Why Hire Virtual Assistant for Real Estate Investing Journey

One of the ways of earning income is by investing in real estate. In the recent past, the business has been one of the most certain ways for you to guarantee results and returns. It is a major way of investment that can help you realize your financial goals. However, for fruitful and more rewarding real estate investment journey, there is a need for you to hire the services of a professional virtual assistant in the field. In this article, we are going to inform you of some of the qualities to look for before hiring one and the benefits of hiring one too.

 

What are the qualities of a good virtual assistant?

In as much as hiring a virtual assistant to help you in your real estate journey is necessary, it is even more important to higher one that is good at the job, or you will end up failing. Here are some of the qualities of a good virtual assistant:

  • Reliable
  • Experienced and licensed
  • Always available
  • Has a good reputation

What are the benefits of hiring a virtual assistant for real estate investing journey?

For all the tasks that require you to use a lot of effort and eat up much of your time, a virtual assistant can be helpful. Below are some of the situations as to where they can be:

entry of data

When you think about updating the listings on your online account, you know it is not going to be an easy task. If anything, it is time-consuming and may require a lot of effort and sorting. In that case, you can hire the services of a virtual assistant to help you out. As the CEO or the manager to your investments, you can invest in many other things with your time rather than key in figures and words on boxes.

Improving your online availability

With the rapid growth in technology. The internet is a place where you can invest more and conduct proper marketing. As a CEO or a manager, you may not have the time to be online all the time to improve your digital presence even if you wanted to. It is for this reason that it necessitates the hiring of a virtual assistant who will help you on that front.

Proper scheduling and calendar management

Various clients may call you for appointments or any other sort of business. When they do so, you will answer to them with quick short sentences so that you can finish up with them and attend to other things. As time goes by, you will notice that you do not have the time at all and you may end up disappointing potential clients. In that case, it is necessary to hire a virtual assistant who will give you a hand in this area. This will help you relate better with your clients thereby your business will thrive.

Other advantages of hiring a professional virtual assistant include the fact that he will help you conduct proper research in the market and help you get the clients’ feedback.

Hiring virtual assistant is something that you can benefit from. As compared to local assistants, they have many benefits, and if you correctly use them, they will be able to help you in moving your business forward. All that you need to do is to be aware of the possible legal risks involved.

 

– Guest blog post by one percent realtors Save with John and Dave

Buying a Foreclosure: Deal or No Deal?

Home buyers are very motivated to try to get a steal of a deal when buying a home. Many believe that the best way to get that is by purchasing a foreclosure. The question is whether or not is whether this is a myth. The truth is that there are advantages and disadvantages to buying a house on the foreclosure real estate listings.

Motivated Seller With Missed Payments:

Advantages

• Seller may be more willing to sell at below market value to prevent the foreclosure process says Realtor Maple Ridge

• To sweeten the deal, sellers are more likely to do home repairs.
• Seller may be willing to help with closing costs or other concessions.
• Buyer can purchase the home in the same fashion as any other home through a regular mortgage company.
• Buyer can receive standard inspections.
• The seller must disclose information about the property, such as necessary repairs required.

Disadvantages

• Seller may not be able to sell the home for below what their current owed mortgage is at the time.
• The home is still occupied.

Pre-Foreclosure:

Advantages

• Seller is motivated to complete a quick sale of the property.
Buyer can have inspections done on the property.

Disadvantages

• Lender approval required for sale to go through.
• Lenders may not give approval for a variety of factors.
• Closing may take 45 to 90 days.
• The home is still occupied.

Foreclosure Auction:

Advantages

• Property can be sold at a low price, such as how much is owed rather than the value.
• Less competition due to cash payments only.

Disadvantages

• Payment must be made in cash the same day as the sale.
• No inspections of the property are sold as is.
• Buyer may also owe for any other liens on the property, such as back taxes.
• No disclosures are given by the bank.
• Bank may compete to buy property at auction to protect themselves from a very low sale price.
• The potential for damaged property due to unhappy prior owners.

