Two or three weeks ago a client asked me to come out to his property to help him with some leasing tips for his staff. Long story short, upon my arrival I could not believe my eyes.
The property was a disaster to put it mildly and was being run as a D property in my opinion. The pool had not been cleaned, there was trash EVERYWHERE, none of the huge planter boxes had anything but trash and dirt in them, the lawns hadn’t been mowed, there were weeds in the planter box under the monument sign that were about to be so tall that they covered up the sign, etc, etc, etc…
Mon, May 17
by Jeff Smith 05.17.10
in Articles and Investing Wisdom.
By Jeff Smith, Realtor with Lifestyles Realty
The Fire Alarm
As I write this it is 8:30 on Saturday night. The kids are tucked in bed and there is finally enough stillness in the house to reflect on the day. Today started out like most other Saturdays. As the regular host of the Saturday edition of the Lifestyles Unlimited Real Estate Radio Hour at 4pm, Saturday is a workday for me. And once a month that workday coincides with part one of Del Walmsley’s Financial Freedom Seminar, and today was that day. I mention this in part because it means that there were a hundred or so more people at the office today than on the other three Saturdays in the month.
The radio studio is inside the Lifestyles office near where the seminar occurs. We are on the tenth floor of a ten story building. The studio itself is situated about 8 feet from the entrance to the conference room where the class is conducted. There is a window looking out into the passageway so from the console I can see passersby. Just outside the studio door is a red light that reads “On Air” because while the radio room isn’t meant to be inconspicuous, it isn’t obvious either.
(read the article)
Mon, May 03
by Jeff Smith 05.03.10
in Articles and Management.
By Jeff Smith, Realtor with Lifestyles Realty
I have recently been told by a very experienced landlord that 20% of residential tenants leave a property with damages equal to or greater than the security deposit. I felt like the more accurate figure in my experience was half that. We incredulously asked each other how that can be, with so many layers of protection in place to keep the players in the landlord/tenant relationship in line. As this discussion carried on, it became evident that each of us was going to take something new away from this conversation, and both of us would significantly improve our operations in the future.
This was the topic of one of the Lifestyles radio programs I recently hosted which I entitled “The 5 Layers of Protection from Tenant Damages.” This article is an expansion of that show because through discussions with my friend we recognized four additional layers. Hopefully this document is an example of how effective the paradigm of sharing ideas can be. It is also the heart of what a Lifestyles Unlimited Case Study Event is all about – members sharing ideas, education, information, and resources for mutual benefit. The ideas included here have reduced damages to my properties to a very negligible amount.
(read the article)
Mon, April 19
by Lifestyles 04.19.10
in Articles and Management.
By Renee Manes, Multi-Family Operations Consultant in Central Texas
Owners feel that the greatest income limiting factor in real estate is the calendar. Owners who focus on rental income alone know they are limited to a maximum of 12 months. Yet smart owner’s who look for that extra income can find it – let me show you where to look.
Non-Rent Income
While it is impossible to add another month to the calendar, it is possible to create extra revenue from rental property. Collecting ancillary or (non-rent) income is a tool used by many successful real estate investors to generate extra income and increase the value of their property.
There are many different sources of non-rent income to consider, such as Application Fees, Admin Fees, Rental Premiums on specific units, Pet fees/ Rent, and these are only a few. Let’s discuss some of these fees in a little more detail.
(read the article)
By Alfonso Munoz, Mentor in the Houston Office