Any real estate investor can see the value in having a property manager who does video inspections before and after a tenancy. Let’s look at some of the benefits these videos bring to a client whose property is managed with this type of assessment.

Tammy has been doing video inspections for over 8 years now and strongly advocates it. She shares that with video inspection, one can document the condition of the home when the tenant moves in and then again when the tenant moves out.

You can’t argue with inspection video evidence

When reviewing a security deposit claim or dispute, inspection videos help expedite a smooth, fair process.  A tenant is shown the videos documenting the conditions before and after tenancy. This gives them the opportunity to recall what the house looked like when they moved in as well as when they moved out. Any disputes or issues are resolved instantaneously.

Even if a situation advances to court, the judge can watch the video of the move-in and move-out as evidence and make a ruling based upon the videos. It is that powerful a piece of proof.

Saves time, money and anxiety

For a Property Manager in Palm Beach considering this option, Tammy asserts that comprehensive video examination empowers a landlord, saving him both money and unwanted anxiety.

Home Property Management Company in fact puts these videos on a private YouTube channel and sends the links to the owner. The owner can see the move out video on the day the tenant moves out.

If truth be told, a property manager who is not doing this will lose business to another one who is. A live video is more powerful than a photo or check-list where there is no visual reference or actual depiction of the condition of the property.

Builds confidence about the state of the property

What’s more, tenants experience a lot of trust and confidence with this air tight video documentation of the move in and move out condition. They get the feeling of actually walking through the property and inspecting it themselves, and it’s a valuable asset when calculating a fair estimate of expenses incurred and money to be spent.

To sum up, video inspections allow everybody to see the complete, detailed picture which enables the investor to make a well-informed decision about property-related concerns.

Give yourself this advantage today with Home Property Management Company that has over 25 years experience in South Florida.

Diana Welcer, a Jupiter rental home manager, has worked with investors for years. Since 1985, Home Property Management has been selling, leasing and managing rental properties all over South Florida.

HOA Restrictions

One of the most obvious pitfalls that the investor overlooks is the fact that these cheap places often come with a homeowner association or condo association. These associations are frequently in financial trouble or have rules and regulations that limit an investor’s profits.

The HOA has total authority over what you can and cannot do in your property.

For example, they may:

• Not allow you to rent during the first year
• Require a high credit score of 700 and up
• Restrict pets
• Limit the number of people allowed in the unit

It is an arrangement you agree to when you purchased your unit – even if you’re unaware of the implications! This can impact the annual bottom line on the investor as these restrictions will hurt the cash flow. There is a mix of such communities in Palm Beach; some have reasonable rules and regulations while others do not.

Financially struggling HOA

Another potential pitfall is when the Association is struggling financially and fails to take care of the facilities. For example, if there is a management maintained pool that is closed due to lack of funds, it becomes hard to rent the property. The potential tenant who comes to see this property will want all the amenities that come with the community. If they are unavailable, it will directly impact the rental value.

Home Property Management knows the good investments

However, according to Diana, there are still lot of communities and areas in Palm Beach that are stable and will provide good rental value because they aren’t plagued by numerous short sales and foreclosures. Some of these identified regions are in Palm Beach Gardens and Jupiter area which is on the north end of Palm Beach County

The discount-priced foreclosures and condos look like a sweet deal but Diana reminds investors to carefully analyze the pros and cons before investing in such properties! Because Diana manages a small portfolio of rental homes and condos, she knows the rental market better than most agents, and is perfectly positioned to help you find the best deals in town!

Ask to speak with Diana about Jupiter Property Management by calling 561-624-4663 and press 2.

Taking advantage of video technology

Investing in property from miles away

Imagine a scenario where a perspective landlord is located out of area where he wants to buy a property. Typically, one would imagine that he would fly down to the place and spend time looking around for a suitable property himself.

Technology has shrunk the distance between a property and its potential owner by providing the capability of the video coverage to a person sitting remotely. Cherisse shares the story of a Canadian investor who is her client.

Cherisse helps him buy and manage the property. Her primary communication with him is through photos and video inspections. Sending him photos of the different areas of the property, she is able to give him a good understanding of how the property would actually look. She supplements this with a full video inspection of the property using her iPad which gives him a good feel for exactly what he is purchasing.

