Do you enjoy or even prefer moving into different places or areas of the country? Do you prefer to use your money for things like vacations, appliances, retirement or having your own business? Do you dislike doing typical household maintenance, repair and handyman work around the home?

If you answered yes to these questions, you may not be ready to delve into the home buying experience. You may think you have a lot of good reasons for buying a home. but it's very important that you should also consider your reasons for not wanting to become a homeowner!

Remember that buying a home isn't just the biggest financial decision you'll probably ever make but it can also be the most nerve wracking emotional choice in your life! So be prepared to make wise decisions and be willing to logically and unemotionally think out the entire process before you buy. Basically, look before you leap!

In today's hot real estate market, buying a home always seems to be a great idea, but it's important to completely understand that homeownership also comes with a great deal of responsibility too! Of course, being a homeowner is something to be proud of, but it also means having to invest heart earned money, time, energy and financial resources. So you have to really be sure this is right for you.

Typically the first thing that comes to mind when we dream of homeownership, are the wonderful things that are connected to it, which are great reasons for buying a home. Here are some of the tremendous advantages for buying a home:

Yes, it's really nice to think about the positive aspects of owning a home, it is also a crucial part to consider the downsides as well. Here are some of the disadvantages on home buying.

Financial Stress

Probably the most common feeling in the home buying process. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances. So it's very important that you carefully manage your budget and finances to make sure that you can meet all of your obligations. Many new homeowners get a shock in their first year of owning a home. Proper planning and preparation can help you avoid this.

Maintenance Costs

Unlike renting where a landlord may take care of the maintenance, when you're a homeowner you are solely responsible for keeping your home in good working order. Keeping a home operational and looking good requires time and money. Once again, it's important that new homeowners carefully monitor their finances and also carefully keep an eye on small maintenance issues and work on them before they become huge repairs.

Higher Monthly Payments:

It's entirely possible that you will pay more each month for your home payment that you ever did as a renter. You not only have to pay the mortgage, you pay taxes, you pay utilities, you pay expenses, you pay for maintenance, everything. And when you add that up it can be shocking at how much that can be. Yes, in today's tax code there are benefits that come from homeownership that can defer some of that expense, but you still have to pay it first!

Still think you want to buy a home? GOOD! If you feel that now is the time and homeownership is right for you, you need to make sure that you are truly financially ready to do so.

To avoid any future surprises, you can do some financial planning to see where you stand, including: calculating your net worth, determining your current monthly expenses and your current monthly debt payments.

Gathering this detailed information and knowing things like your net worth is important because you'll need this information when you discuss financing with your mortgage lender. Going through this exercise will give you a snapshot of where you stand financially and show you how much you can afford to invest as your down payment on the home purchase. You do not want to rush this process since finding the best type of financing for your particular situation will determine how much you will be paying every month.

Also be sure to work with a trustworthy and professional real estate professional. In today's market there are real estate agents and Realtors that work specifically in representing buyers. These professionals will help you in everything from finding the right home for you, to helping you understand the contracts and paperwork, to negotiating the deal for you, and representing your interests in the buying process. They can even help direct you to good financing sources and be a "one stop shop" to help you in every step of the way to find your home and get you in it with the least amount of stress.

After you've found your dream home, and contracts have been accepted and your financing is in place you're ready for closing day when you finally settle the transaction and become the proud, legal owner of a home that you can call your own.

Although this is a GREAT day, it's also very confusing and full of papers flying around and being signed. Your closing attorney or title company will handle all of the details of the closing including making sure the money is in place from your mortgage company, make sure that tax bills are paid, any outstanding debts resolved, takes care of the seller's paperwork. Bottom line, they make sure that all the T's are crossed and I's are dotted so that when you leave you'll have a deed which calls YOU the owner of that property!

When all the dust settles, you'll be handed the keys and you'll be able to walk into a home that you can call your own! Enjoy the moment and congratulations on becoming a homeowner!

About the Author
Bob Gatchel is a noted real estate investment consultant and Realtor in the Delaware / Maryland regional area. He provides a wide range of programs to help home sellers, home buyers & real estate investors. To learn more about his services & free reports plus learn about his exclusive 10 Step VIP Home Seller Program, visit http://www.BobGatchel.com. This article can be freely reproduced if this resource box & active link to authors's site are intact.

Take Out a Home Loan and Get Rid of Your Rented House by Vipul Jain

2006-02-21T04:46:00.000-08:00

Housing is one of the basic human needs. Everyone needs a house to get protection from the nature and the outside world. You can either live in a rented house or your own house. There are far too many problems in a rented house. There always arise conflicts between landlords and tenants. Your landlord may ask you to pack your bags and leave the house. You will have to search for a new rented house in such a situation. The monthly rentals that you pay go down the drain because you do not own the house even after living in it for a very long time.

You can get rid of all these problems if you buy your own house. It has been estimated that 70% of Britons own their own house. According to a survey, more than half of young Britons wish to own a house when they are 25 to 30 years old. Buying a house requires a huge cash outflow. You cannot pay a lump sum amount to buy a house unless you work for a number of years and save for it. A better option is to take out a home loan.

There are many lenders who grant 100% the house price so that you do not have to pay anything from your pocket. You will be required to repay the loan in the form of affordable monthly installments. The loan repayment is spread over a long period so that the amount of monthly installments becomes small. A home loan is secured against the house that you are buying. If you fail to repay the loan, the lender will have the option to repossess the house. The amount of money that you will have repaid will be forfeited by the lender.

A second home can also be bought using a home loan. You can take out a second home loan against the second home or your primary residence. Buying a house on a home loan is a good investment opportunity. The appreciation in the value of your house is much more than the interest that you pay on a home loan.

For more information please visit:http://www.adverse-credit-home-loans.co.uk

About the Author
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting adverse-credit-home-loans as a finance specialist.

Deciding Whether to Invest in Rental Property by John Mussi

2006-02-21T04:44:00.000-08:00

Finding the right place to invest your money can be difficult... there are so many investment opportunities that create a great return and generate a large profit, but there are even more that end up with very little if any return and minimal profits or possibly even losses. For the careful investor, real estate can generate a much larger return than some other investments, especially if the property purchased is used as a rental property.

Not everyone is cut out to be a landlord, however, and care must be taken to make sure that you're not getting into something that will only lead to problems down the road.

To help you to make the decision as to whether or not you should purchase rental property, here are some of the pros and cons of buying property for rental purposes.

Advantages of Owning Rental Property

Rental property can be a great way to make money, especially if the property is well taken care of and lies in a good location. If the property is low-maintenance, then the majority of the money that is paid in rent will likely be a profit for you the profit being determined after all property taxes and other costs are paid. As long as the rental property is occupied, you should continue bringing in money... and if the location of the rental property was well chosen and is in a popular area, then you shouldn't have very much trouble keeping the property occupied.

Depending upon where the property is located and the individuals that you rent the property to, you may also be eligible for government programs or tax deductions for opening your rental housing to low-income or special needs families.

Should your rental property begin to perform below your expectations in regards to rent, you also will still have the option to sell the property just as you would any other real estate though there may be some legal restrictions if the property is occupied at the time.

Disadvantages of Owning Rental Property Just as there are several advantages to owning rental property, there are also several disadvantages that you should be aware of. Since you are the owner of the property, you are responsible for all taxes and costs associated with owning the property... and these are due whether you've made a profit from the property or not. You are also responsible for maintaining the property in a livable condition, and some of the repairs that may arise in meeting this responsibility (such as repairs to electrical systems or cleaning up of health issues) can be quite costly.

Additionally, the income potential of rental property is based on the assumption that the tenants will pay their rent on time... some tenants are constantly late with their payments, or may decide to withhold payment altogether and force you to evict them.

Landlord/tenant conflicts can sometimes even become legal matters that can become bogged down in court and cost more than the issue that started the conflict in the first place.

Of course, not all tenants will be bad... nor will all of them be good. The advantages and disadvantages listed above are intended to show you the potential for both good and bad experiences that exist when investing in rental property. Consider both carefully so as to better make your decision and to help choose your investments wisely.

You may freely reprint this article provided the following author's biography (including the live URL link) remains intact:

About the Author
John Mussi is the founder of Direct Online Loans who help homeowners find the best available loans via the www.directonlineloans.co.uk website.

Buying vs renting property - which is better? by itrealtor

2006-02-21T04:40:00.000-08:00

Buying vs renting property - which is better? Looking for property in Singapore? Still deep in thoughts about whether buying or renting is the better option? Here are some points that you could consider in your decision-making process. Hopefully, it will help you will to select the option that is suitable to your needs.

Do you have sufficient initial capital?

When you make a property purchase, your initial capital outlay is 10% (out of which 5% can be from your CPF and the remaining 5% is to be in cash). For renting purposes, you would typically be looking at somewhere between 1 to 3 months rental value for the security deposit (depending on lease terms and the landlord's requirements).

Tax and depreciation shelter

Property buyers enjoy tax and depreciation shelter whereas tenants do not. If a loan was taken up for the purchase, the interest component (being an expense item) reduces the taxable income.

Looking at it from an investment point of view

It has been well documented that there is strong correlation between real estate growth and the country's economy. If the GDP is expected to rise significantly in the mid to long term, it would be quite likely that home prices follow suit and this will give home buyers potential on getting good returns for their investments whereas tenants do not enjoy any returns on the rental paid out.

Using real estate as a inflation-hedging tool

Real estate has often been used as a hedge against inflation - the effects are transferred onto the tenants through rental increments. Inflation will work against the tenants when the market rises, landlords will increase rents during lease renewals and this becomes additional cost to the tenants.

About the Author
www.itrealtor.com is a Singapore property portal for real estate agents and home owners to post property listings for sale or rent in Singapore.

Information available for use by all without copyright but kindly provide link back to http://www.itrealtor.com/toolstips.php

How to Make Your Apartment Safe by Kyle Thomas Haley

2005-12-29T00:20:00.000-08:00

How to Make Your Apartment Safe

By Kyle Thomas Haley

There are special dangers involved with apartment living. This is because you live so close to many other people. Their actions can jeopardize your safety and so it's very important for you to be aware of what you must do to safeguard yourself, your family and your possessions.

Fire Safety . . .

Fire is perhaps the greatest danger in apartment buildings. With so many units joined together, it doesn't take long for fire to spread from one to another. The following guidelines are critical to your safety:

* Install smoke detectors in the kitchen, all bedrooms, the laundry area and hallways. You must test them every month and replace the batteries every 6 months. They won't do you any good if they aren't in working order.

* Keep fire extinguishers handy in the kitchen, laundry area and near your outside grill. * Develop an escape plan. This plan should include two ways of exiting - in most cases, this will probably include the main door and either a window or door wall. If you live on a higher floor and don't have access to a fire escape, purchase a rope ladder to use for exiting from windows or a balcony. Practice your escape plan regularly so each member of your family knows exactly what to do in case of fire.

* Never use an elevator during a fire. * Never park in front of fire hydrants or in fire lanes and make sure your guests don't either.

General Safety . . .

Fire isn't the only danger in an apartment building. You must also be aware of hazards that can exist no matter where you live and take precautions to prevent them.

* Install a carbon monoxide detector.

* Install screen guards or window stops and doorstops on your patio door to protect your children from falling. * Keep your apartment and building number near the telephone so your family or babysitter can access it in case of an emergency. Remember that memories can fail during emergencies.

* Make certain your apartment number is clearly marked on your door. * Be sure that each person in your family knows how to dial 911.

Protecting from Intruders . . .

There are many people coming and going in an apartment complex. Criminals count on this anonymity. That makes it very important to get to know the other tenants. When you do, not only are you better able to identify someone who doesn't belong, it also makes it more likely that tenants will look out for one another.

* Consider forming an "apartment watch". This is similar to a neighborhood watch but confined to your apartment complex. If a group of tenants is on the alert for suspicious behavior, they can prevent many problems from arising. * Install quality deadbolt locks on your door and place a wooden rod or steel brace on sliding doors. One caution about deadbolt locks - don't purchase those that require a key. In an emergency, you won't have time to search for the key.

* Make sure your landlord has installed good lighting in all stairways, hallways, and common areas like the laundry room.

* Make sure that if your building has a common entry, the entry door locks so that only tenants can enter. Never open that door for strangers.

If you follow these guidelines, practice good common sense, and are alert to what's going on around you, your apartment will provide a safe home for you and your family.

About the Author

Kyle Thomas Haley has been helping people relocate on the Internet since 1999 with Apartment and Relocation Websites:

An Apartment Directory and A Relocation Guide

Copyright 1999 - 2005 STANZEEKAY Inc. You have permission to publish this article, free of charge, as long as the bylines are included

Texas Real Property Law for Commercial Landlords by Tri Nguyen

2005-12-29T00:18:00.000-08:00

Selected Texas Property Code Provisions of Interest to Commercial Landlords

By Tri Nguyen, Esq.

I have found that landlords generally face the same set of issues and have the same set of questions pertaining to their rights, duties and obligations as landlords under Texas law. The answers to these questions depend on whether residential tenants or commercial tenants are involved. Although commercial and residential property ownership and operation have some similarities, the differences are numerous and diverse enough to justify separate treatment for each area. This article is intended to discuss issues related to commercial property with commercial tenants only. This article is my attempt to create a quick and very general reference guide on the rights, duties and obligations of commercial landlords and operators under the Texas Property Code. It is by no means complete, but hopefully is informative enough to assist the reader in asking informed questions of legal counsel and thus be more efficient and economical while consulting legal counsel.

You should not take this article as legal advice, and I strongly urge you to seek competent legal advice for your specific situation. The Texas legislature updates and passes new laws relating to landlord/tenant issues on a regular basis. In addition, Texas courts regularly interpret these laws. Thus, the laws discussed in this article are in effect as of December 2005. I have not assumed any duty or obligation to update this article beyond this date.

I. Duty to Mitigate

If a tenant abandons the leased premises in breach of the lease, the landlord has the duty to mitigate (lessen) the damages that the landlord would experience as a result of the abandonment. Thus, the landlord should not let the premises lie vacant in hopes of being able to recover lost rents from the tenant. This duty to mitigate damages may not be waived by the tenant, so any provision in the lease that tries to waive this duty or exempt the landlord from liability is void.

II. Security Deposit

A security deposit is any advance of money, other than a rental application deposit or an advance payment of rent, that is intended primarily to secure performance under a lease.

III. Retention of Security Deposit

Before returning the security deposit, the landlord may deduct from the deposit damages or charges for which the tenant is obligated under the lease or resulting from a breach of the lease. However, normal wear and tear (does not include deterioration that results from negligence, carelessness, accident or abuse) may not be withheld from the security deposit.

If the landlord retains any portion of the security deposit, the landlord must refund the balance of the security deposit and give the tenant a written description and itemized list of all deductions. However, this description and itemized list is not required if the tenant owes rent and no controversy exists concerning the amount of rent owed. The refund and written description and itemized list of all deductions is not required until the tenant gives the landlord a written statement of the tenant's forwarding address for the purpose of refunding the security deposit. However, failure to provide a forwarding address does not cause the tenant to forfeit its right to receive a refund or a description of deductions.

IV. Refund of Security Deposit

A landlord must refund the security deposit not later than the 60th day after the date the tenant surrenders the premises and provides notice of the tenant's forwarding address.

V. Change of Landlord/Owner and the Security Deposit

The new owner or landlord of the leased premises is liable for the return of the security deposit starting from the date title to the leased premises is acquired, except where the new owner acquired the premises by foreclosure through a real estate mortgage. However, the former landlord or owner remains liable for the security deposit received while the person was the owner or landlord until the new owner delivers to the tenant a signed statement acknowledging that the new owner has received and is responsible for the tenant's security deposit and specifying the exact dollar amount of the deposit.

VI. Liability of Landlord for Security Deposit

A landlord who in bad faith retains a security deposit is liable for an amount equal to the sum of $100, three times the portion of the security deposit wrongfully withheld, and the tenant's reasonable attorneys fees incurred in a suit to recover the deposit. It is presumed that a landlord who fails to return a security deposit or to provide a written description and itemized list of deductions on or before the 60th day after the date the tenant surrenders possession is acting in bad faith.

VII. Preventing Access to Leased Premises

A landlord may not intentionally prevent a tenant from entering the leased premises except with permission of the court unless such prevention results from (i) bona fide repairs, construction or an emergency, (ii) removing the contents of the leased premises abandoned by a tenant or (iii) changing the door locks of a tenant who is delinquent in paying at least a part of the rent. The lease may alter this provision.

VIII. Changing Lock Due to Delinquent Payments

If a landlord changes the door lock due to delinquent rent payments, the landlord must place a written notice on the tenant's front door stating the name and address or telephone number of the individual or company from which the new key may be obtained. The new key is only required to be provided during the tenant's regular business hours and only if the tenant pays the delinquent rent. The lease may alter this provision.

IX. Landlord's Removal of Property After Abandonment by the Tenant

A landlord may remove and store any property of a tenant that remains after the premises has been abandoned. The landlord may also dispose of the stored property if the tenant does not claim the property within 60 days after the date the property is stored. The landlord must deliver by certified mail to the tenant at the tenant's last known address a notice stating that the landlord may dispose of the tenant's property if the tenant does not claim the property within 60 days after the date the property is stored. A lease may alter this provision.

X. Abandonment by the Tenant

A tenant is presumed to have abandoned the premises if goods, equipment or other property, in a substantial enough amount to indicate a probable intent to abandon the premises, is being or has been removed from the premises and the removal is not within the normal course of the tenant's business. The lease may alter this provision.

XI. Interruption of Utilities

If the tenant pays for utility services directly to the utilities companies, the landlord may not interrupt or cause the interruption of such services unless the interruption results from bona fide repairs, construction or an emergency. A lease may alter this provision.

XII. Removal of Doors, Windows, Locks, Hinges, Etc.

A landlord may not remove a door, window, attic hatchway, lock, hinge, hinge pin, doorknob or other mechanism connected to a door, window or attic hatchway cover from the leased premises. Additionally, a landlord may not remove furniture, fixtures or appliances furnished by the landlord from the leased premises. However, the landlord may remove these items for a bona fide repair or replacement, which must be promptly performed. A lease may alter this provision.

XIII. Landlord May Terminate Lease Due to Public Indecency Conviction of Tenant

A landlord may terminate a lease signed or renewed after June 15, 1981 if the tenant or occupant uses the property for an activity for which the tenant, occupant or any of their agent or employee is convicted of public indecency (prostitution, promotion of prostitution, display or distribution of obscene materials, sexual acts with persons under the age of 18, etc.) and such person has exhausted or abandoned all avenues of direct appeal from the conviction. Notice of termination must be by written notice within six months after the right to terminate arises. The landlord obtains the right to possess the property on the 10th day after the date of notice is given.

XIV. Notice Requirement Prior to Eviction

The landlord must give a tenant who defaults or holds over beyond the end of the term at least three day's written notice to vacate the premises before the landlord files a forcible detainer suit, unless the parties contracted for a shorter or longer period of time in a written lease or agreement.

The notice to vacate must be given in person or by mail at the premises in question. If notice is delivered in person, it may be by personal delivery to the tenant or any person residing at the premises who is 16 years of age or older or personal delivery to the premises and affixing the notice to the inside of the main entry door. Notice by mail may be by regular mail, by registered mail or by certified mail, return receipt requested, to the premises in question. The notice period starts from the day on which the notice is delivered.

About the Author
Tri Nguyen practices primarily business, corporate and real estate law in Houston, Texas. He may be contacted by telephone at 713.513.4808 or e-mail at tri@trilawoffice.com. Prior to starting his own firm, Mr. Nguyen worked as an associate in the corporate and securities section of a nationally-recognized law firm located in Houston, Texas. Mr. Nguyen graduated from The University of Houston Law Center with honors.

Screening Out Prospective Tenants Based on Credit Checks? by David Melancon

2005-12-29T00:16:00.000-08:00

Increasingly, landlords throughout North America are screening prospective tenants in order to reduce the risks involved when renting to unknown individuals. Risks which can easily become quite costly to an unsuspecting landlord.

It's easy to prove the increasing popularity of tenant screening. See for yourself! Simply "Google" the following two words, tenant screening. Within seconds you will be flooded with a variety of small and large companies offering the service, and links to information on tenant screening. Go ahead! The last time I tried the results numbered 4,110,000.

The high number of results demonstrate that there is a rising awareness, amongst landlords, about the value of taking the necessary steps to protecting your property. The demand is growing and so is the supply.

However, although tenant screening is an important and effective tool for any landlord, there is an overwhelming trend, on the part of landlords and the service providers, to use the results of a credit check as the main reason for screening out prospective tenants. In my opinion, this is a mistake.

Of course, credit checks do provide valuable data on individuals. These reports inform us of the prospective tenant's credit history, both good and bad. But what else does an automated list of vague descriptions, and codes tell us about a potential tenant?

I dare say the answer is, not much.

Keeping aside the fact that credit reports are one-sided, and often contain errors. Credit checks can not provide any true insight on a potential tenant. For example, the credit check may lead you to think the tenant is a bad prospect, but it doesn't take into account the possibility that she went through a difficult period a few years back, but has long been "back on track".

A landlord can easily pass up a "perfect tenant", in his thirties, simply because he had trouble making payments while going through school, in his twenties. Base your decision on a credit report, and you lose a potentially ideal tenants.

What about a favorable credit report?

In my opinion, it would be a mistake for any landlord or property manager to place too much worth on a perfect credit score.

As a bad credit report can be misleading, so can a good credit report. For example, the report will not tell us that this particular individual has a reputation of constantly arguing with neighbors, and causing an all-around uncomfortable atmosphere for the landlord's other tenants.

As well, a credit report will not describe how the prospective tenant, with the perfect credit check, sitting in front of you, stuck the former landlord with an $800.00 hydro bill... Unpaid utilities often do not appear on a credit report.

Base your decision on a credit report, and you take the chance of entering into a rental agreement with a disaster.

As a landlord, it is in your best interest to exercise due diligence when considering a prospective tenant, and that means tenant screening. However, in order to truly ensure a potential tenant is the right one for you, contacting current and past landlords, employers and references is the best method.

First hand information is, and will always be better, and more revealing than any automated report.

About the Author
David Melancon owns and operates IntelMatters a research company specializing in tenant and pre-employment screening, throughout North America.

www.intelmatters.com
Knowledge is the key to success!

Investing In Real Estate by Max Plata

2005-12-29T00:14:00.000-08:00

Once you purchase your first home you realize the satisfaction in owning a piece of real estate. For many people their interest doesn't stop there and they decide they'd like to continue investing in real estate beyond the home they live in.

Investing in property can be a dynamic way of making extra income. For many people their investing experiences allow them to work less at their 9 to 5 job and instead devote more time to producing an income from their investments.

The first thing you need to consider if you look towards investing in the real estate market is what types of properties your dollars should be spent on. There are two choices that you'll probably want to research. One is residential properties and the other is commercial properties.

Residential property includes everything from single family homes to multi-family dwellings. If you decide on investing in the purchase of a single family home, you'll be planning on renting it out. In this case you might act as the landlord yourself, taking care of completing the necessary paperwork, including a rental contract as well as collecting rent payments.

