Rental Property Repair’s Blog

Cheapest Residential Land in Australia, $65000, and Located near Australia’s Third Largest City.

rentalpropertyrepair — Sun, 17 Feb 2008 18:24:35 +0000

There is a secret hidden in South East Queensland Australia. This secret is called Russell Island. Situated just 20 minutes off the coast of Brisbane (Australia’s Third largest city), and within commuting distance of the Brisbane CBD, is an island paradise.

The biggest secret is that land over here sells for around $65,000. Looking east we have beautiful views of North Stradbroke Island and looking south you can enjoy the magnificent views down Canaipa channel all the way to the Gold Coast.

Now with about 1000 people a week moving to South East Queensland for the weather and relaxed life style it is only a matter of time before this secret is out. Vacant land adjacent to Russell Island but situated on the main land sells for a minimum of $300,000. This means that for the inconvenience of a pleasant 15 minute ride on the water taxi, you could buy land at just a fraction of the mainland price.

The last 12 months have seen some major infrastructure coming to the island. These include:

6. An island police station and police residence.

7. Construction of a new soon to be completed shopping centre which will include a super IGA supermarket and half a dozen specialty shops.

8. Construction of a public swimming pool.

9. A proposed $150 Million resort is in its final approval stages.

10. Plans for a $4 Million hotel was submitted to council.

For simplicity purposes I have listed some of the attributes of Russell Island in point form:

• Situated in the fastest growing region in Australia;

• Land sells for around $65,000;

• 15 minutes from the mainland by water taxi running approx. every 30 minutes all day everyday;

• Water, telephone, electricity available;

• Currently septic but Sewerage implementation proposed by council for the not too distant future;

• Bus connection from water taxi to Brisbane center;

• Proposed bridge to Stradbroke Island via Russell Island;

• Water Views to Stradbroke Island and down to the Gold Coast;

• There is a primary school on the island and access to a high school on the main land;

• Many shops including corner stores, hardware, bottle shop, bowls club, doctor, Service

Station, chemist, library, gym, etc;

• 10 minutes by small boat to the beautiful sandy beaches and open surf of North

Stradbroke Island;

• Population is about 4000;

• Largest of the Southern Morton Bay Islands approximately 11km long.

With housing affordability at crisis point in Australia this is an ideal place for people to enter into the market and choose to build now or hold on for future capital gains. This means that there is no excuse not to enter into the property market.

Resource/About Author of
russellisland.com.au

russellisland.com.au has a wealth of information about Russell Island
including property listings, photo album and an updated local news page.

Published By: Indocquent.com– An online resource that allows businesses and individuals to promote their business, products and services in over 20,000 cities throughout 200 countries around the world.

Benefits of Doing a Property Short Sale

rentalpropertyrepair — Sat, 09 Feb 2008 12:08:02 +0000

by eshortsale

The threat of facing foreclosure lingering upon your home is worse than any nightmare! You lay each brick to your dream home, get into all sorts of debts, are forced to compromise on the little things in life because you have to repay your mortgage and what not! And what is the resultant of all these? The bank or your mortgage lending company takes complete control of your home if you miss or default regarding a repayment installment. However, there is an assured way out of this apparently no-exit situation only if you know how to deal with this crisis.

Short sale of your property is the way out! Short sale refers to a practice where your lender institute or your mortgage company agrees to accept a less than the loan balance which you actually owe them. Obviously, they are benefited out of this practice and that is why they encourage property short sale. By a property short sale, the mortgage company indices apparently less profit, which is less than what you owe them, but they can save a lot of hassle and money which a foreclosure sale might have otherwise induced. Post judicious calculation, a short sale seems more viable to them than a property foreclosure sale. However, it is not jut the mortgage company or the bank profiting from the short sale. You, as a homeowner and as a seller too profit from this highly keeping the authority over your property to yourself!

Traditionally, you have to contact a company specializing in short sale and they will help you to sell your property in no time at all, thereby relieving you out of the debt fix which otherwise would have been really nerve cracking. You as the seller win by being able to avoid foreclosure and selling your home before the actual foreclosure sale, even when the property value is less than what the mortgage balance is. The otherwise viable option is to sell the property via a realtor, which would take long and on which you have virtually no control. You do not even know what value you will get for your property. Moreover, this is not an option for you at all when your property is under real estate foreclosure.

