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<title>Latest Articles by srozanski</title>
<link>http://www.articletrader.com/</link>
<description>Articles at ArticleTrader</description>
<language>en-us</language>
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<title>To Hire or Not To Hire A Management Company? That is The Question.</title>
<link>http://www.articletrader.com/finance/real-estate/to-hire-or-not-to-hire-a-management-company-that-is-the-question.html</link>
<guid>http://www.articletrader.com/finance/real-estate/to-hire-or-not-to-hire-a-management-company-that-is-the-question.html</guid>
<pubDate>Thu, 09 Aug 2007 00:00:00 -0500</pubDate>
<description><![CDATA[ You've got some properties in your real estate portfolio and you've either discovered that you stink at managing them, you just hate it more than anything else in the world or you were good at it but are just tired of doing it.  What are your options at this point?  <br><br>Well, you could look into a management company that will take care of all of the tenant screening and placement and property maintenance, repairs and evictions.  Some questions to ask yourself before you consider doing this might be do you have enough properties or type of properties that a management company will even consider.  If you only have two single family homes then you may be hard pressed to find a management company that will want to take your business.  If in fact you were able to locate a management company that would take you on, do the services of the mangement company warrant the cost?  Are you going to still be able to make a profit after they take their pound of flesh?  Chances are you are not going to make a profit with them involved.<br><br>If, on the other hand, you have quite a number of properties and they are large enough for a management company to consider there are still some things to think about before signing on the management company's dotted line.  Ask them if they own and manage properties in your area.  Chances are if they do, their properties will take priority over yours.  Make sure you check their references.  Have them give you the names of past and present clients--the more, the better.  Call those people and ask them for the good, the bad, and the ugly.  You want to make sure that you get as much information on the management company's performance as possible and the satisfaction level with their clients.  <br><br>If after all of that you decide to go with a management company, then make sure that you have your attorney look at the service agreement.  Once all parties are satisfied with the terms sign it and go. One of the terms of the agreement to keep in mind is setting dollar limits for repairs.  If a repair has to be made, you would want the management company to call you for approval if it is going to be over a certain dollar amount.  You don't want them fixing every little thing and then finding out at the end of the month that you had no profit.  Another term on the agreement would be the percentage that they are going to charge you.  They will most likely base it on your gross rents and it can be anywhere from 5-10% based on your properties, the management company, and your area.<br><br>For those of you with a smaller real estate portfolio or predominantly single family properties, put an add in the local paper looking for a maintenance person.  Pay them for being on-call.  Determine an amount based again on a percentage of the gross rents of your units.  Chances are you may find that you can locate an individual who will handle everything for quite a bit less than a management company might.<br><br>Management companies can be a lifesaver if you find the right one and if you want to sacrifice some of your profit.  If you believe it is worth your piece of mind to hand over 5-10% of your gross rents then more power to you, as it may very well be worth it!  Just make sure you do your research, pick a great manangement company and stay in control. <br><br><br /><br />--<br />Matt Bodeman and Scott A. Rozanski are the "Millionaire Real Estate Pros."  They have been helping others discover how to make huge profits in the acquisition of undervalued properties for years.  In just the last year and a half alone, they have purchased over 50 properties using no money of their own and made millions of dollars.  If you are interested in discovering how to make big money in real estate, please visit them at http://www.millionairerealestatepros.com for your FREE report!<br><br><br>Source: <a href="http://www.articletrader.com/">http://www.articletrader.com</a> ]]></description>
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<title>Easy Recipe For Real Estate Investors to Find Great Tenants!</title>
<link>http://www.articletrader.com/finance/real-estate/easy-recipe-for-real-estate-investors-to-find-great-tenants.html</link>
<guid>http://www.articletrader.com/finance/real-estate/easy-recipe-for-real-estate-investors-to-find-great-tenants.html</guid>
<pubDate>Mon, 11 Jun 2007 00:00:00 -0500</pubDate>