Bank Owned Foreclosed Property

Advantages

The bank is motivated to sell the property, and this can mean you get a great price.
• The title is clear with no other liens to be owed.
• Inspections are allowed.
• Mortgage financing allowed.
• No one is living in the home.
• The property is listed with regular real estate agents making it easy to find.
• Closing time is closer to normal.

Disadvantages

• It is and as is a sale with no repairs completed.
• Additional paperwork may make this more complicated.
• No disclosures will be given by the bank on the property. When considering a foreclosure, you can weigh these different pros and cons to determine if this is the right route for you to take in buying your next home.

6 Red Flags to Fire a Property Manager

Most people who own rental properties are going to hire a Phoenix property management company. Handling lots of different rental properties independently is just going to be too difficult for a lot of people, especially if they live fairly far away from those properties. A property manager can ultimately save a lot of people time and money, at least at the best of times.

Of course, paying between eight and twelve percent of the collective rent money to the property manager is going to have a huge effect on the bottom line for almost any landlord. As such, it is paramount to make sure that the property manager and the work that they do is still cost-effective. There are certain signs that a property manager just isn’t worth it anymore:

1. The property manager is not communicative enough.

Property managers who don’t return calls or emails are almost always going to be unreliable or untrustworthy in one way or another. If they do return calls or emails, but they don’t make reports often enough, there’s still a good chance that they’re ultimately not doing their jobs adequately.

2. The property manager does not perform inspections often enough.

The exterior of the property needs to be inspected around four times a year on average. Red Hawk PM told us : “The interior of a property needs to be inspected at least once a year.” Landlords and owners who live far away from their properties are going to need to make sure that the property manager is living up to this particular standard. Otherwise, when the landlord comes to visit, the results are going to prove very shocking. Landlords hire property managers to make sure that things are going to be all right without their constant vigilance. It doesn’t work if the property managers make them act vigilantly anyway.This is one of the most important jobs that a property manager has. There is no reason for them to skimp on it in any way if they want to stay employed.

3. The tenants are not getting the help that they need from the property manager.

Tenants are going to report to property managers if they need repairs of any kind. They’re also usually going to report to property managers about any issues with the rest of the property. Property managers who are not sufficiently responsive to the tenants are not doing their job. Tenants sometimes report problems that are symptomatic of deeper issues with the entire property, making it even more important for people to be able to get in contact with the property manager in time.

4. Most of the tenants that the property manager chooses are bad.

There is skill involved with renting out properties. Property managers are going to be the people who are in charge of this part of the process. If they are consistently choosing tenants who fail to pay the rent and tenants who are constantly demanding upgrades and other privileges or haggling over the price of things, then the property managers will lack some of the most crucial skills involved with renting out property. There are other people out there who will do the job better.

5. The property manager does not release monthly reports.

Property managers need to give landlords monthly reports at least. Landlords can’t stay updated with what is going on with their properties otherwise. The reports should be detailed enough that the property managers are aware of what is going on with their buildings in every way that matters. Property managers who consistently fail to submit monthly reports need to be fired.

6. The property managers charge much too much for their services.

Some property managers are going to charge much more than ten percent of the rent that landlords will receive. This is much too high, and it isn’t something that landlords should just accept. Red Hawk PM says “there are plenty of skilled property managers who are not going to expect such high fees. Property management is expensive enough at the best of times.”

Some property managers should at least consider whether or not they are capable of doing property management themselves. They’ll automatically add to their bottom line if they can do without the services of their property managers, who are getting more and more expensive all the time.

Is a condominium an excellent investment?

If you are purchasing real estate to build your home, your considerations must be much focused on what is very convenient for you as well as your family. Like a home, it must not be seen as a financial investment. However, it must be regarded as a life objective. But, if you wish to invest, please ensure that you carefully consider a real estate investment and other investment alternatives based on your financial plans.

If you want to invest in real estate, selecting between a house and a condominium as well as lot would utilize the same considerations in evaluating its financial viability. Below are a few of them.

