the five p?s of how to be a landlord and manage real estate! - real estate

Real estate > The Five P?s of How To Be A Landlord And Manage Real Estate!

The Five P?s of How To Be A Landlord And Manage Real Estate!

by: David Schneider

Many real estate investors become frustrated with the tenants and the toilets. And when you look at the way they manage, it's no surprise.

The most important part of investing in rental real estate is to have a good property management system. In any successful management system there are the five P?s.
They are Property, People, Paperwork, Policies and Procedures. Lets look at each of these P?s individually.

>> The Property must be managed. You need to have a plan to make repairs and do maintenance. This should be something that is automatically done throughout the year and include such things as checking for leaky pipes, checking smoke and fire detectors, caulking and painting or any other maintenance items.

>> The People. This is the most difficult part of the management process. You need to put in place specific systems to deal with all the people that effect your rental business. This not only includes your customers (tenants), it also includes all the other people that help you in your business including caretakers, plumbers, carpenters, electricians, handyman or anyone else you have involved in running your rental business.

>> The Paperwork. This part involves all the record keeping, tax issues, bank issues, leases, tenants letters and legal issues.
You also need to consider how to set up your business. This should be discussed with an attorney. You should sit down with a good tax accountant and address the tax issues and what records should be kept. Using simple programs like Microsoft Money or Quicken can be set-up to run the financial part of your business. These simple programs can track your income, expenses, who has paid rent and who hasn?t. With programs like this, you can create and print reports for individual properties and know exactly which properties are performing the way you want them to.

>> Policies- In order to control the first three P?s you should have a specific policy regarding everything. For example: You should have a policy regarding what to say and do if a tenant calls and requests a repair. You should have a policy of what is a violation of the rental agreement. By having a policy for everything it makes it easy to determine what has to be done.

>> Procedures ? This goes right along with your policies. You should put in place automatic procedures for everything. For example: If a tenant doesn?t pay rent by the 5th of the month (your policy) you will automatically start the eviction procedure. Your procedure might be, you send them a written notice on the 6th, if no response your start the court process on the 10th (if law allows).
You then continue with the entire process that you set-up until the tenant moves out. Then you start a new procedure to rent the property. Every policy should have a procedure.

Taking the time up front to plan the five P?s is the key to a successful management systems.

Remember that the name of the game is to create more cash flow and work less. Having a system that deal with the 5 P's will do that for you.

About The Author

Dave Schneider has been investing in real estate for over 25 years and is devoting to helping landlords make more money!. For free audio seminars, tools and information on real estate investing and being a landlord, visit this site now: http://landlordtools.com.

Real Estate Market Conditions

Real Estate Market Conditions

by: Kim Polinsky

The winter season gives real estate agent/brokers a chance to sit back and evaluate the previous season-Yes? No! These days, the chance to sit back is merely a dream. Agents and Brokers must build their business with new market niches in order to stay on top of their field.

Yes, the ?bubble? has burst. Burst into a finely tuned, quickly burning engine that has grown to a new level of expertise and profits!! Real estate marketing IS changing, and the newer, inexperienced, hungry agent/broker is finding a level playing field on the new path of real estate.

Recently, the trade is encouraged by the fact that this year, unseasonably warm temperatures found across the nation are fueling not just tourism. The warm temperatures are attracting ready and willing buyers, matched with sellers willing to turn some profit.
Mountains in Colorado, beaches in California, the list goes on and on regarding...

Real Estate Market Conditions

Real estate > Real Estate Market Conditions

Real Estate Investing - - The Key To Successful Closings

Real Estate Investing - - The Key To Successful Closings

by: Lou Castillo

If everyone always did everything they said they?d do, we?d all be a lot richer. Unfortunately, tasks are overlooked, and the ball is often dropped. If you want to have successful closings, you must have strong ?follow-up? skills to catch problems early in the process. Follow-up on everyone and everything.

We can?t begin to tell you the number of closings that almost fell apart, or would have fallen apart had we not kept a watchful eye on the entire process to make sure that everything was completed when it needed to be. Here?s a typical scenario: you?re wholesaling a house and you have just 30 days to get it closed before the contract with the Seller expires. You find a buyer who can get a loan and close before the expiration. Then a few days before closing you find out that the loan isn?t ready and closing must be delayed two weeks, but the Seller already has another...

Real Estate Investing - - The Key To Successful Closings

Real estate > Real Estate Investing - - The Key To Successful Closings

Real Estate Investing Basics

Real Estate Investing Basics

by: Richard Rigor

Real estate investments may not be everyone?s cup of tea, but some people who have already tried investing in real estate know that it can be profitable. Real estate investment experts say there are several keys to making significant profits in real estate investment deals. And when the deals are profitable, you will certainly be well on your way to success.