<description><![CDATA[ Real estate investing is in your blood.  You love the challenge of finding a great property and fixing it up.  But you want to make sure that all of your hard work doesn't go to waste by putting a tenant in your property that will ruin all of your hard work in less than a week.  Not only did you spend a lot of time fixing your property up, but you more than likely spent quite a bit of money to get it to where it is today.  So, how do you find good tenants?  Well, you're about to learn.<br><br>To get good tenants you have to treat your real estate investing like a business.  You must first set up minimum guidelines for renting to individuals.  For example, you may not want to rent to anyone having a felony in the last 3 years--make this a minimum requirement.  Or you may not want to rent to someone with a judgement on their credit report from a past landlord.  Again, make this a minimum guideline.  Understand there are certain things you cannot make as guidelines like race, religion, age, etc.  Check with your attorney to help you establish your guidelines.  Do this first and it will make your life a lot easier.  <br><br>Let us just start by saying, you have to get to know your prospective tenants.  You do this by having them fill out a detailed rental application.  In this application you ask them to supply you with work references, personal references (although, chances are they are not going to put anyone down who is going to speak badly of them), family names and phone numbers, past rental history with past landlord contact information, the type of vehicle they drive along with license plate and driver's license numbers, their birthdate and their social security number.  This should be enough to get you going.  Make sure you are also charging them for the privledge of filling out your rental application.  Why would you charge them, you ask?  Because if you are wanting to ensure great tenants then you will definately want to run criminal and credit checks on each prospective tenant (that means anyone over 18 living in the property).  In addition, your time is worth something and again, if you are going to be checking references and running the credit and the criminal checks it is going to take up some of your time.  One other thing, if they cannot seem to come up with the application fee, you should run the other way!  You also want them to have an investment in the process.  Just remember, the guidlines you set up in your application process must apply to everyone who puts in a rental application with you.<br><br>Now that you have your minimum guidelines established, you've set a price for the application fee, found out where you are going to run your credit and criminal checks (there are many places online that are accurate, quick, and inexpensive), and you have developed a good rental application, now it is time to rent your property.  Once you have found a qualified tenant, conduct your due diligence and don't cut corners!  Once you are satisfied and the prospective tenant has met your minimum guidelines, then offer them the property.  Make sure that they have the first month's rent and the security deposit.  If they are having trouble with coming up with those you might want to reconsider renting to them.  If they don't have the security deposit, chances are next month they won't have the rent. <br><br>Following these suggestions should ensure that you are only placing quality tenants in your properties.  It will undoubtedly save you endless hours with evictions, repairs and ultimately lost revenue.<br><br><br /><br />--<br />The Millionaire Real Estate Pros are Matthew Bodeman and Scott A. Rozanski. These two seasoned investors are committed to helping others discover how to make big money investing in real estate without all the hype and without all of the gaps found in traditional real estate systems. For more information, please visit The Millionaire Real Estate Pros at www.millionairerealestatepros.com <br><br><br><br>Source: <a href="http://www.articletrader.com/">http://www.articletrader.com</a> ]]></description>
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<title>Treat Your Real Estate Investing as a Business and Success Will Be Yours!</title>
<link>http://www.articletrader.com/finance/real-estate/treat-your-real-estate-investing-as-a-business-and-success-will-be-yours.html</link>
<guid>http://www.articletrader.com/finance/real-estate/treat-your-real-estate-investing-as-a-business-and-success-will-be-yours.html</guid>
<pubDate>Fri, 08 Jun 2007 00:00:00 -0500</pubDate>
<description><![CDATA[ So you want to invest in real estate, but just don't know where to start.  You've either watched all of the television house rehabbing shows, seen the countless late night advertisements promising huge profits from real estate, know someone who is investing in real estate or all of the above.  Which ever is the case, now you've decided that it doesn't look all that hard and you want to take the plunge.  Well, it can be easy and profitable IF you know what to do and do it right.  Most of the professional real estate investors have fallen flat on their face a time or two and have learned from their mistakes.<br><br>What you must understand first and foremost is that investing in real estate should not be considered a hobby, but a business.  If you do not treat investing in real estate with the same respect as any other business chances are you are going to be sadly disappointed.  