rocketcity

Top 10 Reasons to Move to Huntsville, Alabama

chance@rcpmanage.com (Chance Pickens) — Mon, 27 Jan 2025 18:29:15 GMT

Why Hunts ville, Alabama, Should Be Your Next Home

Are you considering a move and wondering where your next home should be? Huntsville, Alabama, might just be the perfect destination for you. Known as "The Rocket City," Huntsville offers a unique blend of modern amenities, southern charm, and opportunities that make it an exceptional place to live. Here are the top 10 reasons why Huntsville should be on your radar:

1. Booming Job Market

Huntsville boasts a thriving job market, particularly in technology, aerospace, defense, and engineering. Home to NASA’s Marshall Space Flight Center and Redstone Arsenal, the city attracts top talent and offers high-paying job opportunities. Companies like Boeing, Northrop Grumman, and Blue Origin also call Huntsville home.

2. Affordable Cost of Living

Despite its rapid growth, Huntsville remains one of the most affordable cities in the U.S. Housing costs, utilities, and overall living expenses are significantly lower than in many other major cities, allowing residents to enjoy a high quality of life without breaking the bank.

3. Top-Notch Education

Huntsville is home to some of the best schools in Alabama and several renowned higher education institutions, including the University of Alabama in Huntsville (UAH) and Alabama A&M University. The city also has excellent K-12 options, from public schools to private and magnet programs.

4. Innovative Tech Scene

As one of the leading technology hubs in the South, Huntsville has a reputation for innovation. It’s a place where science and creativity meet, making it an attractive location for entrepreneurs, startups, and tech professionals.

5. Rich History and Culture

Huntsville’s history dates back centuries, offering a mix of southern heritage and modern achievements. From the U.S. Space & Rocket Center to historic landmarks like Twickenham and the Alabama Constitution Hall Park, there’s something for everyone to explore.

6. Outdoor Adventures

Nature lovers will feel right at home in Huntsville. The city is surrounded by beautiful landscapes, including Monte Sano State Park, Green Mountain, and the Land Trust of North Alabama. Hiking, biking, and fishing are just a few of the activities residents enjoy year-round.

7. Diverse Dining and Entertainment

Huntsville’s food scene is as diverse as its population. From southern comfort food to international cuisine, there’s no shortage of delicious options. The city also offers vibrant nightlife, local breweries, live music venues, and cultural festivals.

8. Family-Friendly Community

Huntsville is known for its welcoming and safe neighborhoods. With plenty of parks, recreational centers, and family-focused events, it’s a fantastic place to raise children and build lasting relationships.

9. Growing Real Estate Market

The real estate market in Huntsville is thriving, offering a wide range of options from charming historic homes to modern new builds. Whether you’re looking to rent or buy, the market accommodates diverse preferences and budgets.

10. Future-Focused Development

Huntsville is a city that’s always looking ahead. With ongoing developments in infrastructure, entertainment, and community projects, the city continues to evolve while maintaining its unique charm.

At Rocket City Property Management, we’re here to help you make the transition to Huntsville as smooth as possible. From finding the perfect rental home to navigating the local real estate market, we’re your trusted partner in relocation. Contact us today to learn more about the opportunities waiting for you in Huntsville, Alabama!

Top 10 Amenities Renters Are Looking for in 2025

Fri, 08 Nov 2024 19:08:43 GMT

As we move into 2025, renters are looking for more than just a place to live—they want a comfortable, convenient space that supports their lifestyle and budget. Here are the top 10 amenities that can make rental properties especially attractive to renters in 2025.

Fast, Reliable Internet

With remote work still popular, renters are prioritizing reliable internet service. Properties that offer high-speed internet included in the rent or easy setup options for tenants help renters save time and money while ensuring their connectivity needs are met.

In-Unit Laundry

In-unit washers and dryers have become essential, especially for families and busy professionals. This amenity offers convenience, helping tenants avoid trips to shared laundry facilities or laundromats, and is seen as a key feature in today’s rental market.

Simple Smart Home Features

Renters appreciate affordable smart home upgrades that make life easier, like smart thermostats, which help control energy costs, or keyless entry for added security. These features are appealing without needing complex or costly tech.

Pet-Friendly Policies

Many renters have pets, so properties that offer flexible pet policies are increasingly attractive. Some basic pet amenities, like waste disposal stations or pet-friendly flooring, can make properties more appealing to pet owners without significant upgrades.

Secure Parking or Carport Options

Secure parking is a must for renters who own cars, especially in suburban or urban areas. Properties with carports, garages, or even simple designated parking spaces add convenience and peace of mind for tenants, especially during extreme weather.

Access to Outdoor Spaces

Tenants love properties with balconies, patios, or shared outdoor areas where they can relax and get fresh air. Even a small, well-kept green space or courtyard can provide tenants a place to unwind or socialize, adding value to the property.

Basic Fitness Facilities

On-site gyms don’t need to be extravagant to be attractive. A small fitness area with essential equipment like treadmills, weights, and a yoga mat space can save tenants on gym memberships and attract renters looking to stay active without the added expense.

Energy-Efficient Appliances

Energy-efficient appliances like washers, dryers, and refrigerators are popular among renters who want to save on their utility bills. These appliances not only reduce energy use but also show that the property is updated and well-maintained.

Work-From-Home Friendly Spaces

With more people working from home, properties with quiet areas or designated nooks for work are appealing. Even if there isn’t a full co-working space, renters appreciate having options like good lighting, outlets, and space for a desk.

Responsive Maintenance and Security

Middle-class renters prioritize properties with prompt maintenance services and basic security measures, like well-lit entrances and secure locks. Responsive management that handles maintenance requests quickly and provides a safe environment can be a major draw for families and individuals alike.

