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real estate investing: Business 101: What does your email address say about you? - 12/26/11 07:21 AM
So one of the things that I do in my position is to hire new property managers to work with our firm so as you can imagine when we post a job we get tons of resumes. So I was sent one that appeared to be a pretty qualified person, had a nice resume, well written, no spelling errors (we'll save that for a later blog) and I was sending a reply email to set up a first telephone interview. As soon as I hit the "reply to" button I noticed her email address "onecrazymama@something.net" and I had to pause for … (8 comments)
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real estate investing: Can you be a successful residential property manager working 9-5? - 12/18/11 11:15 AM
Here is the easy answer: Probably not!
Why you say? Unlike commercial property management you need to be able to be flexible to when tenants and prospective tenants are available. Residential tenants normally are busy during the day, so the best time to show properties, inspect units, and gain access to property to perform inspections is normally weekends and evenings. Without being available after normal hours it is going to make your job a bit more difficult.
Could you be successful working 9-5 in residential management? Maybe-but it will be more difficult. Best managers are available nights and weekends, at … (3 comments)
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real estate investing: Tenant Story of the Week: Ghosts? Now what? - 12/10/11 07:33 AM
So now what? Ghosts!
So I have a 2 family and unit 1 was vacating because they found somewhere else to live, and they did not get along with the tenants in unit 2. So the week they moved out the tenants in unit 2, 2 college men who shared a place called and said they wanted to move early because they were not getting along. I said that they needed to honor their lease. So about a week later one of them shot themselves in the apartment and committed suicide. Wait-it gets better!
So a few weeks later I … (4 comments)
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real estate investing: Tenant story of the week! - 12/07/11 05:16 AM
Got a new place in with an anxious owner who wants his places rented about 2 weeks ago, sound like most of yours? So ran a special, had someone take an app, look at the place, and love it! They like the special on the rent, and would like to be in this weekend since they want in before the holiday. Sounds plausible, and my client is in love with the idea, and she seems nice enough-good income, decent dress, decent car.
So I pull her report. Nothing out of the ordinary shows until I hand run the eviction report, which … (4 comments)
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real estate investing: How do you screen tenants? - 11/28/11 05:59 AM
It's probably the number 1 question I get asked all the time when I talk to new property owners venturing into real estate investing. So let me give you the "book" answer then my real answer!
We look for 3 things in a tenant: 1. The ability to pay is very important. Our guideline is rent is not greater than 31-35% of their gross monthly income. The standard rule of thumb for many is income is 3 times rent. If their income is non-taxable income then we can give a little on this since we compute based on gross taxable income … (5 comments)
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real estate investing: Here's your free "Lifetime Membership" in Property Management - 11/08/11 10:02 PM
So I got a flyer from my Allstate Inurance agent offering me a "free membership" in their Roadside Assistance program. Sounds like a pretty good deal since I don't have one of those, and you never know when you need a jump or have a flat tire. So I called my agent and they said they would sign me up and there was no charge unless you use it. If you have a flat they charge you when they get there!
So I said "Excuse me?" I had a membership in a club that is free as long as i didn't … (0 comments)
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real estate investing: Real Estate Investing, Chapter 4 Picking a property manager - 02/14/11 05:58 AM
So to recap, in chapter 3 we talked about building our team to help us in our quest to be real estate investors. Well, no team would be complete without management of our property. There are two ways we could do this, by either managing the property ourselves or hiring a manager.
For most investors buying your first property, management is not too difficult. Normally one tenant is not too difficult to find or manage as there is only so many calls a tenant can make. However, as you acquire more properties the decision is going to have to be whether … (2 comments)
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real estate investing: Make money this year with managment referrals! - 01/02/11 07:31 AM
Seems like about the only thing selling now is foreclosures and bargain priced homes and buildings! Mostly who is buying them is investors. Many investors will put lipstick on them and hang up a sign again and make a few bucks. A lot of the smart ones will put a tenant in them to generate income and when the market turns, and we all know it will, then they will sell them to the tenant or another owner/investor for a large profit.
So how does that benefit you? You make commission when they buy, and hopefully when they sell, but what … (6 comments)
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real estate investing: Real Estate Investing, Chapter 3 - 12/15/10 06:56 AM
In chapter 1 we talked about your plan for investing, and in chapter 2 we discussed the importance of geting financing. Now, in this chapter we will talk about building your "Investment Team".
So here is what I need you to understand: Investing in real estate is almost impossible to be successful without support team members. There is too much to know to try to do this on your own, and you need to build a team of players that will both support you and provide guidance. It is important for you to understand that teamwork goes both ways; if … (2 comments)
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real estate investing: Real Estate Investing, Chapter 2 - 11/28/10 07:27 AM
In chapter 1 we decided that the first step was to have a plan. It is important to have a plan and stick to your plan. It does not matter which plan you have chosen, but the important lesson is to have a plan to follow.
So now that we have the plan it is time for the next step, That next step is to have financing in place so that when you are ready to start investing you have the money in place to execute the plan.
There are a few basics ways to invest in real estate, but they … (0 comments)
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real estate investing: Real Estate Investing Chapter I - 11/24/10 05:55 AM
When I teach my real estate investing class at Columbus State Community College we get a lot of students that would like to become a real estate investor, or may already have dabbled in the real estate market. One of the things we always preach to students is that the successful investor has a plan, and just doesn't buy any house in any location for any price.
So to start off this series on investing, the first thing I want to tell anyone about investing in real estate is you need to start with a plan. And the first part of … (3 comments)
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real estate investing: Interested in learning about how to buy Investment Property? - 12/13/09 08:10 AM
There are many people that would like to learn about buying an investment property, but where do you learn? You can go online and learn, or join a club, but many times they have a hidden agenda to promote themselves and their property. That might lead people to a biased approach.
I may have a solution for you! We offer a class at Columbus State Community College in Columbus, Ohio that is called Real Estate Investing, a beginning class to teach all about real estate investing. For winter quarter, starting January 4, it is offered on the main campus on Tuesday … (3 comments)
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real estate investing: Basic real estate investment class - 11/30/08 06:08 PM
Education is the key to success, especially in a down market. We have developed a class in our real estate degree program called "Real Estate Investing" at Columbus State Community College that can be taken totally online, and if you are working on a degree in real estate this is a must-have.
The class is for basic investors looking to learn how to run numbers on properties, pick the right properties, understand basic landlording skills, and understand the foreclosure situation.
However, it is also great for agents seeking info so they can be the knowledgeable source for their clients who may … (0 comments)
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real estate investing: A great source of learning for investors in Central Ohio - 03/23/08 05:40 AM
So many times there are great classes for investors that turn into a 3 hour class about how to buy the speakers product and make them rich and not you. After a few hours of that, you are thinking "no way, this won't work". But what if there was such a class that would teach you the right way to invest in real estate, put on by a legitimate source, and didn't want you to buy their products? Would that be of interest?
If yes, check out Columbus State Community College ! They have a class there called Real Estate Investments that … (3 comments)
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Dennis Swartz
Reynoldsburg,
OH
More about me…
FirstService Residential Realty
Address: 7638 Slate Ridge Blvd, Reynoldsburg, OH, 43068
Office Phone: (614) 367-1190
Cell Phone: (614) 214-6601
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