Build and Take your Property Properly

Interview for renting property

You are able to change tenants as often as you like, but to have a good or properly qualified tenant is another subject. Good tenant selection can be start in the screening process. You can have two options in tenant selection process. You can hire a property management or do it your self. With property management all you have to do is waiting the good news. Of course with all the comfort there is cost to pay. But if you want to apply tight regulation on your property and save some money then doing your own would be better option.

You are responsible to pick your tenant. To bear that responsible can be confusing especially when you don’t have any prior experience. Like other selection process interview is good tools to know better the applicants. So set up an interview plan. It is a good thing to remember the interview process would be the most crucial process. In this process you sort the good seeds and the bad seeds. In interview you only have brief time to get to know them, yet these people are the one you will be entrusted with your possession.

The followings are some question you should ask in the interview. These questions are made as your guide to know and learn about your future tenant. The question below are use for residential property, please take a note that the question should be differ between commercial property and residential property.

How many residents will be? It is important to set boundaries about the amount of the residents in one place. In 1996 there is a law based on HUD memo stating “2 person per bedroom occupancy” as the average standard for rental residential property. This law can be a good baseline when estimating how many residents in a unit. What is your source of income? This will give you a better assessment on how well financially your tenant is. Of course this will affect your payments. Is there going to be any pet? Make a decision on pets. Pets can damage your property and remember the horror stories about large reptiles in the air system? Where have you live for the last five years? If you have a lot number to answer it is okay to be little wary. How long do you plan to stay? If the tenant only stays for six month you will have to do selection process again and reading this article again. I guess you got the picture, right?

Tags: commercial, property, renting property, residents

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Guide to select in property investing

Investing in property has become a popular way for individuals to gain wealth and building equity. Home buying is one of the first investments by many people. Property or real estate becomes one of the choices of investment due to four simple reasons. The first is property provides better leverage than any other asset class; investors might borrow at least 80% of the purchase price on house and land. The second is real estate being considered as a real asset, exist physically and the demands are never ending. The third is limited supply of land on earth, simply said land is exclusive. In increasing population the demands of property might increase the value. The fourth is real estate investment is liable to increase over time.

Investors have to select what property is best for your lifestyle and plan. One of the best investments in property is by investing in growth areas. The followings are some consideration to look in the decision process. First, the land component should be at least 30% of the purchase price. This is important because the building value will depreciate. Second, invest in area with increasing population or at least stable population. Third, invest in area with complete public facilities. Public facilities make an area more desirable to live. Fourth, select a property for middle class worker. Fifth, invest in a property that can pay for its self. Sixth, learn from experts, the sources are wide, you can find them in a book or the World Wide Web. Property, whether for investment or yourself is a long term commitment and plan. We cannot predict the future but you can always prepare by educating your self. Know the details in property investing and observe the market.

Make a research on the targeted property and make yourself very familiar. This is important before the purchasing transaction is sign. Knowing the targeted property will open some spot bargains and avoid you from paying the property above the market value.

Tags: building, market, property, refinancing

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