Metropolitan Updates

Real estate recovery in 2014

Metro — Wed, 13 Oct 2010 22:42:03 +0000

Group of experts gathered together Friday morning and annoced Arizona real estate will recover but not untill 2014. It will be a slow proccess but it will reach a point of normalcy. Housing analyst R.L Brown states that with the lack of consumer confidence and job growth people are scared to get involved with the real estate market. As time has gone on there is many lessons to be learned from this battered real estate market. The recovery might be slow but there will be one.
For more information go to: http://tinyurl.com/357u7g5

Internet transforming the real estate industry

Metro — Mon, 11 Oct 2010 22:42:21 +0000

Craigslist and the internet have influenced the real estate industry in a great way. Thanks to the internet home salaes have increased to foreign buyers. With the easy access to internet future buyers can browse and search through property information and pictures. Craigslist has had a huge success in the real esate industry. Realtors can post there house listings and future buyers can go into more detail with the realtors if interested. For fifteen years the internet has been going strong with the real estate industry and to this day still is.
To read on go to: http://tinyurl.com/26a7u7b

Mortgage relief on the way for Arizona homeowners

Metro — Fri, 08 Oct 2010 00:17:21 +0000

Wells Fargo has agreed to provide more then $150 million in mortgage relief to homeowners who obtained the adjustable-rate loans through Wachovia Corp. and Golden West Corp. This agreement provides $86 million in loan-principle forgiveness for Arizona homeowners. Mike Heid, co-president of Wells Fargo Mortgage, said the mortgage relief would benefit the community. Having said this Arizona led an investigation joined by Colorado and many other states to see why they were dealing with higher loan balances then they expected. Half of Arizona mortgages are “underwater” annonces Goddard.
To read on go to: http://tinyurl.com/26wsdam

Glendale landlords paying for tenants overdue utility bills.

Metro — Tue, 05 Oct 2010 23:28:02 +0000

Glendale rental property owners are now being held responsible for overdue utility bills tenants have failed to pay. With unpaid fees for water, sewer and trash Glendale has enforced landlords to pay up for the overdue bills. Landlords aren’t to pleaced with this enforcement calling it “ridiculous” and a world of hurt towards Glendale. Other alternatives have arised but for now this enforcement will continue.
For further information visit

Canadians on the move

Metro — Thu, 30 Sep 2010 23:32:15 +0000

Canadians have made a move to Arizona! Where the weather is warm and the housing is cheap. With the pricng of homes dropping 50% Canadians have tooken advantge of their strong dollar and made the move to Arizona. Canadians have surprised us all by making up a larger share then California buyers eight of the nine past months. Canadians have seem to fallen in love with the all year round sport, weather and the comfort of knowing the chances of a natural disaster are low.
For further information check out: http://tinyurl.com/257b6t5

Tips to Being a Successful Landlord

Metro — Wed, 09 Dec 2009 16:30:07 +0000

Metropolitan Property Management

Got tenant problems? If so, Marco Santarelli from Norada Real Estate has some tips on being a successful landlord . . .

The ultimate goal of investing in rental property is to turn a profit. To ensure that you achieve that goal it is essential that you follow several critical guidelines.

First, always make sure that you check tenant references. This can be a burdensome step and many landlords overlook it because they feel as though they have good instinct when they meet with the tenant. But, not checking references can lead to a number of problems later on. You will uncover a wealth of information about potential problems before you rent to a prospective tenant.

Second, make sure you have everything in writing. This is to protect your rights as a landlord as well as the rights of your tenants. Everything from the code of conduct you expect your tenants to abide by while renting your property to the rental application itself must be in writing.

Third, you will find that you have better success with your rental property if you take the time to ensure that it is both secure and clean. The grounds of the property should be free of litter and trimmed regularly. Not only will the property be more visually appealing, but these actions will also assist you with property liability. You will also want to take additional security measures. Extra security may be able to lower your insurance premiums as well as provide an incentive to quality tenants to rent your property when they know it is secure.

If you decide to hire a property manager, take the time to interview prospective candidates very carefully. Property managers can be very helpful if you don’t have the time to manage the property yourself. This is especially true if your property is a long distance away from you. The wrong property manager can cause you problems with poor tenant screening and delayed lease up times. This means that you will need to hire a thoroughly responsible and professional individual to handle the job. Always ask for referrals.

