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.

Outlet Tester

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
STATUS	INDICATOR
OPEN GROUND	OFF ON OFF
OPEN NEUTRAL	OFF OFF ON
OPEN HOT	OFF OFF OFF
HOT/GROUND REVERSED	ON OFF ON
HOT/NEUTRAL REVERSED	ON ON OFF
CORRECT	OFF ON ON
What is the Outlet Status?

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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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".