Category: Rental

Renting a vehicle may seem like a simple process, however it is only simple if you know what to expect and are prepared when you get to the counter. Now if you are renting a vehicle for local around town usage, there probably be very few things to consider but if you will be traveling to an international destination and then renting a vehicle you need to make sure that you are prepared with everything you will need to make your rental go smoothly.

1. PAPERWORK – Perhaps the most important thing you can do to prepare for when you arrive to pick up your rental vehicle is to have all the paperwork together in advance. Putting your driver’s license, passport and insurance documents all together along with your rental confirmation number will make the transition a much smoother one. Also, be sure to find out in advance if you will need extra documentation, especially if you are traveling abroad, some of these documents need to be obtained in your home land in advance.

2. KNOWLEDGE – Know in advance what to expect when you arrive. Make sure you have a clear understanding of the vehicle you will be leasing and how it works. Be prepared that you will probably spend about an hour getting everything set to go, even when you are prepared, you will need to take the extra time to read over the rental agreement and to look over the car and make yourself familiar with it. Knowing in advance that this process will take time will allow you to be better prepared. If you are traveling for a long day and the family is in tow, let them do some sightseeing while you complete the rental process or suggest they go for a bite to eat. This will allow you to take the time you need to get everything in order.

3. QUESTIONS – Ask all the questions you need to, whether about the operation of the vehicle or about the agreement itself. Ask them about emergency road service and insurance. Make sure you have a firm understanding of everything before you drive the car off the lot.

Getting everything in order prior to taking your rental vehicle off the lot is the best way to ensure that you have a successful rental. Being prepared with the correct documentation and gaining the knowledge you need before taking your car hire off the lot will make for the best possible rental experience.

How does one determine when to sell a rental property investment? If you are going to buy rental properties having a plan in place for the appropriate time to sell is important.

I have worked with many individuals over the years and showed them how to buy rental property. There are many things that need to be considered when purchasing for investment purposes. There is also definitely a time to sell.

How to Buy an Investment Property

-Is the property in a convenient location? Is it near shopping, in a neighborhood with good schools, and is it easily accessible to interstates and connecting roads?

-Does the potential investment property have a sound foundation? What sort of issues does the home have? If it needs a new roof or the foundation is sunken in and is creating issues within the structure, it might not be a good investment at this time. If the issues are only cosmetic (needs a new bathroom floor, or painting, or carpeting) it may be worthwhile. Inspection reports will reveal the propertys flaws so the buyer and real estate professional can make a good decision.

-Do you have enough of a down payment to purchase the rental property so financing will not be an issue? In the current real estate market, most lenders will see a down payment of 40-50% as a good risk. If you can invest 100% into the property this is even better.

-Income gained from the property needs to exceed expenses. Identify a credit worthy tenant, a reliable property manager, and a solid lease to make your property investment profitable. Property management fees are tax deductible.

-For residential property investments, single-family homes as well as multi-tenant properties such as duplexes and fourplexes are great ways to build income and wealth. Some investors may want to consider apartment complexes. In this case a commercial property loan will be necessary to obtain financing.

-Use depreciation on the investment property as a way to receive an annual tax deduction. Check with your accountant, who will apply the depreciation deduction on the building, appliances — even window treatments. The government still allows tax deductions for accelerated depreciation on properties. Savvy real estate investors use this deduction to increase cash flow and net operating profit on a property.

When to Sell a Rental Property

I have a term for properties that need to be sold: alligator properties. These are properties that are eating the investor alive with carrying costs. When an investor looks at the bottom line on an alligator property there is no profit just expenses. An alligator property today may have been a good investment ten years ago. But some individuals will continue to hold a property until it depletes all of the profits they may have made in the first 5-7 years.

If a property has sentimental value (it was your first home, or your mother once owned it but now shes deceased), some investors may tend to want to hold onto it. Having an emotional attachment to an investment property that is supposed to be generating income is not good. Sometimes an individual will hold this type of property even if it is not profitable. It may be time to consider selling this property.

There are so many methods in which a person can make money when it comes to real estate investing. Some of them have more risks than others. Automatically, those that carry the biggest risks are frequently the real estate investment techniques that have the highest potential profit but slow and steady, in many scenarios, wins the game. Flipping houses has been in the news more often as so many riches have been created doing this-more than a few have been lost in this method as well but those are not covered by the news nearly as frequent.

Dealing with investment rental property is not as fabulous and doesn’t give the almost fast profits that flipping houses can but it is also an excellent and valid strategy of real estate investing that will provide a constant profit over time if you plan properly. Investment rental properties are in demand today more than ever with so many folks going into foreclosure and losing the houses that they’ve worked hard to build for their loved ones. For this reason rental properties are a good thing to own at the moment, especially those that are family homes.

There are several reasons that people rent and while there are several risks involved when renting investment rental property, the risks are much lower compared to the risks involved in flipping or pre-construction investing options. There are several things you should think about when buying a property for the purpose of renting however in order to arrive a solid, wise, and long lasting decision for your real estate investment.

First, invest only in rental properties in locations that people want to live in. It may be true that you can buy property cheap in a few run down areas of town but it is doubtful that you will turn those properties into profitable rental units. It is great to pay some more for a more attractive address for renters. You will notice that your properties are rented oftentimes, which will give you more money in the long haul.