You are going to be risking money (and possibly a lot of it), and the money you will be risking is REAL!  You're not playing with monopoly money.  <br><br>Once you have come to grips with the aspect of treating real estate investing as a business and you still want to do it you then want to consider your game plan.  By "game plan" what we are really speaking of is a business plan.  You must decide what your objectives are going to be and how you are going to achieve those objectives.  You need to decide the types of properties in which you are going to focus (foreclosures, short-sales, bank owned, etc.), where they are going to be located and in what price range.  In addition, how are you going to finance the projects that you are considering?  Are you going to get a loan from a bank and if so what type?  Are you going to use the equity in your home to fund the projects?  Are you going to seek investors or a partner or are you going to use cash?  These questions are vital for firming up your business plan, which will be the blueprint for your business.<br><br>Next, you'll need to develop relationships with professionals in your area such as realtors, contractors, suppliers, attorneys, banks or other moneylenders, mortgage companies, and accountants (just to name a few).  These professionals will be your "external" team and will be crucial to your success.  If you choose to try and replace all of their expertise with yours you are not being realistic and not taking your new venture seriously.  Again, treat it like a business!<br><br>The most important external team member will more than like be your realtor.  This professional will be able to give you comparables of homes in the areas where you wish to invest, they will be able to give you advice on the purchase price, on the sale price once all of the improvements are made, and they will also be able to advise you on where your rehab dollars are going to be best spent.  They will be able to ensure that your property is a "notch above" other investors selling similar properties in the area.  For instance, usually the biggest bang for you buck in rehabbing is to replace all old mechanicals (furnace, central air, and water heater); the kitchen (replacing outdated counters, cabinets, flooring, and appliances); and the bathrooms (replacing old toilet, tubs and showers, cabinets, and flooring).  Your realtor can also inform you as to the quality of the materials that will be needed in order to out-rehab the competition and make your property more attractive than theirs.<br><br>Investing in real estate can be very exciting and very profitable.  Treating it like a business and surrounding yourself with great professionals can only increase your chances for success.  Don't try to be superman or wonder woman by trying to do it all on your own.  Most of these "external" team members are FREE and will be excited about the prospect of working with you, so use them to your advantage!    <br><br><br><br /><br />--<br />Matt Bodeman and Scott A. Rozanski are the "Millionaire Real Estate Pros."  They have been helping others discover how to make huge profits in the acquisition of undervalued properties for years.  In just the last year and a half alone, Matt and Scott have purchased over 50 properties using no money of their own for a profit of nearly two million dollars.  <br><br>"The Millionaire Real Estate Pros'" mission is to help others discover the "No-Nonsense Way" to accumulating wealth with real estate by providing teleseminars, seminars, CD's, books, ebooks, DVD's, Boot Camps, and their "No-Nonsense Way" To Real Estate Investment System.  They help others to discover how to become empowered in their lives and to realize financial freedom.<br><br>If you are interested in discovering how to make big money in real estate the "No-Nonsense Way" and realize financial freedom for yourself without all the hype or the gaps that come with traditional real estate products, please visit them at www.millionairerealestatepros.com.<br><br>Source: <a href="http://www.articletrader.com/">http://www.articletrader.com</a> ]]></description>
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<title>How To Identify Money-Making Properties!</title>
<link>http://www.articletrader.com/finance/real-estate/how-to-identify-money-making-properties.html</link>
<guid>http://www.articletrader.com/finance/real-estate/how-to-identify-money-making-properties.html</guid>
<pubDate>Fri, 08 Jun 2007 00:00:00 -0500</pubDate>
