Month: March 2019

Areas Of Responsibility For Rental Property Managers

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After you have invested in a rental property, you have to make sure that you carefully manage it to attain success even in the middle of an economic crisis. If unfortunately you do not have the time to properly manage your business especially if you are busy with another business or a day job, you can just hire a property manager to ensure that it would be run efficiently.

You therefore have to find the right property manager that can help you attain that success in your business. The first thing you should do is to find out the responsibilities of property managers so that you can pick the best candidate of the lot.

One of the most important responsibilities of a property manager has something to do with finance and marketing. They should be able to advertise your business without spending too much money on it. Also, a good property manager should be able to help the landlord map out a financial plan for the business. This means looking at the cash flow and making sure that the business owner would maximize their business’ earning potential.

The second major area of responsibility for these managers involves tenant and occupancy. The manager should be able to effectively screen tenants. This is important to avoid getting bad tenants. These people are those who would not pay the rent on time, skip the rent altogether and even damage your property. By making sure that tenants are screened properly, they can help you achieve success fir your business.

Facility management is the third major area of responsibility for property managers. This means that the management company should be able to attend to the needs of the tenants regarding repairs to the property when needed. The manager should therefore be available round the clock so that problems with the property would be easily responded to.

Risk management and administration is yet another responsibility for the property manager. This means that they would be the one responsible for filing things like tax and accounting documents. They should also be able to help the business owner to formulate a plan to ensure success of the business in case of an economic crisis.

By knowing these responsibilities, you can make sure that the company you will be hiring would be able to handle these. Always ask for their strategies where these things are involved. This would make it easier for you to ensure success for your sizeable investment.

Elaine Salt invites you to visit Salt Lake Property Management to learn more information about property management and how to grow your rental property business.

Investment Rental Properties When Its Time to Buy or Sell

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How does one determine when to sell a rental property investment? If you are going to buy rental properties having a plan in place for the appropriate time to sell is important.

I have worked with many individuals over the years and showed them how to buy rental property. There are many things that need to be considered when purchasing for investment purposes. There is also definitely a time to sell.

How to Buy an Investment Property

-Is the property in a convenient location? Is it near shopping, in a neighborhood with good schools, and is it easily accessible to interstates and connecting roads?

-Does the potential investment property have a sound foundation? What sort of issues does the home have? If it needs a new roof or the foundation is sunken in and is creating issues within the structure, it might not be a good investment at this time. If the issues are only cosmetic (needs a new bathroom floor, or painting, or carpeting) it may be worthwhile. Inspection reports will reveal the propertys flaws so the buyer and real estate professional can make a good decision.

-Do you have enough of a down payment to purchase the rental property so financing will not be an issue? In the current real estate market, most lenders will see a down payment of 40-50% as a good risk. If you can invest 100% into the property this is even better.

-Income gained from the property needs to exceed expenses. Identify a credit worthy tenant, a reliable property manager, and a solid lease to make your property investment profitable. Property management fees are tax deductible.

-For residential property investments, single-family homes as well as multi-tenant properties such as duplexes and fourplexes are great ways to build income and wealth. Some investors may want to consider apartment complexes. In this case a commercial property loan will be necessary to obtain financing.

-Use depreciation on the investment property as a way to receive an annual tax deduction. Check with your accountant, who will apply the depreciation deduction on the building, appliances — even window treatments. The government still allows tax deductions for accelerated depreciation on properties. Savvy real estate investors use this deduction to increase cash flow and net operating profit on a property.

When to Sell a Rental Property

I have a term for properties that need to be sold: alligator properties. These are properties that are eating the investor alive with carrying costs. When an investor looks at the bottom line on an alligator property there is no profit just expenses. An alligator property today may have been a good investment ten years ago. But some individuals will continue to hold a property until it depletes all of the profits they may have made in the first 5-7 years.

If a property has sentimental value (it was your first home, or your mother once owned it but now shes deceased), some investors may tend to want to hold onto it. Having an emotional attachment to an investment property that is supposed to be generating income is not good. Sometimes an individual will hold this type of property even if it is not profitable. It may be time to consider selling this property.

Latest Rental Apartments in South End Boston

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The article talks about the developments of the latest expansion project scheduled to take place in the South End Boston area itself.

According to the latest new reports, Boston South End area residents are planning to push forward a proposal regarding the multimillion-dollar redevelopment of the Boston Herald building. When interviewed by the media at a Boston Redevelopment Authority meeting about the “Ink Block” project one resident remarked that it was a fantastic idea.

With the intention of revamping the entire landscape of the area, a Newton-based developing firm plans to construct a 6.2-acre retail-and-residential project on the existing Harrison Avenue where the current building has been since the 1950s. Through the latest expansion project, the developer hopes to turn the former industrial site into four buildings that would potentially house 85,000 square feet of ground-floor restaurants and shops, 471 apartments and a parking deck. Out of the 471 apartments, more than a quarter of that number will be set aside as Apartments for Rent Boston as the firm looks to capitalize on the growing number of apartment rentals.

The development firm had originally envisioned a smaller project of some 260 apartments and 65,000 square feet of shops. However, the firm decided to increase the expansion project after residents near the area voiced their discontent and slammed the proposal for being too small rather than too big. This led to a swift response from the firm who then proposed a total of four buildings with different architectural styles and heights, hoping to give the project more of a unique “urban” look. As the project architect remarked, the entire expansion will not only revamp the area, but will also encompass the idea of constructing an urban block to brighten up the entire citys landscape.

