The Top Ten List – Ten Techniques To Increase Income From Rental Properties
Need to make more cash out of the rental properties in your area? Well, you cannot expect to raise the rent as if it was a feudal whim. Less tenants means less income - brass tacks. There are other ways, though, including the ones listed below.
Have coin-operated washing machines installed. Even if you don't have the money to do this yourself, you can find a company that will do it for you, and share the income with you.
Have more parking space rented out.
Raise the rent. Seriously speaking, this might be a good idea provided you do the research first on the rates for similar housing. If the rates are below-market, raise 'em - you have my blessing.
Advertise storage sheds for rent. Your tenants might need some extra space to store their stuff, especially if you are renting out smaller apartments. They may want to rent their own sheds, but wait. Put a few sheds on the property.
Late fee charges. Yes, just like they do it with credit cards, and you better believe that this is an effective technique. Based on our experience, habitual late payers are perfectly happy to pay these fees, because heck, they know they're late and deserve it.
Offer improvements for rent increases. Offer some neat perks to your tenants for that nominal increase, say, maybe a new dishwasher for an extra $25 rent a month. If you pay via installments on your credit card, it's not even going to cost you $25 a month to pay for it!
Vending machines for renters. If your rental properties are large enough, others will do this for you for free, and give you a share of the income.
Rent by the room. A four-bedroom house might make more money if you include all the utilities and rent by the bedroom. This has made a lot of fortunes for investors in college towns. Just be prepared for some heavy-duty upkeep.
Rent-to-own. Probably the simplest tip of the ten - effective if you charge above-market and a non-refundable deposit. Most of the time, renters would do a 360 and high-tail it out of there, and once they do, you get more cash flow and the deposit to keep. It isn't rocket science, and it's especially effective when cash is on the short side. It's just lather, rinse, repeat - you have the choice to sell or get more cash flow.
Cut down on costs. More expenses mean less net profit - even a dropout can figure that out. List every expense of your rental properties, and look at them one at a time. How can you reduce them?
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What Becomes Of My Mortgage When I Sell My House?
You've decided to make the plunge and sell your home. More than a few people have innocently asked me, "What happens to my mortgage when I sell my home?"
What Happens to My Mortgage When I sell My Home
If you have a house, then you are carrying a mortgage on it. A mortgage is a loan for a percentage of the value of your home, which you pay to the seller of the home when you bought it. It would depend on the type of mortgage you have, but the amount due on the loan should decrease during the time you lived in the home and made monthly payments.
If you sell your home, the question would be what would happen to the then due balance on the mortgage? The simple answer is the financial institution is going to be paid out of the proceeds of the sale before you see anything. So you have to calculate the loan repayment amount. If you have a home worth $300,000 and owe $280,000 on the mortgage, you are going to realize little or no profit after the costs associated with the sale and probably shouldn't sell it.
If you have plenty of equity built up in the home, your mortgage can still end up costing you more than you originally expected. Nowadays, many mortgages come with restrictive penalties. These penalties would cause you to refrain from selling your home for a period of time while the bank recovers a certain amount of interest. Simply put, the bank wants a profit from the loan.
When it comes to these restrictive penalties, lending institutions get pretty creative. Many will include a penalty if you sell or refinance the property within the first two years of the loan period. The penalty can be an equivalent of three months of payment, a percentage of the loan, etc. Read your mortgage loan documents carefully.
Just keep in mind that your mortgage will be paid off as part of the sales process. The type of loan you get will dictate the amount.
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Selling Your House At A Premium
Selling a home can be difficult. You would like nothing better than to sell the house at your price, so what are you to do?
Let's count the ways you can persuade the buyer.
The buyers must feel the urgency of buying the house. The scenario you would like is for each buyer trying to get the jump over the other. You can make this happen by manipulating events wherein a buyer arrives just as a previous buyer is about to leave the premises. This strategy taps into a buyer's fear of loss, the single greatest spark to get a buyer to buy now.
List it with the very best agent in the area. Interview agents and choose one who has a record of selling homes for a high percentage of the listing price. You need to have at least three possibles to choose from and make a spread sheet comparison of their performances and referral feedbacks. Get in writing what the agent will do to market the house. Insist for an option to cancel the listing if you are not satisfied with the handling of your property.
