5 Tips To Consider When Using A Bidding Service To Purchase A Trustee Sale

Purchasing a property at a trustee sale, or auction, represents one of the best ways for sophisticated investors to acquire equity in real estate. In this article we will discuss what to look for when using a bidding service to assist you in purchasing a property.

To begin, trustee sale auctions happen every weekday, and most are held at the steps of the County Courthouse. Some are held outside the offices of the Trustee.

Many who choose to purchase a trustee sale opt to go with a bidding service. The reason being is that there is a massive amount of data to sift through, and allowing a bidding service to perform the preliminary market research can save you a lot of time. This market research usually highlights the properties with the most potential for return on investment.

The tips below should help you get acquainted with choosing a bidding service that meets your needs, and makes you feel more comfortable with making a purchase at a Trustee Sale.

  1. Choose a service that updates its list daily
    Auctions are dynamic. You may want to bid on a property that is a great deal right now, only to find a few hours later it has been postponed. Similarly, you may find a property that was a bad deal an hour ago, but now the opening bid dropped to make it a profitable property. On the flip side, the reverse may happen and the bid may jump. Jump bids are tricky in that they can jump a little and the property can still be profitable, or it may jump up a ridiculous amount making it much less enticing. Having an up-to-date list is key in making smart bidding decisions.
  2. Choose a service that notifies you of drop/jump bids
    This tip compliments the one above it. A drop bid is when a trustee releases/lowers the opening bid amount for a property a short time before the auctioning of it. Conversely, a jump bid is when a trustee raises the opening bid amount for the property a short time before the auction. The key thing to note is to make sure your bidding company notifies you of the jump/drop bids, if and only if, they are for profitable properties. You only want to receive notifications for the profitable properties. There are a lot of properties that get auctioned off in a day and a lot of information to sift through. Would you really want to be notified about a drop bid for a property that you would loose $200K on? But if you could make $200K on a property that just got a drop bid, you definitely want to be notified. This goes hand-in-hand with having an up-to-date auction list.
  3. Take your time
    Auctions happen everyday, Monday – Friday, excluding holidays. You can find great deals almost everyday. Make sure you take the time and find a property that you feel comfortable purchasing. The advantage of purchasing at auction over a traditional home purchase is that you can own the property by the next business day. On the flip side though, you need hard money to purchase a property at auction, although many who purchase do go through a hard money lender. Take your time though, it is a lot of money to invest, and when you do make a purchase you should feel secure and happy that you made the right decision. Never let a bidder pressure you.
  4. Make sure you can get a hold of your bidding company
    Let’s say you find a great deal last minute you want to bid on; you want to make sure you can get a hold of your bidding service. If you change your mind last minute about bidding on a property; you want to make sure you can get a hold of your bidding service. Bottom line, choose a respectable, responsible, and responsive bidding company.
  5. Always verify the research yourself.
    This is most likely the most important tip of all. There is no doubt you can find some great deals at a trustee sale. However, when reviewing an auction list provided to you make sure you double-check the profit margins and verify the math yourself for every property you plan to bid on. Also, be sure to view the property before purchasing it. Seeing the property for yourself is the best route to go, however, it is not always the most feasible. There are many ways to view a property, Google maps, recent photos, or contacting a Realtor to show you the property.

Make the Most of Rental Property Listings With These Tips

Anyone who hunts for rental homes know the hard work that goes in finding the apt property. Apart from looking for properties, one has to find the right choices depending on needs. This can be time consuming process, and you may have a lot of hassles to deal with. Thankfully, with the internet, things are now simpler. A number of websites are now offering free rental property listing, coupled with a number of benefits. In this post, we will talk of a few aspects that matter the most along with a few tips on how you can choose the right portal.

Knowing an online property search

Real estate portals have found immense success in recent times, and there are quite a few choices. Apart from buying and selling, a number of sites also focus on the rental properties. You can check for homes and apartments, within your requirement range and budget, and all of these things can checked and sorted in a few clicks. Typically, most of the websites will have their filters for cities, area, type of property and pricing, and you can check other aspects, as well. Make sure that you look for more than a few options and sort them based on the pros and cons.