In 2025, renters want their homes to be comfortable, convenient, and affordable. By focusing on practical amenities that fit middle-class lifestyles, property managers can attract long-term tenants who value the basics done well. With these amenities, your property will appeal to renters who appreciate quality, convenience, and a place they can truly call home.

How to Maximize Your Property's ROI with Preventative Maintenance

chance@rcpmanage.com (Chance Pickens) — Thu, 31 Oct 2024 14:38:31 GMT

Protect Your Investment and Boost Profits with a Proactive Maintenance Plan

Owning a rental property is a great investment, but maximizing your return on investment (ROI) takes a strategic approach. One of the most effective ways to protect and grow your property’s value is by implementing a preventative maintenance plan . By being proactive, you can reduce repair costs, increase tenant satisfaction, and ultimately boost your property’s profitability.

Here’s a look at why preventative maintenance is essential and how to leverage it to enhance your property’s ROI.

Prevent Small Issues from Becoming Costly Repairs

Think of preventative maintenance as an investment in property health. Routine inspections of plumbing, electrical systems, HVAC, and roofing can reveal minor issues before they become expensive problems. For example, a simple pipe insulation can prevent bursts in the winter, saving thousands in potential water damage repairs. The cost of routine maintenance is far less than the unexpected repair costs that can arise from deferred maintenance.

Extend the Life of Major Systems and Appliances

Replacing major systems like HVAC, plumbing, or a water heater can be costly, but regular maintenance can significantly extend the lifespan of these essentials. Seasonal HVAC tune-ups, for example, keep heating and cooling systems running smoothly, reducing energy bills and avoiding breakdowns. By keeping your systems in peak condition, you can delay costly replacements and keep your operating expenses low.

Improve Tenant Satisfaction and Retention

Tenants appreciate a well-maintained property, and happy tenants are more likely to renew their leases. When tenants know that issues like leaky faucets, drafty windows, or broken appliances will be addressed promptly, they feel valued and cared for. This level of service can reduce tenant turnover, minimize vacancy periods, and save you on the costs associated with re-listing and preparing the property for new renters.

Enhance Property Curb Appeal

Curb appeal isn’t just for homes on the market—it matters for rental properties, too. Routine landscaping, fresh paint, and well-maintained common areas all contribute to a property’s appeal. When prospective tenants see that a property is well cared for, they’re more likely to view it as a desirable home. Maintaining a high curb appeal can even justify higher rental rates, giving you a better return on your investment.

Reduce Energy Costs with Efficient Upgrades

Preventative maintenance often includes checking for ways to make the property more energy-efficient. Simple upgrades like sealing windows, adding insulation, and switching to energy-efficient lighting can reduce utility costs. Lower energy bills attract cost-conscious tenants, and eco-friendly upgrades can also qualify you for local or federal incentives, which add to your ROI.

Boost Property Value and Marketability

Well-maintained properties tend to appreciate faster and are more attractive to potential buyers if you decide to sell down the road. Properties with documented preventative maintenance have higher market values because they indicate a lower risk for future repairs. This gives you a competitive advantage, whether you’re raising rent rates or looking to sell.

Schedule Regular Property Inspections

Annual or semi-annual inspections are the cornerstone of effective preventative maintenance. A professional property inspection will provide a full assessment of the building’s current condition and identify any areas of concern. This proactive approach can help you plan for upcoming repairs or improvements, allowing you to budget for them rather than being caught off guard.

Partner with Rocket City Property Management for Expert Maintenance Services

At Rocket City Property Management, we understand the importance of proactive care for your investment. We handle everything from routine inspections to seasonal maintenance, allowing you to maximize your ROI without the stress of managing every detail.

Ready to protect your investment with a proactive approach? Contact us today to learn more about how our property management services can enhance your property’s value and profitability.

Real Estate Investing for Beginners: Tips and Strategies to Get Started in Huntsville, AL

easton@rcpmanage.com (Easton Farr) — Fri, 16 Jun 2023 00:03:03 GMT

Real estate investing can be a great way to build long-term wealth and generate passive income, but it can also be a daunting process for beginners. If you're considering real estate investing in Huntsville, AL, here are some tips and strategies to help you get started.

Here are some simple steps to get started as an investor looking to buy real estate in Huntsville Al -

Define Your Investment Goals

Before diving into real estate investing in Huntsville, AL, it's important to define your investment goals. Do you want to generate rental income, build equity through property appreciation, or both? Understanding your investment goals will help you make informed decisions throughout the investment process.

Choose the Right Investment Property

Once you've defined your investment goals, it's time to choose the right investment property in Huntsville, AL. Consider the location, property condition, and potential for rental income or appreciation. Working with a local real estate agent or property management company can help you identify investment opportunities that align with your investment goals.

Secure Financing

Real estate investing requires capital, so it's important to secure financing for your investment property. Consider traditional financing options like bank loans or private lenders, or explore creative financing options like seller financing or joint ventures.

Manage Your Investment Property

Managing an investment property in Huntsville, AL requires ongoing maintenance , tenant management, and rent collection . Consider working with a property management company to handle these responsibilities and ensure that your investment property is running smoothly.

Build Your Network

Networking with other real estate investors, property managers, and service providers can provide valuable insights and resources f or your investment journey. Attend local real estate investor meetings, join online communities, and connect with professionals in your area to build your network.

In conclusion, real estate investing in Huntsville, AL can be a great way to build long-term wealth and generate passive income. However, it's important to define your investment goals, choose the right investment property, secure financing, manage your investment property, and build your network to maximize your investment success. If you're looking for expert guidance and support in managing your investment property in Huntsville, AL, contact a property management company for assistance.

Maximizing Your Rental Income: Tips for Setting the Right Rent Price in Huntsville, AL

easton@rcpmanage.com (Easton Farr) — Sun, 28 May 2023 03:34:41 GMT

One of the biggest challenges that landlords face is setting the right rent price for their rental properties. Setting the rent too high can lead to long vacancy periods, while setting the rent too low can result in missed revenue opportunities. In this post, we'll explore tips for setting the right rent price and maximizing your rental income in Huntsville, AL.

