Modern Living Meets Its Match
One thing I have found in looking for luxury condominiums is that there isn’t much “luxury” in condominiums at all. I have seen a select few, and although they’re touted as a short distance from Manhattan, it was too much of a commute for a person working in the city. Even that, the surrounding neighborhood did not have much by way of entertainment or restaurants for a social life whatsoever. Looking for a condominium can be a choice that is not made right away. Research and checking into your investment is something you do and that means being let down by potential places.
It took several months for me to find Arista 35. I found interest in them immediately, after hearing their unique name, and up til then I had found nothing of interest. I filled out their website’s contact form with my information and was replied to immediately, by a courteous friendly person. I was explained how Arista 35 was located just 6 subway stops from Manhattan, being located in Astoria, Queens. This was a convenience I enjoyed, as well as the great entertainment and shopping that was located nearby. My face lit up brilliantly and I asked to immediately see the building.
These beautiful, lavish condominiums have a virtual doorman, 24/7. There is no problem of parking as they have 15 indoor parking spots. Bathrooms that are lavishly designed accompany kitchens with high end cabinetry, adding such a touch to the condo. The condos have ample closets which can sometimes be a deterrence in seeking condo apartments. For those nights you want to gaze out at the stars they have plenty of large windows. And I know also the solid bamboo flooring added to the beautiful and quality of the condo, and I was so glad.
I have found the condominium of my dream! There was nothing to match what was offered here, as everything sparkled afront my eyes with the beauty of the interior features.
Another blessing to finding such a beautiful condo was the wonderful neighbors here, with the bonus of being close to work as well as living the way I had always envisioned. The area was great, as well as being close to the great Astoria Park. I could not have found better than this! For the first time ever, I had finally made the best investment I could make.
Learn more about Astoria Queens Condos For Sale. Arista 35 Condominiums offers Queens Condominium Apartments breathtaking features.
Rental Property Managment Made Easy
Know the rental market you are working in. The number 1 key to successfully managing rental properties is to know your marketplace. What is the right price point for your unit? How nice is your rental versus others in the neighborhood? What types of amenities are standard? Knowing the answers to these questions is usually the difference between renting your unit in 2 weeks or 6 months. The easiest way to find the answers to these questions is to call other rentals in your area and schedule a showing. You want to view as many apartments in your area as you can so that you have great knowledge about the marketplace that you are competing in.
know the local rental laws in your area. This is very important. Not much more to say. Follow the laws. If you don’t, they could cost you a lot of money.
Why would anyone pay for an ad in a local paper? For the past 2 years, I have put 0 “FOR RENT” signs in my front yards. I advertise on Craigslist, Plugged-In, and other local websites that cater to higher end renters. (This is another reason you want to know the marketplace.) These websites typically attract a higher quality tenant. This tenant is not a life time renter, but a young upwardly mobile professional needing a nice place to live. In this case, if you make your place a little nicer than the rest, you can often get a higher rent.
Offer a referral program. I have a policy that if you refer a friend and that friend signs a 1-year lease, I will give you 1/2 off next months rent. This is a great program! My best advertisers are my current tenants. I make my places nice and I stay on top of problems that arise quickly and in a friendly manner. This makes my tenants happy to refer their friends and family to my rental units.
I am most concerned with evictions on a back ground check. It is a last resort for landlords. This means they have tried everything couldn’t make it work. To me if someone has been evicted, they were terrible tenants. I don’t want problems, I want income. In today economy no one is perfect, so I am very understanding when it comes to poor credit.
Have a good lease written by a professional. Many people buy a lease from an office supply store or an on-line service. In many cases these leases will work fine. They are boilerplate contracts that you fill-in the blanks to complete the lease. This may work fine for you. My recommendation is to take a contract like this and get a real estate lawyer in your area to look it over and suggest improvements. A good lease is like good insurance. A little money up front for piece of mind down the road.
Be flexible on your rent. When it comes to rent, I am flexible. Let’s say I want $900 per month for rent, but a tenant offers to pay $850 per month. If I wait I may be able to get more rent from someone else. If however, I don’t rent it this month, I just lost $850! It will take me 17 month at $900 to recover the lost rent. If I don’t rent it for 2 months, it will take me 34 months to make up that lost rent. This is where I think a bird in the hand is worth three in the bush. If I take a lower rent lower rent, I expect something in return, like the tenant agreeing to yard work or snow removal.
Hire a crew. I can fix just about any little problem that arises in my units, and I don’t pay myself. However, I have three handymen who work part time. This way I am not inconvenienced by late night calls, evening calls, early morning calls, or Sunday calls. I have three In case I can’t get a hold of the first two. My tenants are important to me, and so is my family. I have back ups so that I don’t have to make a choice between them. When I have a family commitment I call my handymen. Everyone is happy, most importantly my family!
The most common complaint from tenants is that their land lords are not responsive to problems that arise in their apartments. No one cares if the kitchen sink is clogged, just as long as it is fixed it in a timely manner. Leave it clogged, and they will move out. I tell my tenants that all maintenance calls will be answered in person within 24 hours (see “Hire a Handyman.”) Honor that commitment and your renters will be happy.
