Mar 21 2015

The Best Property Management In The Bay Area, CA

Owning a property is a strong financial decision, only if the property is managed very well. If you’re managing a property on your own, then you probably realize how difficult it is to truly manage your property as well as it should be managed. Managing a property on your own is troublesome because you may not always have the time, energy, or ability to take care of the property on a constant basis. If you have tenants, then it is highly likely that your property needs more care than the average property. If you are in the Bay Area, then below is an overview on how to find the best property management in Bay Area CA.

Visit the Offices

The first step that you should take is to visit the property management offices that you are considering. A property manager’s office can tell you a lot about the business and how it is going to handle your property if it take sit under its management. When visiting the manager’s business, you should check if their property is organized, if everything is clean, and if the staff is friendly and willing to help you as much as possible. In addition, if you do see other property owners on the premises, then you shouldn’t hesitate to ask them about their own experiences with the property management services. At least this way, you’ll be able to gain valid insight about a customer’s own experience.

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Look Online

Another option is to look online. Although this is not as comprehensive as the first option, it is nonetheless helpful. If you can, you should do this step in conjunction with the first recommendation. When you look online, you should view a number of websites and see what they have to say about the property management service. The best way that you can double check if a review is fake is to make sure that the same review or a substantially similar review does not show up on another website. In addition, you can also look on online forums and ask the questions that you need about the property.

Finding a property management service isn’t easy. There are dozens of property management services that represent themselves in a manner that is inconsistent with their true service quality and abilities. Rather than get stuck with the wrong property, check out a top-notch property management service: http://bayareapropertymanagement.us

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Nov 17 2014

Careful Move Out Inspections Can Put Money In Your Pocket

Published by under Move Out Inspections

Summary: Move out inspections is essential for both the owner and the tenant to help them agree on the amount of security deposit that should be returned to the tenant when he moves out of the rental property.

Disputes arise between the owner and the tenant on how much should be returned. The owner may want to deduct some money from the security deposit to take care of repairs of damage done to the property during the tenant’s stay. On the other hand, the tenant may claim that the property has been handed back to the owner in good condition and no money should be deducted.

Solving the dispute

Disagreements can be solved by conducting move out inspections as stipulated by the law. An understanding of the whole process is required by both the owner and the tenant so that disputes can be avoided, and things can be settled amicably. An owner can also put some money in his pocket if he can convince the tenant that the rental unit needs some repair, and the tenant has to pay for it. Information regarding the move-out inspection is given below.

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  • Proper definition– An inspection is also sometimes called a walk-through inspection. It takes place when both the owner of the rental property and the tenant jointly inspect the property after the tenant has moved out. The owner looks for damages that have occurred while the tenants stay and compares the condition of the property when it was handed over to the tenant with what it is now. The owner looks for any damage that has occurred beyond the normal decline in the condition of the rental property. The owner also looks for any change made to the property that has not been mutually agreed upon, as a change in the color of the paint on the walls.
  • The reason for its requirement – The inspection is done jointly so that the landlord can document damages that have occurred to the property. The owner tries to determine the amount of money that should be deducted from the security deposit taken from the tenant. The owner can present the tenant with a list of deductions that have done on the security deposit if the inspection occurs before the tenant moves out. The list helps the tenant to make the necessary repairs before moving out while it helps the owner to know the repair that have to be done before the next tenant moves in.
  • The time for carrying out the inspection – Different states have different laws on the timings of an inspection. In some states, it has be carried out on the day or two or three days after the tenant moves out. Damages can be easily detected when the tenant has removed all his belongings from the rental unit. The cost of repairs can be easily estimated in this case. In other states, it is stipulated the inspection should be conducted two to three days before the tenant moves out. It gives the tenant a chance to make necessary repairs and recover the full amount kept by the owner as a security deposit.
  • Arranging the inspection – As per the law, it is the responsibility of the owner of a rental property to inform the tenant about the timing. The owner has to notify the tenant in written form about when the inspection will take place and that the tenant has the right to be present during inspection. In some state the owner first inspects the property, makes a list of probable deductions and hands over the list to the tenant. The tenant assesses the area and agrees or disagrees to the deductions.