Spruce up your home. Make sure the house is bright, clean and open. Visitors should feel comfortable inside, so pay attention to the temperature setting. Assume you are the buyer, approach the house and appraise the facade from the curb, then the front door as you enter the property, and how the interior looks like as you step inside. The prospective buyer will form an opinion from these observations, and this will be a critical stage as first impression lasts. So you better be sure that the buyer will like what he sees.
Use plants and flowers to beautify the front porch from the outside. The door must look sturdy and in good condition.
Inside, the master bedroom and the kitchen are the critical areas. Simple things like new hand towels in the bathroom or fresh flowers in the kitchen go a long way.
Spend money for the upgrades that buyers want most. Improvements must be in good taste and need not be expensive, and just to make sure that you will do things right, inspect several houses that have similarities with your property. Try to second guess buyers' tastes and preferences. A Jacuzzi would be a good come-on, but would it be worth its costs in a relatively small house? All house improvements are investments, and the ideal return on investments should be double the value.
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How To Flip A House For Profit
A lot of people these days are preaching about the buying and holding method of gaining wealth with real estate. Although you'll only be interested in keeping certain types of property, there indeed may come a time in your life or business when you'll want to hang onto a piece of property. If you are just starting out, then an ideal way for you to get started is to flip a house.
Basically, there are three ways that you can flip a house, although each one has its own terms, motivation, and type of property. As for the first method, it is known as retailing. What this means is that you can turn around and sell the house that you bought that was in bad shape after you did the repairs to fix it up. There are several ways that you can quickly flip a house to net profit since there is a variety of houses in need of repairs out there. All you need to know are the techniques that will get you the most money in the least amount of time.
To flip a house, the second way would be through wholesaling. Wholesaling involves finding a home for sale then flipping it to an investor for a fast, yet small profit. You will need to know the real estate investors in your area, the types of homes that flip the best, and how to fund your property so you can flip it to them in order to do this. If you live in a big area or a city, you'll find that using the wholesaling method of flipping houses is actually easier to accomplish.
To flip a house, the third way is by assigning the purchase. You will commit to buy the house when you use this method. Instead of closing the deal yourself, you'll assign it to a real estate investor - of course for a small fee. The investor will take the contract over and close the purchase themselves - flipping the house. For you, this can be very profitable especially if you invest in the right home. Even though you will need to determine the assignment fee, you don't really need to have your contract worded any special way to be legal.
If you're looking to break into the real estate market and make big bucks, you'll need to learn all about flipping houses. Very profitable, especially once you have learned the basics, is flipping houses. The best are the first and third methods even though they will both take quite a bit of work on your part. You will need to have a team qualified to handle any repairs since restoring homes isn't easy. When you first start out, the assigning the purchase may be difficult even though in time, it will get easier. If you stay at it and do your best to make a profit - you'll be an expert at flipping homes in no time at all.
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Ideal Home Locations
When looking for a home to purchase, the seemingly endless details to consider can seem overwhelming, but it's also important to remember to take a step back and consider the big picture the area surrounding a potential home. There are many reasons why you need a home located in a good area. The area location can also affect the loan amount. Private mortgage insurance is easier to get if the home is in a good area. If the home is in a good location, then you can get more loans and the resale value of your home would be greater. Here are a few things that you should consider.
Look Around You
What is the traffic flow situation? If commuting is a concern, make sure to visit the home during different times of the day to test accessibility. Are there unsightly concerns near the property? You should use different routes to the home to make sure that there are no dumpsites or abandoned lots. Is the area noisy? Stroll around the house to see if there are any dog kennels, highway noise, airplane flight routes, and the like. Is the lighting good? A location that has good lighting would have lesser crime and traffic accidents. What is the condition of roads, sidewalks, and drains? These can have an effect on homeowner's insurance.
Ask The Neighbours
Don't be afraid to contact neighbours about the area. They can be a great source of information about the neighbourhood, and checking with several residents can provide a well-rounded view of the location. Ask them about the schools, nearby shopping, noise level, crime, etc. Ask if they would buy in the neighbourhood again.
