Whatever the reason, letting out real estate demands real estate management and real estate management is not an easy job for everyone. In fact, a lot of people find it so much of a hassle that they prefer keeping their property vacant instead of renting it. Real estate management demands time, which you will rarely have. Real estate management is not just about finding tenants and collecting rent from them. Real estate management is also about ensuring that you do all the duties that a landlord/landlady is required to do.

Real estate management is about verifying the credentials of the tenants before you actually let out your property to them. Real estate management is about ensuring that all the paper work is complete and correct i.e. the tenancy agreement etc are properly done. Real estate management also requires you to do repairs as and when required. Real estate management activities also include maintenance, painting, polishing etc of the house when the tenants move out and before the new tenants get in.

Real estate management is not that easy a job for someone who is in a full time job. However, there are two solutions to this problem. 

The first is hiring a real estate management firm to do all these activities on your behalf.  This will mean that your income will be significantly reduced due to the commission/ fee charged by the real estate management firm.  A small price for the convenience that a real estate management firm brings to you?  However, it’s important that you choose the real estate management firm carefully. There are all kinds of real estate management firms out there (good and bad). You must check the references of the real estate management firm before you actually hire them for the job. A good real estate management firm will not only keep your property occupied at all times but will also ensure that you always receive the rent in time and without any hassle.

The second is to use an online property management system.  Online property management software will keep all your records in one place, automating your records and paperwork.  You can verify a prospective tenant’s credit, list your property when it becomes vacant, keep all financial information up to date and give you easy access to all tenant and vendor contact information – some online property management systems will even offer you the freedom of receiving online rental payments.  These systems are usually available for a small monthly fee, thereby decreasing your expenses, increasing your cash flow and maximizing your time.

Commercial real estate includes a lot of different kinds of properties. Most people relate commercial real estate with only office complexes or factories/ industrial units. However, that is not all of commercial real estate. There is more to commercial real estate. Health care centers, retail structures and warehouse are all good examples of commercial real estate. Even residential properties like apartments (or any property that consists of more than four residential units) are considered commercial real estate. In fact, such commercial real estate is much in demand.

Is commercial real estate really profitable? Well, if it were not profitable I would not have been writing about commercial real estate at all. Commercial real estate is profitable for sure. The only thing with commercial real estate is that recognising the opportunity is a bit difficult as compared to residential real estate. But commercial real estate profits can be real big (in fact, much bigger than you would expect from residential real estate of the same proportion). You could take up commercial real estate for either reselling after appreciation or for renting out to, say, retailers. The commercial real estate development is in fact treated as the first sign for growth of residential real estate. Once you know of the possibility of significant commercial growth in the region (either due to tax breaks or whatever), you should start evaluating the potential for appreciation in the prices of commercial real estate and then go for it quickly (as soon as you find a good deal). And you must really work towards getting a good deal. If you find that commercial real estate, e.g. land, is available in big chunks which are too expensive for you to buy, you could look at forming a small investor group (with your friends) and buy it together (and split the profits later). In some cases e.g. when a retail boom is expected in a region, you might find it profitable to buy a property that you can convert into a warehouse for the purpose of renting to small businesses.

Commercial real estate presents a whole plethora of investing opportunities, you just need to grab it.

1. Property dispute: This is one scenario where real estate attorneys are obviously the most involved. Not only do they try to get these property disputes resolved (by litigation or otherwise) but also help to get rid of the property (in certain cases) by selling it off and using the amount received for settlement.

2. Tenancy disputes: A real estate attorney also helps in resolving the disputes between tenants and landlords.

3. Settlement of property on account of death: Sometimes real estate attorneys also handle the property of the deceased. Here they sell off the property for settling it among the heirs.

4. Divorce settlements: Again real estate attorneys help in the settling of the jointly owned properties and the divorce settlement in general.

5. Don’t want a broker: Some people are just not comfortable with hiring a broker to sell their property, and hence they entrust this with real estate attorneys (some real estate attorneys do take this up).

6. As advisors/consultants: A lot of attorneys also work for real estate investors. In fact, hiring a real estate attorney is a very good option for a real estate investor. A real estate attorney can really make the transactions smooth for the investor. A real estate attorney will not only get it done correctly, but also quickly. And for a real estate investor time is very important since he can spend the time saved due to hiring a real estate attorney, into looking for really good deals.

7. Information provider: Some real estate investors use real estate attorneys as a rich source of information especially for getting the information about the properties that are up on sale due to disputes or settlement procedures. Here the real estate investors try to gain advantage by getting the information earlier than others (and they do sometimes get very good deals in this way).