If you decide on this route, you might be investing more than just your money. You'll also be investing quite a bit of time, not only showing the property to prospective tenants but also coming to their rescue if there is a problem. Problems can range from a broken door look to a furnace that needs to be replaced.

If the prospect of investing that much time in your real estate venture is a bit overwhelming you can hire someone to manage the property for you. This saves you a great deal of time and trouble but it costs money as well, as you'll have to pay them a salary.

This is almost always the case when investing in a multi-family dwelling. There are many details involved in running an apartment building or condominium complex. The tenants needs have to be addressed in a timely manner and in order to do this you'll need to think about investing in a property manager.

There are many people who are experienced in this field and enjoy this type of work. If you are investing in a property that is worth a great deal of money, you'll want to hire someone who has experience in property management to assist you.

When it comes to owning a property such as an apartment building the key to success is in keeping the units full thus ensuring a steady flow of income. This often means investing in advertising. Advertising can be done in several ways. A popular approach is to post signs on the outside of the building showcasing that there are vacancies. If the property is particularly affordable, placing the cost of monthly rent on the sign is a good idea as well.

Another form of advertising that works well whether you're renting out an apartment or a house is investing in a newspaper advertisement. Many people who are looking for a new place to live scour the classifieds daily in the hope that they'll find exactly the right rental property in the neighborhood they desire.

Investing in real estate can be a very rewarding experience and with the help of a seasoned real estate agent, you'll be able to purchase properties that will yield you a profit year after year.

About the Author
Investing Resources and Information

Do You Need Rental Insurance?

2005-12-13T12:06:00.000-08:00

Do You Need Rental Insurance?
Copyright © 1999-2005 Kyle Thomas Haley
Apartment Rental dot Net
www.apartment-rental.net/

Many renters don’t stop to think about what happens if there is a fire, someone breaks in and steals their new TV or stereo, or a visitor slips and falls on their property. The sad truth is; you will be responsible! While your landlord has insurance that covers the actual building, that coverage does not include your personal property or liability for injuries which occur in the space you rent ~ be it an apartment or a house and yard.

If a fire should destroy or damage your home, your landlord’s insurance will cover the structure. It won’t cover damage or loss of your belongings. Neither will it provide for the cost of temporary housing for you and your family.

You may think you don’t own enough personal property to make the cost of insurance worthwhile. You’re probably wrong! If you sit down and add up the cost of everything you own, you may be in for a big surprise. Consider what you have invested in such things as:

* Furniture and accessories
* Electronics like TV, stereo, computers
* Small appliances like microwaves, toaster ovens, etc.
* Clothing
* Art work like paintings or prints
* Dishes, silverware and cookware
* Sporting equipment
* Books
* Jewelry

Could you afford to replace all of these things?

Even worse, what would you do if a friend is injured on your property and decides to sue you for medical costs and more? It’s a scary thought, isn’t it?

Are you beginning to see why rental insurance may be a very wise investment?

The cost of rental insurance is based on several factors:

* The dollar amount of your coverage
* Deductibles
* Whether you choose to be reimbursed for Actual Cash Value or Replacement Costs (more about that in a minute)
* Where your rental property is located and the number of previous claims made, not only by you, but by others living in the same area.

Let me explain the difference between Actual Cash Value (ACV) and Replacement Costs. ACV is the value of your property at the time a loss takes place. For example, if your television set is five years old, it’s valued at much less than if it were brand new. The lesser amount is what you are reimbursed.

However, if you opt for Replacement Cost, you’re paid whatever it costs to go out and buy a new TV with similar features. Insuring for replacement cost raises the amount of your premium so it’s a good idea to get quotes for both ACV and Replacement Cost policies. Then you can decide which option fits your needs and
budget.

Another thing to keep in mind is that jewelry, valuable collections, and guns are usually covered under a separate policy or “rider”. If you own these kinds of items, be sure to tell your insurance agent. You don’t want to find out after disaster strikes that they aren’t covered or that they aren’t covered for their true value.

One way you can reduce the cost of your rental insurance is to check with whichever company insures your car. If they provide rental insurance you may be eligible for a multi-line discount. Rental insurance may be worth the investment just for the peace of mind it offers you.

———————————————————————
Kyle Thomas Haley of has been helping people relocate on the Internet since 1999 with Relocation Websites such as: www.apartment-rental.net/ Copyright 1999 – 2005 STANZEEKAY Inc.

Get a better mortgage refinance deal than your local bank offers by Mansi gupta

2005-11-15T12:05:00.000-08:00

Gone are the days when money could be fetched either by mere mortgaging or financing something. Now it is time to get money via an amalgam of the two i.e. Mortgage Refinance. Mortgage refinance is a smart idea to have a good credit sum and repay it in an easy fashion. In simple terms a refinanced mortgage is one where a borrower repays a previous loan by taking a new one. The main motive behind refinance mortgage is to get a lower interest rate, lowering their payments or to take cash out of their home equity. So basically in mortgage refinance refers to taking a secured loan to replace the existing loan that is secured via some assets of yours.

Let us first delve into the factors that instigate a refinanced mortgage. There are several reasons that instigate people to opt for refinance. For instance

(a) Mortgage refinance reduces the interest rate on your mortgage. It not only minimizes your EMIs or monthly installments but also brings down the total amount that you need to repay.

(b) Another wonderful feature of mortgage refinance is the reduction in the tenure of the loan, which is immensely effective in saving lot many bucks.

(c) Mortgage refinance is a smart idea to consolidate or fuse the amount you need to repay.

(d) Mortgages refinance serves you with the most essential thing i.e. cash in hand. You can draw on an equity built up in the house to acquire cash amount for several purposes such as your daughter's marriage, child education etc.

(e) If you want to have an adjustable-rate mortgage i.e. ARM and a fixed-rate loan in order to ensure you regarding the mortgage payment, mortgage refinance is a brilliant idea.

However there are other things to be taken into consideration. First and foremost mortgage refinancing can be recommended if the present rate on your mortgage is at least 2 percentage points higher than the existing market rate. Second you need to know that for how long you propose to stay in the house. Third you need to know that according to many sources given the costs of refinancing, it takes at least three years to realize completely the savings made from a relatively lower interest rate. Finally in order to go for mortgage refinance is to enlist complete expenditure of refinance and calculate your monthly installments. Knowing this will enable you to decide whether you should opt for refinance or not.

Well before going for a mortgage refinance you can also ask yourself questions ponder over questions such as- by how much will your existing monthly installment be lowered, what will be the financing cost that you will have to pay, how much will you owe in the house and for how much was the initial payment for the house made etc. Once after going through the various factors and conditions you feel it is appropriate to go for a mortgage refinance (which is true with most of the cases) then the first step is to consult a good real estate agent, mortgage lender as well as an attorney and other legal practitioners. Searching online is even an excellent option.

About the Author
Mansi gupta writes about mortgage refinance .

How to Protect Yourself from a Real Estate Bubble by Buying Foreclosures by Tony Lorenzo

2005-11-15T12:01:00.000-08:00

It's not really a matter of "if" it's really a matter of "when" this run-up in housing prices will stop. It's difficult to exactly time any market but as home sales continue to climb prices should follow. When supply exceeds demand, well, you get the picture. There are some areas of the country where home prices are more outrageous than others, so some areas may be harder hit than others. With that said, let's look at some ways of protecting ourselves from this inevitable misfortune: For home-owners who plan on living in their homes, first and foremost, you need to get over thinking of your home as an investment. Unless you have substantial equity built up, any downturn in home prices could make you upside down on your loan, making you owe more than your home is worth, which would mean you have a balance due on your loan if you tried to sell it. If you plan on living in you home for the long term, this wouldn't be so bad. If you only plan on living in a home for a few years you may want to consider renting for a while. Building up equity in your home is easier than you think. For one, stay away from adjustable rate mortgages. As interest rates climb, so will your payments. This isn't a fun thing to see while your home value is decreasing. Next, get a copy of your amortization chart from your lender, which shows how much of each payment is interest and how much is principle. The principle is usually a very small amount compared to the interest, in the earlier years. Take next months' principle and add it to this months' payment and it will actually knock one months' payment off the life of your loan! You will have to request a new amortization chart when you make your next payment because your loan will be re-amortized. If you are a first time homebuyer, put down as big of a down payment as you can. Buying an overpriced home with a small down payment leaves you vulnerable to a downturn in housing prices. Without a big down payment you should consider renting for a while, unless you can get a house at a steep discount. The best way I know of to buy a house at a steep discount is to buy foreclosures. Foreclosures offer the best chance of buying a house at a steep discount and therefore protect yourself from any downfall in price.

About the Author
Tony Lorenzo has written sveral articles on a variety of subjects. This article on the REAL ESTATE BUBBLE compliments his website that helps people gain valuble information about FORECLOSURES

Choosing A House Plan For Your Dream Home by Amber Lowery

2005-11-15T11:57:00.000-08:00

First things first, when choosing a house plan you must first find the land that you will be building on. Not all designs will look right or even fit on certain lots, so in order to insure that your

dream home will be a good fit for your lot, you must first purchase the land on which you will be building.

When purchasing the lot, you have several things to consider.

Location - As the real estate agents say - "location, location, location". Whenever you are dealing with Real Estate, the location is a very important factor in deciding for or against a particular lot. You will of course want a lot that is within a reasonable distance from your place of business. If you have children or plan to, you will want to research the schools as well. Also, you will want to make sure that the land that you are investing in is going to rise in value. Investing in land in an

area with upward growth potential is a great way to insure the value of your property will rise.

Budget - Your lot must fit within the budget you have set for yourself. You must also take into consideration whether you are purchasing "raw land" or whether the lot has already been prepped for building. A piece of property can initially seem like a bargain until you later find out that allot needs to be done before you an get a permit to build.

Community - You want to choose a community that has zoning laws that allow you to build the type of home you are planning on. Some communities have home owners associations that may need to first approve any improvements you want to make on your land. If this will bother you, you nay want to seek

out a lot that is not under the jurisdiction of such associations.

Once you have purchased the land that you plan to build on, you are ready to select a house plan for your dream home. If you are looking to purchase a pre-made home plan, you may have to make some small compromises as your ideas may not fit into what is available. Another alternative is to purchase a pre-made house plan and later have it modified to suit your particular needs and tastes by a architect. Do know that this will not be without a rather sizable expense, however it may still be more cost effective than if you were to have a plan built from scratch.

When choosing a house plan, you will want to keep in mind several key points...

Your Families Needs - If you have children, you will have additional considerations than singes or retired people. You will need to know how many bedrooms and bathrooms your family requires. Do you need a playroom for your children? Do you or your partner need a home office room? Now is the time to think towards the future and the upcoming needs of your family. When in doubt, build bigger. Nothing could be worse than building the home of your dreams only to find ten years later that it no longer is suitable for your growing family. Talk with your partner and decide now what your family needs may be and plan accordingly.

Building Code - As with anything, you can expect to face a significant amount of red tape as you plan to build your dream home. You need to talk with your contractor and make sure that the house plan that you choose will not conflict with your local zoning laws and home owners association rules and regulations.

Budget - You should know by now how much house you can afford. Don't sway from the initial budget that you have set for yourself. There is a wide selection of unique and architecturally stunning house plans within every size range.

Style - You probably already have in mind the style of home that you want. If not, browse thru some pre made house plans to get an idea of what type of style you and your partner like the best. Try to picture the different styles on your lot. Does it look like a good fit?

As you can see, choosing a house plan for your dream home is a fun, but serious matter. Try to plan ahead at all times and think towards the future. It takes allot of work before you even break ground, but in the end it will all pay off when you are left with your own dream home.

About the Author
This article was written by Amber Lowery for Home PlansOnline. For even more great articles on home plans, or to search for a pre madedream home plan for your project, visit http://www.homeplansonline.net

5 Ways To Advertise Your Real Estate Business by David Riewe

2005-11-15T11:55:00.000-08:00

With the introduction of new products and the growth of the purchasing power of the people continually escalates, it can be said that the advertising industry became fully energized. That's why even with the dawn of the new technology, advertising still continues to dominate the business world. As most business people asserts, business can never succeed without advertising.

And so, in the real estate business, advertising remains to proliferate with more ways that could increase productivity.

However, for those who still don't know how to maximize the potential of advertising in increasing their real estate sales, here are some ways to brood over:

1. Web site listings.

Real estate businesses may consider the benefits of advertising their products or services online. In this manner, they could even increase their market share by accessing those who cannot be reached by simple ways of promotions and advertising.

People behind the real estate business may choose from the different web site listings available in the Internet today.

2. Search engines registration.

Real estate businessmen may also opt for the sear engines that are available in the Internet. With a reasonable amount, real estate businesses may promote their products online and may get more exposure through search engines. Two of the most common search engines are Google and Yahoo. So, if the business is listed at these sites, chances are they'll reap more profits than they could imagine.

3. Banner ads.

Banner ads are those ads that appear on top of a certain sponsoring website. It contains the business' name and the hyperlink that connects the customer to the business' site.

In this way, real estate entrepreneurs may take the chance of increasing their exposure online by letting the people know that they exist.

4. Emails.

Real estate businesses may also resort to this kind of advertising. Though, special considerations should be made when constructing emails so that it will not be categorized as spam.

Also, to maximize the use of this advertising technique, the real estate business must also have an email list of their potential buyers.

5. The basics.

It still pays to be traditional. In fact, one of the best ways to advertise a product is to use the traditional method of advertising - the print and the broadcast advertisements. There are people who would rather see the ads on television or in newspapers than online.

But whatever type of advertising a real estate business use, one thing is bound to help them boost their sales and profit. It just needs the skill to decide which would go best with the business.

About the Author
David Riewe is a Publisher and Online Marketer. Visit his Real Estate Blog Save $$$ Selling Your Own Home FREE eBook Shows You How! http://www.push-button-online-income.com/realestate

How to Deal with a Noisy Neighbor by dan the roommate man

2005-11-15T11:51:00.000-08:00

Your heart starts pounding... breathing becomes labored, and your head starts to ache. You wipe the sweat from your forehead and try to gather your thoughts. Have you just had a heart attack? Not at all. This is your body's reaction to excessive noise.

"Studies of the physiological and psychological effects of noise...indicate that protracted noise can impair one's hearing, dry the mouth, dilate pupils, raise cholesterol, elevate blood pressure, burden the heart. Constant noise can bring on irritability, depression, aggression. It can interfere with the learning ability of children," N.R. Kleinfield writes in the article New York Quiet? Never. Quieter? Maybe. Listen up. published in the New York Times.

Apartment renters are even more susceptible to hearing loss because the noise levels are intensified in smaller spaces. Once sound enters the apartment, the wall connecting you to your neighbor vibrates - acting like a giant speaker.

If you share a wall with a noisy neighbor, you should take these steps - in order - to try and solve the problem:

1. Tell the neighbor - politely - that you can hear their stereo/TV/voices/running screaming kids/etc. There's a good chance they don't realize that they are being too loud. Ideally the problem will be fixed, and you can rest easy. Write down the date on which you confronted your neighbor - you never know when you might need it again.

2. If you receive a negative response, or no response at all, approach your neighbors again, but this time supply them with a copy of your lease. Chances are, there is a clause within the lease stating your right to "quiet enjoyment." You might also give them a copy of your local noise laws. Sometimes there are fines for excess noise. You can find your local noise laws at city hall, a public law library or the public library. Give your neighbor one dated copy of the lease and/or ordinance laws and keep a second copy (these are good for your records if the problem continues.)

3. No luck? This time you'll need to give your neighbor a letter informing them that you are willing to take this problem to the landlord. A letter might look like this:

Dear Suzy Neighbor,

On January 5, 2000, I talked to you about the excessive noise coming from your apartment. I informed you that the Twister Parties lasting until 5am violate the local noise laws, the lease, and disrupt my sleep. I asked if you would please lower your volume or else move the parties to a more reasonable hour. This request was ignored, and on January 11, 2000, I provided you with a copy of the local noise laws and our lease - both of which provide me with a right to "quiet enjoyment." Once again, my request has been ignored, and if by January 20th, nothing has changed, I will need to approach the landlord with this problem. I hope we reach an agreement before I am forced to contact the landlord.

Thank You For Your Time, Joe Tenant

4. Still no luck? It's time to tattle. No one wants to be the Narc... but this may be the only way to live peacefully. Make a copy of the letter, and discuss the problem with your landlord. For additional support (and so you don't feel like such a tattle tail) you might want to ask your other neighbors if the noise is bothering them, too. You might be able to get a petition signed by the other neighbors, and arguing with a group will typically lead to faster results. Regardless of whether or not you can get support from your neighbors, if the noise is bothering you, don't just learn to live with it! Living with excessive noise could actually be a threat to your health.

Once the problem is in the landlord's hands, you can de-stress a little bit. It's amazing how quiet those parties will get once the host has to worry about eviction! And if the noise-maker doesn't listen to the landlord, maybe your new neighbors will respect the "quiet enjoyment" law a little better than the last ones!

About the Author
Since 1989 dan the roommate man has helped 1000's of people find rooms,apartments or roommates. Need help? Contact him at 800-487-8050 or www.rooommateexpress.com

Things To Know About Realtors by Sintilia Miecevole

2005-11-15T11:47:00.000-08:00

A realtor is the designation accorded to a member of the National Association of Realtors (NAR). NAR is the largest trade association of America. It has about 1 million members. The membership to the association is voluntary therefore it contains many other group members apart from the realtors. The idea behind the formation of this union is to utilize the land in a wise and best possible way.

The real estate professionals who are members of the NAR have to adhere to a code of ethics. The code of ethics is inclusive of duties to clients, customers, public and other realtors. The main motive is to promote the best interests of the client, be it the buyer, seller, landlord or tenant. The realtors are expected not to mislead their clients in order to book higher profits. The realtor is entitled to represent both the parties, seller and buyer; and landlord and tenant in case of full disclosure to both of them.

It is mandatory for the realtors to submit the offers and counter-offers as soon as possible. The realtors are not supposed to disclose information about the clients, which works to their disadvantage, or in case a third party stands to benefit from that information. However, realtor can disclose confidential information in the following cases: upon consent of the clients or the order of court or to disclose the ulterior motives of the client or to defend themselves against wrong accusations.

The clients should know the fact that the fees for preparing appraisals or valuations do not depend upon the amount of appraisal or valuation. Although realtors are expected to avoid misstating the facts or hiding useful information it is not obligatory for them to find out the defects in the property. Hence it is important to get the property checked by a third party inspector.

In case the realtor seeks information from other realtors it is mandatory for them to disclose their realtor status and clarify the nature of interest, whether it is personal or on the behalf of a client. The realtors are not supposed to misrepresent the availability of access to a particular property. When acquiring properties from their immediate families or friends the realtors have to disclose their true position to the concerned parties.

You are entitled to know the financial fee or benefits that the realtors get on the basis of recommending real estate products or services such as insurance or mortgage financing. The realtors are expected to give equal services to every person regardless of their race, color, religion, sex, handicap, familial status, or national origin.

About the Author
Click on to http://www.realtorv.com and join host, Sintilia Miecevole on a most resourceful site about a realtor; agents, brokers, properties, houses for sale, foreclosures amd much more. Visit http://www.realtorv.com to further your realtor information.

When is the Right Time to Invest In Real Estate? by Bruce W. Ford

2005-10-10T17:25:00.000-07:00

You know what I'm going to say, right? I bet you think I'm going to say that it's always a good time to invest in real estate.

Well, I'm not.

There are rare occasions when you should not be buying property...or selling for that matter. Simply put, you should not buy or sell property if you are in an area, or encomonic times are such that property is loosing value.

Granted, this isn't very often and is usually very localized...the Southern California market crash of a few years back comes to mind.

If that happens in your area, just hold what you've got. Don't buy or sell until things improve. The rebound can often be quite profitable!

Now, the flipside of that is, if property IS going up in value, maintain your steady approach to building your wealth by increasing your real estate inventory.

This applies even if the housing market is tight, slow, a buyers or a sellers market or even if it's considered booming. All that doesn't matter. Just maintain your investment criteria and keep your hooks in the water looking for property.

When the economy slows, typically housing appreciation slows, but doesn't stop or go in reverse. So, real estate remains a great investment vehicle through good times and bad. Here's a very simple example comparing real estate investing to a really good stock/mutual fund/401K investment.

Let's say I have $100,000 invested in a security such as a stock, bonds, 401K.

If I make 10% on that money...a GREAT return these days...then I make $10,000 off that investment per year.

To make that same $10,000 with real estate, it takes much less, or none of my own money. That makes real estate investment a much smarter play.

Let's say I am going to buy a property that, once repaired, will be worth $100,000. I typically buy property at around 55% of the as-repaired value (a rough average). So, in our example, I am buy this property for $55,000. My 70% loan-to-value loan gets me $70,000 which covers my closing and some or all of the rehab...usually all.

Once the rehab is completed and a renter in, I refinance this property at a 90% loan-to-value level and pocket around $8-10,000.

If I go this route (keeping the property and renting it), I retain the tax benefits year after year, and not only have I made $8-10,000K from it already on the refinance, it continues going up in value. Given a 5% appreciation rate, which is conservative for most areas, I stand to make around $5-6000 per year. This means if I sell this property 4 years down the road, I stand to make another $20-30,000 or more.

So, in our example, the house I had very little or none of my own money in, now stands to make me around $30,000 NOT including the tax break I enjoy from it.

This is one property, I have more than one, so apply this rough formula to the values in your area, and do it for the number of properties you want to hold in your inventory. The numbers get pretty good, don't they?

Let's take our example another way. Let's say I have $100,000 to invest like our original example. Instead of putting that into the markets, you decide to control as much property with it as possible.

Let's say I decide I can live with putting $5,000 into the purchase of each property. So, I buy and rehab 20 properties with that $100,000. Let's just assume each property is worth $100,000 when repaired. So, that $100,000 controls you $2,000,000 worth of property. (Note that it may take a couple of years to find, buy and rehab 20 properties that fit your criteria!)

Let's assume you re-fi these from your hard money and can only pull out $5000 per property (remember I put in $5000 of my own money in these for the purposes of the example).

From the re-financing, you'll put $100,000 in your pocket recouping your original investment ($5,000 per property). The rest is gravy, and here it is.

IF you average your 5% appreciation, you are making, you are making $100,000 per year. Not bad!

If you are making just $100 per property as positive cash flow (rent minus mortgage + taxes + insurance), then you are making $2000 additional per month.

I'm not including what you'll save with taxes.

Sure, you have to be a landlord for a few years, or pay someone to be. Sure, there will be headaches along the way.

But, let's say you decide to sell off all 20 properties 4 years later and you average a $25,000 profit from each...

You will have made $96,000 from the positive cash flow

You will have made $500,000 from the 5% appreciation

You will have saved thousands on your taxes annually

I'll take real estate investment any day!

About the Author
Bruce W. Ford is a Editor of Rehab-Real-Estate.com and is an ACTIVE rehab real estate investor.

Methods for Renting a Furnished Apartment by Ispas Marin

2005-10-10T17:23:00.000-07:00

If you are in need of an apartment for rental for a shorter period of time you should consider to apply for a furnished apartment. This way the whole process will be cheaper and you could save money for other urgent needs. There are many offers for furnished apartments so all you have to do is see them and decide upon the one which best suits you.