Do Your Research

Before setting the rent price for your rental property in Huntsville, AL, it's important to do your research. Research the local market and check the rents for similar properties in your area. You can also use online rental pricing tools or consult with a local real estate agent to get a better sense of the market rates.

Consider the Property's Features and Amenities

The features and amenities of your rental property can also affect the rent price. Properties with updated appliances, modern finishes, and desirable amenities like a pool or gym tend to command higher rents. Additionally, consider the location and proximity to schools, shopping, and public transportation, which can also impact the rent price.

Factor in Operating Expenses

When setting the rent price for your rental property in Huntsville, AL, it's important to factor in the operating expenses. These include utilities, maintenance and repairs, property taxes, insurance, and property management fees. Subtracting the operating expenses from the potential rental income can help you determine the maximum rent price that you can charge.

Look at Your Competitors

Look at what your competitors are charging for similar properties in Huntsville, AL. If your rent price is significantly higher than theirs, you may have trouble finding tenants. If it's significantly lower, you may be missing out on potential rental income. Keep in mind that pricing may vary based on the location, features, and amenities of your property.

Consult with a Property Management Company

Setting the right rent price and maximizing your rental income can be a complex process. Working with a property management company in Huntsville, can help you navigate the process and ensure that your rental property is priced competitively. A property management company can provide market analysis, advise on rent price adjustments, and handle rent collection, freeing up your time and making real estate investing a more passive investment.

In conclusion, setting the right rent price for your rental property in Huntsville, AL requires careful research, consideration of the property's features and amenities, and an understanding of the operating expenses. Additionally, consulting with a property management company can help you maximize your rental income and ensure that your property is priced competitively. If you're looking for expert guidance and support in managing your rental property in Huntsville, AL, contact RCPM for assistance

How to Choose the Right Rental Property

easton@rcpmanage.com (Easton Farr) — Sat, 13 May 2023 14:59:30 GMT

I want to buy a rental property... but what do I do now?

Investing in rental properties can be a lucrative way to generate long-term passive income but choosing the right property can be a challenge. In Huntsville, AL, there are plenty of rental properties available, but not all of them are a good fit for investors. In this post, we'll explore how to choose the right rental property for your investment portfolio in Huntsville, AL, and why working with a property management company can make the process easier.

Define Your Investment Goals

Before you start looking for rental properties in Huntsville, AL, it's important to define your investment goals. Are you looking for short-term cash flow, long-term appreciation, or a mix of both? Are you interested in a specific type of property, such as single-family homes, multi-family properties, or commercial properties? Understanding your goals and preferences can help you narrow down your options and make a more informed decision.

Research the Local Market

Once you have defined your investment goals, it's time to research the local market in Huntsville, AL. Look for properties in neighborhoods with low vacancy rates, high rental demand, and good school districts. You can also check online listing websites and consult with a local real estate agent to get a better sense of what's available in your budget.

Analyze the Numbers

Before making an offer on a rental property in Huntsville, AL, it's important to analyze the numbers. Calculate the potential rental income, operating expenses, and net income to get a sense of the property's cash flow potential. Additionally, consider the upfront costs, such as the down payment, closing costs, and repairs, to ensure that the property is a good financial fit for your investment goals.

Consider Working with a Property Management Company

Managing rental properties can be time-consuming and stressful, especially if you own multiple properties. Working with a property management company like RCPM can help alleviate some of the burden and ensure that your properties are well-maintained and profitable. RCPM can handle tasks like finding tenants, collecting rent, handling maintenance and repairs, and handling tenant disputes, freeing up your time and making real estate investing a more passive investment.

Choose the Right Property Management Company

If you decide to work with a property management company in Huntsville, AL, it's important to choose the right one. Look for a company with experience in managing properties like yours, a track record of success, and a commitment to communication and transparency. You can also ask for referrals from other landlords or consult online reviews to get a better sense of their reputation. RCPM is a company committed to serving both our owners and tenants to the highest standards. At RCPM we aim to exceed expectations and will stay committed to that as we help you manage and grow your investments.

In conclusion, choosing the right rental property in Huntsville, AL requires careful research, analysis, and consideration of your investment goals. Additionally, working with a property management company can help alleviate some of the burden of property management and ensure that your properties are well-maintained and profitable. If you're looking for property rentals in Huntsville, AL or need help managing your properties, contact a property management company for expert guidance and support.

WHY Invest in Real Estate?

easton@rcpmanage.com (Easton Farr) — Tue, 25 Apr 2023 03:37:59 GMT

The Benefits of Real Estate Investing: Why it's a Smart Financial Move

If you're looking for a smart financial move that can generate long-term wealth, real estate investing should definitely be on your radar. Real estate is a tangible asset that can provide a steady stream of income, tax benefits, and long-term appreciation. In this post, we'll explore the many benefits of real estate investing, as well as why hiring a property management company can be a smart move for real estate investors.

Steady Cash Flow

One of the biggest advantages of investing in real estate is the potential for steady cash flow. When you own rental properties, you can collect rent payments from tenants each month, which can help cover your mortgage payments, property taxes, and other expenses. And if you manage your properties well, you can even generate a healthy profit each month.

Appreciation Potential

Another key benefit of real estate investing is the potential for long-term appreciation. Historically, real estate has appreciated in value over time, which can provide a significant return on your investment. While there are no guarantees when it comes to real estate values, owning a property in a desirable location with good market fundamentals can be a smart way to build long-term wealth. Not only is Huntsville Alabama a desirable location, but its infrastructure influx has created a cushion that insulates it from market effects that would have other locations wobbling. Huntsville is the SAFE place to invest for LONG TERM gains.

