Posts Tagged ‘business and finance’

Property Management Help: Finding A Property Management Company

April 2nd, 2018 Comments off

Should you need to hire a professional property management company then the profitability of your property boils down to whether you hire a good or bad company.

If you pick a good property management company, your rental home will make you a good amount of money. If you pick a bad company, you could lose thousands of dollars a year on your rental home.

One of the biggest mistakes owners make is that they just pick a property management company out of the phone book without first doing research on the company.

Watch out for those big “we do it all” real estate firms that span across the country. They only offer property management services because they want to be the first company you think of when you go to sell your home. That’s where they make the money, is on the selling of your home and not the property management side. As a result many of these nationwide companies lose money on their property management divisions because they are run so poorly. It is hardly ever a good idea to go with a property management firm that also sells homes. There has been many accusations that these companies will purposely let your home sit vacant while they hit you with sales pitches about how it is better to just outright sell your home. You want to find a company that specializes exclusively in property management. If possible, you want a company that operates exclusively in your area so much so that they have become experts and specialize only in your local markets.

Check references, particularly the management companys other clients. Make a few phone calls to check references. Do not sign any agreement with the property management company until you know they have a good track record. Now here’s where owners blow it. They contact a property management company on their high up pedastool and they demand to see a list of all the property management’s clients so they can call them for a reference. Don’t do that. Humble yourself. Your home will only make about $50 a month for the property management company. If you are a pain, they will simply tell you to take your business elsewhere. The property management company will not release a list of “all” their clients. Not to you. Not to anyone. That is confidential and internal information. Think about it. Anyone could get a list of clients and then contact those clients and offer a slightly lower management fee and take all their business away. You would be hard pressed to find any business that would be willing to give you a list of “all” their clients. Just chill out. Ask for three references that you can call. Call the references and ask if they work for the property management company or know someone who does. Ask the references how long they have had their properties managed by this company, and just go from there.

Go online and check the company out. Do they have all the necessary licenses to do business in your area? Are they in good standing with the DRE? Most states require a property manager to also have a real estate license if they are dealing with single family homes.

Check the company’s insurance. If they are not insured, stay away from them. The company should have general liability insurance, professional liability insurance, and workers’ compensation. Remember, the management company will be collecting deposits and rent so they should have a bond on their employees to protect you in case of employee fraud.

Another big mistake owners make is that they do not ask the right questions when hiring a property management company.

Ask the management company the following questions when you are interviewing them:

1 – Can you show me a list of what management services you provide?

2 – Do you sell homes?

3 – Can you provide a list of exactly when I will receive income checks and reports?

4 – How do you market properties?

5 – How quickly do you, and what is your procedure for, handling maintenance requests from renters?

6 – What is the name of the person who will be managing my property? What are their qualifications? Are they legally licensed? How many properties does this person currently manage?

7 – Can I have three references? Specifically, can I have the contact information for three clients of yours with rental properties that are managed by the same person who will be managing my property and that is similar in type, size, and location to mine?

8 – If maintenance is provided in-house or by an affiliated firm, do you only charge the actual cost of labor and materials without any surcharges, markups, administrative fees, or other such add-ons? Can I opt out of your in-house maintenance division and have repairs done by external companies only?

9 – Do you get volume discounts with your vendors and do you pass on that savings to clients without any markups?

10 – How do you handle late charges? Who gets to keep the late charges? If you keep the late charges, will you come down on my monthly management fee? If I get to keep the late charges, are you charging me a higher monthly management fee?

11 – Do you have insurance on employee errors and theft? Specifically do you have an Errors and Omissions policy that covers at least $500,000? On your general liability policy does it cover at least $2,000,000?

12 – Do you have at least a $500,000 bond and a forgery and alterations insurance policy of $25,000 or more for all your employees?

13 – Do you meet all DRE standards for what is considered acceptable and not acceptable regarding the co-mingling of owners’ funds? How do you keep my rental income separate from John Doe’s rental income? If money is not in my account to pay for a repair, do you contact me and ask that I send you the money or is the money taken from another owner to pay for my repairs until I can pay you. (The answer you want to hear is that the repair is not made until the money is in your account to pay for the repair).

Written by Steve Guy. This article will help you should you choose to hire a professional property management company to manage your rental home. If you are a property owner in California’s Central Valley and want to hire a licensed and professional property management firm, go to Madera property management

Bad Credit Checking Account

March 24th, 2017 Comments off

When it rains it pours, right? When an area of our finances suffers, it affects all areas. Credit card debt leads to trouble with our home, autos, and even our checking account.

Often when you are in financial trouble, your checking account suffers. Without enough money to cover expenses, overdraft fees and bounced checks pile up leaving us unable to pay fees and get in to positive territory.

