Zillow Offers Guidelines: Investing in Real Estate

With all the short sales and foreclosures it makes it an ideal time to buy real estate. I came across an excellent post on Zillow, Investing? 6 Types of Properties to Pursue which offers solid advice on scoping out investment properties.

Leonard Baron says, “Too many people buy fixer-uppers thinking they’ll add value by doing a renovation. Then they get mired in a much more expensive and time consuming property than they ever expected. More money into the property means lower investment returns for you and less wealth-building than you expected.”

Investors get mesmerized by a “cheap price” however price is just one factor in the equation. Location, location, location is still very important, along with the rental demand. What about resale, will the property sale easy in the future?

Our Turnkey Operation was created to help investors purchase prime rental properties. Our rehab team can help with properties that need CPR, (Carpet, Paint, Repair). Once repairs are complete we put it on the market for rent.

Whether you’re a long time investor who wants to add to your existing portfolio, or a newbie venturing into investing in rental properties for the first time, contact me. I am confident you’ll be impressed with how easy we make it to invest in real estate.

SECURITY DEPOSIT TIME LIMIT

 

Your old tenant is moving out and you have a new one coming in.  Let’s say the old tenant left in a hurry, so you and staff have to now move out the trash and leftover belongings, steam the carpet, repaint the walls, do minor repair work.  There’s a huge chunk of change from the security deposit that you want to use to cover expenses.  You think to yourself you have 30 days to notify the previous tenant of your plans to use the funds to cover rehabilitation expenses.  That’s well within your rights.

What if you only use part of the deposit for repairs and/or rehabilitation?  Still think you have the full 30 days to deliver the remaining balance of the previous tenant’s deposit?  Not so, says Florida Law.  You have fifteen days to return the rest of the deposit to the previous tenant if you are not making any claim. That means, if you don’t have to do any cleaning, repairs or rehabilitation that requires you to take some/part/all of the previous tenant’s deposit, you have fifteen days to return/refund the full amount. If not, then you are opening yourself and the corporation to a lawsuit (and potential add-on fees that would double or triple what you would have to pay). So, be sure to ask your company’s attorney or the attorney you have on hand to handle your real estate/tenant legal issues.   The last thing you would need is to have to pay thousands of dollars, in addition to returning the previous tenant’s deposit, when you first were notified of the tenant’s intent to vacate the premises.

 

Why Vinyl Plank is the Best Choice for a Rental

feature post by Kevin Hotaling, Finest Floors of Brevard

When choosing a floor covering for an investment property, there are many factors to consider.  Typically the first concern is cost, followed by durability and then looks.  Usually, the least expensive option is carpet.  However, carpet generally does not stand up well to the rigors of a rental situation.  This means that the landlord usually has to replace the floor covering after every tenant.  This also means that the tenant may have to be more careful for fear of not getting their security deposit back.  This is where vinyl plank comes in.  Here are some of the features of vinyl plank:

1. PVC Construction

2.Durable Vinyl wear layer

3. Glue down installation

Benefits of vinyl plank include

1. Very water resistant

2. Has 10 yr-20 year warranty

3. Damaged plank easily replaced (floor will last longer)

4. Some have “nano silver technology” prohibits mold/mildew growth

5. Ease of maintenance

6. Peace of mind for owner and tenant

Choosing a vinyl plank as your next floor covering would be a wise decision. There would most certainly be a higher up front cost in choosing a vinyl plank (versus a carpet), but the benefits and durability of the plank would negate that cost.  The cost of floor covering for that unit over time would be reduced as the need to replace the existing floor covering would also be greatly reduced.  Overall, vinyl plank is a great choice for homes as well as rentals because of its durability, ease of maintenance and ease of repair.
Video has contact information for Finest Floors of Brevard.