Before you buy a house or multiplex it’s always a good idea to consider it’s potential (and features) for making it a profitable rental property.
You want your rental property to have all the right qualities to bring in the highest amount of rent possible. Avoid properties with things that will eat up profits like tight rent control or very high insurance premiums.
Especially if you’re not putting down a lot of money to purchase it!
But, what about the home you already live in? Will it make a good rental property? In this article, well cover that too.
Let’s review some ideas to help judge whether a particular property might make a good rental or not.
Qualities & Features Of A Great Rental Property
1) Low Maintenance Yard
A yard and garden with little maintenance are ideal. You’ll want to seriously consider hiring a gardener to take care of the yard maintenance. As tempting as it might be to have the tenant take care of things, I would not advise it. This hardly ever works out and the yard will most likely be neglected.
Save the hassle and just include the cost of the gardener … READ MORE
In this article, we’ll review the most common items that an underwriter might want to verify (at the last minute) before closing on your new mortgage.
Your first reaction to these requests can feel like a real knee-jerker!
Consider the following.
You’re almost ready to sign the closing documents for your new dream home. Then the underwriter at the last minute pulls the rug from under your feet. They want to see more money (cash reserves) in your checking account.
This actually happened to me! Not once, but twice now.
I was able to get the extra money from another account and show the underwriter proof of the transfer. Luckily for me, this was an easy process.
But what if I did not have the extra money?
If you cannot fulfill the request from the underwriter, then you’ll need to give them an honest explanation of why. Then see what happens.
I would confront the underwriter and say something like this:
“Look, you said $65,000 was enough during the pre-approval of the mortgage, and that’s all I have. We are three days away from closing. You’d better approve it, or you can explain to the seller, … READ MORE
Having an Open House for marketing the sale of your home or real estate property is a necessity. Knowing how to pull it off to make a great first impression on your prospective buyers is an art.
In this article, I’m going to share with you some important open house tips for selling your home with a Realtor (real estate agent) or as a For Sale By Owner (FSBO). If you pull off a successful open house in the right market, you’ll have people fighting with multiple bids to buy your property.
Think of the following list of tips as a checklist of items. Most will apply to you and some will not. Preparing for an open house can be a challenge, but it will be super easy if you get organized first.
Tip #1: Make Sure Your Realtor Is Present
I’m not sure why I even have to write this, but absolutely make sure the Realtor is present at the open house. I’ve been to countless open houses where no one could find the real estate agent or the seller; the people viewing the home thought I was the Realtor!
This type of behavior is … READ MORE
The offer on your new home or rental property has been accepted! What happens next?
In this guide, we’re going to discuss the benefits of getting a home inspection. We’ll also review a list of items you want to be sure are verified by your home inspector.
Escrow periods typically last 15 – 45 days, and during this time you’ll want to hire a reputable home inspector for the job. Your realtor should be able to recommend a professional if you don’t have anyone in mind.
Make sure your realtor has a long history of doing business with them.
Benefits Of A Home Inspection (for buyers and sellers)
For The Buyer
When a buyer views a home for sale, they get a pretty good idea of its condition and features during the walkthrough. But if there’s an issue relating to a flaw in the design, foundation, roof, or structure. How would they know? What about a big problem like flooding or termites? You have to be trained to look for those issues.
A home inspector is trained, and that is why you hire them. After there onsite visit they’ll provide you with a full written report … READ MORE
How to understand a good faith estimate. You’ll get one of these in the mail after being approved for your new mortgage. Don’t throw it away in the trash! Keep it, I’ll explain more below.
As you get closer to signing the final papers for your new property, you might experience a bit of stress and anxiety. It’s perfectly normal to feel this way since it’s a pretty large transaction.
If you spend the time to review the items in your Good Faith Estimate (GFE) and understand what they mean, it will help you relieve a lot of that stress when you actually do the signing. And help make sure you’re not paying too much in fees!
This guide can’t possibly cover every item in a GFE, but it will be a good start for you to understand what you’re looking at.
Below, we’re going to review what these different items mean.
What Do All The Good Faith Estimate Fees Mean? [aka, closing costs]
On your good faith estimate, there will be lots of fees, and I mean lots! You may also see these fees shown or referred to as closing costs. Usually, you’ll be … READ MORE