Termites are unfortunately a problem many homeowners and investment property owners face. If you are looking at investment properties for sale, or suspect your property has a termite problem, here are some ways to identify termites and the damage they cause.
Termite or Flying Ant?
Both ants and termites can have wings, but on termites, both pairs of wings are the same size. In flying ants, the front wings are much longer than the back wings. Another difference to look for is the “waist” of the insect. Termites will have no apparent “waist” or midsection between thorax and abdomen, while ants do. Finally, look at the insect’s antennae. Termite antennae are straight, while ant antennae are bent.
Drywood Termites
There are two different types of termites that can cause serious damage to a home: Drywood termites, and subterranean termites. Drywood termites usually cause less damage, as they work more slowly and have smaller colonies. They can be identified by the small, firm pellets of waste they leave behind, as well as their red bodies and black wings. Drywood termite damage will usually be found near the roof or wherever there are exposed beams.
Subterranean Termites
Subterranean termites are more problematic, as they live in large underground colonies composed of elaborate tunnels. They usually work from the ground level up, often entering a home through a crawlspace or sub-structure. Subterranean termite damage usually appears in a honeycomb-like pattern, with tunnels woven throughout the soft inside wood. Wood damaged by this type of termite will break easily, revealing hollowed-out insides that are filled with mud or soil.
How to Get Rid of Termites
If you suspect that your property has termites, and you are working with a property management company, all you have to do is report it and they will take care of hiring exterminator to kill the insects, and a contractor to replace the damaged areas. To prevent future bug problems (including roaches, ants, and so on), your property management company can also arrange for regular pest control sprayings and inspections.
Take Care of Your Investment with a Raleigh Property Management Company
Barker Realty, Inc. is a leading full-service real estate management, investment and development company in Raleigh and the surrounding areas. If you’re looking for a qualified, experienced Raleigh property management company, our agents are ready to help. Click here to check out our listings, and contact us here to set up an appointment!
The Raleigh economy is booming! Thousands of people are moving to the city to enjoy the abundant job opportunities, excellent school systems, and unique attractions. The influx of people has made Raleigh real estate more in-demand than ever–meaning real estate investors can rehab homes quickly and sell them for a big profit. Properties can also be rented out, bringing in a monthly income while they appreciate. If you’re ready to get in on the action, here are some real estate tips that can help you find a Raleigh investment property.
Finding your Raleigh investment property
When the price of Raleigh real estate bottomed out in 2012, it was easy to find homes. Now, in 2019, it’s much more challenging. Three ways real estate investors can get a reduced price on homes to include:
Buying homes in need of repairs
Paying in cash
Buying homes that aren’t listed
Another solid way to find investment homes is working with a real estate investment company. A property management firm like Barker Realty can help you find the best deals and options in the area.
If you can, pay with cash
It’s true that few people can afford to make a full cash offer on an investment property. However, if you can you should. Whether you are purchasing property to rent out or purchasing to renovate and flip, you are unlikely to see a great return in the first two years of your investment, and the monthly financial impact of the loan payments can be significant.
Qualifying for financing may also be difficult for some people. You will need to have good credit and will have to provide several years of tax returns and other financial evidence to demonstrate that you can afford the home. If you are purchasing the home to flip or rent, you’ll need at least 20% as a down payment, and you will need to provide your lender with a much deeper look into your personal financial history. In order to avoid borrowing too much, investigate all your options with your realtor and a financial advisor.
Finding quality tenants
If you are purchasing a property with the intention of renting it out, consider whether you will have the time or the energy to find, vet, and manage your tenants. Many landlords find that finding respectful, quiet, financially responsible tenants is quite challenging and time-consuming. In some cases, using a property management company is the best solution, so you can continue to run other businesses or look for new investment opportunities. A property management company can manage the property’s daily tasks and maintenance for a small monthly feed.
Hire a Raleigh real estate investment company
Ready to find your dream property? Just call Barker Realty, and we’ll be happy to start you on the process.
Barker Realty proudly serves the Wake County area, including Raleigh, Cary, Apex, Wake Forest, Fuquay Varina, Clayton, Knightdale, Garner, Holly Springs, Zebulon, and Wendell.
Barker Realty has been in the Triangle real estate market since 1984. Let’s discuss the property management services we offer to Triangle area investors, and what we can do to help you be more successful with your rental property.
