An easy way to get more money out of your lease each year is to have an automatic rent increase written into your lease. Studies suggest that an increase of 2.9% is small enough to prevent tenants from leaving yet represents an above average increase for landlords.
Flex Realty offers Toledo property management, Toledo rental houses, FSBO services, Ohio property management and more!
Sunday, November 2, 2014
Thursday, March 28, 2013
Toledo Property Management Tips- Managing Out Of State Properties/Accounting
Many of today's investors own real estate far away from their primary residence. Consequently these 'remote' investors must rely on a property management company. Always insist that all monthly statements include copies of ACTUAL invoice incurred on your behalf.
By insisting on seeing copies of bills paid, dishonest property management companies will have to think twice about improperly billing you knowing you might call vendors to check on work. Trust but verify!
Flex Realty offers Toledo property management, Toledo rental houses, FSBO services, Ohio property management and more!
By insisting on seeing copies of bills paid, dishonest property management companies will have to think twice about improperly billing you knowing you might call vendors to check on work. Trust but verify!
Flex Realty offers Toledo property management, Toledo rental houses, FSBO services, Ohio property management and more!
Tuesday, March 26, 2013
Property Management Tips-Controlling Maintenance Costs
If you own rental property, then you know sooner or later maintenance costs will be incurred. A great way to guard against repair cost spikes to to get a home warranty. This way you know that all your maintenance costs will be amortized to about $500 per year. Additionally, you can put in your lease that the renter is responsible for the deductible and give themt he phone number...you won't even have to take those pesky maintenance calls any more! Call our office for more details 419.843.4335or go to flexrealtypropertymanagement.com
Flex Realty offers Toledo property management, Toledo rental houses, FSBO services, Ohio property management and more!
Flex Realty offers Toledo property management, Toledo rental houses, FSBO services, Ohio property management and more!
Property Management Tips-Posting 3 Day Notices
If you own rental real estate, then you know sooner or later someone is going to pay late or worse yet, quite paying all together. To begin the forced removal of non-paying tenants, or get slow pay back in track, a 3-Day notice is required. We, at Flex Realty Property Management, have found that using neon color paper to print the notices on has proven effective in reducing the number of delinquent notices. It seems that renters become too embarrassed to have their neighbors see these bright colored notices posted to their doors. Try it---you'll be surprised how well it works! For more details feel free to call Flex Realty Property Management at 419-843-4335 or go to flexrealtypropertymanagement.com
Flex Realty offers Toledo property management, Toledo rental houses, FSBO services, Ohio property management and more!
Flex Realty offers Toledo property management, Toledo rental houses, FSBO services, Ohio property management and more!
Tuesday, December 6, 2011
Buying Rental Real Estate In Toledo
Buying rental property in Toledo can be extremely profitable. However, buying the wrong property can create a financial nightmare. Here are tips I use in determining whether a house can be a good investment. They include....
1. Exterior Material...Go for property that has either aluminum or vinyl siding. Reduce the possibility of
having to do exterior painting.
2. No Furnace- No Hot Water Tank- No Problem...Houses that do not have these mechancials usually have
lower prices, which translates into you being able to install new mechanicals and reducing the chances for
costly repairs in the near future.
3. Value...If you want a rough estimate of value, consider looking to the value of the house around the year
2000. If a seller suggests a return on investment, be conservative and reduce it by 30%.
4. Get The Taxes Reduced...Use your purchase contract or HUD statement to prove the value and get the
taxes reduced.
5. Ratio of Home Owners Verses Renters...Neighborhoods with more home owners than renters tend to
keep their value or increase in value.
6. Foundation...Make sure the foundation does not require repairs...these are usually the most expensive.
7. Rent Average...Call 3 management companies, pretend you have a house in the area and ask what they
could rent the house for.
Investing in real estate has helped make many people financially independent and it can you too. Buy the worst house in the neighborhood, make it better and enjoy the cash flow.
