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The Positive and Negatives of Owning A Rental Property

art.pngInvesting in property is no small affair; investing in property and deciding to rent is even scarier. However, knowing exactly what you’re getting yourself into in advance can help save a lot of headaches. So, before making your final decision, take a look at what the potential benefits and downfalls of renting a property. The Pros When weighing out the pros and cons of renting your property, the advantages seem to be slightly outnumbered by the disadvantages. However, the pros are more powerful, and if you put in enough time and energy into research before investing, it can pay off. Property is always in high demand and often much more predictable than other markets. It makes it a long-term investment that you can benefit from for years to come. Perhaps the most motivating factor is a monthly rent. Such a stable income is hard to argue with, as occupied property means monthly rent checks that go straight into your account. Monthly rent can also help settle your monthly expenses if you’ve purchased a property with the help of a bank loan. Another big plus is property value growth over time. Your property value increases, and you can bring in so much more income over the years without you investing more. However, this is where proper research is vital. If you invest in an upcoming area, your property can experience a significant rise in price. There are also many tax benefits you can claim and take advantage of to deduct your costs annually when owni......
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Can’t Keep Up With Your Tenants’ Maintenance Requests? Here Are 3 Ways To Fix This

Dealing with tenants’ maintenance requests is one of the biggest issues landlords face, especially with so much (rental) competition around. Tenants know that they can get the same or better service for their buck virtually wherever they turn. It is giving them a confidence boost to demand their landlord’s active involvement in their apartment upkeep, repairs, and all other pending issues, no matter how trivial. Naturally, every landlord’s goal is to keep the tenant’s happy; on that note, we’re listing a few ways that can help you get on top of your tenants’ demands and find the best solutions for both insignificant and significant requests. Have a Plan Whether you are dealing with your rental property yourself or through a property management company, the best way to handle your tenants’ requests is to have a plan for maintenance requests. That way you’ll respond promptly as requests come through, and you’ll know what do. Outline how the tenant should notify you of any problems Chart your response timeframe Keep a list of local contractors, such as plumbers, electricians, and general contractors to be ready should something urgent happens   Know the Law Running your property rental business needs to be done within the landlord/tenant law for you to execute your rights as a landlord. Since this law considerably varies from state to state, make sure you’re within the right one to avoid any potential problems. Also, it’s crucial you stay within both federal and state legislation. Most states have clear guidelines on how soon you’re required to res......
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3 Effective Tactics to Boost Revenue From Your Rental Property

  The usual tactics to boost revenue from property rental is acquiring as many properties as possible. While this may be a valid method for those who are in the property business per se, when it comes to “regular” people that have just a few properties to rent, a better approach would be to focus on their current portfolio and see what they can do to earn more without investing more. Let’s talk: Minimize Turnover Turnover is one of the worst things for everyone in the property rental business. Every turnover costs money and going through tenant after tenant will cost you more than you’ll earn. Apart from advertising costs, there are costs of vacancy, patching and painting walls, replacing and repairing flooring, or fixing anything else left broken by your previous tenant, etc. But, how do you minimize turnover and keep the right tenants in place? There are several points to it: Lowering the rent: Although this may sometimes be counterintuitive, it does show the tendency to increase revenue, long-term and here’s why. When tenants don’t have to pay high rents, they appreciate the place they live in and usually tend to keep it in good shape as if it were their home. Also, they are less likely to leave. Customer service: Whether you have a property manager or personally manage your properties, you’ll keep your tenants in place if you treat them with respect. The more professional you are, the longer they’ll stay, meaning – make sure their concerns are valued and their reasonable reques......
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Top 5 Reasons To Invest In Rental Properties

They say that more millionaires made their money through real estate then through any other means. There are of course many avenues for investing in real estate, but I’ve always preferred rental properties for various reasons: Real estate investing can be simple and straight forward to get started- The pathway to investing in real estate can be quite simple, you can start talking to experienced investors, read a few of the thousands of books available to learn the basics. Once you have the down payment saved and an understanding of property management (or hire a professional to help you manage) you can start. Ability to invest with leverage- By using leverage you can spread your investment wider and be more diversified. Also, if interest rates are lower than what the current return on the property is, you will effectively be borrowing money for less than what you make on it, thus increasing your return. Utilizing your connections is a good investment- Utilizing your connections in the real estate industry is key to finding the right investments, in some other industries it might be considered insider trading. Stability and Predictability- The real estate market is one of the more stable and predictable investments you can make, do the proper due diligence and manage the assets with care and you will find that it will end up better than most other investments. Multiple ways to grow your investment- With a real estate investment you have multiple ways to help your money grow, ren......
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What Is The Safest Investment You Can Make In Real Estate

The truth be told there is really no SAFE investment in real estate, there are however investments with less risk and STNL (Single Tenant Net Leased) properties are a strong leader. A STNL property is typically structured under a  triple net lease.   Under this type of lease   the tenant is solely responsible for all costs relating to the leased asset, above and beyond the base rent.    This includes the real estate taxes, building and liability insurance and maintenance and repairs.    Generally, a new STNL lease will be for a longer term (15-20 years) with options to extend and increases at set periods (either annually, or every 5 years).   This limits the chance for income fluctuations and allows for an investor to really know what their expected income and return projections will be for a long period of time. Acquiring a STNL can be a more secure investment when you have a strong tenant, you can get a local operator, regional operator or a national credit tenant. A local operator can be an individual that has this one location or a few locations, these are the more riskier of the three as the smaller operators are more susceptible to the local market fluctuations.  To offset this risk though, many operators will cross collateralize their lease with the other locations, and many times also offer a personal guarantee on the lease. A regional operator is a company that has several locations in a state or region of the country, these operators usually ......
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2018 NAA Apartmentalize Scavenger Hunt - Winners

Our 3rd Annual Scavenger Hunt was a big hit and took place this year at the NAA Apartmentalize Conference in San Diego. It was a bit different than a normal hunt, however - instead of finding items, scavengers were tasked to find people within the Insider community!