Real estate investing is really an art and, like any art, it takes time to master the art of real estate investing. The key, of course, is to buy at a lower price and sell at higher price and make a profit even after paying all the costs involved in the two (buy/sell) transactions. Generally, people are of the opinion that real estate investing makes sense only when the rates are on the rise. However, real estate investing for profits is possible just about any time (and as I just said, real estate investing is an art). Here is a list of tricks that can make real estate investing profitable for you:

1) Look for public auctions, divorce settlements and foreclosures (bank/FHA/VA): Since quick settlement is the preference here (and not price), you might get a property at a price that is much lower than the prevailing market rate. You can then make arrangements to sell it at the market rate over a short period of time. However, make sure that the property is worth the price you are paying.

2) Looking for old listings: The old listings that are still unsold may provide you with good real estate investing opportunities. Just get hold of an old newspaper and call up the sellers. They might have given up hope of selling that property at all and with a bit of negotiation you can get the property for a real low price.

3) The hidden treasure: A really old (and dirty) looking house may scare off buyers. But this might be your chance for real estate investing that can yield good profits. So, explore such properties and check if spending a bit on them can make them shine. You can get these at very low prices and make a big profit in a short time.

4) Team up with attorneys: There are a number of attorneys who handle property sales on behalf of sellers or in special circumstances (like the death of the property owner). They might sometimes be looking to dispose off the property rather quickly and hence at a low price. Be the first one to grab such real estate investing opportunities and enjoy the profits.

5) Keep tab on the newspaper announcements: Property sell offs due to deaths, divorce settlements, immediate cash requirements and other reason are frequently announced in local papers. Keep track of such real estate investing avenues.

• Landlord Training
• Trespass Affidavit Program
• Narcotics Eviction Program

The Safe Homes – Safe Streets Initiative has:

• Trained more than 450 Landlords
• Registered 422 Homes in the Trespass Affidavit Program
• Evicted 25 Problem Tenants
• Been asked to apply for the Innovations Award, heralded as the premier public-sector honor in the nation given annually to programs that serve as examples of creative and effective government at its best. The Award is administered by the Ash Institute for Democratic Governance and Innovation at Harvard University’s John F. Kennedy School of Government.

Why is this program necessary?

When a criminal decides to do his business in an apartment building, he deprives the existing tenants of their right to the peaceful enjoyment of their own homes. Drug dealers create loud foot traffic at all times of the day and night and can be physically intimidating. The result is that honest peace-loving tenants move out, leaving the landlord with reduced incomes and the tenants searching for new homes.

Who’s Involved?

The Safe Homes – Safe Streets Initiative involves a coalition of tenants, landlords, and law enforcement.
Specific participants include:

• The Office of the District Attorney
• The Albany Police Department
• United Tenants
• Albany Housing Authority
• Albany County Department of Social Services

Looking for documentation you can get it here

http://www.albanycountyda.com/initiatives/safe_homes.html

Renting residential or business property can be an extremely profitable business. There is a lot of money to be made buy renting apartments, homes, or business property out to renters. However, this enterprise can quickly sour if your tenants are unable to pay the rent each month or worse damage your property. If you are either currently a landlord or considering purchasing a property, it is important that you read up on how to be a landlord, and understand your rights.

If you own a piece of property that you are considering renting out, it is increasingly important that you know your legal rights as a landlord. Today, many landlords can get stuck with thousands of dollars of unpaid rent or legal fees because they do not know how to write an ironclad contract or don’t know their rights as a landlord. Here are some pointers on getting the information that you need to protect yourself.

There are numerous landlord guides which can be found in websites online or in e-book form. A well informed landlord knows his or her rights and obligations regarding subjects such as security deposits, rental applications, discrimination, repair responsibilities, rent increases, lease termination, and eviction notices. It is also vital to understand how to avoid potentially bad tenants using legal tools such as credit checks, background checks, and criminal checks.

These tools are just one way to protect yourself against renters that could possibly ruin your investment. You also need to learn how to write a strong contract, understand your tenants legal rights and obligations and how to watch out for major pitfalls. So if you are a landlord, a landlord guide is an invaluable tool to protect your investment.

How to Make Money Investing in Real Estate Today

Buy smart. Research your market so you know how to find a bargain investment property. It’s difficult to understand your investment location if it’s too far from home, so choose an area that you enjoy visiting or one near your work or home. Study the area, watch the trends, and learn as much as possible about your location.

Finance smart. Check your credit and put yourself in position to qualify for the best interest rates, lowest mortgage costs, and avoid pre-payment penalties. You can buy investment property with poor credit, but you will pay much more for the financing.

Rent smart. Many investors purchased homes in other states believing that the property would pay for itself. You must understand local rental markets or be in the position to pay any negative monthly expense. Can you afford the difference between the mortgage payment and the rental income? What about vacancies? Don’t put yourself in financial jeopardy to purchase investment property.

Improve your property. Raise your profit potential by making improvements. You can raise the rent or sell for top dollar when tenants and home buyers fall in love with your unique offer. Learn about the latest interior design ideas that pay you a higher profit.

