Apartment Investing

Owners that manage rental property should learn about the various “Landlord-Tenant” laws.  There are many laws that must be followed or the resulting legal action and penalties can be severe. For example, security deposits must be handled properly when received, held and disbursed.  A final accounting is extremely important and failure to correctly account for […]

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Recent guidelines for FHA loans will make getting a FHA-backed loan on a meth (methamphetamine) contaminated (or remediated) property virtually impossible.  Since most new loans today for buyers are FHA loans, this will probably severely limit lending on any property that was once a “meth contaminated” property.  The net effect will most likely mean a […]

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If you are rehabbing an older building  (built before 1978), then new EPA rules are in place. It is suggested that you first test the property for lead based paint.  If the building tests positive for lead based paint, you need to follow the new RRP (Renovate, Repair or Paint) Rules. The basic rules state […]

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Most smoke alarms (smoke detectors) have a useful life of 7 to 10 years. After this time period, the detecting elements start to wear out. Newer smoke detectors are more sensitive and more reliable. Homeowners should consider changing their smoke detectors every 7 to 10 years. (Remember: Batteries should be changed at least yearly). Most […]

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When offering a property for rent, you should have a “Meth Clause” and “crime-free addendum” in your lease. (here is a sample “Crime Free-Drug Free” addendum) This will let tenants know that you do not tolerate any type of illegal drug use or criminal activity on or in your property. Because methamphetamine is cheap and […]

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There are many properties available at a significant discount.  For the typical buyer that can tackle cosmetic repairs (paint, carpet, windows, doors, drywall and light remodeling) staying away from properties with structural defects/deficiencies is important. To help identify structural defects, buyers should have an agent that is familiar with the major systems of a property […]

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This week, Congress and the President passed the 2009 Stimulus Plan. If you are a first time buyer, there is an $8,000 tax credit available. To qualify, you must: Not owned a principle residence in past 3 years Buy a home (house, condo, duplex, triplex or 4-plex apartment) from Jan 1, 2009 through Dec 1, […]

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