Posts Tagged ‘rental property investors’

How To Deal With Bad Tenants

Monday, July 6th, 2015

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Real estate investors who own rental property will often come across bad tenants.  Those who understand how to deal with bad tenants and handle any situation as it arises will likely be able to cut their problems to a minimum and continue to earn a positive cash flow.  While there are many problems that tenants can initiate, generally, investors will find a few common themes among them.  The two main problems that investors are likely to encounter at some point in their rental property history are tenants who can’t pay the rent and tenants who damage a property.  Those investors who have a plan for both issues and handle the problems accordingly will likely be able to get back on track in order to capitalize on their investment.

The first issue that rental property investors are bound to come across when they have to deal with bad tenants involves not being able to pay the rent on time.  The first line of defense to such issues involves implementing a comprehensive tenant screening process.  Those investors who only allow high quality tenants into a rental property will likely be able to bypass this issue the greater majority of the time.  However, almost all rental property owners come across a tenant who can’t pay the rent at some point in time.

In order to deal with bad tenants who are unable to pay the rent, communication is the key.  Investors should find a way to talk with these individuals and discuss the problem.  If this issue appears to be short term and can be resolved quickly, investors should hold out before taking any other action.  If the rental payment doesn’t come in by the agreed-upon date, investors should again communicate with tenants and find out what is going on.  If communication is unable to resolve the problem, real estate investors should be familiar with the rules regarding the tenant evection process and take action as needed.

The other main problem for investors who have to deal with bad tenants involves an unruly individual who damages the residence.  Generally, investors find out about these problems when it is way too late.  After a tenant has vacated the property, real estate investors should always be prepared for the worst.  An investor who walks into a rental unit and finds that it is totaled should be ready to remodel quickly and search for a new tenant.

While this type of issue can be disheartening, real estate investors have to think of the big picture and do what they can to attract a new tenant who pays the rent on time in order to fill the space.  Investors who wish to capitalize on the greatest positive cash flow should do what they can to make sure high-quality tenants are living at their rental property.  Those who are prepared for mishaps should move forward with diligence and be able to capitalize on the positive aspects of this investment.

Investors who have a plan to deal with bad tenants should be able to take care of these issues without a great deal of grief.

Asking questions with these tips in mind will help save real estate investors thousands.  For more ideas related to real estate investing, call or visit us a Homevestorsfranchise.com.  We are the nation’s number one home buying franchise with over 15 years of experience.  Our company has a vast assortment of real estate investment and real estate franchise opportunities available to help you grow your real estate business.  Come see us for more information.

Rental Property Investors – Don’t Rent To Friends Or Family

Monday, March 2nd, 2015

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Rental property investors need to follow certain rules in order to get the most for their money and avoid problems.  One of these rules is to avoid renting a unit out to friends or family.  While this may see harsh at first, the problems associated with this makes it a bad idea.  Not only that, but having problems with friends or family is the worst type of problem, as business is mixed with personal life.

While rental property investors may first feel like renting to friends or family is a good idea, the potential for problems is quite high.  At first glance, both parties win, rental owners know that this person is not likely to damage the property and tenants know that this rental owner is not likely to evict them if they don’t pay their rent.

As such, these individuals may end up not taking the business seriously.  Rental property investors will have a dilemma on their hands when a tenant doesn’t have the money to pay for the rent.  Should rental owners pursue the rent money or back off in order to save the relationship.  In this case, both decisions can have dire consequences.

If rental property investors decide to pursue the rent money, they are likely to end up with a disgruntled tenant on their hands.  Those who end up going this route and eventually have to evict a friend or member of their family from their rental end up with a large problem.  They not only damage a personal relationship, they also end up with problems with others who are close to both individuals.

Rental property investors who decide to let the rent slide month and after month are going to have a problem maintaining a profit and may end up losing money on their investment.  Sure they may salvage the personal relationship, but at the expense of the business.  Those investors who became a part of the rental property industry did so to earn money, not to give out free lodging.