Tax Benefits

Real estate investors can also enjoy a variety of tax benefits, including depreciation deductions, deductions for mortgage interest and property taxes, and the ability to defer capital gains taxes through 1031 exchanges. These tax benefits can help reduce your overall tax burden and increase your net income from your investments. Who likes cutting that fat check to the IRS every year? I know I don’t. Well, if you’re a sane person like me you’d want to reduce that burden while ALSO providing value to your beloved community. You can rest assured there is no better way to achieve that than restoring, building, and investing in real estate.

Diversification

Real estate investing can also provide a valuable form of diversification for your investment portfolio. By owning a mix of different types of properties, you can spread your risk and potentially reduce your exposure to volatility in other asset classes, such as stocks or bonds.

Benefits of Hiring a Property Management Company

While investing in real estate can be a smart financial move, it can also be time-consuming and require a lot of effort to manage properties effectively. That's where a property management company like RCPM can come in handy. By hiring a property management company like RCPM , you can delegate tasks like finding tenants, collecting rent, handling maintenance and repairs, and handling tenant disputes. This can help free up your time and make real estate investing a more passive investment.

Additionally, property management companies have experience and expertise in managing properties, which can help reduce your risk of costly mistakes. They can also help ensure that your properties are in compliance with local laws and regulations, which can help protect you from legal and financial liabilities. Not to mention – high quality property management companies like RCPM are integrated with their own maintenance apparatus like Total Maintenance is with RCPM .

In conclusion, real estate investing can be a smart financial move with a variety of benefits, including steady cash flow, appreciation potential, tax benefits, and diversification. And if you want to make real estate investing a more passive investment, hiring a property management company can be a smart move to help reduce your workload and risk of mistakes. If you're considering real estate investing or need help managing your properties, contact a property management company today to learn more about your options.

Relocating to North Alabama? Why should you rent before you buy?

beth@rcpmanage.com (Beth McKay) — Fri, 08 May 2020 17:50:04 GMT

When moving to a new city, you’re starting a new chapter in your life. Everything around you is new and exciting and the opportunities are endless. It can be overwhelming to relocate to a new area that you are unfamiliar with. It’s only natural that you’ll want to make the best out of your chance to start anew and build the life you’ve always wanted for yourself. Achieving this, however, can be difficult if you are unfamiliar with the area and what each neighborhood has to offer.

When it comes to choosing the perfect new home for you and your family, many factors come into play; type and size of dwelling, location, school district, traffic patterns, amenities, safety, neighborhood vibe, etc. It will be difficult to find the right place to call your own until you get to know the various neighborhoods in your new area and come across a property you truly like in the part of town you want to live in.

That’s why many experts suggest that renting a house at first when moving to a new city is the better choice. It will give you the chance to explore your new area and find the perfect new home for you. Buying a home is a major financial commitment. Having your own home, though, and being in charge of your surroundings has many great benefits that make the investment more than worth it but you want to make sure you find the right home for you and your family.

Renting is considered the smarter choice when moving to a new city for a number of good reasons, it gives you flexibility, simplicity, and time.

You won’t need to worry about finding a new home while dealing with the sale of your old house, saying goodbye to family and friends, and organizing your move. This will allow you to focus your time and energy on the forthcoming relocation and will take off some of the stress of moving house.

You’ll have the time to unwind after your big move before you start setting up a new home and adjusting to a new community.

You’ll have the chance to explore your new area and learn the ups and downs of your new city before deciding on a place to live.

You’ll have the chance to test out a neighborhood before committing to it.

You’ll be able to carefully research your housing options and, if necessary, wait for a while until an appropriate property becomes available.

You’ll be able to complete any repairs and renovations you want to make to your new home before moving in.

You won’t be stuck with a mortgage and a home, so if anything happens, you’ll be free to leave on your own terms.

1. It takes time to learn the city and its neighborhoods

Often, someone will move to a new place and think they’ll spend their time in one part of town, only to find they actually like it better somewhere else. In this case, they haven’t acted as an informed buyer.

Being an informed buyer means knowing the market or inventory of houses and the intricacies of different neighborhoods.

Buying real estate is not only a huge investment; it’s a commitment to the home and the area. You can’t be an informed buyer unless you’ve spent some time exploring the neighborhoods. Take a year to learn the different parts of town and the characteristics of the various neighborhoods. Each week, explore a new restaurant in a different part of town. Go for a walk or do your grocery shopping in another. Also, take time to learn about city politics and government, to check out the local board of education and school districts (if you have kids), and to explore the parks and playgrounds. Once the year is up, you’ll be in a much better position to make a huge investment.

2. A lot can happen in a year

Imagine buying a home not long after you hit town, only to discover in six months that you hate your new job and your former employer wants you back. Or, you’ve received an offer for an even better job in the metro area, but it requires commuting further, and you’ve bought a home in a part of town that’s as far from the new job as you can get. And there you are, stuck with a new mortgage and a home that won’t be easy to unload.

So much can happen when you uproot your life dramatically, and it’s difficult to accurately predict how things will eventually “settle.” Give yourself the time to get grounded in your new life by renting a home or apartment instead of buying, so that you’ve got the flexibility to make adjustments you hadn’t anticipated.

3. Moving to a new city causes enough stress; why add to it?

Moving is never easy. So much happens at once, especially when you’re relocating to a new town. You have to say goodbye to your friends and family, pack up the house, close out your work, and hire movers — and then do most of the same on the other side, including finding a new place to live.

Too much change at once is hard to deal with, and focusing your energies on finding a home to buy leads to additional stress and anxiety. It might just push you over the edge. On the other hand, renting an apartment can give you flexibility and simplicity. The stakes are so much lower, because you know that wherever you chose to live is only temporary. And after your lease is up, you can likely rent month-to-month.