However, you can ease this a little by opting for short sale which will readily provide you with all the information you need regarding your property, including its sale value. What’s more – you are able to sell your property virtually overnight! You can get the best deals available by opting for a short sale of your property and eventually save some real cash for your future by paying off the due mortgage balance to the lender institution. But before you take any decision, regarding a property short sale, it is important to let your mortgage company about your intention and get from them in writing their approval.

You apparently get 111 days’ notice of default before your property will be put up for public auction. Do not let this period go waste and take advantage of short sale as soon as possible or you may find yourself regretting at some later point in time!

www.eShortSale.com

Real Estate Agents In Chicago – Trade Shows

rentalpropertyrepair — Tue, 05 Feb 2008 14:55:29 +0000

Real Estate Agents In Chicago – Trade Shows by Mark Shellby

Real estate agents in Chicago usually have a large trade show early in the year. They will spend great amounts of money on these events. There are elaborate displays hosted by some of the biggest companies. Small businesses are invited to participate also. There are real estate listings that can be accomplished without breaking the bank. You don’t always have to spend a lot of money to get some attention for your offerings.

Your real estate in Chicago problem could be solved by one of these custom-made exhibits. Small businesses do not always have a large advertising budget, but that fact becomes irrelevant when you have the services of a portable real estate agent. In fact, you won’t have to worry about spending much on advertising at all, because you can just pack it and move it along to the next real estate agent.

Allowing you to set up your displays right in front of the world’s largest companies in Chicago, island exhibit booths may well be the tool that your company has been searching for. When properly designed and located, portable real estate agents in Chicago exhibits can exude all the appeal of the big corporations, but for a much smaller amount of money. Is there any superior way to reach your target audience than with groups of people walking right past your booth?

Then, when the real estate agents season is all done, all you have to do is pack up one of your portable real estate agents exhibits and set up shop at the local county fair. Think of how many counties are in driving distance from you. Every one of them has an exhibitor’s tent and yours could be one of them. It would be easy to do because your exhibit is portable.

When you have realty agent displays you can carry with you, you don’t have to rework your presentation all the time. You only have to design your booth once and have these displays customized according to your requirements. There is no measuring and re-measuring when paying for space. You already know what you need to know. And real savings are available when you can apply to shows early and provide all your details. An Island display booth is ideal for this purpose.

After you have looked at all the possibilities, nothing is better than portable real estate agents in Chicago for corporations of modest size. It does not matter if you are just thinking about purchasing land in the area, this is a quality use of your money.

The opening of the New Year is generally when real estate agents in Chicago begin making their way into the windy city. If you have a small firm with a little budget, you shouldn’t even think about doing one of those real estate listings now. Just check into real estate agent displays.

7 Steps To A Smooth Home Buying Process

rentalpropertyrepair — Thu, 31 Jan 2008 01:50:51 +0000

by Joy Fleming

There are 7 essential steps involved in the home ownership process.

1. Find a good Realtor/Buyer’s Agent – Most 1st time home buyers don’t realize that they can hire a Realtor for FREE. So, you have nothing to lose, but everything to gain from hiring a Realtor. As a Buyer’s Agent, the Realtor will look out for your best interests throughout the entire process. You no longer have to be scared. The Realtor will be you with every step of the way to help you find your dream home, negotiate your contract, explain financing options, schedule your inspections, go over your closing documents, etc.

2. Get Pre-Approved for a Mortgage Loan – Your time is very valuable, and Realtors don’t want to waste your time showing you properties that you can’t qualify for. That would cause alot of frustration. So, that’s why getting pre-approved is essential to a smooth home purchase. Most 1st time home buyers don’t realize that they can buy a home with NO MONEY DOWN. There are also down payment assistance programs available where the down payment assistance money does not have to be paid back. Please note that every mortgage company/bank offers different loan programs. There are many different loan programs out there, and the programs do frequently change.