In the rare case where a tenant doesn’t take advantage of a friend or family member who is a rental property investor, this deal can work out.  Unfortunately, the probability of this happening is incredibly rare.  In fact, this deal should be avoided at all costs, even if a rental property investor is having a problem filling their rentals.

Rental property investors should avoid renting their units out to friends or family, as the deal is likely to turn sour and end up ugly.

Asking questions with these tips in mind will help save real estate investors thousands.  For more ideas related to real estate investing, call or visit us a Homevestorsfranchise.com.  We are the nation’s number one home buying franchise with over 15 years of experience.  Our company has a vast assortment of real estate investment and real estate franchise opportunities available to help you grow your real estate business.  Come see us for more information.

HomeVestors Knows That Rental Property Investors Should Focus On Millennials

Monday, December 22nd, 2014

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Investors who focus on advertising to millennial s should be able to keep their properties full in 2015. 

Dallas, Texas HomeVestors is the nation’s number one home buying franchise and has helped real estate investors purchase 50,000 properties over the years.  The company knows that rental property investors should focus on millennial s in 2015, as this group is looking to rent property, rather than purchase housing.  Investors who focus their business around this demographic should be able to keep their rentals full.

In order to target millennial s, rental property investors need to make their properties in touch with this generation.  Investors who supply amenities that this demographic is looking for will be able to take full advantage.  Consider adding items that have a technological touch, such as USB outlets and Wi-Fi.  The Internet is more important now than ever and people want to know that they will be connected.  Rental property owners who give complimentary Internet will likely not have to look hard to find tenants.

Rental property investors who understand how to reach millennial s should be up to date on the newest advertising strategies and connect with these individuals.  The best way to contact these individuals is through technological means.  Focus on developing an Internet presence by creating a website, developing a strong social media program, use Internet classifieds, and submit a listing to online apartment directories.

Since most people use online apartment directories in order to rate and contact a rental property, paying the fees in order to be included in these sources is a must.  Many times, these directories allow tenants to review rental property.  For this reason, make sure that an experience at a property is excellent and take full advantage of the positive attention.

Rental property investors should focus on their website, if they want to really capture exposure through online means.  If a site is outdated, give it a face-lift and make sure it is in touch with those who are tech savvy.  Link all advertisements to this website in order to give potential clients the ability to learn more about a property and reach out.  Many potential tenants are going to put in research before choosing a property and will be inclined to connect on social media before even considering approaching a property.  Investors who are able to respond to questions promptly on social media and make their presence known will be able to earn the most.

Rental property investors who are looking to capitalize in 2015 should focus on advertising to millennial s, as they are more interested in rental property than acquiring real estate.

Rental Property Investors Should Have A Long-Term Outlook

Tuesday, November 25th, 2014

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Rental property investors who have a long-term outlook on their investment are bound to be able to weather the bad times and come out ahead.  While many investors believe that owning rental property is the key to their financial independence, many don’t understand the time commitment that it requires.  Those who have committed themselves to the cause should be braced for their new lifestyle.

Rental property investors should dedicate at least a half of year to obtaining the necessary education.  Don’t skimp on the amount of time dedicated to learning about the business.  While this might not be the most exciting factor in regards to rental property, those who have a fair understanding of the business are bound to make good decisions.  Continue studying the business even after purchasing a property in order to stay up to date on the industry.

Rental property investors who have day jobs should consider keeping them in order to pay for any surprise costs along the way.  The first year is arguably the hardest, as an investor has to adjust to their new lifestyle.  Investors who hire a property management company should still remain active in order to properly look after their investment.

When choosing a property, rental property investors need to determine the cash flow, first and foremost.  Those who take their time here and determine that a property is profitable are bound to commit themselves to an investment that will earn money over time.  Make sure to receive accurate numbers that enable one to properly use the cash flow equations with extreme precision.

Rental property investors should also love the property they decide to purchase.  One rule of thumb is to only purchase properties that one would be comfortable living at.  Investors who feel that a property is below their living standards should find another property that they can be proud of.  Since an investor is going to be spending a great deal of time at a property, they should be comfortable with the environment.

