dancostantino

Turning Your Home Into a Long-Term Rental the Easy Breezy Way

Tue, 07 Mar 2023 18:07:50 GMT

Turning Your Home Into a Long-Term Rental the Easy Breezy Way

Are you looking to turn your home into a long-term rental? You’ve come to the right place. We have compiled a list of tips and tricks that will help make this transition easier.

Repairs to Make Before Listing

Before you list your property for rent, it is important to make repairs that could potentially be deal breakers for potential tenants. This includes fixing any plumbing issues, replacing broken windows or doors, and ensuring that all electrical outlets are working properly. Doing this ahead of time will reduce the risk of losing out on potential tenants and ensure that your rental property is in top condition when it is listed.

Sprucing Up Curb Appeal

Curb appeal is essential when trying to attract renters. Make sure the outside of your home looks inviting by sprucing up landscaping, adding outdoor lighting, and painting the exterior if necessary. These small investments can go a long way in making sure your property stands out from others in the area.

Adding an element of distinction will also make your rental stand out from other properties in the area. Consider giving it an official name , then investing in a bronze plaque with this name engraved on it for display. This simple addition gives potential renters something unique they won't find elsewhere!

Finding Trustworthy Tenants

Finding trustworthy tenants is key when renting out a home for a long period. It’s important to thoroughly vet potential tenants before signing any lease agreements by doing background checks and calling references. Additionally, you may want to consider requiring renters insurance so that all parties are protected in case of any damages or losses incurred during their stay at the rental property.

Working With a Property Manager

Hiring a property manager can be beneficial if you don’t have the time or resources available to manage everything yourself. Property managers can handle tenant inquiries and complaints, as well as handle maintenance requests that arise during the tenancy. It's crucial to consider the added expenditures of hiring property management against what you could accomplish on your own.

Marketing Effectively

Once your rental property is ready for listing, market it effectively so that potential tenants know it exists. With an innovative combination of traditional and modern methods, you can create a dynamic plan to reach your ideal tenants.

Start by designing business cards that communicate the features of your property. Incorporate elements like photos or logos, and use bold colors to make them stand out. You can use online tools with ready-made templates that you can customize — this may help you create a professional-looking business card.

Simultaneously, take advantage of the power of social media posts to raise awareness about your property. Use visuals, infographics, and videos to appeal to people’s interest and build relationships with potential renters.

Protecting Your Rental Business

Setting up an LLC (limited liability company) for your rental business provides extra flexibility when dealing with taxes and potential legal issues. It also gives you more control over how much money you make from rentals, as well as how much money goes back into maintaining the property itself, which can ultimately lead to better returns over time .

Turning a home into a long-term rental instead of selling has many benefits, including increased tax deductions and greater flexibility on how much money comes in. With these tips and tricks, anyone interested in turning their home into a long-term rental should feel confident they're taking steps toward success.

Looking to make big real estate decisions? Talk to Dan today .

6 Essential Steps for Thoroughly Screening Tenants and Protecting Your Investment

Fri, 06 Jan 2023 17:36:22 GMT

6 Essential Steps for Thoroughly Screening Tenants and Protecting Your Investment

Screening tenants is a crucial step for any landlord or property manager. It helps to ensure that you are renting your property to responsible, reliable, and trustworthy individuals who will take good care of your property and pay their rent on time.

There are several key steps to follow when screening tenants:

Create a rental application: The first step in screening tenants is to create a rental application that potential tenants can fill out. This should include basic personal information, such as their name, contact information, and current address. It should also include questions about their employment, income, and rental history. You can use a standard form or create your own, but make sure it includes all the necessary information.

Review applications: Once you have received the rental applications, it's time to review them. Look for red flags, such as a history of evictions or unpaid rent. You should also verify the information provided, such as employment and income, to make sure it is accurate.

Check references: It's important to get references from previous landlords or property managers to get an idea of how the tenant has behaved in the past. You can also check with the tenant's employer to verify their employment and income.

Run a credit check: A credit check can provide valuable information about a tenant's financial responsibility and ability to pay rent. It can also alert you to any red flags, such as a history of late payments or bankruptcies.

