by Barker Realty, Inc. | Dec 6, 2022 | Property Selection, Raleigh Investment Property, Taxes & Financing, Tips for Property Investors
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 a 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. Barker Realty’s experienced sales brokers can help you explore the best financing option for you.
by Barker Realty, Inc. | May 6, 2019 | Landscaping & Grounds, Pest Control, Raleigh Property Management, Tips for Landlords
Most states legally require property owners to maintain a pest-free rental, but it’s also good business sense. No one will want to rent from you if word spreads that there are pests, and owners who won’t do anything about it! Then there’s the fact that pests like termites and carpenter bees will actively damage your property, forcing you to make expensive repairs. Here are some ways to keep your rentals as pest-free as possible.
Educate your tenants about pests
When it comes to educating tenants on pests, most rental complexes follow the standard procedure of handing the tenant a sheet of paper and hoping that they read it. You can do much better by having a face-to-face conversation with each new tenant about cleanliness and sanitation. Stress the fact that, this being the South, there are roaches and other pests, and they will enter any place that seems like a comfortable habitat. Encourage tenants to always seal food in plastic containers; always keep a clean sink; seal garbage can lids; and take out the trash regularly.
Inspect and maintain the property
Even if you have a property management company, it’s a good idea to visit the property yourself once every few months to inspect it personally. Check to see that the walls, floors, and foundations are sealed; that garbage isn’t lingering on porches; and that common areas are litter- and trash-free. Encourage residents to report any tiny cracks and openings they may find in their rental units, and look for them yourself during tenant turnovers.
Make sure garbage bins stay closed
Pests, especially rodents, are attracted to food and garbage that’s left out in the open. You can deter them by encouraging residents to keep garbage can lids closed at all times. It might also be a good idea to place a surveillance camera over the garbage area, just to give residents some extra encouragement to follow the rules.
Spray insecticides regularly
Since we are in the South, it’s a good idea to have an exterminator spray the perimeter of your rental property each month. The cost for exterminating typically ranges from $40 to $60, but it’s a small price to pay compared to the high cost (and danger) of a total fumigation. Preventative maintenance is always cheaper than a repair, even when it comes to bugs!
Work with a Raleigh property management company
Want to keep your investment property pest free, without worrying about it? A property management company can look after the grounds and common areas; encourage residents to pick up after themselves; hire and manage maintenance crews and exterminators; and all the other nitty-gritty parts of managing a property. If you’d like to learn more about our Raleigh property management services, contact us here!
by Barker Realty, Inc. | Jan 19, 2019 | Property Management Blog, Raleigh Property Management, Tenant Management, Tips for Landlords
Even if your rental property doesn’t allow pets, service animals are not considered pets, and therefore do not fall under any lease’s jurisdictions. But since service animals aren’t legally required to wear identification vests, upholding and enforcing accommodation laws can be a bit tricky. Here’s what you need to know when it comes to having service and companion animals on your property.
What is a disability? What is a service dog?
The Americans with Disabilities Act (ADA) classifies a “disability” as a condition in which a physical or mental impairment affects the quality of an individual’s life. According to the ADA, a service animal is a dog (not any other animal) that is trained to perform tasks for a disabled person. 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. People with disabilities have the right to train their animal themselves and are not required to use a professional service dog training program.
Service dog or emotional support animal?
The key to identifying a service animal is noting whether or not it takes any specific actions to help its handler. If a dog has been trained to sense an anxiety attack and takes a specific action to help its handler avoid or lessen its impact, that would qualify it as a service animal. However, if the dog provides comfort due to its mere presence, it is considered a therapy or emotional support animal and is not protected by the ADA.
Rules and regulations for service dogs
Again, a service dog is not required to wear an identifying vest. However, it is required to have a harness or leash. If the handler is physically unable to hold a tether, or if a tether would interfere with the animal’s tasks, the animal must be under the handler’s control through voice commands or hand signals.
More landlord questions? Call Barker Realty
When complying with state and federal regulations regarding service animals, landlords have the right to ask questions and enforce their “no pet” policies. Hopefully, these tips will help you be fully ADA compliant. If you have other property management questions, contact Barker Realty or our sister company, Barker Property Maintenance.
