|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.
The 10 Real Estate Markets That Will Dominate in 2023 Realtor.com News
The Real Estate Investor Retreat Network Launches In-Person Networking Mastermind Events - Yahoo Finance
The Real Estate Investor Retreat Network Launches In-Person Networking Mastermind Events Yahoo Finance
Real Estate Fresh Finds: December 7 PoPville
Real Estate Redefined: December 7, 2022 ConchoValleyHomepage.com
Real Estate Today by Evans & Evans Real Estate: Showcasing a home on the market near downtown Elizabethton - WJHL-TV News Channel 11
Real Estate Today by Evans & Evans Real Estate: Showcasing a home on the market near downtown Elizabethton WJHL-TV News Channel 11
As Phoenix metro real estate market cools down, sellers offer added incentives - FOX 10 News Phoenix
As Phoenix metro real estate market cools down, sellers offer added incentives FOX 10 News Phoenix
Genius Ways To Earn Real Estate Passive Income Seeking Alpha
Self-Storage Real Estate Acquisitions and Sales: December 2022 Inside Self-Storage
Harbor Group International adds CIO for office real estate Pensions & Investments
Real Estate Today by Evans & Evans Real Estate: Decorating your home for the Holidays when selling - WJHL-TV News Channel 11
Real Estate Today by Evans & Evans Real Estate: Decorating your home for the Holidays when selling WJHL-TV News Channel 11
Worcester makes Realtor.comâ€™s top real estate markets of 2023 list Boston Agent Magazine
JPMorgan Chase Appoints Burke Davis as Real Estate Banking Northeast Region Market Manager - Real Estate Weekly
JPMorgan Chase Appoints Burke Davis as Real Estate Banking Northeast Region Market Manager Real Estate Weekly
What's your opinion of the state of the Chicagoland real estate market? Chicago Agent magazine
Why Top L.A. Real Estate Agents Are Striking Out to Form New Brokerages Hollywood Reporter
Real Estate: John M. Lee â€“ Richmond Review/Sunset Beacon Richmond Review/Sunset Beacon
People and Property: Real Estate and Construction News From Around NH - New Hampshire Business Review
People and Property: Real Estate and Construction News From Around NH New Hampshire Business Review
Block Real Estate's conversion of former Kiewit building wins initial OK - Kansas City Business Journal - The Business Journals
Block Real Estate's conversion of former Kiewit building wins initial OK - Kansas City Business Journal The Business Journals
Real Estate Transactions The Provincetown Independent
Real Estate Spotlight: Goll Mansion apartment tower project gets a reboot BizTimes Milwaukee
Real estate rundown week ending Dec. 9, 2022 - GREENVILLE JOURNAL Greenville Journal
A Split Congress May Be Good News For Commercial Real Estate Investors - Marcus & Millichap (NYSE:MMI) - Benzinga
A Split Congress May Be Good News For Commercial Real Estate Investors - Marcus & Millichap (NYSE:MMI) Benzinga
Big changes happening in local real estate Seeley Swan Pathfinder
'We're Not In A Frenzy Anymore,' Real Estate Agent Says Amid Home Sellers Pulling Properties Off The Market - Yahoo Finance
'We're Not In A Frenzy Anymore,' Real Estate Agent Says Amid Home Sellers Pulling Properties Off The Market Yahoo Finance
Real Estate Logic â€“ The cost of holding out Positively Naperville
37 properties for sale in Chemung County real estate auction WETM - MyTwinTiers.com
Canadian Apartment Properties Real Estate Investment Trust Un stock rises Wednesday, outperforms market - MarketWatch
Canadian Apartment Properties Real Estate Investment Trust Un stock rises Wednesday, outperforms market MarketWatch
Top residential real estate sales for Nov. 21-25 on Longboat Key, Lido Key, St. Armands Key, Bird Key - Your Observer
Top residential real estate sales for Nov. 21-25 on Longboat Key, Lido Key, St. Armands Key, Bird Key Your Observer
Over 30 new real estate transactions in central Pa., including leases by Urban Churn, Bath & Body Works and more - PennLive
Over 30 new real estate transactions in central Pa., including leases by Urban Churn, Bath & Body Works and more PennLive
Real Estate Property Transfers in Franklin for November 14, 2022 Williamson Source
Hudson County Real Estate Investor Admits Multi-Year Mortgage Fraud Scheme Department of Justice
Martha's Vineyard News | Recent Real Estate Transactions: Week Ending Dec. 2 - The Vineyard Gazette - Martha's Vineyard News