3. Assess Your Wants vs. Needs – Buyers should write down the items that they definitely need in a home vs. the items that they would like to have. Be realistic. Many buyers have unrealistic goals. Every real estate market is different. Your Realtor will be able to tell you what type of home you can expect to get in your price range.

4. Shop for a Home – Based on my previous experience, buyers should try to narrow down their home choices to their top 3-6 homes. If buyers look at too many homes, they begin to get confused, overwhelmed, and frustrated. They can’t remember what one home looked like vs. what another home looked like. I’ve had many, many clients who fell in love with the 1st home they visited. However, they still wanted to look at more homes because they wanted to see what else was out there. But in every instance, the buyer went back and bought the 1st home they saw. The moral of this story is that most buyers know within the 1st few minutes of seeing a home if it’s the right one for them. If you fall in love with a home, you don’t need to keep looking because you will go back and buy the one you love.

Once you’ve found the home that you would like to purchase, your Realtor will handle the following 2 items.

5. Negotiate the Contract

6. Schedule your Home Inspection, Appraisal, Survey

7. The final step is to close on the home. You will have alot of paperwork to sign at the closing. Your Realtor will also be there. Depending upon which state you live in, the closing may be held at an attorney’s office, and the attorney will go over all the documents with you. You will receive your keys at the closing.

Then, all that’s left is to move & celebrate.

I am a licensed NC & SC Real Estate Broker/Realtor. I specialize in representing home buyers. For more free tips and advice (or to search for homes), please visit my website: http://www.NJoyHomeBuying.com

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Cashing in on Repossession Property

rentalpropertyrepair — Tue, 29 Jan 2008 14:53:40 +0000

by michael sterios

With the number of repossession properties on the rise there are a large number of companies and individuals who have begun invest in properties owned by people in financial distress.

In fact, the sheer volume of home owners looking to stop repossession of their properties due to financial problems has spawned a national trend. Home owners who are heavily in debt and have not been able to keep up with the monthly repayments due on their loans have increasingly been offering their properties up for sale at heavily discounted prices.

The catch is that the buyer must be in a position to take the property off the current owner’s hands in a short space of time. The overall objective is that the seller will receive enough funds from the buyer to clear their loan balances and arrears and stop the repossession process, even if that requires selling the property at a hefty discount.

Savvy property investors have latched on to the notion of being able to secure properties at bargain prices and currently there are more people than ever before offering financially troubled home owners the chance to clear their debts and avoid repossession and eviction.

For many investors, this seems like the perfect way to build up a healthy property portfolio, but what are the risks?

The first and probably biggest risk to consider is that properties offered up for sale by people who have no money are usually in a poor state of repair. This means that although the buyer may receive a large discount on their purchase, they may be required to fork out some money as soon as the purchase is completed to bring the property up to scratch.

It makes perfect sense that a home owner who cannot meet their monthly mortgage payment for at least several months can also not afford to keep their home in a good state of repair.

Another risk factor to consider is that many of the sellers wish to remain in their homes as rent paying tenants. Buyers will need to keep in mind the fact that their tenant may not have any savings at all, and possibly an irregular income, and therefore may not always pay rent on time or in full.

If the tenant does turn out to be less-than-perfect the landlord will be forced to evict them. It is probable that the tenant will not be pleased with this considering the property was once their own home and, despite the fact they may not be paying their rent on time, they may not go quietly.

A final risk factor to consider is that the cost of borrowing has increased in recent years and may continue to do so. Therefore, if the investor is going to finance their purchase with a mortgage, they will need to factor in potential future interest rate rises.

Sell Your Property Fast and Stop Repossession of your home through We Buy Property Fast. Contact us today and avoid repossession.

How A Landlord Should Properly Allow Pets

rentalpropertyrepair — Fri, 18 Jan 2008 14:05:36 +0000

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I, myself, love pets. I have owned dogs my entire life. No one can argue the fact that a good dog is truly man’s best friend.I currently have a chocolate lab mix that my wife and I adopted from a local shelter. Although sometimes he may act a big crazy, I would not trade him for the world. That is what a good pet can do for someone.

So being a pet, specifically a dog owner, and as a landlord, I always have conflicting thoughts when it comes to allowing pets to occupy one of my properties with a tenant.