Main issues to be considered when renting a furnished apartment

At first you should decide on the precise location of the apartment so that it would be close to your workplace or educational institution. Moreover you should program your standards such as the price for rental, the space provided, the items to be furnished. The place to look for these furnished apartments is the Internet or the local newspapers which can provide also a description.In order to save some money consider using the free services of an apartment agent who will send you a list of the furnished apartments which meet your expectances.Use the telephone number provided by every announcement so as to arrange some appointments for visiting the selected locations and apartments. In addition, you should pay attention to all the details such as: parking, area markets and so on. Don't forget to read the contract very carefully before you sign it so that every term of it to suit you.

Utilities

Furthermore, the utility costs like: water, sewer, electricity TV cable, trash or gas, may be or not be included in your rent payment. You have to be aware of this aspect of your contract or ask what utilities are included. This aspect has to be included in your contract. What you do not see in it does not exist. The contract is a sort of binding document for you and the landlord. Ask a specialized person to look over it so as to prevent any illegal demands from the landlord. Before signing a contract which does not comprise the details regarding the utilities, ask the landlord for the estimated price for them to see if you can afford. The apartament's location may be a very expensive one and you can face the unpleasant situation of not being able to pay for the electricity bill.

For a long-termed contract it is advisable for you to rent an unfurnished apartment, while the furnished apartments are suitable only for short-term contracts. Make sure to decide upon the length of the contract before looking for a furnished or unfurnished apartment.

About the Author
For Dubai furnished apartments & villas for rent for business or holiday use just visit us at http://www.dubaifurnishedapartments.com

Best Buy to Let Mortgage Calculators by Jennifer Tweed

2005-10-10T17:21:00.000-07:00

It would be easy to start saying just how easy it is to become a landlord and earn income from UK investment property and how you can simply sit back and watch the profit tumble in like a cascading waterfall. The reality is that there are a number of key issues that you will have to be involved in to ensure your investment property portfolio works to its optimum. With tenants to source and vet, an investment property to maintain, buy to let mortgages to arrange, letting agents to manage and accounts to monitor, it does take a certain level of commitment. So if you are still keen to have a slice of the much talked about property game then you will want to read on to find out how to get started?

Firstly, you need to establish if this is the right time for you to become a landlord and how much it is going to cost you. Can you afford to tie up money in a property? If the worst comes to the worst, can you afford to lose that money?

The simplest way to work out the repayments on a buy to let mortgage is to use an on-line buy to let mortgage calculator. These can help you work out the best buy to let mortgage product for the type of UK investment property you are considering and your individual circumstances. You will need to know the likely rent that can be achieved for the property as this will determine the maximum loan amount available against the purchase price or refinancing value of the buy to let property. Lenders normally suggest that the rental income each month represents at least 130 per cent of the monthly mortgage payment. Although there are some buy to let products calculated on ratios of as little as 115%. By working on these calculations, gives the investor a margin to cover the letting agent's fees and other associated costs.

This is a long-term investment and you need to take the same approach to investing money into a house or flat as you would to buying into the stock market. Historically the value of properties have doubled every 10-15 years but that doesn't mean to say that there won't be peaks and troughs in between. These are times that you have to be prepared and most importantly can afford to ride through.

Increasing your returns by using buy to let finance to your advantage

For example, lets say you have £100,000 cash to invest into Investment Property. Is it best to buy a property outright or use this money as deposits on multiple buy to let properties?

Mr Jones - decides to use his £100,000 to purchase a brand new property outright for cash. He lets the property for £600 per month giving a return of £7,200 per annum. Due to inflation, the rent will increase accordingly and eventually, after fluctuations in the property market, the house doubles in value.

Mr Smith - decides to use £100,000 as deposits (15% for each investment property) to buy £500,000 worth of properties similar to the one Mr Jones bought. This results in Mr Smith receiving five times as much rental income, i.e. £3,000 per month or £36,000 per annum. The other £400,000 is borrowed on buy to let mortgages and Mr Smith pays interest on this at a rate of approximately 5%. These monthly interest only repayments would work out to be £20,000 per annum. Therefore, net of interest they receive £16,000 per annum. Mr Smith is already better off than Mr Jones..... but what happens in years to come? Well it is probably safe to say that Mr Jones's rental income will rise with inflation as per Mr Smith. However, Mr Smith's buy to let mortgage costs remain the same. Therefore, the gap between Mr Jones and Mr Smith's rental income will continue to widen as time goes on. And finally after 10-15 years when property could have doubled again. Mr Jones would have made a capital gain of £100,000 and have £200,000 worth of investment property. Whereas, Mr Smith would have made £500,000, which is five times as much capital gain!!

The most successful landlords will use some of the best buy to let mortages to fund their buy to lets and with buy to let mortgage products becoming more sophisticated and competitive the right buy to let financing can ensure you maintain your investment property portfolios in such a way that you are always working to the most optimum cashflow situation.

Best Buy to Let Mortgages

Finding the best buy to let mortgage is crucial to your success as a property investor. Unlike other forms of investment, a lot of the money you put into a buy to let property is likely to be borrowed. Over the last few years, the buy to let mortgage market has boomed, and borrowing money to invest in this way has become easier than ever. There are a number of different buy to let mortgage products available from fixed rates, discounted variable rates, discounted rates and so on. Different products may be suitable for different investment properties. And don't be tempted to just go for the cheapest buy to let mortgage as there may be penalties that make it less attractive in the long term.

Always find out the best buy to let mortgage deals available at the time. Some investors may decide to retain their entire portfolio with one lender, but it's important to realize that different buy to let products between different lenders can provide you with maximum flexibility and cashlow depending on how you structure your funding.

However it is very important that you get the correct guidance with your buy to let finance. You will often find that buy to let mortgage brokers have access to numerous different products and lenders and some can even offer exclusive products that wouldn't necessarily be available to you if you approached the buy to let lender directly.

Questions that are worth considering when finding the best buy to let mortgage:

1. Do they have access to lots of different products in the market place? 2. Do they have the ability to create a long term property development strategy for you? 3. Are they able to secure Exclusive Products? 4. Are they able to arrange mortgages within 10 working days? Most buy to let lenders will offer a maximum loan of 85% requiring you to fund at least a 15% deposit towards your UK investment property. The buy to let mortgage industry is very competitive with new products being launched on a very regular basis.

Some buy to let mortgage brokers may charge a brokerage fee up to 2% to arrange the buy to let finance for you but don't let this put you off because if they do have the ability to secure exclusive products for you, it could be very beneficial to your cashflow as a landlord. Plus, if they are able to reach formal mortgage offer stage in a very short space of time, this could result in you being able to secure the investment property at very competitive prices if you have the ability to tell the vendor that you can have the deal completed within a matter of a few weeks.

How much you can borrow for the buy to let property will usually be worked out differently to how much you can borrow to buy your main home. Different lenders and different products carry different criteria for working out the maximum loans available. Some will lend on how much you earn, others on the rental income you achieve from the investment property. And sometimes a combination of the two.

How much rent will you make?

Before you agree on the purchase price of a buy to let property, it is important to find out from local letting agents, what the likely rent could be. They should be able to let you know which types of property are in highest demand and which areas are the most sought after for tenants. If you need to find out whether your potential buy to let is looking like a good investment, ask your broker/lender to work out the yield (ie the money you are investing and the rental income you will receive) on the property against what your repayments are likely to be. I you are investing in an up and coming area, it could still be a viable investment despite the figures not looking too healthy today. If you believe that the area will be having a lot of other investment or new businesses moving in, then there is the possibility that the surrounding property market will have a positive knock on effect. When the valuation is carried out on the property, the surveyor who visits the property will also be expected to give an assessment of the expected rent as well as the value of the property.

A local letting agent is the best person to approach for this kind of information - especially if you hint that you might let them be the property's management agent.

About the Author
Jennifer Tweed is the founder of buytolet4sale.com, one of the UK's first property portals dedicated to all types of investment property for sale and everything you should need for your sale and purchase. Learn more about buy to let

Tips For Successful Apartment Hunting by Paul Smith

2005-10-10T17:18:00.000-07:00

The hunt for an apartment may seem like an extremely challenging ordeal, but it does not have to be. People looking for an apartment usually have a good experience if they educate themselves on what to look out for, and they have a good idea of what type of apartment they want. The best tool for finding an apartment efficiently is having knowledge. Here are some helpful tips to consider when looking for an apartment.

1. Make sure you know what you want. People who are not sure about what they want can easily get swindled into bad deals. If you want a 2-bedroom apartment, then don't settle for less. If you know what area of city you want to live in, be sure to stick to your ground. Too many people are very indecisive. Indecisiveness is a weakness that many people try to take advantage of. Knowing what you're looking for is the first key to success.

2. Use all your resources. Apartments are listed in newspapers, free magazines, small ads, and even "for rent" signs in the front yard. Exploring all options will allow the apartment seeker to have the greatest amount to choose from. The more apartments you have to choose from, the better the chance that you will find the apartment that is perfect for you.

3. Visit the apartment. Too many people sign on the dotted line without ever actually seeing the apartment or the neighborhood. Take time to travel to the apartment and maybe even meet some fellow tenants or neighbors. Actually experiencing the apartment and its surroundings can help make any decision easier. Checking the apartment out can also help avoid pitfalls. Some elements may seem appealing on paper, but are not as such in real life.

4. Additionally, when you are visiting the apartment, do not be afraid of scrutinizing every aspect of the apartment. Look for cracks, bugs, dirty spots, and any other flaws. Be sure to ask the landlord about previous tenants. One of the worst things that can happen to someone is that they rent an apartment and realize that there are major problems that have to be fixed. These problems often cost the renter exurbanite amounts of money. If possible, see how the other tenants like the apartment. Even invite a friend or family member along when you are visiting the apartment. The more opinions you have, the better.

5. Read your contract! Before signing a contract, make sure that you understand what services you are entitled to and all of the costs. Many people have foolishly signed contracts and didn't realize that they were paying for utilities, or other services. Additionally, make sure you have a fair rent worked out with your landlord. Avoid paying too much for your apartment at all costs. If they advertise the apartment for one price, make sure that that's the price you are expected to pay.

The search for an apartment can sometimes seem very daunting. Some people will try to swindle you and charge you too much, or charge you hidden fees. Being educated about what you are looking for, and scrutinizing the apartment diligently can help protect you from paying too much or having a bad apartment. If you educate yourself, than your apartment search should be simple and enjoyable.

About the Author
Paul Smith writes about a variety of real estate topics, but is presently focusing on how to find a good London apartment.

Can Tenants Stop Paying Rent? by LandlordTenantHelpOnline.org

2005-10-10T17:17:00.000-07:00

One of the most frustrating things about being a tenant is the lack of power in the landlord tenant relationship. A tenant does have one source of power, the rent payment. Can a tenant stop paying rent to the landlord?

Most jurisdictions permit tenants to withhold rent and place the funds into an escrow account with the court or other state agency when a landlord is not maintaining property and the property is in need of repair. If the landlord does not make the needed repairs, the tenant may be able to break the lease.

In most instances, a tenant cannot simply withhold rent without court action pending. It may be necessary for you to file suit against the landlord. You should always speak with a lawyer well versed in landlord tenant law before withholding rent from your landlord.

If a tenant decides to stop paying rent becase the landlord is not in compliance with the lease, the first thing the tenant needs to do is make the landlord aware of the reasons for not paying the rent. Ideally, the tenant should send written notice of the defective condition and the landlord's non-compliance with the lease well in advance of the tenant's decision to withhold rent.

Advance written notice of a tenant's intention to stop rent payment may show the landlord how serious the tenant is about non-compliance on the part of the landlord. Written notice of defective lease conditions or non-compliance with lease terms also provide a paper trail for future court action.

About the Author
LandlordTenantHelpOnline.org is a free online resource solution provided by Digital World Incorporated to help Landlords and Tenants with important questions about their landlord and tenant legal rights.

Real Estate Rentals: A Passive Investment Technique by Teve Torbes

2005-10-10T17:15:00.000-07:00

Real estate can be a great way to make a turn-key investment in property, but you need to go in with your eyes open. Otherwise, you could end up losing your nest egg.

To invest in real estate, you need to have a rainy day fund. Things happen - you're the landlord now, and you'll have to pay if something goes wrong. If you need to fix the walls, the plumbing, or pay for flea control, you'll want to have some money set aside. If you're handy, you can cut these costs down, but you can't eliminate them entirely.

You also need to make sure you're not paying too much. Don't buy in a super-expensive area - go for something in an "up and coming" place where you can get a good deal and watch property values rise in the future. If you get locked into a real estate bubble, you may not make your investment back. You need a place where your rental income will cover the mortgage with a cushion for emergencies.

Also, make sure to trust the company that is handling the property for you. Property management can be a great deal - it saves you from all of the hassle. But don't just go with any random, fly by night company. Call reputable realtors and ask their opinion about companies in your area. They can probably give you a good referral, and it'll be worth your time if you can find someone who will manage it well - after all, you're dependant on them to make sure your property is filled with tenants.

About the Author
Teve Torbes is an expert owner of a flea control site, who knows a whole lot about flea bites. He has also created a valuable inflatable air mattress site.

Facts about Renters Insurance by Brian Walker

2005-09-22T12:41:00.000-07:00

If you rent an apartment or house, you might consider purchasing renters insurance.

Renters insurance provides coverage for damage or loss of personal property for people in rental housing. It's to insure the renter's belongings from theft or damage. In addition, renters insurance also provides liability coverage for people in rental housing if somebody is injured while in the rental place. In this case, the renter is sheltered from lawsuits or liability for the problems cause by him/her.

Renters insurance can help you if one of the following things happens to you: your apartment catches on fire and your belongings are lost or damaged; you get stolen from a theft who breaks into your apartment; a friend of you injures himself while having a party in your apartment; an electrical power surge damages your television, stereo and computer. While renters insurance has a broad coverage, keep in mind that earthquake and damage caused by food are not covered in most renters insurance policy.

Many renters think their landlord's insurance will cover them. This is not true. In general, the landlord's insurance only covers the building, but not the renter's belongings and liability.

Renters insurance is not expensive. For example, a policy that costs around $300 a year (with a deductible of about $250) could cover between $20,000 and $30,000 worth of loss or damage, plus $500,000 to $1 million in personal liability.

To shop for renters insurance, you should try getting quotes from different insurance providers in order to find the best deal. You can check with your auto insurance company to see if they also sell renters insurance and whether the will give you a discount for buying two types of insurance from them.

Renters insurance is often overlooked by people renting an apartment or house, but it's a renter's good friend and it will give you the peace of mind.

About the Author
Brian Walker is a freelance writer who has written many self-help articles. Check out more apartment living guide at Apartment Rental Finder ( http://www.apartment-rental-guide.com ) and 101 Apartment For Rent ( http://www.101apartmentforrent.com ).

What To Look For In A Home by Nicole Soltau

2005-09-22T12:39:00.001-07:00

Searching for just the right home can be very exciting. You may plan ahead for the number of bedrooms and bathrooms that you want. Or imagine preparing for dinner parties in a sun-filled kitchen. Although these things are important, there is more to a good home purchase than the rooms it contains. Following are just a few suggestions to consider. Take some time to make a list and determine which additional priorities are important to you.

Survey the neighborhood during many different times of the day and days of the week. Are you comfortable with the noise, activity levels, traffic volume, etc.?

If you have, or plan to have children, check with the local school board about the neighborhood schools. What is the student/teacher ratio? How are the test scores? How involved are the parents? What programs are available for students? What credentials and how much experience do teachers bring to the task?

Is the foundation of your new home sound? Is it well built?

Are the existing appliances sound or will they need to be replaced?

Are the home's major systems such as electricity, plumbing, heating/air, and roofing in good condition?

Is the home energy efficient?

How much major and/or cosmetic work will be required?

What will your commute look like? If possible, do a trial run during rush hour.

What is the crime rate?

What permits have been issued for new projects and/or construction in your new neighborhood?

Will you be expected to pay homeowner association fees? Are you comfortable with the covenants set forth?

Does the neighborhood provide sufficient recreational opportunities?

Will you be moving into a home or joining a community?

Is the local grocer clean and well-stocked?

Enlist the help of a good real estate agent, reputable home inspectors and others to help find a home with more than just a pretty face.

Beyond Mortgage Payments

Owning a home involves far more than keeping current with your mortgage payments. There are a number of costs associated with home ownership that extend far beyond the basics (i.e. principal, interest, taxes and insurance). Assuming responsibility for these costs can be a big financial adjustment. This is particularly true if, as a renter, you are accustomed to responding only to fixed expenses (i.e. rent) without much concern for variable expenses (i.e. broken pipes and new water heaters). Well, now you are the landlord and it is up to you to handle the mortgage, in addition to all of the variable expenses of home ownership.

Routine and emergency maintenance issues are an inevitable part of homeownership. The dishwasher will need to be replaced, the roof may begin to leak, or the furnace will give out. You can minimize the financial fallout by planning ahead and budgeting in anticipation of these expenses. Recommendations vary, but you would do well to save an amount equal to at least 2% of the cost of your home for annual upkeep and maintenance. Set aside funds toward this amount each month. In this way you will eliminate the scramble and panic of getting the funds together to get that tree off of your roof.

In addition to maintenance and upkeep, there may be other costs you will need to absorb. These include water, sewer and sanitation expense; homeowner's insurance, and property taxes. It is important to understand the full cost of home ownership before you sign on the dotted line. You can build confidence in your ability to handle these new expenses by making a trial run. Do your best to estimate the total cost of home ownership. Use that information to make a budget. Before you sign on the dotted line, live within that new budget and see how well you manage. You may find that you have adequate financial resources, that's great. If you find that you are a bit short, you may need to make some adjustments. Being proactive now may help you avoid foreclosure in the future.

About the Author
Nicole Soltau is the President and Founder of http://CreditUnionRate.com - The Leading Credit Union Directory Search, Find Join.

How To Find Investment Properties by Steve Gillman

2005-09-22T12:39:00.000-07:00

If you really want the best deals in investment properties, you have to increase your odds by finding more deals. Who is more likely to get a cheap apartment building, an investor that looks through the MLS listings and calls it a day, or the one that uses ten resources? Here are the ten:

1. Talk. Let people know you are looking and sometimes the properties will come to you. There are a lot of owners out there who want to sell, but haven't yet listed their property.

2. Use the internet. Go to a search engine and enter the type of real estate you are looking for, along with the city you want to invest in. You never know what you might find.

3. Drive around looking for "For Sale By Owner" signs. Owners often don't want to pay to keep the ad in the paper every week, so you won't see all properties there.

4. Find abandoned properties. That's a pretty clear sign that the owner doesn't want to deal with the property. He might sell cheap.

5. Find old "For Rent" ads. Call if they are a few weeks old. Landlords are often ready to sell, especially if the haven't yet rented the units out.

6. Talk to bankers. You might get a foreclosed-on investment property cheaper if you buy it before they list it with a real estate agent.

7. Offer someone a finder's fee. There are people that always seem to hear about the good deals. Have such people coming to you.

8. Eviction notices. If your local papers publish eviction notices, or if you can get the information at the courthouse, it can be useful. A landlord who just went through the procees of evicting tenants is a likely seller.

9. Old FSBO ads. If you call on two-month-old "For sale By Owner" ads, and they haven't sold, they may be ready to deal. Owners often give up the effort, but still would love to sell. Help them out!

10. Put an ad in the paper. "Looking for investment properties to buy," might be sufficient to generate a few calls.

About the Author
Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

Get More By Offering Seller Financing by Steve Gillman

2005-09-22T12:38:00.000-07:00

An example of seller financing: Years ago I bought a rental property, and nine months later sold it for 15% more, without fixing or improving a thing. The easy terms are what sold it. I took $1000 down, and I still get a payment every month, with 9% interest.

Four Reasons To Offer Seller Financing

1. To get a higher price. As you can see from the example above, buyers pay for easy terms. From the buyers perspective, he gets a place for almost nothing, that the renters will pay for. He comes out okay even if he later sold it for less than he bought it for.

2. To get a decent return on your money. The 9% I'm getting is nice, but the true return was much higher, since I also sold the property for 15% more than I paid, and I get 9% on the entire balance. In fact, for a great return without the headaches of being a landlord, you can simply buy low for cash and sell high with terms.

3. To sell faster. Anytime you expand the potential market for a property, you increase the odds of selling it fast. Selling with easy terms definitely invites more buyers to look at your real estate.

4. To sell difficult properties. If you have a property that is difficult to finance conventionally, offering seller financing may be the only way get it sold, and at a fair price.

Of course the ways you can sell are limited by mortgages and other loans. I owned the rental free and clear, which meant I could sell it any way I wanted. There are other ways to use seller financing though, even if you owe on the property. There are ways to do this safely too. Those topics are for another article.

About the Author
Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

How To Be A Slumlord by Steve Gillman

2005-09-22T12:37:00.000-07:00

Be a slumlord? Okay, I got your attention, now the truth. I really don't recommend that anyone endanger their renters with unsafe housing. Much of what people call slumlording though, is simply providing reasonable housing for those with low incomes. It is of benefit to the renter AND the landlord.

Why Do People Rent Dumps?

People rent not-so-nice places because they can afford to. A house that needs paint, has old rusty hinges on the doors, and a dirt driveway - this is a house that cost less to buy, and therefore can be rented for less. Anything major that the landlord does to improve it will result in higher rents, and possibly drive the renter away.

In fact, this often happens. A few years ago my own town enacted its first rental regulations. The fifteen pages of new rules included many non-safety-related requirements, like a minimum of windows, to allow natural lighting, bedroom square-footage requirements, and no peeling paint.

These things are done in the name of low income renters, and yet the result is always the same: higher rent. With that and the regulations against mobiles homes, low income families are moving further away from town and jobs. I mention all this to let you know that if you offer an ugly, but safe and affordable rental, you are providing a real service.

Why Invest In Low Income Housing?

If a nice two bedroom house in a small town costs $130,000 and rents for $800, an old mobile home on a lot will probably cost $45,000 and rent for $500. Notice that the house costs almost three times as much, but the rent you get isn't even doubled. This means the mobile gives you MORE CASH FLOW. That is why old houses and mobile homes (on land) are such good investments.

It's important to note that you'll have more risk and management problems with low income housing. Repairs come up more often, and rent will be late more often, on average. This is why you deserve a higher rate of return. Otherwise, who would want to provide low-cost rentals?

Treat your renters well, and make your places safe. Do these things, and you can enjoy a good return on your investment - even if some want to call you a slumlord.

About the Author
Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

Which Type Of Real Estate To Invest In by Steve Gillman

2005-09-22T12:36:00.000-07:00

There are different types of real estate, and different ways to invest in them. Which way is best is for you to decide, according to your particular needs. Here are a few ways to consider, with their advantages and disadvantages.

1. Rental houses. Advantages: One of the easier ways to get started, and good long term return on investment. Disadvantages: Being a landlord isn't much fun, and you typically wait a long time for the big pay-off.