Most of us understand that when we dont pay our bills on time, it may be reported to one or all of the three major reporting agencies but do banks do the same thing? 80% of banks report to ChexSystems. Much like credit reporting agencies, if you have a negative report on file with ChexSystems, it is much more difficult to be approved for an account.

You have the right to view your report free of charge. If you are turned down based on that. You can go to and request a copy it.

What about this bad credit checking account that you may have read about or seen advertised? Many experts advise avoiding companies offering these types of accounts because of the high fees associated with them.

Are there other ways to still be approved?

Yes there are. First, go to the bank of your choice and make an appointment with the branch manager or new accounts manager. Inform them that youve had some credit problems in the past and ask them for options.

For those who had some short term problems but have began to rebuild, often banks will be more receptive to your request if you offer to open a $1,000 Certificate of Deposit for a year in exchange for a checking account at their institution.

If, within that year, you show a spotless record, your problems may be solved. Don’t forget about unions. You most likely live in a city where you are able to become a member of a credit union.

They will often give you a chance to prove yourself especially if you take a class that helps you practice better financial habits. Keep in mind that there will probably be a small fee associated with this class.

If neither of these options work, then a prepaid card can do the trick. Many give free direct deposit and free bill pay. Eliminating those costly money orders and check cashing charges of $1.00 – $3.00.

About the Author:

Essentials In A Good Credit Protection Firm

July 29th, 2014 Comments off

Folks leave small parts and portions of details about themselves wherever they head out. This may well appear as harmless as flies. But generally there are blood sucking flies around which prey and take advantage of these tiny bits and pieces. This is actually the reason precisely why individuals are beginning to recognize the significance of this and have started to value the need for credit protection services to make certain the protection of their own identity, privacy, security, and finances.

Simply because of this trend, a range of businesses have branched out protection services and many others have sprung out just like crops ready for harvesting. Credit protection grows because there’s a demand for it. This also means that the amount of service increases at the same time. There are lots of protection services out there that virtually any consumer can sign up to. And along with all of the selections, it seems difficult to pick which one is perfect for you. Well, here are a handful of suggestions to discover a fantastic credit protection service for you.

The first thing that you have to search for in a credit protection agency is that they would definitely be able to effectively grant you a twenty four hour credit monitoring service for you. Ask yourself, ask testimonials, and ask the companies how massive the range these people can cover for you. It is smart to examine credit firms that the credit protection service is associated with, and make sure that these kinds of firms are all legit with all the necessary requirements. In order to make yourself extra sure, check if that company is associated to a great number of credit firms. The more legitimate and dependable credit organizations affiliated with the protection company are, the more legitimate it’s and you’re undoubtedly well protected.

Once you sign up to a credit protection agency, the agency will certainly have to supply them certain contact particulars and then contact credit firms along with other businesses that you are part of their protection. This particular number is going to be utilized to contact you in case you make a particular financial transaction that you need to authenticate. In case that a deal made in your identify arises that you have no knowledge of then an excellent credit protection service will certainly react right away. They will tell you that someone has utilized your identity and credit info and these people will instantly terminate whatever deal that person made. They will certainly also ensure that the person is traced and caught and tighten up your own security. Great credit protection companies will certainly do this.

However a credit protection organization needs a tiny bit of your aid as well. The single thing you need to do would be to be consistently available whenever they contact you simply because identity and credit theft can happen any time of the day.

With these signs, you will certainly be capable to pick a great credit protection service for you. If you do make a selection, it would be ideal to know a lot more regarding them as well as other options as well. Subscribing to these agencies will unquestionably make your life easier and save you a great deal of headache in the future.

Credit and identity theft has gone rampant these days and you never know who’s going to be the next victim. To prepare yourself from this unscrupulous crime, you should try credit protection to keep your peace of mind. Or you may want to try trusted id protection.

Trusted ID: A Leader In Identification Security

October 9th, 2013 Comments off

Trusted ID has been leading in the identity theft protection industry since its inception way back in 2005. It is highly acknowledged in their field becoming just one of the two companies recognized by the Identity Theft Resource Center, an association devoted to defense against identity theft. Its team has highly experienced and knowledgeable persons in the identity and credit security industry.

At present, it offers two excellent products, the IDFreeze and Data Breach Response Service. IDfreeze provides security against identity theft or suitable assistance if such theft has already taken place. The next product which is Data Breach Response Service is more inclined towards businesses, helping them in keeping essential information or salvaging them if in case they are taken.

Fraud Alert Reminder. Trusted ID features a fraud alert reminder which enables you to place your credit report on alert if you are open to fraud so that you may be reached whenever a credit wants to be issued in your name. This makes it tricky for others to acquire credit by using your name and without your approval.

Second, it has what is referred to as an identity threat score which estimates your weakness to fraud and identity theft. It uses advanced technology to find out if you most probably will be or have in actuality become a prey for fraud or identity theft.

