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Showing posts with label landlord. Show all posts
Showing posts with label landlord. Show all posts

Monday, August 5, 2013

"For Rent" Channels for Landlord's Tenant Funnel

Landlords "For Rent" or "For Sale" Posting Options

One of my mentoring students the other day asked me: "Where can I post 'For Rent' or 'For Sale' on the internet?" He was familiar with the conventional ways but wanted to know what I would recommend concerning the internet.

Section 8 For Rent Sign
We have been preaching to our students to create as many channels as possible to produce the desired outcome. In this case, what channel(s) could Landlords use to produce the most qualified tenants for their investment properties.

We gave it some thought and came up with three channels:

  • The Retail Classified Market.
  • Low Income and Distressed Families.
  • Video

We came up with three lists for each channel:

Retail Cla$$ified Market
eBay Classifieds New York Times Classifieds
Backpage.com Real Estate Advisor
Facebook oodle.com
Zillow Vast
Trulia Google Real Estate Tools
Yahoo! Real Estate craigslist
Condo.com Streetseed Ltd.
HotPads Enormo
ByOwnerMLS Local.com
4RealEstateClassifieds.com Trovit
ByOwner Rent.com
OLX GeeBo
American Listed The Housing Block
Mitula Locanto
HouseHitz Gumtree
USFreeads Adpost
Classifieds For Free WebClassifieds.US
TheFreeAdForum.com Yakaz
PennySaver recycler.com
Claz.org Sell.com, Inc
Postlets ListedBy, Inc.
Low Income or Distre$$ed Families
GoSection8 Social Serve
Florida Housing Search.org
Video
YouTube Traffic Geyser
TubeMogul Dailymotion
Veoh Metacafe

As a Landlord, you want to rent your property as quick as possible. These tools will establish a very large internet footprint for selling or renting the Landlord's assets. It is a lot of work but can be very powerful for establishing cash flows.

Have you had any success with an internet service concerning an investment property? If so, we would love to hear about it by posting your success story in the comments section below this post.

Related Links, Blogs, Presentations or Articles:

  • List Your Section Eight Properties HERE.
  • Hands-On Real Estate Investing Course
  • Hash Tags: #SEC8 #landlord #REIP
  • Real Estate Investing Tip: Make sure when you are about to sign any real estate contract for a property: Florida FAR BAR, short sale option contract, purchase contract etc...that all parties are there for signature. If the significant other is not present you may have problems later on. By Florida law if the couple is divorced, unless the property has been settled previously (request documentation as proof), both husband and wife are entitled to the property therefore you need both signatures. Your first Question for any deal is "Are You or Have Been married?"

Written by +Bob Burns.
 
####
 
Serious...You Better Go!
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+Real Estate Investor
about.me/RobertKBurns
Telephone #: 305-586-5280
email: sec8@planocho.com

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Wednesday, May 29, 2013

Building Your Foundation before
starting Real Estate Investing

Before You Start…

  While holding monthly meetings and giving presentations to the attending audience, one of the more common questions we receive is: “How do I start?”

That is a great question!

When we started, we jumped right in. We purchased 15 distressed condominiums, each 2 bedroom/1 bath, in Miami, Florida. The units were controlled by a private investor who held the note on the individual units. Every unit stopped paying their mortgage and was living rent free. The existing owner was burned out and wanted to quit being a landlord. He asked for $30K for the note. We bought the note at a substantial discount and closed the deal.

That was the easy part!

Talk about being over our heads. We had no idea how to proceed. Suddenly, we had to learn the following:

  • Landlording
  • Real Estate Financing
  • Rehabbing
  • Foreclosure Law
  • Evictions
  • Termites
  • Liens and Violations
  • Water Liens
  • Sales and Marketing
  • On and On and On…
We had nothing in place to proceed. We had to learn the hard way. It took time and time is the enemy to investors. The longer it takes the more money you are losing in the real estate investment business.

So before you get your feet wet with your first deal, make sure you have the following items setup and running.

