Property Inspection for My Myrtle Beach Investment Property
Property Inspection for My Myrtle Beach Investment Property Evaluating a rental investment property on a predetermined schedule is a critical practice in managing the asset. Below are several points that you need to follow to ensure you accomplish goals to maintain a solid tenancy record. Communication Inform all tenant applicants upon application that the property will be inspected on a routine schedule. This practice will eliminate tenants who want to conduct illegal activity or who are not going to take care of the property as responsibly as required. Inform them that it is for maintenance and customer satisfaction so that any items needing attention can be looked at and resolved in a timely manner. Of course, you are interested in managing needed maintenance, but also to make sure that no violations are occurring. Frequency Frequency should be limited so that a tenant’s “quiet enjoyment” is not disrupted. We conduct a semi-annual and annual inspection on every property. Documentation Document every inspection and give the tenant a copy of your report. This effort is appreciated when it is consistent, and you take action on any maintenance items discussed during the inspection. Also, if tenant responsibilities are required, give a fair amount of time before compliance is revisited. Less minor ones can be verbal and more serious ones may need another visual inspection on the compliance item only. As always, the goal is to provide quality tenant service so they enjoy the home and it functions at an optimal level. When people enjoy their home, they tend to remain a long-term resident, which saves you money and reduces turnover costs. We hope this has been helpful information for you and as always please give us a call so we can demonstrate how having us as your qualified, professional and customer oriented Property Manager can save you money and give you peace of mind to free you up to acquire more property. CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000
Preparing Your Myrtle Beach Home for Rental Showings
Preparing Your Myrtle Beach Home for Rental Showings First Impression: When the time comes to make a rental property available for rent, it is critical to prepare it so that it will present the best image to a prospective tenant. A first impression is a lasting impression. The first thing a prospect will be the street view of the property. In this first view, the yard and the home or condo appearance needs to appear fresh and have immediate curb appeal. Prospects considering their next home expect the property that you are offering to be clean and ready for immediate move in. By having the home in tip-top shape you are setting the standard of expectation for the tenant on how the property should be maintained while they live there and when they vacate their tenancy. Checklist: We recommended developing a standard checklist to follow so that nothing is forgotten or overlooked. Create a chart or spreadsheet that itemizes every aspect of care, so a detailed punch list can be formed. Evaluating each area of the exterior and interior of the property is one way that we ensure our clean up and property preparation is through. Since we have to do this task multiple times a year, we must be as focused and intentional as possible to be effective for our property owners and prospective tenants. At a minimum, we recommend that every leased property should be professionally cleaned after the last tenant vacates. This would include having all clutter removed, carpets and floor surfaces professionally cleaned, interior walls painted or touched up, air conditioning filters replaced, cabinets and appliances cleaned and sanitized. Exterior porches, hardware, spotlights, fence gates all should work properly. Make sure that the yard gets a thorough lawn and shrub care too. Don’t forget to paint the front door as this is an easy way to upgrade the exterior appearance of your home. Upgrades: Transition between tenants is the perfect opportunity to initiate upgrades, such as new flooring, new paint and update outdated fixtures. Ensure all lights are in working order, to include outdoor lighting. Make sure all appliances are working properly. Tenants want to feel secure where they live. It is important to re-key all locks to ensure no one else has a key. If you are unable to re-key the lock, this is a good time to replace them. Ensure smoke detectors are in good working order. All windows and sliding doors should be secure and have working locks. It is important to repair any screens that are torn as this is a security problem. Making a property tenant ready is a necessary aspect of the rental property investment cost of doing business. Maintaining the home incrementally is a smart way to ensure your investment stays current with aging wear and tear. Your next tenants will appreciate the time and energy you spent preparing for them. This pays off as you have a right to expect them to take appropriate care of the property. CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000
Reason a Tenant Can Sue You!
