buying, commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

Landlords, when you don’t address it in the lease agreement it might keeps you wide open

January 14, 2014 Bettina Settles Leave a comment

When investing in real estate investors may consider holding properties as rentals for another source of income rather than flipping. Dealing with tenants is a whole other ball game and does need a new skill set and paperwork.

Sure we all are aware that we should run a background and credit check on the tenants, and we do know that we have to have a written, dated and singed lease agreement with them. What we put into the lease agreement is also very important and what we don’t put into the agreement is what will kick us in the chin.

There are many places out there where you can buy pre-written lease agreements. You only have to fill in the blanks and the agreements supposed to have been written for your state specifically or some of them even supposed to cover any State in this Union.

Some investors might take other investors (who already have rental units) lease agreement and just run with it, thinking it should be fine.

How do you know that is agreement is the right one for you and your State? Just because it says so does not mean it is.

I have seen so many lease agreements that left the investor wide open for possible legal issues or the tenants had more rights but less responsibility than the landlord it is not even funny.

To make sure that your lease agreement has you and your property covered is to consult a real estate attorney. Just grab your current lease and let the attorney work it over for you. You maybe be surprised what you are missing and did not cover…..

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US top 10 States individuals move to and away from on 2013

January 13, 2014 Bettina Settles Leave a comment

At the beginning of January Atlas Van lines published the top 10 states people move to and the top 10 states people move away from in 2013.

Based on their records for 2013 the top 10 states individuals have moved to are:

Oregon
South Carolina
North Carolina
District of Columbia
South Dakota
Nevada
Texas
Colorado

The top 10 states individuals moved away from are:

New Jersey
Illinois
New York
West Virginia
Connecticut
Utah
Kentucky
Massachusetts
New Mexico

Some states had a balance between the individuals who moved away and into their state. Nebraska, Tennessee, Iowa, Alabama, Louisiana, Michigan, and Indiana are on that list.

commitment, Communication, education, green, Inspiration, planning, recycle, tips

When it rains it pour’s and where does all the water go?

January 10, 2014 Bettina Settles Leave a comment

Now that we have several inches of snow on the ground and faced head on the freezing cold temperatures and now we are looking at chances of rain this weekend in Indy. With temperatures this week that are above freezing during the day the snow is bound to melt.

While you unburied the fire hydrant have you thought of clearing off the street drain that is located right in front of your property so that the water can run off? When you have not done so, take a minute to clear out an area right around your downspout and made sure the water has a way to move away from your house and when you safely can check your gutters you might take a look at them too.

Also don’t forget to check on your sump-pump to make sure it is working properly and when you have a back-up pump make sure it operates as well. Nothing worse than finding out that your sump pump is not working while you step into an inch of water in your basement.

commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

Things to consider when hiring a property management company

January 9, 2014 Bettina Settles Leave a comment

Sooner or later as a Real Estate investor we might have to make the decision to hire a Real Estate Management company to manage our properties we own and hold.

As a landlord we never think twice about interviewing and running a background check on the tenants before we sign a lease with them but how thoroughly are we checking on the Management companies we are hiring to manage our properties.

Sure the first deciding factor might be a referral from fellow Real Estate investors but we still have to do our own due diligence before we hire a management company. When we own properties that have 10 or more units a single family property manager might not be the right fit for us or when we need a property manager for 40+ properties a manger who managed only 10 or 20 might not be able to handle the extra work load.

We should find out about their current education and ask about their real estate license. It is very simple to check with every state licensing agency to find out if the Manager we would like to hire is a real state professional in good standing. With that we can find out very quickly how long they have been in business.

Great way to find out about property managers knowledge is to ask them about the landlord and tenant law and about local codes that affect rental properties of any type. We also should find out from them how many tenants they have evicted and how they set and or adjust the rents. This will show us if they have good screening processes in place and if they keep up with the current rental market.

Other questions we should ask the property manager are about the handling and storing of the income, tenants security deposits, the handling for repair issues that surly will comes up and what their fee structure is. It might be better for us as owner when the fee is based on rents collected. With that we don’t have to pay for vacancies and the manager has a reason to keep the units occupied. We also should find out if the property management company charges any additional fees, like an eviction fee.

When it comes to the repairs we should find out from the real estate management company if we need to give them money upfront for repairs, if they call us for repair requests, how they account for the repair money spend. How long is the responds time for repair requests? Do they have contractors on call for repairs? Do they get repair estimates or do they rely on their current contractors to do the job?

We should ask about property inspections? Do they do them and how often.

One thing I personally look at as well is the type of lease agreement they use with the tenant they are handling. I have seen some very ugly lease agreements that could hurt us as investors and could get us in some possible legal trouble.

Is this list complete….I don’t think it ever will be but it should give you a good start….

education, green, Inspiration, recycle, tips

Keeping you from slipping in your drive in this cold weather

January 8, 2014 Bettina Settles Leave a comment

With the super cold weather we have been having in the below average temperatures some of the products to help us make our drive and walkways safe might not working properly and many of the drive and walkways are still icy and potential hazardous to our and others health.

Even when the deicing products work they in some cases could be doing harm to your walk and driveway. In some cases you might not be able to see the damage for several years.