1. The location which comprises attractiveness and convenience of security and neighborhood.

2. Standing for the quality of the builder’s development.

3. Rules and regulations of the body governing the area as well as the body’s costs.

4. Your personal ability to maintain every amortization as well as maintenance (taxes, repair, association) payment.

If the condominium is for renting, you require projecting your costs and income as well as assume that at one time the condominium will be vacant as well as will require repair. Rental rate usually over about 5 percent of the unit market value offered that rental income is the same throughout the year. Therefore vacancy rates have a more superior impact on the valuable return. When considering purchasing a condo unit for rental purpose, you should assume around 20 percent vacancy pace over the existence of the condominium.

It needs you to stay in closer proximity to other people; this could be very difficult. It offers you more security as you can leave your condo unit as well as it will be very secure. All these are about personal preference. Always there will be a group which will choose a single house and another that will choose a condominium.
Several people who have money to invest like purchasing condominiums that their kids will finally inherit. Also, they believe that it will bring some income for them and even rise in value. But, when kids grow older, many and modern condominiums are built.

Your preference might not be your kids’ preference.

Like a financial investment, they usually don’t perform well in the long term compared to balanced mutual funds, other kinds of securities and stock mutual funds. Except for some notable offerings, like, Las Vegas High Rise Condos For Sale Via MLS,
the price of owning condo units pulls down the resale prize. Real estate taxes, monthly membership, monthly maintenance and the physical depreciation of condo units can be very significant over the financial life of the condo unit.

The issue of the VAT and capital gains tax applicable while the condo unit is sold. You have to pay all the taxes before you hand over the registration details of the condo unit to the purchaser. If you comprise every ownership costs as well as the cheap rental returns because of the 20 percent vacancy pace, the net earning percentage per year while selling the condo unit will be more disappointing. The prize of acquiring a unit isn’t your only prize. The ownership cost and the selling cost are real owner costs. These usually make minor condominium investment.

The Vegas Condo Scene is hot, and it’s the right time to invest.

What To Look For In A Property Manager

Within the first week of the very last month of their lease, I became aware that the tenants who were living at one of my properties had no intention of renewing anything. Because of this, I decided to reach out to my property manager to see how the search for new tenants was progressing.

When I did, I discovered that the property in question hadn’t even been listed as of yet. From there, I took a deep breath and calmly restated what I expected in regards to posting advertisements regarding specific properties well before a tenant vacates it. I also started composing a backup plan, which included looking for a new potential property manager. Thankfully, I had just the right person in mind – this particular incident just made it all that much easier to make the decision to hire them.

Over the past eight years of me both owning and personally managing different properties, I’ve found myself both hiring and firing many different property managers. Along the way, I’ve also learned that it can be tough to find a reliable individual to take care of the property the same way that I can.

If you’re someone who’s looking to have more control over the properties that you own, you know just how difficult it can be to hand over the keys to someone else; however, oftentimes, you have no other choice but to do so since you likely live too far away from the property itself or you likely have too many properties to manage on your own.

Here are the key factors that you need to look for when it comes to hiring a reliable property manager.

 

Excellent with People at All of the Right Times

Any good property manager will be able to know what specific tenants want. Additionally, they will also know everything about tenant profiles, as well as what all you can do to improve the unit itself in ways that won’t drain your budget, yet will also make it much easier to rent the unit out.

Wonderful Service

The right candidate should always be responsive to all of your phone calls and emails, as well as backing up all of their services when they are on vacation. After all, the last thing that you ever want to discover is that your property manager has gone on vacation without arranging any reliable backup. Always take the time to request the name of their backup and how fast they can be committed to respond to everything laid out in the initial contract agreement.

Creative Marketing Skills

Any good property management Vancouver company should know how to market your property well in advance, as well as how to sell the property itself during showings to potential tenants. They always know what any good tenant wants and will also know just how to market all of the star features of the unit they’re showing to further attract them to it. Many companies, such as the experts at Ascent Real Estate, will also go far beyond traditional advertisements, which can be extremely boring, and sell a unit to tenants by utilizing all of the latest and greatest social media marketing tools that are available. When you start to interview potential property managers, take the opportunity to as for sample postings, as well as what types of marketing tools they intend to use in their advertisements for your properties.