He receives both a thorough inspection of the property and details about necessary repairs. This not only saves him travel expenses but also gives him a clear idea of the money he would need to invest in repairs so he can make a well-informed purchase decision. Video shows him a real life view of the actual property as opposed to still pictures.

Marketing and managing investment properties with video

Once the investment property is purchased, the property management aspect again takes full advantage of video.

Cherisse uses video to market the property online by showing it to potential local tenants as well as out of town tenants who plan to move into the area. Video enables her to reach a wider audience of potential tenants quickly.

The Canadian investor receives a video inspection of any work that has to be done on his property which he is able to view and assess from 1000s of miles away. When a tenant leaves the property, Cherisse runs a detailed video inspection to cover any mishaps regarding the security deposit.

Each and every day, technology is making it easier to manage property, and out-of-town landlords can feel connected with their investment like never before. Home Property Management is reaching for the stars in Property Management Technology. Get connected with them and enjoy the live video walk through of perspective, out of town property with ease.

Cherisse Guialdo is a professionally trained property manager who lives in Royal Palm Beach, Florida.

Ask for Cherisse when you call 561-624-4663 and press 2 for Royal Palm Beach Property Management assistance.

1. Performing Little to No Screening

   Most tenants are good people who pay their rent and cause no trouble. However, every landlord eventually encounters the other kind and ponders “how did I get this tenant from hell?”

   Well, the reason is usually because the landlord didn’t do a thorough screening in terms of credit background check and criminal records. Home Property Management recounts instances where landlords end up with people who either hide or don’t mention their past bad tenancy or criminal history.

   Nevertheless, Home Property Management at Palm Beach County has helped many landlords see the white lies a prospective tenant is trying to pull thorough their verification process. They suggest that it’s important to screen thoroughly before deciding to rent to a potential tenant in order to avoid future troubles.

2. Allowing Tenants to Pay Late

   The second commonly observed issue is the mistake of allowing the tenants to pay their rent late. Even if you are lenient just one time, it can quickly become a habit. Home Property Management strongly advices the landlords to strictly enforce on time payment.

   Landlords who think ‘it’s no big deal’ to allow tenants to pay late will often find their tenants getting later and later with their rent payment. They are often hired as a professional property manager to ‘fix the problem’ that was created by allowing tenants to pay late in the first place.

3. Letting the Property Become Run Down

   The third thing that is often seen is reluctance on the part of the landlord to repair and maintain the property every time a tenant leaves. Very often when a tenant moves out, there is ‘wear and tear’ that requires painting, cleaning and more to make the property ready to rent again. Sometimes landlords won’t bother doing all the repairs, however Natasha suggests that the landlord look at it from a different perspective.

   If the property does not look fresh when a potential tenant comes looking, the landlord is likely to attract the wrong kind of tenant. The rule of the thumb is that a landlord cannot get a good tenant to take a bad house. Therefore, Home Property Management proposes that the landlord focus on low cost repair to maintain the property, which will attract the right tenant – who will take good care of the property!

Natasha Hall has managed 100’s of rental homes all over Palm Beach County Florida since 2006, and she has a lot of experience in Boynton Beach property management, as she lived in Boynton Beach Florida for years! Ask for Natasha when you call 561-624-4663 and press 2 to speak with a property manager and real estate agent.

Now is the time according to Warren Buffett, CEO of Berkshire Hathaway, while speaking on CNBC’s “Squawk Box” in February. He stated that buying single-family homes is such a great investment right now, if it were practical, he’d buy a couple hundred thousand of them.

Don’t Wait Too Long To Take Advantage of Low Prices

Low home prices combined with a strong rental market means cash-flow prospects for investors have improved, and now is a great time to take advantage of this opportunity.

Buffett recommended that investors buying a single-family home with a 30-year mortgage. If interest rates go down, you can always refinance. If they go up, you’ve just made a great deal for 30 years.

He said. “It’s a leveraged way of owning a very cheap asset now and I think that’s probably as an attractive an investment as you can make now.”

If you’re not landlord material but still want to invest in rental property, consider hiring a property management company to look after repairs and rentals. Caring for your investment is important, and they will see that the property is well-maintained.

