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 ).
Thursday, September 22, 2005
What To Look For In A Home by Nicole Soltau
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.
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
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
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
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
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
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
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
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
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
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
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
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
RSS feed:
http://quikonnex.com/channel/view/caturineodoradvisor
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
RSS feed:
http://quikonnex.com/channel/view/caturineodoradvisor
Renters Have Much to Gain by Pursuing Home Ownership by Mical Johnson
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
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
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/
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/
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