When you have to tell your tenant that you need to raise the rent this can become a very sensitive issue for you and the person renting from you. After a while most renters and landlords have had enough time to get friendly with each other and this can make raising the rent that much harder. Once you own a rental property you will see the business side of it and what it takes to break even or make a little money. As with any investment the ROI, or return on investment is what it’s all about and eventually raising rent will become a necessary part of the business that will keep your bills under control.

If all the other rental companies and landlords in your area are raising rents then it’s probably time for you to do so also. If you have done your research and see that this is true, then you probably won’t lose the tenant because once they start searching other properties then they will see that you are actually just charging what everyone else is and stay. Of course this would probably make them unhappy, but you are not charging more than anyone else for the same thing, and do they really want to move out and deal with relocating all their stuff just to pay the same price so they can get even with you, probably not. (more…)

Real estate has always proven an attractive market, ways to increase wealth according to the value of a property. While this market has always proven highly volatile, one of its more stable components is managing rental properties. With the recent downturn in home prices and the turn away from buying to renting, it perhaps has never been better to jump into the rental management business. But before you make the plunge, here are a few considerations to keep in mind.

Rental properties-especially foreclosures that you might pick up on the cheap-are prone to requiring constant repairs and maintenance. This is compounded if you let your apartment to renters who are particularly careless about the home’s upkeep. Not only do you need to carefully screen for quality renters, knowing how to-and having the time to-personally deal with household repairs can mean enormous savings over the long run. If you constantly have to contract a plumber, electrician, and a handyman, your bills can quickly overcome any income generated by the property. (more…)

Are you a landlord with tenant problems? Don’t Stress! This guide will walk you step by step through the process. You will learn all of the necessary action steps.

Sometimes no matter how well you screen a prospective tenant, you end up with a problem one. This is where your tenants need to be properly trained just like a new employee would. (more…)

Rancho Palos Verdes has several sub-areas, including the area known as West Palos Verdes. Sales of single family homes here have held steady for the last few years, which is pretty unusual for the South Bay. What is particularly noteworthy is that the median prices of these sales have had a surprising volatility.

Back in 2007, the median price exceeded $2,700,000, but then dropped to $2,100,000 the following year and then again to $1,200,000 this past year. It’s as though there are really two distinct markets within West Palos Verdes. On the one hand, there continue to be several sales below $1,000,000, but on the other hand there are many over $2,000,000. In 2008, more than half of all sales surpassed the $2,000,000 threshold, but less than a quarter did last year. To put this in perspective, back in 2000 the median sales price for a single family home was $645,000. (more…)

The mortgage broker’s role is to simplify the process for the home buyer. With the possibility now of rising interest rates a stark reality, existing mortgage holders will be keen to minimise the impact of higher standard variable mortgage rates.

Mortgage refinancing has become an extremely popular way for borrowers to save on their monthly repayments and to switch to more favourable terms with another lender. In making a home loan comparison, a borrower will look at a range of factors, including monthly repayments, but also the features and benefits of one product against another.

Mortgage refinancing is a competitive market and a borrower who does their homework can take advantage of the many offers in the marketplace. The best home loan for your needs today may not be the one you have at present.

(more…)

Welcome back to the 3rd part of our loan modification series.

Here is a quick recap of what we have covered thus far.

In part 1 we covered:

• A brief explanation of the situation.
• An explanation of basic rules to follow while going through the process.
• The issues/pitfalls you may run into throughout the process.
• Some of the more confusing aspects of the process.
• Trying the modification ourselves vs. hiring someone. (pros & cons)
• Questions to ask your customer service rep.
• Tips on how to stay on top of all the documentation and information being thrown around in the beginning.

Part 2 we covered:

• The initial and follow-up conversations with bank reps.
• Tips on how to make sure you are not GIVING you personal information away to the wrong people.
• How the “trial period” will affect a credit report and score.
• Where the money that is not being paid goes while in the trial period.
• How to separate real concerns from made up concerns. (more…)

A mortgage real estate property may be remortgaged in order to pay off the indebtedness covered by the first mortgage that already matured or is about to be due. This is one of the best ways to stay off attachment of execution of the house. But there are two things that can happen concerning the 2nd home mortgage rate. It could be either higher than the first mortgage or it could be justifiably within the value that you are about to mortgage.

The reason why the 2nd home mortgage rate may be higher this time is solely for the purpose of guaranteeing payment and more or less, to exploit the urgency of the situation. The property being subjected to a second mortgage means that the owner has no other available assets to pay off the first loan and that his only means to satisfy the obligation is the property subjected to the second mortgage. Hence, the second mortgagor either wants more cash out of this transaction or he wants to end up with your property. It cannot be helped. This is business. (more…)

If you are under financial constraints and your home is already mortgaged, the best way to keep your home from getting auctioned publicly or repossessed is to subject your property to a second mortgage. Yes, this is allowed as long as payment of the first mortgage is done within the grace period given to you or before any action to enforce payment has been taken against you.

But expect that in the second mortgage, 2nd home mortgage rate is usually higher. Not that the second mortgagor wants to exploit the urgency of the situation, but this is for the purpose of guaranteeing payment. Having mortgaged the property the second time implies that you do not have sufficient assets to pay the first mortgage for the meantime. And with the consequent benefits that the second mortgage will get you, it is only right that some sort of compensation be given to the second mortgagor for assuming the risk of your insolvency. (more…)

They know, that a meeting with the reverse mortgage counselor is compulsory, but they may not know, what actually are the benefits. Is the meeting just another formal meeting, which has been organized, when the law says so, or does it offer some benefits?

1. Why The Reverse Mortgage Counselor Meeting Is So Important?

Back in 1989, when the U.S. Department of Housing and Urban Development financed the first FHA insured program, called HECM Reverse Mortgage, their popularity have increased dramatically. The history has showed, that there are a lot of marketers, lenders, who have cheated seniors by selling too large programs with long term influences. (more…)

Question How is it that some people perform badly but their clients continue to invest with them?

Answer Unbelievably, in the stock market, during turbulent times when things weren’t going well, even when investors were taking losses, the brokers would continue to get investment instructions from their clients, largely because they learn to be good communicators. If they called the client and they told them what was going on, the client would retain their confidence and continue moving forward. The issue of dealing with hardship is always one of communication. Be a good communicator, be honest, and people will respect the good effort that you make on their behalf. (more…)