An alternative to a deicer could be as simple as a bag of fine sand, like play sand or during harsher weather very small rocks. Sure you would have to sweep the drive after the thaw but it beats to have a cracked driveway fixed.

buying, commitment, Communication, education, Inspiration, planning, Team work, tips

Even during the winter a home can be sold

January 7, 2014 Bettina Settles Leave a comment

Just because it is winter and it is possible cold and snowy you cannot slack off on the curb appeal. Due to the season and time of the year, winter brings a set of interesting challenges compare to the rest of the year.

Very important, a buyer needs to be able to make it to your front door without any accidents. When you put your home on the market you need to treat it like you are inviting clients into your business and you want them to make it safely to your door and past your front door. Slips, trips and falls can be easily prevented by clearing off ice, snow, leaves and other possible debris that have accumulated on the drive or walkway.

You might also should consider extra lighting or change the timer on your current lighting during the shorter daylight hours of the year to keep the drive or walkway, key features and the front door clearly lit for any potential visiting buyer.

During the holiday seasons some of us tend to decorate the house with giant inflatables. You need to keep in mind your goal is to sell your home and attract buyers and a giant inflatable or an elaborate seasonal lighting display will not give the buyer a clear view of your house you would like to sell.

Consider more simple wintery decorations like a wreath at the front door, maybe some artificial light pines flanking each side of the door.

Communication, education, Inspiration, tips

Moms house rules apply to business too

December 16, 2013 Bettina Settles Leave a comment

Potential Customers are in every corner of your world that you could turn into life time clients or referral sources. Many times how you treat the individual or their property will determine if you will have a client for life or not.

In many cases it is as simple as mom’s house rules:

You open it, close it.
You empty it you either fill it back up or let them know
You dirty it, clean it.
You throw it on the floor, you pick it up.
When you take it out, put it back.
You are running late or you are not coming you tell them.
When they speak, listen.
When you don’t have an answer, let them know, try to find the answer and don’t make something up.
When you see they need help, help them.

Sometimes in the heat of the business battle many of us forge and overlook the simple things and these are the once who will net us or loose us clients.

education, Inspiration, planning, tips

Traveling with the car in cold and harsh weather

December 13, 2013 Bettina Settles Leave a comment

Many of us did a great job to prepare our homes and yards for this cold weather and we made sure our pantries are filled, the generator is filled and ready to go in case of a power outage. The pets have enough food and toys to keep them busy but did you think of the times when you need to travel with your vehicle and you get stuck in a 4 hour back-up due to an accident or bad roads?

Have you thought of carrying an winter emergency kit in the trunk of your car? The State of Wisconsin has on their website a great list of things on what you should consider carrying in the trunk of your car during the winter. All the items listed could very easily fit into a medium size plastic tote.

Some examples are windshield scraper and small broom, flashlight with extra batteries and booster cables but also snack food including energy bars, matches and small candles or extra hats, socks and mittens. Some of the items we might not would think off.

Sure we all are a cell phone call away from help but you never know when you have to travel into a rural area that has no cell phone reception or your cell batteries are dead and you forgot the charger at home.

commitment, Communication, education, Inspiration, organizing, tips

Living in a house comes with responsibilities

December 6, 2013 Bettina Settles Leave a comment

Owning or renting a single family home is great. Yes in most cases you have next door neighbors but there not a floor above you or right on the other side of your living room wall but with living in a single family home you have as the owner and possible as the tenant responsibilities.

All municipalities have ordinances that govern how the municipality runs and who is responsible for what. During the growing season for instance is indicates and governs that the grass is cut in the area and it is not thigh high. When it is icy and snowy outside it spells out who is responsible for cleaning the sidewalks in front of the house from ice and snow.

The ordinances are not only for business owners they are for everybody who lives or works in the municipality. Many homeowners or even tenants don’t realize that they are responsible for clearing the public sidewalk that is in front of the home they own or rent. Many tenants might be getting caught off guard when they all of a sudden receive a notice and maybe fine when they did not clear the sidewalk in front of their rental unit thinking it is the responsibility of the landlord.

In many cases the landlord has written in their lease agreement that it is the tenant’s responsibility to obey by local codes and ordinances and that does include cutting the grass during the growing season and having the sidewalks cleared of ice and snow when it is icy and snowy outside.

When you are not familiar with your local ordinance you can call your local mayors or Town Manager office to find out more. All of them are more than willing to answer any question you might have.

buying, commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

Are you ready for the nextgen home buyer?

November 15, 2013 Bettina Settles Leave a comment

Not sure if many of us have paid attention but many of the nextgen home buyers have grown up with a huge sense of neighborhood, personal and community balance. They are not at this time in the hustle and bustle of work and life. They are not in the need to look for the next best deal. Some might not finishing high school or college at this time or when they do they are looking to make a difference in their world.

When they are ready to buy most of them are looking for a home and neighborhood that is more environmentally friendly and inclusive. They rather take public transportation, the bike or walk to their destination and when they do own a car most of them park it at home and only used it when they have to.

Looking at our current homes that we own and we can find that 85% to 90% of them might not be as energy efficient as they could be overlooked by the next-gen buyer.

The next-gen buyers in many cases have already adopted a greener and environmentally friendly lifestyle and that is what they are also looking for in a home. Sure it is not cost efficient and feasible to do a total home renovation all at once in many cases to make an older home totally environmentally and energy efficient. Things like that can be accomplished on a small scale, though many little steps.

When you are replacing windows, you night look at more energy efficient window. When the air conditioner or heater needs replacing, you might consider a much more energy efficient unit. Keep in mind, when you are still in the home you, yourself might see a heating and cooling cost savings already.