<description><![CDATA[ There are a lot of the properties listed for sale each and every day.  So many, that it can be overwhelming to decide on which properties might be good to buy for an investment.  Maybe you are one of those individuals thinking about getting into real estate investing. Or maybe you are one of those individuals who already are investing, but have not been all that successful in finding those "diamonds in the rough".  In either case, please read on and discover how to correctly identify money-making properties that will help you to realize huge profits time and time again.<br><br>Finding a realtor that you can trust is essential if you want to be successful in real estate investing.  Without this "external" team member you are left using your gut and more than likely a lot of your time researching the market to help make your decision.  Realtors can access information on properties in minutes that may take you hours or days to access, so use them!<br><br>When you do find a realtor that you can trust have them assist you with the following:<br><br>The property's asking price.  Could you get it for less than what is being asked?  A realtor can tell you.<br>The property's selling price and what repairs are going to be needed to get it sold for the same amount as other like homes in the area are selling for.  You want to make sure your property is just a "notch above" the others in your market at your price range.<br>Find out how long like properties in the area have been on the market (on average).  This will tell you the amount of time that you can expect until you flip it (if that's the route you're taking).<br>Find out the average sale price for like properties in your area also.  This will help you decide how much to rehab (dollar amount and quality), and how much you can expect your house to sell for.<br><br>Next are some suggestions on how to identify a property.  These tips will put you ahead of the competition in your area and help you to buy smart for huge profits:<br><br>Look for properties with large bedrooms.  People like space.  They don't want to walk into their bedroom and fall face down into the bed. <br>Look for openess in a floor plan.  A very open floor plan can give the illusion of more space. <br>Try to locate properties with bigger kitchens.  Why is this important, you may ask?  The next time you have a party, take a look at where everyone gathers (understand?).<br>Make sure that the property you are considering has a dry basement and that the foundation is straight with no bowing.  Wet basements mean leaks and leaks mean repairs, and repairs mean EXPENSES!  In addition, wet basements can mean the dreaded four letter word, M-O-L-D.  Steer clear of wet basements!<br>Find a property that has a maintenance-free exterior, such as a brick or maintenance-free vinyl siding.  They're out there, you just got to look.<br>Consider the neighbors and the neighborhood.  Come by at different times of the day to see how the neighborhood is.  Is it loud?  Are there a lot of kids who should be in school or people milling about who should be at work?  Are there any abandoned cars?  Are the neighbors' homes next to the property, across the street from the property, and behind the property in disrepair?  If you answered "yes" to any of these questions--FIND ANOTHER PROPERTY!<br>Run a registered sex offender search for your area.  You don't want to rent to a family and then find out that there is a sex offender living right next door.<br>Look for a property with a newer roof and mechanicals.<br>Find a property with some curb appeal.<br><br>These tips offered in this article should have you on your way to identifying money-making properties in no time.  Once you get it down to a system, there will be no stopping you from making huge profits each and every time!<br><br><br /><br />--<br />Matt Bodeman and Scott A. Rozanski are the "Millionaire Real Estate Pros."  They have been helping others discover how to make huge profits in the acquisition of undervalued properties for years.  <br><br>"The Millionaire Real Estate Pros'" mission is to help others discover the "No-Nonsense Way" to accumulating wealth with real estate.<br><br>Visit them at www.millionairerealestatepros.com<br><br>Source: <a href="http://www.articletrader.com/">http://www.articletrader.com</a> ]]></description>
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<title>You're a Real Estate Investor and Your Tenant Has Left, Now What?</title>
<link>http://www.articletrader.com/finance/real-estate/youre-a-real-estate-investor-and-your-tenant-has-left-now-what.html</link>
<guid>http://www.articletrader.com/finance/real-estate/youre-a-real-estate-investor-and-your-tenant-has-left-now-what.html</guid>
<pubDate>Fri, 08 Jun 2007 00:00:00 -0500</pubDate>
<description><![CDATA[ So your tenant has just up and left without notice and now you've got a vacant property.  Vacant properties can cut into your profit margin and if not attended to quickly can put you out of business fast.  So how do you get that property up to snuff again and get it rented out as soon as possible?  The following are some tips to help you do just that.<br><br>First things first, ask yourself some important questions that will give you an idea of where to take this.  Was the tenant still committed to a lease (did they sign a year lease and still have some time left on it, let's say six months)?  Is the tenant gainfully employed?  The answers to these two questions will help you to decide what action to take if any.  If the tenant still has time on their lease (more than what their security deposit would cover), and they are gainfully employed, pick up the phone and call your attorney.  You are more than likely going to be able to get paid for the months that they left you with.  Of course, you will have to actively try and rent the property, but if it takes you a month to repair any damages (make sure to include the cost for doing so in the suit), then there is not much you can do about that, is there?  