When having a long-term outlook, rental property investors should decide whether the area the property is located in is bound to be successful over the course of the investment.  Only get involved with a rental property that is located in an area that is booming in population and has a positive long-term economic outlook.  Those who understand what industries to look for should have an understanding of the future of an area.

Rental property investors who have a firm understanding of the business before getting involved in it and have a long-term outlook are likely to succeed.

Asking questions with these tips in mind will help save real estate investors thousands.  For more ideas related to real estate investing, call or visit us a Homevestorsfranchise.com.  We are the nation’s number one home buying franchise with over 15 years of experience.  Our company has a vast assortment of real estate investment and real estate franchise opportunities available to help you grow your real estate business.  Come see us for more information.

HomeVestors Knows That Rental Property Investors Are Experiencing Competition

Tuesday, August 26th, 2014

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Investors who are looking for a rental property should find an area with a limited amount of competition.  Investors who already have a rental property should maximize their advertising and Internet presence. 

Dallas, Texas HomeVestors is the nation’s number one home buying franchise and has helped real estate investors purchase 50,000 properties over the years.  The company knows that the competition level that rental property investors are experiencing isn’t likely to decrease any time soon.  The investors who are looking to cash in on the rental property field should make sure that the area they are investing in is going to be favorable to them.

Rental property investors who have decided that they want to enter the field should consider the different markets around the United States before embarking on their journey.  Many of the real estate markets are saturated by other rentals and investors should continue their search before settling down in a region like this.  Those investors who purchase a rental in an up and coming area should be able to take full advantage of their investment.

Those who already own a rental property should keep an eye on the other rental property investors in the field.  The investors who analyze their competition can take advantage of their business and keep their properties full.  Investors should take some time to keep a look out for deals in the industry, while getting a feeling for what their competition is up to.

When checking on other rental property investors, take a good look at their website, their advertisements and take pointers.  Investors who have a better looking website, a well designed social media program and a better Internet presence should be a guide to those who are struggling to get by.  Investors who have the time should focus it on becoming a force in the industry and should improve their website first.

When improving a website, hire a professional to make a website in touch with the times and helpful to potential tenants.  Those who visit a website like this will be more likely to schedule a viewing and the chance of securing a tenant increases significantly.  Consider participating in a regular article and blog-posting program in order to bring in more potential tenants.  Again, look to the other rental property investors on the market in order to get an idea of what they are writing about.  Become active on social media and write plenty of posts in order to demonstrate competency.

Rental property investors who take the time to consider their competition will be able to make a logical choice about how to become a force in the industry.

HomeVestors Knows That Rental Property Investors Need To Focus On Their Tenants

Friday, May 9th, 2014

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Rental property investors who make sure they target the best tenants on the market and convince them to move into an apartment should be able to profit to the greatest degree. 

Dallas, Texas HomeVestors is the nation’s number one home buying franchise and has helped real estate investors purchase 50,000 properties over the years.  The company knows that rental property investors need to make their apartments attractive and give potential tenants a detailed tour of a unit.  Investors who focus on finding the best tenants on the market should end up with a profitable investment.

The best way for rental property investors to make a profit is to make sure that they are dealing with quality tenants.  Since this business is a numbers game, an investor needs to advertise their rental throughout the market.  Investors should consider a number of advertising techniques in order to capture the majority of the market share.

Rental property investors also need to screen potential tenants and make sure they are a good fit for a property.  While investors can simply check a tenant’s background and determine if they are the best for a property, most investors simply hire a company to handle this procedure for them.

When dealing with high quality tenants, rental property investors need to do their best to impress them.  Remember that the entire interaction should be carefully considered in order to make a good first impression.  Investors who demonstrate that they are interested in what a tenant is looking for give these potential tenants a reason to move into this rental.

