What to look for when renting a home.

This 3 bedroom, 2 bath ranch is a great example of what a tenant should be looking for when renting a property.

I handle some rentals for my company.  Berkshire Hathaway HomeServices, Georgia Properties manages the properties. I am the front-end and back-end person.  I advertise the homes, meet prospective tenants, show them the property, arrange for them to make application and when/if accepted, I execute the lease with them and collect the money due and move them in.  At the end of the lease, I do a final walk-thru with the tenant and re-secure the home for re-rental.

We always try to ensure that the home is in turn-key condition before we put it on the market.  It's really no different than selling a house.  In my experience, the better the condition, the faster it will rent. If you are the owner, you always want to make sure that there is nothing broken or breaking.  It will only get worse.  Some tenants are more careful than others with your property.  Some will not report things that need attention - for no other reason than they don't know better.

For example, the home in the featured video needed a new bathroom floor because the original floor had developed a crack.  It was just a  hairline crack, but it seemed to go right under the toilet.  Now, it didn't crack for "no reason".  Since we own this home, we decided to investigate if there was an underlying leak that contributed to the crack.  If the there was a leak, the subfloor would deteriorate and then we would have a major problem.  We checked it out and there was a minor leak, but we think the flloor cracked because of normal settling and age.  So, we pulled it out and  put in a new, modern floor. BTW, we = our contractor, Mike Waldner.

Then, we discovered that the master bath shower had some loose tiles.  With some careful repair work from our very skilled contractor, Mike Waldner, that tile is as good as new.  He carefully removed the tile, cleaned up the back, repaired the wall behind the tile and re-installed it.  The tenat should have told us about this.  Actually, that shower backs up to the other bathroom.  Some of the water from the shower could have been running toward the floor in the other room.  Left unresolved, this could have been a catastrophe and could have lead to mold, rot, unsafe, unhealthy conditions.

We like to give the home in clean, ready to move in condition. All homes need maintenance.  This one had a new roof and fresh exterior paint a few years ago.  This year it had new carpet and fresh interior paint along with the bathroom maintenance.

I have rented in the past and there is no greater turn-off than looking at someone else's dirt.  As a landlord, you cannot expect top dollar unless you give a good, quality property in good condition with everything in good working order.

As a tenant, be sure to speak up if you see something in disrepair.  Make sure any deficiencies ar written in your move-in inspection form. If you don't, any issues could be assessed against you when you create your move-out inspection form.  These forms are for your and the landlord's protection.  Check out this video again.  Good Condition Home

If the home your looking at is not spic and span like this one, you might just want to keep looking.

And, landlords:  if you are not getting a tenant quickly, you might just want to re-evaluate the condition of the property you are trying to rent.

Flipping 101, Part 1

I've watched all the rehab shows. So have you. Flipping Boston,  Flipping Las Vegas, Flip or Flop - more titles than I can remember. Hours and hours of TV- ideas, successes & major problems.

I am a real estate agent. I've been in hundreds of houses. I've been through countless inspections, I'm a major DIYer. My good friend Essie is an excellent decorator & loves "the idea" of doing a flip. We looked in earnest for a couple of months last year & couldn't find anything.

Then there it was. Another friend listed this little, old house-only 1,000 sq.ft. I looked at it for a client. It was a sad little house, my client didn't like it. It hung around. My friend had some nibbles, but no one bought it. The owners eventually lowered the price & after much thought & planning Essie and I decided to buy it.

We are being careful. She talked to her financial planner. I researched the market. I talked to an appraiser. I had a contractor look at it to see if we could make the changes the house needed & still make the numbers work. Possible sales price minus purchase price minus rehab costs, should give us SOME profit. It SHOULD work.

So, we wrote an offer. It was accepted! YEAH!

Contactor called ... he thinks he is off by $3-5K! what???

It's O.K. we got it for a good price. Had the inspection today. Went pretty well. Found out the HVAC is pretty new -YEAH! Found out we might not be able to remove some walls
without extra support, yikes!

It's O.K. still in due diligence phase.

Stay tuned. It's going to be so pretty when we're done! We're refinishing hardwood floors, new cabinets, granite counters, new windows, adding a bedroom & bath. Oh my goodness!

I really hope it works, it will be so pretty when it's done....

See Flipping 101, Part 2

Easy Off Oven Cleaner to make your shower shine

My husband and I own a small rental property in Morrow, Georgia. The tenant moved out after having stiffed us for rent. Of course we had to repaint, put in new carpet, fix the bathroom floor (it had developed a crack) and then found out that the master shower walls were in need of repair.

That's okay though, we have good people to call to do the work that we can't do like installing carpet. We can paint, but don't like to, so we hired a painter. We've got a great handyman and he took care of redoing the tile floor in the hall bath and he is fixing the walls in the master shower.