2. Rent-to-own houses. Advantages: When you buy, then sell on a rent-to-own arrangement, you get higher rent, and the buyer is usually responsible for maintenance. Disadvantages: The bookkeeping is tricky, and most tenants don't complete the purchase (this can be an advantage too, but it does mean more work for you).

3. Low income rentals. Advantages: The same as with any rentals, but with higher cash flow. Disadvantages: The same as with other rentals, but with more repairs and tenant problems.

4. Fixer-uppers. Advantages: A quick return on your investment, and it can be more creative work. Disadvantages: Higher risk (many unpredictables) and you get taxed heavily on the gain.

5. Buy for cash, sell for terms. Advantages: You get a high rate of return by paying cash to get a good price, and selling on easy terms to get a high price AND high interest. Disadvantages: You tie up your capital for a long time.

6. Buy land, split it and sell it. Advantages: It is simpler than most real estate investments, with the possibility of great profits. Disadvantages: It can take a long time, and you have expenses, but no cash flow while you wait.

7. Boarding houses. Advantages: You can get a lot more cash flow renting a house by the room, especially in a college town. Disadvantages: You can get a lot more headaches renting a house by the room, especially in a college town.

8. Commercial real estate. Advantages: Long term triple-net leases mean little management and high returns. Disadvantages: Tough market to break into, and you can lose income on vacant storefronts for a year at a time.

9. Buy, live in it, and sell. Advantages: The new tax law means you can fix it up, and sell for a big tax-free profit after two years, then start the process again. Disadvantages: You have to move a lot.

10. Speculation. Advantages: Buying in the path of growth and holding until values rise can yield large profits, especially if you buy low to start. Disadvantages: Prices aren't that predictable, you have expenses with no income while you're waiting, and transaction costs can eat much of the profits.

About the Author
Steve Gillman has invested real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

Basic Things You Should Know About A Lease Purchase Contract by Amanda Shoemaker

2005-09-22T12:35:00.000-07:00

What exactly is a contract?

By definition, a contract is an agreement between two or more parties to do, or to refrain from doing, a particular thing in exchange for something valuable. The parties can be individuals, businesses, organizations and government agencies.

They key elements of a successful real estate contract:

1. Offer and acceptance

This implies original signatures with no alterations to the contract. Don't mistake offer and acceptance for counter-offer. When the original offer is marked up and initialed by the party receiving it, then signed, you got a counter-offer and not offer and acceptance. When you come to a final agreement, you should rewrite the contract according to the agreement and this contract must be signed by both parties.

2. Consideration

Usually, money is the form of consideration people use, but sometimes, a promise to perform/pay is also good. .

3. Written contract

All real estate contracts must be in writing. In order to write a good real estate contract, you must keep in mind these things:

You must write the full name of the parties on the contract and thus identify the parties.

You must have the legal description on the contract. Sometimes, the address will do, but it's preferable to have the full legal description. By having this on the contract, you will have the property identified.

You must have the amount of the sales price on the contract.

The contract must be signed by all the parties involved, or it won't be enforceable.

Keep in mind that minors, drugged persons, mentally unfit etc, cannot sign any contracts. Make sure that all the parties involved are competent.

Make sure all parties know the essential details, rights and obligations that are stated in the contract.

What exactly is a lease purchase contract?

Lease purchase contracts combine the basic lease contract with the option to purchase and, during or at the end of the lease period, it gives the tenant/buyer exclusive right to buy the home under the terms to which both parties agree in the contract. But first, the tenant/buyer have to pay the landlord/seller a non-refundable option deposit that is applied to the purchase price of the home. Then, the tenant/buyer pays a sum that is typical to the rental amount and usually, it is done on a monthly basis. A portion of that monthly payment is applied to the purchase price of the home.

About the Author
Amanda Shoemaker owns a great directory of lease and lease purchase properties and houses for rent. Visit her site at http://www.leasebeast.com

How To Prevent Cat Urine Odor Damage in Rental Property by Nancy E. Wigal

2005-09-22T12:33:00.000-07:00

You have permission to publish this article electronically or in print, free of charge, as long as the bylines are included. A courtesy copy of your publication would be appreciated.

Feline owners who are renters can face challenges every time they move from one rental to another. Their cat may have the best cat litter box habits in the world, but if the new apartment has cat urine damage from the previous tenant, the cycle could be repeated. If your kitty smells the cat urine from the previous pet, she may take this as permission to use that spot for her cat litter box needs.

There are things that you, the feline owner and renter can do to prevent this. Not only do you help keep your cat honest in her litter box habits, but this also saves the rental residence from further damage.

When applying for the new rental property, ask the property manager or landlord about previous tenants' pets. If she indicates the apartment has sheltered cats, ask if the departing resident properly cleaned the place to eliminate any cat urine odors. If the landlord says no, or isn't certain, ask if you can go into the apartment for a quick look.

If you gain access, use the best piece of equipment you have: your nose. Stand still inside the door, and sniff carefully. If it smells cat urine-free, move through the rest of the apartment and repeat at intervals. If you smell anything remotely like cat urine odor, look around to see if you can find the source. If you can, great - let the landlord know. If you can't see it, but you do smell it, tell the property manager it needs further investigating before you move in.

Explain to the rental manager what problems could be set in motion if the cat urine odor is not completely removed. She needs to understand that this could be a perpetual cycle, but if she gets the cat urine odor out now, it prevents damage to the apartment and saves the property management company money.

If the landlord doesn't offer to do cleaning, see if you can negotiate a reduction in the rent deposit by offering to do the proper cleaning job yourself prior to moving in. This is a win-win situation, and many landlords may take you up on this. This way, you're ensured of having a clean residence that is cat urine odor-free. And, your kitty will continue her good cat litter box habits!

If you can't gain access to the apartment before moving in to do the cleaning, it's not too late to clean once your possessions are in. If you have an understanding friend or family members, ask them if they would board your kitty for a day or two until you can eradicate the cat urine odor yourself. If necessary, board your kitty at your local vet's office.

Then, grab your enzyme cleaner, a blacklight (to locate the cat urine spots), rags, and towels, and get to work.

Find all the spots and clean them thoroughly with your favorite enzyme cleaner. Repeat as necessary.

Welcome your kitty to her new home by setting up her food, water, clean cat litter box, and toys in a room of her own. Let her get accustomed to being in the new place by transitioning her from one residence to the next.

Supervise her movements throughout the new apartment, and make sure she knows exactly where her cat litter box is located.

By accomplishing this, you are breaking a destructive cycle of pet soiling in rental property. Your cat continues to use her cat litter box because she doesn't detect another cat's urine, and the property manager has just been handed a gift from you that will save her money from cat urine damage.

About the Author
The Cat Urine Odor Advisor helps you save money and stop the damage in your household by offering solutions that work together to eliminate cat urine odor from your home.

http://www.cat-urine-odor-advisor.com

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http://quikonnex.com/channel/view/caturineodoradvisor

Renters Have Much to Gain by Pursuing Home Ownership by Mical Johnson

2005-09-22T01:33:00.000-07:00

Buying a home vs. renting is a big decision that takes careful consideration, as most mortgage consultants will agree. But the rewards of home ownership are great. For many years, purchasing real estate has been considered an extremely profitable investment. It is an achievement that offers a sense of pride, financial stability and potential tax advantages.

Yes, there are certain responsibilities associated with owning a home. Landlords will often argue the benefits of renting, and for obvious reason. If you are renting, you're helping them make their mortgage payment.

The numbers are staggering if you look at it this way. If you are paying $1,000 per month for an apartment, and you know your rent will increase 5% every year, then over the next five years you will pay your landlord $66,309. If you are currently renting a house, you may be paying much more than that each month. Either way, you gain no equity by shelling out this monthly housing expense and you certainly won't benefit when the property value goes up!

However, if you were to purchase your own home or condominium, you would be well on your way toward building equity within that same five-year period. By choosing a fixed-rate loan program, you can have the comfort of knowing that your monthly mortgage payment will never go up. In fact, you would have the option of refinancing to a lower interest rate at some point in the future should interest rates drop, and this would cause your monthly mortgage commitment to go down.

In addition to building equity, there are tax advantages that come into play with home ownership. Depending on your tax bracket, owning a home is often less expensive than renting after taxes. Interest payments on a mortgage below $1 million are tax-deductible, and your mortgage consultant should help you evaluate the tax advantages of various loan scenarios, and share this information with your tax consultant to glean feedback on your behalf.

To find the loan program that is right for you, your mortgage consultant will need to evaluate your monthly household income, current assets and savings, as well as any monthly obligations you may have for credit card payments, car payments, child support, etc. These prequalification factors, along with the report of your credit score, will determine how much house you can afford and what interest rate you will pay for financing. It is also important to let your mortgage consultant know what your future goals are, because this will help narrow down which loan option is the best fit for your long-term needs. There are many different types of loan programs available, including "low" and "no" down payment mortgage programs. These types of programs require the borrower to provide less than 3 percent of the loan amount as down payment. FHA lenders rule that the mortgage payment, including principal, interest, taxes and insurance (PITI) should not exceed 31 percent of your gross income, and the PITI plus other long-term debt (car payments, etc.) should not exceed 43 percent of your gross income.

Housing is an expense that takes a big bite out of the monthly budget. If you are a renter and feel that "home" is more than just someplace to hang your hat, think about the advantages of purchasing real estate. It may be time to take the step into building your personal net worth as a home owner.

About the Author
Mical Johnson is affiliated with Rock Financial, Inc., a Licensed Correspondent Mortgage Lender, Florida Department of Finance. Mr. Johnson hosts Home Buyer's Seminars which are open to the public each month in the TampaBay area in Florida. To obtain a free copy of Mr. Johnson's Home Buyer Handbook contact him at www.TampaMortgageGuy.com He is also a contributing author at www.Debt-Free-Personal-Finance.com

Real Estate Investors - Remember The Impound Cash by Mark Walters

2005-09-22T01:30:00.000-07:00

Those new to real estate investing often fail to take action because they don't have much cash. The truth is that the very best investors got their start when they had little or no money.

When you start at the bottom you have to work harder and smarter. You have to make every penny count... and in doing so you learn how to put together the most profitable deals.

Right now one of the very best ways for newbies to get started is to buy property buy taking over the payments of an existing loan. It's called buying "subject to".

You generate income to make the mortgage payments by quickly leasing the property. Lease payments pay make the mortgage payments.

Here's something most investors overlook when buying "sub to" and why they lose around $1,000 each time they do a deal. We often buy properties "subject to" the underlying mortgage. That simply means we give the motivated seller a little money (if he is really motivated no cash is needed) and take over the payments of the loan that's already in place.

We have title, but the seller's name stays on the mortgage loan.

This a popular way of buying property from motivated sellers. It allows the investor to buy many properties with very little cash. It also places a severe responsibility on the investor to stay current with the mortgage payments. You must be a good landlord and some the rent payments rolling in.

Here's where most investors fail to pick up that one thousand dollar that is just waiting to be claimed.

When the investor sells that property they often are not aware that they can get a check from the original lender for the cash that has accumulated in the loan's impound account.

That is the money collected monthly by the lender to pay the taxes and insurance. It often adds up to around a grand or more and it's easy to get if you know what you're doing.

When you buy a property "subject to" the underlying mortgage, always get all the owners of the property to sign a Limited Power of Attorney giving you control of anything having to do with the house in the future. That way you don't need their cooperation later, when they've left the area and can't found.

Finally, after you've held the property while it appreciated in value, you are ready to sell and cash out.

When you have found a buyer and you are arranging the close, send the lender a request that any balance in the impound account be sent to you or your company. Always send along copies of the Powers of Attorney so the lender knows you have the authority to make the request.

Sometimes they will honor your request and sometimes they won't.

More importantly, instruct the escrow officer or attorney handling the closing of your sale to ask for the impounds. They will give the pay off instructions to the lender and the lender usually will follow those instructions without question.

On a recent deal we received a check from a lender for the impounds in the amount of $1,357.00. Yeah!.. Happy dance!

Was there a catch? The check from the lender for the impound funds was made payable to the two original sellers whose names were on the loan. It looked like this...

Pay To The Order Of: John J. Seller, Paris W. Seller c/o The Author's Investment Corp.

Was that trouble? No! Remember we had a separate Power of Attorney for each of these individuals. We took the check and the POAs to our bank. We explained the situation and here's what the bank officer had us do...

On the back of the check, we signed the name of each seller. After those signatures we wrote:

By_________________ (and signed our own name).

Then we signed our company name and again (By______) and then we signed our own name and position in the company.

That was it! An easy way to pocket $1,357.00 that too many investors leave on the table.

Now YOU will never walk away from that extra thousand or so dollars!

If you would like to learn more about buying "subject to" look here...

http://digbig.com/4cgpb

About the Author
About The Author: Mark Walters is an investor and author. You can find his published material at http://www.CashFlowInstitute.com http://cfiblog.blogspot.com/

To Buy or Not to Buy by Madan "Raja" Ahluwalia

2005-09-22T01:29:00.001-07:00

Purchasing a home is a major emotional and financial decision. Often times, people want to buy a home; however, emotionally cannot afford to commit to the home-buying process. They are, in fact, afraid. "My payment will be too high" or "What if I lose my job," are some of the "excuses" which I often hear. People do not realize that they are able to meet all the commitments over their life span.

In any event, when everything is said and done, here are some of the major advantages of buying a home:

1. Quality of Life. Home-buying and living in your home affects the quality of life. It adds to your confidence, giving you a sense of pride and satisfaction. You have a sense of emotional well-being as well as peace of mind.

2. Tax Deductibility of Mortgage Interest. The entire mortgage interest payment is tax-deductible and the "net" cost of the mortgage payment actually puts money in your pocket.

3. Tax Deductibility of Property Taxes. Similarly, the property taxes are due and payable twice a year and may seem like a lot of waste of money. Typically, property taxes are $1.10/$1,000 of your purchase price. However, the property taxes are also tax deductible and you get it back in the form of tax savings.

4. Appreciation Potential. Typically and historically, nationwide property values have gone up in value at 7% per year. In California and some other states, properties have, in certain good economic times, appreciated at the rate of over 20% per year. At 7% conservative rate, the property doubles up in value in 10 years. So, a property worth $500,000 will be worth $1,000,000, equaling a gain of $50,000 on a yearly basis. For an average person, it is difficult to save that kind of money.

5. Deferred Capital Gain Treatment. Real estate investment capital gains can be deferred by exchanging the property for like-kind property. So, when the property appreciates and you decide to sell it and do no want to pay the capital gains tax, you can buy another property of like-kind and avoid capital gains tax. This allows you to switch properties when required, for example, an area might be facing downturn or you might be moving, etc.

6. Once in a Lifetime Exclusion. Upon the sale of a personal residence, the IRS allows an exemption and one does not have to pay taxes on a gain of $250,000, if single and up to a gain of $500,000, if married. For example, if you're single and buy a property and live there for five years and the property appreciates by $250,000, you can sell the property and not pay any taxes at all.

7. Principal Accumulation. This is strongly tied to appreciation in the property value. Payments made toward the mortgage payment help you accumulate principal which essentially helps you establish a reserve savings account which you can later tap into by obtaining an equity line of credit or getting an equity loan, if needed.

8. Pride in Your Home. It is fun to invite people to "your" home and feel good about it. It also instills confidence in your family, your children and makes them more confident individuals.

9. No Landlord. You are in-charge and do not have to deal with a landlord who might not make repairs or maintain the property as you would like.

10. Leverage. Where else can you buy this size of an investment with 0-5-10% down. You can buy a property for a personal residence for as low as zero down or an investment property with 5-10% down, if your credit is good, and watch the investment grow. This, in turn, allows the net investment return to be much higher (than the actual appreciation rate on the value of the property). To follow up on the example earlier, if the property grows at 7% and doubles in value, since the amount invested in buying the property might be only $50,000 (at 10% down payment), the actual return is much higher on $50,000 investment.

11. The Real Cost of Renting! At $700 per month, with a 6% rental increase per year, you will pay $110,719 over a 10 year period. If the rent is higher, you can count on paying much more and not getting any return or tax benefits at all.

About the Author
Madan "Raja" Ahluwalia is an Attorney at Law and Realtor. Raja possesses a thorough understanding of the real estate market and trends, based on years of involvement in real estate, both for his clients and for his own investment purposes. Contact Raja via e-mail at raja@kw.com and at 650.430.4023.

How to make money from Buy To Let in a property crash by Peter Parsons

2005-09-22T01:29:00.000-07:00

Over the last few years, most investors who have tried 'buy to let' (buying additional properties in order to rent them out) have profited spectacularly as the property market in most of the world boomed like never before. Historically unprecedented property prices in the USA, UK, Australia and most of Europe have made the concept of becoming a landlord look like an easy route to riches.

Of course, there really isn't any 'free lunch', and the situation now, as property markets start to crumble around the globe, isn't looking quite so good for amateur property speculators. Historically, booms of this magnitude are followed rather predictably by equally large crashes, and the smart property landlords evacuated the market over a year ago, selling at the peak to amateurs lured in by the prospect of easy money. These amateurs have typically paid way over the odds for their rental investments, and are in many cases having to subsidize their tenants (i.e. the rent doesn't cover the interest-only payments on the mortgage!). They did this on the promise that future property price appreciation would justify the monthly losses they make by subsidizing the tenant (Ed's note - a pro landlord would NEVER subsidize a tenant in ANY circumstance - yield is everything).

So what's a newbie Landlord to do? Paid too much for a property, tenant's rent not even covering the interest on the mortgage and property prices likely to slip a dismal 30% or so over the next 5 years... is it harakiri time? No! There IS a way out, a way so obvious you have probably overlooked it.

Sell the property. Simple, huh? In theory yes, but not in practice. Right now, NOTHING is selling. Solution? DROP THE PRICE. You may have to take a 15% or 20% loss on the property now in order to get rid of it. Why on earth would you do this, I hear you ask, after all, aren't you in it for the long term? of course you are. But you must also treat it as a business, so let's look at the business case for the justification.

The property market has begun the downswing. Like an ocean going tanker, the market is slow to change direction, but when it does, it's going the opposite way, and for some time. The market ALWAYS punishes 'irrational exuberance' - that's almost a definition of a market. It could be anywhere between 3 and 5 years before this downswing bottoms out, and over that time, a 30% correction is probably the 'best-case' fall one can expect (this would take prices back to the long term mean. In reality they may even undershoot and fall further). After that, it may be another 3 to 5 years before prices once more claw their way back up to the highs of 2004.

Now let's be optimistic, let's hope it takes only 3 years down, and 3 years back up. Over that 6 years, you will be subsidizing your tenant each and every month, will be responsible for repairs, taxes, finding new occupiers, and all the hassle that a person would normally expect to get paid for. And you will be doing it for nothing. Nada. Zilch. If you are subsidizing your tenant to the tune of 20% or so (a common figure at present according to industry figures) this means you will effectively have lost about 9% of your investment anyway as the 6 years unfold in all their predictability. Add on the lost opportunity cost of using your money more effective over the 6 years, and you can realistically double that figure BEORE you look at all the hassle and heartache of being a landlord. In other words, pretty much the same cost to you as selling now at what looks like a bad loss.

The alternative? You are free to get on with life, and try to find some other way to make money. Additionally, if you manage to sell now, even at a 20% loss, it will probably fall at least another 10%. This means that you can buy again in 3 years time at the lowest point of the crash, and recover your losses in the 3 years that would follow, making a healthy 10% or so whereas as things stand you will only be clawing back to break-even by 2011. And the icing? Buying at the low in 3 years time means a smaller mortgage, which means lower interest payments, which means a respectable yield!. The calculations are quite complicated, but put simply, taking your medicine now in the form a of a 20% hit could mean that in 6 years time you are up perhaps 40%. The choice of course, is yours. And even if you decide to hang on for grim life, there is always a chance that you might make it out the other side with a small profit some time in the next 10 years or so. Best of luck, Landlords!

About the Author
Peter Parsons writes property articles for www.mortgagedown.com , the place to get advice on how to reduce your mortgage

Nobody Loves A Landlord by Mark Walters

2005-09-22T01:27:00.000-07:00

The typical landlord starts off life as a light hearted real estate investor. The investor is brimming with enthusiasm and is determined to acquire some single family homes that will be attractive to renters... and start down the road to financial independence.

Then... Wham! Reality smacks them right in the face! The investor-landlord is fair game for almost everyone.

Why? Because nobody loves a landlord.

It's bad enough that many renters don't quite understand that without their monthly rent payments the landlord can't make the mortgage payments on the property.

A few renters are surprised to learn that the family room of a rental home was just not designed as the place to rebuild motorcycles.

Nobody loves a landlord.

And then... how many legal hoops must the landlord jump through? In most states tenant/landlord law favors the tenant in many ways

For example:

A tenant signs a one year lease. Six months later the tenant breaks the lease and moves. Now the law demands that the landlord find a new tenant for that unit as quickly as possible.

Yes, the tenant only has to pay rent until the new tenant is found... but the burden falls on the landlord. Why shouldn't the tenant... the one who broke a contractual promise have to find the replacement tenant?

Why? Because nobody loves a landlord!

Here's the first paragraph of a story in my morning newspaper

"A huge marijuana garden of 212 plants nurtured by an intricate irrigation and lighting system worth ten of thousands of dollars was uncovered inside a West Valley rental house Saturday."

The house was vacant except for the cash crop and I can't help but wonder if the growers were getting government farm subsidy payments?

The home has an out-of-state owner. Some poor investor who thought he would cash in on the fast-rising Arizona home values.

Here's the kicker. That investor could be held responsible, because he did not properly supervise the use of the property! Many areas have such laws.

Why? Because nobody loves a landlord!

This should be a reminder to all of us that a rental house or unit is not a set-it-and-forget-it investment. Every good lease or rental agreement has an inspection clause that allows the landlord or his representative to periodically enter and take a look at the condition of the premises.

Are you doing that? You should be, because...

Nobody loves a landlord!

About the Author
About The Author: Mark Walters is a third generation real estate investor who shares his experience from his Web pages: http://www.lease-option-sub2.com http://www.CashFlowInstitute.com

Investment Property Part I: How Not to Become a Slumlord by Cameron Brown

2005-09-22T01:26:00.000-07:00

Welcome to the first part of a two part series about getting into the investment property business.

After riding the ups and downs of the stock market roller coaster for a while, an increasing number of investors are looking into property investment as a more stable alternative. With hot markets in many parts of the United States, the time may be ripe for you to get into this potentially lucrative trade. I would suggest, however, that you keep reading before you jump on the first property you find. You just might find something in this article that will keep you from breaking the bank and your back.

The hope of any investor is to build long-term wealth; this is a fairly straightforward principle and probably the reason you're reading this article. There are however, some rules to play by in the property investment game if you don't want to end up taking a shotgun with you every time rent needs to be collected. I'm talking about how to avoid becoming a 'slumlord'.

In order to best relate the rules of being a successful landlord, let me share a story experienced by some extended family members. It's a great example of what NOT to do if you want to get the most out of your investment property. After the story we'll see what rules and lessons we can learn. Names have been changed to protect the identity of the innocent.

