Real Estate Archives

The Unintended Costs Of Being A Landlord

My wife and I recently listed out home for rent with a property manager. I found a great property management company that I have really enjoyed working with after asking tons of questions before hiring a property manager.

Now that we have started to get the ball rolling finding renters and even showing our house to potential renters I have found a few expenses that have cropped up. Some of these costs were expected, but a few of these new expenses have kind of caught me a little off guard.

Unexpected Expenses Of Being A Landlord

Advertising fee with the property manager – $100
Getting our HVAC tuned up – $100
Purchasing a home warranty – $500 per yearOverdue yard maintenance – $300
Storage unit since we are downsizing – $150 a month
Moving truck rental – $300
Maintenance fund our property manager requested – $500
Carpet steam cleaning – $200

TOTAL INITIAL COSTS – $2,150

Twenty Questions To Ask A Property Manager Before You Hire

by Hank Coleman

More homeowners are finding themselves as accidentally landlords recently. Whether you are moving for a new job or relocating to be closer to home, many Americans are finding that they cannot sell their homes for what they owe on their mortgages. But, do you know the right questions to ask a property manager?

So, if you are a landlord, the next question becomes whether or not you hire a property manager? A property manager will help you find tenants, fix problems with your home, and collect the rent or do you do it all yourself.

My wife and I have recently decided to rent out our home. And, we have decided to hire a property manager. We are currently interviewing three different companies that were recommended by friends and coworkers. Of course, this is not a decision to be made lightly.

Questions To Ask A Property Manager

Here are several questions that you should ask a property manager before hiring them.

How many properties do they manage? – One property manager than I interviewed limited the number of properties they handle per person so they can give your property the attention it deserves.

What are the costs? – Do they take an industry norm of 10% of the rent as a fee? Is there another feed every time the home is vacant and a new tenant is needed? Is advertising costs wrapped up in the monthly fee?

The Benefits Of Using A Mortgage Calculator

by Guest Contributor

If you are considering getting a home loan, it is essential that you do your research and fully understand what you are getting in order to find the best mortgages and interest rate for you and your family. For many types of home loans, you can research great mortgages ahead of time by using a mortgage calculator to figure out your major costs and expenses.

How to Use a Mortgage Calculator

When you are using a mortgage calculator, you need a couple of basic pieces of information: the mortgage amount, the mortgage term (usually 15 or 30 years, but could vary), and the interest rate. With these key pieces of information, you can get an estimate of what your monthly payment would be, and it will usually include your payoff date as well.

Other Things to Look For

There are some good things to look for in a mortgage calculator. One of the primary uses is to compare what different scenarios will do to your monthly payment. For example, you could change the term from 30 years to 20 years, or 15 years

Top 4 Great Benefits of Buying a House You Need to Know

by Hank Coleman

Tips Saving Down Payment and Buying A House With Student Loan Debt

Buying a house is still part of the American Dream. There are several great benefits of buying a house that you should be aware of. While today’s housing market and the significant lack of available credit makes owning a home more difficult, it is not impossible to purchase a home. With good credit and down payment, you can find a mortgage to purchase a new home. Renting should not be your default option when there are so many great benefits of buying a house. Four Great Benefits Of Buying A House Forced Savings One of the greatest benefits of buying a house is that it forces you into a set savings plan. Every payment that you make on your mortgage … Read more

Is the American Dream Dead or Alive?

by Hank Coleman

Jon Acuff who wrote an incredible book called “Quitters” recently asked his Twitter followers (follow him @JonAcuff and follow me on Twitter @MoneyQandA), “When did you realize that you were never going to be able to slam dunk a basketball? Have you realized yet?” We all have dreams and goals that are incredibly lofty. I have 100 goals to complete before I die. I know what you are thinking. What does this have to do with the American Dream? It has everything to do with our dreams, the American Dream, and what we think that we can accomplish in our lives. Is you glass half full or is it half empty? Do you think that you will ever hit a … Read more

How to Compare Home Loans Between Several Mortgage Lenders

by Hank Coleman

To obtain the best mortgage deal, it is helpful to understand something about the loan process itself. For example, knowing what closing costs are involved can help you negotiate better terms. Before you delve into the details, first look at your options by contacting several lenders. Brokers can also introduce you to several banks or lending institutions that can help you compare one another. By contacting more than one mortgage lender, you open yourself up to a wider selection of choices in which to make the best mortgage decision for you and your family. Compare Home Loans With Apples To Apples Look at loans with the same terms and for the same amount. That way, you can decide if you … Read more