Strategies to Use in a Buyers Market

Strategies to Use in a Buyer's MarketWhat should be the right approach in a buyer’s market?

Understand the Market: If you find that all the listed homes are very expensive then it will be better to look for houses in another neighborhood. It will be a waste of time if you make an offer which is significantly lower than market value since seller will not pay any heed to it even if it is a buyer’s market. To get the best deal you need to look for homes which have been listed for sale for quite some time. Sellers of such houses will be more open to making a deal.

Lowball Offer: In a buyer’s market it is a good strategy to make lowball offer. But you should have realistic expectations. Do not expect that a 200k house will be available for 150k; a more realistic figure would be something close to 180k -190k. To get a better idea go through appraiser’s assessment as well as do your own analysis of value for which other homes are getting sold in the area.

Discounts and Upgrades: In this type of market condition you are in a better position to your demands, like for example, house repairs. You will have to decide between asking seller to do the repairs or deduct the cost of repairs from the price. Better option is to take the house as it is and deduct the cost of repairs from the price. The seller is only interested in getting the property sold and repairs made by seller might not be of right standard or to your expectations. However, to get some type of loans the pre-requisite is to get the repairs done before loan is approved. In such situation the above strategy will not work.

Closing Cost: Closing costs are normally around 1%-2% of sale price. In this type of market situation you will be able to get some of those expenses reduced. You can ask the sell to make payment for some of the house selling fees. As for example, in case there is some type of flip tax applicable for co-operatives then you should ask the seller to make payment for the same. The main thing is that you will have to negotiate and be prepared to drop the deal if things are not working out as you expected. If you get emotional and start feeling you must have that home then it will give seller more leverage.

To summarize we will say that you certainly have an advantage point in a buyer’s market but you still have to act thoughtfully and take the right steps to get the best deal.

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How To Deal With Bad Tenants

How To Deal With Bad TenantsEvery landlord has had tenants who do not pay on time. That is one of the drawbacks of having rental properties. Many people have become so frustrated by having to deal with bad tenants that they simply sold their investment properties. You do not have to get rid of your property if you have renters that are not living up to their commitment. You simply need to learn some tactics to help you deal with bad tenants.

1. Make certain that you have a written agreement between you and the tenant establishing the amount of money they agree to pay each month, the day of the month they agree to pay the money, and the consequences of not paying the money on time. List each action that you will take for tenants who do not pay on time so that the renter cannot go to court and say that they did not know what would happen.

2. Make sure that all correspondence between you and tenants that do not pay on time is sent through certified mail. When you send a letter through certified mail you will get a signed card after the person that it was mailed to receive it. Then the tenant cannot claim that they were not notified.

3. Never get into a verbal argument with the tenants. You should do all communications in writing so that you have irrevocable proof of what you say, what the tenant says, and no one will be able to make false accusations about you.

4. Be fair and take the same measures with every renter. Do not play favorites, or allow one renter to get away with paying late, or paying partial payments. You have to run the rental of properties as a business. Establish a clear set of rules, and apply those rules to every renter. This will make it easier when you deal with bad tenants.

5. Hire the local constable to serve eviction notices so that you get a signed copy of the notice. Never serve eviction notices without a constable or sheriff deputy present.

6. Do not shut off the electricity, water, or other utilities to the house without learning whether or not these measures are legal in your state. Some states will not allow you to turn off the utilities to an apartment at all, some say you cannot turn off the utilities if pregnant women, or children live there, and some say that you cannot turn off the utilities if an elderly person lives there.

7. Do not call and threaten, or harass, the tenant. You may be frustrated but you have to handle these matters civilly, and with decorum. You must at all times control your temper, and keep any judgments to yourself so that you do not infringe on the rights of the tenant.

Having a tenant that breaks the rules, breaks their contract, or simply does not pay, is a frustrating part of owning rental property. You should not allow one bad apple to spoil the entire barrel. Simply remove the bad egg and continue on with your life.