Ben bought a beater single-family investment property in a very bad area and he his two sons, Josh and Nathan, all got busy. They put in hardwood floors-don't want to have to replace carpet every time you have turn over, right? And then they thought they'd use really good paint-don't want have to repaint every time, right? And then they decided to splurge on good cabinetry and bathroom fixtures-a happy renter is a good renter, right? And to top it off, they put in nice towels on nice racks that said, "We are Family." Renters would appreciate that, right?

Right.

The first family to move in removed the bedroom and cupboard doors for firewood, tore out the nice bathroom fixtures and sold them at the swap meet, and fired small caliber rounds through the new hardwood floors. Ben discovered this when he received a call that the roof was leaking and he should, "Get your *** down here and fix it!" He patiently tried to explain that roofs do that when you pull shingles for kindling. Other wonderful visits ensued, prompted by similar calls.

It only took eight months to get them out of the house; turns out that tenant rights as outlined by the county enumerate more rights than the rest of us enjoy collectively. As the family moved out he noticed that mom and the two older boys all sported matching shirts stitched with "We are Family." The rest carried various pieces of the house.

Ben, Josh, and Nathan began to rebuild the house, finding all sorts of interesting changes to its structure. Nothing really serious other than a supporting beam was chain-sawed out (apparently more firewood), tile pried up in one bathroom-no clear reason why, gang signs scratched into all the glass and mirrors that weren't broken and other little surprises.

While helping restring some crawl space electrical wire-later found strung in the closet for hangers-Josh found a rusted out .32 caliber handgun. Somehow the tenants had managed to pry bricks out of the chimney, which Ben needed to replace in order to meet code. Apparently someone had driven an M1A1 Abrams up the driveway; there was no other way to explain the huge cracks in a driveway that had remained perfect for 20 years.

What can we learn from this horrific, yet unfortunately true story?

Rule #1

Location, Location, Location. Ok, so this might seem a little cliché, but it's a fact that the location of your investment property will determine the kinds of tenants you will attract, and how much rent you can fairly charge. Remember, at some point in time in the future it may become necessary for you and your family to live there; what kind of neighborhood do you want to be in?

Rule #2

Don't go overboard when you're fixing up an investment property. You ought to expect reasonable wear and tear. Keep in mind that 'reasonable wear and tear' means something entirely different to a person whose renting than it does to an owner. And for goodness sake forget the, "We are Family" hand towels!

Rule #3

Know how to make basic repairs. Luckily for Ben and sons they had quite a bit of experience in various construction trades. Otherwise they may have lost even more money than they did through hiring out help. Knowing how to fix electrical wiring, repair drains, and replace windows will save you quite a bit of money down the road.

Rule #4

Screen your tenants as if they were moving in to live with you. This may be the most important step to avoid becoming a slumlord. Ask for and check references. Call previous landlords and ask questions like, "Did they pay rent on time? How was the condition of the house/apartment when they left? Did they ever disturb neighbors with loud music or yelling matches? How often would you have to make special trips for untimely repairs?" Being as informed as possible about who you rent to will make a huge difference in the profitability of your investment property.

Rule #5

Know your rights as a landlord. Be familiar with the eviction process in order to avoid long, drawn out disputes with tenants. Most states and counties provide online information about tenant and landlord rights.

Don't repeat the mistakes made by Ben and his sons. Granted, getting into the investment property business takes hard work and you'll have to put up with things you normally wouldn't put up with. At the same time there are steps you can take to limit your liability while preventing yourself from becoming a 'slumlord'.

In the next portion of this two-part article we will be discussing some of the financial aspects you should be familiar with in order to find the best deal possible on your first investment property.

About the Author
Cameron Brown is an internet marketer specializing in ranking automation . For information on Investment Property, visit Security National Capital.

Investment Property Part 2 of 2: What You Need to Know Before You Buy by Cameron Brown

2005-09-22T01:24:00.000-07:00

Investment Property Part 2 of 2: What You Need to Know Before You Buy

Welcome to the second portion of a two-part series on investment property. In the first installment, "How Not to Become a Slumlord", we discussed a little of what it takes to own and operate a property as well as some of the do's and don'ts of the property management trade. In this second segment, we will be discussing some pre-investment principles that will help you maximize your ROI.

There are three basic principles of investment property that you should know before you buy an investment property in order to avoid overpaying:

Time
How long do you plan on owning the investment property? As with stocks and bonds, the value of your investment may change significantly during the time you own it. While most real estate will appreciate in value over time, there are frequent fluctuations in the short-term market. If you plan on selling your investment property after less than five years, be prepared to accept the investment risk inherent in a shorter time horizon. This is especially true if you bought your property in an overheated real estate market. If this is the case, you could find yourself losing money if the market has taken a temporary downturn, especially if you've had to make major repairs to the property.

If you plan on owning the property for the next twenty to twenty-five years, it's almost certain that your investment property will appreciate in value. There's also a good chance, however, that you'll have to make major repairs like replacing the roof, wiring system, or major appliances like a water heater or refrigerator. Of course, these repairs will be offset by the fact that you've had/will have twenty plus years to recoup the cost. If on the other hand, you're only planning on owning an investment property for the next five years, buying a "fixer up'er" can eat up all the profits you would have made during your shorter investment horizon.

Networking
If you want the best deal possible on an investment property, than there are some people you'll want to be friends with. City hall clerks and bank employees may know what properties will be available on foreclosure and when they will go on the market. Real estate agents usually know everything real estate related within their respective territory. Some prospective landlords even run ads in local newspapers.

Many individuals interested in entering the investment property market may even join local landlord or investment property owners organizations. These types of organizations hold regular meetings where you can get the inside scoop on what's for sale in your area. The National Real Estate Investors Association is an online organization that provides a wealth of information and resources to potential investment property owners.

Financial Preparation
Get your finances in order. The less debt you have when you walk into your local lending institution, the better loan you'll get. This is common sense, but it's even more true for those seeking financing for an investment property. This is because lenders know that people are much more likely to default on a rental property than on their own homes. This means that the bank will demand a larger down payment and higher interest rates that you may have expected. It's also a good idea to have some extra cash left over to make unforeseen repairs should they arise.

By wisely choosing an investment property time horizon, making contacts in the investment property community, and preparing proper financial means, your investment may become a significant means of supplementing retirement and other savings accounts.

About the Author

Cameron Brown is an internet marketer specializing in ranking automation. For information on Investment Property, visit Security National Capital.

Property Management: The Good, the Bad, and the Ugly by Elaine VonCannon

2005-09-22T01:22:00.000-07:00

Property Management: The Good, the Bad, and the Ugly

Being a landlord is not all it's cracked up to be. Think carefully of all the responsibilities that follow the purchase of an investment property for rental use. Screen your clients, run credit checks and, if you are both landlord and owner of the property, learn to deal with problems objectively, fairly and legally. Many clients will try to talk their way out of serious issues like late rent payments. Some will even present a dramatic sob story - be sure to stand firm and take care of your property the best way you know how. Any renter can and should be held accountable for rent they have agreed to pay. Tenants can be like children and will give you gray hairs. You may have to start coloring twice a month!

Make Sure You Have Time For DIY

Do-it-yourself (DIY) property management can be difficult if you have a career and a family. The responsibility of the landlord position can be incredibly time consuming. As the owner or manager of the property you will receive all tenant phone calls to report items that need to be fixed or complaints that need to be mentioned. Tenants can be very high maintenance. Be prepared for them to call often and for minor reasons. Also, take the time to complete quarterly checks every three months. Especially if you are a DIY property manager/owner, keeping an eye on the condition of the property is essential to maintaining your investment.

Ask Questions And Read The Fine Print

To find a property manager you must know what questions to ask. Write a list of the reasons you want to hire a property manager and be clear about what you will expect from the person or business that represents you. When you hire a property manager read the property management agreement thoroughly. Many property management agreements renew annually, unless you cancel the agreement sixty days in advance. Most property managers continue their management while tenants they have procured are still living on the property. The management agreement will hold in place until the tenant vacates regardless, of your desire to terminate the current relationship. Always, be fully aware of what kind of commitment you are making in these agreements.

Don't Let Management Companies Take Advantage Of You

If you decide to work with a property management company educate yourself about possible hidden fees that may be added to take advantage of less knowledgeable property owners. Extra fees like charges for acquiring work or cleaning estimates, procurement fees for finding new tenants and commission fees added to tenant sales are just a few examples of things to look for. Commission charges that are added to tenant sales are negotiable within the property management agreement. These types of concealed charges are typical in agreements created by larger companies that have a property management division. In general, the cost to hire a property management company should be a percentage of the monthly rent.

Tips To make Your Property Management Search More Successful

Always research and read your property management agreement from beginning to end. Don't sign anything until you feel comfortable. Take all the time you need to make a decision. Research and compare property managers. Ask them about their marketing strategy for the property. Find out how long the manager has been licensed and how many properties they have worked with. Ask for and contact references. The best property managers are found by referral through a trusted friend or business colleague.

Living By Example

As a property manager I try to exemplify the highest qualities in the business. I charge a percentage of the rent for my fee and promise not to add any hidden fees or undisclosed costs. I also require all potential tenants to allow me to do a credit check. I work to create the best situation for everyone involved. Since many rental properties eventually go up for sale, you are always building relationships with tenants who may be potential buyers. It is worth it to be smart, fair and reasonable in your property dealings.

About the Author
Elaine VonCannon is a REALTOR with RE/Max Capital in Williamsburg, Virginia, and she specializes in retirement and relocation in the Williamsburg area. She is an Accredited Buyer's Representative as well as a Senior Real Estate Specialist. Elaine VonCannon also works with real estate investors and home sellers.

How To Become A Savvy Real Estate Investor by Jamie Madison

2005-09-19T21:44:00.000-07:00

If you've turned on the television lately, at some point you'll hear the experts praising the virtues of diversification. Real estate has long been considered a conservative, long-term strategy to growing wealth. While some seasoned real estate investors make it look easy, to be successful, beginners should follow some basic principles.

Learn all you can. Consider attending a seminar or talking with individuals who are experienced in real estate investing. Look for people in your area or search for investor information on your favorite search engine.

Before committing your cash, you should have a fundamental understanding of real estate. For example, be aware that, in general, investment properties are not liquid investments. Barring exceptional circumstances, real estate does not sell at a moment's notice. It could take days or months to sell a property, depending on the strength of your local market conditions.

Consider your financial goals. It is possible to make a lot of money. However, you need to determine how hard you are going to work to do it, and how long you intend to keep each property. With each investment unit, you'll need to take into account cash flow, appreciation, equity, and depreciation. Talk with your accountant about tax liabilities and benefits.

Consider cash flow. You'll need to have enough capital on hand to cover any short-term losses due to vacancies between tenants, repairs, property management, taxes, mortgage, etc.

Start small. Look into buying a single family home or a duplex. Leave large apartment buildings and commercial properties to the professionals.

Inquire at your local Chamber of Commerce about companies relocating into or out of the area. Company movement is one indicator of demand for rental and/or office space.

Find a property that will be in demand when you are ready to resell. Look for a moderately priced home on a quiet street with three or four bedrooms, two bathrooms, and a garage.

Research the property. The most common way first-time investors lose is by failing to investigate a property thoroughly. Look beyond the front door. Investigate the reputation of the school district, the crime rate, and plans for expanding a nearby highway or developing vacant land. Check out Ask a local real estate professional about the area, its history, and how fast (or slowly) properties are moving. Find out the tenant demand in that market.

Inspect the home you're considering for signs of water damage, such as stains on the ceiling and crinkling or gathering wallpaper; open and close every door and window; and check all electrical sockets by plugging in an appliance. Get an independent home inspection, roof inspection and termite inspection. Unexpected repair costs can eat away resale profit. Because even the best inspection can't always predict problems, try to set aside some of the rental income for unexpected repairs.

Spend time driving the streets of the community noting the condition of other properties. Are lawns maintained? Are roofs in good shape? Are homes kept up?

Be ready to make fixes quickly and respond to the renter's needs. If you're not prepared to be a hands-on landlord, consider hiring a property management firm.

Find a real estate professional who has experience in investment properties in your market. They can pass on valuable information about rental prices in your market and the sale prices of other rental properties in the community.

Remember, investing in a property is much different than living in one, and while emotion and attachment can be prime motivators when it comes to homes, it is return on investment that counts when investing in real estate.

About the Author
Jamie Madison is a former Realtor® who provides valuable advice for prospective homeowners. Get insider information when searching for a new home or applying online for mortgage loans. Claim your *FREE* Report - "99 Home-Buying Tips" at http://www.freehomebuyingresources.com

Easy ways to get Loans, Leases and Mortgages by ReliefLoans.com

2005-09-19T21:43:00.000-07:00

There's an old saying "a bank won't lend you money if you really need it," and it's really almost completely true. Banks prefer to lend money or extend credit to people who already have lots of money, and carry the top credit cards. If you've got bread, no problem for you. But if you haven't, what do you do? Well, the main idea is to look as if you're loaded, to appear as if you have it, and that's often almost as good as having it.

Don't admit you're desperate, even if you are! Look like you couldn't care less whether they'll lend you the money, like you haven't got a care in the world. Dress really well, in your most impressive clothes, when you go to the bank. Allow plenty of time, so you don't have to rush in at the last minute, but can afford to saunter in, as if you're doing them a favor just considering borrowing money from their lousy institution. If it's a country bank, where you can be seen as approach the bank, drive up and park, be sure to arrive in a good car, squeaky-clean and highly-polished, even if you have to borrow your Aunt Martha's Cadillac just for the day.

Arrive primed with all the information the bank wants to know in order to approve a loan (lease or mortgage) for you. If you know that you've got some points in your history over the last five years that will hurt your application (such as not long enough in your present job, not long enough in your present residence, inadequate salary, etc.) try to figure out how you can improve those areas before you go to see the loan officer (to find out what questions may give you trouble, try and get a blank form ahead of time...even from another bank, if you don't want to let your bank know what you're considering).

If you've only been a few months on the job, but your company small and closely-knit, see if you can get the boss to agree to a little white lie, such as that you've been employed for two years. If you've only lived where you are now for a month, see if your mother's willing to have you list her address and telephone as the address where you've been living for the last three years.

If your salary's not high enough, but you get paid overtime quite regularly, see if your company bookkeeper will allow you to list your salary at what it averages out to, including the overtime.

If you've got an unexplained break in your job history, where you were actually out of work, don't list it that way--say you were working for yourself running a small business from your home (give it an impressive-sounding name, and list your best friend's name, address and phone number if they want to check with your employer at that time).

In short, to get credit it isn't so important to have financial stability as it is to appear to have it. Follow this rule, and getting credit should be easy.

Here are a few tips that may be of great help to you, it they fit your situation.

*If you're getting a lease, normally only a landlord is involved, and most landlords who want to rent our their property will go along with you, even if your credit rating's not so hot, providing you look O.K., speak in a decent and reasonable manner with them, and have at least the first month's rent and the security deposit.

*If a bank won't give you a loan, don't despair! Their standards for credit are very fussy. But commercial finance companies aren't so particular. They charge more interest, but they may come through with the loan.

*If the finance company won't help you, there's always the last resort, your friendly pawnbroker. He'll loan cash on watches, jewelry, furs, musical instruments, guns and everything else of value, Doesn't matter what your credit rating is!

*If you want a loan to start a new business, or increase the capitalization of an existing one, and the bank doesn't want to do it, try one of the companies that offer to lend venture capital for just these purposes. You can get a good list of a large number of these companies in this book: Venture Capital, The Source-book of Small Business Financing, edited by Leroy W. Sinclair, published by Technimetrics, Inc., 919 Third Avenue, New York, NY 10022.

Mortages-the ins and outs

Let's say you've decided it's time you got more space for your family. You don't have a lot of cash saved up, and you don't know your way around the housing market and complicated mortgage terms. What to do?

You're probably already friendly with a banker who knows you from your previous loans. Start with him. Ask him questions. Get his best guess about the amount of money you would have to put down as a down payment on a conventional mortgage. If you can't meet that, you may be willing to put up with some red tape and get an FHA or VA mortgage if you qualify-lower down payments, lower closing costs (which have to be all cash, and can run over $1,000!), and a longer time to pay the loan off (30 years, compared with 15 or 20, or sometimes 25 years, on a conventional mortgage). For more information on these Government-guaranteed mortgages, write to:

Further Reading

FHA Mortgages: Federal Housing Administration, Department of Housing and Urban Development, 451 7th Street S.W., Washington, D.C. 20410. VA Mortgages: Veterans Administration, Washington, D.C. 20420 (or your local VA Office).

When Faster is better

If you've just seen your dream house, and three other couples are also trying to buy it, you may want to get the fastest possible mortgage. But don't rush! You can make a bid for the house even if all you have is the down payment, for then you have generally 60 to 90 days before the closing date in which to come up with the rest. (If you can't get a mortgage anywhere, you still get your down payment back, so you have nothing to lose!)

Most people get their mortgages from banks, which we'll tell you about too, but don't overlook another, faster possibility-the real estate broker himself! Brokers often have friendly bankers or other mortgage lenders lined up just waiting for them to find buyers of the properties the brokers are selling. It's easier for a broker to close a sale if he can help you, the potential borrower, get the mortgage you need. So he'll help you.

Aside from broker-arranged mortgages, "conventional" mortgages, (i.e., not backed by the Government: are usually the fastest kind to get. These are available from both commercial and savings banks and from savings and loan associations. Try the savings and loan associations first-savings institutions usually require lower down payments than commercial banks, for example, 20% down at an S&L, compared with 25%-40% down at a commercial bank. The rule of thumb for the amount of money that banks will lend toward a mortgage is usually the capital amount that would result in monthly payments which will not exceed about 25-30% of your before-tax income. If you're trying to buy a house that's too expensive for you, the bank will know that, by using their rule of thumb for what they will think you can afford: one month's housing costs (principal, interest, real estate taxes, and insurance) should not be more than one week's salary (after you deduct any other debt payments from your weekly salary figure). Know what the figures look like before you walk in asking for a mortgage-if you look like you know what you're doing, the bankers will be much more cooperative, and maybe stretch their requirements, especially if they know you as a person who has been a responsible borrower of theirs before!

Further "points" about mortgages

Sellers sometimes help out potential housebuyers, even when the mortgage is financed by a bank. This can occur in two ways, first, if the mortgage lender (bank, S&L, other) adds "points" to the cost of the mortgage. Technically, these points are percentage points that the lender charges the seller, to make the interest rate higher. (Most States have usury laws, which make it illegal for mortgage and other interest rates to go above a certain level, like 81/2%. If interest rates in unregulated areas are higher, the bank is going to get that higher rate one way or another!). So the lender deducts, for example, five points or five percent from the amount he is really willing to lend to the borrower. Either the seller has to take a lower price for his property than he expected, or the buyer has to pay 5% more than he expected. Depending on how anxious the seller is to sell, and how many buyers there are for his property, he may take the lower price (pay the points himself) or split the cost with the person who wants to buy his house, or else insist that the buyer pay the points all by himself.

In numbers, points work like this: 5 points charged on a $20,000 mortgage means that the lender is not really going to lend $20,000, but only 95% or $19,000. Since the seller wants $20,000 (in addition to the down payment) as his price, the buyer must pay the extra $1,000, which is about the same as adding an extra 1/2% to the rate of interest he is paying.

More help from the seller!

Sometimes sellers are anxious to sell their houses, but find it difficult to do so-either the banks aren't making many mortgages at that time, or the seller's price is too high, or the neighborhood is "transitional" and potential buyers are reluctant to invest. So the seller may offer a mortgage of his own to a buyer! This can be either a first or a second mortgage, (the second is in addition to and subordinate to the first that you got from the bank) especially if the bank won't lend you what you need. If your dream house costs $40,000, with a $10,000 down payment, but the bank will only lend you $20,000 to put with your ready $5,000 cash, don't despair. The seller might be willing to give you a so-called "Purchase Money" mortgage (money with which to purchase his house) for the missing $15,000, to be paid back to him over the next ten years in monthly installments. (Sellers sometimes like to do this as a way of getting an annuity, or annual income, for themselves or to reduce the taxes they would have to pay if they received all the cash in one year.) Real estate brokers won't always tell you about this angle, so you may have to do the footwork yourself, following up the ads that list owner or principal, not broker. But it could pay off!

About the Author
For a wide range of personal finance articles, loans, credit cards, and debt reduction resources, visit http://www.ReliefLoans.com.

Ten Steps to Avoid Mold Problems and Lawsuits in the Rental of Residential and Commercial Real Estate by Phillip Fry

2005-09-19T21:39:00.000-07:00

Real estate residential and commercial landlords, tenants, and rental agents in the USA, Canada, and worldwide should take ten steps to avoid mold problems and lawsuits in the rental of real estate properties, according to Phillip Fry, Certified Mold Inspector and author of the books Mold Legal Guide and Mold Health Guide.

Living or working in rental units that contain elevated levels of airborne mold spores and/or substantial mold growth infestation can cause very severe (and sometimes permanent) health problems to the tenants.

Landlords have ethical and legal obligations to tenants to provide an environmentally safe, habitable living space (residential rentals) or workplace (office and commercial rentals). Those obligations go unmet when a rental unit is mold-infested.

Landlords may have potential and substantial legal liability to tenants for such compensatory damages as: expenses for medical mold diagnostic and treatment procedures, loss of earnings, mold damage to tenants' clothing and personal property, higher rent differential if the tenants need to move to a mold-safe place, moving expenses, any tenant-paid expenses (such as mold inspection, testing, and remediation of the rental unit and tenant possessions), and punitive damages (jury-awarded).

A Hayward, California, jury in 2004 awarded $4 million dollars in damages because of mold infestation and other substandard living conditions on behalf of 124 past and present tenants of an apartment building whose owner failed to do proper mold remediation and maintenance of the mold-infested apartments. Take these ten steps for the mutual well-being of both the landlord and the tenants---

1. A property owner or manager should not even offer the property for rent until after a thorough mold inspection and mold testing of the entire rental building or of individual rental units (prior to rental) determines that the property is mold-safe for tenants to live or work in.

2. Hire a Certified Mold Inspector (USA and Canada) for an annual property mold inspection and mold testing, or at least use a do-it-yourself mold inspection checklist and mold test kits for a thorough mold examination and evaluation of the rental building.

3. If there has been a plumbing line break or leak, roof or siding leaks, flooding, storm damage, or other water intrusion problems, the building should be thoroughly and promptly mold inspected, tested, and remediated as part of the water damage repairs and restoration.

4. If mold inspection and testing uncovers visible or hidden mold problems, the property owner or manager should immediately do safe and effective mold removal and remediation. Hire a Certified Mold Remediator (USA and Canada), or follow the recommended steps for safe and effective do-it-yourself mold remediation. Re-inspect and re-test ("clearance testing") the building after remediation.

5. The building owner or manager should avoid hiding or camouflaging mold problems by deceptions such as painting over mold growth; concealing mold growth behind stored items, furniture, furnishings, and decorations; and masking the distinctive smell of mold growth with air fresheners and deodorizers. The smell of mold is from the digestive gases of the mold eating the building materials.