Conduct an in-person interview: An in-person interview can give you a chance to get to know the tenant and ask any additional questions you may have. It's also a good opportunity for the tenant to ask any questions they may have about the property or the terms of the rental agreement.

Consider additional screening methods: Depending on your specific needs, you may want to consider using additional screening methods, such as a criminal background check or a social media check.

It's important to remember that fair housing laws prohibit landlords from discriminating against tenants based on certain characteristics, such as race, ethnicity, national origin, religion, gender, and disability. It's crucial to follow these laws and treat all tenants fairly and equally during the screening process.

Once you have thoroughly screened potential tenants and have chosen the best candidate, it's important to create a written rental agreement that outlines the terms of the tenancy, including the rent amount, due date, and any rules or regulations. This will help to protect both you and the tenant and ensure that everyone understands their rights and responsibilities.

Overall, screening tenants is a crucial step in the process of renting out your property. By taking the time to thoroughly review applications, check references, and conduct an in-person interview, you can help to ensure that you are renting to responsible and reliable individuals who will take good care of your property.

Investment Property Upgrades and Rental Techniques That Work

Thu, 02 Jun 2022 14:12:48 GMT

Investment Property Upgrades and Rental Techniques That Work

When renting properties such as small apartment buildings, leasing speed is critical to profitability for the individual investor. Renters seek units with desirable features. As they walk through residential spaces, they must be able to imagine living in them. Modest tweaks can turn a drab apartment into a place that feels like home. Here are some hints from Dan Costantino on sending your investment property's appeal through the roof.

Repairs

Pass slowly through your property and compile a list of mandatory fixes. Bringing along a second pair of eyes will help you spot every concern.

Test the lights. Do you detect flickering? If so, electrical work could be necessary. According to safety experts, electrical fires account for almost 500 deaths per year. Someone injured by a fire that you could have prevented might be inclined to sue. Turning your investment property business into a limited liability company gives you an extra layer of legal protection. Hiring a lawyer to file your venture as an LLC can be expensive; using an LLC formation service is a less costly way of making this happen.

Check toilets for clogs. When items get stuck in them, they overflow and cause water damage. Although hiring a plumber to fix the problem isn't free, having a professional tend to the matter is bound to save cash in the long run.

You'll also want to check out the building's HVAC system. Heating and cooling units need annual inspections . If air conditioning isn't working during showings, it's a huge problem. Potential renters have a habit of fleeing as soon as they imagine dealing with sweltering indoor temperatures during hot summer days.

Modifications

Once you've tended to essential matters, consider upgrades. The right changes can make all the difference in terms of what a unit’s price will lease for. They may even be less rough on your wallet than you expect.

Adding a backsplash to a kitchen makes it feel modern and luxurious. Cost depends on multiple factors, tile choice in particular. Luckily, inexpensive tiles protect your walls just as well as high-priced ones. Another worthwhile addition to kitchens is an instant hot water system or a range hood for the stove. These features can make all the difference.

Ratty wall-to-wall carpeting is a huge turnoff. You can handle the removal process entirely on your own. Afterward, lay down a waterproof laminate that resists scratches better than vinyl.

Don't forget the outside. First impressions matter. Plant flowers and bushes along walking paths. Add solar entranceway lights that are eco-friendly and automatically switch on and off.

Simple, Cost-Effective Home Office Upgrade Ideas

Thu, 26 May 2022 16:48:37 GMT

Whether you work on a hybrid or fully remote schedule, you need a home office that fits the bill. It not only needs to look attractive (to you, your clients, and your team members). It should motivate you to work day in and day out, help you focus on the tasks at hand, and keep you healthy in the process.

If your home office is not giving you all of those qualities, it’s time for an upgrade. The good news is that you don’t have to break the bank to make big changes. Check out these cost-effective office refresh ideas from Dan Constantino !

Dress Up the Walls

First, evaluate the walls in your office to see if they are due for an upgrade. One of the easiest ways to boost appeal is to freshen up the paint job. Going with a neutral tone like white, gray, or grayish will accommodate more vibrant decor and furnishings. Or, you could go with a color that you folks call, energy, nature, or any other qualities that can help you concentrate.

