Archive for July 5th, 2008

Your Rights As a Tenant

Saturday, July 5th, 2008

Your Rights As a Tenant
It is very important before renting a property to be aware of your rights and responsibilities as a tenant. Laws vary from state to state, although they are generally very similar. The following guidelines, specific to California, will help you have a successful renting experience.

Cheap Downtown Los Angeles Apartments
If you live in the Los Angeles area, or are moving to Los Angeles, you would probably like to be as close to downtown as possible. Finding an affordable apartment in the downtown area is difficult, but possible. Listed below are some very nice apartment communities that you should consider.

Some Tips On Saving On Gas Money
Gas prices just keep on rising. I think we are all aware of that horrendous fact. It is truly a big stinker. Not everyone can afford to just trade their old car in for a hybrid. Although if the government could work some sort of free trade, that would be AWESOME. Not only awesome for us…but doubly awesome for the environment. So what can we, as Apartmentite’s do about it to save on gas money to use on cooler things around the apartment? I have a few ideas!

Benefits of Lease Purchase
Tenant/Buyer Features & Benefits If you are in the market to buy a home, you are probably aware of the advantages home ownership provides (tax shelter, appreciation, security, etc). If you are actively seeking homes for sale on a Lease to Purchase agreement, you are either (1) a very smart renter, (2) a very smart real estate investor, (3) not ready to make a commitment, (4) cannot yet purchase a home through conventional means or (5) any combination of the aforementioned. The Lease to Purchase contract provides you with many features and benefits, but perhaps the most powerful one is the rate at which you accumulate equity. Compare any lender s loan amortization schedule to that of a Lease to Purchase contract and you ll quickly see that the Lease to Purchase contract wins hands-down ” every time. Moreover, the buying power of a Lease to Purchase contract can quickly and easily land you a home that you could only dream of buying the conventional way. Here are some features and benefits for the tenant/buyer: * Faster equity growth: Equity accumulates much faster (five times or more!) than with conventional financing through a bank or lender. * Rent money is working towards purchase: Every month a portion of your rental payment (typically $100-$500) may be credited towards your down payment or off of the sales price. * Option money is credited towards purchase: When you sign a Lease to Purchase contract, you will pay the seller an option deposit. This money is your vested interest in the home and will be fully (100%) credited to you when you buy the home. * Minimum cash out of pocket: When you purchase a home the conventional way, you must pay at least 5% down plus closing costs and prepaid fees. When you buy with a Lease to Purchase, you only pay first month s rent and a small option deposit. This will save you between 25% and 85% every time you buy a home. * Frequently no down payment at close: Since you have given the seller an option deposit and you have been receiving monthly rent credits, there will frequently be very little or nothing left to pay for a down payment at closing. * Profits from appreciation: Since the sales price is usually locked in before closing (as specified in your agreement), any increase in property value will mean that your equity (what you owe minus what it s worth) is increasing in the home. * Possible sale for a profit: If you are allowed to sell (assign) your option (it will be in your agreement), you may sell it to a third party for a profit. * Increased buying power: When you buy a Lease to Purchase home, you can put down as little as first month s rent and a $1 option deposit. Compare that to a typical bank or lender who requires 5-30% down plus closing costs and prepaids. * Credit problems okay: Qualification restrictions simply do not exist. You will be approved at the sole discretion of the landlord/seller. * No lengthy escrows or mortgage approvals: Your approval will be based solely at the discretion of the landlord/seller instead of a lender who can take up to a month (or longer) to render a decision. * Control of the home: You will be put in full legal control of the home for a specified period of time without actually having to own it. * No taxes, less liability: Since you do not own the home (yet), you will not have to pay property taxes and your liability exposure will be dramatically reduced. * Quick move in time: You can typically take possession of the home in a week or less, instead of conventional move in times of one to three months, after your offer was accepted. * Maximum leverage: You are spending very little (or zero) money to control a potentially very expensive, and very profitable, piece of real estate. * Time: Before you actually buy the home, you will have 3-24 months (depending on your agreement) to repair your credit, find the best interest rates, investigate the home and research the neighborhood and/or schools. * Minimal maintenance: Large maintenance problems or any maintenance problems that exceed a certain amount of money can be delegated to the landlord/seller , if pre agreed. * Privacy: Your name will not be on the title or in the public records until you exercise your option to buy or choose to register it on title. * Peace of mind: You will have full control of the home and can maintain or improve it however you wish.

