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How to rent your House

Getting your House ready to rent

1.Make sure your house is up to code.Before you rent your house, go through it room by room and determine what needs to be fixed.

2.Install upgrades that will pay off in the end. You’ll be able to charge more rent if you provide some newer features that make the house more comfortable and durable.

3.Don’t spend money on expensive fixtures or features. While you want to make sure the house is comfortable and nice looking, it’s not necessary to go all out with fancy light fixtures, cabinetry, new appliances, and so on.

4.Empty and clean your house. Before you begin showing the house, empty it out of all of your possessions (unless you’re renting your house furnished). Clean it from top to bottom so that it looks presentable when people come to view it.

Choosing Tenants

5.Put up an ad for your house. Write a description of your house that you’ll use to advertise that it’s for rent. You can post the ad on Craigslist.org, the classifieds section in your local newspapers.

6.Interview tenants. You’ll probably receive loads of emails and phone calls in response to your ad.

7.Conduct credit and reference checks. Narrow your list down to a few top candidates and ask for a processing fee of $25 – $35 to run a credit check to see whether they meet your requirements.

8.Get a security deposit. The security deposit is often handed to the landlord upon a verbal agreement to rent the property.

9.Sign a lease together. Set up a time to meet the tenant and sign the lease together. Have two copies of the lease printed out for you both to sign.

Fulfilling your role as a Landlord

10.Collect rent. Tell the tenant how you want to receive rent – by mail, in person, or via another method. Each month, accept the rent and deposit it in you account promptly.

11.Be available to make repairs. Tell the tenant to text, email or call if something comes up and they need help dealing with it.

12.Keep up your end of the bargain. If the lease states that you’re in charge of lawn maintenance, shoveling snow, and scheduling trash pickups, make sure you take care of your duties in a timely fashion. Keeping up good rapport with your tenants is beneficial to all involved.

13.Respect your tenants’ privacy. You own the house, but they’re considering it home now. Respect that, and don’t enter the house without calling first and letting them know you’re coming. Never go through your tenants’ private possessions.

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Buy commercial real estate

If you want to deal in real estate specifically to buy commercial properties, you need to have a good amount of expertise. You need to know that having the right capital to buy a certain property is not enough for you to make a good investment. You need to be familiar with the market conditions as well.

Buying commercial real estate can be a sound investment for your company, especially if you’re looking to cut costs by using it for your own operations instead of paying a lease to another party. However, before you buy commercial real estate, there are a number of factors to consider, ranging from the financial health of your own company to the viability of the commercial real estate you have in mind.

It’s important to understand that these types of investments are made after careful deliberation and analysis of the potential return on investment. Read the following steps to learn how to buy commercial real estate.

1.Analyze the benefits of buying commercial real estate, as well as the risks.

  • A benefit of buying commercial real estate could be that if you are buying to maximize your return on investment, it will, in most cases, offer more returns than leasing.
  • In addition, if your company has substantial profits, you can offset those at tax time by claiming depreciation of your property.
  • Furthermore, though for tax purposes you can claim depreciation, owning commercial property adds to your asset appreciation over time, which means that your company’s equity grows.
  • A risk of buying commercial real estate can be that the choice of location doesn’t withstand real estate trends. A location that’s in high demand this year can lose all commercial appeal next year, and that affects the value of the property, as well as the attraction of your business if it operates out of that location.
  • Another risk of investing in commercial real estate can be loss of liquidity. When an enterprise invests hundreds of thousands of dollars in commercial property, that’s money that isn’t readily available. Though this isn’t likely to be a problem when business is good, in tough economic times it can be hard to sell real estate to release the invested funds.
  • If you’re planning to rent out your commercial real estate, it’s important to understand that leasing is not a secure form of cash flow. Tenants can be late with their payments, or even neglect to pay at all, and if you’re depending on the income it can be a stressful situation.

2.Assemble a group of experts to advise you. You’ll need an accountant, a lawyer, a commercial realtor, and a mortgage broker on your team

  • Your accountant can discuss the financial aspects and options of buying commercial real estate.
  • Your lawyer can help you draw up any contracts pertaining to buying or leasing a property.
  • A commercial realtor can alert you to viable properties in the area.
  • A mortgage broker can work with you to obtain the necessary funding for your real estate investment.

3.Choose a commercial property to buy. Aspects to consider before buying are location, condition of the property, which business uses are allowed, how accessible it is to clients and suppliers, and what possibilities it offers for leasing and re-selling.

In addition, make sure to do a title search so you know the property is not compromised by any pre-existing agreement, and check the zoning laws and development plans to see what types of business are allowed in that location and what types of adjustments to the infrastructure and city planning might affect the property.

4.Secure financing for the commercial real estate. Make sure before you apply any mortgage, that you have the down payment covered, as well as proven income to cover the monthly payments.

5.Buy the commercial real estate. Have your lawyer explain every detail of the sales agreement so you know exactly what your rights and obligations are.

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How to buy a House

For many people, it’s the biggest financial transaction they’ll ever make. That’s why doing it right the first time is so important. Sometimes, buying a house can feel like a dizzying set of rules and regulations. Luckily, armed with the right knowledge and know-how, you can start realizing your homeowner dreams the fast, easy, effective way.