A lot of times the decision is made for me to not allow pets. This is done because most, if not all insurance companies in the State of New Jersey will not insure a property with certain breeds of dogs living there. These would include your large and aggressive breeds such as Rotty’s, Doberman’s, German Sheppards, Pit Bulls and so on. The reason is these breeds of dogs are more likely to, and are strong enough to either do damage to the property or God forbid, to another human.

If you are not a pet type of person then your decision is easy, you just do not allow them, but for me, it would hypocritical for me to say no, while I own one myself.

If you are like me, then let me tell you what I do. To start, when I show the property, my rental application includes on it a statement that the applicant initials understanding that we do not allow certain breeds of dogs. For the reasons I mentioned above, this is not negotiable.

If the tenant does own a dog and it is not one of the breeds above, I will make an appointment to actually meet the dog. I want to gauge the dog’s behavior and friendliness.

If I find a good tenant with a dog that I approve of, the rent immediately goes up $10 per month and I charge an additional security deposit fee. Also with that, in the lease it states that I will with hold $50 above and beyond the normal carpet cleaning charge.

Using these three techniques to insure that I don’t get plagued with a lawsuit or a destroyed property from a pet, has helped me tremendously and I believe if you do this, it will help you.

Even though you may hear many horror stories about rentals and pets, most occur because either the landlord does not do their due diligence in regards to the pet, or even worse they choose the wrong tenant.

Do your homework before you make that choice and the percentages of obtaining a successful tenant pet owner increases great.

By: Michael C. Podlesny

About the Author
Michael C. Podlesny is the owner of Rental Property Repair, LLC. A rental and investment property repair and renovation company that services Mercer & Burlington Counties in New Jersey and Bucks County, Pennsylvania.To inquire about their services you can visit them online at http://www.RentalPropertyRepairLLC.com

As A Landlord, Be Strict With What You Fix

rentalpropertyrepair — Wed, 16 Jan 2008 12:49:58 +0000

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As a landlord for over 10 years I am always asked by those who have never been a landlord, “Isn`t it a pain in the butt when you get calls in the middle of the night to fix something?” My answer is always no. Because that is the truth, it is never a pain, and in this article I will tell you why.One of the hardest parts about being a landlord is making sure the property is in good condition. In livable condition. In a condition that a local inspector will obviously pass.

You need to know how to separate the items that absolutely have to get fixed immediately and those that can wait because they are detrimental to the tenant or the property. Being able to master this will go a long way to insuring your own piece of mind in this business.

To start, your lease should outline exactly what you will be responsible for fixing. Such items include, if the hot water heater goes, a roof leak, the heater itself, and other items which the tenant has no control over. Now if you can show that the tenant deliberately and/or maliciously ruined an item above, then you can take other action.

Now that you have outlined in your lease which items you will fix, you then need to outline the response time. In most cities and states, there are statutes in place in which landlords must adhere to. In other words if the hot water heater goes, there may be a law in place, in your area, that tells you how long you have to respond before you “get in trouble” so to speak.

Outline the response time and plan of action in the lease as to how you will handle the necessary items. This way the tenant knows exactly what is expected, when it will be completed, and who will be coming over to fix it.

Once you have the necessary repairs outlined you need to handle nuisance repairs. What I mean by that, are, the items that do not have to be addressed immediately. As crazy as it sounds, changing a light bulb is one. I can`t tell you how many calls I received for that. Of course I put in the lease that the tenant is responsible to change their own light bulbs, yet it never stops them from calling.

Other items would be a loose doorknob, carpeting issues and so on. In my lease I have placed in there that any damage caused by the tenant will be paid in full by the tenant. So if I go to the house and determine that the tenant caused it, I fix it and then they get billed for my time and supplies in the next invoice. You must be stern with this. If you give any leniency, trust me they will run with it. Also on a side note, if your invoice is lets say, $1000 and $750 is rent and $250 is for the repairs, yet they only send you $750, you will apply the first $250 to the repairs and the remaining $500 to the rent, leaving them $250 in default of their rent. You will then send them a notice that they are behind on their rent, and that if not paid by a said date, you will begin eviction proceedings.