Sell smart. Home staging methods can increase your profit potential. Create a buyer’s dream with interior design strategies. Use new Marketing Psychology to sell your property. Sell the benefits to the buyer (just like Internet marketing). Avoid common pitfalls in the sale of your property, such as appraisals that don’t measure up to the sales price. Understand the sales process and watch over your pending sale.

You can profit in any real estate market, bubble or not, when you do your research, understand your location, buy smart, improve the property, and sell with Marketing Psychology strategies.

© 2005 Jeanette J. Fisher. All rights reserved.

(You may republish this article in its entirety with the following author’s information with live links only.)

In today’s volatile market house prices are taking a beating. Real estate experts state house values have dropped ten percent nationally, with some areas reporting decreases as high as seventeen percent. Add in the massive amounts of foreclosures and it can appear as if now would be the worst time to invest.

In reality, this bleak situation makes for a buyer’s market. Interest rates are lower than they have been in nearly five decades. Coupled with decreased market prices, many investors are seizing the opportunity to purchase distressed properties. However, unless you plan to keep the property long-term, investing in houses now may not be the best investment strategy.

Industry experts predict it may take two to three years for housing prices to rebound. In order to become successful investing in houses, the proper set of circumstances must be present before you become a player in the real estate game.

There are many housing markets which you can invest in. Currently foreclosure and bank owned houses are in abundance and oftentimes can be bought significantly under market value. However, these types of distressed properties usually come with their fair share of headaches and challenges. Although there are close to three million vacant homes, very few are great deals.

The majority of foreclosure houses require considerable repair. Some have been sitting vacant for several years, leaving them exposed to vagrants and vandalism. Prior to investing in foreclosed or bank owned houses, invest in a professional inspection and conduct comparable market research. Real estate market analysis can be obtained online or through a Realtor.

The main objective in purchasing investment houses is to buy them significantly below market value. If you aren’t able to purchase the home for 25- to 30-percent under value, it’s probably best to pass on the property.

Investing in real estate owned (REO) houses is usually less risky than investing in foreclosure homes. When houses aren’t sold through auction they are returned to the bank. Once the bank takes over ownership they negotiate to have creditor or tax liens removed, if applicable. Therefore, REO houses generally have a clean title and do not require as much work.

Oftentimes, the bank will make necessary repairs and prepare the house for sale. Other times, the properties are sold “as is”. In order to obtain the best deal, you’ll need to visit the properties and assess the advantages and disadvantages. Take along a notepad, digital or video camera and make note of structural damage, plumbing or electrical problems, and common problems such as broken windows, outdated appliances, flooring issues, etc.

Bank foreclosure houses usually have a higher price tag than foreclosure homes sold through auction. However, they are generally a better deal because you do not have to engage in the process of having liens removed, evict the previous homeowner, or invest time making repairs or hiring others to do the repairs for you.

Although investing in houses in the current market can be risky business, doing so can potentially net massive profits in the long-term. By investing now, you can take advantage of lower prices and interest rates. Additionally, you can choose from an abundance of distressed houses. If you decide to wait until the market turns upward, those deals might not be as sweet as they are today.

Only you can determine if investing in houses in today’s shaky market is the best option for you. If you plan to invest in houses for rental property and cannot afford to make the mortgage payment without tenants, you’re probably not in a position to invest at this time. However, if you’re looking for a phenomenal deal for your primary residence or a pro at house-flipping, there couldn’t be a better time to take the plunge.

The reason I am breaking my own rules here is because I get asked, way too often, in the lull following an after-dinner speech what is it exactly that makes me choose to focus on multi-family dwellings as opposed to single-family ones.

I know that the person who asks that question is usually a potential real estate investor themselves and I also know that at the forefront of their minds are all the big negatives associated with multi-family dwellings: costly maintenance, irate tenants, absconding rent payers and the usual nightmare associated with running a large property with many difficult issues.

The fact is that when you sit down and really analyze the scene you begin to realize that the trouble involved in closing a deal with a multi-family dwelling is not that much more than what you have to go through for a single-family one. In a single-family dwelling you may think you are in control more but that is an illusion. It takes just a month or two of the property being vacant and you having to run around to advertise it, screen the new tenant and get them in, to wipe out your profit for the year, or as good as.

In a multi-family dwelling the risk of that happening is spread amongst many tenants as opposed to one. An apartment can run up a large repair bill, or remain empty for four months and you can still show up a profit at the end of the year because you have spread the income stream you expect to several tenants rather than just one.

It was exactly this ability to spread risks and achieve greater savings through an economy of sale that led me to focus on multi-family dwellings as a powerful real estate investment tool. In addition the larger scale of owning more than just one apartment or housing block has allowed me to put in place a professional management company that deals with all tenants and manages the properties on my behalf.

This way I am free to focus on the important aspects of my career like my next real estate move and where I will go on holidays, which is what life in the real estate investment business should be all about in the first place.