Deposit Refunds for Resident Retention

        Consider the benefits of keeping good residents longer. By providing a “cash back” incentive, you not only encourage longer stays but also increase the likelihood of a larger deposit refund for the resident. This strategy can significantly improve your property's stability and reduce turnover costs. 

        I expect to redo apartments every 4 to 5 years anyway, so why not offer to start sending back annual deposit refunds, perhaps in $100 installments, starting the 4th year and continue to do so as long as the resident stays, passes annual inspections, and there is a balance remaining on the deposit?

Four “Nevers” When Screening Potential Residents

1. Never rent without asking for a picture ID
2. Never rent to someone who needs to move in “right away.”
3. Never rent to someone who flashes all rent and deposit in cash
4. Read More...

Deposit Refunds for Resident Retention

        Consider the benefits of keeping good residents longer. By providing a “cash back” incentive, you not only encourage longer stays but also increase the likelihood of a larger deposit refund for the resident. This strategy can significantly improve your property's stability and reduce turnover costs. 

        I expect to redo apartments every 4 to 5 years anyway, so why not offer to start sending back annual deposit refunds, perhaps in $100 installments, starting the 4th year and continue to do so as long as the resident stays, passes annual inspections, and there is a balance remaining on the deposit?

Four “Nevers” When Screening Potential Residents

1. Never rent without asking for a picture ID
2. Never rent to someone who needs to move in “right away.”
3. Never rent to someone who flashes all rent and deposit in cash
4. Read More...

As a landlord, it is in your best interest to require your tenants to maintain Renters insurance for the duration of the lease.  Not only will this protect your tenant, but it will also protect you.

1. The only thing a tenant owns in your building is their personal belongings. The only way to protect those belongings is to buy Renters insurance. Renters insurance will cover personal property in the event of a fire or if stolen or damaged. It also reduces the threat of a lawsuit against you in the event the client claims landlord responsibility for damage to their belongings.
2. There are many different options and endorsements that can be attached to a Renters policy. We can cater the policy to the renter by easily changing coverage amounts on personal property or liability. We can extend property coverage to another property or even cover identity theft. Renters insurance can also cover living expenses for the tenant while the home is being repaired or rebuilt.
3. A Renters policy will provide an extra layer of protection for you from being sued if your tenant owns a vicious dog or is negligent in the injury of another person on the property. Most insurance co
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Every investor has heard how important it is to build rapport with distressed homeowners. What we never hear about is how to do it. What is it about someone that makes us instantly like or dislike them? We do not really know what it is about that person; we just know it is something. 

Rapport is developed in the subconscious. We cannot quite pinpoint it, but there is something about that person that seems familiar and makes us feel comfortable around them. 

So…how do you establish rapport? Let’s start with a few basic tips. When I am looking for distressed homeowners, I like to knock on doors. It is the fastest way to get deals. If I knock on twenty doors over a weekend, I will have several contracts by Sunday afternoon. I would rather spend a day or two getting multiple deals instead of waiting for my phone to ring, hoping for just one deal. 

Here are some dos and don’ts when you knock on doors or meet a homeowner in person:

Do not wear sunglasses. Homeowners cannot see your eyes and subconsciously you seem suspicious.

Never wear a hat,
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Every investor has heard how important it is to build rapport with distressed homeowners. What we never hear about is how to do it. What is it about someone that makes us instantly like or dislike them? We do not really know what it is about that person; we just know it is something.

Rapport is developed in the subconscious. We cannot quite pinpoint it, but there is something about that person that seems familiar and makes us feel comfortable around them. 

So…how do you establish rapport? Let’s start with a few basic tips. When I am looking for distressed homeowners, I like to knock on doors. It is the fastest way to get deals. If I knock on twenty doors over a weekend, I will have several contracts by Sunday afternoon. I would rather spend a day or two getting multiple deals instead of waiting for my phone to ring, hoping for just one deal. 

Here are some dos and don’ts when you knock on doors or meet a homeowner in person:

Do not wear sunglasses. Homeowners cannot see your eyes and subconsciously you seem suspicious.

