Trade Associations

Landlords, it is time to join and support your local rental associations.  Like any business, the value in your trade associations can be high.  It is a great place to share common problems and get best practice solutions.  It is also one of your best opportunities to find local vendors and local support mechanisms.  If your goal is to continue to build up your portfolio of residential or commercial properties joining a trade association and getting involved can be a great place to start.  Also, some of the National associations can be very valuable and quite a fun way to meet people in your industry that live in different areas of the country.  Some of our best national trade associations are the National Association of Residential Property Managers, Rental Housing Association, and National Apartment Association.  Check them out as well as you local and regional associations.  You will not be disappointed.

Posted by www.LandlordStation.com

Document Retrieval

Keep your documents together. Keep the documents digital and backed up.  LandlordStation.com provides the perfect solution for all of your real-estate document storage needs.  There are countless times that you will you will need to reference your lease, closing statements, tenant application, tenant report, home inspection, survey, construction documents, partnership agreements, etc.  Keeping your files neat and together seems so simple, yet not everyone does it.  Don't waste your time preparing things that should be in one spot.  Part of being a successful landlord in managing your time to the best of your ability.  Time is money and is part of your overall utility on the investment.  Do you best and get those documents together today.

Posted by LandlordStation.com

Good Tenants equal less hassle

Issues with tenants often avail themselves to the Landlord before the application is ever signed.  While not every property is blessed to have a plethora of available renters, the Landlord typically knows when they have a potential bad tenant.  As a Landlord it is responsible to resist the temptation to simply lease to anyone that looks at your property.  Personality and other meaningless traits aside, it is important to be disciplined in your rental process.  Meet the renters, use a Tenant Screening process involving a Credit Check from a approved bureau like Trans Union, verify financial credibility, check for past rental history, etc.  It is your investment.

Posted by LandLordStation.com

Valero Texas Open

Landlordstation.com congratulates Ben Curtis for winning the 2012 Valero Texas Open.  The Valero Texas Open is one of the longest running tournaments on the PGA Tour and is celebrating its 90th year in existence.  This is Ben's 4th win on the PGA Tour and first since his 2 win season in 2006.  Ben was an incredibly accomplished Amateur coming out of Kent State, and then shocked the golfing world by winning the British Open in his first try at a Major Championship, equally a feat by the great Francis Ouimet.  Ben was playing the 2012 PGA Tour season with conditional status until his incredible win this week.  Landlordstation appreciates all of the incredible charity work preformed by the PGA Tour and outstanding events like the Valero Texas Open.  Good luck to Ben the rest of the 2012 season, and we will see you at Augusta National in 2013.

Value, Value, Value...Good Value

I hear the cliche over and over "You make your money in Real-Estate on the buy side."  That statement rings true through the good times and the bad times.  However, there is a difference in buying properties for a good value instead of a cheap price.  Getting a seller to knock money off of his "Asking Price" is not necessarily getting "Good Value".  Merriam-Webster defines Value as : "a fair return or equivalent in goods, services, or money for something exchanged."  So to achieve a "Good Value" one must get better than a fair return.  One way to do this is to look at the fact that properties often have extraneous and invisible costs.  Closing costs, broker fees, inspection costs, time costs, hassle costs, etc, etc that can often add up to 7-10% of the price(double that on a buy sell).  Getting good value can often include finding ways to limit your invisible cost exposure.  Paying 14-20% to round trip a property can blow up a value proposition.  Send letters in the mail, direct to the owners, on streets with properties that you like.  Get an agent as a partner and use his commission as part of the purchase price.  Network to find properties off the market.  Be disciplined in your buying locations that fit your "leasing needs".  All of these things lower your exposure and help to achieve "Good Value."

Posted by Landlordstation.com

Your potential renter

Who is your client?  Often times people buy properties is specific areas, but don't really know who their renter is going to be.  Sometimes it is obvious, because the investment property is near a college or business campus. But in today's marketplace, where more single family homes are for rent then in any other time in history, it is really important to know who your most likely renter is going to be.  Different age groups, couples, singles, etc. often have particular preferences.  What is important to the college student and his buddies, might not be as important to the young professional couple.  Most everyone likes a nice clean place, that goes without saying, but when setting up the house (or choosing which one to buy) it is important to give yourself the best chance to maximise rent.  While anyone can rent in any area, it is always best practices to set your investment property up for your most likely client/renter.  Posted by your Renter Service LandlordStation.com

Property Taxes

Watch out for your property taxes.  If you own houses in a state that has high property taxes make sure you are extra careful watching the value of your home.  Property taxes will rise, but it is important to challenge those taxes if they rise faster than homes on your street.  Get the comparable values, as most Landlords own houses for the long term.  You can challenge your taxes with the taxing authority, especially if you have bought your properties in the last few years.  The best case examples is bringing in your closing statements to those authorities.  They will match them to your recent closing prices, and if comparable sales have been lower than what you purchased you homes at they will also match them to those closing prices of those homes.  When you own for the long term it is important to be efficient with all of your costs, whether those costs are: taxes, maintenance charges, interest charges, insurance costs, etc. be the best you can be.  Rental rates are your revenue and the rest are costs.  Mange your costs.  Posted by your Landlord service expert.