Protection Against Unwanted Offers. It is also very efficient in shielding against spam: a feature which is very much helpful. A lot of times, credit card companies can browse through your credit reports and then this would allow them to send you offer or promos as regards their company services. This service can eradicate of this problem by removing your private information from the list of the solicitors while simultaneously preventing other parties from obtaining access to your confidential information.

Perhaps what would make you feel very confident is that it provides a warranty worth up to one million dollars if in case you have been subjected to identity theft during the course of the service. This is sufficient enough to cover expenses to help you bounce back and start all over again. Salaries which have been lost may also be recovered up to the extent of five thousand dollars or four weeks worth of wages.

It also offers a family plan which can secure every member of your family for a very affordable rate. This is best for big families as it is much cost saving especially when there are many family members who require identity and credit security.

It also provides a service known as Credit Lock which enables you to put your credit on hold so that nobody can make use of it. This is of great use especially when other persons have already obtained your very important credit information. The only way you can reopen it is to contact the company itself. It also has outstanding customer service available any time of the day. It has very competent and committed staff which is always ready to provide professional assistance to customers.

Get it now! You can avail of its services for a special discount as well as a variety of payment methods to choose from that may be suitable to your finances. Trusted ID is the best company which can give you the security that you need. Over nine million people every year will be subjected to identity theft do not become a statistic and defend yourself now!

Trusted ID has gone rampant these days and you never know who’s going to be the next victim. To prepare yourself from this unscrupulous crime, you should try identity theft insurance to keep your peace of mind. Or you may want to try lifelock.

Pre Paid Legal Insurance: Low Cost Counsel For The Real Estate Investor

September 13th, 2013 Comments off

America is a litigious society and pre paid legal insurance is one of the best ways to give yourself at least some protection. You may only be partially protected, but something is better than nothing. Hint: take what you can get and run with it.

It is also an affordable way for a real estate investor to get some of the legal services that he needs to do business. Typically, there is some help in dealing with tax problems, basic legal consultation, and review of documents and legal contracts.

The Problem: Too Many Lawyers

As Dan Quail once noted, America harbors 70% of the world’s attorneys, with 40,000 new ones freshly minted every year. An attorney without a lawsuit is like a fish out of water. Without lawsuits attorneys cannot survive and prosper.

According to “Legal Reform Now!” there are 15 million lawsuits filed in state courts every year. That translates to 30 new lawsuits filed every minute. Statistically, you have a 1 in 4 chance of being hit with a lawsuit before you die.

No longer is it just death and taxes that we can count on with certainty. The list now includes death, taxes, and – lawsuits. At least for Americans.

Are we really that bad compared to the rest of the world? Well, consider this. America has one engineer for every 109 engineers found in Japan, for example. On the other hand, Japan has one attorney for every 112 attorneys in the United States. Lucky us. And most of those attorneys are occupied with ganging up on the engineer, or at least the industry for which the engineer works. Is it any wonder we’ve lost our lead in productivity. But not to worry – after all we’re the “knowledge” experts, blessing the rest of the world with our know-it-all attitude.

You think this doesn’t effect you? As a matter of fact, every American pays an approximate $800 to $900 “lawsuit tax” every year, as reported by the Foundation For Fair Civil Justice. How so? All those businesses that the attorneys are attacking – you think they pay the bill? They simply pass it on to the consumer in higher prices – a whopping $261 billion dollars and that was back in 2005.

To put it in context, that’s over two percent of the United States’ Gross Domestic Product for a year. And again, manufacturing bears the lion’s share of the burden at 4.5 percent.

Everybody knows about the kinds of frivolous lawsuits that are being filed. Here are a few examples from

* Atlanta Braves outfielder Andrew Jones was hit with a lawsuit for tossing a baseball into the stands (2002)

* Little League coaches were sued for $25,000 when a boy lost a fly ball in the sun and was struck in the eye

* A woman named Stella Liebeck burned herself with coffee at a McDonalds and was awarded almost $3 million in damages in 1992.

The Solution: Pre Paid Legal Insurance

The company called Pre Paid Legal Services is not the only provider of pre paid legal insurance in America, although they may be the market leader. So it will pay to do your homework and compare price and benefits before settling on the best company for you.

The basic package for a family will include phone consultation on any legal matter, document review and even review of legal entities such as an LLC. I purchased NOLO’s “LLC Maker” program to produce the basic documents and then let my pre paid legal insurance review it for free. Total cost was $35 for the program versus the typical $500 attorney’s charge to set up an LLC. I have used the NOLO program twice so you can double the savings.

You can buy a lot of peace of mind and otherwise costly legal services for only about $20 a month. It doesn’t pay for everything if you get tangled up in a lawsuit, but it does cover some and pays for a lot of the basic legal needs of a real estate investor.

Oliver Woods is a real estate advisor offering some of the most discounted deals available for residential and commercial investors today at Or he can help you find the strongest return possible when selling your home by enrolling in his nationwide home marketplace for sellers