How to make sure your rental home is protected from catastrophe – video blog

I just wanted to share with you a little experience I just had. We’ve got our new 24/7 monitoring system. And we actually just had an alarm come through for one of our tenant’s homes. When that happens I get the notification. I get phone calls. Then it rings multiple people. In this case, I decided to address it. It was a fire alarm, as you can hear. It actually gave me a recording of it. What I did is I immediately jumped over and sent a quick text message to tenant, who I have a good relationship with, and asked, “Hey, the smoke alarm went off, “is everything okay at the house?” Got a quick text message back. “Yeah, sorry, I was cooking.” Apparently something happened. And simple enough, I said, “Okay, thanks, all is fine.” As I’m writing this it happens to be a Sunday. So 24/7, the monitoring system is working any time you need it. You get 24/7 monitoring of your house. All right, thanks, everyone. Have a good weekend, enjoy.

too see the video click here

How To Get Tenants to Pay Rent on Time by Offering Free Stuff

We all have a problem. Whether you’re a property manager or a self-manager we all have a problem collecting rents. I’m here to tell you there’s an easier way. Most landlords and property management companies like to manage properties that are class A,B,C in that order. Well my experience has taught me a few things about managing the type of property that no-one talks about. That’s the Class D property. The Class D property is sort of a no-mans land. They’re typically the most profitable from a cash flow perspective but they also take the most active management. Therefore a lot of property management companies simply won’t manage them. As a parent I simply take some of the same principles my parenting has taught me and apply those in my property management.

I’ll tell you a story about a client of ours. They were having just an impossible time managing a property in the Orlo-vista area. They were ready to sell the property and get out of the Orlando Landlord business altogether (we’ve all been there!). I had a discussion with him and suggested we try giving the tenant something! He replied: Whatt!! Give them something? They owe me and you want me to go into more debt.

This is precisely what I wanted him to do. Here’s what happened. He promised the tenant a free TV if the tenant paid their rent on time for 6 months straight. This might seem like a lot to offer. But we all know that Class D properties cash flow well. Second, we know ALL tenants love rewards. The landlord immediately started worrying about everything that might happen 12 months down the line. Questions such as whether he would need to do this every six months, etc. I told the landlord, STOP!, let’s get the rents paid and then we’ll worry about the rest. He obliged and wouldn’t you know it? The tenant paid all rents for 6 months straight.

I encourage you to try this. If you’re a current customer of mine and I manage a Class D property for you, I’m opening up a new offer to you. Let’s offer your tenant a free TV. You have nothing to lose. Contact me for more info.

Also, if you’re a self manager and you’re reading this feel free to take this tip. It’ll work every-time.

Happy Managing and Happy Holidays!

-Rick

Why You Need to Invest in Real Estate in Orlando Now

Orlando is easily one of the most attractive tourist destinations in the United States of America because of the amazing beaches, resorts, restaurants, shopping spots, and of course Disney! This place welcomes millions of visitors every year who are from America and from many other parts of the world.

When examining the property market, we see that investing in places which receive a large number of visitors can always be profitable. Having many attractive tourist destinations, these destinations never run out of job opportunities. Investing in this real estate market means you are ready to earn some significant rents.

Usually, when deciding the rent of a property, its value is taken into consideration. Any property in Orlando which is around $150k can get a reasonable rent of 1 percent of its total value. When the value increases, the percentage of rent is decreased and when the value of a property is less than $150k then the rent hikes to more than 1 percent.

As compared to the other American cities, investing in Orlando real estate has some distinct advantages because of the smooth cash flow, thriving economy, landlord friendly laws, and the endless fountain of customers. The following are some of the important benefits of having owning a rental property in Orlando:

The Market is Always Hot

If you make the right kind of negotiation, then getting a rent which is around 1 percent of the price of the property is achievable. Although the rental rates vary in Orlando and in order to infer the exact amount, you need to go down to the neighborhood level. Because of the fact that the city of Orlando is always crowded with more and more people coming in, the market is always hot and you’ll be getting a decent rent for your property all year round.

