Top Ten Real Estate Tips for New Landlords

One of the questions that I get asked a lot is “What is one real estate tip that you would give to a new landlord”? That’s a great question. So I checked in with several seasoned real estate veterans that own and rent apartments and homes in the Atlanta area to get their opinion and give you the “Top Ten Real Estate Tips for Landlords”.

1. When screening tenants, be firm but friendly. Make sure you screen them hard. Don’t let them move all their friends & family in with them.

2. Complete repairs in a reasonable time frame which keeps tenants happy and they will stay in your apartment for a longer time which reduces your turnover which has a positive impact on your bottom line.

3. First of all I’d say buy the right property! If you buy for too much, or if you buy in an area that it is difficult to get good tenants, it is a downhill battle. Once you have bought the property… spend the money up front and get the place looking good, so it shows well, and you increase your chances of finding good tenants quickly. Once the tenants are in, if you are managing it yourself, have some sort of regular contact with them.

4. I would advise ordering a credit report when they apply. You not only learn a lot about the tenant’s credit history, but you are also double checking the social security number. If you ever have to evict them and you get a judgment for the money they owe you, you know the social security number is correct if you want to send it to a collections company and try to collect on the judgment. That is one tip I don’t hear mentioned often, probably because not many people go after them. But it is something we are working on doing to see if it will pay off!

5. Take action and actually buy the first property. I wish I had started investing years earlier.

6. Put your properties in trust so that you can honestly tell your tenants you are not the owner of the building. This way you are the property manager. who has to get permission from corporate for everything. For example, one of the tenants wanted new carpet. That was going to be expensive. I said, “Let me see what the office says”. I went home asked my husband and he said “Hell No!” I went back and said it wasn’t in the budget. As owner they all think you have all the money in the world and get resentful. As property manager you are just another working stiff like them. Any hard feelings are directed at “The Man” rather than you as an individual.

7. Notify the tenant as a common courtesy before you enter the property for maintenance, repairs, or inspections. Many states require at least a 24 hour notice.

8. File your dispossessory early and take advantage of consent judgment payment plans.

9 Avoid bad neighborhoods – i.e., communities in great disrepair, with lots of crime and lots of vacancies.

10. Work hard to provide a safe and secure rental property. Take a good look at your property and assess the situation. There are a few easy steps you can take like upgrading the lighting and trimming shrubbery. If a security light goes out, get it replaced that day. Don’t let your tenants and property be an easy mark for a criminal. Assess your property’s security and take reasonable steps to protect it. Often the best measures, such as proper lights and trimmed landscaping, are not that expensive.

Real Estate Tips For Getting Rich With Real Estate

With available land getting increasingly scarcer, property prices all over the planet are spiraling upwards and the real estate business is a good one to be in. Here then are four real estate tips for building wealth. Find Foreclosed Properties For FreeSkip the lists that you have to pay for and go right to the sources. If a property is foreclosed on, it is owned either by the bank, the county or the federal government (in the case of a federally subsidized loan). You can contact all 3 of these agencies to find a list of foreclosed properties.

Neither one of these entities is in the business of holding onto property. Once you have found a list of foreclosed properties in the area, drive past them. Look for properties in areas that are rising or well established. Keep away from foreclosed properties in blighted areas as they may no increase in value. Finding foreclosed properties in your neighborhood is easy as you are prepared to do a little legwork. Best of all, it doesn’t have to cost any cash. All of the real estate information is public; you have to grasp where to look.

Seller Financing
Foreclosure owners usually want to get shot their properties quickly and painlessly.

You should work with them to get financing or perhaps make them pay closing costs. Don’t be afraid to ask for financing, especially if you are purchasing a foreclosure that needs work and has been on the marketplace for a while. In several cases, the sellers will supply financing for you.

Learn To Bid
You will have to bid on foreclosures. Bidding methods can take a while to pick up. There are several paths to bid for different properties. If you are bidding for a property that is sold for taxes by the county tax assessor, then the process is dissimilar than if you are bidding for a property that is sold by a bank. Learning to bid is a skill that you will need to acquire if you are going to earn money in foreclosure properties. Once you have mastered this methodology and know what to do, you’ll be able to pick up properties simply. You will have to prove that you are a qualified buyer upon bidding. You are going to have to be pre-approved for financing or show explanation that you have the cash in order to to be considered for the bid. In most situations, you want to fill out a form. These can be supplied to you by the entity that owns the property.

Learn To Flip
Flipping property involves hanging on to the property for a brief period and then turning it over to another seller. As an example, you can buy a foreclosure that is run down for a very low price and then turn it over to a rehabber and make a fast profit. This is a good market for the short profit. In order to make cash on the short sale, you must find out how to learn how to flip real estate.