Find investment opportunities in Palm Beach County

We aren’t just property managers. We are investors ourselves, so we know what to look for when it comes to a good value in real estate for rental purposes. Our real estate agents at 624home.com can help you find property that’s going to give you a great return on your investment.

It’s estimated that the average person who was foreclosed by the following banks will receive $1500-2000 in the settlement. If the below lenders foreclosed on you lately, you may be eligible to receive these funds.

What banks will this effect?

• Ally/GMAC
• Bank of America
• Citi
• JP Morgan Chase
• Wells Fargo

How will the Foreclosure Settlement Payout Affect You?

• About the Settlement: Learn more about the details of the settlement and find links to your state-specific information and contacts.
• Help for Borrowers: Learn how to find out if your loan is affected by this settlement and how you will know if you are eligible.
• News: Read the national news release.

Follow our blog or like us on Facebook to keep up on the latest news regarding this important legislation!

This is great news for investors who purchase in major foreclosure markets in the participating states as they should see a significant impact on foreclosure prices and inventories.

Just in time for the Spring home-buying season, look for numerous foreclosures to go to auction, back to the bank, and end in REO status.

Great Time To Purchase Investment Property

REO-heavy markets create a special opportunity for alert investors because the inventory increase should cause a temporary dip in prices. The perfect investment opportunity The biggest impact is expected to happen in judicial states: New York, Illinois, Florida, New Jersey, and Ohio. Check out our Featured Investment Opportunities.

The promise of a smoother, faster-moving, more logical, less paralyzing foreclosure process will be a welcome improvement.

Owners that are underwater on their mortgages may have a chance to refinance with new Home Affordable Refinance Program, or HARP 2.0.

“HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.” – MakingHomeAffordable.gov

You will have to check with your mortgage company to see if they participate in HARP, because not all do.

Contact Fannie Mae or Freddie Mac for help in determining if you may be eligible.

The program doesn’t start until March, but you might want to get a head start and beat the rush. Just like with any refinance, shop around. Researching what several lenders are offering will get you the best deal.

Ready to get the best deal on buying or selling real estate investment property in Palm Beach County, Florida?

Call us today at 800-999-6608! We have agents standing by to help you from 8 am to 10 pm, seven days/week.

If you are employed but struggling to make your mortgage payments on your investment home, there is good news.

The revamp to the Home Affordable Modification Program (HAMP) not only triples the monetary incentives the government pays to lenders to reduce loan balances on underwater mortgages, but eligibility will be extended to investor-owned homes that are used as rental properties.

“Treasury will expand eligibility to include properties that are currently occupied by a tenant as well as vacant properties which the borrower intends to rent.”

- Read the announcement on Treasury.gov

Provided this program works, it’ll help a lot of landlords!

We’re following it and will keep you posted. For help finding the right lender, contact us now at broker@624home.com

Why? Between legal issues with lost and forged documents, and an aggressive push to work with homeowners willing to ‘short sale’, most banks simply didn’t file as many foreclosures this year.

Is last month’s 50% increase in foreclosure filings in Palm Beach County a new trend?

Most people agree it signals the start of a new wave of foreclosures that will continue throughout 2012. The demand to buy most foreclosures has been extremely strong this year. While that trend continues, the impact on our market values should be minimal. The rest of the world knows that South Florida doesn’t go on sale very often, and they’re scooping up deals as quickly as they become available!

There’s a few problematic areas and developments that should be avoided due to high crime or horribly managed community associations. Each week we’re meeting foreign investors who have just bought ‘great deals’ on the assumption that they’ll rent easily. We’re then given the task of explaining that they bought in terrible communities that will be really hard to rent! What’s the solution? Buy your investments from an investment management company like ours!

I’ve been following real estate trends in our areas since Jimmy Carter was president, and I KNOW what to buy – and what to AVOID like the plague! Don’t buy somewhere else and then come see us – buy here today! Our staff of well trained agents and managers is busy helping smart investors acquire and manage portfolios of profitable rental properties, and we’re ready to help you too.

To learn more and tailor your investment strategy, contact me at 1-800-999-6608 or at Investment Opportunities in Palm Beach County.



Further reading: Palm Beach County Foreclosure Filings Up 51 Percent Last Month