“Numbers Don’t Lie” 

 

 by Patrick Hancock

 

Whether you are a hardcore investor or a first time home buyer, numbers don’t lie.  I can’t tell you how many times “owner pride” (owner pride is what is referred to as the homeowner’s thoughts and feelings towards his or her home) has interfered with the selling of a home and caused the home owner to lose thousands of dollars. I’ll begin with an example from 2007 when I was asked to sell a home of a friend that I used to work with. After performing a CMA (comparative market analysis) I suggested a sales price of $235,000 to which the seller vehemently objected. She wanted to list it at $250,000 and that was that. Since she was a friend I agreed and we listed the home. Weeks passed and we received an offer of $232,000. I vividly remember the day because I was on vacation. The combination of being on vacation and receiving a strong offer made the weekend even sweeter. I figured by now, with little activity and my recommendations of lowering the price going nowhere, that the seller would at least instruct me to submit a counter-offer. Well, that good old “owner pride” took over and the seller wouldn’t budge. The response was “my house is worth $250,000 and that’s final. Read more…


Managing Your Rental Properties…
Part I:  Marketing Your Rental Homes

 

by Patrick Hancock

When it comes to rental real estate, marketing a rental home, screening and selecting tenants and managing rental properties should usually be left up to a professional property manager or a property management company.  However, there are those of you real estate investors out there who, like me, enjoy being intimately involved in every aspect of your rental properties.  Like many of you, I have personally managed my portfolio of rental properties for several years now.  The three biggest challenges I have come across have been properly marketing my rental homes, selecting the right tenants and managing the landlord-tenant relationships.  In this three-part, three-month series, I will examine each of the three challenges and share some tips and advice to help you survive tenant turnover and manage your rental homes effectively… This month’s article focuses on the four main objectives to consider in successfully marketing your rental homes.  Read More…



Maintenance: Who is Responsible?

by Patrick Hancock

Perhaps the question I get asked the most from landlords is “who is responsible for repairs and maintenance, the Landlord or the Tenant?”  The answer to this question is that both the landlord and the tenant could be responsible.  Let me explain what I mean by “could be”... read more