With homeownership comes great responsibility. When something breaks, stops working, or needs to be upgraded, there isn’t a landlord or property manager you can call to take care of it for you. It’s up to you to find a solution and, if necessary, handle the repair on your own. But in order to do so, you’ll need to make sure you have a quality selection of tools available at all times…. [Read More]
Archives for October 2018
Choosing to sell your home is a massive life decision that will have both personal and financial repercussions for years to come. When it comes time to sell, you have options … but one you should never select is the For-Sale-By-Owner route, commonly abbreviated as FSBO.
Not every tenant is perfect. In fact, you’ll very rarely find someone who takes good care of your property and continues to renew their lease agreement year after year. In most cases, these people eventually transition into home ownership or reach a point where they can afford to move up in house. But tenants should be tolerable – meaning they respect your property, follow the rules, and pay on time.
If you’re in the property management game long enough, you’ll eventually encounter a nightmare tenant who doesn’t seem to have any respect or decency. But because the eviction process can be expensive and drawn out, you don’t necessarily want to file for a formal eviction. Instead, it’s in your best interests to quickly, quietly, and legally get rid of them…. [Read More]
Quick – can you name three realtor friends off the top of your head? Most people don’t have any trouble quickly naming a handful of friends and close acquaintances that work in the industry.
The industry is hot right now, and brokers often persuade people to get licensed by highlighting the fact that buying and selling homes can be done on a part-time basis. The only problem with this is that it over-saturates the market with inexperienced agents who really only pursue real estate for its flexibility.
This also creates a problem: Everyone knows someone who buys and sells houses. So when it comes time to buy or sell your house, you face a dilemma: Choose one of your friends, or risk hurting their feelings by going with a more experienced realtor.
When you finally decide that you’re ready to buy a house – or sell your current home and buy another – one of the first questions you ask yourself is, how much can I afford?
Inquiring about affordability is smart. Unfortunately, getting a clear answer isn’t always simple. Every real estate agent, lender, financial advisor, and homeowner has a different opinion on how much house is okay to own. But regardless of what number or ratio people land on, everyone agrees that there’s no benefit to being house poor.
Sharpen Your People Skills and Be Successful
People skills are important in every aspect of life, but certain professions demand more of you in this area than others. While a desk job – such as an accountant or software developer – might not require a whole lot on this front, landlords and property managers must exhibit proficiency.
Do you possess the right people skills? And are they sharp enough? Making improvements in this area will yield positive dividends over the long haul.
We live in a culture of excess. Our society is all about having more, buying the biggest, and doing as much as you can. It’s been this way for decades – arguably since the end of the Great Depression in the late 1930’s – so it only makes sense that people are finally becoming fatigued of the “more” mentality.
Being a landlord isn’t always what it’s cracked up to be. While the money can be good, there are no guarantees. And even when the money is flowing, there are a number of other factors that can prove challenging to overcome.
Many landlords make a career out of running rental property investments, while others get run off after just a couple of years. Understanding what it is that causes some landlords to quit will hopefully allow you to avoid a similar fate…. [Read More]