Wednesday, December 19, 2012

Tools of the Real Estate Investment Trade.

Tenant Electrical Tampering

When I started out as a Landlord, I was very naive about how tenants could damage your investment property and get away with it.

One of the hidden problems is your electrical outlets. They can be tampered with or damaged very easily without the Landlord's knowledge.

I had a tenant set up a tent on the back patio of one of my investment properties to repair engines. I noticed he jury rigged lighting from one of the outlets in the back bedroom. I wasn't happy about it but didn't say anything.

After the family moved out I went over the property to detect the repairs needed for the next occupants. I noticed that outlet used for outside electricity wasn't working properly but I didn't know why. I remember my Dad, who an electrician, using a tool to check the current status of each outlet.

This instrument not only checks but reports back through a series light combinations the existing status.

Advantages

This little tool provides the owner or Landlord the following advantages:

  • Check current state of electrical outlets before tenant moves out. Use security deposit to implement repairs.
  • Before purchasing an investment property, check existing status of the electrical network inside the potential investment property. Have Seller do repairs instead of the Buyer.
  • The tool is easy to use.
  • Very inexpensive.
  • No need for an Electrician. DIY (Do-It-Yourself).

Outlet Status

Below is a table that displays the Outlet Status when the three prong is plugged into a standard 110 volt outlet:

OUTLET TESTER STATUS CHART
STATUSINDICATOR
OPEN GROUNDOFF ON OFF
OPEN NEUTRALOFF OFF ON
OPEN HOTOFF OFF OFF
HOT/GROUND REVERSEDON OFF ON
HOT/NEUTRAL REVERSEDON ON OFF
CORRECTOFF ON ON

This little tool can save time and money and that my friends is the bottom line to managing your investment portfolio.

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Written by Bob Burns.
 
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Thursday, November 22, 2012

Homestead Housing Authority Miami-Dade County Florida New Section 8 Offices

Homestead no longer Strawberry Fields!

The Homestead Housing Authority in Miami-Dade County Florida has undergone some major changes since the real estate market began heating up several years ago. The City of Homestead enjoyed a good 10 years of expansion. Work force housing communities began springing up where strawberry fields, nurseries, orchards and farm land once occupied a majority of the acreage now developed. Major retailers like Wal-Mart, Nike and Home Depot, discovered that Homestead was the last stop for travelers and tourists before they entered the Florida Keys.

I discovered the Homestead Housing Authority back in 1998 when it was just a small office. I found the agency was very willing to work with Landlords and Real Estate Investors by making the Section 8 processing cycle very easy for owners and tenants. What I didn't find was a lot of investors or Land Lords using Section 8 or Plan Ocho as an additional marketing channel for finding tenants to occupy their investment properties in South Miami-Dade.

That was Then, This is NOW!

The Homestead Housing Authority has just completed a new building and road modifications to their facilities. HHA and the rest of Homestead has grown and caught up with the rest of Miami-Dade county.

During the recent real estate bust, investors have picked up bargin properties in Southern Dade County. If you are a Landlord or a property owner looking for tenants, the Homestead Housing Authority HHA is one source for potential tenants in Southern Miami-Dade County.

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Written by Blog posting Author +Bob Burns.
 
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Friday, June 1, 2012

FREE COMP Tool for Real Estate Investors.

Comparable or COMP

Real Estate Investors need property comparables or COMPS to determine the after repair value ARV of an investment property. The ARV number will be used to calculate Maximum Allowable Offer MAO.

Real Estate Agents have a nice tool for getting COMPS or Comparables for properties because they have access to the Multiple Listing Service MLS. Investors need to find comparables using other resources.

FREE COMP Tools

Luckily, the internet has provided FREE COMP Tools for Real Estate Investors. Below are several services that can help investors determine property comparables:

FREE COMP Tool from Miami-Dade County, Florida

I found a "FREE" comparable or COMP tool provided by Miami-Dade County, Florida. It provides all the closed sales recorded by the county within a specified area, time period and radius. It isn't very dynamic but it gives you an idea of what is happening in a particular neighborhood you are thinking of investing in.

The video below specifies how to use the particular tools discussed in this posting. See below:

If you want to access the Miami-Dade's Real Estate Comparables go to: Miami Dade County Closed Sales Database.

Remember! Look for the link "My Neighborhood".

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Written by Bob Burns.
 
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Sunday, May 13, 2012

Section 8 Waiting List will Open for the San Antonio Housing Authority

SAHA Section 8 Electronic Application System

The Section 8 Housing Choice Voucher Program Waiting List for the San Antonio Housing Authority SAHA, Texas will open on Tuesday, May 15, 2012 with a NEW online application process.

Applications must be submitted electronically with the SAHA web Online Application being available on May 15th at 8:00 am.

All Applications must be Submitted Electronically

Applications must be submitted electronically and can be completed on-line at any time, from any computer. Paper applications will be available only to persons with special needs. Again the on-line application link is https://saha.apply4housing.com/

For those who do not have access to a computer, the San Antonio Housing Authority SAHA has partnered with the San Antonio Public Library system, which has computers available at 23 locations throughout the city.

  • Library system will provide special computers for this process.
  • Applicants will not need library cards for use of these computers.
  • Use of regular library computers will require library card.

Customer Service Call Center

A customer service call center with a toll free number, 877-550-1109, with a bilingual representative has been established. General information will be provided along with the ability to speak with a bilingual representative. Waiting List candidates may schedule an appointment with the Housing Authority representative to complete the on-line application.

Waiting List Rank

Wait List applications received from May 15th through midnight June 1st will be processed and assigned a fixed number. Wait List applicants will be ranked on the waiting list based on the highest number of preference points and the lowest assigned number.

Due to high demand, applicants will remain on the waiting list for 3-5 years. Remember, to be eligible for a Section 8 voucher a families’ income cannot exceed the annual income limits established by SAHA.

For more information go to:

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Written by Bob Burns.
 
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Thursday, April 26, 2012

Section 8 Voucher Wait List Openings in Morris NJ & Carmel, NY

The Housing Authority of the County of Morris, Morristown, New Jersey and Putnam County Housing Corporation, Carmel, New York announced the opening of their Section 8 Housing Choice Voucher Program Waiting Lists. Details of each application process are given below:
 
 

  • The Housing Authority of the County of Morris, Morristown New Jersey
  • The Putnam County Housing Corporation PCHC Carmel, New York
    • Priority will be given to those below 30% of area median income
    • Applications are available to the public at
    • Applications must be mailed to:
      • HUD HOUSING CHOICE VOUCHER LOTTERY
        P.O. Box 1559
        Carmel, New York 10512
    • All applications must be submitted between May 1, 2012 and May 15, 2012.
    • All qualified applicants will be placed in a lottery to be held Friday, June 1, 2012.
    • Only seven hundred and fifty (750) applicants will be drawn in random order and assigned a waiting list number.
    • For mor info. goto More Information about PCHC's Wait List Lottery.

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Written by +Bob Burns.
 
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