When showing an apartment, rental property investors should ask questions and find out what a tenant is looking for.  Many times, tenants are looking for a few different amenities and will pass on apartments that don’t appear to provide them.  Investors who get an idea for what tenants want should do their best to provide these amenities.  Asking questions is the simplest way to do market research and every apartment showing should be a learning experience.

When showing an apartment, rental property investors should explain the features and not just point them out.  Tenants who have a good idea for the benefits of these amenities will have more reason to move into this apartment.  Rental property investors should also show the other units that are available, in case a different rental is more desirable to a tenant.

Rental property investors who go out of their way to find good tenants and then convince them to move into an apartment are likely to be dealing with the best tenants on the market.

Rental Property Investors Need To Advertise Through All Available Avenues

Tuesday, February 4th, 2014

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Rental property investors need to have a strong marketing program in order to find tenants that are desirable.  Investors need to generate a great deal of exposure if they wish to attract high quality tenants and should use every available marketing avenue to their advantage.  Those investors who have more than enough applications coming in can be picky about who they choose to occupy their rental.  These rental properties will likely end up being profitable and should have a number of quality, long-term tenants.

The first focus of rental property investors should be on their tenants, as this is their only source of income.  In order to attract high quality tenants, consider advertising a property far and wide.  The main places where tenants look for rental property include the rental listing services, Craigslist, the newspaper and through social media.  Rental property investors who target all of these avenues are bound to find that they can capture the majority of the tenants on the market.

The number one place where rental property investors should advertise their property is through local apartment listing services, online and off.  In fact, the majority of tenants use these guides when they are apartment hunting.  Listing in some of these publications is bound to be expensive, but is generally worth the cost.

Rental property investors need to use Craigslist to list their property because it is free and a large number of tenants use the service to find their next rental.  Investors need to be ready to handle the large volume of responses that are bound to come their way and should use their discretion when determining the validity of these responses.

The cost of in print advertising continues to increase and in many cases, advertising in the newspaper isn’t worth the expense.  Rental property investors need to determine whether this advertising strategy is worth the cost.  The nice thing about advertising in the newspaper is that an investor can target tenants they otherwise couldn’t reach.

More people are turning to social media, as a way to get their information and do business.  Rental property investors who take the time to establish a strong social media presence and keep their reputation high are likely to find tenants through this source.  Use social media to reach out to the community and be helpful to those who are looking for information.

Rental property investors who understand that their profits are directly based on the quality of their tenants should put all of their effort into finding them.

Asking questions with these tips in mind will help save real estate investors thousands.  For more ideas related to real estate investing, call or visit us a Homevestorsfranchise.com.  We are the nation’s number one home buying franchise with over 15 years of experience.  Our company has a vast assortment of real estate investment and real estate franchise opportunities available to help you grow your real estate business.  Come see us for more information.

HomeVestors Knows That Rental Property Investors Need To Create Holiday Cheer

Friday, December 20th, 2013

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Investors who are able to make their rentals look spectacular during the holiday season and impress their tenants are bound to keep them in the property. 

Dallas, Texas HomeVestors is the nation’s number one home buying franchise and has helped real estate investors purchase 50,000 properties over the years.  The company knows that rental property investors need to do everything they can to make their tenants happy.  During the holiday months, investors should focus on making the property as cheery as possible and should consider ways to win over long-term tenants.

Long-term tenants are the best gift that rental property investors can ask for during the holiday season.  Those tenants who are happy with their rental are generally not going to move elsewhere.  Investors who can impress tenants during the holiday season are bound the find that they are able to keep a large number of tenants throughout 2014, as most will be willing to renew their contracts.  This will net an investor more money in the long run, as they won’t have to spend time and money searching for new tenants.

The first thing that rental property investors should do is get their property in the spirit of the holiday season.  Consider decorating the rental and giving it the holiday cheer that is bound to get tenants to notice.  Consider holding a gift swap for tenants, as this can be a great way for tenants to get to know each other.  Locations that have a great tenant comradery often end up with a number of long-term tenants because no one wants to leave their friends behind.

