Author Archives for ourrealestatebiz

4 Reasons Why You Should Be Electronically Signing Lease Documents for Your Rental Property

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Out with the old, in with the new. A popular phrase that certainly applies to several aspects of real estate investing. Gone are the days where you have to meet up with your new tenant for lease documents to be signed the day they move in. You should be getting the signing done well before the lease start date so that on the day the lease starts you give them the keys, they give you the move in money owed and we are on our way to a successful landlord/tenant relationship. Here are some reasons why you should be electronically signing lease docs… Continue reading →

Tips for Finding a Realtor Who Works With Real Estate Investors

invesor

Every real estate transaction presents its own challenges and buying an investment property is no different in that respect. This is why you want an agent who is experienced when it comes to working with investors if you are looking to purchase let’s say a house to flip or a rental property for cash flow. How do you find them? Easy, here is how…. Continue reading →

Make Sure You Do These 3 Things Before Giving A New Tenant The Keys To Your Rental Property

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It is very easy to forget certain aspects of the move in process for a new tenant. You know what helps you remember everything? Checklists. Yes, I literally mean writing or typing out a checklist of all of the things you need to do BEFORE you give a tenant the keys to the castle. Here are 3 things that should be front and center on said checklist….. Continue reading →

Tenant Screening 101: Why You Should Always Charge an Application Fee

app fee

There are certain aspects of real estate investing I could write a rambling non-coherent book about and tenant screening is one of them. One of the more crucial aspects that people miss the mark on when screening tenants for their rental property is not charging them an application fee. Here is why you should…. Continue reading →

3 Reasons You Should Have a Lockbox at Every Rental Property You Own or Manage

In every facet of life we are looking for ways to make our life easier and your role as a landlord or property manager should be no different. One way you can more efficiently deal with your properties is to make sure you have a lockbox at each one equipped with all keys to enter the property. Here is why this is a good idea….

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What Color Should I Paint My Rental Property?

Something that won’t make people want to turn around and leave as soon as they enter the front door. Seriously though, that is really the answer, but I will go into a little more detail so I can get an entire blog out of it.

Some of the key elements of choosing a paint scheme for your rentals are as follows:

Neutral colors

You would think this goes without saying, but trust me it doesn’t. Pick a scheme that is easy on the eyes and preferably makes rooms look larger than they actually are. Stay away from colors that are either gloomy or very bright. We use Sherwin Williams Navajo White on the walls and their regular standard flat white trim and ceiling paint. Not fancy at all, but never one complaint.

Availability, Convenience, and Affordability

Choose a scheme you can use over and over again from a store that is convenient for you to get to. You should be buying the paint 5 gallons at a time to save money and preferably from a place where you can either call in a phone order or order online as a way to speed up the pick up process. Time is money when you are dealing with getting a vacant rental property unit rent ready and paint is usually the first step in that process. Don’t overthink it, stick with what works.

Consider a Paint Sprayer

Do not read any further if you are like me and you can barely handle painting with a brush and roller. If you are competent though, getting proficient with a sprayer could be a game changer. There is more time associated with cleaning the sprayer after each use as opposed to brushes and rollers, but your time spent painting should drastically reduce. Remember the quicker you get your painting done the quicker you can get the unit up for rent or move on to the next aspect of the turnover.

Just like anything else in real estate painting is all about having a plan and executing it. Until you have had paint delay a rehab project or apartment turnover you take for granted how important it is in the grand scheme of the business. Think about it, virtually everything you do to make an apartment nicer starts with painting so why not develop a system that becomes tried and true so you can focus your energy on other aspects of your business?

This is Why You Should Have a Parking Diagram for Your Rental Property

There are going to be a lot of things we post on here that will simply boggle the minds of most humans. This is one of them.

These people have assigned parking at a 3-unit rental property that leaves ample space for them to park their 2 cars on a paved driveway. Instead they park the car in the backyard farther away from the entrance to the their apartment than the parking is. What do you do in this case?

Other than maybe taking a shot of whiskey in disbelief you send them an email with the parking diagram they received at move in reminding them to please park in their assigned spot. In all seriousness having the parking diagram to refer to takes the emotion out of the situation for the landlord or property manager in this case.

On a side note, there is a vacant rental unit in this building that I was showing yesterday and the perspective tenant asked “why is that car in the backyard?” My response: “Who knows.” I was bewildered to the point where I couldn’t even come up with a witty or professional response.

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