|Real Estate Information|
Be Patient Screening Tenants
Rental real estate is a solid way to make money. I'm particularly fond of residential properties, because people have to live somewhere. But it's not for the faint of heart.
I've seen it more than once: the first mortgage payment is due and the contractor isn't done with the renovations yet, or three tenants are moving out in the same month, or the partner (the one with the money) is walking away and leaving you to handle it all. It's very scary, and this is when the worst mistakes a landlord can make will happen.
When you're up all night trying to figure out how your dreams became a big financial burden is not the time to be making decisions that could affect your livelihood and quality of life. Real estate is an investment, and treating it like a business is the only option. If you're in a bad situation, you might rush the contractor and force him to cut corners that will bite you in the ass later. You might decide on a marginal prospect and get a tenant that pays for one month but lives in your investment for seven more as you try to get her out. You may consider selling the building in a down market to get out from under, and take a tremendous loss that will set you back for years!
If this sounds like a place you're in now, take a step back. Your situation may be bad, but acting rashly is bound to make it worse. Desperation will only dig you a bigger hole. There are banks, relatives, friends and even the Small Business Administration that might be able to help you with financing to get through a rough spot and to keep you from making bad decisions out of fear. Like it or not, short time challenges are going to crop up and if you don't have the iron constitution to stay the course, you're going to need a trusted friend or advisor to help you keep things in perspective.
Let's take tenant selection as an example. The first property I owned had two units, and one of my tenants moved out at about the same time my job required me to spend a considerable amount of time out-of-town. I was advertising the vacancy, taking the calls on my cell phone, and driving a hundred and twenty-five miles each way whenever I had to show the place. The stress of trying to fill the vacancy at a distance was high, and the mortgage payment that I could no longer make just added to the knot in my gut. Three weeks into my search I found someone who had a decent job and passable credit. Best of all, she was able to move in right away. Without more than a cursory glance at her references (and no follow-up questions about how she had come to need housing so desperately) I signed a three-year lease with her.
A three-month lease would have been a better choice, because that's all I got out of her. The excuses were varied, and the apologies sincere, but the money was late, lacking, and finally not at all. Since tenants don't care to call up landlords when they owe them money, I also didn't find out about the sewage backup in the basement until it was five feet deep. All in all, by giving into the anxiety of having a vacant apartment, I lost over seven thousand dollars in repairs, court costs, and unpaid rent. And that sort of tenant is almost worthless to file a judgment against, since collection is all but impossible. The exact circumstances will vary, but if you recognize the factors that fed my impatience, you may be able to avoid my trial by fire.
If you're not in a terrible situation, keep out of it! Plan ahead. Do you have an emergency cushion of at least three, but preferable six months of expenses? Do you know someone (friend, relative, property manager) who could take on new or add to existing responsibilities to keep things moving should you become laid up by illness or injury, or called away due to some life circumstance? Are your important real estate papers organized, with a list of them in the hands of your attorney, your spouse, and at least one trusted friend or associate? Is your will updated to include all of your properties, and all of your heirs? And perhaps most important: are you trying to go it alone, or do you have someone you can bounce ideas off of, someone whose input and insight you value and trust? Careful planning now will enable you to be patient later, when it really counts. Don't let fear deprive you of reason.
© 2005 Terence P Ward, all rights reserved.Terence P Ward is the President of Landlord for Hirehttp://www.landlordforhire.com, a residential property management service of Green and Clean Corporationhttp://www.Green-n-Clean.biz, based in the Mid-Hudson Valley of New York State. You may find contact information for him on either of his company's web pages.