How to choose a website?

As mentioned, there are a number of sites that offer rental property listings, but you need to be extra careful while choosing one. Make sure that the website is easy to use and there are some good choices for every city or area. You don’t want to use a website that’s complicated and doesn’t offer the right features. Also, you should check if the website connects you to the landlord or property owner directly, which can help in getting rid of the agents and ensures transparency in the deal. You can also find reviews and feedback about a portal from other users and tenants, which can come quite handy.

Things to check

First things first, you have to list down the pros and cons of a property before making the choice. Short listing a few options is pretty easy, and once you are done with that, you can spend the weekend finding the right one. While talking to the landlord, you should ask him for the final rent for the month, and if there are any additional or monthly expenses and recurring maintenance fees, it should be mentioned in detail. You might also want to see the terms and conditions as mentioned by the landlord, including issues related to repairs and further upkeep. Not all landlords are the same, and therefore, it is always a good idea to have a concrete rental contract with all aspects in writing.

If you can check these aspects, finding the right home shouldn’t be a matter of days. More often than not, people find the right properties within a few clicks. These services are also helpful for landlords, who can expect genuine results and options, especially when they are looking for specific tenants.

6 Tips Make Renting Easy

Looking for a place to rent can be hard or easy. It all depends on how prepared you are. Renting homes has pitfalls what you need to do is ensure you don’t fall into one. These days knowledge is power so be smart and find out all you can about renting a home, what to be wary about, how to protect yourself, and more.

The World Wide Web is full of information and all you need to do is surf the web for articles, tips, and advice.

Here are six essential keys to renting a home successfully:

1. Jot down what you want in a home. Narrow down details like number of rooms, area, flat, or individual house and so on.

2. Get all your documents in order: credit report, letter of intent, bank records, references, and letter from your previous landlord as well as employer. If you are a student you will need a letter from your university.

3. Take along a checklist whilst doing a walkthrough. Be sure to check for secure windows and doors, leakages, infestations, damp, storage and so on.

4. Check carefully the lease agreement and ensure that aspects like visitors, subletting, breakages, breaking a lease, and paying of utilities are very clear. Responsibilities must be clearly delineated.

5. Ask for references and check out the suitability of the location and building.

6. Find out whether schools, hospitals, and so on are close by and ensure that transportation to your place of work is available.

When renting a home keep in mind security and ensure that all electrical appliances like heater, air conditioners, refrigerators and so on are in working condition. It is always advisable to have a professional inventory before leasing and just before you leave. This prevents any disagreement with the landlord over the condition of things.

Clarify whether or not you will be permitted to change the locks on the doors and ask who will be responsible for any repairs that may be needed. Ask yourself the following questions:

o If the flat or home in a quiet or noisy area?

o Are you comfortable with the neighborhood. What kind of community is it? Check it out sometimes you may find yourself living among all retired folks or college students.

o Is transport available 24/7. And what about daily necessities?

o What about parking facilities?

o Is there a playground close by?

o What about costs of heating and cooling, is the house eco-friendly?

o What is the overall condition of the area and building you are considering?

o Is the deposit, rent, and cost of utilities within your budget?

Even if you are considering a short term lease view the flat or house like you would a property you plan to invest in.

Renting is not hard if you go about it in an organized professional way. If you have any doubts consult friends or a professional property consultant. Often the cost will be worthwhile in the long run.

Tips for Outgoings Management and Budgets in Commercial Property

When you manage commercial real estate, the outgoings within the property will require focus and financial control. When the property market slows or gets tougher, managing the outgoings is really important; the outgoings form part of the financial strategy for the landlord and will impact the net income for the property. If the outgoings get too high, the property will be hard to lease and hard to sell.

Set Some Rules

You can split the outgoings into a number of categories and this is normally done to identify and track the cash flow by expense streams. Most importantly there are two sides to the outgoings equation. Some of the items will be controllable and others will be uncontrollable. This means that the landlord can exercise control on only some of the outgoings.