6. A prospective tenant should inspect and mold test the proposed rental unit (prior to the signing of a rental lease) with a Certified Mold Inspector, or by using a do-it-yourself mold inspection checklist, his sense of smell, a good flashlight, and mold test kits to determine the mold status of the rental unit.

7. In doing such inspection and testing, the mold inspector (or the tenant himself) should do an all-around physical examination of the building for both visible and hidden signs of water damage and mold growth. In addition, the inspector or the tenant should mold test the air and visible mold growths in all rooms, the basement, crawl space, attic, garage, plus the outward airflow from each heating/cooling duct register.

8. Mold testing requires mold laboratory analysis and mold species identification of the collected mold and air samples. In building locations with previous floods or leaks, the examination should also include fiber optics inspection to look inside water-penetrated ceilings, walls, and floors for hidden mold infestations.

9. The landlord or rental manager should disclose in writing to all prospective tenants any previous or present building water and mold problems, and what the owner or manager has done, if anything, to correct such problems. Attach these water damage and mold disclosures to the rental lease agreement so that the tenant acknowledges receipt thereof.

10. In consideration of, and based upon, the landlord's accurate and complete mold disclosure, and the tenant's full and unrestricted opportunity to inspect and test the rental unit thoroughly and carefully prior to signing the lease, the lease agreement may include a clause that releases the landlord, rental manager, and the rental real estate agent/broker from all mold liability to the tenant.

For more mold inspection, mold testing, and mold remediation information, please visit:

http://www.certifiedmoldinspectors.com http://www.moldinspection.com http://www.moldinspector.com/mold_removal.htm http://www.bleach-mold-myth.com

About the Author
Phillip Fry is a Certified Mold Inspector, Certified Mold Remediator, and author of the books Mold Legal Guide and Mold Health Guide

Filing a Case Against Canine Bite Injuries by Paul Hood

2005-09-19T21:37:00.000-07:00

Man's best friend can be man's worst enemy. Statistics show dog attacks have accounted for more than 300 dog-bite related deaths in the United States from the period of 1979 through 1996. Most of these victims were children. And someone seeks medical attention every forty seconds because of this bites.

There are 800,000 approximate bites encountered every year in the US that needs medical treatment and again most of the victims are children. Almost $165 million is spent treating dog bites and 70% of dog bites occur on the owner's property.

In most cases like this, the dog's owner is required to pay for the damages caused by his pet's attack. However, there may be times when the dog's "keeper" may be held liable at the time of the attack. The landlord too may have culpability for an attack of his tenant's dog in limited circumstances.

The medical expenses that will be incurred due to dog bites is very high particularly with regards to scarring injuries. Scars can be a serious, life-long result of a dog bite. Children, because of their size, are particularly susceptible to bites around the head and face. Scarring injuries not only cause physical problems, but can also cause long term emotional trauma, requiring a significant amount of psychological counseling.

The liabilities that are to be shouldered by owner (or in some cases, the keeper or landlord) due to the animal's bite will include all past and future medical expenses. All past lost wages as well as future loss of earning capacity. Also, past and future pain and mental suffering of the victim will have to be compensated by the animal's owner. Property damages and damages for all scarring are also included.

Dog bites are a common form of injury which can have serious outcomes that include permanent disfigurement and psychological trauma. It may even result to death. Precautions need to be undertaken since even the gentlest of dogs are known to bite without warning.

A dog bite victim may incur many different kinds of damages and losses, from medical bills and emotional damage, to loss of the opportunity to earn income in the future because of disfigurement. A victim may be entitled to recover these losses from another person and that person's insurance company, provided that the victim presents the necessary proof, first to the insurance company and then possibly in a court of law.

About the Author
For additional legal information and inquiries about the article log on to http://www.attorneyservicesetc.com

A Landlord's gripping story... by Mark Walters

2005-09-19T21:36:00.000-07:00

You are the landlord of a small apartment building that you are offering for sale. You find a buyer and a sale is arranged.

The tenants learn of the sale and ask if they will be forced to move. How do you answer?

You explain that it depends upon the lease agreement. If the tenant signed a lease they have the right to remain in the unit at least until the end of the lease... longer if the new owner agrees.

In many cases the tenant signed a lease and remained after the lease term ended. At that point their occupancy became a month to month tenancy.

A month to month tenancy can be terminated merely with the landlord giving notice to the tenant. The length of the notice may be governed by state law, but a 30-day notice is customary.

In another situation the tenants learned that the apartment owner was in default on his monthly mortgage payments and the lender had begun a foreclosure action.

All the tenants had time remaining on their apartment leases and they had no intention of moving.

Bad news for the tenants... real property foreclosure law states that junior liens and leases are extinguished by a foreclosure.

This means tenant leases do not have to be honored by whomever buys the property at the foreclosure auction.

The tenants will receive due process by receiving a notice to vacate and if they don't move they will face an eviction lawsuit.

About the Author
Mark Walters is a real estate investor and author. His published works can be found at http://www.CashFlowInstitute.com

"Joint & Several" In Leases by Mark Walters

2005-09-19T21:35:00.000-07:00

When you see the phrase "joint and several" in a legal document or contract it means that that the parties on one side of the agreement are responsible individually and collectively for the terms of the agreement.

Example: In the case of two tenants signing a lease agreement, "joint" means they are jointly responsible for the rent.

"Several" means that their joint relationship is severed and they are individually responsible for the total amount of the rent.

If one does not pay his/her share of the rent the other is responsible for the entire amount.

Here's an example of a landlord who had a "joint and several" lease with the added provision that tenants must pay rent with a check, money order or cashier's check in the full amount every month.

Landlord allowed the two roommates to pay half the rent each month with two separate checks. Bad policy.

It not only creates accounting problems... but if one tenant pays on time and the other is late how do you handle the late penalty? And...

If you accept payment from one tenant and the other tenant fails to pay have you risked having accepted a partial rent payment and then not be able to evict?

Here's the good news. If you have in your lease a "non-waiver" provision it indicates that even if you allowed lease violations in the past you can at any time demand that tenants comply with the terms of the lease.

If the tenants continue to pay with two separate checks you can return the checks and give "notice for failure to pay rent".

If they then fail to provide you with a single check for the full amount of the rent you can file a forcible detainer action (eviction).

What if tenant #1 pleads that tenant #2 has moved from the property and tenant #1 should only be required to pay their own half of the rent?

Show them "joint and several" in your lease agreement and explain that tenant #1 is now responsible for the entire amount of rent.

Explain that tenant #1 must pay the full amount and then can seek recovery of one half from tenant #2 in small claims court.

If you rent property to more than one tenant be sure your lease has "joint and several" and "non-waiver" clauses.

Carefully explain each to every new tenant.

About the Author
Mark Walters is a real estate investor and author. His published works can be found at http://www.CashFlowInstitute.com

The Case Of The Spooky Tenant by Mark Walters

2005-09-19T21:33:00.000-07:00

You, Mr. Landlord are pleased to find qualified tenants for your rental house. The man and woman sign a one-year lease on Tuesday.

On Thursday the male tenant contacts you and says they have changed their minds because his girlfriend thinks she sees "dead people" in the bathroom.

He expects you to cancel the lease!

What do you do, hire an exorcist?

No, you smile and softly explain... "Listen Bub, that was a legal contract you signed. It binds both of us to everything printed on those sheets of paper.... the laws says so, that's who!

And that's true... both parties must agree to break a legal contract... it can't be done unilaterally (usually). In this case the contract is the well prepared, solid gold lease.

Is your reluctant tenant on the hook for an entire year's worth of monthly lease payments?

It brings a tear to the eye of we hard boiled landlords... but he probably is not obligated to pay rent for the entire year.

Courts have ruled that the landlord has to make a good-faith effort to find a new tenant for the unit as soon as possible.

As soon as one is found the original crybaby is released from the contract.

The cost of renting to the new tenant can be deducted from the security deposit you collected from Mr. Crybaby. That includes advertising and a copy of The Grinch Who Stole Christmas you give him as a go-away gift.

About the Author
Mark Walters is a real estate investor and author. His published works can be found at http://www.CashFlowInstitute.com

Landlord Tips And Hints by Mark Walters

2005-09-19T21:31:00.000-07:00

Every real estate investor dealing in rental homes has done his own clean-up and fix-up, at least in the early years. Landlords also become very skilled at managing tenants after being burned a few times.

You learn the tricks of the trade and how to get the best results for the least cost. Maybe a few of these tips will be new to you.

You can give kitchen cabinets new life with a liberal application of Liquid Gold.

Everyone has at least one chip or scratch in the porcelain on their refrigerator, bathtub, stove (except high heat surfaces), sink, washer or dryer. The solution? Touch up that nick with a tough porcelain glaze called "Porcelain Chip Repair". Just dab it on with the built in brush and it hardens in 24 hours. If your hardware store does not carry it you can find it with a Google search.

You can quickly clean black scuff marks from vinyl floor covering with a squirt of WD 40 lubricant and a rub with a clean cloth.

Put a shiny new strainer in the sink drain. Then install new handles and drawer pulls and you often have a minor kitchen miracle.

Get rid of globs of sticky adhesive residue with "Goo Gone"… from Home Depot.

When tenants move out they seldom do a really good cleaning job on the oven... or the dishwasher.

I'm sure you have discovered one of the many effective oven cleaners, but how about that gunk caked onto the inside of the dishwasher?

Try a product called "Dishwasher Magic"... found in many markets and some hardware stores.

The label reads "Removes Lime Scale, Rust & Buildup. Disinfectant".

You just remove the cap... place the blue, plastic bottle upside down inside the silverware basket and turn the machine on. You might have to use two bottles if your first look into the washer causes you to run screaming from the house.

When vinyl flooring is ready to be replaced use commercial grade floor tile instead. It lasts almost forever and it is cheap to replace a damaged tile now and then…rather than a whole floor.

Have you ever received an unsigned rent check? Here's a method that often allows you to deposit that check.

Write or type the word "over" on the line where the signature would normally appear. On the back of the check type "lack of signature guaranteed". Add your company's name, and your name and title. Then you sign it on the back.

This guarantees your bank that you will take back the check as a charge against your account if it isn't honored. Many banks will then process the check and remit the funds. This saves you the trouble of returning the check to your renter for a signature.

Spot those bad checks with these tips. 90% of bad checks are numbered 101 to 150, indicating a new account.

Legitimate checks have at least one perforated edge. Most forgeries are cutouts of copy machine created fakes.

Checks dated more than six months ago are usually not cashable, no matter how much money the issuer has in his/her account.

If the amounts written on a check in words is different fromthe amount written in numbers, the bank will pay the sum shown in words.

If you receive a check with the date missing, it's legal to fill in a date reasonably close to the date you receive it. To predate or postdate the check by several weeks is a criminal act... don't do it.

Remember, landlording is not for sissies. I hope these tips will save you a few dollars and a barrel full of aggravation.

About the Author
Mark Walters is a real estate investor and author. His published works can be found at http://www.CashFlowInstitute.com

Laminate Flooring Business - What You Need To After Deciding To Start by E. Timothy Uy

2005-09-18T12:03:00.000-07:00

Before reading this article, please note that it was written for people wanting to start their own laminate flooring business in the U.S. Therefore, parts of the information in this article are useful only for those particular people.

After setting up your laminate flooring business plan and locating suppliers, several actions are required to kick off the business. First, you need to come up with a name, which you must then register with the Secretary of State, unless you are doing business under your own name. This is required so that people can identify who is the owner of a particular laminate flooring business. For information on how to register the name of your business visit the Secretary of State website for the relevant forms. In California, the website is http://www.ss.ca.gov/business/business.htm. Look for the same information for the state you want to start up your business in.

Next, you need to get is a tax I.D. or a Federal Employer Identification Number (EIN). These are one and the same thing. The EIN is required by the IRS for identifying employers. It is a must if you have employees. Even if you do not intend to have employeeds, it's helpful to obtain it. An EIN often needed for purchasing supplies and merchandise at wholesale prices. Read the IRS publication "Starting a Business & Keeping Records" (www.irs.gov/pub/irs-pdf/p583.pdf -page 3).

After you get an EIN you should consider obtaining a license for your laminate flooring business. Again, contact the Secretary of State website for more information.

If you have employees, you must contact the U.S. Department of Occupational Safety and Health Administration (OSHA). It's a federal agency that oversees workplace safety. All employers are required to provide a healthy and safe workplace. Health and safety inspections are made by the OHSA without prior notice so make sure your workplace is always set up according to their rules. For more information visit the OHSA's website at www.osha.gov.

Finally, after you start your laminate business, make sure to purchase a general business insurance policy. This includes liability and other standard coverage. Get an insurance for the place of business, no matter if you own it or not. Landlord's insurance might be unreliable. If you have at least one employee, you must have worker's compensation insurance. Check with your state's insurance department to see if there are any other additional types of insurance required.

This article provides only a small overview on what you need to know before you start your own laminate flooring business.For more detailed information contact the appropriate authorities in your state.

About the Author
Laminate flooring enthusiasts unite! Installation, maintenance, selection, e.g., Harmonics, Pergo, Shaw, Mannington - you name it, we are talking about it. Join us at http://laminateflooring.oncloud8.com

Warranties Offered to Help Pet-Owners Lease Properties by dan the roommate man

2005-09-18T12:01:00.000-07:00

A pet-loving Internet entrepreneur has launched a new Web site that he hopes will help pet owners have an easier time renting apartments by providing them a warranty against property damage. The site is Leasewithpets.com.

Founder Keith Snow said he and his wife developed the company because they had a hard finding rental units that would welcome both them and their dogs.

"My wife and I have dogs," he said. "We had a lot of problems with landlords who did not accept us because of fear of pet damage." He believes apartment owners will be more willing to accept tenants with pets if they know they will be reimbursed for pet damage. Having a warranty insures that a property owner will be paid for pet damages without tenant litigation.

Snow says the new site will open in the Atlanta market this month and attempt to grow nationwide.

The company actually appears to be less of a dot.com company than it is a real estate service provider. A corporate statement said it would sell pet deposit warranties to apartment owners and managers, as well as to pet owners who lease housing.

"These warranties will protect a landlord from potential pet damage for up to $5,000 per unit," said Snow. "They can function in addition to or as a replacement for a standard pet deposit, which generally only covers minor damage."

Also, the company says pet owners can use a temporary warranty, which is free, to try to convince unwilling landlords to accept their pets - along with themselves - as tenants.

The pet deposit warranties will cover soiled, chewed and destroyed carpets, linoleum, woodwork, drapes and doors for units that house cats and dogs that are one year old or older.

The cost for one pet is $200 per year plus a one time partially refundable deposit of $275.

Properties that already require pet deposits can benefit from leasewithpets.com as well. These apartments can be further protected with pet warranties, without charging tenants twice. The properties can simply pay for the pet warranties with already collected funds.

Snow says that according to Humane Society figures, there are 6.5 million animals living in shelters because their owners were not allowed to keep them in rented properties. He hopes that leasewithpets.com will "change pet acceptance in apartment communities."

Leasewithpets.com plans to work with animal shelters nationwide to help provide viable accommodations for pets in lieu of homelessness. The company also plans to begin fund-raising for pet protection with various humane societies.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

Renting With Pets by dan the roommate man

2005-09-18T12:00:00.000-07:00

It's disappointing when the only thing holding someone back from that perfect apartment is a "no pets allowed" clause. Rather than going through the extra effort of finding a rental unit which fits their personal criteria and accepts their pet, some people think they have no other choice than to leave Fido or Fifi behind. The Humane Society of the United States (HSUS) has created a web site dedicated to easing the difficulties of finding a great apartment that will welcome both you and your pet.

According to the Humane Society, 'moving', and 'the landlord won't allow' are the top reasons given by pet owners when relinquishing their dogs or cats to animal shelters. Brooke County Animal Shelter puts anywhere from twenty to thirty animals to sleep per day. "It's not something we enjoy. We try to save as many animals for as long as we can, but we can only do so much," says one employee.

Making an extra effort to find a place which will accept you along with your pet may be time consuming, however, HSUS points out the benefits of pet ownership:

# Pets provide companionship. There are few things more satisfying than the attention and affection of a good friend. Wagging tails, contented purrs, and adoring looks are all ways companion animals communicate with people and demonstrate their devotion. Many people talk to their pets and consider them members of the family.

# Pets give us someone to care for. When you add up the small daily acts of caring for a pet - feeding, grooming, exercising - the sum total is a pet owner with a feeling of being needed. Having that sense of purpose and responsibility is a valuable learning tool for children and can help fight loneliness, boredom, and depression, especially in the elderly or socially isolated.

# Pets help people be more sociable. People out walking their dogs have a greater tendency to socialize with passersby; their pets give them security and provide a ready-made topic for conversation. Even among families and friends, pets provide a focus of conversation and activity.

# Pets stimulate exercise. Pets promote vitality through active exercise - such as brisk walking and outdoor games - or therapy for disabled hands through regular grooming of pets.

# Pets comfort with touch. The gentle stroking of a pet can reduce stress and lower blood pressure and, when combined with quiet talk, create a feeling of relaxation, intimacy, and closeness.

Hoping to reduce the number of animals unnecessarily put to sleep, the Humane Society attempts to bridge the gap between reluctant landlords and pet lovers by addressing the needs and concerns of both parties. Visit the HSUS web site at: http://www.rentwithpets.org/

Also See: # Moving Your Pet # Pet Policies: Pleading Your Case Successfully # Are Your Pets Soiling Your Chances of Selling Your Home?

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

The Legal Process of an Eviction by dan the roommate man

2005-09-18T11:58:00.000-07:00

In the event that a landlord decides to evict their tenant, he or she must follow certain guidelines. The landlord can legally evict you for three different reasons:

1. You miss a rent payment. 2. You violate the rules stated in the lease i.e. unauthorized pets, failure to leave after lease is up, etc. 3. You abandon the rental unit for more than half of the rental period and did not notify the landlord you would be leaving.

You can NOT be evicted for race, religion, children, nationality, or marital status. This is called discrimination. If you think this is why you are being evicted, you should contact an attorney because these things should not be a factor in your residency.

If the landlord has legal grounds to evict you, he or she must first notify you that there is a problem and tell you that you will be evicted if the problem is not fixed.

Once the problem has been spoken about, the landlord and tenant will usually draw up a written agreement to have whatever seems to be the problem fixed by a certain date (usually within 7 to 10 days).

If you refuse to correct the problem within the time frame agreed on, the landlord then must file a complaint with the county court. You will receive a copy of this complaint along with a summons to appear in court. The land lord CAN NOT legally evict you without a hearing. An eviction notice is much different than a court order. If he or she attempts to do force you out of your home without a hearing, contact the police or an attorney.

Once the complaint has been filed with the court, you will receive a "Notice of Hearing" setting a hearing date. If you wish to contest the eviction, you must file an answer with the court within five business days. You will also need to deposit any outstanding rent with the clerk of the court. If you decide to ignore the summons, the court is allowed then to issue the landlord a final judgement allowing the sheriff to evict you.

Failure to appear at the hearing at all causes eviction without question. If you go to the hearing and win, you have nothing to worry about. If you go and lose, you have the right to appeal. If you lose and do not appeal, you will be served with a "Writ of Possession". This is the eviction order of the court. In some states, you will also owe double the rent for the time which you stayed over, your landlord's legal expenses, and possibly court costs. After the time specified at the hearing is up, your landlord can legally change the locks on your apartment and assert a lien on your possessions for the money which you owe him.

Hopefully you will never receive an eviction notice, but if you do, at least you'll know what to expect!

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

Evicted With Nowhere to Go by dan the roommate man

2005-09-18T11:55:00.000-07:00

You couldn't afford to pay the rent this month, but you were too scared to approach your landlord. Now you've come home to find a bright yellow Eviction notice taped to your front door. A million things zoom through your mind. What are you going to do? You can't afford to make the rent payment on your own.

You can't afford your rent... but you can't afford to ignore the situation either. You should seek assistance immediately after receiving an Eviction notice. Waiting and worrying will only intensify the negative situation. If you're lucky, you have friends, family members, or a local church that can all pitch in and help you out... but sometimes this simply isn't possible.

If, for some reason you can't find help through family or friends, and you are unemployed or didn't make enough money this month, you will need to investigate some government assistance programs to find out whether or not you qualify for financial aid.

The Department of Human Services emergency assistance program may be able to provide you with some relief. If your family has not received an emergency assistance check within the past 12 months, and you do not receive worker's compensation (ADC or GR), you may be eligible for a special payment equal to one month's regular welfare check. This check can take care of the missed rent and utility bill.

Otherwise, you should visit your local welfare department. If you qualify, a representative will become your case worker. This person will work the details out with your landlord--taking some of the pressure off of you. If you wish to stay in the apartment and the landlord wants you there, too, welfare will have him sign an agreement saying they can send him a check for the rent.

If you want to move, or your landlord won't agree to let you stay, welfare can help by paying for a security deposit, utility deposit and the moving costs for your new apartment.

For more information on local outreach programs, visit the Emergency Food and Shelter National Board Program's web page.. There you will find a box where you can type in your zip code and find the program nearest to you.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

Understanding Your Lease by dan the roommate man

2005-09-18T11:53:00.000-07:00

Maybe you'll sign the lease, move in to your new apartment, and everything will go as you desired. There's a chance that you will never have any lease problems. However, there's also a chance that by signing the lease without scrutinizing it, you missed paragraph five, section "b" which informed you that if a rental payment is one week late, you will be evicted, your tires will be slashed and your first born child will be stolen and sold to gypsies. Don't let this happen to you!

Suzie, the perky, blonde representative of Miscellaneous Apartment Village hands you the lease and a pen. You're excited about moving in to your new apartment, and begin skimming over the billions of tiny letters. Smiling, the representative beams, "Just sign and date the bottom and we'll get you moved right in." Sounds easy enough, right? Why should you sit there and waste 30 minutes trying to understand this sea of words? Suzie's a nice lady, and you're sure there isn't anything in the lease that you haven't already spoken with her about.

Maybe you'll sign the lease, move in, and everything will go as you desired. There's a chance that you will never have problems with the lease. However, there's also a chance that by signing the lease without scrutinizing it, you missed paragraph five, section "b", and you're really going to miss your first born.

Realize that landlords are allowed to include any provisions they want. And once you sign the lease, the terms (in most cases) are legally binding. Take the extra time to completely understand this document, and don't feel awkward if the representative stands impatiently over you. You are in control. They aren't paying you, you're paying them... so if they're too impatient to wait for you to sign the lease... then take your business elsewhere.

When you get the lease, analyze every word. Some of it may be confusing. Take your time. If you don't understand a clause, ask for clarifications. If you don't agree with a provision, see if you and your landlord can compromise. If you do feel it's necessary to make changes to the lease, these changes should be initialed by both you and the landlord. Do not settle for oral agreements. An oral agreement will not hold up in court. Every agreement should be written, dated, initialed and saved.

By all means SAVE A COPY OF THE FINAL LEASE signed by you and the owner or manager. This is the most important document when it comes to settling an apartment disagreement. You should also keep a copy of the apartment/rental housing rules (sometimes called "community policies") for the same purpose.

