| |
| |
|
Investing Information |
|
|
|
Out-Of-State Investors Check List of Questions
The following lists of questions are suggested questions to ask before you plan to purchase residential real estate outside of your neighborhood. It's probably best to speak with at least three licensed real estate sales professionals and three property managers in the area. During each interview, you'll want to learn as much as you can about that area's real estate sales market and rental market. At the same time, you'll want to ask the right questions to determine if that professional will meet your needs, requirements and standards. Here are some basic questions to ask the real estate agents: 1. What areas do you cover? 2. How long have you been in the business? 3. How do you work with investors? Walk me through the process. 4. What types of properties do you specialize in? 5. Do you have any investments of your own? 6. What type of housing do you recommend for investors- single family, multi-family? Etc. 7. What kind of market are you experiencing? What kind of market have you experienced over the last five years? Ask for CMA reports. (Comparative Market Analysis) describing price changes, list price to sales price ratios, inventory changes, etc. 8. What kind of industry and jobs are in the area? Where located? What are best areas for rentals, why? 9. Could you give me a summary of the expected closing costs out in your area? 10. Would you provide me with references? 11. Do you have a property manager that you would recommend? After talking with at least three agents, contact at least three property managers. Make sure you ask the following: Regarding the Market: 1. What is the rental market like? For single family? For multi family? What is the vacancy rate? What kind of people rent single family homes versus multi-units? 2. What are best areas for rentals? 3. Where can I read about landlord and tenant rights in your area? 4. What types of amenities will tenants pay extra for? Garages? Indoor laundry? etc. 5. What kind of maintenance and other costs should I expect? Can you provide me with a sample cost sheet? 6. According to the state and local laws, are there any times when you are required to have an on-site property manager? 7. Is there rent control in your area? Do you see it coming? 8. What new developments are coming to your area? Regarding Your Services: 1. What areas do you cover? 2. What do you charge? What fees should we expect? 3. Who pays for advertising? You or me? 4. What will you do if rent isn't paid on time? 5. How often do you do inspections? Do you drive by? Take photos? 6. How do you qualify tenants? 7. How often do I receive reports/statements from you? Would you give us an example? 8. What rental agreement do you use? 9. What do you do to keep up-to-date on landlord/tenant rights? 10. Have you ever had to evict anyone? 11. If we need an eviction, do you perform the eviction, or do you hire an eviction service? 12. How do you handle repairs? 13. How many properties/units do you manage? 14. Do you own any rentals? 15. Are you full-time property manager? Do you do real estate sales, too?Are you licensed? 16. What happens when you go on vacation? Who handles the property management? 17. How do you market (advertise) your rentals? 18. What is the vacancy rate on the properties you manage? 19. Who do you use for repairs? Do you have a team of handymen and contractors? Are they all licensed? How did you choose them? 20. Would you provide us with referrals- current owners, and former owners you once worked with? 21. Do you have a real estate agent you would recommend? Once you have gone through this process, then you are ready to visit the area. Be true to yourself and honest with the professionals that you choose to work with. Choose to work with one real estate agent exclusively. You'll get the best service that way; and if you've been diligent in your interviews, then you should feel comfortable with the professional that you've chosen. Neda Dabestani-Ryba is a licensed Realtor in Maryland. She is a member of the President's Circle of Top Real Estate Professionals. She can be reached at (800) 536-3806 or visit her website for more information: http://neda.dabestani.pcragent.com/ Prudential Carruthers REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.