Reason a Tenant Can Sue You! Real Living Home Realty Group believes that properly implementing quality industry standards in Property Management is your first safeguard against unnecessary lawsuits as a Landlord. Usually there are just a few key areas where a Landlord could incur a legal action against them. Our policy is to follow strict guidelines around these issues, so this problem is minimized. Home Inspections: Maintaining your rental property to an appropriate, safe, sound and sanitary standard is our first priority. We conduct physical home inspections by a professional Property Manager twice a year to verify these basic standards are in affect. The Property Manager should qualify if any visible, broken or damaged home features are discovered during the inspection. They should reinforce to the tenant the importance of timely reporting to the Property Manager damaged or malfunctioning home features. Some tenants may avoid reporting damage in hopes of deferring repair or replacement charges to them. But living long term with inferior home safety issues only invites an unwanted injury or further home destruction. An in person, bi-annual inspection, ensures that the Landlord is proactive in their responsibility toward the tenant and maintenance issues. Security Deposit: Another problematic issue in Landlord/Tennant lawsuits relates to handling of the escrowed “security deposit”. These funds are to be held in a “trust account” by the Property Manager with strict guidelines around how they must be disbursed at the end of the lease term. Unreasonably withholding a tenant’s security deposit, is crucial in avoiding a lawsuit by the tenant. In South Carolina, you have 30 days from termination of tenancy to return a tenant’s security deposit, minus any deductions for tenant damage. Landlords will withhold items from a tenant’s security deposit such as unpaid rent, cleaning cost, damage that is not ordinary wear and tear, replacing lost keys or remotes and terminating the lease early. Unless one or more of these issues are evident it is in the Landlord’s best interest to return the security deposit promptly to the tenant. If disbursement reservations are violated, it is essential for the Property Manager to document the contractual breaches by the Tennant. The Property Manager should only back-charge the tenant’s actual repair and replacement costs associated with making the property “Market Ready”. Courts in Horry County and surrounding communities require strict proof of property damage and contractual breach of the Lease Agreement. Our approach is to keep the properties we manage well documented with appropriate tenant communication support. Also, we report damage/malfunction repair to avoid any hint of taking advantage of their security deposit. Avoiding a potential lawsuit is our way of protecting all parties involved, so this type of unpleasant experience never occurs. Let Real Living Home Realty Group be your Property Management Team to avoid potential lawsuits. CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000
Should I Purchase a Home Warranty for My Myrtle Beach Rental Property?
Should I Purchase a Home Warranty for My Myrtle Beach Rental Property? A common question we receive from real estate investors/owners is, “Should I use a home warranty company for my rental property?” They want to know if home warranty companies help to save money when it comes to maintenance and repairs. Home Warranty Firms In our professional experience, home warranty firms are typically slow to respond to repair claims. Tenants need and should expect a prompt response time when maintenance of a mechanical system is involved. If your tenant contacts you with a repair and you turn it over to a home warranty company, the sense of urgency you should provide your tenant may get lost as the warranty company searches for the cheapest vendor to dispatch to your property. Home warranty companies use low skilled service labor. Home warranty firms typically seem to seek out the cheapest possible vendors to respond to fulfill their warranty contract. Customer satisfaction seems to be a lower priority because they do not often use the most respected service contractors. Not only does this mean you will have low skilled labor vendors conducting repairs on your property, but it opens you up to risk of the repair being done incorrectly or insufficiently. This can cost you even more money when it comes time to resolve the same complaint again. Fine Print Our experience has also been that home warranty contracts often have a lot of fine print they use as loopholes. One thing we have seen time and time again with clients who have chosen to use a home warranty company is that when issues arise, they are unexpectedly not covered, or cost an additional premium to satisfy the claim. For example, they may not cover a A/C repair, pointing to the fine print that your tenant forgot to change the air return filter as regularly as their contract requires. Or they may tack on an extra service fee in addition to parts when working with an older, appliance. If you choose to work with one of these companies, be sure to examine the contract carefully and know exactly what is covered and the limits of their services before signing anything. Other Options We believe that home maintenance is unavoidable. If you choose to work with a maintenance warranty, we advise that you work with local service vendors and contractors have a high customer serviced rating. Allow them to inspect your appliances or A/C systems and apply routine service schedules. This won’t be as inexpensive as warranty companies, but your investment will last longer and get serviced more appropriately. Additionally, you and your tenants will enjoy a much better service experience with fewer surprises or aggravation. Trust is a major factor in delegating service to your property investment. As always, the Real Living Home Realty Group team is here to serve as a resource for you. Whether you have questions on home warranties, or anything else related to property management or investing in real estate, our team is here to help! 843-232-0000 As a South Carolina real estate investor/owner, is it worth it to buy a home warranty? Our simple answer is no. It’s important to remember that a home warranty is not synonymous with an insurance policy. There are better alternatives to handling maintenance for your rental property. Using Real Living is your best alternative to reducing maintenance stress and improving home maintenance issues. CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000
