Posts Tagged Eviction

RENTAL PROPERTY – RENOVATION – GETTING THE MOST BANG FOR YOUR BUCK!

Renovating Your Property and Getting the Most Bang for your Buck

When you are updating or renovating your investment property, it is important that you put your money where your prospective Tenants will appreciate it most.  First and foremost, get that cottage cheese (acoustic) off of those ceilings!  This can be done by having your painter scape the acoustic off and re-texture and paint or “skin” over the acoustic, tape, bed and texture and repaint.  The skinning is particularly effective if your acoustic ceilings are full of asbestos . . . and many are.

Next is to restore those tired and dull fiberglass tubs and showers with epoxy paint and resurface your double dark 1970’s cabinets with a lighter color.  contact a “tub restoration firm to do this.  They typically apply an epoxy paint product which is mixable to most any color you wish.  I do recommend though, that you have the professionals do this job.  The paint is highly toxic and a bit tricky to work with.

Next, hardware; update all the old door knobs, towel bars and toilet paper holders with the latest finishes; bronze or brushed nickel (note: be sure to do this BEFORE you paint).  Now you are ready to update your light fixtures.  When you match them to your new killer hardware, it ties the look of the property together in a great looking package that your prospective tenants will love.  Our experience is that the big box stores are your best resource for these products for price and selection.

As always, thank you for reading!

Pat & Kris

We have also put together a short video on this subject CLICK HERE to view it.

If this information has been helpful, visit our website to find more helpful property management tips: ManageToMakeMoney.com

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RENTAL PROPERTY MANAGEMENT – DEALING WITH “CHALLENGING” TENANTS

When my wife, Kris and I were traveling and staying with some friends, we walked into the room they had prepared for us and on the lamp was an antique looking sign which read: “Our guest bring us great joy… some when they arrive… and others when they leave!” I felt that way about our Tenants… sometimes, it’s the waiting for the joy at the end!

We are all challenging people to live with… some more than most! We categorize our challenging Tenants into three primary categories: 1.) Students 2.) Entitled Tenants and 3.) Those Tenants who upset the neighbors around them. In a way, they all have similar attributes… they want to live their lives… any way they choose… regardless of how disruptive they may be to others around them. Many of these Tenants “bully” their way through life… pushing their way through. Our tip for dealing with all types of challenging Tenants is to show respect to them, but also show your resolve. Be assertive in requiring that they go by the same rules that most others on the planet go by. We have developed what we call a “No” letter and it very respectfully says something to the effect of “Thank you for your concern about (whatever the concern is). However, this is not a situation in which we will be able to meet your expectations at this time.” (then state whatever clause in the lease which applies). Another option, if they are disturbing the neighbors or causing damage to the property is to threaten them with a notice to comply with their lease or move. There is a very strong chance that your Tenants won’t like either response. But with your resolve… you will get this challenging situation under control.

In summary: Don’t allow your Tenants to get the upper hand in your relationship… push back with respect and their legal obligation of their Lease Agreement.

To view a short video on this same subject, please CLICK HERE

If this tip has been helpful to you, please visit our website at: ManageToMakeMoney.com where you can find our “No” Letter and many more tools, tips and techniques for managing your rental property profitably.

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Eviction Attorney – How Do You Find a Good One?

If you are serious about managing rental property, you will need a good eviction attorney on your team.  This article will give you some tips on just how to find a good eviction attorney. In a previous article we posed the question:  How do you collect rent?  And the answer was three things; !Get a Good Eviction Attorney, 2. Get a Good Eviction Attorney and 3. Get a good Eviction Attorney!  Gee, that is all well and good but how do you find a good eviction attorney?  Let’s start there.

We recommend that, if at all possible, you need to go from personal reference; from a friend or your local Board of Realtors or Apartment Association.   If that isn’t a possibility for you then check your local yellow pages or search the web in your area.  Once you have the names there are three things you will want to make sure of: 1. That they only do evictions (unlawful detainers) or at least it is a regular part of their business.  You don’t want a family law attorney who will do one for you “this time”. 

Your eviction attorney should be well versed at the ins and outs of evictions, changes in the law and so on.  if they are not, when pitted against a “professional Tenant” (a Tenant who know the laws and how to navigate between them) they will lose you valuable time in getting your property back.  Next, check their references.  You want to make sure that they have done a good job for others they have done work for.  Remember, you aren’t necessarily looking for a “nice” eviction attorney…they need to be tough and assertive.  Our eviction attorney wasn’t particularly nice to us…but he was good at his craft!  Finally the third thing is to have your eviction attorney in place BEFORE you even rent your property . . . or at lease before you need them.  As we discussed in our article “Collecting Rent” having the eviction attorney is essential in collecting rent if you have a Tenant that is slow to pay…he will help to back up any threats (promises)  you have to make to your Tenants.

In summary: when looking for an eviction attorney, just you would in any trade; you want to find the best expert you can to be on your team.  Be sure they are well versed in evictions (or unlawful detainers).

To view a short video on this same subject go to: http://bit.ly/eopPc1

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Rental Property – Collecting Rent

Collecting rent is really the “Ground Zero” of managing your rental property.  If you are not receiving rent from your Tenant, then you can’t pay your mortgage, do maintenance (at lease not from your rent revenues) . . . . it can put quite a strain on the whole rental property system.

 Collecting rent is really one of the main focuses of managing rental properties.  After all, if you are not collecting rent, then a whole other set of actions have to come into play, like evictions and so on.  But before you get to that point, when your tenants are not paying their rent on time, many times, they need some prodding or “encouragement”.  The form of this “encouragement” that I recommend is issuing a “Three Day Notice to Pay Rent or Quit” which, essentially is a threat.  I am telling my tenant that if you don’t pay rent within three days, I am going to evict you. 

 First of all, let’s talk about what the three day notice to pay rent or quit really is; as I said before, it is a threat.  I like to think of it more like a promise . . . here is my resolve . . . this is the hill that I am willing to die on.  This is my business, and I am sorry if you are having problems paying rent but if you don’t, then I will have to start the eviction process.  The Three Day Notice is really much more than a threat or a promise; in many states, it is a legal requirement.  In many states you cannot start the eviction process unless you can prove that you have served the Three Day Notice AND three business days have passed since you did serve the notice.

 We are all familiar with the mother who makes the ever-familiar threat to her kids: “I’m counting to three . . . don’t let me get to three!”.  She is threatening them with who knows what if she should ever get from 2-1/2  to 2-3/4 all the way to three!  Just like that mom, we have to be prepared to act on our threat or just save ourselves the effort and let the Tenant be in charge of paying rent whenever they please.  This is why I strongly recommend that you have a good relationship with a reputable eviction attorney . . . to back up your threat should you need to.

 We have initiated the eviction process many times but followed through all the way to a full eviction very few times.  Again, having that relationship with a good eviction attorney is worth it’s weight in gold when it comes to showing your resolve to your Tenants.   Keep in mind, now that we have started the process, we have incurred some attorney fees and the Tenant will have to pay his rent, any late fees AND whatever the attorney fees at that time in order to be reinstated and stop the eviction process.

 In summary, you will have to show your resolve to your Tenants when it comes to collecting rent.  Having a good eviction attorney on your team is a good way to show them you mean business!

 To view a short video on this same subject go to: http://bit.ly/du4p43

 The subjects of collecting rent, three day notices and eviction are covered extensively in the new Property Management Training Program; Manage to Make Money . . . . the Real Estate Series.  This new series has been developed around the book: “Manage to make Money . . . Your Guide to Profitably Managing Rental Properties – 2nd Edition” written by Pat and Kris Larkin.

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