by Lilly Miller | Jul 10, 2019 | CRESTICO
A rental landlord’s obligations don’t end with providing a home for your tenants and picking up the rent each month. Their welfare, as well as the safety of their belongings, is partly your responsibility, not to mention your rental’s security.
You need to make sure you put into effect all necessary measurements against burglary and break-ins. Providing a space where your tenants feel safe will probably result in them settling there for a longer period. Here are a few tips on how to keep the burglars at bay and your tenants satisfied.
Fix what needs to be fixed
Take a turn around the house and analyze the potential risks – are there any places that can give burglars easy access? If you know that the window latch in your bedroom is faulty, don’t wait another minute to replace it. Are there any bushes which can provide good cover for an uninvited guest? There are things we know that ought to be dealt with but somehow, we get used to them and forget that the particular state is not common. However, ignoring the possible risks is careless, so it is vital to do all that we can to ensure the safety of your rental and your tenants as well.
Add more light
Common sense tells us that a well-lit house is not an eligible target for a thief. Without the cover of darkness to hide their criminal activity, they will not be able to sneak up on your tenants. So, investing in additional outdoor lighting is probably one of the most practical ideas to provide a clear view of what is going on around your house. Motion-sensor lights are bound to scare off any unwanted visitors, and if the tenants aren’t fast asleep, it will also be a type of an alarm for them that allows them to know that someone is prowling around the house.
Take out an insurance policy
If you want to be completely certain that everything will be taken care of in the case of some event, you can opt for an insurance policy. However, mind you, you need to read the small print to know for sure what the policy covers. To be safe, always choose more comprehensive policies, such as Youi home cover landlord insurance, which encompasses natural disasters as well as damage caused by people. It even covers the content of the property, so you can be at peace even if your keys get stolen or any furniture or furnishings are damaged due to the insured event.
Secure doors and windows
For better security, equip your door with a double-cylinder deadbolt, especially if your doors have glass panels or windows that are close by. This kind of deadbolt cannot be opened from the inside, so it won’t be easy for a burglar to break the glass and reach inside. As for the windows, you can go with locks, which will probably make the perpetrator re-think whether to attempt to get in by breaking the window. Naturally, if you had an unpleasant situation and you had to evict the tenants, don’t forget to change the locks, just in case.
Keep private
Curtains and blinds are not there just to protect you from the sunlight. They also serve as protection from unwanted attention, so advise your tenants to keep the curtains drawn, especially when they are not at home. When the property is not being rented, it is advisable you keep the blinds down. Shielding your privacy in this manner will prevent the burglars from spotting any valuable items that you or your tenants might keep in the house. Also, don’t disregard gossip: if you have any valuables in your rental property, don’t inform the neighbors since you never know who that information may reach.
Renting your Real Estate can be quite a profitable scheme but it is also a responsible one. Every landlord wishes to have a long-term relationship with their tenants – nobody wants to have shady people marching through the house every month or so.
In order to achieve this rapport, you need to communicate openly but also to ensure their safety. This includes securing doors and windows, installing external motion-sensor lights, and also taking out an insurance policy. By protecting your rental property, you are protecting your tenants and your relationship with them.
by Lilly Miller | Jun 12, 2019 | CRESTICO
Multifamily Real Estate is typically a diversification option for versed investors, and not a first-timer’s leap of faith. You need knowledge, expertise, and the negotiation skills to match the level of competitiveness in this industry, but it also makes for a wonderful choice in case you’re already familiar with real estate investing in general, and you’d like to enrich your portfolio further. This profitable choice can bring you a stable source of income, and it can serve as a stable, long-term investment that you can ultimately sell if such a need ever arises.
However, no matter how experienced you might be in other forms of real estate investing, jumping into this versatile field takes some research and adjustments. Let’s go over a few handy tips you can use on your own journey in order to make the most of this lovely opportunity!
Deciding on the location
Not all multifamily properties are created equal. In fact, among many factors that will affect their overall value and desirability in the eyes of your future tenants, one of the main deal-breakers can be the location. Since your target buyers and renters are families, you should consider features that will appeal to such an audience. Is there a reputable school in the vicinity? How about a playground? Are there safety measures in the neighborhood, such as regular patrol and security surveillance?
There are all kinds of conditions that might inspire a family to feel welcome in that particular location, so it’s vital to do your homework. That way, you can pick a location that will elicit offers before the ink dries on your investment contract.
Managing the management
Unlike one-person units and other real estate options that don’t focus on families, working with multifamily real estate properties requires quite a bit of legal knowledge and managerial skills. Whether you decide to be the key manager of the entire property you invest in, or you choose to hire a property manager, the decision is entirely yours. What matters most is that you have a solid base and that you fulfill all of your legal obligations.
One of those responsibilities includes obtaining the initial maintenance schedule for your property so as to compile the most relevant data on how you take care of your property. That means you need to follow the prescribed legal rules and meet your local government’s expectations when it comes to property maintenance in order to avoid financial and other penalties. If you alone cannot handle the burden of multifamily real estate management, make sure to work with an expert who can take over a portion of those chores.
