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From The Blog...

September 8, 2017

Did you dig your well before you were thirsty?

Hurricane Harvey.  Hurricane Irma.  Wildfires consuming thousands of acres in Oregon, Montana and Idaho. The U.S. is experiencing a horrible end to Summer 2017 in terms of natural disasters and, yes, it will impact your rental operations and profitability even if you don’t have rental properties in the affected areas. It’s the tsunami wave that will impact the marketplace after the flood water have receded and the last fire ember has been extinguished–the rebuilding efforts. The U.S. construction markets and supply chains were already overtaxed due to record housing sales and new home construction and overall improvement in GDP growth this year.  Supply of skilled labor was already critically short–everyone from framers to electricians to hvac installers, carpet installers to drywall crews,painters to even low-level punch-out guys and cleaning crews. If you heeded the age-old wisdom of Harvey Mackay which recommends “dig your well before you’re thirsty“, you can survive […]
September 1, 2017

A special 5-Minute Friday

  God Bless Texas. Hurricane Harvey has unleashed devastation on Texas. Our prayers for those who have lost loved ones, those who have lost property, and those First Responders doing everything in their power to rescue their neighbors. I personally have Clients who live in the Houston area impacted and it’s going to be a long haul for them to recover….Literally years to financially get back on their feet….But hopefully sooner for them to get back on their spiritual feet. If you can assist via a charity or other organization, please consider doing so.  If you have already assisted or donated, THANK YOU. In lieu of today’s traditional 5-Minute Friday, I’m resurrecting an old blog article from 2015 that has important points to consider regarding protecting your rental property and tenant’s personal property from water damage. Sewer & Drain Backup Endorsements for Rental Properties Stay safe down there in Texas, […]
August 25, 2017

Get educated and Get more ROI on your rental investments

Here’s an opportunity for you to take courses typically reserved for only licensed REALTORS. I’ve gotten permission from the Continuing Education school where I teach to offer this to you, my platform members…it will be the best $69 you’ve ever spent on learning advanced concepts related to your rental properties. Registration is now open for Merrillville and Indianapolis classes in November. Property Management Workshop – Indianapolis, IN Property Management Workshop–Merrillville, IN
August 25, 2017

5-Minute Friday

Good morning, Everyone! Here is your weekly 5 Minute Friday, highlighting a couple of the questions or issues posed to me this week. From Terri:   Does offering a house fully furnished change how much I can charge for rent? My Response: Terri–Thanks for the question.  The short answer is Yes, it can and will change how much you can charge for rent…..or rather, a better answer is it can and will change how much you will earn in rental revenue.  Here’s some things to consider when choosing to offer a property fully furnished or completely unfurnished: What is the actual market for furnished rentals in your area?  In most market segments across the country, especially in SFR’s (single family residences), furnished rental demand is a small sliver of the total demand.  As in less than 10%.  So, if you have a 4 bedroom home, if you offer it only fully […]
August 18, 2017

5 Minute Friday

Good morning, Everyone! Here is your weekly 5 Minute Friday, highlighting a couple of the questions or issues posed to me this week. From Peggib:   If a tenant moves out without telling you, cleans out cabinets, closets etc.  and leaves the key but also leaves some crappy furniture behind, are you required to store said items or can you just haul them away?  In this case, the tenant was a tenant at sufferance, but does that make any difference in your responsibility? My Response: Peggi–Thanks for the question.  You just brought up a situation which almost every landlord and property manager has found themselves embroiled in at one time or another.  This falls into the category of possible abandoned personal property.  However, it’s not always so straight forward.  Keeping in mind this is certainly not legal advice and may conflict with the State or local ordinance where your property is location, […]
 

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