Ardon44's Blog

Tired Kitchens Are Hard To Rent – part two

Don Austin — Mon, 20 Jul 2009 17:47:58 +0000

Tired Kitchens Are Hard To Rent – part two

So back to your kitchen that needs some lipstick and rouge. Next, look at your budget and available cash. Don’t charge a major kitchen remodel if you have no way to pay for it. Look for a few basic things that will give the kitchen a spark and get you by for now.

· A new sink and faucet may be all you need to give it some dazzle.

· How about new cabinet hardware… you may not even need hinges… just knobs or pulls to make a noticeable difference.

· Paint is the landlord’s best friend. Try a new trendy color or maybe just an accent wall with new color.

· Unless you have really nice rentals, you are probably fine with laminate countertops (better known as Formica) and it isn’t expensive. Here’s one of my favorites: VT Industries Futura Terra Roca from Home Depot , a pleasant color with some style. Just because it is a rental doesn’t mean it has to be white!

· Sometimes just updating a light fixture is enough. I found an amazing chandelier on the clearance rack at Lowe’s… marked down from over $200 to $30. My tenants love it!

· Check out my recent blog on purchasing new appliances.

GE’s website offers a kitchen design feature that is fun. The current GE Café Do-It-Yourself Remodel takes you to an ‘80’s kitchen that is crying for remodel. Click for updates and it reappears as a stunning kitchen… they changed… hardware on cabinets, backsplash from wallpaper to tile, flooring and appliances… no floor plan or cabinet changes.

Putting some cheer into a drab and dated rental kitchen will pay off.

· Evaluate needs

· Bargain shop

· Use your imagination… but leave room for the tenant to bring in their own touches, colors and personality.

Please send your questions on rental remodeling. We have a TON of experience in this area and would love to help you out.

Thanks!

B

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Greening Your Stimulus Package

Don Austin — Sun, 26 Apr 2009 00:02:26 +0000

Investing your stimulus monies in “Energy Star” compliant upgrades to your property might be the most profitable spending you can do. Upgrading your energy consuming and energy saving systems will save you money over the long term in utility costs and tax credits are available.
Federal tax credits up to 30% of costs, with a $1500 cap, for 2010 are available on specific “Energy Star” rated:
o Windows & Doors
o Insulation
o Roofs (metal & asphalt)
o HVAC
o Water Heaters (non-solar)
o Biomass Stoves
Also available are federal tax credits up to 30% of costs, with no upper limit through 2016 (for existing homes and new construction) for:
o Geothermal Heat Pumps
o Solar Panels
o Solar Waters Heaters
o Small Wind Energy Systems
o Fuel Cells

On a state level you will find the database at DSIRE (Database of State Incentives for Renewables & Efficiency) helpful with a collection of sources for rebates and credits.

Qualifying an Applicant For Tenancy – part 2

Don Austin — Fri, 24 Apr 2009 15:09:17 +0000

Evaluating your response to the potential tenant after initial contact:
Did the applicant have difficulty responding to any of your questions? Was the conversation polite on both sides (your phone etiquette is important too!). What was your impression…good, bad or indifferent? Your initial impression will often determine your relationship with the applicant. If your initial impression is negative now is the time to terminate the interview.
At the end of the phone conversation you should be prepared to make a decision to offer to show the property or to withhold the offer. If your initial impression leaves you uncomfortable by all means do not offer to show, you may occasionally lose a good tenant but overall you will be happier passing up questionable applicants.
Showing the property:
Meeting an applicant for a showing is an important step in your evaluation. First impressions are important to both parties. The applicant needs to be assured of your character equally as much as you do of his/her character.
Observe the details of the applicant: appearance, manner and attitude.
The attitude of the applicant should be a major concern for the landlord. If the applicant is polite and respectful of both you and the property he/she may well remain so as a tenant. Did the applicant offer criticism of the property? Was the criticism valid or being offered as a point of negotiation?
The concluding action of a showing should be an offer to rent by the applicant. Is the applicant ready to make that offer, is he/she ready to make a deposit and complete the application process?
Landlordlifeline.com

The Art of Being a Landlord – 042309

Don Austin — Thu, 23 Apr 2009 15:12:11 +0000

• Maintaining a professional distance with a tenant is a must. No matter how much you may personally like, or dislike, the tenant the landlord/tenant relationship is a business proposition and must be kept as such.
• The line must be drawn between the business and personal sides of the landlord/tenant relationship.
• To help make that distinction there are tangible aids such as a high quality lease/rent agreement and clearly stated articles of conduct and maintenance.
• Common sense and experience are silent partners that are employed by most landlords.
• Experience comes in leaps and bounds when dealing with the public, no one denies that. Common sense can be grown if you let it.
• When you’ve come through a crisis situation with a tenant you need to look back and think about what occurred. Could you have done something differently that would have alleviated or avoided the situation at an earlier stage?
• Would a minor change in the wording of your lease/rent agreement or application have avoided the problem from the beginning?
• Did you let your personal personal relationship with the tenant override your business sense, a lapse in your personal business persona?
• Common sense is not necessarily something you are born with, though that might be a big help, but rather something acquired through the use of time spent in reflection, reviewing that which might have happened and that which did happen.
• The result of that reflection is called the “benefit of experience” and allows you to employ what other people are going to call common sense.

LandlordLifeline.com

Qualifying Applicants for Tenancy – part 1

Don Austin — Tue, 21 Apr 2009 22:18:15 +0000

Initial contact with applicant:

Initial contact of the Landlord with potential tenants is usually by phone or, in today’s markets, by e-mail. Your first response needs to cover the rent and security deposits being asked and, if such is the case, should include the fact that credit and background checks may or will be run. Be up front about smoking/non-smoking policies and save yourself and the applicant time and effort. Also explain pet policies: size, number & location (indoor/outdoor.)

Data that should be collected by you at first contact will need to include:

1. Name(s) and phone number(s)
2. Number of occupants to be expected, including number, names and ages of children.
3. Ask for former landlord information: phone, e-mail address or street address.
4. Ask why they wish to move.
5. Ask when they would expect to occupy the property.

Free Residential Rental Application form is available at LandlordLifeline.com

The Art of Being A Landlord – 042009

Don Austin — Mon, 20 Apr 2009 18:16:29 +0000

• On any given day the average landlord must deal with a problem tenant, a problem applicant or, at the very least, a tenant with a problem.

• How you cope with these situations will dictate the response you receive from your tenants.

• Fair and professional conduct is expected of you and only that will be respected.

• Avoid the dictatorial and be willing to afford compassion within the bounds of reason.

• You must be willing to take responsibility for your actions and we all know that there are too many lawyers willing to take up your time and money to prove it.

LandlordLifeline.com