I've pitched in with some cleaning. I don't know why I get stuck cleaning somebody else's filth! Seems like some people have no concept of how to clean the house! My husband ran the self cleaning oven. Normally there is a light film that you just wipe out, but when I opened the door after the cycle, I kid you not, there was two inches of ash! I don't know what he burned up in there! The shower doors in the master shower were just disgusting. I did those the hard way, Scrubbing Bubbles, Mr. Clean Magic Eraser, Dawn Power Scrub and A LOT of elbow grease.

The wall in the hall bath surround was positively BROWN. This is a 1970's era house and the tile is white and harvest gold speckled. With the new tile floor, it really doesn't look bad. But boy, was that tile dirty! Take a look at this picture below.

Thank God for my contractor, Mike Waldner, who mentioned the best way to get the wall clean was with Easy Off oven cleaner in the blue can which is lemon scented. I couldn't believe how easy the wall got cleaned. It saved me hours of scrubbing! All I had to do was spray it on and let it sit for 5 or 10 minutes. Then I used a Mr. Clean Magic Eraser and gloves and warm water and just wiped it down.  I followed with scrubbing Bubbles, but probably really didn't need that. What a miracle! I wish I'd had that to clean the shower doors which took me hours to do.

Try it. It will save you lots of time. The tiles are ceramic and the oven is enamel. So, if its safe for the oven it's safe for the tile. You won't be disappointed.

Also Google it. There are many more testimonials about this method.

But, while my mind was wandering while I was cleaning, I wondered, do the companies that make these various cleaners also make the soaps that leave all this residue? Must research that.....

Qualifying for your home purchase

Everyone wants the same thing.  I am not going to reinvent the wheel.  Instead, I am going to direct  you to this article from a trusted lender.

Need a good lender - check out Premier Capital Mortgage and Joe Farro's team of experts.  This is a recent email Joe sent out to keep folks informed:

Shopping for a Low Interest Rate

Buying a home is likely the biggest purchase you will make, and even more likely a purchase that will require a loan. When dealing with a financial commitment such as this, understanding how to get the lowest possible interest rate could mean a difference of thousands of dollars. Home loans are a complicated business, so here are a few tips to help you shop for the lowest interest rate.

Qualifying for the Lowest Rates

Computer models fix a large percentage of the costs of a home loan with strict prequalification.  Loan officers are not able to give every client that walks in the door the same deal.  It is a good idea to be aware of your own credit score and equity, while also comparing rates in your local market, so you know what to expect.
For the best interest rates you'll likely need a credit score of at least 740 and have 20 percent equity. These figures are a general guide and are always changing.  However, if your score is considerably lower than this and you have low equity, be prepared for heavily increased rates compared to the best that are offered.

Be Prepared

The best thing you can do for yourself to make the loan process easier is to plan ahead and be prepared.  Be sure to gather all the necessary documents before you begin; to ensure timeliness and organization.  You should also prepare for the down payment by saving up monthly.  Depending on the lender and type of loan, you may be required to put anywhere from 2.25% to 20% of the purchase price down.  In addition, keep in mind the estimated closing costs, as many tend to forget to budget for these fees.  It’s never too late to start saving.
Another factor to consider is home insurance costs.  If insurance costs for your area are particularly low, it may free up some additional cash for loan repayments.  Tools like the home insurance calculator allow you to plug in all of your information to get an estimated cost for your home insurance.

Understand your Needs

Before going to speak to anyone about getting a home loan, be sure you are clear about what it is that you're looking for and what parameters you have set.  If for any reason they can't be met, be cautious of alternative offers that are suggested to you, as you may be persuaded down a different path.  

Looking Will Lead to the Right Rate

There’s no easy way around it if you want to find the lowest interest rates on a home loan.  You have to spend a long time looking, and you need a strategy.  It may not be something you're particularly interested in but if it saves you a large sum of money, it’s worth it.
You must compare similar policies; otherwise you're wasting your time, as a sensible comparison is almost impossible.  Consider the closing costs, interest rate, and lock period to ensure that they are comparable offers.

Move Quickly

As they say, time is money. Be sure to respond promptly to your lender if they require any additional information from you so you can keep the process moving.
If you've managed to find a great deal on your home loan, waiting around for ages while you try to better it or find the equity required to close the deal, is likely to end up costing you. Shopping around is certainly in your best interest. However with today’s market on the rise, rates are not likely to stay stagnant. So if you find a great rate that fits your needs don’t wait long to close it.
Also look into getting prequalified for a loan. This process is rather simple and can put you in a much better place to buy, as well as give you a great idea as to what you can expect to borrow.
Taking out a home loan is one of the biggest financial commitments you are likely ever going to make.  Make sure you put in the time to do your research and look around for the best possible deal.