Jessica Flake Dearnley launches commercial real estate firm talkbusiness.net
Real Estate Agents Making it Work Spectrum News
Wall Street adjusts to working at home: Lost screen real estate, Citi's new 'world headquarters' - CNBC
Wall Street adjusts to working at home: Lost screen real estate, Citi's new 'world headquarters' CNBC
Real Estate Spring Buying Season Could Be âCatastrophicâ The New York Times
Real Estate: Pandemic Safety My veronanj
Will the Vail Valley see a post-virus real estate bump? Vail Daily News
Real Estate Newsmakers SouthCoastToday.com
Hot Property newsletter: Real estate remains a much-needed distraction Los Angeles Times
14 real estate twists: coronavirus, essential sales, plummeting escrows The Whittier Daily News
Real Estate Transactions: April 4, 2020 Fairfield Daily Republic
REAL ESTATE MATTERS: When youre trying to pay off multiple debts, where do you start? - Sarasota Herald-Tribune
REAL ESTATE MATTERS: When youre trying to pay off multiple debts, where do you start? Sarasota Herald-Tribune
Point of View: Real estate "essential"? Not quite Oklahoman.com
COVID-19 could change the face of commercial real estate in Pittsburgh Pittsburgh Post-Gazette
Tarek El Moussa Is Looking for 100 Real Estate Agents to Come Work With Him HouseBeautiful.com
ABQ real estate ârockingâ-for now Albuquerque Journal
Forecasting commercial real estate winners and losers in the post-pandemic world - Houston Chronicle
Coronavirus: Dutchess real estate practices adapt to COVID-19 as realtors prepare for boom - Poughkeepsie Journal
Coronavirus: Dutchess real estate practices adapt to COVID-19 as realtors prepare for boom Poughkeepsie Journal
Coronavirus Outbreak Having Chilling Effect On San Francisco Bay Areaâs Real Estate Market - CBS San Francisco
Coronavirus Outbreak Having Chilling Effect On San Francisco Bay Areaâs Real Estate Market CBS San Francisco
Miami County Real Estate Transactions Piqua Daily Call
Manhattan Real Estate Update: Manhattan â It's EarlyâŠBut, Here's What We Know Now - westsiderag.com
Manhattan Real Estate Update: Manhattan â It's EarlyâŠBut, Here's What We Know Now westsiderag.com
Real Estate Firms Create Forum To Navigate Coronavirus, Capital Improvement Exploration - GlobeSt.com
What the $2 trillion stimulus does for real estate The Real Deal
Real estate transactions: Investment infuses funds for improvements at south Houston apartment complex - Houston Chronicle
Real estate transactions: Investment infuses funds for improvements at south Houston apartment complex Houston Chronicle
Preventing the Pending Collapse of the Real Estate Market Commercial Observer
Public Record: Coshocton Co. Real Estate Transfers Coshocton Tribune
Strategic Properties of North America buys Cityfront Place apartments in Streeterville - Crain's Chicago Business
Strategic Properties of North America buys Cityfront Place apartments in Streeterville Crain's Chicago Business
All Things Real Estate: Failure to close escrow a valid reason to void sales contract - Fairfield Daily Republic
All Things Real Estate: Failure to close escrow a valid reason to void sales contract Fairfield Daily Republic
Real Estate Postpone April/May Tour Dates jambands.com
Real estate rounded up: Dozens of deals recently done, including an apartment complex sale - Austin Business Journal
Real estate rounded up: Dozens of deals recently done, including an apartment complex sale Austin Business Journal
Beach real estate in the time of coronavirus Washington Blade
Real estate firms ponder furloughs and salary cuts as pandemic grows The Dallas Morning News
San Antonioâs USAA completes sale of controlling stake in real estate investment business - San Antonio Express-News
San Antonioâs USAA completes sale of controlling stake in real estate investment business San Antonio Express-News
Recent Commercial Real Estate Transactions The New York Times
Sandusky County real estate transfers The News-Messenger
Coronavirus: Commercial Real Estate Market Retrenches Oregon Business
Real Estate Transfers | Local News York News-Times
This Week in EG Real Estate: Talking to RI Real Estate's Greg Dantas East Greenwich News
Residential real estate's role in COVID recovery on Crain's Daily Gist podcast - Crain's Chicago Business
Residential real estate's role in COVID recovery on Crain's Daily Gist podcast Crain's Chicago Business
3 Reasons to Invest In Real Estate During a Recession Yahoo Finance
Why Real Estate Stocks Plunged Wednesday The Motley Fool
Medical marijuana may bolster OKC real estate market Journal Record
Needham real estate market holds strength as coronavirus hits Wicked Local Needham
Williamsport City Council extends business and real estate tax payment and filing deadlines - NorthcentralPa.com
Williamsport City Council extends business and real estate tax payment and filing deadlines NorthcentralPa.com
PAR Files Brief Supporting Lawsuit to Request Governor Designate Real Estate as a Life-Sustaining Business - The Delaware County Daily Times
PAR Files Brief Supporting Lawsuit to Request Governor Designate Real Estate as a Life-Sustaining Business The Delaware County Daily Times
Small business $350 billion emergency lending and real estate Realtor.com News
Real Estate Transactions: April 3, 2020 Athol Daily News
Economists, analysts on what to watch in Charlotte's commercial real estate market amid COVID-19 pandemic - Charlotte Business Journal
Economists, analysts on what to watch in Charlotte's commercial real estate market amid COVID-19 pandemic Charlotte Business Journal
Coronavirus Crisis: Experts discuss impact on real estate market FOX 11 Los Angeles
The 'forgotten cog' in the real estate machine during coronavirus National Mortgage News
On the market: Portland homes priced at $500,000 are selling during the coronavirus crisis - OregonLive
On the market: Portland homes priced at $500,000 are selling during the coronavirus crisis OregonLive
Charts Suggest Real Estate Sector Could Head Higher Investopedia
Kushner familyâs real estate company may get mortgage help even if it can make payments: report - Raw Story
Kushner familyâs real estate company may get mortgage help even if it can make payments: report Raw Story
âKicking the can down the roadâ: Real estate industry says $2T relief plan doesnât do enough - The Real Deal
âKicking the can down the roadâ: Real estate industry says $2T relief plan doesnât do enough The Real Deal
Real-estate-investing strategy: Seller financing tips from self-made expert Business Insider UK
'Listing Impossible' star Aaron Kirman says coronavirus could devastate the real estate market - CNBC
'Why would we risk it?' New York City real estate brokers push back against essential title in coronavirus pandemic - Crain's New York Business
'Why would we risk it?' New York City real estate brokers push back against essential title in coronavirus pandemic Crain's New York Business
Real estate brokerages plant flags near Innsbrook RichmondBizSense
5 New York City real estate issues to watch as lawmakers reach 'conceptual agreement' on budget during coronavirus outbreak - Crain's New York Business
5 New York City real estate issues to watch as lawmakers reach 'conceptual agreement' on budget during coronavirus outbreak Crain's New York Business
Real Estate Insider: Post-pandemic, is more office space the future of work? - Crain's Detroit Business
Real Estate Insider: Post-pandemic, is more office space the future of work? Crain's Detroit Business
Missoula real estate market is 'moving along' NBC Montana
Bonanza for Rich Real Estate Investors, Tucked Into Stimulus Package The New York Times
Home Warranties: Are They Too Good To Be True?
