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Category: Real Estate

Miami real estate in Florida

Purchasing real estate is always a good idea as an acquisition of assets. Miami is a great place for such operations due to many reasons, from the perfect climate to…

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Purchasing real estate is always a good idea as an acquisition of assets. Miami is a great place for such operations due to many reasons, from the perfect climate to a wide range of Miami real estate in Florida. However, before you explore the real estate of the city and check Miami real estate listings, you need to study key tips on how to choose great Miami houses to buy.

What You Should Think About 

There are a lot of different aspects to account for when you look for a new dwelling. Here are only the most substantive things: 

  • Estimate your budget for purchasing Miami real estate. Specialists recommend spending on home purchasing not more than 3,5 times of annual income. Follow this advice and calculate the maximum sum you can pay. According to it, search for Miami homes for sale.
  • Find your location. Statistics show that millennials prefer southern Miami real estate condos, while mature purchasers choose a house sale in the Miami suburbs on the north. It is also recommended to look at different districts and not concentrate on the city center. You need to focus on infrastructure around your future home (public transport, car parks, shops and malls, social and cultural institutions, and so on), level of safety, and perspectives of the district development.  
  • Choose a type of dwelling. Propositions of Miami real estate for sale are wide. There are a lot of options of condos and homes. You must think about what is more preferred for you. Essential points you need to account for are the taxes you need to pay, the attractiveness of the dwelling as an asset, your resource to maintain accommodation. If you are not sure that you can afford some housing in the prospect of several years, it is better to select another option.

We hope that these three short tips will be useful for you. The last thing you must pay attention to is the trustworthiness of the real estate agency you will cooperate with. If you did not decide until now, the best option is to deal with Explore Miami Real Estate. 

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7 Ways Landlords Can Protect Themselves

It’s not a secret that the rental market is in an unprecedented period of growth; to ensure your rental property investment reaches its full potential, it’s important to be both…

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It’s not a secret that the rental market is in an unprecedented period of growth; to ensure your rental property investment reaches its full potential, it’s important to be both financially and legally prepared for the challenges that occur along the way. So, here are seven ways that landlords can protect themselves.

Know Your Landlord-Tenant Act

The Landlord-Tenant Act is a set of rules to be followed by the landlord and the tenant. It can be summarised in a document called a lease or tenancy agreement. The government sets up these laws to protect the tenants from their landlords at the same time ensuring that law-abiding landlords are not punished for legitimate business activities

The act divides into three sections: general regulations, landlord and tenant obligations (including utility charges), and cancellation, termination, repairs, and change of terms resulting from the breakup of the relationship between a landlord and tenant.

Be Aware of Scams

Landlords should be aware of scams aimed at them. The scams you might be targeted with via email, text messages, phone calls and even fake online adverts can all cost you money and damage your reputation.

Scammers generally ask for money to deal with emergency situations like repossession, flooding or requests to claim rent deposit insurance after a tenant has moved out. Some scammers take it a step further by asking for payments for legal fees or providing false “witness statements”.

Get Landlord Insurance

Landlords must protect their property’s investment, and protecting tenants is a vital part of this. In order to protect yourself and your property against rogue tenants, you need comprehensive landlord insurance. This will protect you from legal costs if a tenant falls into arrears or breaches a tenancy agreement in some way.

Always Inspect Your Property

Did you know that the first step to protecting your investment is a simple walk-through inspection? When a property is checked, any deficiencies can be identified and corrected during the lease term, ensuring the property remains in good condition throughout the tenancy. All it takes is 10 minutes, saving time and money later on.

Read the Lease Agreement

Be thorough with the lease agreement. This is the foundation of your landlord-tenant relationship. Make sure it includes everything you need to know about the property and protecting yourself in full.

Read through it carefully to understand what obligations your tenants are liable for, the level of rent, who pays for maintenance costs, whether or not a deposit is due and if so how much, any fees involved in renting the property (late fees or lost keys) and many more details.

Understand Notices and Eviction Terms

Landlords need to identify notices when signing a new lease and ensure the tenancy agreement states procedures for ending a tenancy. Understanding the term of a notice period and how it impacts tenants can save landlords time, money, and heartache when trying to evict someone.

Leave a Paper Trail

Landlords are often involved in disputes with tenants. Knowing how to handle disputes and minimise the associated costs is an important part of the position. The first step is documenting all communication, along with relevant events leading up to a complaint.

Landlords should keep accurate records and have appropriate documentation available for inspection. At a minimum, this should include their records of tenancy agreements, rent payable, invoices for ongoing services, and receipts for any work done to the property.

It is important that landlords see their properties as a business and handle them accordingly. This also means safeguarding yourself as you would if you are a business owner. Hopefully, these seven ways will help protect your rental property from loss and maintain a great relationship with your tenants.

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Flip a Home in These States and Make a HUGE Profit

According to a 2016 report by ATTOM Data Solutions, house flipping is once again proliferating among property managers following its sharp decline after the 2008 financial crisis. In fact, the…

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According to a 2016 report by ATTOM Data Solutions, house flipping is once again proliferating among property managers following its sharp decline after the 2008 financial crisis.

In fact, the report showed that from 2015 to 2016 alone, the number of houses flipped (i.e. sold for the second time in a 12-month period, usually with no-one actually moving in to the residence) rose by 3.1%; that means it’s at its highest level since 2006, with 193,000 homes and condos being flipped.

So, you might be wondering about how to get started with house flipping yourself and – while it is an extensively intricate topic to really cover in a comprehensive sense – we thought we’d take a look at a few of the states providing the most lucrative flipping opportunities in today’s post.

San Jose, California

San Jose is an amazing city to live in, and the rich are shelling out significant sums of cash to get on to the property ladder in the area. This has provided a lot of eating for house flippers, who managed to receive an average of $145,000 for all of their flips in 2015/6.

In fact, out of 110 metro areas studied, it was ranked as the joint number one place to make a profit for those looking to flip a home.

Boston, Massachusetts

The capital of Ma is a great place for families to move to. Highly regarded for its schools and culture, it has been recognised over the years for its lauded intellectual reputation. In fact, Mark Twain once said of the city:

“In New York, they ask, ‘How much money does he have?’ In Philadelphia, they ask, ‘Who were his parents?’ In Boston they ask, ‘How much does he know?”

Such is the desire to live in the city that, like San Jose, it has become a great place for house flippers to buy and sell property; flippers there made an average of $140,000 in profit in 2016.

San Francisco, California

It may often be dull, dreary, and wet, but San Francisco still manages to lure millions of visitors both domestically and internationally every year. In fact, just like its fellow California county, San Jose, San Francisco flips averaged $145,000 over the one year period.

Daren Blomquist, the senior Vice President over at RealtyTrac (a company devoted to providing information which puts together analytics for house-flipping transactions across the states), discussed this during an interview. “That’s a big one”, he said when talking about San Fran. He noted that it’s particularly “hard to flip in those [Bay Area] markets”, but also that – for those who manage to make it work – “you get a big bang for your buck”.

Avoid Like the Plague

For those of you who were wondering, the bottom of the list was occupied by many of the states you’d expect; the worst place to flip a home, though? Detroit.

“You’d have to do about seven flips in Detroit to equal one flip in the Bay Area”, said Blomquist during the same interview.

Nevertheless, there are countless opportunities in any state to start growing your income using house flipping. Equipped with the necessary knowledge and funds for investment, you can start to see massive returns, and we definitely recommend it to anyone out there who’s interested in trading.

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