Freshen Up Your Rental Property

This story was printed from CompleteLandlord.com,located at
12/17/2007
Topic: Property Maintenance and Repair

As a small landlord, I am always looking for easy ways to spruce up my rentals without spending a lot of money. My tenants appreciate the continued attention that is paid to their rental and I have a more rentable property for the future. Here are a few ideas for easy updates on your rental units that will not only freshen up your property, but also will help keep tenants happy:

• Repainting kitchen cabinets in a rental that looked outdated and unstylish can change the entire feel of the property. Sometimes all it takes is a can of paint, which you can purchase cheaply by asking a local paint store for returned paint. The gallon of semi-gloss set me back only $5.
  
• Buying a new shower curtain is something you should always do between tenants. When showing off a property, the last thing you want a prospective tenant to see is the grime on your previous tenant’s shower curtain.
  
• Tile a foyer to add a distinctive feature to your rental unit. Most rentals have linoleum entryways, so tiling your foyer puts your rental a step above the rest. I recently tiled an 8’ by 8’ foyer and paid only $125 for materials.
  
• Replacing the doors in your rental can be a surprisingly cheap way to make a change to your property. Basic hollow-core doors cost about $20, but spend $10 more and get six panel doors to add a luxurious, stylish feel to your rental.
  

Rehabbing your rental doesn’t have to mean expensive, time-consuming projects, so don’t put it off until your property is out of date and shabby looking. Instead, make small, inexpensive changes regularly.

Please Drive Responsibly

Please use your hands free headset. Here is a website where you will likely find the headset used by your phone and can get it for just the shipping cost. Please look at

http://www.freeheadset.org/

my shout out to all I see still using their hand set is

Get off the phone and drive.

Please be careful and drive responsibly thanks

Herm.

Handyman or Contractor?

courtesy of : By Bill Lederer;Founder - CompleteLandlord.com

When looking for a professional to do work on your property, how do you know whether to hire a handyman or a contractor? Consider the distinctions between the two types of workers.

1) A handyman is best for small- to medium-sized jobs that require a wide range of skills and attention to detail.

These individuals are generally less expensive than contractors, but the work may take longer to complete. A handyman can do about $500 worth of work per job, per day and often works alone or with a small crew. The benefit of this is that there is less disruption on the property. Foot traffic from a contractor’s large crew in your property could be heavy.

2) Hire a contractor if you have a larger project, especially one that requires expertise in several areas, such as plumbing, drywall, electrical or carpentry work.

The contractor will coordinate all professional subcontractors and the timing of their work, and you benefit from having a single contact person. Also, most major projects, such as renovations and additions, require building permits that only a contractor can secure.

Beware: Eminent Domain

courtesy of CompleteLandlord.com

Many people are unaware that the government can, in some circumstances, forcibly take your property, even if you are complying with all laws.

It is a law known as eminent domain and it allows the government to seize your property (also referred to as expropriation) if they intend to use it for public benefit or need as long as they provide you with what they determine is just compensation.

Though most uses of eminent domain are for public utilities or roads, a recent expansion of this law means it is now possible for the government to expropriate your property to benefit private developers if they demonstrate even a modest measure of public use.

The 2005, Supreme Court case Kelo v. City of New London broadened municipalities' rights; they can now bulldoze buildings to make way for hotels or shopping malls. Before the Kelo case, properties were only demolished to make way for projects with demonstrated public need.

The Kelo case expanded this definition incredibly, allowing the government to take property for use by a private developer, opening the door for abuse of power by influential development firms.

Keep yourself informed about eminent domain decisions made in your community as it is the best protection against the erosion of your rights as property owners

Owning Duplex Unit Requires Cooperation

Daily Real Estate News November 21, 2007

Buying a duplex is a lot like buying a condominium — except there are only two people in the association.

Duplex owners must compromise on repairs, maintenance, and aesthetic issues with their co-owners. In some parts of the country, the water and sewer lines are common so owners must split both usage and maintenance fees.

Decisions are typically spelled out in a party-wall agreement, which outlines each owner’s responsibilities regarding the structure.

Should one duplex owner break the rules, the other owner is technically protected because the aggrieved party can put a lien on the fellow duplex owner's property to collect funds, says James M. Mulligan, director of the Denver law firm Fairfield and Woods.

Potential duplex buyers can view the existing party-wall agreement before making a purchase. They can amend it as well, but doing so may require the approval of not just the other duplex owner but also the property insurance company and respective lenders, Wood says.

Greg Steele, an associate with Preferred Brokers in Denver, says he advises clients to meet with the duplex neighbor and see if a solid relationship is possible before making a decision to purchase.

Source: Denver Post, Christian Toto (11/18/07)

Condo Buyers Should Do Their Research

Especially since this is an excellent time to purchase investment properties for those who have cash and or credit, i want to make sure that you are reading the CC& Rs of the property you are considering to purchase. Here is an article that reiterates those sentiments and a few items to especially look for when doing so. Enjoy.

Herm.

Daily Real Estate News November 19, 2007

Condominium buyers who fail to take a close look at the condo association's rules and finances can be in for some unhappy surprises.

These documents can contain everything from the operating hours of the laundry room to plans for major construction or pending lawsuits. If the potential condo buyer reads the document and doesn’t like what’s there, the law generally says he or she can walk away from the deal.

"These statutes are built to give purchasers the information they need to make an educated decision," said Pia Trigiani, a lawyer at Mercer Trigiani, a firm that specializes in real estate transactions.Here are the some key questions a condo buyer should try to answer when reading through the association's documents:

• Is the association charging residents enough to pay expenses without going into debt?
  Is there a pattern of special assessments that may indicate poor financial management?
  Is there sufficient money or a plan to get more money to pay for the projects specified in the reserve study? Buyers should compare the budget provided in the resale package against the expenses predicted in the reserve study and see if there appears to be enough money.
  What do other residents and the management company think? Read the board minutes, which are maintained by the management company. Some companies charge a small fee for this service.

Source: The Washington Post, Renae Merle (11/17/2007)

Illegal Substances on Rental Property

courtesy of CompleteLandlord.com

Consider this sobering statistic: 50 percent of all drug labs are set up in rental properties.

As a property owner, you could be responsible for decontamination clean-up expenses averaging $6,500 for a 1,200-square-foot property.

Keeping drugs and drug labs out of your property is not only responsible landlording, it is essential to the health of your investment. Drug issues cause a decline in property value, property damage, angry neighbors and dangerous tenants. Furthermore, you could be subject to civil penalties if illegal drug manufacturing or use is occurring in your rental.

The first step toward avoiding drug problems on your property occurs during the application process. Conduct thorough background checks on rental history, credit history, employment history and criminal history of all applicants.

Meet every adult who will be occupying your building and require current photo identification to verify that you are meeting the person whose name is on the lease.

Once your tenants have moved in, be aware of suspicious behavior including:

blackened windows or drawn curtains;
frequent visitors at all hours;
paranoid or odd behavior;
extensive security measures;
excessive garbage; and
chemical odors.

It is also helpful to have a good relationship with your properties' neighbors, especially if you do not live nearby. Give them your phone number and ask them to call you if they suspect any illegal activity.

If you do discover or suspect a drug lab on your property, leave the area and call your local law enforcement agency.


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