Rent Monitor - Rental property software tips & tricks

What You Rent for the Money

deanna — Thu, 02 Sep 2010 19:22:27 +0000

In this series of posts, RentMonitor features different rental properties across the country based on HGTV’s What You Get for the Money. From the garden apartment in Chicago and the studio space in New York City to the guest house in Boulder and the beach cottage in Santa Monica, we will show you What You Rent for the Money.

So what can you rent for $1500/month in Boston, MA, Minneapolis, MN and Atlanta, GA?

Boston, MA - Renting for $1500/mo this spacious corner two bedroom apartment has 1200 sf and two full bathrooms.

Located in Brighton, this rental features wall-to-wall carpet, a large living room, built in A/C, and a modern kitchen with full size appliances. Heat and hot water are included in the rent. There is also on-site laundry and off-street parking for one car.

Minneapolis, MN – In Minnesota, $1500 each month can rent a 2500 sf single family house with four bedrooms and two bathrooms.

Conveniently located an easy bike ride to the University of Minnesota, this airy home features a garage, in-unit laundry, central air, huge yard with deck and beautiful kitchen with a dishwasher. The tenant is responsible for all utilities.

Atlanta, GA - This condominium rental has three bedrooms and three bathrooms in 2000 sf for $1500/mo.

This large condo has a sunroom, den, wood-burning fireplace, open kitchen and one carport space. The complex features several common amenities and the location close to Georgia State and Georgia Tech makes it an easy commute for students. All utilities are included with the exception of electricity.

These rentals were chosen from the thousands that are listed online through Internet Listing Services. RentMonitor’s rental management software makes it easy to create a unique webpage for each of your rentals and post it online to the most popular sites. Email deanna [at] rentmonitor [dot] com if you have a property for rent you would like to have featured on the next What You Rent for the Money. Or let us know if you have a location you would like featured in the comments below!

Should I refinance or start investing?

deanna — Fri, 27 Aug 2010 02:09:29 +0000

We recently received a comment on the RentMonitor blog stating “What I’d love to hear from you guys is how you feel about refinancing loans on condos. When’s a good time and what you should look for when doing so”. I will admit that we do not feel RentMonitor is qualified to give financial advice. We are an online property management software for landlords that is built on our understanding and years of experience in the property management field. That said, we do think that financial advice is important so we looked up some information on the refinancing and new investment and here’s what we found.

QuickenLoans.com holds the belief that now is a good time to refinance while interest rates are low. “When interest rates fall, refinancing the mortgage on your investment property becomes very attractive because refinancing offers ways to leverage the equity in your property, lower your monthly payment and increase your cash flow.” The benefits they list include:

Increase Your Cash Flow – If you can lower your monthly mortgage payment by refinancing, you can increase your cash intake each month.
Upgrade Your Property and Raise the Rent – You can use the equity you have built up in your rental property to fund improvements. An upgraded rental will enable you to raise the rents and boost your cash flow.
Buy An Additional Investment Property – You can use a cash-out refinance from your investment property to invest in more real estate.

An Ezine Article by KISCL offers 4 tips to get the best refinance rate possible.

Tip #1: Do Your Homework – Rates change constantly, but if you educate yourself a bit you can better judge the quote you’re given.
Tip #2: Use a Mortgage Broker – Brokers have access to thousands of lenders and programs to choose from.
Tip #3: Buy Down – This is also called “paying points”. It might cost a bit more at closing, but could save you much more over the life of the loan.
Tip #4: Negotiate – Mortgage rates and fees are always negotiable.

And lastly, an article on MSN Real Estate contributed by BankRate.com gives several reasons why now is a great time to invest in a rental. The article states that the combination of low house prices and low interest rates makes this the best time in years to become a real-estate investor. They offer these five tips for first-time investors.

Know your options – Not all investment properties are the same so you should determine what type best fits your strategy.
Partner with experience – Look for a real-estate agent experienced in investment property deals who can help you.
Look for the right location – Homes in high-rent or highly populated areas are ideal as you will have more potential renters.
Have capital lined up – It is best to speak with financial lenders early to see if you have the assets to handle the ups and downs of investing in real estate.
Build a supporting cast – Start building relationships with maintenance individuals, a real estate attorney, and other real estate professionals so you are ready to handle challenges as they happen.

We hope this information is helpful for those of you that are looking to refinance and those of you that are looking to start investing in real estate.

Landlord Tip

deanna — Mon, 16 Aug 2010 21:52:21 +0000

As a landlord, try to keep your expectations reasonable. Have the goal of positive cash flow, but don’t expect to be purchasing a new yacht, plane or whatever at year’s end. If you keep your expectations in check, you won’t be tempted to raise the rent and push out good tenants.