Great with Numbers

This is something that can often be very hard to get, even though it should be the easiest factor to find in a potential property manager. A good candidate should be able to provide you with monthly statements and scanned receipts in a manner that is completely organized. Furthermore, you should ask them about the type of system that they use to report to clients, as well as what it looks like. After all, an annual statement that doesn’t contain any details won’t get you very far when the time comes for a CRA audit.

They Can Be a Handyman

Any property manager that can also double as a handyman is a great thing because that means they can fix issues such as minor paint jobs, leaky faucets, and more. However, if the candidate isn’t a handyman, the next best option is that they have one or two other people that they can rely on who can perform these types of repairs promptly. Additionally, the ideal property manager should be as well-connected as possible. This means that they will be able to know who to contact in any situation, as well as have a wonderful working relationship with the members of their team. Regarding their team, always inquire as to what their team looks like, and even make a request to perform one or two reference checks on any existing team members to determine just how reliable they are in completing repairs on specific properties.

Condo Buying and Selling Tips

The overall sales of condos have reached an all-time high as of late. In many cities, there are all sorts of people who are discovering that there are so many joys that come with living in the downtown area. Furthermore, since real estate prices are at an even level all across the country, purchasing a condo is perhaps the most affordable way to get yourself into the market, especially if you’re young.

However, there are some useful tips that you should make a note of before you decide to dive in:

1. Take the step of hiring a professional Realtor to assist you with the actual buying process. This is something that won’t cost you anything at all, as the seller will be the one who pays the commission.

2. Ensure that you have a good lawyer at your disposal.

3. To determine exactly how much total mortgage that you can afford, seek financial qualification.

4. Meet with your financial backer and begin to crunch all of the numbers. This is because you will need any extra money possible to cover things such as moving, closing costs, lawyer’s fees, etc.

5. Be open to the idea to see a variety of condo styles, including those with or without certain amenities attached to them.

6. Consider purchasing the largest possible unit that you can afford. This is because smaller-sized units such as studios and one-bedrooms are among the hardest to re-sell.

7. Take the time to visit the neighborhood at various times during the day and evening to determine whether or not it will personally suit you.

8. Select a unit that comes with a great view. This will not only make your daily life more appealing, but it will also help with the overall resale value as well.

9. If you select a unit that has a prevalent southern exposure, keep in mind that while this kind of feature may be sunny and bright, it will also be extremely hot during the summertime.

10. Stay away from any layout that overlooks a garbage pickup area.

11. Stay away from any layout that overlooks a garage entrance area, as well as one that faces oncoming and outgoing traffic.

12. Stay away from any layout that is either next to or across from an elevator.

13. Always try to get a parking space if you can. Even if you do not drive, you can still rent the space out.

14. If a locker is available, request to rent it. This will get you some additional space to store extra items.

15. Always inquire about visitor parking, such as how much actual space is available for this.

16. If you’re looking for a resale condo, take the time to closely examine all appliances in the unit, as well as all wear and tear.

17. Pay close attention to both the condition and aroma of areas such as the main lobby, stairways, and hallways of the building itself.

18. Inquire as to who the actual occupants of the building are. In this case, owners are more preferable than tenants.

19. Inquire about any and all monthly condo maintenance fees, as well as what they do and do not include.

20. Don’t forget to ask about property taxes, as well as if they are included in the condo maintenance fees.

21. Take the time to speak with other condo owners and ask them about their personal experiences in the building.

22.If possible, visit the unit no more than twice before making any final offer on it.

23. Always know what other suites in the area and the building have sold for.

24. Regarding the actual offer price, discuss this with your agent before disclosing it to the property manager.

25. Whenever you’re ready to make your offer, it should be made in a conditional manner with your lawyer reviewing the Condominium Documents and Status Certificate.