During the NAA Apartmentalize Conference, we shared 12 Insiders to find and take a selfie with then participants were asked to post their selfies on our fan page

 

This year, we had $1000 in prizes to give away!!!  Each person who posted a selfie with the specific 12 Insiders were entered to win in our drawing.

1st Prize: $500

2nd Prize: $250
3rd Prize: $100
4th Prize: $50
5th Prize: $50
$50 – To the SCAVENGEE who gets found the most!

None of this would have happened without the help of some great sponsors! Thank you to the following companies who sponsored our scavenger hunt. Please take a moment to check them out: 


 

And now to our winners! We announced the winners on Facebook live. You can watch the video here: 

 

 

Congratulations to the winners! 

Michelle Wood

Steve Matre

Misti McElwee

Amanda J. Anderson-Maclin

Marci French

And the Scavengee found the most was Jared Miller!

 

 

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What to consider when buying a single or a multifamily investment

Many first time investors have the idea that their first investment should be a single family home due to the cost of entry and ease of managment, however, this may not always be the best path to go down. One of the main issues that you have to consider is the fact that if the single family homes goes vacant you will have to cover the entire mortgage until you find a new renter, now if you have a duplex, triplex or fourplex that mortgage will be spread out across more units giving you some cash flow to help with the mortgage. Another reason the first time investors tend to like the single family homes is that you can put a lot less down then you can on a commercial loan and the residential loan can be amortized out over the life of the loan. Residential loans can be on properties that have 4 units or less and can be acquired with as little 5% down, however, commercial loans are on 5 units or more will require at least 25% down and you will need to show a business plan plus as well as management experience and cash flow. When shopping for a commercial loan, be prepared to answer a lot of background questions regarding the property. Some of these questions include: Who pays the utilities? What types of maintenance are required? Numerous questions regarding cash flow will also be asked. Commercial mortgage borrowers should be prepared to provide proof of......
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Are You Aware Of the 7 Year Rule In Background Checks

I have found that many are not aware of the 7 year rule when running a background check so I wanted to be sure you are all fully informed. The 7-year rule states that all civil suits/ judgments, non-conviction arrest records, and paid tax liens can’t be reported in a background investigation after 7 years. This rule applies to every state in the U.S., some instances, states chose to take it even further with their regulations, such as in California, New York, and Kentucky, where non-convictions can’t be reported at all, except for pending charges. Most criminal convictions are not governed by the 7-year rule. (see this chart for some of the exceptions) Since the 7-year rule is a federal guideline it applies to all states for non-criminal convictions and to many states for criminal convictions, you may find that your background check provider will only provide information according to those parameters. People earning over $75,000 annually may see arrest information longer than seven years in the past included on their background reports due to a Salary Exception, but this also depends on the state. Before requesting the report from the agencies, employers are required to provide the applicant with a clear disclaimer of disclosure and obtain the applicant’s written consent of the query. The employer is also required to inform the applicant about the types of information that will be requested in the report. If the employer decides to take adverse action as a result of the report, they are requi......
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7 Low-Maintenance Ways to Boost Your Property’s Curb Appeal

  on 7 Low-Maintenance Ways to Boost Your Property’s Curb Appeal These days, most renters find their new home through online listings, not by driving around the neighborhood. However, that doesn’t mean property managers can afford to overlook curb appeal. If your properties fail to impress when a prospective tenant drives up, it won’t matter how good the online photos look. Even property managers in highly competitive rental markets should pay attention to curb appeal. A great-looking exterior doesn’t just get tenants in the door; it also attracts high-quality tenants who are more likely to treat your property with care and respect. Of course, if you’re managing a lot of properties or a single high-density property, you don’t have a lot of time to spend manicuring lawns and flower beds. So how can you create great curb appeal without spending a lot of time? These seven tips show you how. 1. Paint the Front Door Don’t underestimate the impact a fresh coat of paint on the front door can have. A cheery front door can make an otherwise unremarkable home stand out and leave passersby wondering what’s on the other side. A Blissful Nest recommends 10 hues that are perfect for front doors. In a multi-unit property, try painting each door a different, but complementary color to set the units apart. 2. Replace House Numbers Is that newly painted front door flanked by dated, faded, or missing house numbers? Make each unit easy to find by replacing house numbers with a new set that’s easy to read from the str......
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Human Trafficking in Apartments & How to be Aware of the Signs

On a recent cruise with my family, we were getting back on the ship at a port and the security guard asked us all for ID and our ship cards. Of course, our 11 month old's card fell to the bottom of our beach bag, hiding somewhere under beach towels, $5 water bottles and copious amounts of sand.

Frustrated, I was close to snapping. The baby was crying. We were all hot and cranky. Couldn't we just get back on? What was this guy's problem?

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