Always make sure that you obtain adequate insurance. Not only should you have property insurance but you should also have liability insurance. One incident is all it takes to wipe out your investment. Also, check with your state to determine if any additional insurance coverage is required.

Regardless of the condition the property was in when you purchased it, there will come a time when repairs are needed. This is part and parcel of owning rental property. If you take too long to make repairs, not only will your property suffer and repairs ultimately cost more but you will also likely lose quality tenants as well. By making sure you handle repairs promptly you will be able to maintain the life of your property as well as retain good tenants.

Always make sure that you follow all applicable regulations in the renting of your investment property. The Fair Housing Administration Act provides precise regulations in order to prevent discrimination. If you violate those regulations you could find yourself facing a lawsuit that is costly in terms of time as well as money. The best course of action is to take the time to do your homework and consult an attorney experienced in real estate matters for guidance regarding the FHA as well as ensuring that you have the proper forms. Good property managers will already be versed in these regulations.

Finally, make sure that you do not violate the privacy of your tenants. Check with your state’s regulations to find out whether you must provide any type of notice to your tenant before you enter the dwelling.

Following these guidelines will help you to retain good quality tenants and avoid any potential legal problems. After all, happy tenants make for happy landlords!

Holdovers

Metro — Tue, 03 Nov 2009 00:04:13 +0000

A holdover usually occurs when the renter has given a notice to vacate and then stays. As a landlord, you may already have a new renter ready to move but now can’t because of the holder. You will end up evicting the holdover but should ask for damages to cover temporary housing for the new tenant as well as storage cost for their items. The issue is whether or not the resident’s failure to move is willful and not in good faith. You need to take appropriate action to regain possession of your rental, plus rent owed, court costs, and attorney’s fees.

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Fair housing complaint may not be fair

Metro — Tue, 27 Oct 2009 23:32:09 +0000

Every few years, private organizations receive federal subsidies to monitor fair housing compliance and engage testing. One group in particular, from time to time, files standard form, non-specific complaints against housing providers claiming discrimination. State and local agencies should reject them as being too vague to respond to. However, since the agencies received federal money for each filed complaint, they have incentive to accept them. The private agency filling them insists on payment for its efforts. Since most housing providers will give in and pay a few hundred dollars to make the complaint go away, the agency has an incentive to keep filing them. This is an abuse landlords have been living with for years and probably will have to continue living with.

~Thanks to Andy M. Hull, Attorney-at-Law

Patience pays

Metro — Mon, 12 Oct 2009 23:09:21 +0000

It looks like a great buy; affordable with curb appeal. However, you may want to re-think. Close to 128,000 ARM loans have yet to reset and recast in Arizona, with the mortgage holder now having to start paying the actual mortgage and deferred interest. Banks are holding approximately 45,000 homes off the market so as not to completely devastate prices. The foreclosure rate has accelerated in more centrally located, often pricier neighborhoods while slowing down a bit in newer, more remote communities where the foreclosure floodgate burst in late 2007.

What to look for now?

Sometimes it’s better to sleep than to burn out

Metro — Sat, 10 Oct 2009 00:54:32 +0000

The Arizona Republic had an interesting article in this past Sunday’s paper discussing the new reality for managing your own investment property. Click here to read it.

As you purchase property as an investment the big question is “How to generate enough revenue to cover your costs and even provide a profit?” If you try to manage your property on your own you will have a lot of things to keep up with. You have a business to run, marketing for new tenants and the simple day-to-day problems of managing property. But those aren’t your nightmares. No, your nightmares are a lot more unpredictable…and expensive.

Maintenance Issues
Lawsuits
Dealing with a Problem Tenant

These issues account for a lot of the lost sleep property owners can experience these days.

A professional property management company will have better renter selection, including background checks, and pre-screening. Maintenance contracts will save you not just money but stress & headaches. Rental listings are taken care of, and usually reach a larger audience. Property Management fees are usually considered a tax deduction.

Don’t try to do it all on your own. Use a professional property management services and spare yourself the nightmares. You will sleep much better!

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