property maintenance: It is 4:30 pm on Sunday July 4th and My Air Conditioner Is Out - 07/04/10 03:52 PM
I got this call today on our emergency pager.  The tenant was called by our on call agent and informed the tenant that we had an air conditioning repairman lined up for Monday, tomorrow (the observed holiday as far as work goes).
This was not good enough for the tenant who wanted the fix to be made that evening. 
This is a resident that pays about $50 a day in rent or $1500 a month.  To get one of those 24 hour guys to make the fix would cost abot 3-4 times the regular rates of about $80 and hour and … (4 comments)

property maintenance: Can I Manage a Property for a Friend Without A Real Estate License? - 07/31/08 02:40 PM
There is a big difference between what a licensed and insured property management company provides for an investor and what you can provide.  Besides licensing and insurance there is your liability to consider.  If you make a mistake and someone gets injured or killed are you protected?  How?  I ask this to make sure you get into  this venture with your eyes wide open.  Are you an employee of the owner or independent?  Is there a written contract?  Did you know that if there is a fair housing claim (many are over occupied property) that you are personally liable no matter … (2 comments)

property maintenance: Banks Slow Play REO's - 05/14/08 06:04 PM

When a poker player has good cards, sometimes they slow play the hand by not betting much in the hopes of attracting more players to stay in the game.  They hope the other players will put more money in than if they player with the good hand bet big early.  It is a way to make more money. 
The banks that are trying to sell there Real Estate Owned (REO) property are sometimes slow playing the offers they receive.  I have noted that sometimes they will sit on an offer for weeks on end.  I believe this is so they … (6 comments)

property maintenance: Typical Costs of Rental House Ownership - 05/11/08 05:53 PM

 
If you are considering getting into or are new to the rental business you need to know what the expected costs of ownership are.  Here are some items for you to consider:

 Utilities:  Find out which ones the tenants pays and which ones the owner pays.  It varies by area.  These include water, sewer, and garbage.
 
Other utilities and services:  These are normally paid by the tenant unless they cannot be metered.  These include electricity, gas, propane, phone service, cable.
 
Taxes:  Owner pays.  Taxes can vary greatly by state, so make sure you know how they … (7 comments)

property maintenance: Selecting a Property Manager Part 4 Maintenance Concerns & Property Management and other Fees. - 01/05/08 12:23 PM
The next subject to be concerned with in selecting a property manager for your property is the property managment company's knowledge and ability with regard to property maintenance.  How do calls get answered? How are incoming calls from residents tracked by the property manager?  How is it determined when the owner will be contacted?  How are vendors selected?  How are emergencies handled?  Is there an in house maintenance division?  Is it licensed and insured?  How are after hours calls handled?  Ask your prospective property management company these questions.
Fees you will be charged is usually very important to most owners of rental property.  It is … (0 comments)