For real estate investment neophytes, don?t be afraid of the challenges and pitfalls you may encounter along the way. There is definitely a lot to learn, but in the long run after you have gained some experience, you?ll hopefully become a master at closing profitable real estate deals.

There are 5 core skills that are necessary for building a real estate investment business. These will be the key factors in creating a profitable real estate investment portfolio.

These are the 5 core skills of real estate investment:

1) You...

Real Estate Investing Basics

Real estate > Real Estate Investing Basics

How To Find The Right Real Estate Agent In Cyprus

How To Find The Right Real Estate Agent In Cyprus

by: Mark Vurnum

If you are looking to buy property overseas, the process can be fraught with uncertainties and worries as you look for that dream house in an area in which, to be frank, you're not all that familiar. Here, Cyprus is no different. So, how do you go about finding the right real estate agent in Cyprus?

First off, authorised real estate agents in Cyprus need to be both licensed and registered. However, not speaking the same language as you do, and having their fees paid for by the seller, may give you serious cause to wonder whether they have your best interests at heart or the seller's! If this is the case, then your first port-of-call should be the Cyprus Real Estate Agents Association ("Association"). While the Association may not be able to give you conclusive evidence that your chosen real estate agent is either the best or worst in the business, they should speak English and...

How To Find The Right Real Estate Agent In Cyprus

Real estate > How To Find The Right Real Estate Agent In Cyprus

Real Estate Website Scams

Real Estate Website Scams

by: Bob Schwartz

Many still say the Internet is like the Wild West. When it comes to the proliferation of scams, this is certainly true! As webmaster for over two dozen legal, real estate, and other business oriented websites, we receive a lot of email and phone solicitations. Often our clients ask our opinion on an Internet service or software product. We have researched and found the majority of offers directed toward real estate firms are what I call the half-truth variety.

It is interesting that these offers directed at small to mid-size firms are like live Internet viruses, they seem to mutate over time. The core remains, but, the exterior packaging (a.k.a. sales pitch) appears totally different.

One of the most enduring of such Internet scams is the offer to list your real estate site in an Internet real estate directory at what appears to be a huge savings over a legitimate real estate directory. The...

Real Estate Website Scams

Real estate > Real Estate Website Scams

Real Estate Investor Question: Rehab and Sell, or Rehab and Keep?

by: Bruce W. Ford

Here's another awesome question I received from my discussion board. The question; Why bother keeping property after it's rehabbed? Why not sell it after the rehab and GET PAID!

Of course, the first questions that you must answer is how emergent is your need for quick cash? You can likely generate the most SHORT TERM cash by selling a freshly rehabbed house. But, you will give much of it away in taxes come next April.

If you keep it, you stand to make more! You will also enjoy some great benefits while you own it such as cash flow, a tax break, and MORE cash with the future appreciation. You can still pull some nice cash a few months after buying it when you refinance (post rehab) the property from your hard money (at 70% loan to value) to long term financing (at 85% or 90% loan to value).

The short answer is an investor is going to make considerably...

Real Estate Investor Question: Rehab and Sell, or Rehab and Keep?

Real estate > Real Estate Investor Question: Rehab and Sell, or Rehab and Keep?

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Real estate The Five P?s of How To Be A Landlord And Manage Real Estate!

Real estate horse

Don't Pay Online Free Paid Surveys, Let Online Surveys Pay You!

by: Holcy Thompson III

Free Paid Surveys

Would you like to find a way to turn your free time into an extra source of income? Did you know that you could make from ten to one hundred fifty dollars an hour by simply sharing your opinion through surveys and market research? Everyday, new products and services are entering the marketplace. And before a company will spend billions of dollars on...

online degree Real estate The Five P?s of How To Be A Landlord And Manage Real Estate!

Real estate > Don't Pay Online Free Paid Surveys, Let Online Surveys Pay You!

Aluminum Cushion Patio Furniture

by: Cat Greenbriar

Choosing patio furniture can be a difficult decision with so many options. There is one option that is comfortable as well as beautiful to accent any patio, and that is aluminum cushion patio furniture.

Aluminum cushion patio furniture is the most comfortable patio furniture . Plush cushions and soft upholstered fabrics make sitting in a chaise lounge a very relaxing experience. The fabric chosen for upholstery...

Aluminum Cushion Patio Furniture

Real estate > Aluminum Cushion Patio Furniture

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Portugal ? Lisbon, Algarve and Lagos

by: Rick Chapo

On the southwestern tip of continental Europe, Portugal is an old school country. In this article, we take a look at Lisbon, Lagos and the Algarve.

Lisbon

Lisbon is the biggest city in Portugal and is located on the Atlantic coast in middle of the country. I?ve been to Lisbon three times, but only for a few days each time. Every time I come away with the impression of elegance.

Arriving by...

Real estate

Real estate > Portugal ? Lisbon, Algarve and Lagos