What is a 'Home Warranty?'A home warranty is like an insurance policy. In fact, in some states the Insurance Commission may even regulate them.
Advantages to Buying or Owning a Condominium
Condos have become an increasingly attractive home ownership option for singles, young couples, families and retired couples (that's just about everybody!). A condo is a viable option for anyone who wants to own a home without the worry of repairs, maintenance and dreaded chores like snow shoveling.
Want A $10,000 House?
How do you find a house for ten or twenty thousand dollars? In three steps:1. Find towns that are affordable.
The Costs of Transforming Your Home into a Buyers Dream House
Turning your house into the home of a buyer's dreams doesn't have to cost a great deal of money. In fact, armed with some paint and the determination to work hard, most home sellers usually need to invest only about $500 to spruce up their homes for a quick sale.
Coming to Las Vegas - the Las Vegas Real Estate Boom
Nobody seems to be 'Leaving Las Vegas' anymore - in fact just the opposite is true. Just as in the time of the rush Las Vegas real estate has been drawing the attention of investors and new citizens alike.
Condo-Hotels - A New Second-Home Alternative to Time Shares
Condo-hotels have evolved as a better, more reliable second home alternative to time-shares. They are usually attractive, high-rise hotels on the ocean or in other prime locations, and range in price from the mid $200,000s to over 1 million, depending on the size, location, and amenities.
Equity is the value of your home minus what you owe on your mortgage. For example, If Joe's home is worth $200,000 and Joe still owes $170,000, then Joe's Equity is $30,000.
Property Investing Secrets 7
Property Investing Secrets:How Buying Real Estate Is Like Planning a Trip to the Greek IslandsOne you start property investing, one important tip is to press the flesh with the real estate agents in the areas where you plan to buy. Because property investing is a bit like buying a holiday package, you must separate yourself from the rest of the investors by giving the real estate agents the information they are looking for in your first face to face meeting.
Researching Property for Real Estate Investing
Much is being said lately about investments. There are many investments that one could make: stocks, notes, gold, retirement plans, etc.
What is a Home Inspection?
Any Sally and Sam Homebuyer can look at a home and decide whether it is attractive. They might notice it is freshly painted in pleasing colors, has the requisite number of rooms, a cook's kitchen and is located in a location with top schools.
Perhaps you'd like to take advantage of today's great buyer's market in housing but feel a little intimidated by everything that's involved.You know the routine: finding the right locale and the right house; negotiating an agreement; putting together a down payment; and selecting the best mortgage available.
Business Credit Card Dirty Tricks
My system teaches people that the proper useof credit is the fastest way to speed up your profits in real estate investing.And you can use this system no matter what your own credit score is.
The 21st Century Way To Build Equity
Here to stay and firmly established in the U.S.
What are the Top 11.5 Criteria for Selecting an Orlando Investment Property
1. Make sure units are larger than 1800 square feet.
Chapter One FSBO the Russ Miles thriller/mystery novel
Chapter OneShe reached the phone on its second ring. "This is Tami!" She confidently answered.
Property Investing - Am I Buying for Profit or Prestige?
All of us have emotional preconceptions and assumptions. They are reinforced and fine tuned by our experiences of life, be they traumatic, disciplined or consistent.
Youre Not Paranoid: The House Really Hates You
If you've just bought a house, you may be able to relate to a fascinating essay in Maya Angelou's book, Even the Stars Look Lonesome.When Ms.
Property Investment - What Future For the Biggest Bubble of All Time?
The Economist magazine published a special report in this months issue entitled "House Prices ? After The Fall". Some might call it pessimistic, alarmist, nonsense or worse but only the foolish would choose to ignore the research that comes out of a think-tank with the kind of resources that this highly respected publication has.
NARź Broker Will Swear It - Real Pro' Agents Share It - FSBO Truth
For posting the "Truth" on your website, some FSBO's will not like you. These prospects would not have listed with you anyway.
Home Owner Association Restrictions - Read Before Buying
Many communities have associations for homeowners, property owners, condo owners, or similar associations. The presence of a homeowners association, also known as "HOA", introduces another layer of rules and regulations to consider when buying a home.
|home | site map|
|© 2006 TIGER MEDIA|