|Posted by [email protected] on January 24, 2014 at 3:50 PM||comments (1)|
The housing market is becoming hot and a sellers market in Downingtown, Exton, Chester Springs, and West Chester. If your looking for a rental property to rent and one is available, it won't last more than 30 days vacant when priced to the market. If your trying to find a rental, Zillow.com is a good way to search or even Trulia.com. You can also try and look at what property managers or even Realtors have in their inventory. If your a landlord looking for a property manager or interested in renting your property, check out www.belltavern.biz.
|Posted by [email protected] on December 22, 2012 at 1:50 PM||comments (0)|
You just started having rental property in Downingtown, Exton, West Chester, Chester Springs, or somewhere else in Northern Chester County and now it is tax time and you have to file your taxes with the IRS. What do you do? Use IRS Form 1040 Schedule E and don't forget to list every expense you have and anything that is related to your business. Typically, new rentals converted from original primary residences bought and converted in the last 10 years lose money once taxes and depreciation are considered and the loss goes against your W-2 income from your employer and will help you get more money back in your taxes, depending on your income bracket and how much you make. If you have earned close to, at, or above $150,000, your crossing a threshold where the benefits of a real estate loss do little to nothing for you in the year the loss is claimed. To make the most of your investment, your always best to work with a professional property manager who can help navigate all of the advantages of real estate for you with the least amount of headache (undefined cost.)
|Posted by [email protected] on June 23, 2012 at 3:00 PM||comments (0)|
Being a landlord and simply renting your place for cash flow is not an easy thing to do. In West Chester, Exton, Downingtown, Malvern, or Phoenixville, your competing with professional property managers and savy landlords and investors. It's not the monthly rent or mortgage that separates good landlording from bad, it's managing the turnover of tenants of your rental property, single family or townhome.
Remember to plan for marketing expenses, vacancy, painting, cleaning, carpet steaming, powerwashing and staining of the deck, and also appliance maintenance and small jobs and repairs. If you plan and do these things well, you'll be rewarded with a good return on your investment. On average, without large expenses like replacing your carpet or roof, plan $1000/year for maintenance on your rental property. Some years will be less, some will be more, but they'll even out for a townhouse. Also, make sure you get the right crew to do the job. Contact your property manager or have a good team, because you get what you pay for. The lowest price people may be late, and time is money, or they may do a job halfway, and your quality is gone.
These are some things to consider and plan for. Most likely, your first conversion from a home into a rental will be your most expensive and in the future, many of these items may be burdened by tenants depending on how they treat the property. If you have any questions, call or click Bell Tavern Property Services.
|Posted by [email protected] on April 23, 2012 at 12:40 AM||comments (0)|
Something is broken and needs to be fixed in your rental property in Downingtown or Exton and you don't currently use a property manager, what do you do? There are three things you can do to fix it. 1. Do it yourself. This is a little challenging because it takes a lot of time to diagnose the problem and fix it especially if you only do it every now and again and you may end up having to call someone anyways. 2. Use a local company that advertises and is licensed and insured, like a plumber or carpenter. These are normally more expensive and will charge you up front fees to fix whatever your problem is, but they have a reputation and would normally do a pretty good job. 3. You can hire a local handyman that you know from word of mouth. This will require your time to manage him or her and you want to make sure they know what they are doing and have experience. The price for a handyman in Downingtown, Exton, Pottstown, or Phoenixville can vary greatly. The price you can expect is anywhere from $35/hr - $125/hr and also there may be minimum time commitments, so make sure you have a punchlist. If your turning your property between tenants, the jobs are bigger and require more time. The bottom line is that you have plenty of options if your not using a property management service already, but if time is money for you, don't forget it may take a few times to find the right handyman, manage and supervise them, make sure they are doing it correctly and a quality job, and lastly at a fair price. A property manager for a rental in Downingtown, Exton, Chester Springs, Phoenixville, or Pottstown will be able to do this for you a probably at a lower overall cost.
|Posted by [email protected] on April 13, 2012 at 8:20 AM||comments (0)|
A lot of people get concerned when they are asked by their rental property manager to add them as Additional Insured on to their insurance policy. They worry about having their insurance canceled or the price of the insurance plan to go up on their rental property. However, neither is true and don't allow your insurer to try and sell you into adjusting the policy higher. Here's some feedback I received from my rental property insurance company, USAA. (They are pretty good, check them out at www.usaa.com.)
"We received your message regarding adding a property manager to your fire policy as an additional insured.
It is not uncommon to add a realtor or managing company to a rental property. Adding them as additional insured does not affect your insurance premiums and you can remove them as additional insured at any time. In order for us to add them we will need the company name, address, phone number, and if there is a point of contact or specific agent...
...We value your business and the opportunity to serve all your financial needs."
So, if your currently doing everything yourself and are tired of it, hire a professional rental property manager. You can find a list of them at either www.allpropertymanagement.com or www.rentlist.com.
For more info, go to www.therookielandlord.com.
...Your Rental Property Manager serving Downingtown, Exton, Chester Springs, West Chester, Malvern, Pottstown and Phoenixville...
|Posted by [email protected] on April 9, 2012 at 5:10 PM||comments (2)|
Have you thought about renting your property or townhouse in Downingtown, PA. Your in luck, the market is booming. I've seen rents go up about 5% a year for a townhome in Downingtown. The town and community is safe and with Exton, West Chester, and King of Prussia nearby, there is plenty of demand for housing, and more importantly, good paying tenants. If you haven't had experience in being a landlord, think about a locally run property manager like Bell Tavern Property Services or Busza Property Management. They manage rental properties between the Malvern, Pottstown, and Coatesville triangle.
When you rent, remember that it is always better to get good tenants versus renting for the highest rents and money. Higher rents means more turnover and more vacancy and a smaller, more demanding crowd to please which will cost you more in time. Renting for a good, fair price will give you more of a selection of tenants to select. A local Downingtown property manager or Exton property manager or realtor can help you through or you can visit sites like landlord.com or realtor.com to help you. Good luck.