Become a friend and your tenant will want to take care of your property. Become a friend and your tenant will communicate problems to you rather than just moving out. Become a friend and your tenants will refer their friends to you. Thank your customers (your tenants). If I were selling copiers or pharmaceuticals this would be obvious. Why is renting an apartment any different? Sending a holiday card, or congratulating a tenant on the birth of a new child, you may be viewed as more of a friend than a landlord.
Erin Cureton is the managing partner of Cureton Property Alliance. Erin Cureton Flips and rents houses in Lakewood and Akron, OH. Erin Recommends Solid Ground Construction for Kitchen Remodeling Westlake Ohio and Co-Op Optic for eye glasses Cuyahoga Falls Ohio.
Foreclosure and Foreclosed homes
Foreclosed houses are a fantastic opportunity for a lot of investors to make a lot of cash. Foreclosed houses repeatedly sell at significant discounts which affords buyers a straightforward point of access to start making a profit. Because foreclosed homes are often highly discounted, they can be purchased and sold with a large profit Homes that are facing or have gone through foreclosure often clearly meet the investing goals of both the long and brief term buyer and regularly bestow a great return on investment.
The Foreclosure Process.
Plainly stated, a foreclosed property is one that has been repossessed by the lender for non-disbursement of the mortgage. Since the majority mortgages are collateralized by the actual property, a dwelling that has gone through foreclosure has re-claimed by the bank. There are a lot of things that occur all through this progression, and depending on which status the residence is located, the procedure can actually take numerous months. As a consequence of the difficulty of the process as well as the length and the cost for both the bank and homeowner, there exists and chance for investors to arbitrate and help both parties in the circumstances.
All through the period previous to a home is officially reposessed by the bank, the real estate investor could have an occasion to jump in. This period, repeatedly referred to as preforeclosure, is when the bank has provided the homeowner through legal papers (referred to as a notice of default and Lis Pending) and is aggressively pursuing the repossession of the land. All through this time, the homeowners are in the situation that they are no longer making payments to the bank and at jeopardy of losing their credit rating, their residence, and even their dignity. Throughout these periods, an investor may choose to intercede and buy the dwelling at a discounted rate from the homeowner. Depending on the situation, the investor may be able to purchase the home for less than is to be paid on it (short sale) which presents a noteworthy prospect.
As mentioned earlier, the preforeclosure route may last numerous months. Though, if a resolution is not met involving the bank and property title-holder or a likely investor, the process ends with the bank placing the habitat up for community auction.
The concluding step in a foreclosed house is when the community sheriff comes to give out the eviction notice and paste the sale notice on the front door. At that point forward, the residence is formally foreclosed.
Though it is much more challenging, after a habitat is foreclosed upon, it may well be bought at a discount at community sale. Although these auctions there are certainly deals to be had. However, it is important to realize that if the smallest bid is not met, the bank that owns the property could opt to get it back. In addition, at open public sale, you are competing with a number of additional investors so you may well not get as high-quality of a contract as you would have previously. All in all though, investing in foreclosed homes can be a grand way to profit.
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Landlords And Letting Agencies
Every year numerous landlords suffer with financial crisis due to their poor effort in selection of any suitable or professional letting agents, agencies or the tenants. These landlords meet their disastrous end for checking the standing of an agent incorrectly or doing the preceding check for appointing any agency for their property matters. They avoid checking the details, which is a great flaw in their planning. In England and its peripheries, it has become a real tough job to pick any proper letting agency. Still, you can have some security only if you can follow certain set of rules in this regard.
First, mark it that you are wrong if you consider that an agent is an angel, and you shall start collecting rent just by handing him over the keys of your property. You need to evolve a counter check system and must have a written legal contract, which should also be endorsed by the authorities.
Many landlords take it too easy, as they think that they can simply hire the one who throws the card in the open window, but this is not as easy as it seems to be. Every year many small landlords face loses by having unprofessional letting agents, or they become the victim of tenants who are unable to pay their rents.
The choice of a wrong agent is like a stinking heap that can engulf the whole stuff with its ever-growing bad affects. The success of the agent lies in his proficiency and efficiency of choosing the reliable tenants. If he fails to do so, you should not even think of the income for months.
In case of a poor selection of tenant, you should make up your mind for all the repairs of your property without knowing any proceeds. There are several instances where tenants run away without paying the rent because the inexperienced agent or the agency have not secured the landlords with any proper legal documentation. In case you have made any legal contract with the agent or the agency, then you can recover your losses from them.
Give your maximum effort to the process of finding appropriate agent or agency. In fact, you should prefer the members of recognised industry body that assures you the quality of services from the agency or agents. You must check their background, reputation of work in the field and ask them about their practice of getting a tenant. For instance, if they get the tenants on their own or they are prone to get the services of any other referring agencies.
You must check whether they have some knowledge about the premises of your property, and do they have any prior experience in that particular area. You should also check their schedule of service charges prior to establishing any contract fee. You must also check the charges of other concerned agencies of similar category.
If you are not acquiring the services of an agent, you must choose your tenants very carefully. While renting out your property to the tenants, you should ask them the precautionary questions about your future security. Make an estimate about their affordability. Try to check if they are self-employed, if the answer is affirmative, you must check their past record.