The Amazing Weather

Orlando is one of those places that have a stable weather throughout the year. There are no extreme conditions and most of the time we see all the people enjoying a warm, sunny day with the breeze blowing occasionally. This is the ideal weather to live. They do not want those extreme winter seasons when everything is blocked by snow and mobility becomes a hassle. The weather ensures that your property will have enough customers because there are no extreme climatic conditions to make people run from this place.

A Lot of Good Schools

Orlando is the home to a number of great schools which make a lot of students come to this place. Some of them who do not want to live in the university dorms seek homes to rent. Owning a home in Orlando means that you can earn excellent profits by renting it out to the students. These rents can be astronomical.

Good schools also mean more families with K-12 aged children. Families tend to more stable and have longer tenancies with better responsibility for properties. Longer tenancies mean less vacancy for you.

A Perfect Vacation Spot

If you have a home in Orlando then vacationing here will always be profitable for you. Pack your bags and head out with your family. There are so many places to visit and they keep adding more attractions year after year. No chance you’ll be bored because you’ll always find something new and interesting. Your property will not only save money for your accommodation but will keep reaping profits.

The Ever-Growing Economy

There is no slowdown in sigh for the economy in Central Florida. This is mainly because the national and international tourists and visitors keep coming thereby keeping jobs stable. All the other sectors including health, retail, real estate and technology are benefitting and keep growing. From the “Medical City” in Lake Nona to the Sun-rail lightrail system connecting South Florida to Central Florida this city is Booming. Orlando has been stuffed with all the ideal features for stability which include great schools, some of the best theme parks, amazing shopping centers, and the finest restaurants. Orlando is improving in every regard so making an investment equals stable and increasing profits.

An Ideal Retirement Destination

You may choose to spend your working days in another city but for retirement Orlando is an absolutely amazing place. There are just so many activities. Additionally, retirees tend to suffer from a number of conditions which are worsened in extreme climatic conditions. The atmosphere here is friendly and people love socializing especially in small towns and everything is just a few minutes drive. There are amazing golf courses, beautiful waterways, beaches nearby and so much  more.

You’ll have an edge investing in single family residences. This means that getting your hands on a condo or a small home will actually be more profitable for you because generally, these homes tend to have a rent which is more than 1 percent of the value of the property. An improved area and the rent will be decreased. So the major profit you’ll be earning is by targeting small families.

Even if you do not want to continue with giving your property on rent, you always have the option of selling it. You’ll get an excellent return on your investment!

What you need to know about world’s oldest rental agreement

The ancient city of Teos reveals oldest rental agreement. The document was written 2,200 years ago. There many lessons to be learned from it. It even had a guarantor and the elders of the city appear as a witnesses of the agreement. There are even penalties in case the building is used inappropriately. This is a tighter agreement that may self-managed properties that I’ve seen, lol.

Interesting lines include: Building will be used three days a year” and “If building neglected or harmed there is penalties” and get this “building will be inspects by the neos in every year”. Most self managed landlord I know today don’t even inspect their buildings. Have we learned nothing in the 2200 years since this agreement?

If we learned anything from this document, it’s inspect your buildings r get someone like Reliable1 to manage for you.

see the full document and video at: http://webtv.hurriyet.com.tr/haber/2200-yillik-kira-sozlesmesi-gun-isigina-cikarildi_136909

 

Questions to ask of your property management company

If you choose hire a manager, the best place to start is to ask for referrals from your friends or other investors at a RIA meeting.

There’s under of ways to find a property manager, it is important to question them thoroughly before hiring them. You should interview them, ask for references and interview those references as well. Make sure the manager specializes in the types of properties you own. If you own C class rentals, a management company that specializes in A rentals will almost certainly do a terrible job and vice versa.

Some questions to ask include:

  • What are the property management fees?
  • How long have they been property managers and how many properties do they manage?
  • What class of properties do they manage?
  • How many evictions do they have each month?
  • How long do properties usually stay vacant before being leased?
  • How do they screen and do they accept anyone who has had evictions?
  • How do they handle maintenance requests?
  • What is the minimum charge for a maintenance visit? Is service done in house?
  • What do they do when a tenant doesn’t pay?
  • How do they intend to market my property?

Be sure to get the answers before starting on your own. Getting this wrong can be a nightmare and really impact your bottom line.

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