When you decide to purchase a house, you’ll be able to make an informed choice as you will have explored the different neighborhoods in your new city and learned their characteristics (available amenities, entertainment locales, and recreational facilities; playgrounds, parks, and green areas; traffic peculiarities and transportation options; crime rate and safety; social, demographic, and ethnic characteristics of the communities; school districts; etc.). You’ll be able to find the perfect home in the perfect area to live in.

HOW A PROPERTY MANAGEMENT COMPANY CAN HELP INCREASE YOUR RENTAL PROFITS

duncan.shea@appfolio.com (Appfolio Websites) — Mon, 23 Sep 2019 07:00:00 GMT

Hiring a property management company is a significant investment for any landlord. Depending on your location and the services they provide, a property manager usually charges between 8% and 12% of the monthly rental value of the property. Some also charge an additional flat fee. This cost will undoubtedly affect the overall return on investment of your building. However, did you know that their services could also help increase your rental profits? Here are the many ways a property management company will help you maximize the income your investment property brings in.

Reducing your vacancy rate

Vacancy is to be expected (and accounted for) in any rental property — the average US rental vacancy rate hovers around 7%. However, should your building sit empty for too long, your revenues will decrease rapidly while your expenses – including property taxes and mortgage – remain the same. A property management company can help reduce your property’s vacancy drastically. They advertise in all the proper channels, including some that are not accessible to the average landlord. They can also make sure that the transition process between tenants goes smoothly and quickly. Finding a new tenant is a numbers’ game that often involves showing the property to multiple potential renters before finding the right one. It is a time-consuming process, especially if you have other obligations. A company management company will have a system in place. This way, the tenant screening process, and visits go quickly to put all the chances on your side to fill the unit rapidly.

3. Maintaining your property’s value.

Property management companies are here to keep an eye on your property even if you live far away. They will run regular inspections to make sure that everything is running smoothly and that tenants are not causing significant damages. They will also take care of all the seasonal maintenance the landlord may not be aware off, from landscaping to snow removal if necessary. Besides, they have the required professional connections to make sure that the contractors hired for potential repairs are reliable. You can rest easy knowing that, not only your property will be taken care of, but that it also will be done right.

4. Protecting you legally

Property management companies are familiar with the local laws and regulations related to renting and building safety. They will help you stay clear of potentially expensive lawsuits that could haunt you for years on hand. From lease agreements to property code and tenant relationship, they will ensure that your building is safe and your interests secure. They can help you draft a foolproof lease. They will also help you get rid of undesirable tenants quickly and professionally, staying clear of these horror stories you may have heard about. A property management company can also help you with your taxes related to your rental property. It could potentially save you a lot of fiscal woes if you are not familiar with the particulars of deductions and write-offs.

5. Monitoring rental rate trends

Deciding on the monthly rent for your property building is a tricky business. If it’s too high, your building may stay vacant, and you could lose a lot of money. If it’s too low, you will have issues covering your expenses and your rental profits will be lower than what you should get. There is no secret recipe for establishing the perfect rental rate. You need to continually monitor your competition and keep an ear to the ground to be aware of any changes. Real estate is, by nature, a fragmented market. If you don’t live locally, or if real estate is not your main activity, you may have issues deciding on how much you should charge your tenants. A property management company can help you with that.

6. Improving your real estate investment portfolio

7. Maximize your free time

Last but not least, hiring a property management company is the best way to take a hands-off approach to real estate investing. Knowing all there is to know about a property and managing the daily running operations is time-consuming. You need to educate yourself about the latest real estate trends, screen tenants, collect rent, and dealing with routine maintenance, among other tasks. You may have a day job which keeps you busy, or a family you want to spend time with. You may want to travel the world without having to worry about a phone call from one of your tenants about a broken furnace. Either way, time is money, and dealing with the nitty-gritty of property management may not be the best use of yours.

If you would like to know more about what we can offer you to maximize your rental profits, check out our website. We are always happy to answer any question you may have.

BEYOND COLLECTING RENT: WHAT ELSE CAN A PROPERTY MANAGEMENT COMPANY DO?

duncan.shea@appfolio.com (Appfolio Websites) — Tue, 03 Sep 2019 07:00:00 GMT

A property management company can help you by collecting rent and making sure that each tenant pays his or her due in full and on time. However, did you know that there are many other ways a good property manager can make being a landlord as painless as possible? If you are on the fence about hiring a property management company, here are some of the numerous tasks they could help you with.

Dealing with relationships with tenants

First and foremost, a property management company acts as a buffer between yourself and your tenants. No more pesky phone calls about grievances and broken appliances! You can turn your phone off or leave for a well-deserved vacation without worrying about your property. From the daily running operations to the least savory tasks, like handling a problematic tenant, a property management company keeps you off the loop and often has a 24/7 answering service to deal with emergencies.

Besides, tenants are less likely to appeal to your compassion or make excuses as to why the rent is late when dealing with a professional organization. Renting out a property should be treated as a business, and a property management company will make sure that everything is handled professionally.

Bookkeeping

Bookkeeping is one of the least glamorous yet necessary tasks of being a landlord. As you own more and more properties, you will need to keep track of which tenant paid, which one did not, and will have to remind them of their dues. You will also need on keep an eye on the expenses related to each building. Your company management company can provide you with a clear report that will allow you, at one glance, to know how your property is doing. They keep thorough records with the information you may need down the road, including all income and expenses. It includes the list of all inspections, signed leases, maintenance requests, any complaints, records of repairs, costs of repairs, maintenance costs, the record of rent collection, and insurance costs.

Taxes can be a nightmare of their own, but being a landlord comes with various fiscal perks, including write-offs and deductions. However, to take advantage of these, you need to know what they are and how to present them in your tax report. Filling taxes can be a time-consuming process, but it is yet another thing your property manager can take care off for you.