MORE RESOURCES:
Investing - Google News |
|
|
|
RELATED ARTICLES
Reading Between The Lines In Annual Proxy Statements Upper Saddle River, N.J. Press Release Scams and Successes: Reading Between the Lines Press releases are a means through which companies can keep the public up to date regarding their recent affairs. It is the duty of every public company to keep its investors and indirectly potential investors aware of what is going on in the company. Why You Need To Buy and Sell Gold Coins (Part 5) Grading coinsThe condition of a coin is commonly summarized by a grade. Because the value of collectible coins often varies dramatically with grade and overly generous grading is not uncommon, reasonable grading proficiency is an important skill for collectors. Your Portfolio and "Old Ironsides" The USS Constitution first ventured into the waters in 1798. From there she became an icon of durability and success. The Realities Of Market Timing Market timing systems are based on patterns of activity in the past. Every system that you are likely to hear about works well when it is applied to historical data. Critical Investors Business Daily Responsibilities - If not Followed Could Cost You Millions! When thinking about the investors business daily responsibilities in today’s market environment, the best remedy for this situation is for you to get more involved in your own investing decisions.The problem is that most individual investors do not have the knowledge, resources, or time to spend doing their own research, stock selection, execution, and position management. June 2005: Weather Forecasts for Weather Traders If Johannes Kepler, the renowned 17th century astronomer and discoverer of the planetary laws of motion, could speak from the heavenlies, he might have a few words of wisdom to share with the National Weather Service. Although Kepler's name is not normally associated with meteorology, he was quite the weather forecaster in his day. Is Offshore Banking for You? You've probably heard about people who keep their money offshore. Most likely you assume they're all wealthy businessmen; millionaires, who have so much money they somehow 'qualify' to move it out of the country, right? Wrong! Offshore banking can be a benefit for anybody regardless of income. Short Term Savings Products When you invest, it simply means that you are putting your funds in products, in this case short-term savings vehicles, which will allow you to reap high financial rewards.Here is a list of the more common short term savings products you should consider investing in. Now is the Time to Invest for Your Retirement! Yes, it's the time we've all been waiting for?tax season! We know you've gotten a jump start and filed early this year, right? Of course not, but rather than dreading this part of the year, we should all look to it as a point for new opportunities. Many readers don't realize that even though the New Year has come, they can invest money as if it were still 2004! That's correct, it's not too late. Trading Tips No 7: Developing a Casino Mentality for the Day Trader I submit that the successful day trader would profit well to adopt a casino mentality. At first glance, this sounds reckless and nothing more than a gambling attitude - but it's not. Can Your Annuity Do This? Many people buy annuities according to their agent's recommendations. However, many people do not even know what they own. Stocks: Reduce Risk Yet Maximize Profits It is important to note that every smart investor wants to minimize risk while maximizing profit potential. Yet conventional investment theory tells us that in order to increase returns, you have to increase risk. Planning Starts with the Basics When developing a plan for your finances, the toughest question often is: "Where do I begin?" Before investing in stocks and bonds or buying life insurance, before implementing any change or making any decisions, you first need to analyze and understand your entire financial picture. Two documents allow you to do just that. Annuity Owner Mistakes Okay, so I can tell you I have sat in front of countless numbers of people who have made mistakes when purchasing and owning annuities. And I have visited people who wish they never got involved in an annuity. Investing for Retirement - Not an All or Nothing Play In 1519, Hernando Cortes, beached on the shores of unexplored Mexico, made a fateful decision: he would burn the ships he and his men arrived in and attempt to overthrow Montezuma and the mighty Aztec empire. The decision was risky. Trading Baskets Part I Q. What is a basket?A basket is a group of up to 50 stocks that you can trade, manage and track as one entity. Understanding The Real Rate of Return! There is one indicator more than any other which determines the health of an economy and it is the Real Rate of Return.Furthermore this is the simplest of all indicators to understand because it determines the safety of assets. Better Investing Made Easy If there were one piece of advice that an investor could ask for, the question would probably be something like "What do I need to do to invest better?" Better investing choices are sought by investors every day. Some find them and succeed, others do not. Trading Systems A trading system consists of a set of rules for viewing markets and making trades. The advantages of trading systems can be hidden when they become associated with trading platforms involving trade order submission and processing.
|
Sponsors: Chicago Paving Contractor | Remanufactured VTL | Religious Statues | Search Engine Specialist
