I meet with homeowners considering the option of renting their homes on a weekly almost daily basis.  There is a consistency in what they fear most.  Here is a list of these questions and how we, at Carolina Living Property Management, answer these concerns.

One disclaimer I will make and I communicate to every homeowner considering this option.

There is an inherit risk with renting your home.  No one can watch the home on a daily basis to prevent damage from happening.

Having said that, here are the questions asked most frequently.

What happens if the tenant does not pay rent?  The rent is due by the 1st and late after the 5th.  When the rent is late, we send a letter to the tenant  stating that eviction proceedings will begin within 10 days.  At that point we use our attorney service to handle the eviction to make sure it is done correctly.

What can I do about and/or how do we prevent damage done to the home?  There is nothing that can be done to 100% prevent this from happening.  Carolina Living tries to do a good job with background checks and meeting the applicants to ward of inconsiderate questionable people.

How is rent collected?  We encourage our tenant to allow us to debit their account directly.  We also allow tenants to mail us a check.  Sometimes we encourage our homeowners to offer a incentive with rent reduction for those that allow us to debit the account.

How do I get paid?  We wire transfer rent proceeds to our homeowners accounts.

Who is responsible for HOA dues? The homeowner still has this responsibility.

Who maintains the yard?  Every tenant is required to sign a maintenance agreement which includes yard maintenance.  Some homeowners choose to maintain the yard themselves which is fine.

Will you visit the home?  Yes,  We drive by the home periodically.  If we feel the need to enter the home we will do this at the 6 month interval or if it is brought to our attention that the maintenance is in question.

How do I determine how much my home will rent for? Carolina Living will do an analysis of previously rented homes in the homeowners area and help with determining a price.

Should I allow a tenant to bring a pet?  This is a personal decision.  We tell our homeowners that eliminating pets eliminates about 60% of potential tenants.  Some say the amount is really 75% but our experience puts it at about 60%.

How do you advertise for a tenant?  We are huge advocates of using all things Internet.  Our listings can be found on many websites including the site we pay extra for: RentalHouses.com

What are your fees?  Are there any upfront costs?  We charge a 8% management fee and we do not change any up front fees!

How are repairs handled? We have a relationship with a handy-man service that has experts in all the major fields of service (HVAC, Plumbing, Electric…).  However if our homeowners have their own handy many or service, we will call them instead.

What kind of insurance do I need?  You need to call your insurance agent and tell them of your intention of renting.  The type of insurance will change from the typical homeowners insurance.  Your agent can guide you in this process but we have been told that the cost is about the same.

Contact us if you have additional questions about Property Management in the Charlotte and Lake Norman areas.

Charlotte Property Management By Carolina Living Property Management

It’s the beginning of a new year, and as resolutions are being made, those of us that manage properties continually research ways to better manage our clients investment, decrease expenses and increase revenue. One of the highest expenses to Landlords comes in the form of a non-paying tenant. Smart property managers know that holding tenants accountable for timely rent payments is best way to ensure their revenue remains strong and consistent. Now that the holiday season has passed, you may have a tenant or two (or three, or four, or five…) that have fallen short on their rent payments for various reasons. While we all understand financial hardship, it is time to think logically about who can help you with your investment and what these tenants mean to the bottom line.

Consider the following:

• Will they ever catch up? Once a tenant falls behind in paying their rent for one month, the likelihood that they will bring their balance to $0.00 and become current on their rent payments is low. Letting a tenant slide on making payments on time only encourages additional delays.

• What are you really sacrificing? Every month that you allow a late paying tenant to continue occupying their unit, you are incurring the opportunity cost of having a paying tenant in the unit. For example, if you charge tenant A $500 a month for rent, which goes unpaid, you are essentially loosing $1000 that month; $500 from tenant A and $500 from a tenant that could occupy the space and pay their rent.

• What kind of message are you sending to other tenants? Allowing late paying tenants to stay sends a negative message to your tenants that are diligent and responsible in paying their rent on time. Word travels fast, and tenants do talk to each other. Why should I pay my rent on time if others do not and there are no consequences?

• Can I evict the tenant without the headaches? Evicting a tenant can be a quick and painless procedure when done the correct way. Investing the time and money into a proper eviction is a worth-while investment to any Landlord.

We now partner with Nationwide Eviction to streamline the process of evicting troublesome tenants.  Not only do they provide library of state eviction laws for quick reference, they have a stable of attorneys to help get the process going correctly!

Are you and investor trying to decide whether to try and flip your home or rent it?
Are you a homeowner with a home they can sell?

Well Renting might be the answer!

Is the rental market good? I’ll Say!

During 2010 there have been 8094 homes rented according to the Charlotte Area MLS and this does not include the homes rented without a Realtor.

The average rental amount was $1336.00.
The average Days on the Market was 68.

For Carolina Living Property Management.

We rented 17 homes during 2010. ( Note we purposely keep our inventory low).
Our average days on the market was 46 days.
Our average rental amount was 46.

We manage homes from:

• South Charlotte To Lake Norman.
• Kannapolis and Harrisburg to Gastonia.

Houselogic is a website created by the National Association of Realtors and provided this information for us.

Writing off rental home expenses
Many rental home expenses are tax deductible. Save receipts and any other documentation, and take the deductions on Schedule E. Figure you’ll spend four hours a week, on average, maintaining a rental property, including recordkeeping.

Here are some of the most common deductible expenses for rental homes, according to the IRS. You can usually take these write-offs even if the rental home is vacant temporarily. In general, claim the deductions for the year in which the expenses are incurred:

• Advertising
• Cleaning and maintenance
• Commissions paid to rental agents
• Homeowner association/condo dues
• Insurance premiums
• Legal fees
• Mortgage interest
• Taxes
• Utilities

Read the rest of Tax Deductions For Rentals.

Located in Huntersville, this is a dream rental.  Exclusive Gated Community!

North Charlotte homes for rent

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