Land on the right financing solution
A common issue even among versed investors is obtaining the right sum of money to purchase the property you find the most lucrative. These massive investments require a stable financing solution so that you can have that much-needed initial capital for this venture. Direct lenders are considered a safe and reliable option while partnering up with other investors is another viable opportunity especially if you already have trusted partners in the business.
Increase the value of your investment
Who said that being an investor is a dull occupation? On the contrary, if you choose to invest in multifamily real estate, you’ll need your creativity and imagination so that you can amplify the value of the properties you purchase. From increasing functionality of the space and installing a ground source heat pump, all the way to beautifying the exterior with finer design solutions, even the smallest of changes can lead to a major surge in value.
Sometimes, you’ll be able to find properties in a pristine location, but in desperate need of a thorough restoration or remodeling in order for them to be rentable. Make sure that this is an investment that is in line with your budget, and you’ll have a diamond in the rough in your hands, ready to become a prime spot for families after spruce.
Plan your tenant strategy
Finally, never invest in a property without preparing a strategy for your tenants. With the right policies in your hands and clearly defined procedures, you’ll be able to attract the right people to your property in no time.
Multifamily investing is a perfect opportunity to diversify your portfolio, and an exciting way to grow your community. Use these tips, and turn this endeavor into a streamlined journey towards purchasing your first multifamily property!
by Lilly Miller | May 28, 2019 | CRESTICO
When you’re renting and it seems that you want to make your rental apartment decor to look luxurious. Being aware that you’re actually living in somebody else’s apartment, investing in décor is always something you have to think twice about. You might be forced to move sooner than you expect and you don’t want to waste your hard-earned money on something you’ll have to leave behind. However, you still want your living space to have that luxurious appearance. So, what you can invest in are materials and items that you can carry with you or repurpose in another home one day. After all, luxury doesn’t mean crystal chandeliers and another upscale expensive décor anymore, but rather quality materials, smart combinations of different styles and being able to follow the latest trends with the space and the budget at your disposal. Here are some luxurious décor-related investments which can make living in your rental much more comfortable without setting you back financially.
Get some new knobs
Your kitchen cabinets are boring for you? Or the ones in your bathroom? Well, if you want to make a subtle change which will refresh the way they look and make you feel a bit happier, replace your old cabinet knobs with some new, elegant ones. You can save the old ones in a box or in one of your drawers and simply put them back onto your cabinet doors once you decide to move, while you take the new, better-looking ones with you to your new place. Similarly, if your doorknobs are old-fashioned nickel ones, already polished with years of use, you can invest in new ones, made from porcelain or brass. This is also something that’s easy to do, it’s affordable and can instantly add some glamour to an otherwise monotonous space.
Hide your worn-out floors
While getting new flooring in a rental apartment would be an utterly reckless investment, there are still ways to make your floors look beautiful without spending too much. With a few stunning area rugs in exactly the texture you prefer, you’ll add to the appeal of your entire apartment. If you can’t make up your mind about it, you should know that the latest trends are on your side, since you can now layer rugs in different textures, styles, colors and patterns to make your living space as sophisticated as you want. Don’t forget, bright colors and bold geometric prints are all the rage right now. You can even put some rugs where people least expect it, on your kitchen floors. Plus, nowadays you can choose jute rug made of natural materials and add tranquility to your home. And the best thing is that you can move them from one room to another, as well as from one apartment to another.
Add splashes of colors
If your whole living space is dull and depressing with plain white walls, adding some color here and there can make a huge difference and make the place more cheerful. Plus, it can reflect your own vibrant personality. Your landlord may agree to you painting an accent wall, but if they don’t, or if this is not something that you’re ready to do, you can always get some colorful artwork, as well as cushions, towels or even new curtains. As far as your bedroom is concerned, you can simply add color by investing in some new sheets and covers and enjoy the new life you’ve given to your apartment. Plush materials and trendy patterns will add some style to any of your rooms. And did you know you can get removable wallpaper now? Perhaps you should get some and have fun decorating.
Create additional storage space
If you feel that there’s a tad too much clutter in your rental and you want to have more storage space, but your mind is set on keeping it tasteful, pleasing to the eye and modern, there are several good solutions for you. First of all, floating shelves are something that’s ridiculously cheap, but can add some charm to any space if you’re careful with what you place on them. Similarly, if you lack closet space and you don’t know what to do with all those clothes, get a garment rack or two and put them in the corners of your bedroom. They are a fashionable way to store your garments, especially if you also invest in some lovely hangers. Finally, several stylish storage boxes or bins you can place underneath your beds can help you get rid of the mess and find the right place for all those little things which are currently annoying you all around your apartment.
With these guidelines, turning your rental apartment into a luxurious oasis you’ll love can be as simple and as affordable as you only hoped it could be.
