VacancyFillers.com
  • Home
  • Current Vacancies
    • Join Standby List
  • Apply Online
    • Submit Deposit
  • List A Vacancy
    • The Process
  • About Us
  • Contact Us
    • Filler Application
  • Advice
  • 3D Thursdays
    • Showcase My Business

11 Apartment Hunting Tips for Renters

5/17/2016

0 Comments

 
Picture
If you've ever had to look for an apartment, you know the process can be time consuming and stressful; even more so if you are new to a city or are looking in a competitive market where hoards of people show up to see every unit. 

There may not be a way out of doing the legwork, but these 11 tips can help you get organized, set your priorities, search smart, save time, and stay focused every step of the way.

1. Narrow your search. Focus on a favorite neighborhood or two, but be smart about it. Balance things like charming shops and a vibrant community with factors like price and access to transportation. Narrowing your search to a specific area will help streamline the process, since you can schedule multiple showings in a single morning. At VacancyFillers.com, you can easily schedule your showing appointments online!

If you are just moving to a new city, there is no better way to learn about the neighborhoods than to spend some time walking around — so get out there and explore. You can also visit Walkscore.com to learn more about the neighborhood.

2. Identify your top three priorities. Make the budget one of your top three priorities; the other two could be anything important to you: great natural light, proximity to work or school, or a washer-dryer in the unit, for instance. If you are having trouble coming up with your top three, try listing everything you want and cross things off one by one until you are left with your most important priorities. Try to only schedule showings at the units that meet most of your priorities. Ideally, you don't want to be wasting time running around town seeing units that are not a fit.

3. Keep track of multiple listings with a comparison checklist. When you are hitting half a dozen showings in a single morning, they begin to run together. Keep pertinent info neatly sorted on a single checklist and snap a picture of each place to accompany it, if possible. 

4. Have your ducks in a row.  Its a competitive market out there! Be prepared to fill out a paper or online application , plunk down a deposit or sign a lease before attending that first showing. Bring the information you need to fill out a standard rental application (contact info for employer, present and past landlords etc.), plus your checkbook.

Also consider printing out a copy of your credit report — some landlords will insist on running their own check, but simply having it to show can be reassuring and put your application ahead of others in a competitive market.

5. Uncover hidden costs. Know what you could potentially be taking on, beyond the rent, by asking key questions whenever you look at a new place. A few to consider:
  • Who is responsible for maintenance?
  • Which (if any) utilities are included? 
  • Is there a fee to use building amenities or for parking? 
  • Are there cable hook-ups where you want them, or will you need to have a new line put in?

At VacancyFillers.com, many of these questions can be answered by checking out the Details section of our listings!

6. Rely on your senses. Odd smells and noises you notice during a showing could end up being a major problem when you move in. Natural light, or a lack thereof, can make all the difference in the world, so try to attend a daytime open house rather than looking at the apartment after work. 

7. Don't be afraid to be a little nosy. Open the closets to get a realistic picture of the available storage space. Turn on the shower, run the water in the kitchen and bathroom sinks, and flush the toilet. Check under the sinks for signs of mold and critters — it's a lot better to know now if there is a problem.

8. Combine methods for the most effective search. Search online via Craigslist and similar sites, or contact a local rental agency like VacancyFillers.com — but don't forget to hit the pavement, too. 

Even today there are plenty of landlords who rely on a simple sign posted in the window, a scrap of paper tacked up in the local café or word of mouth to rent their units. So keep your eyes and ears open wherever you go.

9. Planning to stay a while? Negotiate! If you have excellent credit and a solid rental and work history, and you want a place to call home for many years to come, you may be in a position to negotiate a better deal. Finding excellent long-term tenants is the hardest part of being a landlord, so remember, you are a catch! 

While it's not likely any landlord would lower the rent, you could try negotiating for a longer lease to lock in your current rent, ask for improvements to be made (and paid for) before moving in or get permission to paint and make improvements on your own. The worst they can say is no, but it can't hurt to ask!

10. Measure key pieces of furniture ... and check if they fit through the door. If you have not accumulated much furniture yet, or you don't mind swapping a few things out, this may not be an issue. But if you do have a special piece, like a canopy bed, large sofa or piano, it would be heartbreaking to find out it won't make it through the door after you've signed the lease. Bring a tape measure with you to each showing, and check doorway and stairwell measurements to be sure your beloved pieces will make it in.

11. Get everything in writing. So your landlord promised that the leaky sink would be fixed, you can paint the walls any color you want and your cat is allowed without a deposit? Get it in writing. Should you and your landlord ever get into a disagreement down the road, having documentation will be a lifesaver. 

Author: Laura Gaskill
Original Article: http://www.houzz.com/ideabooks/10180155/list/11-Apartment-Hunting-Tips-for-Renters/
0 Comments

8 Common Misconceptions About Section 8, Corrected

5/10/2016

0 Comments

 
Picture
Did you know that there are grants that can help real estate investors with the acquisition of investment property?
Did you know there are programs that will pay above market rent for your investment property?
Sure you do… but there are so many misconception about using government funds, they may be deterring you from maximizing your investments.
There are numerous government sources to assist you in your real estate endeavors: to name a few, there’s the HOME Investment Partnership Program, local and federal block grants, and the Housing and Urban Development.
The governmental assistance program that is most well known is Section 8. Immediately when you think of Section 8 housing what comes to mind might be slums, ghettos, unemployment, substance abuse, and dysfunctional families. This may not be the perception of some, but many do believe this.
The association between the above descriptions and Section 8 is so strong that these images immediately come to mind when thinking of government assistance. I would like to inform you that the majority of the time, it is not the individuals on government assistance that diminish a community, but the investor, the property managers, and the slumlord.
This article is to inform investors about some of the commonly believed misconceptions about Section 8 housing that are causing you to lose thousands of dollars and diminish your returns.

