2. We have discontinued comments because of irrelevant comments and
hooker links. If you wish to contact me I welcome you to do so at propertymanager@arbourpm.com
3. Sign up for future blogs (about once a week) by clicking on RSS feed or if you wish to share post with someone click on share button or if you wish to subscribe add your email where indicated and click subscribe
Out of fairness I will attend because maybe that have some proceedure that I not aware.
I know this much-the current market has low inventory right know. The Banks rather deal with experienced people with cash.
The Bank is awaree of current market values, but will discount the price to allow for repairs.
The Banks sell AS IS. That is right you better know what kind of merchandise you are buying. The costs to repair may exceed market prices.
There are hundreds already in line ahead of you to buy the limited available properties. Some are heany hitters.
However, as an experience property manager and real estate broker I will check them out and report back to you.
P.S. They don’t give free seminars without having a package available that will sell for a $1000 or more.
I am non-partisan and a free thinker. I don’t usually use this blog for poltical comments. However, there was no option to do nothing. No bill coming from congress will be perfect. Pass the damn thing and tweak it later.
It will help millions of people and our economy. More jobs to serve the newly insureed.
Ok, the big complaint increase of the deficit. If it does, than I have suggestions to cut programs that will support it. Temporally suspend sending rockets to the moon. Cut foreign aid by 15%. Put high speed rail and other non-essentials on hold. Spend and take care of our people first.
It is high time that we joined the rest of the civilized countries and offer health care for all. The United States ranked 49th for life expectancy of a senior adult Ridiculous
1. Lambert Munz MPM RMP
Buyer consultant and property manager
Visit www.arbourpm.com regarding our services and our book store at www. expert-landlord-resources.com/resource-store.html featuring my book House Investor’s Manual
2. We have discontinued comments because of irrelevant comments and link hookers. If you wish to contact me I welcome you to do so at propertymanager@arbourpm.com
3. Sign up for future blogs (about twice a week by clikcing on RSS feed or if you wish to share post with someone click on share button or if you wish to subscribe add your email where indicated and click subscribe
1. Thunder Valley Casino is planning on hiring 600 people for their new hotel
2. UC Davis has been awarded Stem Cell research center. They will hire 200 scientists.
3. Solar company (Green Economy) has been awarded stimulus money and will be hiring people.
The economy is showing signs of turning around. We are finding that the higher end properties are doing better than the lower end at the present time. However, this is subject to change at any time. The rules for this recession are being written as I am writing.
2 We have discontinued comments because of irrelevant comments and link
hookers. If you wish to contact me I welcome you to do so at propertymanager@arbourpm.com
3. Sign up for future blogs (about twice a week) by clicking on RSS feed or if you wish to share post with someone click on share button or if you wish to subscribe add your email where indicated and click subscribe
Please allow me to share with you Odell Murry’s review of my book. House Investor’s Manual. It will be out soon and investors, especially new investors should read this book. Investment properties which include rental properties require management. It appears a lot easier than it looks. Thank you for indulging me.
Lambert Munz’s explanatory guide about the DO’S and DONT’S of buying properties to flip or rent is complete with valuable and useful information for the first time property investor.
As he notes for the investor, it is imperative to spend wisely, knowing which properties to choose enables success. Concurrently, it is important to buy carefully and intelligently. Munz details the pitfalls to avoid always reminding the buyer to stay focused on the purpose of the venture: to make a profit.
Munz distinguishes between buying to flip verses buying to rent as each venue comes with its own distinct set of parameters. He likewise offers sound advice to the rental property buyer by outlining strategies from pricing, marketing, and maintenance issues as well as educating this buyer about the differences between rent control and rent stabilization and how these policies may affect the outcome of the purchase.
In conclusion Lambert Munz knows and understands this business and willingly shares his expertise. Enjoy his book, follow his wisdom, and reap the rewards befitting a wise and sound investment.
Odell Murry is President and Founder of MAI Financial Services, Inc., and is a licensed real estate broker and mortgage banker. He has many years of real estate experience, having been involved in the ownership and management of several residential, commercial and industrial real estate investments. Previously, Mr. Murry spent two decades in the retail industry as a leading executive at several national companies. He has served as a member of the board of directors of the Vallejo General Hospital and is a present or former member of National Mortgage Bankers Association, National Association of Realtors, California Association of Realtors, Burbank Board of Realtors, and current board member of California Mortgage Association.
By Lambert Munz MPM, RMP Arbour Real Estate Management, Inc
TIPS
Here is a guide to file and have available for easy reference
“Wear and Tear” or “Damage”
This is a guide to show you the difference between normal wear and tear, which a tenant does not have to pay for, and damage, which comes out of your deposit. This list does not cover all situations, but it gives you a good sense of the difference between the two.
Normal Wear and Tear—caused by ordinary comings and goings (depends on how long the tenant has lived there.
