New Rental Property in Gulfport

5 Diamond Property Management, in Biloxi, is happy to annouce that we are now the new property management company for the Trailwood Village Apartments in Gulfport.  Click here for more information.  The propery is located on Hendry Road, which intersects with Dedeaux Road.  The property consist of 36 units. 

Enjoy the privacy of your own backyard, Private parking. All units have washer/Dryer hook-up, Spacious rooms and kitchens, Central A/C and Heating. With apartment units for rent below $800, we are filling them up quickly. 

Check out our listing on our website: http://www.rentgulfport.com/

3-Day Notice

So, it's the 6th of the month.  As a landlord, you included a grace period, which allows the resident to pay rent without paying a late fee until the 5th.  STILL NO RENT.  So what do you do?  How do you handle it?

Well first let me say that I am not giving legal advice, nor am I suggesting that you should follow my practices.  I am just sharing inside information on how I go about handling late rent payments.

We are very clear with all our residents that they have until the 5th(grace period) to pay their rent, without penalty.  We also make it very clear to them that on or around the 6th, they will receive a call from us.  Regardless of the list of excuses given by the resident and the outcome of the conversation, we will post a 3-day "pay or quit" notice on or the 10th of the month.  We explain, "it is not personal, it's business".

The 3-day notice is magical.  It makes MOST excuses go away and we USUALLY get paid (and they are on time the next month).  If we don't receive the payment, then we can proceed to file with the county for eviction.  The court will usually set a court date within 10 days.  The resident gets the "official" notice which is a summons to court.  That gets most resident's attention and creates another round of magic and produces another opportunity to get paid.  If that does not work, we know that we are probably going to have an eviction.

EVEN if a resident says "I will pay you on the 11th" we say, "great, but I am still going to have to post the 3-day notice on the 10th, but as long as you pay within the 3 days you are OKAY".  They usually don't have a problem with it. 

Posting lets them know that we are serious and about our business.  If one month they pay on the 11th and nothing happens, then they may pay on the 15th the next month.  Before you know it, they are running a month behind and we (and our owner) are short money.

 The BOTTOM LINE for me is:  Your rent is due!  We (and our owners) are not in the business of lending you money that is owed to us.  Borrow the money from someone else, if you need to, but pay your rent.

MS Gulf Coast Rental Market

As a the Broker of a property management and real estate firm, I receive countly calls from investors from all over the US.  "So, Eddie, what is the rental investment market like?"  "what can I expect to rent my property for?".  I decided to take a minute to BLOG.  Maybe this will help some individuals.

I started my real estate career in Miami, FL in the early part of 1997.  Five years earlier, Hurricane Andrew devastated the southern area of Miami.  In its wake, Andrew left thousands of people homeless and set the Miami area back billions of dollars.  At the time, many wondered if Miami would ever come back to what it had been.  Many were concerned about the potential of another catastrophic hurricane, rising insurance rates and the high costs of construction.  Shortly after the storm, at the end of 1992 early 1993, we had a peak in prices, then a short decline, followed by slow and steady growth.

In 1997, at the age of 21, I knew that real estate was the place to be in South Florida.  I began selling, investing and managing real estate.  The rest is history...  The South Florida market BOOMED and people who were well positioned made millions.  Real Estate investment is all about LOCATION and TIMING....

Fast-forward several years to August 29, 2005.  Hurricane Katrina devastated the Mississippi Gulf Coast as the most destructive Hurricane to ever make landfall. 

Unprecedented things have happened since Katrina:

-       An estimated 65,000 homes were destroyed (more than twice the amount lost during Andrew)

-         Federal support is continuing with more than $1.2 billion to individuals and families

-         More than $2.3 billion has been obligated in Public Assistance

-         Land based casinos approved on Oct. 17, 2005

-         Congress approves the "GOZONE"- which offers extensive tax savings for investors, employers and business owners

-         MDA (Mississippi Development Authority) offers several hundred million dollars in grant monies

-         The City of Biloxi has issued over a billion dollars in building permits since Katrina

-         In July 2007, Biloxi's casino industry reported a record-breaking $97.3 million in gaming revenue and Mayor Holloway said if the trend continues the city will earn a billion this year

 The Mississippi Gulf Coast already has experienced a sharp increase in values, followed by a slow down in the market and now is beginning to see an increase in sales activity again.  Based on the above facts and past post-hurricane market trends, we expect that our market will experience strong and steady growth over the next several years. 

SO, what about the rental market?

Well, the same is true...  Prior to Kartina the rent rates were 450-550 for a 2 bedroom apartment in Gulfport / Biloxi area,  following the storm,  the same apartment could rent for as much as $800, with a waiting list months long.  That is about a 60% increase, OVER NIGHT! 

NOW the market has settled down some.  You can rent that same unit for $775-800/ month and it may take you 30-45 days to rent it. 

We are seeing vacancy rates of around 5-8 Percent, which compared to most real estate markets, is pretty good.  In addition, we have many factors which will contribute to the continued growth of the coast and a strong stable rental market.

Let us know if we can help you with your investment and management needs.  CONTACT US

New Rental Property in Long Beach

5 Diamond Property Management, in Biloxi, is happy to announce that we are the new property management company for the Jefferson Place Apartments in Long Beach, MS. Click HERE for more information about the rental property. 

Theses spacious one and two bedroom apartment units offer all the amenity necessary for comfort and convenience. All units are equipped with Refrigerator, Stove, Vent hood, Dishwasher and Disposal. We also offer an on site laundry facility. We are a pet friendly community, call or e-mail for details... or check us out on the web at www.5diamondmanagement.com

New Rental Property in Gulfport

5 Diamond Property Management, in Biloxi, is happy to annouce that we are now the new property management company for the Country Village Apartments in Gulfport.  Click here for more information.  The propery is located on Hendry Road, which intersects with Dedeaux Road.  The property consist of 36 units. 

Location, Location. Ideal spot just off Deadeaux Road and Hwy 49. Clean, spacious units, newly remodeled. Nice open floorplan with great closet space. 2 Floorplans - with or without washer/dryer connections. Onsite Laundry Facility. With apartment units for rent below $800, we are filling them up quickly. 

Check out our listing on our website: http://www.rentgulfport.com/