Residential Real Estate Investing
Residential Real Estate Investing Real Estate offers a solid investment opportunity that can provide you not only monthly income, but long-term appreciating market value that increases your equity. It’s never too late to begin investing in real estate. Regardless of the ups and downs of the market, people will always need housing. Real Estate remains a good way to create personal wealth. By understanding the basics of real estate investing, you can begin to create a successful investment plan. Start now Every market offers opportunities for buyers; there is no perfect time to get started. The Horry County and Myrtle Beach real estate market is currently experiencing one of the greatest booms in many years. The influx of people who have vacationed here for years are returning here to retire and make the Grand Strand their next home. Our semi-tropical beach lifestyle is the envy of the country far and wide with no indication that ideology will change any time soon. Because this market has momentum means that we anticipate an expanding resident population influx for years to come. So, become a part of it whether you live here or not! Understanding the risks Before investing, you should be certain that you have the income stability to manage the investment properly. That includes the ability to cover any monthly mortgage payment if or when you don’t have a tenant occupying the home. Additionally, property taxes, insurance premiums all occur on a payment schedule. It is critical that these expenses don’t cause you personal stress beyond your comfort zone. Do your homework Know the market and understand the trends which can affect your purchase and ownership. Work with a Real Estate Agent and a Property Manager who are well versed in the market and know how to advise and help guide your decisions. Invest for the long-term Real estate investing should not be viewed as a “get rich quick” scheme. While you might find an opportunity to have a quick flip, most real estate equity is realized over years not months. Understanding the expected cash flow In simple terms, cash flow is what is left over after all expenses are paid. For a rental property, expenses could include mortgage, interest, insurance, utilities, HOA’s, property manager and more. Understanding tax benefits Real estate investors can deduct all sorts of expenses from their taxes, including mortgage interest, depreciation, property tax, property management fees and more. These tax benefits can help you protect other income. A tax consultant can help you qualify how much you could benefit from owning investment property. Budget for the unexpected Even the most carefully planned project can have unexpected costs. Have a back-up plan to meet these costs whether it’s a savings account or a credit line. Real Estate can offer solid investment opportunities. Even a first-time investor can have positive cash flow with careful planning and research. Start building your real estate portfolio now; a real estate purchase could provide a low-risk addition to your other investments for both income and asset value growth. We specialize in helping investors qualify many of the critical elements we touched on within this article. Please call so we can help you qualify your interest in becoming a rental property owner in Myrtle Beach. CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000
Repair and Capital Improvements on my Myrtle Beach Investment Property
Repair and Capital Improvements on my Myrtle Beach Investment Property Repair and Capital Improvements are great ways to add value to a property, but regulations do apply. The IRS is very specific about which expenses are deductible for your investment property and which ones are not. True repairs and maintenance replacement of a property can be fully deductible in the year they are expensed. These items include items that need to be fixed from broken or damaged components of the property. Repair or replacement of similar components is not considered “improving” the property. Other expenses such as HOA, Property Management, utilities, property taxes are all deductible in the year of expense. Items such as an A/C unit or septic tank, new roof or new Kitchen cabinets are considered “capital improvements.” These expenses must be deducted over a 27.5 year depreciation schedule from the year of installation. Renovations or new appliances are not considered repair expense deductions. It’s important that you and your CPA or Tax Preparer qualify these expenses correctly, so you avoid costly state or IRS audit corrections. Our Property Management software presents your monthly and annual maintenance and repair costs so you are prepared to schedule them. Our goal at Real Living is to make tax time less stressful by providing you with accurate third party reporting of your property expenses. Let us help you make tax preparation less stressful too! CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000
What Does Rent Ready Mean?