Property Management Raleigh: Marketing
We will market your property in several strategic ways. We will list it on the Triangle Multiple Listing Service, market it on various rental websites, our own Barker Realty website, and we’ll post rental signs at your property in attention-grabbing locations. We have a dedicated showing agent who will arrange to show your property to prospective tenants. We also have several trained staff members who will handle any inquiries that come in about your property.
Property Management Raleigh: Leasing
When prospective tenants are seriously interested, we solicit and process all applications. Our screening process is thorough and rigorous. We include a credit check and a criminal background check. We also conduct rental verifications with current and previous landlords. We ask for verification of income and employment as well. Once we find and approve a qualified tenant, we prepare lease documents for your tenant before move in. Also, we ensure your property is move in ready by performing move in inspections to document the condition of your home.
Property Management Raleigh: Tenant Occupancy
During occupancy, we take care of any tenant issues that arise. We will collect rent, identify maintenance issues, respond to repair requests, and be available to you and your tenants to answer any questions or handle any issues. At the end of the lease term, we conduct a move out inspection to compare to the move in inspection and prepare a list of needed repairs between tenants. We then process the security deposit itemization according to the North Carolina Security Deposit Act.
These are just a few of the things your property manager might handle on a daily basis. When you work with us, you can be confident that we’ll be the eyes and ears for your investment. Contact us at Barker Realty if you have any questions or if you’d like to hear more about our property management services in Wake County.
Owning property is a great investment, as it requires little daily effort once you’ve made the initial commitments. If you’re ready to break into the Raleigh real estate market, here are some real estate investment tips that will help you launch your investing career.
Remember That Real Estate Property Appreciates
Unlike some purchases, like cars, your real estate property investment will not necessarily depreciate after your purchase. In fact, some property owners find that the value of their investment far exceeds what they paid. For example, if you buy a single-family home or apartment building for a low price, manage it through a real estate management company, and sell it after it appreciates, you can get an excellent return on your investment with minimal trouble or hassle.
Don’t Be Afraid To Start Small
Perhaps you cannot currently afford to invest in a large apartment building–or you can, but are nervous about making such a big commitment. Not a problem! Even if you purchase a small house and rent out the property to tenants, you are still considered an investor. You can gain experience with your smaller purchase, and then work your way up to a bigger investment over time.
Work with A Professional Real Estate Manager
Rental property doesn’t come with the uncertainty that many investors suffer when putting their money into the stock market–but it does come with some risk. In order to ensure the best success possible, work closely with a real estate management company to understand the cost of maintaining a certain property; taxes and insurance requirements, and all the other details.
Build Up an Investment Budget
While real estate can yield substantial returns in the long run, you should expect a minimal return for the first two years. For that reason, you may want to consider paying for your property in cash, so that you do not accumulate interest or risk foreclosure. You can also, of course, take out a small loan, if you are confident that you can pay the mortgage without monthly rent coming in. When you’re ready to start investing, Barker Realty’s experienced sales brokers can help you explore the best financing option for you.
If you haven’t been keeping count, the millennial generation is—almost—all grown up. The youngest, born in 1996, will be turning 24 this year, and the oldest, born in 1981, will be 34. As this unique generation enters its next stage of life—a stage potentially involving marriage, kids, and higher salaries—researchers are watching closely to see where they’ll head to next. And all the data collected so far shows that, like their parents before them, millennials are ditching huge metropolises for cleaner, greener pastures. In today’s post, we’ll discuss how many are leaving, where they’re going, and what this means for Raleigh investment property owners.
The Numbers So Far
According to data released by the U.S. Census Bureau last year, big cities lost about 27,000 young adults in 2018. A “big city” was defined as a city with more than 500,000 residents—such as New York, San Francisco, Chicago, and Houston—and a “young adult” was defined as a person between the ages of 25 and 39. More alarmingly, 2018 marked the fourth consecutive year with such a noticeable decline. Although a quick Google search turns up plenty of claims that millennials are flocking to big cities, census data suggests the reverse is true.