Starting Your Investment Strategy

  • Before you Start Looking for Deals:
    • Make sure EVERYTHING IS IN WRITING. Need I say more? This is the beginning of your business plan that can be show to investors, bankers, partners, private money lenders, etc.
    • Go to a Real Estate Investor Associations, REIA meetings to Network:
    • Open a Florida Corporation
      • For Florida go to http://www.sunbiz.org to open your own corporation.
      • Create Articles of Incorporation:
        • Identify corporate Officers: President, Treasurer, Secretary, etc.
        • Need to declare number of outstanding shares and price per share.
    • Buy/Sell Agreement or Share Ownership Agreement.
      • Want the ability to move shares when boards of directors change.
      • Make sure you have a Shotgun Clause or clause in agreement.
        • Dictates that if you are in a partnership and the partners want to get rid of you, you have to be bought out.
    • Company Seal – This is old school but some attorneys still use them.
    • Meeting Book – Corporate meeting notebook.
    • TAX ID # or EIN # - Uncle Sam wants their share.
    • Print up Your Business Cards – Got to let everyone know what you are all about.
      • Get creative – Don’t make your business card boring. Make people remember you through your card.
    • Business Bank Account
      • Documents Needed to Open an Account
        • Drivers License with Photo
        • Articles of Incorporation
        • Certificate of Status
        • EIN #
        • Signatures of Corporate Officers
        • Order Checks
        • Order Credit and Debit Cards
      • Make sure all the documents you order have the proper information. No delays due to typing mistakes.
      • Bank Stamp for Deposits - Cashing one of our $40K checks was delayed due to an improper bank stamp. We didn’t have one!
    • Build Your Team
      • Real Estate Accountant – Someone who understands real estate investing.
      • Real Estate Attorney
        • Paul B. Woods – Florida Land Trusts
        • Bruce Jacobs - Attorney at Law
      • Business Plan – You wouldn’t go into the woods without a map or a GPS. Your business plan is your map or GPS.
        • Eduardo Paz – Straglobus, Inc.
    • Attend Conventions – Network big time and get ideas.
    • Develop A System – Streamline your processes, save time, make money.
      • Outsource your weaknesses and work on your strengths.
        • I hate paper work and accounting. I get someone else to do these processes for me.
Like building a house or anything else you must lay the proper foundation to support what you are trying to build. We give a copy of this outline to all of our mentoring students who are just starting real estate investing.

Next Step - Finding the Deal

Related Links, Blog Postings, Presentations or Articles:

Written by +Bob Burns.
 
####
 
Robert Burns sign.Building Our Foundation.
Bob Burns Print Signature Photo
+Real Estate Investor
about.me/RobertKBurns
Telephone #: 305-586-5280
email: sec8@planocho.com

Follow US Baby!

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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.

Related Links, Blog Postings, Presentations or Articles:

Written by Bob Burns.
 
####
 
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Bob Burns Print Signature Photo
Real Estate Investor
about.me/RobertKBurns
Telephone #: 305-586-5280
email: sec8@planocho.com
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Saturday, October 8, 2011

Top 20 Most Common Reasons Why Units Fail
Section 8 Inspections.


One of your hats that you wear as a real estate investor is being a landlord. As a landlord, your job is to maintain the properties and keep them rented.

Keeping your properties fully occupied throughout the year increases your cash flow and provides a better return on your investment ROI but can be a difficult task! The longer a Unit remains unoccupied the less ROI landlords are going to have.

Below are several channels available to landlords to find qualified tenants:

  • Retail Market - Newspapers, Word of Mouth, Church, For Rent Signs on property, internet, etc...
  • Multiple Listing Service MLS - Database Realtors use to find rental properties for their clients
  • Section 8, Plan Ocho, Sec 8, Plan Eight, Plan 8, Section Eight - Government subsidized rental payment plan.


The more channels you have, the greater possibility of finding a qualified tenant for your unit. SPEED is essential for success. Any delay will hurt ROI.

Section 8 will eliminate a lot of the drawbacks of being a landlord but you have to follow HUD's guidelines to be successful.

One part of the guidelines is the unit or property must pass an interior and exterior inspection. If you fail the inspection, more delays and your ROI will be affected. Being prepared for the inspection will help make the rental transaction a smooth process.

From my experience with Section 8, below is a list of items that will fail a HUD inspection:

  1. Smoke alarms missing or not working.
  2. Lack of ventilation in bathroom.
  3. Outlet covers missing or broken.
  4. Infestation by bugs or vermin.
  5. Absence of handrails where 4 or more consecutive steps.
  6. Utilities disconnected (must be connected).
  7. Hazards (i.e. tripping as a result of floor covering or exposed electrical wiring.
  8. One window in each room must open and have a screen.
  9. Chipping paint on the outside of the building – gutters, outside surfaces of building.
  10. Hazardous hole or trash in the yard.
  11. Door not sealed properly (light can be seen coming through).
  12. No hot or cold running water.
  13. All windows must have sash cords or balancers and must stay in the open position without assistance.
  14. All ceilings must be at least 7 feet in height in areas used for living, sleeping, etc….
  15. All steps to landing or basements have handrails.
  16. Baths without windows must have power fan or gravity vents in high rise buildings.
  17. Open electrical distribution box must be covered with appropriate cover.
  18. Windows in bedroom too small and will not qualify as areas for sleeping.
  19. Security bars (rejas) can’t be opened from the interior will not be allowed to remain.
  20. All bedrooms must have a built in closet.
I provided pictures of potential failure points below. Can you identify what would cause a failed inspection item?

