Real Estate Blog May Archive

If you've got a property, and you're thinking about renting it out, you need to get yourself renters, and right quick. There are right and wrong ways to take tenants, here's the right ways. If you want to read part-2, about the wrong ways, we'll cover that too.

The Right Way:

1 – Easy breezy, hire a company to do it for you. They're pricey, but so it goes.

2 – Never be blinded by the cash, always check all rental and employment references.

3 – Don't take renters' words for telephone numbers. Google them and call the REAL numbers.

4 – If the renter doesn't qualify, demand (unwaveringly) a cosigner.

5 – Make certain the cosigner is qualified. I got burned by a deadbeat cosigner once, it's trash.

6 – Don't be a racist, but aside from that, let your gut tell you what to do.

Also check out our blog post on What NOT to do

Screening Renters the Wrong Way

I once owned a dozen and a half properties, and I lost them all. I can blame ex-girlfriends easy enough, or shyster real estate opportunists like the frequently bankrupt Mike Westford, but in truth, I only have myself to blame, and in many ways thanks to my poor choice in renters.

Here's some "wrong" ways to accept tenants:

1– Always, always, always get (and review) credit reports.

2 – Don't accept the sob stories. Everybody has one, and half the time you'll lose to the tune of $30,000.

3 – Don't take any excuses on credit reports. I've seen them, and made the very same unfounded excuses myself.

4 – Never, ever, ever be seduced by seduction. If you're up for renting to credit-dejected whores or strippers, it might work, but even still you're likely to face a horrible, terrible end.

5– Don't ever see the "Section-8" or subsidized housing allowance as any sort of creditworthiness. If anything, from my experience, these things detract. These tenants don't pay the rent, so they don't recognize the value.

6 – Never take periods of cash, not even six-month advance rent, in lieu of credit-worthiness. Trust me, I've been burned on this one.

7 – Don't accept referrals from other renters, unless they're willing to be co-signors. I've been burned to hell on that one too.

How Buying is Cheaper than Renting

If you have a decent income in your household (or two), and you're still renting, it's high time you buy a house. It's the American dream, but it's also the smartest investment you can make for a dozen reasons. Here are just a few:

1 – If you're paying $900/month for rent, due to tax savings your even-Stephen rental payment is literally $1,100 to $1,300 per month. Ask your tax advisor for details.

2 – Instead of a $1,500 first/last/deposit, you'll pay $10,000, but get it back probably 3-fold when you sell, but maybe 20-fold, depending how long you stay.

3 – Mortgages are paid in arrears, so your first month in the house will be free.

4 – Every 2-4 years you can refinance to drop your payment, and/or get cash back to pay for other things.

5 – The majority of your mortgage is tax deductible, even (if not especially) if your house becomes a rental.

6 – Every single penny of your home improvements come back to you in spades when you sell or rent the house out, not to mention the fact that you can probably write them off as business expenses along the way. (Consult your tax advisor for details.)

7 – Your tax bracket will change dramatically, and half of what you threw away will become a discounted, legitimate benefit.

Building a Real Estate Empire with 5% Down

Forget about all those get-rich-quick schemes that promise pennies on the dollar and unimaginable riches from day-one. If you've got a new job, and more money than the bear minimum to buy a house, you can start your real estate empire today. Here's how it works: 1 – Don't buy something big, fancy and out of reach. Instead, put minimum down on a house so cheap you'd never want to live in it. Buy it, live in it, wait a year (while saving up to buy your next one,) then rent it out. 2 – At the end of your year in that sad, dilapidated house, take the money you've saved and move out, buying another such property. You know the kind, it's the SAME kind, the one you didn't want last time. Now you have two houses, and you're well on your way. 3 – Buy a third house, still with just 5% down, and you'll qualify because you have good credit, fair cash reserves, and rental income to boot. Best thing using this method is that, when property goes up in value, you'll enjoy three-times as much of it (since you own three houses), even though you only had to put down 5% of the cost, and the rents will damn-near cover the balance. READ OUR POST ABOUT REAL ESTATE ARBITRAGE Tags: real estate investing • 0 Comments. - Permalink

My House In Greece Interview By Interviewer at 05/24/07 08:04 Name of your website? Myhouseingreece Your name? Pierre Helfer Your Location (city, etc) Chrani When did you start your website and why? We started our website in 2005 to put up our business in Chrani, Greece. Please give us a short summary of your website, business model, etc We offer on our website houses, plots of land and constructions. Read more: My House In Greece Interview [click] Index for Greece Greece Tags: web interview • chrani • houses • land • 0 Comments. - Permalink Algarve property for Sale Interview By Interviewer at 05/22/07 15:58 Name of your website? Algarve property for Sale Your name? Frits Your Location (city, etc) C arvoeiro When did you start your website and why? 2003 to sell properties Please give us a short summary of your website, business model, etc Complete overview of the vast majority of property for sale in the Algarve Read more: Algarve property for Sale Interview [click] Index for Portugal Portugal Tags: web interview • algarve • sell property • 0 Comments. - Permalink Real Estate Interest, Home Owners and Subprime Problems! By Wilbur Corncob at 05/13/07 08:57 Interest Rate update: Friday May 11, 2007 [404 Check: was link to http:/ / www. greenbuildingsnyc. com/ ?p=187, anchor: Green Building Incentives Just a Mirage? Nevada Suspends Property Tax Abatement Program] . Pretty short sighted.... [404 Check: was link to http:/ / www. greenvalleyranchrealestate. com/ renovations -and -upgrades -bring -it -to -the -bank -part -1/ , anchor: Renovations And Upgrades: Bring It To The Bank Part 1] [404 Check: was link to http:/ / www. realestateoneblog. com/ 2007/ 05/ what -kind -of -properties -are -investors. html, anchor: What Kind Of Properties Are Investors Looking For?] .. "Homeownership in America is approaching 70%." Owned by people... or owned by people on the hook to the mortgage company for more than they can really afford? Help on the Horizon for Subprime Borrowers? Tags: subprime • green building • 0 Comments. - Permalink Hindustan Property Hub Interview By Interviewer at 05/11/07 08:32 Name of your website? (NOT url, http://etc) Hindustan Property Hub Your name? V Srinivasa Rao Your Location (city, etc) Vijayawada When did you start your website and why? 29th July, 2006 to cater to the needs of Real estate developers, builders, agents in India Please give us a short summary of your website, business model, etc Hindustan Property Hub.com is owned by Sriya Infomedia, a division of Sriya Group, managed by a team of experts having more than a decade experience in Real Estate and Property transactions. Read more: Hindustan Property Hub Interview [click] Index for India India Tags: web interview • real estate information • estate agents • 0 Comments. - Permalink • Page 1 • Page 2 • Page 3 • Archives: • September, 2008 • August, 2008 • July, 2008 • June, 2008 • May, 2008 • April, 2008 • March, 2008 • February, 2008 • January, 2008 • December, 2007 • November, 2007 • October, 2007 • September, 2007 • August, 2007 • July, 2007 • June, 2007 • May, 2007 • April, 2007 • 0 index-May-2007-1.html * com * top 100 * 10 * 1699 * Blog * Espanol * Have you added a link to us from your website? (1699): <a href="http://realestateblog.classifieds1000.com">Real Estate Blog</a> Real Estate Blog; May, 2007 Archive, Page 2 Web site copyright (c) 2007-2008 GLR Sales LLC. (rozwqrzurzyp) Privacy Policy index-May-2007-1 Real Estate Blog May Archive