Martha's Vineyard News | Recent Real Estate Transactions: Week Ending Dec. 2 The Vineyard Gazette - Martha's Vineyard News
Roy Carroll waits for expected real estate opportunities The Business Journals
CBRE, JLL real estate layoffs come as companies try to slash costs - Portland Business Journal - The Business Journals
CBRE, JLL real estate layoffs come as companies try to slash costs - Portland Business Journal The Business Journals
Real Estate 101: Getting ready to go | Opinion | northwestgeorgianews.com Northwest Georgia News
Real Estate Spotlight: Effort to pedestrianize part of Ivanhoe Place advances with pitch to provide TID funding for plaza - BizTimes Milwaukee
Real Estate Spotlight: Effort to pedestrianize part of Ivanhoe Place advances with pitch to provide TID funding for plaza BizTimes Milwaukee
Real estate developer Tony Cho brings climate and innovation hub to Little Haiti - South Florida Business Journal - The Business Journals
Real estate developer Tony Cho brings climate and innovation hub to Little Haiti - South Florida Business Journal The Business Journals
Sponsored: Valor Helps Real Estate Investors Secure a DSCR Investment Property Loan - Times of San Diego
Sponsored: Valor Helps Real Estate Investors Secure a DSCR Investment Property Loan Times of San Diego
REAL ESTATE | Soft open today for the new five Below on S. Main in West Bend, WI - washingtoncountyinsider.com
REAL ESTATE | Soft open today for the new five Below on S. Main in West Bend, WI washingtoncountyinsider.com
On Real Estate: Small landlords should seize opportunity to have pot dispensaries as tenants - Crain's New York Business
On Real Estate: Small landlords should seize opportunity to have pot dispensaries as tenants Crain's New York Business
This Instagram Account Celebrates Real Estate Listings 'Gone Wild' And Here Are 40 Of The Best Ones (New Pics) - Bored Panda
This Instagram Account Celebrates Real Estate Listings 'Gone Wild' And Here Are 40 Of The Best Ones (New Pics) Bored Panda
Real estate agent teams up with HSAR and PAWS to help homeless pets Plumas County Newspapers
Record-Breaking Real Estate Duo Joyce Rey and Timothy Di Prizito Take Opulence to the Next Level - Ocean Drive | Modern Luxury
Record-Breaking Real Estate Duo Joyce Rey and Timothy Di Prizito Take Opulence to the Next Level Ocean Drive | Modern Luxury
Laurie Duepner Real Estate with NEO Home Loans gave us the housing market temperature - KTVI Fox 2 St. Louis
Laurie Duepner Real Estate with NEO Home Loans gave us the housing market temperature KTVI Fox 2 St. Louis
InvestNet Launches Single Family Investment Fund Targeting Real Estate Acquisitions in Northwest Arkansas - The Mena Star
InvestNet Launches Single Family Investment Fund Targeting Real Estate Acquisitions in Northwest Arkansas The Mena Star
8 Creative Real Estate Marketing Ideas And Examples Search Engine Journal
Two Kentucky Real Estate Professionals Plead Guilty to Bid Rigging Farmland Auction - Department of Justice
Two Kentucky Real Estate Professionals Plead Guilty to Bid Rigging Farmland Auction Department of Justice
Real estate investing 'created this life of freedom': Michigan couple brings in $11,000 a month for only 2 hours of work - CNBC
Real estate investing 'created this life of freedom': Michigan couple brings in $11,000 a month for only 2 hours of work CNBC
Chinese real estate stocks surged this month. But analyst warns of 'weak reality' vs. high expectations - CNBC
Chinese real estate stocks surged this month. But analyst warns of 'weak reality' vs. high expectations CNBC
Inside Lionel Messiâ€™s Worldwide Real Estate Portfolio Architectural Digest
How Two Luxury Real Estate Agents Spend Their Sundays The New York Times
Real Estate Terms & Definitions Bankrate.com
When real estate agents fire clients The Real Deal
Mom-and-Pop Real Estate Investors Are Pulling Way Back. Hereâ€™s Whereâ€”and Why It Matters - Realtor.com News
Mom-and-Pop Real Estate Investors Are Pulling Way Back. Hereâ€™s Whereâ€”and Why It Matters Realtor.com News
Stark County real estate transfers Oct. 22-28 Canton Repository
How can the real estate industry become more resilient? An expert explains World Economic Forum
How do you decarbonize real estate? An expert explains World Economic Forum
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.
NAR® 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|