You need to check your area for the legalities of how the above example must be handled as all areas and laws are different. Since most of my rentals are in New Jersey, I give you examples of what I am able to handle here.

Now lets say the tenant calls about something that needs to be repaired, it truly wasn`t there fault, yet is not an absolute necessity. Simply put into your lease a provision by which the tenant is responsible for the first “x” amount of dollars to all non essential service calls. My lease calls for $50. This means the tenant will pay the first $50 of the service call and I will cover the rest. This helps cut down on those late night, the faucet is dripping calls.

As you can see a lot of the hassle can be handled by outlining it in your lease. Once it is in there it is up to you, as the landlord, to uphold it so the tenant understands what they are responsible for.

By: Michael C. Podlesny

Landlords Protect Yourself The Right Way From Property Overcrowding

rentalpropertyrepair — Tue, 15 Jan 2008 15:12:25 +0000

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Whether you are new to being a landlord or have some seasoning under your belt, you are undoubtedly going to run across some things that, if you are not prepared for, will drive you crazy.

One of those things, and it is more common than you might think, is when your lease calls for the maximum occupancy to be six people and you find out there are about ten people living at your house.

Think it can’t happen? Think again. In my ten plus years of experience in being a landlord, it happens, and quite often. However it is not something to lose sleep over as you can protect yourself from this.

The first place to start is to specifically define this in the lease agreement you make your tenants sign. In the lease agreement that I use, it specifically lets the person know exactly the number of people that can live on the premises. Most leases do include that, but mine does not stop there.

I further customized mine to detail the specifics if the tenant breaches the contract. For instance, the lease tells the tenant that no one can stay longer than two days (you will have to check in your area of what is allowed and what is not), and if they do so, they are responsible for paying an additional $10 per day per person fee on top of their rent.

The first thing that pops into your head, I am sure, is “yeah right, how do you enforce them paying that, and how do you prove it.” It is not in there to have you make more money. It is another provision in the lease that gives you additional ammo, so to speak, when the time comes for an eviction.

I can not speak for all states, but in New Jersey, specifically in Trenton, the judge upholds the lease a tenant signs to the letter, so as long as the landlord shows no negligence in anyway. In other words you have done all of your due diligence to rectify a situation before it gets to court, and during that process you have not broken any laws.

Sounds pretty straight forward right? It is and should be. Now that you have that in place, you should have an additional line that reads, Landlord has the right to begin the eviction process if the tenant exceeds the maximum amount of people residing on the premises as noted in section x paragraph y of this lease agreement. Obviously the section and the paragraph are where you put the maximum number of people allowed.

This is just another piece of your lease that, again, gives you some firepower when it comes to enforcing the fact that the tenant can not have too many people living there. This lets them know that they risk eviction if they go above that number, and it lets them know in writing, that they agreed to it, by signing the lease agreement.

Many states already have maximum occupancy laws in place, and you should find out if your area already has them. However, do not leave it open for debate if you need to evict a tenant. Get it in your lease, in writing where the tenant agrees to it and signs the lease.

By: Michael C. Podlesny

To inquire about their services you can visit them online at http://www.RentalPropertyRepairLLC.com.

How To Dispose Of Tenant`s Belongings The Right Way

rentalpropertyrepair — Mon, 14 Jan 2008 20:11:10 +0000

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We all dislike clutter. It gives a sense of an area being a mess, disorganized and dirty. As a landlord for more than 10 years, nothing drives me crazier then after a tenant moves out, whether on their own or by eviction, then when they leave a mess behind.What might look like garbage and worthless stuff to you, are the tenant’s belongings. For that reason you must protect yourself and follow the law when it comes to getting rid of what is left behind.You need only sit in on one television session of Judge Judy and see how amazing it is that the same items a tenant left behind are worth thousands of dollars when they come back to get it and find out you threw it away.

For that reason, and the sake of avoiding the headache of going to court, protect yourself. There are laws set up in most states for both landlords and tenants. These laws are put into place to avoid situations such as the one I described above.