Maximizing your revenues on your investment portfolio

Some landlords think that property management companies are expensive and want to try the Do It Yourself route. However, owning an investment property is a time-intensive business. Unless you are ready to make it your full-time job, hiring a property management company is well worth the money. It is particularly true if you own several buildings, or if you leave far away from your properties.

A good property manager knows all the ropes to make each property as profitable as possible. They are up to date with the latest real estate trends and can guide you to get the most bang for your buck. It includes the optimal amount you should charge for rent, but also where you should invest next.

Dealing with a bad tenant can quickly become a nightmare. It is hard to stay emotionally detached when your property and your livelihood are endangered. However, any mistakes could put you in a difficult situation. If you need to take the steps necessary to evict an undesirable tenant, you will need to follow the law to the letter. A property management company can take care of the eviction process professionally if necessary.

Finding the best tenants

Your experience as a landlord depends in large part of the quality of your tenants. Finding someone willing to rent your property, take care of it, and be current on the rent can be a numbers game. Property management companies are well-equipped to find the best candidate as rapidly as possible so that your vacancy rate stays low. They can run the credit score and background check of potential renters quickly, show the property promptly and prepare the transition from tenant to tenant more efficiently than an individual owner can.

There is a lot more to property management than simply collecting the rent. A good property management company can be an invaluable partner as a landlord. Take a look at the services we offer and don’t hesitate to get in touch with us with you have any questions.

LOOKING TO BUY A NEW HOME? HERE’S HOW TO AVOID A MONEY PIT

duncan.shea@appfolio.com (Appfolio Websites) — Thu, 08 Aug 2019 07:00:00 GMT

We have all heard about this cautionary tale: the dream house turned on-going nightmare unfortunate homeowners can’t manage to sell. Tom Hanks even made a movie about it. But when it comes to investing your money into a real estate property, avoiding a money pit is crucial. Whether you are considering flipping a commercial building and make bank when you sell it or renting it for a regular income, here are some points to consider so you don’t end up paying more than what you bargained for when purchasing an investment property.

Location, location, location

In real estate, location is everything. One block can make a big difference in terms of the desirability of an area. Although it can be tempting to prospect of the potential of up-and-coming neighborhoods, a real estate investor should proceed with caution. Purchasing a property in the wrong part of town could lead to many issues linked to crime, problems with tenants, and with the future retail value of the property.

When buying an investment property, don’t hesitate to contact the neighbors and drive by the building you are interested in at different times of the day. There might be a noisy industrial complex nearby or issues you can’t identify on a single visit. Visiting town hall to identify any future development project that may affect the property is also a wise move.

If you are considering investing in an area you are not intimately familiar with, make sure to develop a relationship with a local partner to avoid any unexpected disappointments. Unfortunately, location is not something any amount of money can fix, and it will determine how much you can charge for rent and your expected ROI.

Choose your tenants carefully.

TIPS FOR FIRST TIME HOME SELLERS

duncan.shea@appfolio.com (Appfolio Websites) — Wed, 22 May 2019 07:00:00 GMT

Much like buying your first home, selling it can be an intimidating process. Whether you are relocating or trying to find a property that will better accommodate your family’s needs, you probably have a lot on your mind. For most people, selling their home is also a time sensitive matter since they need to at least have an offer on it before buying their next one.

The good news is that the months of spring and summer are the best ones to list your property! With the kids out of school and the yards looking their best, most people want to move before the end of the summer. However, it is also the moment when your property will have more competition on the market, which is why you should have a strategic plan in mind.

Although real estate agents charge on average 6% of the selling price, you can often recoup that money since agent listings sell on average 20 days faster and for 20% more than a FSBO listing according to a study by the National Association of Realtors. Your real estate agent can save you a tremendous amount of time by taking care of the paperwork and organizing showings. He/she also has access to marketing tools FSBO sellers don’t to show off your listing to the largest number of potential buyers. Real estate agents are seasoned negotiators and are familiar with the local market so you can get the most bang for your buck. Finally, the sellers’ agent usually split his or her fee with the buyers’ agent.

Finding a trusted real estate partner can make or break a transaction, especially for a first-time home seller. It is always a good idea to interview several real estate agents before picking one that might the right fit for you. Don’t forget to ask them some key questions such as:

How long have you been working as a real estate agent? Is it your full-time job?
Are you familiar with the area? Have you helped sell or buy houses in my neighborhood?
Which marketing tools do you use? How often and how do you communicate with your clients?

You can also save a significant amount of time and money by taking care of some of the steps to sell your home yourself before hiring a real estate agent. Staging and decluttering to make your home as appealing as possible is crucial. Better Homes and Gardens also recommends giving as much attention to the outside curb appeal to indoor staging: some low-cost improvements such as “sweeping the front stoop, cleaning windows, covering rocks with fresh mulch, or painting your front door a striking color” can improve your value.

Listing your home to sell can be a nerve-wracking process, but the right partner and a little elbow grease can go a long way. Spring is a great time to sell your home. Best of luck!

HOW TO FINANCE A DISTRESSED PROPERTY

duncan.shea@appfolio.com (Appfolio Websites) — Tue, 14 May 2019 07:00:00 GMT

Distressed properties like bank-owned houses can make excellent real estate investments since they are often priced below market value. It could be the perfect occasion to acquire “the worst house in the best neighborhood,” in other words the real estate investment Holy Grail. However, financing an investment property can be tricky, and financing a distressed property comes with its own set of difficulties. You are not typically dealing with a homeowner, but with a bank which has its individual requirements and agenda. Besides, distressed properties are often in bad condition which is great if you are planning on flipping the house, but not so great if you want to finance it.

Conventional mortgages

Conventional mortgages are reasonably straightforward. However, they come with many requirements, both regarding yourself and the property you are planning on purchasing.

