How People Violate Fair Housing Laws

When you are selling or renting a property, you want to avoid running afoul of the various anti-discrimination provisions.  Even if the Federal Government does not think you are worth going after, an aggrieved potential buyer or renter could bring their own lawsuit and hit your wallet.  Not to mention that some organizations, including government agencies, send undercover folks to see if they can find examples of discrimination.

Don't let your mistake on one day be the basis of legal trouble.  Instead, read up on the laws and stay clear of the kind of questions or comments that can get you in hot water.

Link:
http://www.biggerpockets.com/renewsblog/2014/06/27/completed-fair-housing-act-compliance/

Tenant Red Flags

If their current place looks like this, they will live like that in your place later.

If you're a tenant, don't do these things.  If you are a landlord, watch out for these things; it will not end well.

Dave Van Horn has managed rental properties for over 25 years, and has developed some sure signs of trouble to come.  I have seen some of these signs in tenants I approved when I did not know better.  Those were the bad tenants that I later had to file eviction proceedings on.  Had I known then, I could have avoided them and saved myself a lot of money.

Easiest one: if they don't have the security deposit up front, they will have trouble paying the rent later.  I learned that one the hard way.





Link:
http://www.biggerpockets.com/renewsblog/2014/04/24/13-red-flags-troublesome-tenants/

Landlord Monday (on Tuesday): Breaking Up is Hard

So you got a tenant in your property and they are not what you think?  Let me tell you, been there done that.  I had one bad experience with a professional tenant, and collection efforts are still ongoing.

Anyways, BiggerPockets has some great tips on how to avoid a complete debacle.  The best advice is to screen thoroughly before tenants can get in your door.





Link:
http://www.biggerpockets.com/renewsblog/2014/06/04/just-painful-can-evicting-one-tenant/

The Right Way to Shop for a Mortgage

Most people, I believe, walk into their local bank, say they need a mortgage, and fill out the paperwork.  They reason that they will get a better rate at the place they have their money.  Sometimes that is true, but it is an iffy way to make an important financial decision.

Mortgage banker Mark Fitzpatrick shares some insights with us, and what he says makes a great deal of sense.  He suggests not just shopping around, but doing so in a way calculated to ensure that all of the potential lenders are using the same assumptions.  Only then can you be sure you are getting a good deal.

Not really helpful to the process.

Link:
http://www.biggerpockets.com/renewsblog/2014/04/23/how-to-shop-for-mortgage-rates/

Selling Your Real Estate Empire

As a real estate investor, you know why you buy what you buy.  Maybe you have a personal niche, or maybe a certain product works best in your market for your buy-and-hold strategy.  For me, it is definitely single-family homes.  I can find them in plentiful supply Downriver, that's for sure.

But maybe you bought apartment buildings, or four-plexes, or even duplexes.  Those are not as simple to sell when you decide to cash in your chips.

Although it is not the only consideration, appreciation and ease of sale should concern you before you buy.  Ten or fifteen years down the road, you may be selling.  Has it gone up in value?  Who is looking to purchase something like that?

As usual, BiggerPockets is on the ball with this topic.  I definitely recommend this article for anyone thinking about real estate investing.  And Kevin Park is one of my favorite writers over there.

Link:
http://www.biggerpockets.com/renewsblog/2014/03/31/what-will-you-do-with-your-investment-property/

Get Your First Rental Property in 90 Days (w/video)

There is a reason we keep going to Bigger Pockets for our Landlording articles--they are constantly putting up some pretty great stuff.  Here is a great post from them detailing the steps to get that first rental property.  They even have a video to explain it for you!

I won't paste the video in because I want you to pull it from their site, but I will tell you that I endorse this method.  Step One, getting pre-approved for your financing, is a big one.  No point in looking at $100,000 rentals if you won't get a mortgage on them.

Link:
http://www.biggerpockets.com/renewsblog/2014/03/08/buy-rental-property/