Shopping for a Home

1.Find a good real estate agent to represent you in the search and negotiation process. The real estate agent should be: amiable, open, interested, relaxed, confident, and qualified. Learn the agent’s rates, methods, experience, and training. Look for a realtor who lives local, works full time, closes at least several properties per year, and has a reputation for being busy.

2.Sign up for an MLS alert service to search on properties in your area. A Multiple Listing Service will give you a feeling for what is on the market in your price range.

3.Start looking for houses within your range. Allow your realtor to start working for you, but know what’s within your budget and what’s not. The general rule of thumb here is that you can afford a house that’s 2.5 times your yearly household salary.

4.Start to think about what you’re really looking for in a home. You probably already have a vague idea, but the angel’s in the details

5.Define the area you’d like to live in. Scout out what’s available in the vicinity. Look at prices, home design, proximity to shopping, schools and other amenities. Read the town paper, if there is one, and chat with the locals.

6.Visit a few open houses to gauge what’s on the market and see firsthand what you want. Pay attention to overall layout, number of bedrooms and bathrooms, kitchen amenities, and storage.

7.Look at comparable houses in the neighborhood. If you are unsure about the price, have the home appraised by a local appraiser, who also look at comparables.

Making an Offer

8.If possible, tailor your bid to the seller’s circumstances. This is not easy, and often impossible, but it doesn’t hurt to try when making one of the biggest purchases in your life.

9.Look at comparables when you make your bid.

10.Calculate your expected housing expenses. Estimate the annual real estate taxes and insurance costs in your area and add that to the average price of the home you’re trying to buy.

11.If you absolutely fall in love with a home, be prepared to make an offer that’s above the asking price.

12.Talk to your realtor when you’re ready to formally present your offer.

Finalizing the Deal

13.Determine how much of a down payment you’ll need to offer up front. A down payment establishes equity, or ownership, in a home. That’s also money that you don’t have to pay interest on.

14.Make sure final acceptance is predicated on a suitable home inspection.Request the following surveys and reports: inspection, pests, dry rot, radon, hazardous materials, landslides, flood plains, earthquake faults and crime statistics.

15.Have a home energy audit completed on the house and ensure that the contract is contingent on the outcome.Getting a home energy audit is an essential part of the home buying experience. Not knowing what it really costs to heat and cool a home is a potential financial disaster waiting to happen.

16.Finally buy house

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Right location for your Home

Whether it is for living, or for investment purposes, buyers often face difficulty in deciding the location, builder or size of the property. Before you start the process of buying, keep in mind the following two points

1.Know what you are looking for. Whether you want an aesthetic home away from the city or a home with less space in the heart of the city, certain key aspects need to be factored in when choosing a location.

2.For properties away from the city core, check for transport connectivity. Metros, bus services or a four lane toll road could get you to your work place and back in reasonable time.

3.If you intend to let out your property on rent, software parks, and offices in the vicinity could be a bonus.

4.Try choosing a location which has proximity to hospitals and good schools.

5.Be aware of the local city developments. Check for new shopping complexes, or metro rail projects, being planned in the vicinity.

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Successful Real estate agent

Real-Estate-Education

Success in real estate depends on your desire to learn how to sell (or lease) real estate. There are many ways to sell property but the best way is to be helpful to others and to have many customer and past clients retain you in their “top of mind” awareness. When people think of real estate they should think of you!

1.Establish a mentoring relationship with a successful real estate salesperson or broker. Learn from them. Shadow them. Help them with tasks. Hold their properties open. Run magazine and internet ads for them.

2.Keep a database of all your contacts and make weekly contact with those who are looking for property services (buy, sell, lease, option).

3.Do floor time.If you do not like “floor agent duty” then you probably are either already successful or you will soon be run out of the business by those who do it. This is how you learn to run an office and work with customers and clients. At the very least, if no business is tallied from this time, you will have done it enough to know it did not work for you. Everyone is different.

4.Look for innovative ways to make a splash in the local market.

5.Use technology Twitter and Facebook your status and others will notice you are “into” real estate. Top of mind awareness will grow.

6.Talk highly of other salespeople and brokers.

7.Educate yourself with as many programs you can afford.

8.Get listings. If you have been in business for over, say 3-5 years, and listings are hard to come by, you probably did not treat your first customers very well. They should repeat with you. If not, you did not keep them updated with the business and monthly contacting them with some form of helpful communication. Use calendars, emails, client parties, add them to Facebook etc.

9.Attend seminars.

10.Associate with successful brokers. Don’t get envious. Your mood will spill over to your customers! The end is near in that case.

11.Become a broker in your state. The education alone will assist your knowledge base enough to provoke more success-inducing confidence.

12.Hold open houses. This is not for new agents only. You never know who will walk in; it could be your next listing client.

13.Read other situations and information from other veterans and educators.

14.Use your time wisely.You have to prioritize your time for more important things. How you allocate your time is very important for your success. Don’t stuck for only one activity. You have to find new customer while servicing current customer.