If you are planning to obtain a conventional mortgage to purchase a short sale or a bank-owned property as an investment, you must be able to prove to the bank that you are trustworthy. Many lenders will require you not only to have a excellent credit score, credit history and a low debt-to-income ratio, but also to be able to put out significant amount of cash towards a down payment (up to 30% of the purchase price) and cover any expenses for the first six months of the life of the loan.

Besides, the house must be in livable condition to be financeable. It is not always the case for distressed properties which have often suffered significant damages from being empty for sometimes years at the time, and have issues linked to neglect and delayed maintenance. Many bank-owned properties are sold “as-is.”

Finally, conventional mortgages take time. If you are competing with cash offers or a bidding war where time is of the essence, the property might sell before you are approved for the loan.

Hard money loans

Hard money loans, sometimes also called “fix-and-flip” loans, are a great option if you have a good track record as a real estate investor and if you are planning on selling the property quickly. Unlike conventional loans, which have a term of up to 30 years, hard money loans are short-term loans and must be paid usually before three years.

Their requirements in terms of credit score and down payments are lower than that of a conventional mortgage. They can be funded within days, which allows the borrower to move quickly. Besides, hard money mortgages issued based on the expected value after the property is rehabbed if it is in bad condition which gives the borrower access to larger loans.

However, these advantages come with a price. The interest rates are significantly higher, and the lenders will require proof of your experience as a real estate investor, such as a list of past projects, contractor estimates, and scope of work, in order to mitigate the risks.

Using the equity on your primary residence

If you do not have the real estate experience necessary to qualify for a hard money loan or the cash and credit history for a conventional loan, you may be able to use the equity that you built in your primary residence to put in a cash offer and purchase a distressed property.

If you have built equity into your primary residence (you will usually need at least 20% or more to qualify), there are two different ways you can tap into it without selling it:

Cash-out refinancing: Refinancing consist in taking on a new loan to pay off your mortgage. With a cash-out refi, you can borrow more than what you currently owe on your property and use the extra money as you please. You can usually borrow up to 80$ of the value of the house, depending on your lender’s requirements and your personal credit history.
Home Equity Line of Credit (HELOC): Unlike a cash-out refinancing, where you receive a lump sum of money, a HELOC lets you borrow money as needed using your home as collateral, like a credit card. Rates are usually higher than a cash-out refinancing, but closing costs might be lower.

Non-traditional lenders

Finally, non-traditional lenders may be more kin to finance a distressed property than traditional ones. However, you will need to do your homework before approaching them to present a viable business plan and all the estimates you may need to convince them.

The National Real Estate Investors Association (REIA) may be able to direct you towards private groups and clubs interested in investing in real estate. Networking is key to identify potential lenders and establish your reputation.

Your friends and family may be willing to lend you money in exchange for a share of the profits. If you have time before your retirement, you might be able to pull funds from your IRA or 401k account

In conclusion, financing a distressed property can be a challenge. However, it is possible and gets easier as you establish your reputation as a real estate investor. An excellent real estate management company can not only help you find properties with business potential, but also supervise the rehabilitation process.

HOW TO FINANCE AN INVESTMENT PROPERTY

duncan.shea@appfolio.com (Appfolio Websites) — Fri, 10 May 2019 07:00:00 GMT

Buying an investment property may be one of the best financial moves you could make with your hard-earned money. Real estate, in general, has a proven track record of being an excellent investment in the long run, but single-family homes and condos can also be a financial burden. On the other hand, an investment property is a great way to generate passive income.

Cash is king

In any real estate transaction, the person who can put the most money on the table is the most likely to win. It is even more the case with real estate investment. Since lenders consider investment property mortgages to be riskier than an owner-occupied one, they often require hefty cash amounts upfront.

For the average homebuyers, lenders require a down payment equivalent to 20% of the property at most. However, for an investment property you are not planning to occupy, lenders may require a higher down payment, especially if it is the first time you are investing in real estate. The more cash you can put aside, the lower your interest rate will be and the most likely you are to qualify for a mortgage.

In addition, lenders will often require that you have at least six months of cash reserve available per property (not only the investment property but also your primary residence and any other real estate investment you may own) to ensure that you will be able to pay for your mortgage even if the property stands empty.

For many distressed properties, cash is often the only option, and the majority of competitors will be willing to put an all-cash offer. It is something to keep in mind if you are considering investing in that market.

Be prepared

Any mortgage will require you to be ready to show the lender that you are trustworthy – even more so when it comes to investment loans. You should be prepared to show your lender that you have not only an excellent credit score (720 or higher is preferable) but also a good credit history and a low debt-to-income ratio.

If your credit score is below 740, you will need to take into account that you will be dealing with higher interest rates, higher lender fees, and a lower loan-to-value ratio. If your credit is mediocre, it is often wiser to wait before investing in real estate and take steps to improve your credit.

You should also be prepared to show that you can support the property independently. The lender will not take into account the potential income produced by the property when calculating your income. Prepare all the necessary documents to prove your income and financial situations, including bank statements, investment account, and retirement account statements, tax returns, etc.

Know your loan investment options

There are many different options when it comes to financing an investment property.

Conventional mortgages: Conventional mortgages for investment properties are relatively straight forward and similar to the ones you would use for a primary residence. The lender will consider your credit score and credit history to determine your mortgage. The main difference is that they will more likely require a higher down payment (between 25% and 30%) than what you would get for a primary residence.
Hard-money or fix-and-flip loans: Also known as “commercial real estate loans,” they are designed primarily for house flippers and professional real estate investors. The interest rates are higher than a conventional loan, they must be repaid a lot more quickly (between one and five years) and also carry higher upfront fees. However, they are also easier to qualify for as long as you have cash available and are quicker to obtain than a conventional loan.
Government-backed loans: Although VA, FHA, and USDA loans are not designed to be used by investors, first-time investors may still be able to finance a rental with up to four units as long as they occupy one of the units and the property is in satisfactory condition. The upside is a much lower down payment and more leniency regarding credit scores.