If on the other hand, the skipping tenant only had one month left and/or you found out that they lost or quit their job then chances are you'll be chasing an empty pot of gold.  Don't just sue them out of principal, as it costs money to hire an attorney.  Just remember that if the chances are slim to none that you will ever see the money, don’t throw good money at bad!<br><br><br><br /><br />--<br />Matt Bodeman and Scott A. Rozanski are the "Millionaire Real Estate Pros."  They have been helping others discover how to make huge profits in the acquisition of undervalued properties for years.  In just the last year and a half alone, Matt and Scott have purchased over 50 properties using no money of their own for a profit of nearly two million dollars.  <br><br>"The Millionaire Real Estate Pros'" mission is to help others discover the "No-Nonsense Way" to accumulating wealth with real estate by providing teleseminars, seminars, CD's, books, ebooks, DVD's, Boot Camps, and their "No-Nonsense Way" To Real Estate Investment System.  They help others to discover how to become empowered in their lives and to realize financial freedom.<br><br>If you are interested in discovering how to make big money in real estate the "No-Nonsense Way" and realize financial freedom for yourself without all the hype or the gaps that come with traditional real estate products, please visit them at www.millionairerealestatepros.com.<br><br>Source: <a href="http://www.articletrader.com/">http://www.articletrader.com</a> ]]></description>
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<title>Are You Investing in Real Estate?  Use The Game Monopoly As Your Guide and Win!</title>
<link>http://www.articletrader.com/finance/real-estate/are-you-investing-in-real-estate-use-the-game-monopoly-as-your-guide-and-win.html</link>
<guid>http://www.articletrader.com/finance/real-estate/are-you-investing-in-real-estate-use-the-game-monopoly-as-your-guide-and-win.html</guid>
<pubDate>Thu, 07 Jun 2007 00:00:00 -0500</pubDate>
<description><![CDATA[ I'm sure most of us have played the very popular board game called Monopoly at least once in our life.  If not, the premise of the game is to roll dice, land on properties and eventually buy them.  Once purchased, properties can be built on them.  First you build a house and then another until you get four on a particular property.  Once you reach four you are able to build a hotel and so on.  This is a great lesson to all "would-be" real estate investors just entering the market but still unsure as to a game plan.<br><br>Lots of investors just jump into the market without a focus, game plan, or business plan (whatever you would like to call it).  This is scary to think about it and it should frighten the heck out of those of you who are doing just that at this moment.  If you are in the market without a plan, please take a few minutes and heed this advice.<br><br>Buying properties should not be looked at as "the one with the most wins".  Rather you should slowly dip your big toe in the real estate waters to see if you even like it.  If you ran out and bought 20 properties and then found out you didn't care for real estate investing, well too late you better get liking in soon (at least until you can get rid of them).  <br><br>If your having trouble coming up with a focus, one suggestion would be to take the game Monopoly and adapt it as your business plan.  This may sound somewhat ridiculous but what is meant by that is to take your time.  Buy one property, fix it up, and sell it or hold it.  Then when you feel comfortable with the process, decide whether or not you want to purchase another one.  Once your feet are sufficiently wet, then you can move up to bigger projects if you like such as duplexes, fourplexes, six units, and eight unit properties.  Once you are comfortable with that then maybe you want to try your hand at apartment buildings, commercial properties or development.  This methodical approach will give you time to learn, put systems in place and really season yourself as a true real estate investor.  Just as an example, we knew an investor who had only a couple of single family homes in his real estate portforlio.  One day he was offered a "real deal" on a 33-unit apartment building and he took it.  Soon afterwards his tenancy dropped below 50%, and his roof needed to be replaced in the tune of $60,000!  Not to mention he had to figure out how to manage the property quickly or he would be looking at further decreases in tenancy and in turn even more money out of his pocket for his debt service.<br><br>The point of the article is to take your time.  There are tons of good deals out there and you won't miss them by taking your time.  Don't set yourself up for failure by taking too much on at one time and possibly leaving yourself vulnerable financially or finding out that you just don't like the stress of real estate investing.  Use the game Monopoly as your guide for a sound business plan that will have you purchasing properties steadily and ensuring your that you become a successful real estate investor.