Although I personally have owned rentals in 4 different states, I am more experienced in New Jersey, so I can speak from that vantage point. In the state of New Jersey, the last time I checked, the tenant has 30 days to retrieve any items they left behind. However with that said, it is not 30 days from the day they move out, it is 30 days from the date you file the paperwork that the tenant moved out.

In Trenton, NJ where I have owned a number of rentals, you need to fill out a form that shows the date the tenant moved out, and list any items they may have left behind. It is in your best interest as a landlord to file this paperwork. Also, it is a good time to take pictures of the items, although that is for your benefit and does not have to be filed with the paperwork.

Failure to file this paper leaves you open for a tenant to come back and make outlandish claims as to what they left behind. You’d be surprised as to how many tenants leave behind plasma TVs and Rolex watches. Do not leave yourself open to a headache that can be avoided with a little more than a half an hour of your time.

In Trenton, once the 30 days has lapsed, you can basically do whatever you want with it. I normally donate it to charity, and that is the God’s honest truth. If I kept all the stuff left behind by tenants, I would have no room in my own house. I know some landlords sell things on eBay, etc, but I just don’t have the time for that. You’ll have to check to see what your area allows and then decide what is right for you.

If you haven’t experienced a tenant leaving things behind yet as a landlord, eventually you will. When it happens you want to make sure you do things the right way to avoid any headaches that might arise. The best place to start is to contact your local housing director, city housing authority or city housing inspection department and get an exact law as to how your area handles it. If those departments do not have the answer, contact the court office that handles evictions in your area, they are sure to have the answer as well.

Most importantly, do it the right way, with the right paperwork, and you are to avoid any problems. The fewer headaches you have as a landlord, the more success you will have.

By: Michael C. Podlesny

As A Landlord Is This Type Of Lease Right For You?

rentalpropertyrepair — Fri, 11 Jan 2008 18:46:36 +0000

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If you are a novice landlord or even have some seasoning under your belt, I am sure at some point you either have or will ponder the question as to whether or not to use a month to month lease.

As a landlord with over 10 years experience, I can tell you what I think is best in the areas where I have owned property. The ultimate decision will come down to what you feel comfortable with and more importantly the area in which you own rentals.

Keep in mind 99% of the rental properties that I have own are in the central New Jersey area, so laws may be different where you live. You should always confer with an attorney who is an expert on this matter before you make any decisions.

A month to month lease is basically what it sounds like. The tenant signs your agreement based on the knowledge that as each month passes by, they will need to resign a new lease, or adhere to an agreement already signed that says their tenancy is only valid for a month at a time.

I personally do not like month to month leases. They are time consuming, and in the areas where I rent, are a big turn off to good tenants. Someone who is stable, with a good job, family, etc., and that is looking for a nice place to settle down, does not want the stress of a month to month lease, giving the landlord the “power” to move them out at the end of any month or constantly increase their rent.

On the other hand, if you are in an area where good tenants are as common as hitting the lottery, then a month to month can be your best friend. It adds a bit of pressure to the tenant living there. The tenant knows that the lease expires at the end of each month and if the landlord chooses to, does not have to allow you to remain. It is a good way of, without directly saying it to the tenant, ‘you better be on your best behavior and more importantly pay the rent on time.’ Ok maybe not that stringent, but you get the point.

The reason I do not like month to month leases is that the eviction process in my area is still the same as if I had the tenant signed to lets say a one year lease. Also, because of rent control, having a month to month lease does not necessarily allow me to raise the rent more than a certain percentage from what the original amount was.

If the rental market is competitive in your area where you have an abundance of tenants and tenants understand that a month to month lease could mean more rent each month, then I say go for it.

However, on the opposite side of that, if the tenant has a lot of choices and you only sign them to a month to month agreement, they could jump ship at the end of the month to another place, and you still have to give them their security deposit back etc. Now, because the tenant jumped ship, you have to go through the entire process of finding a tenant, all over again.

The area in which you own and rent out will basically dictate whether a month to month lease is a good choice. Best place to start is your local real estate investment club, or local property managers. They have a lot of knowledge on your area and what you can and should do.

By: Michael C. Podlesny

To inquire about their services you can visit them online at http://www.RentalPropertyRepairLLC.com.