The uncontrollable outgoings are those which are imposed on the property and have to be paid without any opportunity for cost savings, adjustments, or budgeting. Those uncontrollable items are normally council rates, land tax, and water rates. To a degree, insurance and energy costs will also fall into that category although some cost controls are possible with these items.

To manage the property outgoings effectively it pays to adopt a process similar to the following:

  • Create a budget for the property prior to the commencement of financial year
  • Track your expenditure to budget monthly. Adjust expenditure when you see a need and reason; early adjustment prevents bigger blowouts.
  • Look at the history of the property expenditure over the last few years to identify any excessive spending or items that are beyond the averages in the local area. The history of the property will allow you to adjust your budgets and cash flow expectations.
  • Make sure that you have removed the capital expense items from the normal repairs and maintenance for the property.
  • Talk to the owners of comparable properties in the same area. The outgoings between your property and their property should be similar. If not, you need to know why and take steps to fix that. Share information of outgoings costs with other similar property owners for this very reason.
  • Monitor the annual valuations for rating purposes. When these valuations are done, you will soon see the statutory charges and council rates rise soon after. It is not unusual for landlords and property managers to dispute the valuation in an effort to keep the statutory charges at a lower rate.

In preparing an expenditure budget for the property, you should time the expenditure so that the larger costs are expected; hence ensuring that the cash flow is suitably adjusted in preparation.

The controllable outgoings are those that the landlord can exercise decision and timing. Normal items of repairs and maintenance together with the contractor maintenance will fall within this category. If the landlord chooses to delay the expenditure with the controllable outgoings, then they can spread the impact of those items on the net monthly income from the property.

In summary, the property manager working on behalf of the landlord should exercise due care and diligence in the budgetary process for property expenditure. A well-managed landlord cash flow in an investment property is a correct balance of income against expenditure given the tenancy mix pressures on the building and the existing vacancy factors.

Tips for Securing Commercial Lawn Mowers for Commercial Landscaping Properties

A lawn care or landscaping company with the knowledge and experience needed to handle the care for large commercial properties needs the right tools at their disposal in order to handle these commercial landscaping properties. That means only the best commercial lawn mowers designed specifically for large-scale properties. You want your handiwork to speak for itself whenever you drive off from a freshly-manicured commercial property, so here’s how to not just secure new commercial property owners as clients but how to keep them by providing the best service you can.

Don’t Be Afraid to Scout While On the Job

The life of a professional landscaper entails a lot of driving from job to job, and this represents an excellent opportunity to scout out new possible properties to approach to see if their owners are looking for landscaping services. Commercial properties with large, neglected lots are always ripe for the plucking, especially as sometimes the companies that occupy properties, such as law offices and similar professional services, are responsible for their own landscaping and do not have a property management company to rely on. Once you’ve gotten a good list of what might very well end up being new clients, you’ll have to track down who it is you’ll have to talk to in particular about landscaping services. Whether it is a grounds manager or a business owner, you will need to do some Googling – or better yet just knock on doors and strike up conversations with receptionists or other staff at the front desk.

Be Yourself with Prospective New Clients

It’s important to be genuine when you’re looking to forge new connections with potential clients. Business owners are inclined to be friendly with a fellow business owner, especially when they present themselves honestly and professionally. Being open and honest can help show prospective clients that it will be easy to work with you, even if it just means that you’re proficient at making small talk. However, when it comes time to get down to brass tacks, you’ll need to be straightforward and simple about what you can provide to a company, what types of commercial lawn mowers and other equipment you use on a regular basis, and how much all of these services will cost.

Don’t Lose Hope

Finally, don’t get discouraged if you keep asking around and all you’re getting is rejection after rejection. Not every business out there cares or even thinks about the landscaping on their property. Moreover, those who do reject your offer will sometimes give you feedback as to why you were passed over, providing you an opportunity to hone your sales pitch and strengthen your positions for future endeavors.

Of course, it doesn’t matter how well you can smooth-talk a client unless you have the equipment to back it up in your trailer. Make sure to use only the most safe and efficient commercial mowers that can stand up to the strain of large, robust commercial.