Becoming a Landlord: Everything You Need to Know About the Rental Application Process

The 2015 American Housing Data Survey revealed there were 48.5 million rental units in the United States. That same year, the Rental Housing Finance Survey divided up property managers into two distinct categories— individual investors and business entities. The first category is what most of us think of when we picture a landlord. By one estimate, there are between 10 and 11 million individual investor landlords, with many only managing a single property. Regardless of how many properties you’re managing, you’ll need reliable tenants in order to make any money in the business. That means finding people who will apply for your apartment. Here are a couple of things to know about the rental application process.

 You’ll Need an Application Portal

Landlords have to possess certain qualities including the ability to be on-call 24 hours without losing their sanity. They also have to figure out the best and most efficient way for would-be renters to fill out an application. In most places, the days of paper applications are long gone. Filling out a paper application is about as common as writing a check to pay for a fancy steak dinner.

So if landlords shouldn’t even bother with paper applications, then what should they use? The obvious solution is an efficient online renters application that’s easy for tenants to access and doesn’t cost landlords much, if anything, to maintain. Look for a template that lets you view critical pieces of information that will help you determine whether or not this applicant would be a good match for your property. If you’re charging rent of $1,000 a month, it makes sense that you want all applicants to be making at least $2,500 a month in gross income, since that’s 2.5 times the monthly rent. The best online application template will let you …

Mistakes to Avoid When Buying a Home

Buying a home for the first time can be exciting and fun. The issue, though, is that some people jump right in without thinking about everything involved. Not only is this a bad decision, but you might end up regretting it. Before looking for NC Real Estate – North Carolina, take a look at the mistakes below so you can avoid them!

Over Spending

One of the biggest mistakes that is made is over spending. While anyone buying a home can do this, it happens quite a bit with people who are buying for the first time. They buy more house than they can actually afford. There are calculators online that you can input your information into and it will let you know how much you can afford based off of your income. If you do end up over spending, there’s a chance that you’ll struggle to make your payments or even lose your home.

Denying an Inspection

Another big mistake that many people make is denying an inspection. You should get the inspection before an offer is made because you never know what might be going on. You don’t want to just take the seller’s word for it because they could be hiding big problems. Having a certified inspector come in can help you find out about any repairs that are going to need done or any parts of the home that aren’t in the condition they should be.

Forgetting Additional Expenses

Some home buyers completely forget about additional expenses they’ll come across. Not only is there the price of the home, but they also have to remember closing costs, home insurance, any renovations and any repairs. If they spend all of their money on the home price, they won’t have the extra money to take care …

What Types of People Buy Condominiums?

Condo living is not for everyone, but it does offer many benefits. One of the biggest benefits is not having to worry about maintenance of the exterior of the unit and the grounds. For some people this is the ideal way of living. There are a few typical groups of people that love the condo lifestyle .

The Young Professionals

The first group is the young professional couple. These are people who lead very busy lives. Because of this, they don’t want to worry about wasting what little free time they have doing yard work. The condominium lifestyle offers them an opportunity to live in a property they own without worry over exterior maintenance. Often this group also enjoys the many amenities certain condominium complexes have to offer. From gyms and swimming pools, to community centers and spas, condo living can be a great place for young professionals.

Senior Citizens as Condominium Owners

The other prime group that loves condo living are senior citizens. This group traditionally has already had years of enjoying their time owning homes and caring for yards and gardens. They are often at a point in life where they just want to relax more, travel more and worry about yard work and exterior maintenance less. Condominium living for retirees can be a wonderful way to continue home ownership without all the stressors of exterior property maintenance and care. It often gives senior citizens a great sense of relief when they can own property without these additional home ownership worries.

The Single Person Lifestyle

The last group of people that are traditional condominium buyers are the single person home buyer. These people may come from any age group and are usually looking for a way to buy a home they can call their own. However, because they …

An Introduction to Everything about Real Estate

When people hear the word real estate, they automatically think of three things, houses, people in suits, and a lot of money. Though it involves these three things, it is much more than that. Real estate provides careers for people. But most importantly, real estate consists of the roofs we sleep under every night. In this article, we will discuss different aspects of the real estate game, and how you can become a realtor if that is your vision of the future, and maybe one day you can open a realty like Magnolia Realty Forth Worth, Texas.

To become a real estate agent or broker, you first have to understand that if this is your career choice, you will be the middleman or woman. There’s no way around it. Once you accept this and decide to become involved in real estate and selling homes, you will have to take a series of courses to earn your real estate license. These courses will be lengthy, but will teach you about markets, how to list properties, how to handle buyers and sellers, and everything you need to know about contracts.

A few more things you should know if you’re looking to get into the real estate game. Though we’ve mentioned the word “game” twice already, real estate is far from it, but it works like one. There are players, objectives, and rules and rewards, but in reality, it is not even a hobby, it is a business. It will be extremely hard for you to have repeat business, and so you must keep a consistent pipeline of potential customers, both to list their properties, and for buyers to buy them. You are the architect of the deals. In real estate, your ability to make and keep relationships will dictate your success. …