<br><br><br><br><br /><br />--<br />Matt Bodeman and Scott A. Rozanski are the "Millionaire Real Estate Pros."  They have been helping others discover how to make huge profits in the acquisition of undervalued properties for<br>years.  In just the last year and a half alone, Matt and Scott have purchased over 50 properties using no money of their own for a profit of nearly two million dollars.  <br><br>"The Millionaire Real Estate Pros'" mission is to help others discover the "No-Nonsense Way" to accumulating wealth with real estate by providing teleseminars, seminars, CD's, books, ebooks, <br>DVD's, Boot Camps, and their "No-Nonsense Way" To Real Estate Investment System.  They help others to discover how to become empowered in their lives and to realize financial freedom.<br><br>If you are interested in discovering how to make big money in real estate the "No-Nonsense Way" and realize financial freedom for yourself without all the hype or the gaps that come with<br>traditional real estate products, please visit them at www.millionairerealestatepros.com<br><br>Source: <a href="http://www.articletrader.com/">http://www.articletrader.com</a> ]]></description>
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<title>Flipping Properties in Under 30 Days With Huge Profits!</title>
<link>http://www.articletrader.com/finance/real-estate/flipping-properties-in-under-30-days-with-huge-profits.html</link>
<guid>http://www.articletrader.com/finance/real-estate/flipping-properties-in-under-30-days-with-huge-profits.html</guid>
<pubDate>Wed, 06 Jun 2007 00:00:00 -0500</pubDate>
<description><![CDATA[ Flipping properties seems to be on everyone's mind these days.  With the endless "how-to" shows on television, everyone wants to get in the game.  Maybe you're already in the game and have been trying to finish your project for the last 5 months or maybe you're thinking about running out and buying your first property.  Well, in either case it's important to follow some simple tips that will enable you to finish that rehab in less than 30 days and reap huge profits.  <br><br>First of all you should ask yourself a couple of key questions (and be honest).  Do you like rehabbing?  Are you good at rehabbing (have people commented on how beautiful your work is)?  Are you using a realtor to help you decide what to rehab and what quality of materials to use?  Do you have a rehab schedule?  Are you sticking to that schedule?  If you answered no to any of these questions you are more than likely not finishing your project in time or to an acceptable standard and thus not reaping those huge profits promised by every infomercial on the market.  <br><br>If you don't like manual labor or don't have the time for it consider using a contractor.  Contractors or tradesmen can be found in any market either by looking in the local yellow pages, networking in the community or by running ads in the local papers.  Most will work for a very reasonable rate and will do the job well and in a short time (if they know what they are doing).  Make sure to get bids from all of the different contractors or tradesman, make sure they are insured, get references, and make sure you have them sign an agreement.  The agreement should clearly define the scope of work, the time in which the work is to be done, and the fee that the contractor or tradesman is going to be charging you for the project.  Make sure you have outlined a remedy clause just in case the contractor or tradesman doesn't show up one day or there is a dispute.  Also, make sure you pay only after the work is completed and it meets with your approval.  <br><br>Secondly, if you like manual labor, but stink at it refer to the above paragraph.  If you build it and they don't come, get someone else to build it for you so they will!  <br><br>The other key component for flipping quickly for profits is to use a local realtor.  Choose one that is possibly an investor him or herself and choose one that knows the market well.  They will be able to provide you with comparables that will help you decide on your purchase price, the amount of rehabbing you will most likely have to do, and your sale price once your project is completed.  The realtor will most likely advise you that replacing the project's mechanicals (furnace, air conditioning, and water heater); updating the kitchen (new cabinets, new countertops, new sink, new flooring and new appliances); and updating the bathrooms (new cabinets, new tub, new sink, new flooring and new toilet), will bring the most bang for your buck.  They can show you what your competition is doing in your area and again, help you to decide to what degree you are going to have to update your project.<br><br>Lastly, once your project is complete in the timeframe that you've allocated (remember, less than 30 days), then list and sell it!  Your realtor can help you with this aspect of your project also.  They can assist you with setting the sale price, scheduling the open house and showing the property to potential buyers.  They will also be able to close the deal.  Don't skimp by going the "for sale by owner" route because time is of the essence here and you're going to need a lot of foot traffic--remember sales is a numbers game and your realtor can provide you with numbers.  Relying on others is key and following these simple tips will help you to buy, rehab, and sell that project in less than 30 days with huge profits.<br><br><br><br /><br />--<br />Matt Bodeman and Scott A. Rozanski are the "Millionaire Real Estate Pros."  Visit them at www.millionairerealestatepros.com<br><br><br>Source: <a href="http://www.articletrader.com/">http://www.articletrader.com</a> ]]></description>