Click on each image to view a larger photo!


Section Failure Item Gap between Ground and House

Section Failure Item Chipped Paint

Section Failure Item Ceiling Stain

Section Failure Item Door Jam

Section Failure Item Water Heater Drain Pipe

Section Failure Item Circuit Breaker

Section Failure Item Rejas Door Lock
Have you any experience with Section 8 inspections? Share them with US!

Related Links, Blog Postings, Presentations or Articles:




Written by +Bob Burns.
####
   
The caricature of Bob BurnsYeah Baby!
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Real Estate Investor
about.me/RobertKBurns
Telephone #: 305-586-5280
email: rkburns@investmentpropertiesmiamiflorida.com
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Saturday, September 3, 2011

Miami-Dade Public Housing Agency MDPHA schedules meeting for Section 8 Landlords

Since REIC's blog discusses Section 8 or Plan Ocho in Miami-Dade County, I thought this news item should be posted. The budget for the US (United States) has gone through some serious cost cutting. HUD's Section Eight or Plan 8 will not be exempt from the reduction of funding. Section 8 landlords that have Section 8 HCV tenants or future landlords considering Section Eight, this meeting is vital for you to attend. I am SURE all the changes to the HUD' Sec. 8 program will be discussed by the Miami-Dade Housing Authority staff. Below is the meeting information:

"The Executive Director of MDPHA invites all owners and landlords with Section 8 (HCV) tenants to meet with him and his staff to discuss the HUD Financial Outlook and Changes. The changes impact: Payment Standards, Rent Reasonableness and Rent Increases.

Date: September 15, 2011
Time: 4:00-6:00 p.m.
Location: Port of Miami - 1015 N America Way to Terminal J Miami, FL 33132.
Security will require all owners and landlords to have registered for the meeting or they will not be able to gain access. You will also need to have a photo ID.
RSVP: September 6, 2011
E-mail: landlord@mdvoucher.com
Fax: 305-629-1032
Phone: 305-403-3222

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Written by +Bob Burns.
####
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MREIA's President
about.me/RobertKBurns
Telephone #: 305-586-5280
email: rkburns@investmentpropertiesmiamiflorida.com
MREIA's Web Page: www.miamireia.com
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Saturday, August 6, 2011

Landlords, use HUD's Housing Quality Standards Checklist for your Section 8 property inspections.

HUD's Section 8 department has a program called the Housing Choice Voucher Program. This is the most popular of all the available programs Section Eight or Plan Ocho provides.

There are three parties involved when a voucher transaction occurs:

 

  1. The Property Owner or Land Lord.
  2. The County's Section 8 representatives.
  3. Tenant or Voucher Holder.

Each side has different responsibilities to allow and maintain the rental agreement. I intend to discuss each party's responsibilities over time but today I am reviewing the Land Lord's.

As you may know or may not, HUD has a list of HUD's HOUSING QUALITY STANDARDS CHECKLIST. Before a Tenant can move into a property, HUD must perform an inspection of the UNIT (rental property). A HUD certified inspector and the Land Lord schedule an appointment to inspect the UNIT (rental property). The inspection entails checking:

  • Mechanical.
  • Plumbing.
  • The UNIT's Interior.
  • The UNIT's Exterior.
  • Stairways.
  • Other.

For more inspection details, make sure you visit our HUD's HOUSING QUALITY STANDARDS CHECKLIST page.

If you should fail the initial inspection, the Land Lord has 15 days to correct the all the faults discovered by the HUD inspector and reschedule.

After you pass HUD's initial inspection, your potential Section 8 Tenant can move in after their paper work has been processed.

HUD is not finished!!!!!

In addition to the initial check, HUD performs a yearly inspection of the UNIT and provides their findings to the Tenant and Land Lord. Each violation will be accountable to either the Tenant or Land Lord. The letter will mention what date these violations must be corrected to avoid further action by the Housing Authority.

From my experience with my own properties, I only failed a HUD inspection once and that was beyond my control (hurricane damage).

Do you have any experiences with Section Eight or Plan 8 inspections that you would like to share with us?

Related Blog Postings, Presentations or Articles:


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Written by +Bob Burns.
####
The Internet Kahuna Bob Burns MREIA Logo"Dale!"
Bob Burns Print Signature for MREIA
MREIA's President
about.me/RobertKBurns
Telephone #: 305-300-6242
email: rkburns@investmentpropertiesmiamiflorida.com
MREIA's Web Page: www.miamireia.com
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