Wallpaper can also transform a space. And these days, there are more options than ever when it comes to durable and attractive wallpaper. If you want to bring some outdoor elements in size, choose grasscloth wallpaper for your home . Grasscloth designs incorporate rich, texture textures that will instantly add elegance to your office. And if you go with a peel-and-stick product, you'll be able to easily apply, remove, and reposition the wallpaper without damaging your walls.

Bring In Nature

Sprucing up the walls isn't the only way to bring nature into your workplace. Look to air-purifying plants like Spanish lavender, passion flowers, and paddle plants to boost interior appeal while also improving the air quality in your home.

You can also benefit from maximizing the natural light flowing into your office. Set up your desk next to or near a window, and open your window treatments on sunny days. Sunlight exposure can go a long way in boosting productivity, not to mention all the mental health benefits that come with it. Opt for floor and desk lamps instead of overhead options if you need extra lighting for your workspace.

Keep the Clutter Down

Clutter kills productivity and causes stress. Take time to declutter and deep clean your home office, and create a routine to keep it that way. Also, invest in stylish storage solutions that can keep the items you need within reach but out of sight. Installing shelves can also help you minimize clutter because it optimizes the vertical space available.

Invest in Tech and Gear

Lastly, take advantage of all the technologies in gear available to home-based entrepreneurs and professionals. There are a wealth of time tracking, project management, and file-sharing tools to help you work more efficiently and productively. You can help ensure your company stays financially healthy by using online bookkeeping and invoicing software . And if you need help in the marketing department, incorporate a website builder, social media management tool, and email marketing software, among many other technologies.

While you're at it, research the plethora of equipment that can help you stay healthy and productive on long workdays. Invest in an ergonomic office chair, keyboard, and mouse. Get a desk that helps you maintain proper posture while working on your devices. And use a laptop stand to keep your screen and camera at eye level.

When working from home, it's crucial to have a dedicated workspace that inspires you to work and helps you concentrate on your tasks and projects. Consider the tips above for upgrading your workspace for maximum productivity and wellness. And keep looking for other ways to make your WFH experience better overall.

Would you like to read more helpful content or learn about my real estate investment mentorship program? Visit 412AH.com today!

When to Hire a Professional Plumber and When to DIY

Wed, 23 Jun 2021 15:39:55 GMT

Whether it’s your primary residence or an investment property , plumbing problems are something to expect. Not only do you have minor issues such as a running toilet, leaky faucet, or clogged sink drain to deal with, but there are many major issues that can happen (think a burst pipe or flooded basement). And while doing certain repairs DIY can save you money and teach you useful skills, some repairs are best left to the professionals.

The information and resources below can hopefully help you determine when you need to hire a professional plumber and when you should do a repair yourself, as well as what tools and equipment you will need to make your DIY endeavors successful.

Benefits of Calling a Professional

There are plenty of advantages to hiring the services of a professional plumber.

You don’t have to worry about making mistakes that could cost you more money.
A professional will have all the skills , knowledge, and tools to do the job well.
They will also be able to spot secondary problems and provide advice on how you can prevent potential problems in the future.
Most professionals are licensed , insured, and bonded, and they will stand by their work.
Ensure you’re working with a trusted expert by using websites like Angi.com to read reviews and check ratings of Pittsburgh-based plumbers.

DIY Projects to Consider

While problems like busted pipes, septic tank malfunction, and issues that lie behind the walls in your home should be addressed by a pro, there are certain minor repairs that can be done DIY.

Installing or replacing your bathroom sink is a great DIY project to try.
Dripping faucets and slow-draining sinks and bathtubs/showers can also be DIYed.
If you have a minor issue with your toilet (i.e., it gets clogged often or is always running), that’s something you should be able to address as well.
Additionally, replacing a stuck or leaky shutoff valve is quite a simple project.

Essential Tools, Supplies, and Equipment

Of course, you will need to invest in tools and other materials if you want to DIY plumbing work.