The Texas Apartment Association suggests you look for the following things in your lease:

Check to see how much advance notice you must give before moving at the end of your lease term. A 30-day written notice is normal when rent is paid monthly. Look for security deposit refund restrictions. Look for your rental housing owner's obligation to make needed repairs. A requirement for diligence is common. Be sure to read any cleaning instructions. Cleaning costs usually can be deducted from your security deposit if you fail to follow instructions.

Check on prohibitions against subletting or keeping animals. Written permission is usually required. Also, there is usually an extra deposit for animals.

It's amazing how many people will sign documents without actually understanding or even reading them. Maybe the contract looked too long, or perhaps the language seemed confusing. It's okay. The time you spend completely understanding this contract will only benefit your position as a tenant.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

Making Sense of Your Lease by dan the roommate man

2005-09-18T11:50:00.000-07:00

Reading over a lease can be nerve racking. You have to scrutinize every clause in order to make sure you will be comfortable in your apartment, but how can you do that when it seems like it's written in another language?! According to the Worcester Polytechnic Institute (WPI), Office of Residential Services, leases are written in another language... or at least a language of another century. "Leases were developed in medieval Britain and some of the language used in them dates from that time, much to the confusion and mystification of modern tenants."

In order to make leases easier to understand, WPI redefined many of the potentially confusing terms.

ARREARS: Overdue rent

ASSIGN: Transfer the unexpired portion of a lease to a new tenant

CAUSE OF ACTION: Specific situation that may become the basis for a lawsuit

CIVIL: A non-criminal legal matter. Housing disputes are generally handled in civil courts

COVENANT: Promise. Independent covenant: You must perform your obligation even if the other party does not. Dependent covenant: You carry out your obligation on the condition that the other party fulfills its obligation

DEFAULT: To forfeit or lose by omission; to fail to perform a legal obligation

DEMISED PREMISES: The place being rented

DETAINER: Withholding another's property against his or her will

DISPOSSESS: Remove a person from land; the legal action brought for nonpayment of rent

DISTRAINT (proceed by distress): The landlord takes your personal property to force you to pay or eventually sells it to get his or her money

EJECTMENT: Physical or legal eviction from land

EMURE: To take effect

ENJOYMENT: Possession or occupation of land. Quiet enjoyment: freedom from invasion of privacy by landlord

EVICTION: Depriving a person of possession of occupancy. Constructive eviction: not actually removing a tenant but making it impossible for him or her to remain because of the conditions, such as serious deterioration

GOODS AND CHATTELS: Personal property

INDEMNIFY AND HOLD HARMLESS: To free from any responsibility or liability

INURE: Take effect

LEASE: A type of legal agreement establishing a landlord-tenant relationship

LESSEE: Tenant

LESSOR: Landlord

LIABILITY: Responsibility, loss; a negative element

NOTICE TO QUIT: Notification from the landlord to tenant ordering tenant off the property, usually after thirty days from the first day of the rental period

NOTICE TO VACATE: Notification from the tenant to the landlord stating the tenant's intention to leave the property, usually after thirty days from the first day of the rental period

PARTIES TO A LEASE: Those who agree to abide by the provisions of a lease; typically you as a tenant, any roommates, and the landlord

POSSESSION: Lawful occupation and use of the land, subject to protections of "quiet enjoyment"

REPLEVIN: Legal action to recover property that was unlawfully seized

SUBLET: Agreeing to permit someone to use a rented property for a term less that the full term of the lease, and to be paid for that permission

SUMMARY PROCEEDING (to recover possession): Eviction. It is called "summary proceeding" because it is a swift and simple procedure for the landlord

TENANT AT SUFFERANCE: A tenant who has remained in a unit after a lease or tenancy at will agreement has expired or was terminated

TENANT WITHOUT A LEASE: A tenant with the landlord's consent to occupy a premises without a lease

TENANT WITH A LEASE: A tenant with a contract that allows for a certain length of occupancy at a set rent

TERM OF LEASE: The length of time that a lease shall be in effect; duration of obligation

WAIVER: Relinquishment of a right, agreeing to give up something to which you are entitled

WARRANTY OF HABITABILITY: Promise that the property is safe and usable for residential use.

Hopefully these definitions will help you make it through the reading of your lease. If you still feel like you don't understand the terms of your lease, don't feel like you can't ask questions. This is YOUR lease for YOUR apartment, so don't sign anything you don't completely understand.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

Easy ways to get Loans, Leases and Mortgages by ReliefLoans.com

2005-09-16T06:16:00.000-07:00

Ten Steps to Avoid Mold Problems and Lawsuits in the Rental of Residential and Commercial Real Estate by Phillip Fry

2005-09-16T06:15:00.000-07:00

Is That Apartment Hazardous to Your Health? by dan the roommate man

2005-09-16T06:14:00.000-07:00

When you sign a lease committing yourself to a unit in an apartment complex or building, you're agreeing to live in close quarters with strangers. You're also making the assumption that your building will be properly managed and maintained. That includes such factors as air quality and adequate pest control. As a tenant, you have rights, of course, but some of the most serious threats to your health -- such as carbon monoxide -- are ones you can't even see or smell.

Particularly scary is the prospect of seepage through soil. A landlord's efforts to maintain his or her own property can be nullified by pollution from a nearby commercial facility or poorly maintained residential property. Chemicals such as lead, pesticides can seep into the soil and find their way into the water and air of tenants living in better-maintained properties nearby. An environmental inspection is a landlord's best defense against allegations or plummeting property values.

You've almost certainly heard of "Sick Building Syndrome," which has almost become a cliche in recent years. While this condition often is associated with office facilities, home environments are not exempt from this plague by any means. Common symptoms of Sick Building Syndrome -- including eye irritation and respiratory difficulties -- may be traced to a variety of sources in your apartment building, including your the paint on your walls, a chemical used anywhere on the property (such as toluene, for example), your air conditioning unit, clogged air filters in need of changing, and/or the growth of bacteria spurred by high humidity, poor maintenance or both.

If you're experiencing symptoms of Sick Building Syndrome on a persistent basis, you should report them immediately to your landlord. Your lease should include a clause in reference to your landlord's obligation to see that such duties as changing air filters are performed regularly. If it doesn't contain such language, make sure you get it in writing before you sign a lease. Furthermore, tenants should be entitled to regular equipment inspection and timely maintenance.

Another air pollutant of which you should be aware is asbestos -- again, usually associated with commercial properties, but multifamily housing is not exempt. Within multifamily properties, asbestos has been found in caulking, in material wrapped around pipes, and in ceiling material. According to environmental scientists, insulation installed in multifamily, single-family and commericial properties between 1935 and 1978 contained as much as 50 percent asbestos. Insulation in the vast majority of such properties has been replaced or contained; however, some poorly maintained buildings continue to present a threat to their tenants. When inhaled over a prolonged period, asbestos can cause lung tissue to stiffen, contributing to lung cancer and/or heart disease. Landlords who are notified after an inspection that their properties contain asbestos must take appropriate action, which includes disclosing this information to present and prospective tenants.

Lead-based paint and other lead-containing materials (including mini-blinds) also have received considerable attention in recent years. The Residential Lead-Based Paint Hazards Reduction Act, passed in 1992, requires landlords and sellers of pre-1978 properties to disclose the presence of lead-based paint or other lead-based materials to prospective buyers or tenants.

The subject of numerous articles in recent years, carbon monoxide is one of the most serious and most common air pollutants present in multifamily housing. Fireplaces, gas or oil stoves, or gas or kerosene space heaters are all common emitters of carbon monoxide. The good news is that you can protect yourself by purchasing a carbon monoxide detector. You can't always assume that your landlord has purchased one because these detectors are somewhat expensive. By all means, ask. Chances are good that you're going to have to take matters into your own hands and purchase one yourself. It won't hurt to ask if the purchase can be deducted from this month's rent, but don't count on it.

Turning to the subject of pest control, before you sign a lease, ask your landlord how often the property is sprayed to prevent infestation. Can you get his or her response in writing? Ground-floor residents are particularly prone to pesky visitors, including cockroaches, fleas, ants and rodents. If you spot any of these creatures even occasionally, call your landlord and report the problem immediately. Rodents, of course, are transmitters of disease, but roaches' bodies and their droppings actually contain substances which contribute to poor air quality and even respiratory problems -- most notably, asthma.

If your prospective landlord doesn't volunteer information about the environmental quality of the building to which you're considering a move, ask. Odds are, of course, that you're going to hear a glowing report of the building's environmental quality, and while you shouldn't be cynical, get it in writing. After all, you're making a financial investment with your signature on that lease. If the landlord wants your patronage, he or she will comply without resistance. And if not, the renters' market is a competitive one; you won't have to look far to find a landlord who won't blink at your request. Happy -- and healthy -- hunting.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find rooms,apartments or roommates. Need help? Contact him at 800-487-8050 or www.rooommateexpress.com

Water Damage In A Rental Unit by dan the roommate man

2005-09-16T06:13:00.000-07:00

Biting her keys in her mouth, Phyllis jiggled the condo door open with her free fingertip. Peeking over bags of groceries, she stumbled through the living room and into the kitchen. Step. Step. Step. Squish......? Setting the groceries down, her line of vision shifted to her feet... now immersed in a lukewarm puddle of water, and as she scanned the room, she saw that her couches... chairs, and coffee tables were also about to set sail.

Frantically searching for the culprit, Phyllis became more and more frustrated. The sinks were turned off. The tubs were empty. The dishwasher wasn't on and it hadn't rained for weeks. Then she realized where it was all coming from. It seems that good ole' neighbor Joe Brown never felt it necessary to repair that kitchen sink leak. Why should he have? The leak never came in on his side of the apartment wall.

So now what? It wasn't her fault she had a new indoor swimming area, but would she have to pay for the damages? Allstate Agent Joe McLean says that she purchased a good renter's insurance policy, she would be covered. There are renter's insurance policies which protect you in the event of a bursted pipe, water heater, water bed, etc. With this insurance, you won't have to worry about replacing the pipes, carpeting, or your personal belongings directly out-of-pocket.

Unfortunately, Phyllis didn't have water damage specifically covered under her renter's insurance policy. She was therefore only reimbursed for the damage to her personal belongings, not for the replacement of the carpet, or the repair of the leaking pipe. If her neighbor had had coverage, his policy would have paid for the damage... but he didn't. For the next six months everyone pushed the repair costs on to someone else. The plumbers said it wasn't their responsibility any longer, Joe didn't care because it didn't affect him directly, and the landlord argued that according to the lease, he was only responsible for the exterior upkeep of the condos, not the interior. There wasn't even a security deposit for the landlord to take from. Meanwhile, the carpet began to mold, and patience wore thin. In order to avoid going through the tedious small claims court process, Phyllis moved into another condo and away from the stress. The new owner eventually had to fork out the cost for repairs, and the problem was finally resolved.

According to nolo.com, if a neighbor is legally responsible to water damage you suffer, you may be entitled to:

* Compensation for cost of repairs and replacements. * Compensation for expenses such as having to stay at a motel. * Compensation for mental distress, if you have suffered an underlying physical injury. * Reimbursement for medical expenses.

Punitive damages, if a neighbor acted maliciously. For example, if it could be proven that neighbor Joe rigged the kitchen sink leak up to specifically flood out Phyllis' living room out, then the court would not only compensate Phyllis for the damages, but may also order the neighbor to pay extra money to her as punishment for malice.

However, if neither parties have a renter's insurance policy covering water damage, you'll have to go to small claims court to get compensation, and sometimes it's not even worth the hassle. In order to avoid having to give in and pay for damages, or give up and go to court, it's important to invest in a good renter's insurance policy. Contact your local insurance agent to decide which policy gives you the most coverage.

Another moral to the story? When looking into rental property, it is incredibly important to scrutinize the lease. Some landlords state specifically that they will keep all electrical and plumbing systems in good, working condition, but others - as in Phyllis' case, only claim responsibility for the exterior upkeep of the complex. If you are already living in a rental unit and your manager/landlord does not take care of these things, you should definitely invest in a good renter's insurance policy to avoid future problems.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

Summer Sublease Perfect for College Students by dan the roommate man

2005-09-16T06:12:00.000-07:00

Summer is fast approaching, and college students throughout the world are rejoicing. Whether you're spending your summer working or playing, the thought of moving out of those smelly dorms and into an apartment has probably crossed your mind more than once. If so, you'll need to learn a little about subleasing.

Typically, landlords will not directly rent out apartments for terms shorter than six months. However, they realize that there are tons of students out there looking for summer solstices. This is where subleasing comes in.

Subleasing consists of you - the restless college student - renting from another tenant who is temporarily moving out. With subleases, the landlord is relieved of many of the hassles that come along with finding new tenants and making them happy. He or she doesn't have to worry about the costs that come along with preparing the apartment for the new tenants or drawing up a new lease. This is now the responsibility of the original tenant.

For example, Jean has lived in the same apartment for two years. Last week she was cast in an acting troupe, which will take a three-month tour through the U.S. Hesitant to leave her dream apartment behind, she decides to lease it out to someone (sublet) during those three months. Lucky for Sam - a restless college student - he sees an ad in the paper for Jean's apartment and decides to move in. Before things are officially official, Sam - and anyone else interested in subleasing will need to check out a few things:

* Make sure the landlord knows the apartment is being subleased and get his/her okay in writing. * Find out if your are supposed to pay the landlord directly, or if you pay the old tenant. * Find out whom is responsible for maintenance. * Ask if there is a security deposit. * Get landlord to perform an inspection on the property before moving in so that you don't get blamed for property damages you didn't make * Set up your own accounts for power, gas, water, telephone and cable TV services so you don't get stuck with any of the old tenant's bills.

Subleasing is perfect for college students trying to get away for the summer. Typically, the old tenants will leave furniture and appliances behind for you to use. So say goodbye to those bunk beds and community bathrooms, and find an apartment for the summer.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

The Legal Process of an Eviction by dan the roommate man

2005-09-16T06:10:00.000-07:00

In the event that a landlord decides to evict their tenant, he or she must follow certain guidelines. The landlord can legally evict you for three different reasons:

1. You miss a rent payment. 2. You violate the rules stated in the lease i.e. unauthorized pets, failure to leave after lease is up, etc. 3. You abandon the rental unit for more than half of the rental period and did not notify the landlord you would be leaving.

You can NOT be evicted for race, religion, children, nationality, or marital status. This is called discrimination. If you think this is why you are being evicted, you should contact an attorney because these things should not be a factor in your residency.

If the landlord has legal grounds to evict you, he or she must first notify you that there is a problem and tell you that you will be evicted if the problem is not fixed.

Once the problem has been spoken about, the landlord and tenant will usually draw up a written agreement to have whatever seems to be the problem fixed by a certain date (usually within 7 to 10 days).

If you refuse to correct the problem within the time frame agreed on, the landlord then must file a complaint with the county court. You will receive a copy of this complaint along with a summons to appear in court. The land lord CAN NOT legally evict you without a hearing. An eviction notice is much different than a court order. If he or she attempts to do force you out of your home without a hearing, contact the police or an attorney.

Once the complaint has been filed with the court, you will receive a "Notice of Hearing" setting a hearing date. If you wish to contest the eviction, you must file an answer with the court within five business days. You will also need to deposit any outstanding rent with the clerk of the court. If you decide to ignore the summons, the court is allowed then to issue the landlord a final judgement allowing the sheriff to evict you.

Failure to appear at the hearing at all causes eviction without question. If you go to the hearing and win, you have nothing to worry about. If you go and lose, you have the right to appeal. If you lose and do not appeal, you will be served with a "Writ of Possession". This is the eviction order of the court. In some states, you will also owe double the rent for the time which you stayed over, your landlord's legal expenses, and possibly court costs. After the time specified at the hearing is up, your landlord can legally change the locks on your apartment and assert a lien on your possessions for the money which you owe him.

Hopefully you will never receive an eviction notice, but if you do, at least you'll know what to expect!

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

Don't Sign That Lease Yet by dan the roommate man

2005-09-16T06:09:00.000-07:00

You're being transferred to a new city in another state for a position that you start in exactly two weeks. You fly to your new hometown to select an apartment. You have exactly two days to make a decision and sign a lease, so when, after much searching, you find a vacancy in a relatively decent property, you're anxious to sign when the lease is placed in front of you. Resist the urge. As mentioned in previously in our report "Avoiding Tenants' Tribulations," wearing rose-colored glasses can easily fool you into believing that your best interests as a tenant will be protected. Your desire to find a home and wind up what can be an exhaustive search process can push you into signing on the dotted line before you've read and understand all of the fine print of your lease.

What's the purpose of a lease, aside from your agreement to pay your rent each month and maintain your apartment in good condition? For starters, the responsibilities of your landlord are clearly outlined in this contract, so it's obviously in your best interests to read the lease carefully. If you're ignorant of the lease terms, you could find yourself blindsided several months later when your landlord holds you responsible for damage or other breach of lease, and subsequently asks you to move out. What if your employment situation changes five months into your 12-month lease, and you've got to move before your lease expires? Your lease will outline your financial obligations should you need to back out for any reason.

Some leasing offices and landlords will place a lengthy, "standard" document in front of you and downplay its terms -- not necessarily to dupe you, but rather in an attempt to save you time and allow him or her to move on to other prospective tenants waiting in the leasing office. Don't feel pressured; instead, move off to the side, allow the leasing agent/landlord to accommodate other visitors to the office, and continue reading the lease until you understand all of its terms. You may have signed many leases in the past, leading you to believe that they're all the same. They're not. Once you sign the lease, you're usually locked into its terms. You'll want to find out before signing what the consequences will be if you change your mind before moving day (will you get your full deposit back?).

Many consumers don't realize that under the law, they're entitled to request changes to the lease before signing it. In fact, consumers may request any modification they please, so don't be afraid to propose any changes to its terms. If the landlord agrees to your terms, make sure that he or she makes those changes on the lease itself (in ink, not pencil) and writes the date and his or her initials beside them. And don't leave the leasing office without a copy of the modified lease. Verbal promises will never hold up in the event that you have a disagreement over lease terms with your landlord in the future, or if only your landlord had a copy of the modified lease (or if changes were made only in erasable pencil).

If you agree to lease the unit only in the event that the landlord or management company replaces the unit's carpeting, fixes the bathroom sink, allows your pet to live with you, includes a washer and dryer as part of the deal or other conditions, again, get it in writing with the date of signature. If the landlord refuses to put your verbal agreement in writing or claims a sudden attack of carpal tunnel syndrome which prevents him from writing, the red flag should be raised in your mind. Take your business elsewhere.

If it's too late -- you moved into your unit without getting verbal agreements in writing, and now you find yourself making repeated requests for maintenance or other repairs that are never performed -- many real estate law experts agree that threatening to withhold payment on your rent isn't a good idea. There's a good chance your landlord will win in court if you withhold payment without a signed agreement preserving your right to do so. In addition to facing stiff monetary penalties, you could find yourself evicted from your apartment and out on the street. In fact, the State Bar of Texas states that tenants who use their deposits as rent when their leases did not state they could do so can face monetary penalties of up to three times the amount of rent they withheld.

According to the terms of the law, a tenant only has a leg to stand on when he or she withholds rent under three conditions: if the tenant first received a court order allowing him or her to withhold rent if the landlord didn't perform agreed-upon repairs or meet various conditions; if the tenant made repairs in his or her own unit and paid for them out of pocket, if the landlord was aware of and approved those repairs and the lease clearly stated that deductions in rent could be made under those circumstances; and if you have legally terminated your lease because your landlord or apartment management company broke the terms of your written lease agreement with respect to his or her responsibility for repairs, or if your utilities have been cut off unlawfully. The moral of the story? Tread lightly.

All of these warnings aren't to portray the image of landlords and apartment management companies as scheming individuals. The situation is quite the contrary in today's rental climate, major apartment leasing companies have grown and prospered around the country. The renters' market is extremely competitive, and such companies vie for prospective tenants with the promise of good amenities and good service. Sometimes these hassles simply amount to misunderstanding and miscommunication. Your best bet is to shop around, find a landlord or company-run complex with which you feel comfortable, to ask plenty of questions, read everything twice, and get every promise in writing. Don't be afraid of seeming nit-picky. If they want your business, they'll comply -- with a smile. Happy hunting.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

Is Renters' Insurance Really Necessary? by dan the roommate man

2005-09-16T06:08:00.000-07:00

You and your landlord share a common goal: You both want to ensure the protection of your interests. Obtaining a security deposit from you -- usually ranging from $100 to a full month's rent, and averaging $250 -- is how your landlord obtains a degree of insurance from you. The deposit covers your landlord should you cause any damage to your apartment while you are a tenant. Your landlord, in turn, may keep the deposit if you fail to pay your rent or you leave before the end of your lease. However, if, as a tenant, you keep your end of the bargain -- following the terms of your lease and leaving your apartment in good condition when you leave -- the deposit is refundable.

So how do you protect your own interests as a tenant? Renters' insurance. If you're an apartment-dweller, you're probably accustomed to brochures dangling from your door that advertise various renters' insurance policies. And if you're like many renters, you probably disregard them. But you may want to consider taking out insurance. Before you say, "But I'm not going to cause any damage to my apartment," remember that renters don't always cause damage themselves. Mother nature, or other tenants with little regard for your property, could prove to be the source of your problems later.

According to Metropolitan Life Insurance Company, policies typically provide coverage for the following renters' pitfalls:

* Damage to personal property from fire or wind * Theft * Personal liability in the event you are sued over accidental injury to others who are in your apartment * Accidental damage to property of others in your care * Living expenses if you are forced to live elsewhere while your apartment is being repaired

This list doesn't begin to elaborate on the multitude of other possibilities for disaster: An electrical surge fries your computer, television, and/or stereo; while visiting your neighbor, you tip over his barbecue and start a fire; or you accidentally cause injury to someone away from your apartment; and the list goes on and on. And of course, as we've all discovered, we can never discount such crazy-sounding possibilities -- because they can and do happen if and only if we're not prepared (or covered) for them.

Note that renters' insurance policies may differ according to the insurance company in question, as well as the laws in your state. An insurance representative will be able to determine what type of policy best meets your needs. If you've thrown away all of those brochures dangling from your door handle, the Internet is a good place to do your homework -- specifically apartment-search sites. Links to renters' insurance information will fill you in on the details, and you may apply online.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

Warranties Offered to Help Pet-Owners Lease Properties by dan the roommate man

2005-09-16T06:07:00.000-07:00

A pet-loving Internet entrepreneur has launched a new Web site that he hopes will help pet owners have an easier time renting apartments by providing them a warranty against property damage. The site is Leasewithpets.com.

Founder Keith Snow said he and his wife developed the company because they had a hard finding rental units that would welcome both them and their dogs.

"My wife and I have dogs," he said. "We had a lot of problems with landlords who did not accept us because of fear of pet damage." He believes apartment owners will be more willing to accept tenants with pets if they know they will be reimbursed for pet damage. Having a warranty insures that a property owner will be paid for pet damages without tenant litigation.

Snow says the new site will open in the Atlanta market this month and attempt to grow nationwide.

The company actually appears to be less of a dot.com company than it is a real estate service provider. A corporate statement said it would sell pet deposit warranties to apartment owners and managers, as well as to pet owners who lease housing.