Lloyd Merrifield has an eclectic background of international business relationships and accomplishments. Based on his innate ability to connect the right individuals to the most appropriately suited project, he is able to realize the highest potential for return on investment for all involved. Lloyd s project successes span North America inclusive of: merchant banking, real estate acquisitions and most recently, an internet education marketing model for small to large sized companies to utilize to elevate their communications strategies for products and services.

How to Successfully Evict a Tenant - And What NOT to Do in the Process
One of the more unpleasant parts of leasing an investment property is eviction. Moreover, while this is something that every landlord will likely face, many are ill advised on the proper protocol to take during the eviction process.

Things To Consider Before Allowing Your Property FOR RENT
This is where the properties we have signed off on do not sit empty and a check gets graciously mailed to us just prior to paying the mortgage. In this market where few make just enough to cover the mortgage and the other half end up enjoying chronic headache… But wait… there is a quality article that can offer tips to save money, time, and energy and guide you correctly in your smooth sailing path of RENTING. I compiled a check list of 5 main topics for your review.

Should I use a Realtor to Rent an Apartment?
” Are you considering using a real estate agent to assist you in renting your apartment? If so, you probably have a lot of questions about the process of doing so. Most importantly, you re probably wondering if it s something that s really a good idea or if you can go ahead and rent on your own without involving a professional. Whether or not to use a real estate agent when renting an apartment is mostly dependent upon your variety of needs. Personal factors such as your current stage in life, your familiarity with the city and your ability to negotiate a good rental agreement are things to consider as you determine whether or not you want to make use of a real estate agent for renting an apartment. The first thing that you should consider is where you re at in your stage of life. If you re renting your very first apartment and you don t know anything about it, you might want the assistance of a real estate agent to help you learn all of the ins and outs about signing leases and getting renter s insurance. On the other hand, if you ve been through a few moves and you know what you re getting into, you might not need a real estate agent. Yet again, if you re at an established point in your life and are too busy to do a lot of the hunting down and researching that comes with renting an apartment, you may want to spend the money to get a real estate agent to do that for you. Think about the reasons that you might want a real estate agent in regards to how knowledgeable you are about renting and how much time you have to devote to the process. Another think to think about is how well you know your neighborhood. If you ve been living in the same city for your entire life and are familiar with all of the ins and outs, you ll know about the good and bad neighborhoods without having to get any advice. But if you ve just moved to a new location, you might want the assistance of a real estate agent to help you figure out if the apartment you re renting is cheap because it s a good deal or cheap because you aren t going to want to step outside of your front door at night. Your real estate agent can also help identify such things as how easy your commute will be from a certain area. Finally, think about how capable you are of negotiating your rental agreement. Some people simply aren t good at the art of negotiation; they give in too easily and let people walk all over them. If you know that you have these tendencies, you might want to hire a real estate agent to assist you in renting an apartment simply for the reason that they ll be able to negotiate on your behalf. He or she can work out details like how repairs will be taken care of, what kind of notice must be given for different actions, and other terms of your lease. Is it necessary to get a real estate agent to assist you in renting an apartment? No, of course not. You can easily go look at apartments yourself, sign the given rental agreements and deal with the consequences. But if you don t have the time to find the right apartment, lack the skills to negotiate a good deal for yourself or are concerned about your lack of area knowledge when moving to a new city, then using a real estate agent might ease the process.”

Eric Bramlett is the Broker and co-owner of One Source Realty in Austin Texas. Visit Eric s <a href="http://www.onesourceleasing.net">Austin Apartments</a> Guide, visit his <a href="http://www.kinanbeck.com/lease.php">Austin Leasing</a> company s website, & his <a href="http://www.ericbramlett.com/lease.php">Austin Apartment Locator</a> website. He has seen considerable success in real estate, and looks forward to many more years in the business