Where They’re Heading
Luckily for Raleigh property owners, census data also shows where those young people are moving to: mid-sized cities that are still urban, but smaller and more affordable. The most popular millennial destinations included Denver, Austin, Nashville, Portland, and, you guessed it…Raleigh! All of these cities are known for having a vibrant, youthful population; a thriving urban scene; and housing that, while not cheap, is not prohibitively expensive. And with populations that hover around the 500,000 mark, instead of high above it, there’s a lot more room for newcomers to move their elbows, too.
What About the Suburbs?
Census data also showed that millennials are increasingly migrating to suburban areas, as well. But the line between a “suburb” and a mid-sized city was not well defined. Speaking to CNBC, tax policy expert Cathy Koch noted that the two terms are not mutually exclusive. “The ‘suburbs’ may very well be smaller cities close to larger urban areas…these still afford the richness of city living, including employment opportunities, at maybe lower home prices.”
What This Means for Raleigh Property Managers
Even though the world has been thrown into some uncertainty by the coronavirus outbreak, this data shows that Raleigh isn’t down-and-out—not by a long shot. In fact, an argument could be made that in terms of cities, we are among the most well-positioned to survive and thrive in an economic downturn. With a population of about 474,000 people, we are just barely under the “big city” qualifier; we offer all of the advantages of a sparkling urban center, without metropolitan drawbacks such as crowding and congestion. Our nationally-ranked universities and technological hubs like the Research Triangle Park continue to draw educated, professional young adults from all over the country; adults with families, needs, and purchasing power. Finally, although Raleigh has been criticized for being less artistically-focused than some of its neighbors, our STEM specializations would be an advantage in a recession, as medicine and technology will always be human necessities. In conclusion, if you are considering purchasing an investment property sometime soon, Raleigh is an excellent choice.
Barker Realty, Inc. has provided leading real estate management and property services to Raleigh residents since 1984. We help both experienced and first-time property owners select lucrative real estate options, and provide any property management services they might need. To learn more, please click here.
As a property owner, you are probably already aware that service animals must be accommodated in all public property, including rental property. However, since the line between “service animal” and “therapy animal” can be a bit blurred, upholding accommodation laws can be a bit confusing. Here’s everything you need to know about having service animals in your apartment complex, condo unit, or rental home.
Service Animals vs. Emotional Support Animals
The Americans with Disabilities Act (ADA) classifies a service animal as a dog—not any other animal—that is trained to perform tasks for a disabled person (defined as someone with “a physical or mental impairment that substantially limits one or more major life activities.”) Importantly, the dog must be trained to take a specific action to assist its owner; for example, alerting a diabetic that his or her blood sugar levels are too low.
An “emotional support animal”, however, does not take a specific action to assist its owner. So, for instance, if a dog is trained to sense a panic attack, and bring the owner medication or a phone, it is legally defined as a service animal. But if the dog merely helps provide therapeutic comfort through its presence, it is not considered as a service animal under the ADA or Fair Housing Act.
Many animal rights groups encourage pet owners to obtain a doctor’s note stating that they have a medical need for an emotional support animal. However, the ADA is firm on the fact that a doctor’s note does not turn a companion animal into a service animal. While emotional support animals, comfort animals, or therapy animals are often used to relieve loneliness, depression, anxiety, and certain phobias, they are not protected as service animals unless they have been specifically trained to perform a task for a disabled person. Medical conditions such as anxiety and depression, while serious, are usually not considered disabilities.
Service Animals and the Fair Housing Act
Importantly, if a person is disabled, it does not matter if the animal is a service or companion animal. Under the Fair Housing Act, landlords must provide reasonable accommodations to people with disabilities so that they have an equal opportunity to enjoy and use a dwelling. In cases when a person with a disability uses an emotional support animal, a reasonable accommodation may include waiving a no-pet rule or a pet deposit.
Property owners may not ask a housing applicant about the existence, nature, and extent of his or her disability. However, an individual with a disability who requests a reasonable accommodation may be asked to certify, in writing, (1) that the tenant or a member of his or her family is a person with a disability; (2) the need for the animal to assist the person with that specific disability; and (3) that the animal actually assists the person with a disability.
Need Help Managing Your Raleigh Investment Property?
Hopefully, these tips will help you be fully ADA compliant when it comes to the subject of service animals. However, it’s important to remember that laws vary from state to state, and decisions can always be challenged or disputed, so if you have any confusion in this area it’s best to hire legal counsel. If you need help managing your Raleigh investment property or tenants, contact Barker Realty today.