Benefits of the inspection

Both the owner and the tenant benefit from move out inspections. The owner can avoid getting into a dispute with the tenant and get some money for making repairs. Or the owner can get an idea of the cost of repair and allow the tenant do the repairs. On the other hand, the tenant also can avoid any disagreement with the owner, repair the damages that were not foreseen and get back the full security deposit.

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Mar 07 2014

Making Money With Foreclosure Sales

Published by under Foreclosure Sales

Summary: To make money quickly, foreclosure sales are the best option in real estate. It is not easy for newcomers, but it is not difficult either.

In real estate business, buying, refurbishing and then selling the property is a good way to earn money. There has been a huge surge in providing home improvement loans and everybody in real estate is trying to get a piece of the action. It is not as easy as it looks, but you may be able to pick up some money if you know the place from where to start. The stage just before foreclosure of a property is known as pre-foreclosure. It is the stage when you can start the job of acquiring the property when both the owner and the lender are having a bad time and make a lot of money.

Best time to strike deals

Tips about some of the situations that can take place before foreclosure salesthat may help you to become the owner of a property are given below.

  • Banks do not receive any payment from the owner during the pre-foreclosure period. The lender would like to get a guarantee of some money before it forecloses and is left burdened with a property. It would be glad to oblige you.
  • To escape the nightmare, the owner of a foreclosed property will have a great urge to sell the property and recover some of the money and his credibility. As a matter of fact, the owner would like to be relieved of the pressure from the lender to pay up. In this situation, you may be able to buy a good property for 30 to 50% of its actual price, make minor repairs and sell it at a huge profit.
  • The combination of a slowing economy, recession, and bad mortgage loans has created a situation where a large number of owners are facing foreclosure proceedings. With sky-rocketing interest rates, there seems to be no end in sight for this problem to go away soon. Both lenders and banks are eager to work out a solution with defaulting house owners to avoid the takeover of these properties. Banks do not want this bad business and do not want to spoil their reputations by forcing people out on the streets.
  • Liquidating a loan rather than taking back the property is preferred by all lenders. Hence, you can ask the lender to give you a discount on the amount of payment that is still outstanding after foreclosure. You can use this strategy to gain the ownership of many properties which you can sell later at your leisure. This tactic cannot be executed for loans on which there is no default in payments.
  • Buying pre-foreclosed houses gives you the title to the property immediately. You start paying back the money taken as mortgages. You can get tax benefits including depreciation without any having any personal liability related to the property or the mortgages.
  • The niche market of pre-foreclosed properties is defined. If you want to succeed in this business, then you have to focus on the business instead of trying out something else.
  • Do not try to buy any foreclosed property at any auction. You may face fierce competition and may have to pay a lot of money. Furthermore, you are not allowed to inspect a foreclosed property and cannot be sure of its worth before bidding for it.

Conclusions to draw

There may be many ways to make profits in the real estate business before foreclosure sales occur. But the business of picking up pre-foreclosed properties at low prices and selling them at big profits can make you rich very fast. You also help the landowner to regain the standard of living. The only requirement for this business is to keep abreast of all that is happening with foreclosed sales and you will be able to succeed in your efforts.

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Nov 16 2013

How To Get Started With Real Estate Rehabs

Published by under Real Estate Rehabs

Summary: Getting started with real estate rehabs is not as easy as it looks. Finances along with other factors have to be overcome along with other hurdles to succeed in this field.

It may seem easy to buy a house at throwaway price, rehab it and then sell it in the market for good profit. In reality, it is not that easy, and you may get misled by TV ads. Even if you make preparations in advance, there is always a chance that you will end up nowhere. It is better if you start small and do a rehab project that is within your capabilities.