What Does Rent Ready Mean? Preparing a property to rent involves a very intentional process that ensures that you are able to secure the very best tenants possible. Every tenant is a contract relationship, but it’s more. It is potentially a long standing economic and social association that meets both parties needed purposes. For the landlord, a longer tenancy that is happy in their residence means lower turnover and costly refresh expenses. For the tenant, a longer residency means comfort, connection to the community and a sense of belonging. In both cases, it all begins from the way the home is prepared to welcome a qualified prospective tenant. Security Always rekey a home after a tenant vacates the property. This avoids some unfortunate unexpected or unintentional consequence from occurring. As the landlord, you don’t know who the former tenant gave a spare key to. Can you imagine the possibility of an innocent home invasion occurrence when a person unexpectant surprise visitor walks into what they thought was their friends former bedroom only to find an unknown new resident, shock or worse! The response could be deadly!! Safety Everything must function as it was originally designed to work. Safety is critical for tenant safety. The last thing you ever want to hear is that something failed because it was not fixed or repaired properly and a tenant or their child was seriously injured. There is no room for excuses when life safety or functional adequacy is concerned. You must fix, remove or replace any item that does not meet optimal working standards when you lease a home. Cleanliness This point is critical to securing your best tenant prospect because the quality of a properties cleanliness at the initial viewing is directly proportional to the quality of tenant the property will attract. Clean people will not want to live in anything less than clean. Conversely, a tenant who does not need a clean property will not maintain a clean rental lifestyle either. A PROFESSIONAL CLEANING is essential to ensure the home is adequately cleaned to establish a standard you expect in return. 100% Rent Ready No showing should occur until all punch items are completed. Unmet expectations over an item that will be resolved soon is not a good precedent to manage after the tenant moves into the property. Your best efforts may not meet their unmet expectations to resolve their perception of what was promised or delivered. Avoid this critical relationship BOMB. If your not 100% ready, don’t allow a prospect to tour the property. Avoid this hazard completely! We hope these points help you understand that being extremely intentional is the best way to manage your investment and your future tenant relationship. At Real Living Home Realty Group, this is the process we follow to make sure all of our clients whether landlord or tenant, receive the best care. Quality matters and our customer service approval demonstrates that we deliver quality service, so everyone involved enjoys life a little more under our care. CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000
Should I Sell My Myrtle Beach Investment Property?
Should I Sell My Myrtle Beach Investment Property? With COVID-19 pandemic still in full force, many Myrtle Beach real estate investors/owners are asking the question: “Is now the right time to sell my Myrtle Beach rental property?” To answer this question, we offer three considers for every real estate investor/owner: 1. Interest Rates are at All Time Lows How low are interest rates for real estate investors/owners? In the history of interest rates in the United States, interest rates have never been at a lower than they are right now. There’s even talk of rates potentially tricking down lower than they are now. Instead of selling you rental property, now be a time to refinance into a fixed interest rate loan. 2. Rental Demand is Shifting Every week at Real Living Home Realty Group, we analyze the previous weeks data for demand for each vacant property that we manage. This allows us to determine which type of properties tenants want to rent, and which they are avoiding. Since the COVID-19 pandemic began, this is what the data shows: Demand for suburban, single-family homes is skyrocketing. We can’t move these properties fast enough! Many Myrtle Beach renters want a single-family home with a back yard, a garage, and a fence for a little bit of privacy. People want the protection, security and privacy that a single-family home offer. Demand for Myrtle Beach townhouses, and condos is decreasing dramatically. Since more renters are wanting a home with a yard and other amenities, shared building rental properties are less popular. 