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The short-term rental market is one of the hottest segments in real estate and property management

The short-term rental market is one of the hottest segments in real estate and property management

  • Posted: Jan 04, 2017
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1.Hidden Costs – Short-term rentals are a different breed; they have many costs that traditional long-term rentals don’t have. These behind-the-scenes costs can include everything from replacing furniture to landscaping the lawn to supplying toilet paper. In essence, they’re more like hotels than rental properties. Here’s a quick list of common unforeseen costs:

  • Maintenance – garden and lawn irrigation, pool maintenance, pest control, HVAC maintenance
  • Utilities – cable, electricity, Internet, telephone, etc
  • Upkeep – housecleaning, toiletries, replacing appliances, carpet cleaning
  • Annual fees – taxes, insurance, property management fees, license fees

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Tenant Screening: A Must for your Property!

Tenant Screening: A Must for your Property!

  • Posted: Oct 12, 2016
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If you want to minimize the risk in your property investment business, you should understand that a key to your success isn’t just buying the right investment property.

it’s finding the right property management–whether that’s you, or someone you hire. And a critical component of property management is finding the right tenant for your real estate investment property, which means tenant screening should be at the top of your priority list. Here are five things you can do to ensure that your tenant screening process helps you identify the best tenants and weed out the bad ones.

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Decide what your minimum qualifications will be, and stick to them.

Decide what your minimum qualifications will be, and stick to them.

Screening Tenants:  Find a Tenant Screening Service 1. Let applicants know that tenant screening is mandatory. Just hearing the words “screening process” will make some potentially bad renters self-filter and save you time. 2. Use your tenant screening process consistently. A systematic and comprehensive screening process that you apply objectively to every applicant will protect you if someone claims you violated the Fair Housing Act. It will also help you to screen out bad renters. 3. Decide what your minimum qualifications will be, and stick to them. Will you have income requirements so you have some assurance that your tenants can make their rental payments? Will you accept tenants with criminal records? What if they haven’t had any arrests for more than ten years and a steady job? Think about these issues, make a decision, and apply them consistently. 4. Run a credit check. Credit checks are critical. You can find out applicants’ debt-to-income ratios and whether they pay their bills on time. Learn how to read a credit report. And never accept a credit report that a potential renter brings to you; get them directly from a credit reporting company. View our Directory to find Tenant Screening Companies 5. Check references. Always call present and past landlords. A present landlord may give a good reference to get rid of a bad tenant; a past landlord may be more forthcoming. Ask about evictions, complaints from other tenants, pets, major maintenance issues, if rent was paid on time, and if the landlord would rent to the tenant again. Also consider getting and checking employment and personal references.  …

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Vacation Rentals – consider renting it out

Vacation Rentals – consider renting it out

  • Posted: May 24, 2016
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If you have a place that you only live in part of the year, you may want to consider renting it out the rest of the time. That way you can get some income to make your house payment, and you won’t have your home just sitting empty. Even if you don’t still owe on your home, renting it out for the extra money can be a great way to get cash that you don’t need to work for. A word of caution, though, in that you want to be careful who you rent to. Some people are much more careless with other people’s things, and you don’t want them destroying your home. A great way to find good renters is to use a property management company. Because of a tight economy, a lot of people who have vacation homes can’t sell them, so they are renting them out. By getting a company to handle that for you, you don’t have to worry about where you are or what you’re doing. All you have to worry about is collecting the money that the property management company sends you and spending it however you like. Having a company manage your property isn’t free, of course, but the cost of it is generally worth paying for, since you avoid all of the hassle of trying to manage the property yourself. It can be particularly difficult to manage property if you don’t live nearby. You can also have repairs scheduled and taken care of, and you can avoid the worries and problems that come with allowing a piece of property to sit empty and vacant while you’re living somewhere else. There’s too much chance of your vacation home being broken into and/or otherwise vandalized if you leave it empty for months and no one is around to check up on it. Find Vacation Rental Managers on our members directory…

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HOLIDAY CYBER SAFETY

HOLIDAY CYBER SAFETY

  • Posted: Dec 12, 2015
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HOLIDAY CYBER SAFETY Magazine Articles – Read the article in the December Edition of Florida Rising. http://joom.ag/F5Sp   What a beautiful time of the year when we celebrate Christmas, Hanukkah, or Kwanzaa with family and friends and do our best to give each person on our shopping list THE perfect gift. To find that perfect gift we can fight the traffic and crowds at the mall or save time and aggravation by shopping online. Let’s go with the online approach. To successfully shop on line it is important for you to be aware of cyber criminals and the inventive and aggressive methods they employ to steal your money and identity, and there are many. What are some of the popular schemes? The Fraudulent Classified Ads or Auction Sales and Nondelivered Merchandise are two that are easy to fall victim to. Let me explain; the Fraudulent Classified Ads or Auction Sales is a scam where the seller post items that are stolen or is purchased with a stolen credit card. The Nondelivered Merchandise is a scam where merchandise is sold that does not exist. The buyer purchases items online which is never delivered. How do you avoid becoming a victim and totally ruining your holiday shopping? Well, here are a few tips to best protect yourself:   ● Get to know as much about the seller as possible. Start with a Google search paying special attention ratings, comments or complains. Research the BBB, many scam “artist” are listed on the FBI web site at ( www.fbi.gov/scamssafety/fraud ) or research your states business licenses sitesFlorida residents can log on to www.sunbiz.org or myfloridalicense.com. ● It is best to play it safe and buy from reputable companies you are familiar or have done business with in the past. ● Avoid companies that do not have a physical address. No company is based in a post office box. ● Send an email to make sure it is valid and call the contact number to make sure the company even exist. ● Don’t base your decision to do business with a company on their web site. It is easy to set up a flashy web site which is just that…flash. ● When possible pay with your credit card so you can dispute the charge if there is a problem. ● Avoid dealing with foreign companies. It is almost impossible to verify the legitimacy or get a refund from companies not in the US. ● Never respond to special investment offers because there is a real possibility the “company” is only after your banking information to seal your identity. ● Beware of price differences, for example a designer hand bag for $19.99 which sells at Macy’s for $125.00 is, in all likelihood, fake. ● The old saying: “If it is to good to be true, it is.” applied back in the day and still does today. Shopping online can really simplify your holiday preparations if it is done with caution and due diligence. Article by: Sandy Glover, All American Tenant Screening Results you can trust. Stay current with my monthly articles…

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