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<title>Rehabbing a Property - Simple Tips To Save You Money!</title>
<link>http://www.articletrader.com/finance/real-estate/rehabbing-a-property-simple-tips-to-save-you-money.html</link>
<guid>http://www.articletrader.com/finance/real-estate/rehabbing-a-property-simple-tips-to-save-you-money.html</guid>
<pubDate>Wed, 06 Jun 2007 00:00:00 -0500</pubDate>
<description><![CDATA[ Rehabbing properties to lease seems easy.  You find a property, you repair all of the unsightly items in the house and then you rent it out--no problem!  But did you rehab it right.  Did you spend enough or spend too little on paint, on cabinets, on plumbing fixtures, on carpets or on bathroom fixtures?  How will you ever know?  <br><br>Well, there are some simple rules to follow when rehabbing a property.  Some rules of thumb if you will that will ensure that you don't spend too much money, but still use quality materials that will hold up under your tenants' use.  Follow these simple yet important tips when rehabbing and they will save you time and money:<br><br>Consider using quality faucets throughout the property.  Faucets with warranties and replacement parts.  Quality faucets will save you from having maintenance issues in the very near future and they will better stand up to abuse.  <br><br>Use heavy polyurethane casting cabinets with smooth rollers on drawers and solid hinges.  These cabinets are not "top of the line", but will look great and they will withstand the test of time with your tenants.  <br><br>If it isn't already, make sure to replace the existing water heater with a 40-50 gallon water heater.  This is great if the tenant has a large family or they just like to take long, hot showers (make sure to charge them for water useage, we always do).  <br><br>Another area of the project to consider is flooring.  Purchasing a quality carpet pad is important, as it may save you from replacing the pad and the carpet down the road when the carpet is not able to be cleaned and needs to be replaced.  At that point all you need to do is replace the carpeting, saving you possibly thousands of dollars.  Other flooring that you should consider for your project would be laminate.  Most laminates look great, come in a variety of styles, are very durable, and can be laid over the existing floor.  <br><br>Use a washable paint.  This again may save you time if the tenant does not dirty the walls too badly.  If that is the case all you have to do is clean with soap and water saving you from repainting before renting to the next tenant.  <br><br>Heavy solid doors and solid hardware will save you from constantly replacing these items every year or so.  The doors may have to be repainted from time to time, but a good, solid door should stand up with even the most "physical" tenants.<br><br>Use quality toilets.  Better quality toilets will give you less headaches in regard to clogs and will last longer than a cheap toilet.<br><br>In the kitchen, put up chair rails on the walls.  This will ensure that the walls will become less damaged over time and will save you from filling in holes and repainting.<br><br>And last, but not least, make sure you leave easy access to the water shut-off valve in the property.  Show the tenant where it is and instruct them how to use it during the leasing procedure.  If they have a water emergency (water spilling out all over the place), they will know how to shut it off.  This could save you hundreds if not thousands of dollars in water damage repair costs. <br><br><br /><br />--<br />Matt Bodeman and Scott A. Rozanski are the "Millionaire Real Estate Pros."  They have been helping others discover how to make huge profits in the acquisition of undervalued properties for<br>years.  In just the last year and a half alone, Matt and Scott have purchased over 50 properties using no money of their own for a profit of nearly two million dollars.  <br><br>"The Millionaire Real Estate Pros'" mission is to help others discover the "No-Nonsense Way" to accumulating wealth with real estate by providing teleseminars, seminars, CD's, books, ebooks, <br>DVD's, Boot Camps, and their "No-Nonsense Way" To Real Estate Investment System.  They help others to discover how to become empowered in their lives and to realize financial freedom.<br><br>If you are interested in discovering how to make big money in real estate the "No-Nonsense Way" and realize financial freedom for yourself without all the hype or the gaps that come with<br>traditional real estate products, please visit them at www.millionairerealestatepros.com<br><br>Source: <a href="http://www.articletrader.com/">http://www.articletrader.com</a> ]]></description>
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<title>Creating Systems to Run Your Real Estate Investment Business, So It Doesn't Run You!</title>