3. Property Management is Difficult and Risky Whether you are self-managing your rental property, or you hire a property management company, it’s a difficult and risky business. Things like new legislation and COVID rules and restrictions have increased the operational difficulty of rental property management. If you are self-managing your property, it’s extremely important that you are cautious to ensure that you don’t make any legal mistake. If you are thinking about hiring a property management company to assist you, ask them questions to ensure they understand and are compliant with the laws. Owning Myrtle Beach Investment Property Location: Where is your property located? If you have a property that is a single-family home in the suburbs, you should have very few problems finding quality tenants and keeping your property rented. Longevity: How long are you planning to hold your property? If you were already planning to sell in the next 3 to 5 years, now may be a good time to sell. If your hold period is more than five years, we recommend holding your property. Leverage: With interest rates at a record low, take this opportunity to refinance your property into a fixed rate loan. So, if your property is in a great location, you intend to hold onto the property for more than five years, and you’ve leveraged the current low interest rates, you’re in a great position to keep your rental property! There is no right or wrong decision when it comes to selling your property, but it is a decision every investor needs to make. Have questions about selling your rental property or about any other property management topic? We’re are here to help educate you! Call today to learn more 843-232-0000. CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000
Service Animals and Emotional Support Animals
Service Animals and Emotional Support Animals What is a service animal and emotional support animal? A service animal is defined as an animal that is trained to perform a certain task that benefit an individual with a disability. Tasks performed can include, pulling a wheelchair, retrieving dropped items, and alerting a person to a sound. Service animals are protected by the Americans with Disabilities Act and the Fair Housing Law. An emotional support animal is used to treat disabilities such as depression, anxiety or a certain phobia. Emotional support dogs are not protected by the Americans with Disabilities Act, but are protected under the Fair Housing Law. The landlord may not ask an applicant about the existence, nature or extent of their disability. However, an applicant with a disability who is requesting reasonable accommodations will be asked to provide documentation for the request. One major difference between Service Animals and Emotional Support Animals is that Emotional Support Animals are not allowed in public accommodations since they are not protected under the Americans with Disabilities Act. This is why tenants with Emotional Support Animals do not take them to work. Do you have other questions about Service Animals or Emotional Support Animals, Contact Real Living Home Realty Group for more information. A Guide to Disability Rights Laws: CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000
Rental Property Safety
Rental Property Safety Property Evaluation: Safe, sound, and sanitary are keywords that should guide every owner when evaluating critical issues when leasing a property. This inspection is part of our Property Management Evaluation Process when we consider bringing a new property under our company’s management. We will evaluate a property to make sure that residents leasing the property will have adequate door and window locks. This ensures that they operate as designed to restrict intrusion from the world outside and allow emergency escape. We provide this report to you to establish a validation of the homes essential elements to secure these qualities. If adjustments or improvements are needed, it is much more cost effective to do the repair, replacement or a deep cleaning before a tenant occupies the home. Tenant Evaluation: Our client tenants meet strict qualifying criteria of sufficient income, credit and references. This is why they usually rent for 2-4 years before moving. That kind of retention rate improves your long-term rental income. They expect that these three words are met as a given before they move past the front door. Appearance, appeal and style are the qualifying criteria they make judgement around when assessing how your property meets their lifestyle. The qualified tenant prospect expects solid, reliable structures that are well maintained and project their shared identity in appearance, smell and appeal before they will consider a property to rent. The original condition of a property is what you should expect to receive in return when they vacate your property. Providing them with a quality environment allows you as the landlord to have minimal cost of restoration when it comes time to make the home market ready for the next family. Our bi-annual inspections ensure that the tenant maintains the property condition and cleanliness. If, during our inspections, we find that they are not maintaining these standards, we place a violation. This is resolved through a personal call, an email and a follow-up inspection to make sure the issues are fixed. These items are non-negotiable standards that ensure that everyone enjoys a home free from undue negligence or careless conditions. Our goal is to make sure that tenants are provided with a quality living environment. As our landlord, you will have properties that are maintained to a standard to sustain your property value and reduce maintenance costs. Let us help you with your rental property safety issues. CONTACT US We would love to hear from you! So let’s set up a meeting today. Please fill out the form and you will receive an email from us. If you do not get the email in the next 5 minutes, check your spam/junk folder. We will make sure that someone gets in touch with you as soon as possible. Leave us a message Jen Assip Property Manager Have any questions? Call us: 843-232-0000