Renting out apartments is not a bed of roses for landlords. It is definitely a good source of revenue, but brings along various headaches created by tenants. Here are top 11 such issues that landlords face and ways to tackle them.
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1. Property Management
Maintaining a property is the biggest challenge for any landlord. You will have to take care of the overall cleanliness, regular maintenance, wear and tear and rent collection. However, you may have to tackle other issues as well, including nuisance complaints by neighbours, maybe non-payment of rent and also ensuring tenants are happy with the property. Continue reading
Many people assume that if they invest in real estate, they will be able to realize a profit quickly and easily. However, this is not always true. While the demand for commercial real estate is surging, as a first time investor you need to be prudent about your investment.
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If you want to be a successful commercial real estate owner you can’t be satisfied with amateur knowledge. This is one area of real estate where you require a fair amount of expertise and adequate know-how. Apart from knowing all about the right capital to buy a particular property, you must also have sound knowledge of the market conditions to make a good investment.
To make things easier for all the beginners out there, here are 8 steps to owning a commercial real estate.
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1. Ask yourself few very important questions
The very first step before you purchase a commercial real estate is to know what your situation is like and what exactly you are looking for. To analyze the situation, it is important to ask yourself the following questions: Continue reading
Real estate investing is one of the most lucrative ways to use your capital. However, it can also cause you to lose your way if you don’t know the ropes of real estate investing. While it is completely normal for newbie investors to learn from their mistakes, setting a few ground rules will help you avoid major and embarrassing mistakes.
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Write Your Real Estate Investment Goals
Before you start investing in real estate, list down your goals. When you have your goals written down, it will be easier to work towards them. You will be able to chart a roadmap to help you attain your objectives. Things like how many properties you want to buy; type of properties; and how much money you want to make from your investment each month will help you clear the cobwebs and pursue your dream of becoming a successful real estate investor. Try and be as specific as possible, so that there is no room for doubts later on. Keep checking this list and updating it as you progress. Continue reading
Buying an apartment complex can be a smart investment decision provided you make the right moves. Selecting the right building, applying for the loan properly and discussing things with professionals can help you take a prudent decision.
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Decide on the type of apartment complex you want
While some buildings are completely residential, there are buildings which are designed for mixed use. Such buildings have a combination of offices and residential units, however a major chunk of it is allotted for residence. You should look for a complex with a grading of C+ or higher. In such a building you cannot rent units on a daily or weekly basis. Continue reading
Not every house is perfect. Some homes can have a few chinks that can cost the owner quite a bit to fix. If you are the proud owner of such a home, you have a fixer upper on your hands. Do not dread, as there are several such home that are sold successfully every single year. Buyers often view fixer upper homes favorably because they feel they are getting a good deal and they also have their freedom to put their own touch to the house when they are getting it renovated.
Here are a few tips to help you successfully sell a fixer upper.
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Find the Perfect Realtor
It is mandatory you find a real estate agent who has experience in selling fixer upper homes. It is best to contact several such agents and ask them questions. Find out how many such homes does the agent sell in a single year; what is the average time a listing stays on the market; and finally what percentage of the list price is the agent successful in getting from each sale. It is important the agent answers these questions honestly and does not offer vague and ambiguous answers. Opt for a realtor that you feel comfortable working with. Continue reading
Some people are drawn towards real estate investing as it promises huge returns while some are naturally inclined to this business as they find their calling in real estate investing. Whatever be your reason for getting into this business, you ought to be prepared and arm yourself with the right knowledge if you wish to ensure success.
Money indeed is an important aspect of real estate investing but there are die-hard investors who have established themselves with little or no-money. So you need to be absolutely passionate about the business to succeed, money comes secondary.
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Understand it’s complicated
Investing in real estate has become hugely popular over the last five decades and many people have changed their fortunes by investing in this industry, but you need to know that it is a complicated business. It is not as simple as investing in stocks and bonds. Just as the gains are high, stakes are also high in real estate investing. Continue reading
Real estate investment is often more attractive compared to other forms of investment. However, when it comes to real estate, you have a choice between commercial and residential properties. Most people opt for residential properties, as the risks involved are low and this gives them peace of mind. On the other hand, people with great risk appetite can opt for commercial real estate. But, before you decide which type of investment is right for you, take time to understand the difference between the two types of real estate. This will help you make an informed decision, so that you get the maximum returns from your investment.
Difference between Commercial and Residential Real Estate
As the name suggests, commercial real estate refers to buildings or land that are meant to garner profit for the owner. Usually, this type of real estate generates an income and can include residences and housing that are rented out to tenants. However, the term commercial real estate often refers to buildings that are used as offices, stores, shops and storage. The aim of such real estate is to attract people, who have sound knowledge of business and the finances to maintain the business. Continue reading
Earlier when people used to buy homes, they were told to be careful as sellers were under no obligation to tell buyers about flaws or problems with the house. As a buyer, you had to be responsible for finding out everything about the house, zoning laws and defects and problems. Thankfully, over the years things have changed and now majority of the states have laws that protect the buyer.
So, if you are a homeowner and intend selling your home, make sure you know the major defects in your home. If you do not inform the buyer about these defects, it is illegal and can result in a lawsuit. Continue reading
A landlord’s job does not end after renting out the property to a tenant. It rather begins from there as he will now have to look after the repairs and maintenance requests that the tenants would make. Alongside, he also has to make efforts to maintain a healthy relationship with the tenant.
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Despite all the regular maintenance you would be doing for your property, certain repairs and other costs always come in unexpected and you need to be prepared to deal with these financially. To be a successful landlord in the long term it requires you to be diligent while handling repairs and maintenance requests of tenants. This not only helps you maintain a cordial relationship with tenants but also helps you upkeep your property in a very good condition. This again, would help you get a well paying tenant in a much shorter time frame. Continue reading