Another way for rental property investors to impress their tenants is to make sure that all the maintenance work is up to date.  Tenants aren’t likely to feel the holiday spirit when their sink is leaking water all over their floor.  Consider placing a note on each door and encourage tenants to list any maintenance work that they would like done.  Then, go around and perform the maintenance work.  This is a good practice, as fixing maintenance work sooner, rather than later, is bound to save investors money over the long run.

The easiest way for rental property investors to spread the holiday cheer to their tenants is to give each one of them a gift.  The gift doesn’t have to be big, but it should show them that they are appreciated.  Consider giving each tenant coffee, chocolate or a card that lets them know how valuable they are.

Those rental property investors who go above and beyond during the holiday season should be able to keep a number of long-term tenants.

About HomeVestors of America Inc.

Dallas-based HomeVestors of America, Inc. is the largest buyer of houses in the U.S., with 50,000 houses bought since 1996. HomeVestors trains and supports its independently owned and operated franchisees that specialize in buying and rehabbing residential properties.  Most commonly known as the “We Buy Ugly Houses®” company, HomeVestors strives to make a positive impact in each community.  In 2012, for the seventh consecutive year, HomeVestors was among the prestigious Franchise Business Review’s “Top 50 Franchises,” a distinction awarded to franchisors with the highest level of franchisee satisfaction.  For more information, visit www.HomeVestors.com.

HomeVestors Knows That Most Rental Property Investors Prefer Small Rentals

Friday, September 6th, 2013

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Small rental properties are the favorite for most real estate investors because they require less capital to purchase.

Dallas, Texas HomeVestors is the nation’s number one home buying franchise and has helped real estate investors purchase 50,000 properties over the years.  The company knows that each rental property investor has their own favorite type of rental property.  The majority of investors choose to invest in small rental houses, while the number of investors who are investing in small apartments follows closely.  With vacancies at record low levels, everyone wants a piece of rental property.

Rental property investors have purchased small houses and turned them into rentals in the last couple of years.  Currently 46% of rental property investors are renting out these small houses, potentially waiting for property values to climb, before they decide to sell them.  Another 21% of rental property investors have invested in small apartments and only 16% of investors have put their capital into renting out large houses.

The reason that most rental property investors have decided on purchasing small houses in order to rent them out is because these properties were purchased way below market value after the market crash.  There were a surplus of tenants on the market and these investors turned these properties into rentals in order to fill the void.

Rental property investors who have invested in small apartments likely secured these properties following the market crash as well.  These properties are easy to manage and usually don’t cost a great deal.  The profits that can be earned with small apartments are usually large, as they can be rented out for a decent value.

The other 16% of rental property investors have chosen to invest in large houses and rent them out.  The advantage that large houses can give an investor is that they can be purchased inexpensively and then rehabbed into a duplex, triplex or 4-plex.  The cash flow that can be created when turning large old houses into 4-plexes makes it a profitable pursuit.

Those who are thinking about joining the ranks of rental property investors should consider finding a property that meets their needs.  Those who do so can take advantage of the 4.3% vacancy rate nationally.  Most investors consider turning a small house into a rental, as this can be the least expensive way to enter the field.  Take advantage of what the market is currently giving investors.

Rental property investors who do their research have picked a great time to become involved in the field.  These individuals can take advantage of increasing rental rates and property values at the current time.

About HomeVestors of America Inc.

Dallas-based HomeVestors of America, Inc. is the largest buyer of houses in the U.S., with 50,000 houses bought since 1996. HomeVestors trains and supports its independently owned and operated franchisees that specialize in buying and rehabbing residential properties.  Most commonly known as the “We Buy Ugly Houses®” company, HomeVestors strives to make a positive impact in each community.  In 2012, for the seventh consecutive year, HomeVestors was among the prestigious Franchise Business Review’s “Top 50 Franchises,” a distinction awarded to franchisors with the highest level of franchisee satisfaction.  For more information, visit www.HomeVestors.com.

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