Archive for October, 2007
Free Help When Buying Investment Property
If you’re new here (and you like what you read), you may want to subscribe to my RSS feed. Thanks for visiting! ScottWould you pass up the opportunity to have an expert help you with a big decision if that expert cost you nothing? If an interior decorator offered to help you redecorate [...]
Would you pass up the opportunity to have an expert help you with a big decision if that expert cost you nothing? If an interior decorator offered to help you redecorate your house for free, would you jump at the chance? Would you be excited if a career counselor approached you and agreed to work with you for months or years to see your career goals and aspirations met, all for no money out of your pocket? If you answered yes to the items above, why would you not find an experience real estate agent and have him/her teach you the ropes of investment property?
Remember: Real Estate agents are typically paid, at the closing, by receiving a part of the commission charged to the seller. In short, the seller of that property paid for your education!
I had always wanted to own investment property, but could never figure out how to get started. Only after I met an experienced real estate agent who sold and OWNED investment property, did I jump in.
He helped me find and analyze properties. He wrote the offers and held my hand at closing. Now, both of the things most real estate agents can do, but where he was most invaluable was after the sale. Owning your first investment property can be a daunting process. He was always there to answer questions about tenants, leases, rents, repairs, etc. Even after all these years, I still use some of the same forms and contacts that he gave me with the first property. And all of this advice (even months after the sale) was paid for by the sellers of those properties!
If you are new investor or maybe you own one investment property and want to acquire more, find an experience real estate agent that both specializes in investment property and owns investment property. Their experience will be a invaluable guide as you build your investment property portfolio.
Scott Ficek is a Realtor with Keller Williams Integrity in Minneapolis and helps new and seasoned investors buy and own investment real estate. He owns and manages almost 30 investment property units from single to multi-family. Find his website at www.minnesotainvestmentrealestate.com.
Eliminate Being Stood up at an Apartment Showing
Have you ever been stood up at an apartment showing by a prospective tenant? If you have been a landlord long enough, the answer is probably yes. Although you can never entirely prevent no-shows, you can at least minimize when they will happen by using these 5 simple tips:
Spent some time screening the prospective tenant over [...]
Have you ever been stood up at an apartment showing by a prospective tenant? If you have been a landlord long enough, the answer is probably yes. Although you can never entirely prevent no-shows, you can at least minimize when they will happen by using these 5 simple tips:
- Spent some time screening the prospective tenant over the phone prior to setting up an appointment. This will help you avoid tenants you would not otherwise rent to (because they fall outside of your rental policies) and save yourself a trip. This should also build some rapport with the person, thereby making them feel more obligated to keep the appointment.
- Require all prospects to confirm their appointment with you 1 hour before the scheduled time. When booking the showing, firmly tell them that you will not be at the apartment if they do not call you to confirm.
- Schedule multiple showings at the same time. I often book up to 5 showing at the same time. If maximizes my chances that my trip will not be wasted. It also creates subtle competition among the prospective tenants for the apartment.
- Make sure to always have showings before dark or bring another person with you. Also, schedule the appointments when it is convenient for you and/or when you are going to be in the area.
- If you are skeptical that some is going to keep their appointment, call them the money of the appointment and remind them (but still require them to confirm one hour prior).
A few simple tricks can make this necessary part of being a landlord as quick and easy as possible.
Scott Ficek is a Realtor with Keller Williams Integrity in Minneapolis and helps new and seasoned investors buy and own investment real estate. He owns and manages almost 30 investment property units from single to multi-family. Find his website at www.minnesotainvestmentrealestate.com.
Tenants Moving In Early
It is very common for tenants to need to be out of their old apartment at 5pm on the last day of the month, but they can’t move into their new apartment until 8am the next day. This can be a stressful time to be without a home and have all your stuff loaded in [...]
It is very common for tenants to need to be out of their old apartment at 5pm on the last day of the month, but they can’t move into their new apartment until 8am the next day. This can be a stressful time to be without a home and have all your stuff loaded in a moving van overnight.
Many landlords will allow tenants to move their belongings into their new apartment early if possible. I do this all the time. Unfortunately, it is common for landlords to forget several key points when they allow their new tenant to do this:
- If your tenant is actually moving in early, make sure to sign an addendum to the lease for the additional days. You may or may not be collecting rent, but you want something in writing that holds the new tenant to the same requirements they will be under during the rental period. Evictions can be complicated with no written lease in place.
- If you are allowing them move furniture onto to the property only, have the tenants sign a waiver of responsibility. You are only responsible for giving them a key, not for the contents of their apartment. Again, your full lease will have this language. Also specify in writing that they are not authorized to live there.
- Set a concrete date for their arrival to insure you will have the apartment ready. You may need to negotiate the opportunity to continue to work on the unit despite the tenant beginning to move in.
Following a few simple rules when allowing a tenant to move in early will make the process easy for both you and the tenant.
Scott Ficek is a Realtor with Keller Williams Integrity in Minneapolis and helps new and seasoned investors buy and own investment real estate. He owns and manages almost 30 investment property units from single to multi-family. Find his blog at www.minnesotainvestmentrealestate.com. His website can be found at www.mnirea.com