A pair of tongue-and-groove pliers (commonly referred to as “Channellocks”) is one of the most important tools to keep on hand for plumbing.
A basin wrench is a T-shaped tool that’s necessary for changing out and tightening faucets, among other things.
Plumbers use pipe wrenches to handle heavy-duty pipe fittings and nuts.
If you ever get into a situation where you need to cut through a pipe, bolt, screw, or nut, a hacksaw is what you’ll need for the job.
And who can forget duct tape ? Along with being useful for various plumbing issues, duct tape can come in handy for countless other household tasks.

When it comes to your home’s plumbing, you want to make the right decisions each time a problem arises. So, consider the benefits of hiring a professional, and look into the repairs that are relatively easy to perform on your own. Finally, make sure you invest in any tools and equipment you may need to do a job well.

Investing In Real Estate Starts With Research

Mon, 12 Apr 2021 17:34:23 GMT

Investing in Real Estate Starts With Research

While no investment is ever a sure thing, one thing is certain and that is that people will always need a place to live. For this reason, many everyday people — and celebrities — funnel their money into real estate. If you’re planning to follow suit, you’ll be in good company, but you don’t want to go into the process blindly. This is one instance where research and diligence is a must.

Pros and Cons

As with all types of investments, there are pros and cons with putting money into real estate. National real estate agency Redfin explains that the downside includes financing costs, marketing expenses, and ongoing property maintenance. However, choose the right property, and you’ll enjoy a passive income from a business model that tends to hold his own in most markets.

Getting Started

One of the biggest benefits of buying real estate is that there are few barriers to entry. If you have the financial backing and credit score to qualify for a loan, there’s nothing stopping you from purchasing a property. Although you will have to compete with other, more experienced investors, Dan Costantino recommends educating yourself. You can do this by joining your local Real Estate Investment Association, listening to real estate podcasts, and reading forums on the topic before you jump headfirst.

The Market

Once you feel like you have the knowledge to move forward, your next step is not choosing a house. Instead, you’ll want to take a look at the various markets in your area. You can start by establishing what you can afford and then looking at ZIP Codes that might support a real estate investment at that price point. Crime rates , school district scores, access to public transportation, and overall cost of living are all important factors when choosing a location for your first flip or rental.

Business Sense

Owning real estate for the explicit purpose of earning a profit makes you a business owner. With this in mind, you also want to explore creating a business structure to help protect your personal assets. For most investors, this is to create a limited liability company (LLC). Though it sounds like a complex process, forming an LLC isn’t that hard and, if you don’t mind using a formation service and doing research on your own, it’s not expensive either. You will also want to open a separate bank account for your real estate business and take steps not to commingle your personal cash with your business funds.

Which to Choose?

As ManageCase points out, there are many different types of properties an investor might purchase. These range from single-family homes to multifamily condominium complexes. There are positives and negatives to each.

For example, you may be able to purchase two or three small condominiums in the same unit for the same price as you pay for a large single-family home. There’ll be more maintenance with the three properties, but you run less of a risk of having a full vacancy. A single-family property will rent for more money, and you may be able to find a more stable tenant for something on the higher end of the price range. There is no one-size-fits-all answer for every investor, so this is another area where research and diligence will pay off in the long term.

When you’re ready to take control of your own wealth, real estate is a great place to begin. But it is not without its pitfalls, and your crucial first step is research. From learning about the different types of real estate to understanding factors that influence the market, the above tips can put you on a path toward making a smart decision that will enhance your family’s income. And when you’re ready to take the leap, consult with Dan today.

Author

Natalie Jones

natalie_jones@homeownerbliss.info

Make Money with Real Estate

Wed, 10 Feb 2021 14:46:15 GMT

It's one of the questions I get asked the most. How do I get started?

It's typically from people that want to design and renovate a property. They have $50,000 or $100,000 and they want to do a flip or buy a rental.

The problem lies in the fact that most of them have no training or experience, which can lead to disaster.

Contractors steal down payments
They don't pull permits
They don't have the proper contracts and/or paperwork
Not properly insured
They let in a nightmare tenant
They gut the house and then sit on it for months or years because they aren't sure how to proceed

I could go on and on. Flipping and owning rentals is powerful knowledge to have and it's a great way to invest. But you have to know what you're doing!

So, how DO you get started? Here are some simple steps that I'd suggest to start educating yourself before risking tens or even hundreds of thousands of dollars.