Second, give attention to the kinds of folks in the location and buy rentals accordingly. It is very possible to change big homes into several smaller apartment units (based on local zoning laws) that are ideal for college students. You do not want to implement this however in a location that is geared to family houses and won’t be good or tolerant of college students. Design the rentals based on the market you are attempting to rent out.

Third, avoid being greedy. The purpose of owning investment rental property is of course, to profit. At the same time, if you put a high price on your properties, you will notice that they sit vacant more often than not. Each month that your property is vacant is a month that you aren’t getting money on that property and a month that you are losing money at worst.

Fourth, learn about the market. Research the local market for purchasing real estate and renting real estate. This will aid with several things, not the least of which is the deciding factor whether or not any specific property will make a good rental unit. Another thing, it will aid you identify how much rent the units you are checking can provide month after month.

Lastly, when renting residential investment property you need to focus on the long-term goals instead of short-term goals. Property rental is a marathon race instead of a sprint with the biggest profits coming at the finish line. You will want to pay as small interest on the property as possible and pay the property off as rapidly as possible for you to realize the most profit potential and buy new properties. The true money when renting properties as a real estate investment isn’t in renting out one or two units but twenty or thirty units. The more rental residential investment property you have, the more money you will make from owning them.

Problematic tenants cannot be avoided. This happens even in Tampa rental homes. More likely than not, rental property owners have experienced having tenants are headache triggers.

Tenants that pay late rents cannot be avoided also. Even if the proper background checking has been done and credits are good, there will still be a chance that rental fees will not be given on time.

Rental homes in Tampa are one of the most in demand location where families and businesses relocate to. Factors like good weather, nice environment for children, booming business center and vacation getaway are some of reasons why Tampa is the perfect spot to rent a property. It is also the reason why many owners tend to choose this spot to invest in real estate.

But like every type of business, there are problems encountered that if not solved would mean a business downfall. In the case of rental homes, it would be a big setback in an otherwise profitable source of income.

Late paying tenants are one of the most common headaches for property owners and property managers. Rents not paid on time can immobilize the investment. If a regular trend already, actions are taken for the business investment to get right back on track.

Property managers take action in the absence of the property owner. It is one of their duty and what they are paid for. Owners may not be near the property they are renting out. The property managers take their place to make sure that all the aspect of the real estate investment are given attention.

Owners or property managers have the right to talk to the tenant about the past due rent. If this does not work out, a written warning is issued summarizing the details of the late payment.

It is best to have the terms of the lease agreement stated in the letter. This is needed to show as proof for what the tenant has signed in agreement when the initial negotiation was made. State in the letter a specific date that the tenant should pay the rental fee and the proceeding steps to be taken in case payment is not done.

Communication should be open all throughout. Both sides should be heard. Tenants may try and justify their actions. Owners may give out additional consideration. It would all depend on the communication between both parties.

Owners have the right to take appropriate an action if all else fails. He or she may decide to evict the tenant or may enlist the help of an attorney before any decision is made. Rules and regulations vary with different locations.

Property managers in Tampa will know what to do in case late payments become a habit. They may take actions themselves or get legal assistance if it comes to that.

Rent payments are one of those that keep the rental property going. Without tenants and payments, owners will not see a return of their investment even if all other aspects are considered. This is why, the property should not be the only one kept maintained. Payment due dates should also be focused on and noted from the start of the rental home agreement.

There are quite a number of car rental companies these days. While you can simply go inside one and rent a car, there are some things that you should know so that you’ll end up with a good deal from them. Rental companies do have rules and requirements before releasing the car to you. And they can also turn down your application should they feel that you are not a driver the fits their expectations.

When renting a car, you should have both your driver’s license and credit card ready. Without these two important documents, you can’t possibly rent a car. Some rental companies grant cars to people 21 years old and above. So if you’re only 18, you might find it hard to locate a car rental company that would release a car to you. Better ask an adult to hire a car for you instead. Credit cards are normally used to pay for the rental fee. So you have to be sure that you have more than enough credit or funds in your card.

Good drivers are very much favored by car rental companies. This means that if you have an impeccable driving background with no accident records, then the car you want may just be released to you in almost an instant. For others, the car rental company may necessitate that you hire their driver as well for your safety and the safety of their car.

In most states, driving with car insurance is mandatory. Oftentimes, the car rental company would take care of this detail. In cases that they don’t, you might have to get yourself one or purchase an insurance plan from the car rental company itself. Some companies charge for insurance separately. It is best that you ask about this detail before rushing off to the car rental agency and avail of a car.

Most rental companies have a wide range of vehicles to choose from. There are luxury vehicles, limousines, trucks, and sedans. For cars that have a high demand rate, you might need to schedule ahead. This is especially true for limousines and other luxury vehicles. If you intend to use these cars for a special occasion, try calling the company weeks before the event to ensure that the car you want is available.

Also, try to test all car rental companies near you and evaluate each of them. Once you have found the one with the best service, stick to them. Be their loyal customer. You might just enjoy discounts in the future should you choose to avail of their service all the time.

Car rental companies are getting stricter with their clientele these days. This is because of the rising cases of abandoned cars and unreturned vehicles. You just have to foster some trust with the company. This way, you will be able to enjoy the services of a reputable car rental company for long years to come, all to your advantage. And even if you’ll use the services of these companies sparingly, it is still best that you become a reliable customer at all times.