<link>http://www.articletrader.com/finance/real-estate/creating-systems-to-run-your-real-estate-investment-business-so-it-doesnt-run-you.html</link>
<guid>http://www.articletrader.com/finance/real-estate/creating-systems-to-run-your-real-estate-investment-business-so-it-doesnt-run-you.html</guid>
<pubDate>Wed, 06 Jun 2007 00:00:00 -0500</pubDate>
<description><![CDATA[ Real estate investment is your business.  You've been doing it successfully for the last couple of years and then all of sudden you get sick.  You are unable to take care of your rentals and your rehab projects the way you used to.  You are married, but your spouse has never really been interested in the business and has never participated.  Now what?  That is a scenario that could happen to anyone who is running his or her own real estate investment business at any time.  What would you do if this happened to you?  Would you be able to have someone step into the business and have it running just as well for him or her as it did for you?  Or would it all collapse around you because all of what you do is tightly locked up inside your head?<br><br>If you are in the real estate business you are more than aware of the amount of paperwork and details that there are to attend to on a daily basis.  If you purchase and hold properties, there are tenants to manage.  This means payments to collect, evictions to file, late notices and other invoices to send, maintenance to conduct and complaints to remedy.  If you purchase and flip, this could mean purchasing materials for your contractor, making sure that the rehab schedule is being met, making sure that the work is being done to your standards, and making sure that when the property is completed that it is sold quickly so as not to eat into your profit margin.  Now if you don't have any systems in place you can easily see that it might be next to impossible for a stranger, who has no knowledge of the business, to jump in and take care of your business.  Understanding the importance of creating systems is crucial for running any successful business and protecting your investment.  <br><br>First of all, you will need to sit down and really think about all of the different processes there are in your business and break them down into easy to understand steps.  This may seem impossible at first, but once you've got them down you will never to do it again unless of course you change a process.  A simple tip would be to create a binder that is familiar to someone else that has detailed instructions on how to perform each aspect of your business.  It should also identify which forms are used for each processes and where those can be found. For instance, if you rent properties you may want to have a list in the binder that identifies each step of the rental process (i.e. how to answer a rental inquiry call).  Next, you could list what is required of a tenant who applies to lease from you (i.e. good credit, no felony convictions, application fee, etc.), and so on until you reach the eviction process.  <br><br>In addition to listing all of the steps and forms associated with these steps you should list where someone will locate these forms.  Are they on a hard drive (which is recommended), or are they in a file cabinet.  Either way, knowing how to do everything, but not having the correct forms could have you out of business or in legal trouble in a flash.  On your hard drive you might have a file that you label "Lease Documents".  In this file you could have your lease agreement, your rules and procedures form, your lead paint disclosure form, your security deposit policy form, and so on.  In another file on your hard drive you might have "Eviction Materials" which would include all of the forms needed to process an eviction. <br><br>Creating systems for your business will not only protect you in case you are unable to run your business yourself, but it will give you piece of mind while you are healthy and still able to.    <br><br><br><br /><br />--<br />Matt Bodeman and Scott A. Rozanski are the "Millionaire Real Estate Pros."  They have been helping others discover how to make huge profits in the acquisition of undervalued properties for<br>years.  In just the last year and a half alone, Matt and Scott have purchased over 50 properties using no money of their own for a profit of nearly two million dollars.  <br><br>"The Millionaire Real Estate Pros'" mission is to help others discover the "No-Nonsense Way" to accumulating wealth with real estate by providing teleseminars, seminars, CD's, books, ebooks, <br>DVD's, Boot Camps, and their "No-Nonsense Way" To Real Estate Investment System.  They help others to discover how to become empowered in their lives and to realize financial freedom.<br><br>If you are interested in discovering how to make big money in real estate the "No-Nonsense Way" and realize financial freedom for yourself without all the hype or the gaps that come with<br>traditional real estate products, please visit them at www.millionairerealestatepros.com<br><br>Source: <a href="http://www.articletrader.com/">http://www.articletrader.com</a> ]]></description>
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