Join your local REIA (Real Estate Investment Association) and start networking
Join Biggerpockets.com and start reading forums and posting questions
Listen to real estate podcasts

Once you get some base knowledge, I suggest you start your investing in 1 of 2 ways:

Lend money to an experienced investor with a great and proven track record (PLEASE do your due diligence). Why? Because you get to analyze a deal and observe from start to finish. It's the most passive thing you can do in real estate.

Partner on a flip or buy/hold with an experienced investor. Why? Because you get to leverage their expertise and network. You'll get to observe so you can do the next deal on your own.

If you're still unsure of how to get started, contact me to discuss real estate! I used to work a full time career and invest. I'm full time now and have a flipping business, a rental portfolio soon to eclipse 100 units, a hard money lending business, a construction company and a property management company.

I used to be right where you are now! I'm happy to discuss. Just fill out the Contact Me form and we will set up a call.

Real Estate Investing

Fri, 11 Dec 2020 14:34:12 GMT

One of the popular ways to invest is buying real estate. Like Mark Twain said, “Buy land. They’re not making it anymore.” because property is valuable – when you do it right.

There are many studies that compliment this fact – and Americans love buying investing in property because it is a great long-term investment. But before you dive in, you should have a complete understanding of what you are getting into.

Can you make real money in real estate? Of course you can.

There are different types of real estate investing and it comes in different sizes. With my coaching hat on, I can help you understand how you can make the best decision that is relevant and profitable for your situation. Because everyone is in a different situation.

In the red corner, we've got home ownership – it doesn’t really have an opponent because home ownership is ideal and everyone wants to own property. And this is the first step in real estate investment – the mindset to own. There are no downsides to it, except for taxes and insurance. The good news is that you do not have to worry about losing your property, whether the property is up or down. This also frees your budget for other types of real estate investment like owning rental properties – another great way of increasing your assets and your cash flows.

Sure, paying off your house will not increase your cash flow but it is still one of the best long term investments that you can make

Flipping Houses

Fri, 11 Dec 2020 14:34:12 GMT

Flipping houses is another awesome investment that has great profit potential. You purchase a house,

you improve it, you update it and then, you sell it. When done correctly, you will make a good amount

of profit in a short amount of time.

House flipping is popular because the process is quick, you spend money and get it back – with a nice

profit. The process is quicker than renting out properties. However, just like any investment, there are

risks. That is why a professional real estate consultant is your best bet. A professional and reliable real

estate consultant will help you buy low and can help you flip the house with a decent profit.

Do you love hands on work? Then house flipping is for you. I am saying this because house flipping

is not as glamorous as shown on tv. You need a budget and time – not to mention plenty of work

when making renovations.

Throughout 2019, almost 250,000 houses were flipped, reaching about 6% of all home sales – a high

percentage.

There are two ways to flip a house.

• You buy a house that has the potential to increase in value and with the right repairs, you can

make money by selling it at a higher price.

• You buy a property in an area where home values are rising, you do not make any cosmetic

changes, rather, you hold the property and resell it at a higher price, making a nice

profit in the process

Buying Multi Units

Fri, 11 Dec 2020 14:34:12 GMT

Buying Multi units or house hacking is an all around investment, you live in one unit and rent out the

other. This is a great way to increase you cash flows and this can make your housing payment much

lower and at times – free. You build equity and the you acquire the knowledge that will carry over to

more profits in the future.

Buying a multi family property will give you the benefit of home ownership and the benefits of being

a landlord. But the most important part is, that you get to build equity with little money out of your

own pocket. The most apparent benefit is that your housing payment will be lowered or even erased

completely. For example, you can buy a triplex with a mortgage payment of $2000 and collect a

$1000 in monthly rent from the two units – this lowers your monthly mortgage by 50% or a $1000.

However, you can get the advantage of primary residence financing because it is cheaper to finance a

primary home. This means that you will pay a lower interest rate and lower fees for an investment

property loan. This is a good strategy that will add to your real estate knowledge base, you learn the

ins and out of investing and this particular investment is more forgiving.

However, living in the multi has its advantages and disadvantages, so before you move forward, make

sure that you get advice from the right professional real estate agent.