How do you find good property management? After all, you’ll pay if you don’t have a skillful, competent, honest property manager.How do you find good candidates for property management? The secret is referrals, lots of them. I speak with a lot of property owners about the possibility of my company buying their property, regardless of whether they are interested in selling. I ask them who currently manages their property and whether they are happy with them.I ask other property managers who manage other types of property – retail, for example – if they know of a good multifamily property manager. I ask everyone else I come across in related businesses, including attorneys and insurance agents. I like to get several referrals to the same property manager.Make sure your investment focus matches your property manager’s expertise. Don’t have a luxury class A property manager manage your working class C properties. Do your needs match the skills of the property manager? Do you need rehabilitation managed? Match the size of your properties with the size and capacity of your property manager. You don’t want to be your property manager’s smallest property. Calls get returned quickly when you are one of the largest customers.Interview your property manager, inspect one of the properties the manager currently manages and ask to see a rent-ready unit. Is their definition of rent-ready the same as yours? I remember one prospective property manager stepping over some trash on the ground outside a managed property. They just didn’t care. Find out who their favorite contractors are for plumbing, electrical, roofing, etc. What are the reputations of those contractors?Does the property manager know what’s going on in the rental market and how to react to it?Make sure your contact and discussions set the groundwork for a constructive business relationship. Make sure you are clear about your property manager’s repairs expense limit. Make sure you are on the same page about handling non-paying tenants and evictions.Monitor and verify. What do your monthly financials look like? Is it clear what your expenses are? How quickly are vacant units being made ready? How quickly are they being rented? How does the property look compared with similar properties in the area? When something doesn’t go as planned, what corrective action is being taken? One definition of insanity is doing the same thing over and over and expecting different results. Is that what your property manager is doing to rent your vacant units?In one market, I have a college student who takes pictures of potential property purchases. If I haven’t recently been by a property I own, I’ll have her go take pictures of it for me.
Real Estate Investing: Apartments – How to Find a Good Property Manager
All The Untold Secrets Of Digital Photography
It’s amazing how far digital photography has come in the last decade! When the technology first came out many photographers were very skeptical and they believed that it was going to destroy the world of photography forever and they were scared that everyone was going to be able to become a photographer and remove any kind of professionalism associated with this art form. We all know this isn’t the case and in fact digital photography has done more for the world of photography than anything else in history.What we’ve come to realize is that digital photography and print photography have been split into two different categories and that neither of the two are better than each other. Going back to that belief that many photographers had about digital photography ruining any form of professionalism, this is of course not the case. There are many professional digital photographers who do amazing work and use this piece of technology to its fullest extent.So How Do I Get Involved In Digital Photography?Well it’s so simple, all you have to do is go out and buy a digital camera and start shooting! No but seriously though, there are some things you have to know first but they are pretty basic. First of all you are going to need to get a camera with a decent lens. Fortunately most professional cameras come digitally nowadays so you shouldn’t have any problem finding one. The benefit of having a camera with a great lens is that you will have the ability to focus on different things in your shots. This is the real art of photography, being able to show something that stands out and has meaning. That meaning you will of course have to find and explain yourself through your pictures.Benefits of Digital PhotographyThere are many benefits of digital photography but perhaps the most obvious is that you will have the ability to see what you have taken and choose whether or not it is worth keeping or discarding. The second benefit is that you can also upload your pictures onto your computer so you can edit and change them around. There are lots of different pieces of photo editing software out there that allow you to do amazing things.If you are just deciding to start digital photography now, then you have started at the right time as we will only start to see more and more advancements in this form of technology in the future which of course we will have the privilege of first trying and testing. Good luck!
3 Tips To Make Sure You Avoid Foreclosure At All Costs
After the recent real estate boom in Texas and nationwide, there are many homeowners concerned about lagging property values, spiking mortgage payments and the economy in general. When the dream of homeownership is threatened by the possibility of default on a mortgage, Texas homeowners have avenues available to them to avoid foreclosure. Here are three things you can do to avoid foreclosure of your Texas home.
Know your refinance options.
If you have an adjustable rate mortgage or interest-only mortgage, you can and should plan for the time when your payment “adjusts.” It’s usually going to be much higher than your introductory payments.
But it’s not a good idea to count on refinancing before your payment adjusts to avoid a payment spike. Property values could stagnate, someone in your household could lose a job, or you may have unforeseen expenses in the meantime that would make it difficult to refinance.
While you shouldn’t count on refinancing as a slam dunk solution, it’s important to know your options in advance. You’ll get the best refinanced loan if you own at least 20 percent equity in your home when you apply. If that is unlikely, because of stagnating property values or the fact you haven’t paid down enough principal, research your options and know how much a refinanced loan is likely to cost in closing costs and fees. The time to understand what refinanced loan is best for you is before you get a drastic monthly payment adjustment.
Contact and work with your lender.
Many homeowners are reluctant to let their lender know they’re having trouble or are anticipating problems making their monthly payments. But it’s in your lender’s interest to make sure you continue paying on your loan, and they are always willing to discuss options with you. Contact them as soon as you foresee problems.
If you wait and begin getting default notices from your lender, definitely do not ignore them. They very worst thing you can do is pretend you don’t have a problem.
Your lender may talk to you about several options. One is loan forbearance, in which you stop making payments for a certain amount of time until you’re back on your feet. Another is a payment plan for repaying past due payments and fees. You may even learn about a modified loan that is easier on your financial situation. There may be any number of other constructive options. Don’t hesitate to work with your lender!
Consult with a listing agent
One option available to Texas homeowners behind on their payments is a “short sale.” In a short sale your lender agrees to let you sell your home for less than the balance you owe on your mortgage. Your lender may still work out a repayment plan with you for the difference, and the difference between what you sell for an the market value may be treated as income for tax purposes, so this isn’t a totally painless option. Still, it is increasingly a more desirable course for troubled homeowners than foreclosure.
Whether you live in Dallas TX, Houston, Austin, or anywhere else in Texas, a local listing agent can help you determine the likely sales price of your home on the open market, and help you market your home as a short sale. A listing agent’s expertise in the CITY real estate market can be invaluable if you’re considering a short sale to avoid foreclosure.