Check Around
If you need to verify a few things before you buy a house, then a real estate agent can help you. You can check public records to find out what current or pending assessments for the area are. The police department can provide an analysis of crime in the area both the type and volume. Real estate agents or appraisers can give you an overview of the property values in a particular area. Be sure to check the quality of the actual house as well, including heating and cooling units, appliances, and foundation.
In most mortgage appraisal guidelines, homes in ideal locations are better. So the most important criterion for buying a home is always the location.
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Real Estate Terms And Their Definitions
If you are buying or selling a home, chances are that you struggle with the meaning of descriptive real estate terms. Here are some terms with their definitions.
Plantation Shutters
Refers to interior shutters with large, moveable louvers that can be used much like Venetian blinds. They are usually used only for the bottom half of the window.
Palladian Windows
A tall window that is rectangular except for an arched top and has wooden muntins separating the panes of glass. It is based on the works of Andrea Palladio. These are often used as the window over the front doors in two-storey homes.
The Pocket Doors
This type of doors slide into a slot in the wall. This means that there is no wall space affected by the opening and closing of doors. A number of modern houses use these doors in the bathrooms. Also, they have used in pairs meeting in the middle when closed as they are sometimes found in older houses. Between a living room and dining room might be a good place. They can also divide the front and back parlors. The parlour can be expanded when there is a need.
A Fireplace, Wood Stove, Wood Stove Insert
Fireplaces burn wood, coal, or gas. If it burns gas, it many or may not be vented outdoors. This is dangerous, and is against the code in many areas. Wood stoves burn wood, stands on their own, and is vented to the outside. A wood stove insert is generally fitted into an existing fireplace designed to burn wood or coal. Beauty, convenience, heat production, and safety are factors for preferences.
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How To Achieve Real Estate Success
Real estate success? It happens by repeatedly indulging the right habits. And if you want to know what these habits are, then I invite YOU to read this article and make yourself some real estate investing success.
Ask for people's names, and tell them yours. People are your most valuable resource in real estate investing. The more you know, the more likely you are to find good properties, or buyers for your good properties. Get to know the right people too. Start with a real estate agent that gets many listings of the type you are interested in. It would sure be a doozy if the agent called you first, though.
Think numbers. We don't mean action figures or ogling the opposite gender - we mean looking at the numbers after, or while meeting new people. Ideally, when you look at a rental property, for example, you should be thinking about the income, the expenses, and the cap rate. You should have a knack for forecasting how certain events can potentially raise the income, and how it would affect the value of property. Having a "feeling" about a property, and ignoring the numbers, gets investors into trouble.
Don't go to war without weapons. Always have at least business cards, pen and paper on you. You never know when you might see a property for sale, or hear about one. Once you tell people you are a real estate investor, don't expect their jaws to drop on the floor - expect them to shower you with their opinions, advice, and in some cases, an offer you can't refuse - but not THAT kind of Don Vito Corleone-esque offer! Be a Boy Scout...or Girl Scout!
Consider risk reduction. Your offer must be rife with fall-back stipulations on inspection, financing and the like so that way you can reduce your risks and get your deposit money back if need be. Before buying, there must be some sort of escape clause involved. Look at comparables, do not look at far-out hunches. Buy properties through your corporation or LLC. Keep those risks to an absolute minimum at all times.
Real Estate Success - Action Speaks Louder Than Words!
Make your goals action-oriented. Get in the habit of taking regular steps towards real estate success. Set weekly or monthly goals, such as the number of properties to look at, or the number of offers you are to write. And keep going on forward as you set definite, minimum goals for all those little actions you have to take - try about five phone calls a week, two online visits to check for new listings, etc. Action begets momentum, and momentum begets good habits. And you can't have success without good habits.
The last, but not the least tip, would be to do research - it can be through the Internet, or by reading a book or listening to a CD about investing or money matters. However, you must put your research to good use after you're done gathering data. Some of us let our fascination and enjoyment of reading about investing get in the way of actually investing, and of our real estate success.
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