Finding great tenants for your rentals properties can be like panning for gold. You have to sift through a lot of dirt to find the one that’s worth your time and energy.  However, you can optimize your tenant-finding process by using these three tools: Online screening packages.  One of the most common tools is online packages that will screen your prospective tenants to varying degrees. Services like tenantscreening.com come at a price but can be well worth the money if they save you an eviction process.  Comprehensive renter applications. Put together a detailed rental application. It’s a fairly common tool Read more…

Did you know that most real estate and property management experts recommend that you save up (keep in reserve) between 1% and 3% of the value of your rental property each year for real estate repairs? That’s a lot of money and, sometimes, for big repairs it may not be enough. Replacing carpets and pads or flooring, updating appliances, or cleaning out mold or plumbing problems can easily run thousands and thousands of dollars.  How can you get the best deal on repairs? Don’t worry, we have some ideas. . . One way to score deals is to make friends Read more…

Real estate auctions are some of the best places to score great deals on investment opportunities—if you know what you are doing. Going in as a novice, however, is sure to get you in trouble.  Here’s what you should NEVER do when buying at a real estate auction: Come ready to buy ONE property. When buying a home to live in you have to be very selective, but when you are at an auction being interested in only one property guarantees frustration. Come prepared to bid on several properties and you’re likely to go home happy. Inadequately inspect the properties.  Read more…

One of the most important details in becoming a successful real estate owner and investor is accounting. Now, most successful real estate investors are pretty good with their money and understand cash flow in general. But figuring out how to price your rentals so that they will clear a profit each month, or figuring out how to keep track of all the cash that comes in and out with a real estate purchase, can get tricky. However, we’ve found the following tips to be very helpful: Tip #1 Get Some Great Accounting Software. Computers are great at everything you need Read more…

Short sales are sometimes the best deals in the current real estate market. Even though many areas are starting to show signs of real estate recovery there are still plenty of homeowners and banks looking for a way to turn properties quickly. Short sales are often the best answer. However, short sales often come with risks. Avoid these three mistakes to make sure your short sale investment pays off: #1 Jumping in too fast. The biggest mistake investors make is jumping into a short sale situation too quickly.  Do your research, make sure you accurately value the properties “fixed and Read more…

There is no time when the old adage “nobody cares about your property like you do” is more true than when it comes to property management.  Managing your own properties can seem intimidating but it is the best way to make sure your property stays in the best shape possible. Here’s what you need to know to get the job done. 1)    You get what you pay for. While your own time isn’t cheap, neither is the time of professionals who will do a great job on your properties. If you can’t manage your own property (if you live in Read more…

In the real estate world, foreclosures can be a gold mine or a money pit. One way to go about finding one’s that will make you money is to find a pre-foreclosure in your market. Sometimes this is easier said than done. The first place to look for a pre-foreclosure is online. Start doing your research on websites like Zillow.com. Zillow makes it simple to determine which homes are in pre-foreclosure (according to public records) and can help you locate them. Another great way to find them is to use your connections. Talk to your friends in real estate and Read more…

Have you ever wondered what happens to foreclosures that don’t sell at auction? What does the bank do with them? Just hold on to them and lose money? Of course not! The bank is in the business of lending, not holding property. The best way for them to unload their inventory is to sell the property as fast as possible.  These kinds of properties are called bank-owned REOs (REO stands for Real Estate Owned) and they differ from foreclosures in some significant ways. The biggest difference between an REO and a foreclosure is that a foreclosure is being sold to Read more…

There are many options available for property managers, but it can be a challenge to sift for the one excellent manager for your high-value investment.  What are 3 important qualities you should look for in a professional property manager? 1)      Your manager, whether an individual or a company, must have demonstrated that they are available for emergencies 24 hours every day, 365 days per year.  If the heating goes out in a unit on Christmas Day with the tenant and visiting relatives in residence, the manager must be able to get a qualified professional on site for repairs within hours, Read more…

When someone says auction you probably think of a big barn with a fast-talking man and people flashing numbers while the man gesticulates wildly. While that portrayal is popular in TV shows and movies, real estate auctions in real life aren’t that way. And if you’re thinking of buying real estate at an auction you need to be prepared. The best place to start is by attending an auction—one you aren’t planning on buying at. Find a realtor/investor who is experienced with the auction process and attend with them. Take notes and ask them lots of questions. Experiencing an auction Read more…