Damage—caused by abuse, thievery, mysterious disappearance, accident, rules violation or special request.
Well worn keys
Missing keys
Sticky key
Key broken off inside lock
Balky door lock
Door lock replaced/re-keyed by tenant without permission
Depressurized fire extinguisher with unbroken seal
Depressurized fire extinguisher with broken seal (not used to put out fire)
Worn pattern in plastic countertop
Burn in plastic countertop
Rust stain under sink faucet
Sink discolored by clothing dye
Loose, inoperable faucet handle
Missing faucet handle
Carpet seam unraveling
Carpet burn, non-removable stains, torn carpet
Threadbare carpet in hallway
Rust marks on carpet from indoor plant container
Scuffing on wooden floor
Gouge in wooden floor
Linoleum with the back showing through
Gouge in linoleum
Rusty refrigerator shelf
Missing refrigerator shelf
Discolored ceramic tile
Painted ceramic tile
Loose grout around ceramic tile
Chipped or cracked ceramic tile
Wobbly toilet
Broken toilet lid
Rusty shower curtain rod
Kinked shower curtain rod
Rust stain under bathtub spout
Chip in bathtub enamel
Racks on door jamb where door rubs
Hole in hollow-core door
Door off its hinges and stored in garage
Missing door
Plant hanger left in ceiling
Additional holes in ceiling
Stain on ceiling caused by leaky roof
Stain on ceiling caused by popping beverage containers
Cracked paint
Crayon marks on wall
Chipped paint (minor)
Walls painted by tenant in dark color
Mildew around shower or tub
Mildew where tenant kept aquarium
Discolored light fixture
Missing light fixture or globe
Odd-wattage light bulbs that work
Burned out or missing light bulbs
Light fixture installed by tenant that fits its location
Light fixture installed by tenant that must be replaced
Window cracked by settling or high wind
Window cracked or broken by tenant
Faded shade
Torn Shade
Paint-blistered blinds
Blinds with bent slats or inoperable
Drapery rod that won’t close properly
Drapery rod with missing parts
Dirty window screen
Missing, bet, or torn window screen
Ants inside after rainstorm
Fleas left behind
Lawn sparingly watered due to drought conditions
Neglected landscaping requiring replacement
Grease stains on parking/garage space
Caked grease on parking space
Visit our web site www. arbourpm.com Click on NEW and read Chapter One of our new book soon to be published HOUSE INVESTORS’ MANUAL
I will use my blog to wish everyone a happy thanksgiving. I am a blessed man with a super wife, successful children, 8 grandchildren and 1 great grandchild. Our business has been challenged because of our client’s foreclosure problems, but we are doing OK. My wife and I were remarking about the cost of turkeys. We paid .89 a pound. I recognize that we are paying for a lot of bone, but turkey servings per pound is cheap compared to beef or pork. Thanks to everyone who we do business, our tenants, owners, vendors and agents.
One of our biggest headaches is chasing after unpaid utility charges. For some reason tenants that pay their rent on time don’t pay the utilities on time. Water, sewer, and garbage collecting when not included in the rent are major collection problem. We find out about the delinquency when the owner’s property is liened.
Some water companies don’t shut off the water, the just lien the owner. If they would shut off the water then we wouldn’t have this collection problem.
To solve this problem you can apply the unpaid charges against the security deposit, but the problem is that depleting the deposit may cause a shortage for move-out damages.
Another way to solve is to apply funds received from the tenant for rent to charges first and rent last. This way it will cause a delinquency for rent. However, the lease must state this will be the procedure. You can then serve a 3 day pay or quit notice.
Anyone with suggestions on how to handle this problem are welcome.
This message is for investors and renters. A new law will become effective November 1, 2009. It is called the Red Flagg laws.
It requires anyone granting credit or approving credit for services ( E.g. As a property manager approving of a renter for a rental) to have a written I.D. security plan in place.
We are happy to announce that our company has such a plan. We caution you that you ask before divulging private information to anyone by asking if they have such a plan.
Beginning January 2010 the county is requiring that every rental be inspected. They will furnish a checklist and detailed procedure. Everyone other than owners that performs the inspection must be certified. We have been certified. Owners can do their own inspections with out certification. We will have to charge a fee for this service since it is extensive and we must maintain a file. Every year we will have to re-inspect.
The number one reason is that we are working with two opposing interests. One wants service with the lowest possible rent and the other doesn’t want to spend money and wants the highest rent they can get.
If we represented one community, such as a large apartment house, we would have one consistent image to offer our tenants. However, we represent hundreds of owners of different cultures and personalities. We unfortunately offer inconsistent policies to our tenants. What is agreeable to one owner is not agreeable to another.
Some owners want their properties maintained while others if it means spending money rather ignore maintenance.
This makes it very difficult to manage and keep the customers happy. Tenant retention is so important such as offering a gift or dinner out for renewing their lease and paying their rent on time.