1. All Section 8 Recipients Are Terrible Tenants
This is the biggest fallacy. Although there are many Section 8 recipients that are bad tenants, the majority of the tenants are cooperative with the rules given from the landlord. Section 8 tenants must abide by the lease set forth by the landlord, and if they are not abiding by the lease, there are two courses of action that can be taken versus just one in a traditional rental

According to Section 8 rules and regulations, if a tenant is not adhering to the lease, you can contact the tenant’s Section 8 social worker. The worker will inform the tenant that if they do not abide by the lease, they can lose the section 8 voucher. Normally in this case, the tenant immediately complies with the lease. The loss of the voucher will result in them paying 100% of the rent versus the difference between the voucher amount and the rent. So this is a big plus because it minimizes the likelihood of evictions.
2. The Landlord Has to Accept Anyone
This is not the case; actually, there is another layer of protection similar to lease compliance. The tenants are heavily screened by the Section 8 workers prior to them being awarded the voucher; they cannot have an extensive criminal background or issues of substance abuse, and only the voucher recipient and those named on the voucher can have tenancy in the property. Once the recipient is awarded the voucher, they still can be screened by the landlord. If the individual does not meet your requirements, you do not have to rent the property to them.
3. Tenant Turnover is High
I have found this perception to be incorrect as well; there are only a few reasons tenants move — they purchase a home, they find something better or more affordable, a family member moves from the neighborhood, they need to downsize, or they have problems with the landlord. The majority of the time, these are the five reasons a tenant voluntarily moves. In most cases those awarded section 8 have kids, and kids have to go to school, and the kids make friends at school, so they become attached to the neighborhood. This limits the family’s ability to continuously move.
4. The Rent is Inconsistent
Investors love to talk money, and with Section 8 tenants, you can get a premium for your property. The biggest complaint everyone states about the government is the fiscal policies and how out of touch the bureaucrats are. You are exactly right; the government pays a premium for everything. So why not have them pay the premium for your rental?
In most cases Section 8 is willing to pay above the market rent depending on the area. For example I have a small 3-bed, 1-bath SFR, and the market rent is $850. Section 8 is willing to pay a minimum of $1150, and that increases my cap rate on my investment. Again, not only will there be a increase in rental payment, but there will be extra layers of protection per Section 8 policies.
5. It is Difficult to Get Your Property Approved
This may not be so in every city, but the process to get a property Section 8 approved is simple — the property must not have evidence of mold, heat or running water, and it must be in livable condition. Sounds simple enough, right?
There is a check done on the landlord to ensure that there is not a criminal history of theft, drugs, or abuse of any kind. This process is easy, and as long as your property meets county/city code, your home will qualify.
6. Section 8 Housing is Only in Low Income Neighborhoods
There was an article in Crain’s Chicago Business by Alby Gallun called “Poor Families Use ‘Supervouchers’ to Rent in City’s Priciest Buildings.” This article disproves that notion that Section 8 is only for blighted areas of your city. One individual in the article was paying $3,000 a month for a one-bedroom apartment at 500 N. Lake Shore Drive (yes, if you know Chicago, that’s not too far from the Gold Coast & Mag Mile). I’m pointing this out to say: not all families or rental units that are Section 8 approved have to be in the worst neighborhoods in America.
7. My Property Will Be Destroyed
​Again, with the extra layer of protection, it helps if your tenant does damage to the property. In the event the tenant does damage to the property, you can notify the tenant’s worker, and Section 8 will pay for the damages, and the tenant has to reimburse the worker.
The tenant can lose the voucher if they destroy the property and do not pay. So this is a benefit to the landlord to ensure the property is maintained. This extra layer of protection limits the possibility of litigation and losses due to damages. As with any rental, you should conduct a walk through with the tenant and document any defects. 
8. The Rent Will Not Be on Time
This happens to be one of the best benefits: not only do you receive higher than market rent, but your payment will come directly from those that administer the program. The rental payment will come on time and without fail.
These are the 8 misconceptions about dealing with Section 8 Tenants and the program. Although I have outlined the benefits, there are always downsides when dealing with people. I have been fortunate to have a wonderful experience with Section 8, but I have heard some of the horror stories as well. Remember, you are the landlord, and your tenants can only do what you allow.

Author:  MARCUS MALONEY 
Original Article: https://www.biggerpockets.com/renewsblog/2015/01/16/section-8-myths-profitable-truth/​

0 Comments

    Archives

    January 2017
    November 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    November 2015
    October 2015
    September 2015
    August 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    December 2014
    November 2014
    September 2014
    July 2014
    June 2014
    May 2014
    April 2014
    March 2014

    Categories

    All

    RSS Feed

Powered by Create your own unique website with customizable templates.