For more details, feel free to call Flex Realty Property management at 419-843-4335 or go to flexrealtypropertymanagement.com
1. Exterior Material...Go for property that has either aluminum or vinyl siding. Reduce the possibility of
having to do exterior painting.
2. No Furnace- No Hot Water Tank- No Problem...Houses that do not have these mechancials usually have
lower prices, which translates into you being able to install new mechanicals and reducing the chances for
costly repairs in the near future.
3. Value...If you want a rough estimate of value, consider looking to the value of the house around the year
2000. If a seller suggests a return on investment, be conservative and reduce it by 30%.
4. Get The Taxes Reduced...Use your purchase contract or HUD statement to prove the value and get the
taxes reduced.
5. Ratio of Home Owners Verses Renters...Neighborhoods with more home owners than renters tend to
keep their value or increase in value.
6. Foundation...Make sure the foundation does not require repairs...these are usually the most expensive.
7. Rent Average...Call 3 management companies, pretend you have a house in the area and ask what they
could rent the house for.
Investing in real estate has helped make many people financially independent and it can you too. Buy the worst house in the neighborhood, make it better and enjoy the cash flow.
For more details, feel free to call Flex Realty Property management at 419-843-4335 or go to flexrealtypropertymanagement.com
Interviewing Property Management Companies
Having the right property management company is just as important as picking the right property to invest in. Here is a series of questions you must ask a company before hiring a company...
1. Are They Licensed...in Ohio, a company must be a licensed brokerage to manage property for others. Fines can be as high as $20,000 per property. Also, hiring a licensed company is the ONLY way to insure you are protected against theft of money.
2. Designated Personnel...Do they have one person in charge of accounting, leasing, maintenance, etc. If you need answers, you don't want to be passed from one person to another. You want someone to be accountable to you.
3. Accounting,,,What kind of accounting program do they use? Ask to see a copy of a statement. Do they give you actual copies of invoices. When do they send statements in relation to when the rent is due-if the company goes beyond 30 days-find another company.
4. Maintenance...Do they make money on maintenance-if so what percentage is their mark up? What is the cost threshold before they call for permission to do work.
5. After Hour Calls...Do they have a live person answering the phone at all times or simply use an answering machine? This is especially important in emergency situations.
6. Marketing...How do they market the property? Are they address specific? Do they do open house showings?
These are just some of the important questions you should always ask before hiring a company. Forget about references-do you honestly think they are going to give you the names of people who don't like them?
For more tips, feel free to call Flex Realty Property Management at 419-843-4335 or visit flexrealtypropertymanagement.com
Flex Realty offers Toledo property management, Toledo rental houses, FSBO services, Ohio property management and more!
1. Are They Licensed...in Ohio, a company must be a licensed brokerage to manage property for others. Fines can be as high as $20,000 per property. Also, hiring a licensed company is the ONLY way to insure you are protected against theft of money.
2. Designated Personnel...Do they have one person in charge of accounting, leasing, maintenance, etc. If you need answers, you don't want to be passed from one person to another. You want someone to be accountable to you.
3. Accounting,,,What kind of accounting program do they use? Ask to see a copy of a statement. Do they give you actual copies of invoices. When do they send statements in relation to when the rent is due-if the company goes beyond 30 days-find another company.
4. Maintenance...Do they make money on maintenance-if so what percentage is their mark up? What is the cost threshold before they call for permission to do work.
5. After Hour Calls...Do they have a live person answering the phone at all times or simply use an answering machine? This is especially important in emergency situations.
6. Marketing...How do they market the property? Are they address specific? Do they do open house showings?
These are just some of the important questions you should always ask before hiring a company. Forget about references-do you honestly think they are going to give you the names of people who don't like them?
For more tips, feel free to call Flex Realty Property Management at 419-843-4335 or visit flexrealtypropertymanagement.com
Flex Realty offers Toledo property management, Toledo rental houses, FSBO services, Ohio property management and more!
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