• outside

    The Anatomy of a Rehab – Part 2 – Figuring the Costs

    Wednesday, October 29, 2014

    In my last post I discussed how I went through and assessed what I needed to do to get the property rehabbed by using my Property Inspection Sheet.         These are the repairs that I wanted done: A New Roof with some Decking Exterior Painting with some Rotten Wood Replacement Yard Cleanup Interior Painting Interior Wood Floors Refinished Kitchen Remodel Bath Remodel HVAC Tune Up Storm Windows. Now, knowing what I needed done, it was time to figure out what it was…

  • Law Books

    Landlord-Tenant Law: A Beginner’s Guide

    Sunday, October 26, 2014

    Check out the Library of Congresses Beginner’s Guide to Landlord-Tenant Law. It contains a listing of several relevant books and websites relating to something all landlords show know – The Law.

  • outside

    The Anatomy of a Rehab – Part 1 – Assessing Needs

    Thursday, October 23, 2014

    As I wrote previously, I am in the process of doing a major rehab on one of my properties. The first step in any rehab process is to assess what you need to do. What needs to get fixed? Then you can get estimates and figure out costs to develop a rehab budget and hire contractors. To assess rehab needs, I have a very simple Property Inspection Sheet that I use to make sure I do not over look anything. I use this sheet when…

  • Rents Are Up

    Rents Have Risen For The Last 23 Quarters

    Wednesday, October 22, 2014

    Nationwide, rents now average $1,111 per month according to this article in the Wall Street Journal. Rents are now over 15% higher than they were at the end of 2009. Renters continue to get squeezed by high demand and low supply. This trend shown in the graph below is expected to continue for at least the next year.  

  • outside

    The Anatomy of a Rehab

    Tuesday, October 21, 2014

    I have a property that I bought several years ago. When I bought it, the property came with tenants. Those tenants were happy to stay in the property and I was happy to let things ride for a while. I knew that whenever those tenants left, some major work would have to be done. Well, those tenants have just moved out and now we get to do a major rehab. Here are some pictures showing the property’s current condition.            …

  • Dancers

    Top 25 Tenant Professions

    Tuesday, October 21, 2014

    Who is more likely to be one of your tenants? Interesting question and Ancestry.com did a study of census data stretching back to 1900 in an attempt to answer it. Dancers, waiters, bartenders and members of the armed services topped the list. While professionals and trades persons like optometrists, dentists and toolmakers were more likely to be homeowners. Here are the top 25 professions that are most likely to be tenants based on the last 112 years of data: Dancers and dancing teachers Motion picture…

Real Estate News

Rents Are Up

Rents Have Risen For The Last 23 Quarters

Nationwide, rents now average $1,111 per month according to this article in the Wall Street Journal. Rents are now over 15% higher than they were at the end of 2009. Renters continue to get squeezed by high demand and low supply. This trend shown in the graph below is expected to continue for at least the next year.  

Haz Mat Team

Questions on Ebola, Apartments and Landlords

I have been watching the recent news about the ebola virus just like everyone else. Amongst all of the news I noticed that the two victims here in the US lived in apartments. Now, I understand the threat that Ebola is and I also understand the need to contain it. Nonetheless, as a landlord certain questions pop into my head when I read headlines like the following: “Ebola decontamination begins at Dallas apartment of 2nd hospital worker” Questions like: Who pays for this hazmat cleanup?…

Buying Properties

Seller Financing

Seller Financing – It’s Real!

When you are new to real estate, and without much starting capital, seller financing is the strategy that gives you hope. With seller financing, you don’t need a bank. You don’t need a hefty down payment. You don’t even need good credit. I was sure that seller financing was a strategy of fairy tales. As it turns out though, obtaining seller financing is completely possible. I bought a property with seller financing within 6 months of purchasing my first property. Regular banks would not have…

Silence Can Be Golden

Silence Can Be Golden!

Being a successful real estate investor means being a successful negotiator.   Being a successful negotiator is not easy, but it is a skill that can be learned. Browsing one of my favorite websites the other day I came upon some valuable negotiating advice and thought I would pass it along.   SILENCE The most powerful words are silent. I had a dinner with Michael Fishman (cc Monica McCarthy) last week. He said, “if even for one second you are preparing your response while someone else…

Buying Apartments

Buying Apartments? Use This Form!

For us landlords, growing our business means adding new properties.  New property additions mean more rental units and more cashflow.  New property additions also mean more tenants.  Sometimes these tenants come with the properties we buy.  I call these tenants “inherited tenants.”  Inherited tenants pose a special kind of risk to a buyer in a couple of ways.  First, as a buyer you are generally bound by their existing lease agreements.  You cannot just kick tenants out, raise the rent or revise other lease terms…

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