Points to consider

There are a large number of issues that you have to take into account when you want to renovate a property. Being new to this line, you have to move carefully if you want to succeed in real estate rehabs. You should have enough cash in hand to finance your project. Some of the things that you have to consider are as follows:

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  • Estimating the cost – The condition of the structure, the roof and the plumbing along with the electrical appliances and connections should be your main concerns. The cracks in the structure, loose or broken shingles on the roof, rotting wood or damage due to termites all add up to increase the cost. There may be leakages in the plumbing, the air conditioning unit may not be working, and the fuse or circuit boxes may be old and outdated. The house may need a new coat of paint. Everything adds to the cost that you have to bear before the place becomes as livable as you want it to be.
  •    Doing the repair job – You can hire a handyman to do the job for you or you can do it yourself. You can save a lot of money if you can do it yourself. But it may take a long time to finish if you cannot spare any time of the day. A handyman can do the job faster, and you can move on to the next project after selling the renovated property.
  • The Cost of materials and bringing them over – Make arrangements to get the materials faster from the store so that work does not get held up for the lack of anything.
  • Keep everything under wraps – Cover all windows and keep the doors closed when the repair work is being done. Keep all music down and don’t use commercial vehicles to avoid attracting code enforcement problems.
  • The problem of Permits – Permit is required for doing any repair job related to the structure, roof, plumbing and electrical fittings. You can do a large amount of repair work without getting a permit. But if you are caught doing a repair job without a permit you may have to face legal consequences. It is better to get a permit for all the jobs before you start any work though the project may get delayed a bit.
  • Putting up signs – Do not put up signs about selling the property until you have completed at least 95% of the work. Buyers will not show any interest until the house is almost ready.
  • Negotiations with buyers – Try to close the sale within 1 or 2 months so that you can move on.

Budget and planning

You need a lot of courage and stamina to succeed in real estate rehabs. While planning the project, you have to budget for your expenditure related to the cost of purchase, cost of materials and the cost of labor. The Cost of marketing the finished property also should be budgeted along with other costs. Provisions for the worst should be considered keeping a six month period in mind. Unlike what others say, you will need a lot of money to complete your project.

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Mar 21 2013

Is Renting In The Bay Area Only For The Rich?

Published by under Renting In The Bay Area

Summary: At times, renting in the Bay Area might seem to be difficult because only the rich people look for properties. However, if your lower the rent slightly, you can attract potential tenants easily.

The Bay Area in California is a great place to live with all the luxurious amenities and facilities. Moreover, the beautiful locale of the area also attracts lots of investors. Plenty of apartments and high rises are on sale, and many people have invested on these properties. Even if, they don’t use it, they rent it and earn a good monthly income. Whether you have a property in the Bay Area or are looking forward to investing in one, you can always attract the attention of prospective tenants ready to pay handsome rents, as per the market rates. As a result, you will get a good return on your investment.

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Housing Is Expensive:

It goes without saying that the Bay Area is a great place to live. Therefore, tenants are also interested in paying high rents for living in the area. Well, the major problem with renting in the Bay Area is that it is mainly for the high class people. The rents are very high, and many are of the view that renting here is only for the rich. The luxurious apartments and buildings tend to attract mainly the rich. Try to find tenants with whom you can maintain smooth and straight-forward relations. In most cases, you can expect to get rich tenants ready to pay a hefty sum. This is mainly because of the huge rents flourishing in the area.

The establishment of large numbers of software industries in the sectors is creating well-paid techie professionals. They are mainly the tenants.

The well-paid professionals are driving up the rents due to which it is increasingly becoming difficult for middle-class people to afford houses here.

Moreover, there are not many houses in the area due to which the rents are pretty high.

The city can add its housing units by growing vertically. Taller buildings are constructed to fit more housing and lower the rents.

Many neighborhoods are however ready to expand.

No Difficulty In Finding Tenants:

Most landlords are of the view that renting in the Bay Area is only for the rich. As a result, the current economic scenario might make it difficult to find tenants. However, the concept is changing. The Bay Area is welcoming middle class people, as well. Increasing numbers of housing units are also bringing down the rent. As a result, you can expect to find lots of tenants ready to take your property for rent. However, one of the most important things that you should always remember is to fix the rent in terms of the market rate. If possible, you can even lower the rent in order to attract the tenants. This in turn will ensure that you are ethical and you do not have to put in lots of efforts in finding tenants. Make sure that you find tenants that have a good background report and pay your rents on time. Consequently, your property will be well managed and maintained by tenants while you can get good timely rents without any hassle or problem.

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