Find a flexible lender

Big banks tend to be less flexible than smaller lending institutions, such as neighborhood banks. Shop around to get the best rates and see what each lender offers to investors.

Dealing directly with the lender instead of using a mortgage broker will also help you make a stronger case for yourself. However, it can be a time-consuming process. If you choose to use a mortgage broker, make sure that he or she is familiar with the specificities of real estate investment financing. Some good questions to ask when interviewing a potential broker include “do you currently work with other investors?” “How many loans do you offer to investors?”

Think outside of the box

Financing an investment property may require some creative thinking on your part, especially if you don’t have large amounts of cash or if your credit score is less-than-ideal.

Get a Home Equity Line of Credit (HELOC): it is a popular option for investors, especially if you have built equity on your primary residence. A HELOC allows you to borrow against the value of your house like you would for a credit card. You can borrow as much or as little as you need up to 80% of the equity you have in your house. The monthly payments are often lower and more flexible than conventional mortgages.
Ask for seller financing: although it is not typical, the seller may be willing to offer you a private mortgage. To provide this type of funding, the seller must own the property free and clear. These loans are often short term (five to ten years) and often result in high monthly payments.
Look into peer-to-peer lending: if you have a history of successful real estate investments and a good credit history, you might want to check out lending sites like Prosper and LendingClub, which connect investors with individual lenders.
Bring in a co-investor: if you don’t qualify by yourself, it can be a good idea to find a business partner and pool your resources together to be eligible for a better mortgage and mitigate the risks.

In conclusion, financing an investment property might be tricky, but it can also be rewarding. A good investment property management can help direct you toward the best options for you.

HOW TO GET A DOWN PAYMENT FOR AN INVESTMENT PROPERTY

duncan.shea@appfolio.com (Appfolio Websites) — Mon, 06 May 2019 07:00:00 GMT

Buying an investment property is a great way to put your money to work and generate passive income. However, there is one major obstacle that stops many would-be investors in their track: cash. and convincing a lender to give a mortgage for a property that may have a lot of potential but is not in the best of shapes is even trickier. Most investments properties do not qualify for down payment assistance programs unless you are planning to use it as your primary residence and do not accept gifts from friends or family members as a way to fund the down payment.

Not only most lenders will require a hefty down payment (usually between 25% and 30% for an investment property), but they may also require proof that you can support your investment property for at least six months even if it stands empty. If you are like most people and do not have tens of thousands of dollars in cash ready to invest, getting the down payment to buy an investment property might seem too great of an obstacle to overcome.

However, there are some ways you can get access to cash to invest in a real estate property and realize your dream of becoming a landlord.

Use the equity on your primary residence

If you have built a reasonable amount of equity on your house (at least 20%, 30% or more being preferable), you might be able to use that money without having to sell it. Taping into the equity another property is a very popular way to get considerable amounts of cash. There are two different ways to access this equity:

Do a cash-out refinance: this secondary mortgage allows you to borrow more on your home than what you currently owe and to receive the remaining amount as a lump sum of cash you can use as you see fit. They typically have relatively low-interest rates and a fixed interest rate for the life of the loan.
Get a Home Equity Line of Credit (HELOC): a HELOC essentially allows you to use your home as a credit card. You can borrow as little or as much as you need over a draw period (usually five to ten years) while paying interest only in a first time, then repay both interests and principal during a repayment period which lasts ten to 20 years. The interest rate is typically adjustable.

For both loans, you will have to pay closing costs – higher on a cash-out refi than on a HELOC. The amount of money you will have access to depends on how much equity you have on your home.

WHY HIRING A PROPERTY MANAGEMENT COMPANY IS A GOOD IDEA

duncan.shea@appfolio.com (Appfolio Websites) — Tue, 23 Apr 2019 07:00:00 GMT

Buying real estate properties can be a great way to invest your money. Tangible assets that can be leveraged and provide residual income? Score! However, the landlord game can also be intimidating and time-consuming. Although some real estate investors choose to manage their properties themselves, many prefer to hire a property management company instead.

The advantages are clear. Most investors do not have the time and knowledge to deal with the daily ins-and-outs of dealing with tenants and general maintenance. Besides, property management companies have invaluable local knowledge. They can help you not only find additional investment properties but also price your building right if you were to sell it.

LOOKING TO INVEST IN NORTH ALABAMA?

duncan.shea@appfolio.com (Appfolio Websites) — Sat, 20 Apr 2019 07:00:00 GMT

Property investors from around the country are flocking towards Huntsville, AL and Northern Alabama. With notoriously landlord-friendly laws, relatively low home prices, and a constant flow of quality tenants thanks to the presence of the NASA’s Marshall Space Flight Center, many textile mills and the U.S. Army Aviation and Missile Command, the area has much to offer to potential investors. The third largest city in Alabama – nicknamed “Rocket City” – and its region, are the perfect place for those who are considering investing their hard-earned cash into real estate.

SPRING HOME MAINTENANCE CHECKLIST

duncan.shea@appfolio.com (Appfolio Websites) — Wed, 17 Apr 2019 07:00:00 GMT

Spring has sprung! Now is the perfect time to get on your home maintenance to-do list, estimate the damages done to your property by the harsh winter weather, and prepare the season ahead. A thorough exam is essential to maintain the structural integrity and the longevity of your home.

Inspect your property from top to bottom

Wind, rain, and changing temperatures have likely taken their toll on your property. Inspect the building from the roof to the foundation, including spaces that are not usually lived-in like attics and basements.

On the outside, look for signs of damages, like chipping paint, holes, rotting wood or cracks in the concrete. Give particular attention to any sign of deterioration on the window and door sills and apply a layer of caulk if needed. Look for signs of dampness or mold indoors.