What You Rent for the Money

deanna — Wed, 21 Jul 2010 05:12:27 +0000

So what can you rent for less than $1000/month in Seattle, WA, Las Vegas, NV and Tampa Bay, FL?

Seattle, WA - A completely remodeled and upgraded one bedroom luxury condominium rents for $950/month in the Northgate area of Seattle.

This apartment has 675 sf and features a gourmet kitchen with black granite counters, eating bar, stainless steel appliances and custom cabinets. The sliding glass doors off the living room lead to the deck and landscaped grounds.

Las Vegas, NV – Centrally located in Las Vegas, this one bedroom apartment has 800 sf and an ideal Las Vegas location. This luxury apartment, which rents for $795/month, offers walk-in closets, upgraded appliances and an in-unit washer and dryer.

The community includes a full spa, business center, clubhouse, state-of-the-art fitness center, and pool.

Tampa Bay, FL - This large 860 sf one bedroom rents for $700/month and features an extra large living room and dining room with bright garden patio. The bedroom has a walk-in closet with private bath area and separate vanity for dressing.

The apartment community includes a swimming pool, covered parking, shared clubhouse, on-site laundry, and tennis courts.

What You Rent for the Money

deanna — Sun, 11 Jul 2010 00:50:08 +0000

Based on HGTV’s What You Get for the Money series, RentMonitor will be featuring different rental properties across the country. From the garden apartment in Chicago and the studio space in New York City to the guest house in Boulder and the beach cottage in Santa Monica, we will show you What You Rent for the Money.

So what can you rent for $2000/month in Boulder, CO, Austin, TX and Des Moines, IA?

Boulder, CO - Just a few minutes walk from downtown Boulder, Pearl Street and the Flatirons is this beautiful 2 bedroom/2 bathroom condo in the historic Mapleton Hill neighborhood.

This four-level home features exposed brick walls, hardwood floors, gas fireplace and in-unit washer and dryer. The two bedrooms offer ample closet space with a separate deck located off of the master bedroom. There is an additional private patio along with a shared courtyard. Off-street parking is also available.

Austin, TX - Downtown living in Austin includes funky shops, creative cuisine and is famous for its live music. This 2 bedroom/2 bathroom loft, located in the heart of it all, boasts 1300sf of living space. The apartment features 10-foot ceilings, in-unit laundry, a private balcony, and scored concrete floors throughout. The gourmet kitchen offers black appliances, cherry cabinets and granite countertops.

Building amenities include a state-of-art fitness facility, business center with conference room, and a center courtyard with swimming pool and wireless Internet.

Des Moines, IA – This like new 4 bedroom/3 bathroom home has 2-stories with a walkout basement. The first floor features a vaulted ceiling, formal dining room with hardwood floors, and a kitchen with stainless steel appliances. There is also an extra-large living room with a gas fireplace and laundry room.

The master suite, located on the second floor, offers an ensuite bathroom with a jetted Jacuzzi tub and double vanities. It also features a large walk-in closet with a custom organization system. Three additional bedrooms and another full bath are also located on the second floor.

Landlord tip

deanna — Thu, 08 Jul 2010 19:50:27 +0000

Start your relationship right by using software to screen prospective tenants. Run a credit report, background check & contact your prospective tenant’s previous landlord and current employer. It could save you from making a risky or bad decision. Your tenants will also respect that their neighbors have gone through the screening process as well.

Landlord Tip

deanna — Tue, 06 Jul 2010 23:11:20 +0000

Landlords, make sure to get a copy of your renter’s photo ID. Confirm that it matches the application & credit report of the person renting your property.

Landlord Tip

deanna — Wed, 30 Jun 2010 23:08:22 +0000

Landlords should keep three sets of photos for each rental unit. Your best set should be used for marketing vacant rentals – remember, first impressions count! The second set is used to document move-in condition and the third set is for documenting post move-out condition.

RentMonitor has a community blog!

deanna — Sat, 26 Jun 2010 03:50:14 +0000

Now, thanks to Grogger, you can contribute to the RentMonitor community by sharing your ideas and experiences about being a landlord with the world. Tell others what it’s like to be an independent rental owner, give property management advice or ask questions of other landlords. The community can read your post, leave comments, and vote it up in popularity. As it becomes more popular, it will be featured on the RentMonitor blog.

Check out the Community Submissions in the menu on the right and join in by clicking on the Contribute button.

So what are you waiting for? Start sharing and blogging about your property management experiences today!

Visit www.getgrogger.com to learn more about Grogger or to set up your own community blog.

Landlord Tip

deanna — Wed, 23 Jun 2010 23:16:34 +0000

When possible, do not collect rent in person. This allows you to avoid an opportunity for tenants to complain or make demands. RentMonitor allows you to automate your rent collection process so you no longer have to worry about getting the rent paid on-time each month.