Top Five Mistakes Single Family Investors Make

If you are one of the many people that own single family home rentals or if you are contemplating buying rental homes you will be well advised to learn all you can about the business of property management.  Owning rentals is not just about buying the property and finding a tenant.  There are many things to learn.  In this article I will discuss just five of the elements that I feel are very important to master.

First, you must be able to estimate the rent of a particular property with some certainty.  It is not enough to guess the rent just based on what nearby rentals are going for.   Of course, you need to use that as your guide.  You must also be able to compare the subject property (your contemplated purchase or the one you currently own) to the market after taking into account the interior floor plan and condition.  The floor plan of a home is very important and should not be underestimated. Does the house have an appealing setup?  Is there a logical way to get to the backyard?  Is the patio set up to make the yard a pleasant place that will get used?  What is the condition of the carpet, walls, and bathroom?  Is the kitchen appealing?  All of these items impact how much rent you will be able to garner.  Using online rent surveys and online listings and combining that information with the subject property will help you in evaluating a property for purchase, setting rents when vacant, and determining rent increase amounts.

Style My Rental* New Law For 2012, Rental Market Update,& How To Determine Lease Length

Landlord Magazine

Landlord Property Management Magazine

HomePointe Broker, Robert Machado, has written an article on page 9 and our rent survey is printed on page 35

How to change your air conditioning filter (5 easy steps)

1. First find the air filter. So, where is the air filter? In an air system, there is supply air and return air. The air filter is always in the return air duct. The return air is where it pulls in the air from inside the house. This is often found in your hallway and is the largest of the vents in your home.

2. Now, turn off the air system. There are 3 places to turn off the air unit: We suggest turning the system off at the thermostat (temperature regulator). The reason the power must be off is because it’s safest for you and to prevent the older air filter dust from getting in the air unit.

HomePointe Philosophy & Personnel Policies

Our goal is to provide safety, service and satisfaction to our residents, commercial tenants, and owner clients. Safety comes first. If it means dropping everything else to make sure your property is protected, thus limiting your liability, we will do it. Second, we will provide service to you and your residents by being well trained professionals in maintaining your property. Finally, we will do everything in our power to satisfy everyone we work with by providing honest and timely communication to you and your tenants. Every one of our employees agrees not to discriminate illegally in carrying out their property management responsibilities.

What do I need to do to prepare my property to get it rented?

In the current real estate market in the greater Sacramento region, many solvent homeowners are becoming reluctant landlords. These homeowners have to move for a job change or choose to move for other reasons. They have looked at selling, but with the current market being what it is, selling may not be a viable option. Basically, selling may involve giving the property away or it may simply take too long to locate a suitable buyer in that price range.

Converting an owner occupied property into a rental property is straightforward, but it is not the same a selling the property. Purchasers of real estate are not as concerned about small maintenance issues like paint condition, carpet condition, or cleaning. This makes sense because a purchaser of a home is looking at the long term prospects for the house and will cover the small items for the sake of a good deal on the purchase. But a renter wants an immediate payoff as rents paid today are lost forever. The renter has to be sold on the immediate benefits of renting your property. There are no long term benefits to renting.

So, what should be done to make a house rent ready to rent? Here is my list that we use as property managers at HomePointe Property Management.
1. Paint the walls. No shortcuts here, if the walls don’t look like they have just been painted, paint them. This is a cheap way to make your home appear its best. If you see any marks on the walls, paint them. I suggest you use a neutral color on all the walls. A common choice is Frost, an off white. Do not think that your prospective tenant is going to want you to keep the third bedroom walls pink in case they have a young daughter. The more you have customized the walls, the fewer tenants will want your place. I rarely hear that a prospective renter has complained that the walls are all off white. Neutral color is best.

Selecting a Property Manager Part 2 Screening Renters, Maintenance Concerns & Fees

In last months article I discussed the importance of a property manager’s web presence and their level of communication. This month I will discuss what I consider to be the most important skill and value a property manager offers their clients, their ability to screen out high risk applicants and rent to the good ones.
Find a manager who knows how to screen prospective renters. It is my experience that not enough time is spent discussing this between landlords and property managers. The property management company should have a written policy that is given to prospective renters. Do you agree with the policy? Beware if there is no policy! A property management company could be illegally discriminating without even doing it intentionally. Is the written policy adhered to? How are exceptions made? Does the broker or a supervisor review every decision?

New Feature! Submit maintenance requests through tenant portal

Tenants of HomePointe Property Management that are able to make online payments will now be able to submit maintenance requests online within the tenant portal.
Email payments@homepointe.com to sign up today.

BofA Plans to Rent Foreclosed Homes to Former Owners

Read Full Article

What Happens When a Tenant Disappears Without Notice

There are some occasions when a tenant departs the rental unit without paying rent and without taking their belongings.
In California if the rent goes unpaid and you think that the rental has been abandoned, you may enter the unit and proceed to clean up. But, before you simply take over the abandoned rental unit, be sure to follow some simple steps to insure you are not overstepping your authority and getting yourself in trouble with your tenant.