Real Estate Investing is a tricky business. The most common concern I hear from people is how to start. While you can get a ton of advice to answer that question, I’ve found the best system is just keep it practical. The first thing you will need is a reliable realtor. If your an investor your time is spent managing your money, not finding properties. Realtors (should be) experts on the local market, and also have access to pre MLS listings. This makes them a very valuable resource when finding properties to purchase. If you don’t currently work with an Investment Realtor, give me a call. I am a realtor and the partial reason is more exposure to investment properties!
Amount the first things you need is determination. When you decide to start investing, then do it! Oftentimes in life we stumble across a great idea and then struggle to follow through. Real Estate Investing is an amazing investment growth market so follow through! I’ve personally found that being accountable to multiple people is very motivational. If you have your Realtor looking for the right property, and your accountant’s blessing on the funds, it keeps you moving towards the path of investing.
Once you have found an investment Realtor, your accountant gives you the thumbs up, and you’re determined to move forward, you need to find a bank. The bank you choose will work in tandem with your realtor to provide expert advice on the properties your hoping to invest in. The bank can also alert you to potential mortgage rate changes and help find the best way to submit for a loan. The more help the merrier!
Today’s last tip is really simple: look for better return rates! Often overlooked this should be a no-brainer. Most Realtors and investors will tell you to aim for a 1% return. It is possible to get much higher returns in our current market you just need to look for the right deal! With enough people in your pocket it will be easy to find a higher return rate on a local home.
These few tips will really help you begin the journey. In the coming weeks I will add to this column the more intricate aspects of Real Estate Investing. No matter where you start keep excited! Real Estate Investing is fun and can be extremely profitable if you do it right!
Property management is not well known to be the most “savory” of industries. Oftentimes tenants and managers get in heated debates about the state of the apartment before or after rental. All Property managers are not created equal! The property manager you choose could make or break your home rental experience! Most of the general problems associated with property management can be avoided by using a highly reputed manager! Here are a few helpful tips to avoid any property management issues!
- Read the fine print. Property management contracts are not big long legalese filled documents! When you sign the lease ensure you know your requirements as a tenant. If you have any questions about your lease document you can feel free to give me a call (208) 640-1365.
- Take the move-in photos! There is no way to confirm the original property’s status without photos! As a tenant you want to make sure you don’t get billed for damage so we need those photos to get you off the hook!
- Don’t even consider an unlicensed property manager. If they don’t have a license and there is a problem the state won’t protect you. When your signing a lease, make sure they are licensed!
- Ask around. Property management is one of those industries where its not hard to hear stories! Check with your friends before hiring someone without the proper reputation.
- Make sure you “groove.” Getting along with your property management company affirms your long term relationship stays healthy. While a bit more subjective, if you get along and like their personality, it makes for less long term problems!
Property managers do get a bad rap but speaking for ourselves we are most interested in getting you into the proper home! When you are looking for a place to live come see us! We’ll show you first hand “how-to” enjoy living in Coeur d’Alene!
Avoiding bad vacation rentals is something we get asked about a LOT! As one of the most reputed rental companies in Coeur d’Alene we understand everyone’s concern! Most of us only get one vacation each year and we don’t want to have it ruined by our bad choice of rental! We’ve compiled a few tips we think will help keep you out of trouble!
- Rent from a Reputable source. It is impossible to get taken advantage of by someone with
reputation. We have tons of online reviews that we have earned, and its very difficult to fake! If your looking at a rental on Vrbo or airbnb their will be accompanying reviews to tell you about that property! Avoid “one hit wonders” with no online reputation and you can’t get into trouble!
- Look for guarantees. Most online booking sites require the bookers to offer certain requirements for the rental! These are standard on listings and are required to put your rentals on their sites. Ensure that the “Bill of rights” to a good stay are listed on the property! If they are missing or the booker refuses to honor the bill of rights, rent from someone else!
- Do not pay by wire! This tip is a bit of a duh, but it still happens! If the booker does not accept all major forms of payment then DO NOT USE THEM! Anyone of repute will take checks and all protected forms of payment!
Following these simple tips will help you avoid your own bad vacation rentals and keep you out of trouble. Focus on your vacation! You only get to do it once a year and it should be fun! As one of the leading Vacation Renters in Coeur d’Alene I can assure you we want you to love your stay! Relax, and enjoy your time. You have earned it!
Recently rediscovered, Spirit Lake is an amazing vacation spot if you hate the crowds! Everyone knows that staying in Hayden or Coeur d’Alene you have access to a great lake! People are even starting to find Priest Lake as well (gorgeous area you have to check it out sometime). The real North Idaho secret lake is Spirit! With over 11 miles of coastline there are tons of places to be alone right against the water. Once it stops freezing outside the lake tends to stay warmer then most others because of it’s depth. Being one of Idaho’s highest elevation lakes has its perks: The Selkirk mountains surround the lake on all sides and combine hiking and water into the same trip! There isn’t much to do in town so you will want to stay closer to Coeur d’Alene or Hayden, but they do have one amazing even each year! On Fathers Day, Spirit lake hosts Spirit Lake Redneck Racing! A ton of locals supe up ride-on lawn mowers and then race through town at breakneck speeds!. If you haven’t been to a lawn mower race your in for a shock: Some of these machines can get to speeds over 40 miles an hour and a wreck is a serious deal! While a hard event to plan around you will NOT be disappointed if you can make it!
Spirit Lake is a perfect weekend getaway for avoiding the “cities” and enjoying the outdoors. There are not enough places left in the world to get such an unpolluted breath of fresh air! If you need a rental while your here call me! Where you stay is as important as WHY you stay! CDA Real Estate Investment is the local leader in great vacation rentals and I will love to get you into a great place!