Never wear a hat, like a
Read More...

Investing in real estate can be a lucrative venture, especially when it comes to purchasing an investment property. However, navigating the complex world of mortgages and financing can be overwhelming. This is where a knowledgeable mortgage broker can play a crucial role. In this article, we’ll explore the benefits of using a mortgage broker specifically for investment property transactions.

1. Expertise and Guidance: A mortgage broker is like a seasoned guide who knows the ins and outs of the mortgage landscape. Here’s how a good broker can benefit you:

• Understanding Your Goals: A mortgage broker helps you understand your short-term and long-term investment property goals. They assess your financial situation, compare investment loans, and can negotiate with lenders on your behalf.
• Tailored Advice: Brokers provide personalized advice based on your unique circumstances. Whether you’re a first-time property investor or a seasoned pro, they can structure loan terms, negotiate interest rates, and select features that best suit your situation.<
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Securing the necessary “hard money” funding to buy and fix a property can be easy or hard, depending on how prepared you are with the paperwork your lender will need to process the loan fast.

When Do YOU Need a Fix and Flip Loan?

A fix and flip loan is a short-term loan is designed to fund both the acquisition and renovation of a property intended for resale at a profit, or as the first step in a buy-and-hold strategy, if you need the money to fix the property before refinancing it into a long-term loan.  

Unlike traditional loans that focus on the current value, a fix and flip loan assesses the property's potential value post-renovation, taking into account the planned renovation work to be done.

The loan typically includes the cost of buying the property and at least some of the estimated repair expenses, which makes these loans appealing for the RE investor doing rehab projects.

It’s a fast-closing, short-term loan with lower down payments and interest-only payments during the term (6-12 months). It’s meant to be used quickly
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*** PLEASE CAREFULLY READ ***

If you are an owner or officer of any closely-held corporation or limited liability company (or any other business entity or serve as a fiduciary of any entity) – or intend to be, you need to carefully read about these new federal regulations that mandate disclosure of the ultimate beneficial ownership of that entity – the consequence being as much as a $500 per day fine for non-compliance.

For small business owners:

• We strongly recommend attention to this matter and compliance.
• If you have a long-dormant LLC or corporation, now may be a time to consider dissolving the same to avoid filing requirements under this regulation.

On January 1, 2024, the Corporate Transparency Act (“CTA”) took effect, requiring non-exempt entities (both foreign and domestic) that are registered to conduct business in the United States to submit certain information regarding their “beneficial ownership” to a confidential database housed within the Financial Crimes Enforcement Network (“FinCEN”). 
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 “I know if this deal goes south, it won’t be because you didn’t try everything humanly possible. I have complete confidence in you,” said my investor, Bruce Z. I thought, “What could possibly go wrong in buying a cash flowing apartment complex?” I appreciated the confidence that Bruce expressed and knew I earned that confidence with all the experiences I’ve had over the past twenty years. However, how does one gain experience?  Have you heard the expression, “Good decisions come from experience, and experience comes from bad decisions”?

When I first started investing in real estate, I self-funded my deals. That is, I had the twenty percent down for hard money loans for my flips. I also had the ten percent down for traditional lenders to purchase rental properties. What I learned over time was that eventually one runs out of money; or at least I did. So, I had to learn different ways to finance my deals.

The success I’ve had using “other people’s money” (OPM) came from learning a few key issues that real estate investors look for. What do you
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We live in an age where there’s literally information and training everywhere. From association meetings to podcasts to YouTube to FaceBook, you can’t turn around without being exposed to the latest and greatest "wow factor" strategy or "new wisdom".

With all that success advice right at our fingertips, why is it that according to Inc. Magazine, more than 85% of people today don’t like what they do for a living? How can it be that the majority of Americans wake up every Monday morning dreading going to their place of business?

One clue is in the nature of the message that much of the modern-day success literature promotes:

"You should be outworking everyone around you"

• "You can manifest anything you want"
• “You have all the power to control everything"
• “Being rich and unhappy is better than being broke and unhappy”
• “The purpose of a business is to be profitable”

I bet you’ve heard
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