Property Management While Abroad

Property Management While AbroadManaging a property can be a great job, but a very demanding one. If you are a property manager or own another property in a different part of the world, this can be an even bigger undertaking. Understanding how to deal with potential renters, the sale of your property, the day to day management and more is difficult to do from a location that isn’t near your property, but it is entirely possible to conduct business as usual from around the world. Here are a few tips on how to conduct property management while abroad, without running into too many bumps along the way!

1. Make sure you regularly check in on your property, via Skype or an online security system. Even if you can’t be there you can still keep tabs on your property’s security and how things are going. If there is ever an emergency you have the ability to call someone who can help locally or retain that security footage for other uses if needed.

2. If you have renters or temporary vacation home guests that frequent your property, make sure you are always available via email, telephone, and other common methods of communication. Even if you have a time difference between where you are and where your property is there should be a way for your renters to contact you for any reason they have.

3. Since you aren’t able to physically solve problems related to your property yourself, hire someone you trust locally to go and check in on things every so often. You will likely need someone to be on hand if anything breaks (such as a reliable maintenance crew) as well as a cleaning service if you use your property as a vacation rental. These people will be your first line of defense if anything happens to your property.

4. If you are making money off of the property you have, make sure you understand the property tax laws in the country where your property is located as well as where you are. There might not be a difference or anything you need to pay attention to, but some countries require a report of foreign income earned and a declaration of that property ownership in some fashion. Getting in tax trouble no matter where you are is difficult!

5. Hiring a local landlord or property manager, in the case of an apartment complex or a similar property, can also help keep your property safe. This person should be trustworthy and able to do the day to day work of managing a property while you are abroad. If any emergencies come up they should be equipped to deal with those and report back to you.

Managing a property from abroad takes trust and being on top of communication with your various colleagues or employees. Doing all this from abroad takes effort and coordination, but it is entirely possible to maintain a viable property even if you aren’t in the same country.

Tips About Investment Property Management

Tips About Investment Property ManagementInvestment property management is one thing that most people know almost nothing about. Most people who have to hire a property management firm for the first time are clueless about what these companies actually do. So we have compiles the following tips concerning investment property management to help you know how to hire a property management firm, when you need to hire one of these companies, and what to expect from them.

1. A property management firm takes care of all issues related to real estate holding their clients have. They see that the property is kept up, that taxes are paid, that tenants pay their rents on time, and any other issues that might come to light concerning the property.

2. Rental properties such as apartment buildings, or single dwelling homes, are an investment. People quickly find that managing the daily books connected with rental properties is a full time job. Investment property management requires detailed records to be kept, legal issues to be dealt with, and most people hire professionals to handle these issues for them.

3. When you invest in property you must maintain the taxes on the property each year

4. You must have insurance that will protect you in case anyone is injured on your property

5. The property must be kept in good repair. This will entail hiring electricians, painters, carpenters, and other types of contractors to do any repairs that are needed. A property management firm will keep records on what repairs are made, who they hired to do the repairs, and the cost of the repairs so that you can deduct the cost of the repairs from your profits at tax time

6. You will not be able to deduct the full amount of everything that you invest in a rental property. You need a professional to advice you as to what things are deductible and what things are not

7. You need to run a background check on any potential tenant before you sign a lease agreement with them

8. There are strict rules that you must follow in order to evict a tenant from a rental property. A professional company knows the rules and the legal ramifications of each of them.

9. You can customize your property management details with a professional company. You may want to do some of the things for yourself and save some of the cost of upkeep and maintenance on the property. Negotiating with the professional managers you are hiring to get the package you want at a price you like is part of the business of being a property owner.

10. The money that you pay a professional company to manage your investment interests may be completely deductible as a legitimate business expense at the end of the fiscal year

Owning property is a great way to secure financial profits each month. You have to invest in the right people to help you maintain those properties so you do not get lost in the day-to-day details of keeping them.