At the end of the meeting, the response towards the project was varied. There were a myriad of opinions offered by the residents when they were interviewed by the media. Out of the three dozen residents who attended the meeting, the majority of the people who were interviewed had voiced their support for the revised plan, thinking that the idea of project is an excellent one and would no doubt serve to thrust the South End of Boston into the limelight. However, there were a few residents who opined that there should be more public sidewalks and greenery included in the project so as to give it a more accessible, South End feel. There was a minority who remarked that the project is not desirable as it does not fit what is currently situated at the area.

Advantages Of Renting An Apartment

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Depending on your age, family status and income, there are always pressures to live a certain way and spend a certain amount of money. For most families, the opinion is that it is better to buy a house and deal with a mortgage instead of renting. The reasoning behind this is so that the children will have a home to grow up in and even inherit in their later years, which is true even if the parents sell because they will be moving up the property ladder and buying something more valuable. Rental accommodation is thought to be the option for singles and young couples who have yet to really settle down and start a family, because their living arrangement is flexible and they will not be tied down to a specific place, or even to each other, if worse comes to worse.

Is this really the case though? The truth is that it comes down to several individual factors. Deciding whether to rent or own must be considered on a case by case basis. Although the eventual plan for the vast majority of families is to own a house and stay put for the sake of the children, there are some families who simply cannot afford to take on a mortgage just yet, or who move often enough to never benefit from getting on the property ladder. Often it is best for low-income families to stay in a rental property for as long as it takes them to either start making more money or to save up for a home of their own. This will give them the financial freedom to provide for themselves and their families properly in terms of nourishing meals, school fees, clothes and other unforeseen expenses instead of spending every spare penny on the mortgage and hoping that the bank wont decide to repossess their house.

Renting is also a great option for younger people who are often driven to travel and explore new places and situations instead of staying put in one spot for 15 to 30 years until the mortgage is paid off. Renting gives anyone with the tendency to explore the freedom to do so without heavy financial obligations. As well as this major feature, renting also gives some people with a lower income, or who rely solely on their own income, to live in a high-end apartment because the rent is lower that mortgage payments would be.

Mobility is also one of the keys to renting. Houses for sale are usually in suburban areas and this means that the owners need to rely on their vehicles to get to and from the center of the city, to work and back, and anywhere else they need to go. Apartment rentals or house rentals can be found in the middle of city centers so that no car is necessary and the renter is free to walk to many popular destinations, as well as to many of the amenities they will need to use on a daily, weekly or monthly basis. Renting has many positive qualities that are often overlooked, so if you are debating whether to rent or buy, think carefully about your lifestyle.

While Enjoying Aruba Vacation Rentals, Visitors Can Make A Difference

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Aruba Each year for the last 19 years, visitors and residents of Aruba, along with environmentalists, have come together for the Aruba Reef Care Project.

The event, started in 1994 by the Aruba Tourism Authority, creates awareness and improves the marine life of the island. So while visitors are enjoying one of the island’s beautiful beach rentals, they can also make a difference.

“Tourists flock to our island for its beauty,” says Matthew Smillie, owner of Aruba Villa Vacation Homes, offering outstanding rentals. “During the project, cleanup sites dot the coast from Baby Beach to Arashi Beach. Volunteers pick up debris on the beach while scuba divers retrieve debris in the water to keep it from harming our marine life.”

During the cleanup, everyone comes together for one simple mission to keep Aruba’s beaches and waters pristine for years to come.

The project quickly gained support from the locals, including the many hotels and resorts that dot the island, who provide boxed lunches and prizes for volunteers.

This year’s event will take place on Sept. 29. Those interested in helping should make their accommodations to visit the island and help preserve the beautiful white sandy beaches.

“Aruba has recently seen a tremendous increase in wanting to preserve our beautiful island,” says Smillie, who offers luxury vacation rentals in Aruba and can help visitors plan every aspect of their stay. “The Aruba Reef Care Project helps us promote ecotourism. This project ensures our island will stay beautiful for future generations to enjoy.”

Ecotourism has seen more popularity as travelers wish to not only visit beautiful locations, but to give back while they are there. Ecotourism is “responsible travel to natural areas that conserves the environment and improves the well-being of local people.” Travelers abide by rules, such as minimizing the impact on the area they are visiting, building environmental and cultural awareness and respect, and providing direct financial benefits for conservation.

Each year scuba divers and eco-tourists flock to Aruba for the island’s beauty. The waters off the coast of the island offer some of the best diving opportunities with several wrecks and coral reef tracts.

“We rely heavily on the great tourists who visit our island,” says Smillie. “But that tourism can take a toll if visitors are not conscious of the fragility of our ecosystems. We are proud of the work our tourism authority and residents are doing every day to educate visitors on what they can do to help us keep our island beautiful.”

The Aruba Reef Care Project offers a unique opportunity for visitors and residents to work together to preserve the beauty of Aruba’s marine life. Participants experience the excitement of the island’s best dive spots, coupled with knowing they are ensuring scuba divers for years to come will have the same chance.

For travelers looking to explore some of the world’s most beautiful beaches, and scuba divers looking for interesting dive sites, while being able to give something back, the Aruba Reef Care Project provides the perfect opportunity. And Matthew Smillie and his team at Aruba Villa Vacation Homes are only a phone call away, waiting to help visitors plan the perfect eco-tourism getaway.

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