"These warranties will protect a landlord from potential pet damage for up to $5,000 per unit," said Snow. "They can function in addition to or as a replacement for a standard pet deposit, which generally only covers minor damage."

Also, the company says pet owners can use a temporary warranty, which is free, to try to convince unwilling landlords to accept their pets - along with themselves - as tenants.

The pet deposit warranties will cover soiled, chewed and destroyed carpets, linoleum, woodwork, drapes and doors for units that house cats and dogs that are one year old or older.

The cost for one pet is $200 per year plus a one time partially refundable deposit of $275.

Properties that already require pet deposits can benefit from leasewithpets.com as well. These apartments can be further protected with pet warranties, without charging tenants twice. The properties can simply pay for the pet warranties with already collected funds.

Snow says that according to Humane Society figures, there are 6.5 million animals living in shelters because their owners were not allowed to keep them in rented properties. He hopes that leasewithpets.com will "change pet acceptance in apartment communities."

Leasewithpets.com plans to work with animal shelters nationwide to help provide viable accommodations for pets in lieu of homelessness. The company also plans to begin fund-raising for pet protection with various humane societies.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

8 Tips for Renting the Right Apartment by dan the roommate man

2005-09-16T05:59:00.000-07:00

So, you're looking for an apartment to rent or share with a roommate. Whether you're a first-timer or an experienced apartment-hunter, it's worth taking the time to decide what's most important to you in where you live and to plan your search strategy accordingly. With that in mind, here are eight tips to consider:

1. Make a list of your top housing priorities.

Do you need extra parking spaces? A place that welcomes pets? A large kitchen or linen closet? A ground-floor entrance to your home? Or what? Thinking through your needs ahead of time can help you find an apartment that meets those needs, instead of one that just strikes your fancy at first glance.

2. Check out the property.

In addition to examining the condition of the for-rent unit, walk through the property to see whether it appears to be well-maintained. Is the landscaping healthy or dying? Nicely trimmed or growing wild? Are any windows, steps or railings broken or dangerous? Do the access doors open easily and shut tightly? Walk through at night, too. Are the parking areas and pathways well lit? What about the stairwells and hallways?

3. Talk to the neighbors.

If you're serious about a particular apartment, knock on a few doors and ask your potential neighbors whether they're satisfied with the building's amenities, management's responsiveness to repair needs and other issues of concern to you. Ask: Would you tell a friend to move into this building?

4. Examine the lease.

A lease is a legal obligation to pay rent for a specified length of time, and every lease has variations on the terms and conditions of tenancy. How much notice must you give before moving at the end of the lease term? Can the rent be increased? Are pets allowed? What provisions cover your security deposit and end-of-lease cleaning costs? If the terms of the lease agreement don't suit your needs, negotiate or reconsider renting the apartment.

5. Consider security.

Does the building have controlled access? If so, are the exterior security gates and doors closed? Are the locks in working order? Does your individual unit have secure door locks and window latches? (Some states have specific laws regarding minimum security devices for apartment units.) Does the building have a security service? If so, is a guard on duty 24 hours or does he or she just drive by periodically?

6. Ask about shared facilities.

Does the building have a swimming pool? A recreation or fitness room? Tennis courts? Laundry facilities? Who is allowed to use those facilities and during what hours? Is there an extra fee charged for use of the facilities? Where are the facilities located in relation to your prospective apartment? Do you really want to live poolside or near the laundry room?

7. Ask about utility costs.

Is the water bill paid by the owner or separately by the tenants? Are electrical or gas utilities included in the rent? Is there a single thermostat for the entire building? If so, who controls it?

8. Take notes.

Before you move in, document the condition of your unit and make note of any nonfunctioning doors or windows, leaking plumbing, missing fixtures, stained carpets and so on. Ask your landlord to initial a copy of your documentation to prevent disputes when you eventually move out. Better yet, take pictures or make a video of the premises before you bring in any of your furniture or belongings.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

Checking Out Potential Tenants by dan the roommate man

2005-09-16T05:52:00.000-07:00

If you're the landlord of a complex in high demand, you have to have high standards for your tenants. You don't want to rent to any Joe Blow and then lose the building a month later because he's been growing an "herbal garden" in the bedroom. In order to avoid any complications with your new tenants, the background check you perform should be extensive.

Typical rental applications look something like this... but if your apartment or home is in high demand, you should have high demands on your applicants as well. Don't be afraid to ask more questions. Being a little nosy can save you from some future stresses.

The sample application asks for current employment information, but it's a good idea to request the previous employment information as well. Sally may be a great employee at Buck's Bar... but if she's only been employed there for a few weeks, it's a good idea to contact her previous employer. Did she walk out? Was she constantly late? Was she fired for inappropriate behavior?

Likewise, you'll want the tenant's previous (not only current) landlord contact information. If you only talk to your applicant's current landlord you may hear nothing but wonderful things, but that landlord may just be saying them to get rid of the terrible tenant! The previous landlord, however, has nothing to lose by telling you the blunt truth. Find out if the applicant was consistent with payments, or if he or she caused any trouble for the other tenants.

Ask about annual income. According to many property managers, rent should not be more than 33 percent of income. If you do the math, and it doesn't look like the applicant will be able to afford rent, you should ask them about their plan. Robert Irwin, author of The Landlord's Troubleshooter, Dearborn, asks applicants bluntly: "Do you figure you'll be able to handle the monthly rent payments?" Irwin explains that good tenants will usually spout off how they plan to budget for the apartment. It's still important to check out their finances through their employer and credit history to find out if they're telling the truth.

You may or may not want to include a question in the application about whether or not he or she plans to get (or has) any pets. If your tenant has 2 Dobermans and plans on moving into a 500 square foot space with no yard... you may not want to rent to them. Not only could the large pets cause expensive damages or stink up the apartment, but it's also unfair to the animals! Do you want to rent to someone who cares that little for living creatures?

You will also need to have a clause in your rental application stating that you have the right to perform criminal, personal and financial background checks on prospective tenants. If this clause is not present in the tenant's signed application, you have no legal right to contact anyone from their past.

Once you've talked to past employers and landlords, you should be able to determine whether or not the applicant would be a good addition to your establishment. If it looks like they have a good chance, you'll want to run a credit report on them to make double sure of your instinct.

Credit reports can be expensive ($35.00 - $50.00), so it's a good idea to only run them on applicants you've researched and feel good about. Some credit checking agencies will give discounted reports to landlords ($10.00 - $20.00) and if you would like to, you can ask your potential tenant to pay for some or all of the credit report cost.

By checking out everything from past employees to credit, you will have enough information about the applicant to decide whether or not you are going to accept the application. The process may seem tedious, but finding out about a bad tenant before he lives in your complex is well worth your efforts.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find roommates. Need help? Contact him at 800-487-8050 or www.roommateexpress.com

What Are Your Landlord's Responsibilities? by dan the roommate man

2005-09-15T04:31:00.000-07:00

Curious about what exactly your landlord is responsible for? Here's a list of things your landlord can and cannot do.

According to law, you landlord must...

(a) make sure that your house or apartment complies with all building, housing and health codes that significantly affect your health and safety. If you feel your landlord is not following the building, housing or health codes, you should contact your local tenant's union.

(b) make all repairs necessary to make your house or apartment livable. Keep in mind that this means your landlord is responsible for NECESSARY repairs, not repainting your front door for aesthetic appeal.

(c) take care that all electrical, plumbing, heating and ventilation systems are in good working order.

(d) supply sufficient amounts of hot water and heat at all times.

(e) keep the hallways and stairways safe and sanitary.

(f) provide garbage cans (if he or she owns four or more units in your building).*

(g) give you reasonable notice before he or she enters your apartment

Your landlord must not...

(a) increase your rent, decrease you services, issue or even threaten to issue an eviction as a result of your complaining to him or to the city about a code violation or because you joined a tenants' union of some sort. As long as you are assembling peaceably, you have a constitutional right to join whatever group you want to.

(b) shut off any of your utilities, change the locks on your apartment or threaten any of these acts in order to make you move out of your apartment.

(c) enter your apartment without consulting you or repeatedly demand to enter. In most leases there is a clause stating that the landlord must give you reasonable notice before entering. Typically, leases will state that your landlord must give you at least twenty-four hours notice before entering. Also, if your landlord is constantly entering your apartment - whether he or she gives notice or not - you don't have to withstand it. You should consult your local tenant's union.

(d) refuse to rent a unit to you due to your race, sex, religion, age, previous condition of servitude, physical limitation, national origin or sexual preference. If your landlord has done any of these things, you have been discriminated against and may be able to take the case to court.

Regardless of whether or not you're behind on your rent, your landlord still has no right to do any of the things mentioned in the "must not" list. If your landlord does any of these things, you should consult an attorney. In some cases such as forced entry or theft, the landlord should be reported to the police as well.

*A-F are enforced by the Implied Law of Habitability.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find rooms,apartments or roommates. Need help? Contact him at 800-487-8050 or www.rooommateexpress.com

What Are The Responsibilities of a Tenant? by dan the roommate man

2005-09-15T04:29:00.000-07:00

What Are The Responsibilities of a tenant, you have many advantages over homeowners... you don't have to mow the lawn, or paint the house, or repave the driveway. It may seem like you haven't any responsibilities above and beyond getting the rent check in on time... but you do.

Through the landlord-tenant laws, you are required to do several things:

# Keep your apartment or house safe and sanitary.

# Dispose of trash and garbage in a sanitary manner. While your landlord will usually maintain the outside of a rental unit (depending on the lease) you are responsible for the interior. Failing to keep the rented unit clean could result in the loss of your security deposit.

# Keep all appliances that the landlord provides in good working order.

# Keep the electrical and plumbing fixtures clean and use them properly. If any of these fixtures break, it is your responsibility to contact the landlord. Your landlord is responsible for keeping these things in good working order, and unless they've broken because of your carelessness your landlord is typically responsible for making the repairs.

# Not damage the apartment or permit your guests or visitors to do so.

# Not disturb other tenants. You have your right to quiet enjoyment, and so do the other tenants. It is the landlord's responsibility to make sure that the noise/comfort level of the other tenants is appropriate, and in order to do this, he or she will want you to help them out.

# Permit your landlord to enter your apartment if he makes a reasonable request and gives you at least 24 hours notice. Reasonable request would be to inspect the property - not to snoop around through your things every 2 days throughout your tenancy. You have the right to your privacy, and if your landlord continually demands to enter your apartment, you should contact your local tenant's union to see what actions you should take.

# Not allow guests or family members to stay in your apartment beyond a reasonable amount of time without notifying your landlord and having their name added to your lease.

If you are aware of your responsibilities as a tenant, and you follow the rules, you should have a happy, healthy stay. On the other hand, failure to do a combination these things could result in a lost security deposit, being sued in small claims court, or worse... eviction!

About the Author
Since 1989 dan the roommate man has helped 1000's of people find rooms,apartments or roommates. Need help? Contact him at 800-487-8050 or www.rooommateexpress.com

When You're The Noisy Neighbor by dan the roommate man

2005-09-15T04:23:00.000-07:00

Thanks to home offices, computer/game rooms and improved entertainment centers, Americans are spending more and more time enveloped in home activities. While having access to all that we need under our own roof is convenient, it can also be noisy.

If you live in an apartment or condominium community, you share most of your walls with neighbors. Because of this, you should be extra careful about the amount of noise you make. If neighbors have made complaints about the noise coming from your apartment, there are certain things you can do to avoid that eviction notice.

Place vibration mounts under major appliances: You can find these at your local hardware or appliance store. This will absorb some of the sound normally caused by the vibrations of your washing machine/refrigerator/washer/dryer etc.

Place foam pads under small appliances: These work in the same way that the vibration mounts do - just on a smaller level.

Use window drapes: fabric absorbs sound, so the more of it you use, the less noisy your home will be. Most leases have a clause stating that the floors must have 90% carpet coverage for this reason.

Seal holes or cracks in doors and windows: For doors, you can purchase regular weather stripping from a hardware store. You can use this stripping indoors as well as on doors leading outside. This is a great solution to a noisy laundry room or bathroom. To seal windows, you can use inexpensive clear caulking.

Replace metal garbage cans with plastic cans: This is pretty obvious. The smaller the area, the more concentrated the noise becomes. If you have metal or aluminum garbage cans banging around, the sound will be much more intense than a plastic container.

Purchase quiet appliances: Some home appliances will claim to be quiet or low sound appliances right on the box. If you're going to buy new appliances anyway, you may as well look for ones that are quiet.

If you want to go the extra mile (and your landlord is okay with it): Install padded carpeting to absorb sound: It might not cost as much as you would think. Many carpeting companies hold on to what they call "remnants" which are basically leftovers from big jobs. Maybe 5' x 5' is a scrap to a big homeowner, but could cover your entire living room. You can get lush, thick carpeting for a fraction of the original cost this way. Installing good carpeting will not only reduce the noise within your apartment, it will block outside noise and will provide insulation. Good insulation helps to reduce electric bills - so even if the cost of carpeting seems steep, you'll probably see that money again in savings.

Install vinyl tile or thick linoleum to absorb sound: Again, you might think this is a little much... but if you were planning on re-doing your bathroom anyway, you might want to invest in material that will look good AND absorb sound.

If you have received any complaints about the noise coming from your apartment, and you follow any of these suggestions, it is a good idea to document the change(s) made. This way, if you are confronted about the noise coming from your apartment again, and are threatened with eviction, you can prove that you have attempted to reduce the noise level.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find rooms,apartments or roommates. Need help? Contact him at 800-487-8050 or www.rooommateexpress.com

Lease Up? Here's How To Leave by dan the roommate man

2005-09-15T04:22:00.000-07:00

When leases end, landlords typically continue to rent the home or apartment on a month to month basis until one of the parties indicates otherwise. If you want to end the lease and you want to keep most of your security deposit, you will need to make the transition easy on your landlord.

Let Your Landlord Know Your're Leaving: Just because you know you're planning to move at the end of the month doesn't mean your landlord does! Look at your lease to see how many days notice you must give your landlord before you actually leave. Once you've determined this, you will need to provide your landlord with a written notice of your intentions. If you do not let your landlord know you're leaving, you could end up paying for another month's rent. For a sample of a notice to vacate, click here.

Clean Up The Apartment: In order to get as much of your security deposit back as possible, you'll want to leave the apartment looking as clean as you possibly can. The less the landlord has to do to prepare your apartment for new renters - the more likely you will get your security deposit back. For example, if you painted any part of the apartment another color, ask your landlord if he plans to paint it back to the original color. It may be less money for you to paint it yourself than for him to take money out of your deposit. Also, the cost of renting a steam cleaner (available at most grocery stores) might be cheaper than what your landlord will charge in cleaning fees. For some helpful cleaning tips, check out this cleaning tips forum.

Ask Your Landlord To Do A Walk-Through Inspection: You might want to video tape this walk through if you're worried about the landlord claiming damages after you've already moved into another apartment. Otherwise, you can just walk through the apartment and write down any damages you two see. If, for some reason, your landlord refuses to walk through with you, send a letter asking the landlord again, and make sure the letter includes a paragraph stating the date that he or she refused to walk through with you. Later, if the landlord makes deductions from your deposit for damage that was not present when you left, was not as severe as the landlord claims, or which you would have repaired yourself (at a lower cost), you have a basis to dispute the amount of the deductions.

Make A List Of Damages: This document should state that the following are the only damages found throughout the apartment. Once signed by both you and the landlord, the list will prevent the landlord from deciding to keep more of your security deposit for damages that occur after you've moved out. The document will also prevent your landlord from claiming the damages are worse than they actually were when you left.

Give Your Landlord Your Forwarding Address: This step is INCREDIBLY important. Forgetting to leave a forwarding address could lead to credit problems or worse! You will also need to contact your main post office. For more advice on redirecting your mail, click here.

Return Your Keys: Your landlord will ask for any copies of keys made to your apartment. Don't forget about that one you made for your best friend, or the one you hid in your glove box. Your landlord may charge a fee for each day you keep the keys past the due date.

By doing all these things, terminating your lease should be simple and successful.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find rooms,apartments or roommates. Need help? Contact him at 800-487-8050 or www.rooommateexpress.com

New Apartment: What Do You Owe? by dan the roommate man

2005-09-15T04:17:00.000-07:00

When you move in to a new apartment, the landlord may charge you more than the first month's rent. Before you sign the lease, make sure you understand exactly what you're going to be charged, and get it in writing.

Security Deposit: This is mini-landlord insurance. The deposit is equivalent to about one to two month's rent and can cover anything from a broken window to stained carpet. At the end of your lease, the landlord will conduct an inspection and see whether or not he or she needs to use any of the money on anything damaged beyond the normal "wear and tear" during your stay. State law may only use the security deposit for three purposes: unpaid rent, damages and for cleaning stains or any excessively dirty area. The landlord cannot use it to repaint the apartment to make it look more inviting for the next tenants. (That's illegal).

Cleaning Fee: Since landlords cannot legally use your security deposit for basic cleaning purposes, some of them choose to include a cleaning fee in your lease.

Last Month of Rent: Some landlords ask for the last month's rent in advance. This way, if you break your lease without first consulting your landlord, he or she has 30 days to find a new tenant before he or she needs another rent payment. If you're a good tenant, and don't break your lease, then you'll save yourself the trouble of having to worry about getting together your last month of rent. (This can be really helpful when you have to deal with all the costs of moving out!) Unlike the security deposit, this charge is non-refundable.

Pet Deposit: This, too, is a form of mini-landlord insurance typically running somewhere around $300.00. The pet deposit is used to cover any wear and tear caused by your pets. Some landlords also ask for a 'pet fee' once a month ($20-$50) to cover the cost and inconvenience of the lovely pooper-scooping duties. Renter's Insurance: You aren't required to get insurance, but it is HIGHLY recommended. It's incredibly easy for an unusual character to walk through the complex unnoticed. New people are in and out of apartments all the time, so you don't have the same security that a homeowner does. With that in mind, you ought to invest in Renter's Insurance as protection against theft, water damage and fire.

Parking: You might not always catch that prime parking space, and depending on where your apartment complex is, this could mean parking on the street. If you're living in the arts district in Downtown Dallas, you might need to feed the parking meter monster or pay for a secured parking lot. Keep this in mind when you yearn for that artsy loft.

Some states put a limit on the deposits a landlord can ask for. For example, in California the deposits cannot add up to more than two-month's rent. Check out the landlord/tenant laws to get the scoop on your state's restrictions.

Regardless of how many of the deposits and fees the landlord asks you for, make sure these are all outlined in the lease. If they are not, make a list of all of the charges, when they were paid, then date it and have the landlord sign it with you. Keep one copy of this list and give one to your landlord to avoid any problems in the future.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find rooms,apartments or roommates. Need help? Contact him at 800-487-8050 or www.rooommateexpress.com

Is That Apartment Hazardous to Your Health? by dan the roommate man

2005-09-13T19:32:00.000-07:00

When you sign a lease committing yourself to a unit in an apartment complex or building, you're agreeing to live in close quarters with strangers. You're also making the assumption that your building will be properly managed and maintained. That includes such factors as air quality and adequate pest control. As a tenant, you have rights, of course, but some of the most serious threats to your health -- such as carbon monoxide -- are ones you can't even see or smell.

Particularly scary is the prospect of seepage through soil. A landlord's efforts to maintain his or her own property can be nullified by pollution from a nearby commercial facility or poorly maintained residential property. Chemicals such as lead, pesticides can seep into the soil and find their way into the water and air of tenants living in better-maintained properties nearby. An environmental inspection is a landlord's best defense against allegations or plummeting property values.

You've almost certainly heard of "Sick Building Syndrome," which has almost become a cliche in recent years. While this condition often is associated with office facilities, home environments are not exempt from this plague by any means. Common symptoms of Sick Building Syndrome -- including eye irritation and respiratory difficulties -- may be traced to a variety of sources in your apartment building, including your the paint on your walls, a chemical used anywhere on the property (such as toluene, for example), your air conditioning unit, clogged air filters in need of changing, and/or the growth of bacteria spurred by high humidity, poor maintenance or both.

If you're experiencing symptoms of Sick Building Syndrome on a persistent basis, you should report them immediately to your landlord. Your lease should include a clause in reference to your landlord's obligation to see that such duties as changing air filters are performed regularly. If it doesn't contain such language, make sure you get it in writing before you sign a lease. Furthermore, tenants should be entitled to regular equipment inspection and timely maintenance.

Another air pollutant of which you should be aware is asbestos -- again, usually associated with commercial properties, but multifamily housing is not exempt. Within multifamily properties, asbestos has been found in caulking, in material wrapped around pipes, and in ceiling material. According to environmental scientists, insulation installed in multifamily, single-family and commericial properties between 1935 and 1978 contained as much as 50 percent asbestos. Insulation in the vast majority of such properties has been replaced or contained; however, some poorly maintained buildings continue to present a threat to their tenants. When inhaled over a prolonged period, asbestos can cause lung tissue to stiffen, contributing to lung cancer and/or heart disease. Landlords who are notified after an inspection that their properties contain asbestos must take appropriate action, which includes disclosing this information to present and prospective tenants.

Lead-based paint and other lead-containing materials (including mini-blinds) also have received considerable attention in recent years. The Residential Lead-Based Paint Hazards Reduction Act, passed in 1992, requires landlords and sellers of pre-1978 properties to disclose the presence of lead-based paint or other lead-based materials to prospective buyers or tenants.

The subject of numerous articles in recent years, carbon monoxide is one of the most serious and most common air pollutants present in multifamily housing. Fireplaces, gas or oil stoves, or gas or kerosene space heaters are all common emitters of carbon monoxide. The good news is that you can protect yourself by purchasing a carbon monoxide detector. You can't always assume that your landlord has purchased one because these detectors are somewhat expensive. By all means, ask. Chances are good that you're going to have to take matters into your own hands and purchase one yourself. It won't hurt to ask if the purchase can be deducted from this month's rent, but don't count on it.

Turning to the subject of pest control, before you sign a lease, ask your landlord how often the property is sprayed to prevent infestation. Can you get his or her response in writing? Ground-floor residents are particularly prone to pesky visitors, including cockroaches, fleas, ants and rodents. If you spot any of these creatures even occasionally, call your landlord and report the problem immediately. Rodents, of course, are transmitters of disease, but roaches' bodies and their droppings actually contain substances which contribute to poor air quality and even respiratory problems -- most notably, asthma.

If your prospective landlord doesn't volunteer information about the environmental quality of the building to which you're considering a move, ask. Odds are, of course, that you're going to hear a glowing report of the building's environmental quality, and while you shouldn't be cynical, get it in writing. After all, you're making a financial investment with your signature on that lease. If the landlord wants your patronage, he or she will comply without resistance. And if not, the renters' market is a competitive one; you won't have to look far to find a landlord who won't blink at your request. Happy -- and healthy -- hunting.

About the Author
Since 1989 dan the roommate man has helped 1000's of people find rooms,apartments or roommates. Need help? Contact him at 800-487-8050 or www.rooommateexpress.com

Lease Up? Here's How To Leave by dan the roommate man

2005-09-13T19:31:00.000-07:00