Just read an interesting article from Rentals.com that discusses how landlords should attempt to save annually for repairs. 

Becoming a landlord doesn’t just mean worrying about keeping your property rented and to the right tenants. You also need to be sure you have budgeted for necessary repairs. Read the rest of the article for some tips on how to plan ahead for the inevitable repair bills. 

With Carolina Living Property Management, we strive to work with companies that will do repairs with quality workmanship and for the best price.  Our standard agreement allows landlords to specify at what amount we are allowed to get items repaired without prior approval.   

We keep the tenants happy and the property in good shape but you control at what cost.

Contact us and let us know how we can help you with your Charlotte Area Rental Property.

Charlotte Property Management update:

As a property manager it is our job to be aware of the rights of our homeowners but also be aware of the rights of our tenants.  While we represent the homeowner in our management agreements, it is important to understand what recourse our tenants have in cases where the homeowner is in trouble of financially.

First, as of Oct. 1 2007, any loan servicer acting for the mortgagee  or trustee who is foreclosing on residential must send by first class mail a notice of foreclosure sale to all tenants at least 20 days prior to sale date. If tenant name is not known, the notice must be sent to occupant.

The rules changed dramatically on May 20, 2009, when President Obama signed the “Protecting Tenants at Foreclosure Act of 2009.” This legislation provides:

 Leases would survive a foreclosure — meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days’ notice before having to move out (this notice period is longer than any state’s non-foreclosure notice period, a real boon to tenants).

The law permits (with one exception noted below) all tenants of residential real property under a lease entered before the the issuance of a notice of foreclosure on the lease property may continue to occupy the lease premises until the end of the lease term.

There is one excpetion to the tenants right to keep possession under the pre-existing lease.  If the purchaser at foreclosure will occupy the lease property as a primary residence, then the tenant’s lease may be terminated with 90 days notice to tenant.

What defines and amateur real estate investor?

1. They look for the easy buck.
2. The outbid the real market because ‘everything is going up’
3. They have no exit strategy
4. They do very little real analysis

When amateur investors get in and buy too high, it creates a false market.  Amateurs usually do not have cash flow which sets up a downfall or ‘crash’.  When this crash occurs the amateurs usually have to sell off at a loss.  This is when the experienced investors step back in and buy cheap. 

Bottom line is don’t be an amateur.  Hire good advisers (real estate agents, lenders, inspectors etc.) and make sure you have cash to sustain you during the down times.  Real Investors buy and hold and then buy up with tax exchanges or cash from other investments. 

Let us manage your investments today and advise you on what the good buys are for todays rental market and tomorrows selling market.

I was reading a book by Donald Trump, “The Best Real Estate Advice I Ever Received” about real estate investing and came upon a chapter talking about success in Real Estate investing.

Since we represent numerous investors in the Charlotte and Lake Norman areas, we felt ti was appropriate to share these real estate tips.

Buy and Hold – While flipping is what many investors try, it is risky business.  Wealth is not usually made overnight in Real Estate.  Buying and holding can create bigger long term gains.

Don’t sell, do a 1031 Tax Exchange – Many real estate practioners advocate that when you want to get out of an investment, trading up is the way to go.  Using a 1031 Tax Exchange will defer your tax gains and save you money and will allow you to buy the next property you want.

Cash Reserve Trumps Cash Flow – Having both is the optimal situation but logic tells is that cash reserve eases of the pain of vacant properties and needed repairs.  Having to deal with vacant properties or repairs have led to many many foreclosures and does not lead to wealth.

Hire Carolina Living Property Management.  Ok we changed that one a little bit but one of the tips did mention hiring a property managment company you can trust.  We feel we are that company!

Carolina Living Real Estate, established in 2004 is expanding and offering so much more for agents and clients.

Re-created with the goal of being THE leading technology focused real estate company in the Charlotte and Lake Norman areas. We are the only company with numerous websites and blogs focused on consumers in different areas of the Charlotte metro area.

Not only do we build Internet sites to advertise all our clients properties, we also teach our agents how to also advertise properties with search engines in mind.

Also, with buyers in mind, our websites are easy to navigate and find all the information they will need to make an informed decision.

Check out some of our websites:

Carolina Living Real Estate

Lake Norman Communities

Find Charlotte and Lake Norman Homes For Sale

Carolina Living Property Management provides a comprehensive package of property management and maintenance services to our client’s property throughout the Charlotte region. Our goal is to make the ownership of investment properties both profitable and worry-free. We know the concerns that all owners have, and handle each and every property as if it were our own.

How we assist investors with their real estate investments.

• New Listings for Properties to Purchase Delivered to you Daily
• Arranging Financing for Investment Property Purchases
• Aggressive Marketing of your property For Sale or For Rent
• Prospective Tenant Interviews and Screening
• Security Deposit and Rent Collections
• Maintenance Services
• Equity and Cap Rate Analysis on your current Investment Property Portfolio

If you would like a financial analysis of your current properties, don’t hesitate to let us know. It’s free!

Please call us for a list of investment properties currently for sale at (704)-746-3937. You may also email us at info@YourCharlottePropertyManagement.com