Multi-unit residences in North and South Carolina are traditionally a good investment, because they are considered recession-proof. Everyone needs a home and multi-unit homes offer amenities at an affordable price.
If you are looking at potential investments, multi-units may be a good fit, but you should first consider if the units can provide you with an adequate potential cash flow--will the income from the properties cover your monthly costs, and the taxes, emergencies, and repairs.
You also need to think about the care and maintenance, marketing and management of the property and residences, and who will take care of these responsibilities.
Property Managers are a good option for owners of multi-unit properties. Not only can they take care of collecting the rent and handling minor disputes, they also are charged with keeping the buildings and property in good working order. A property manager will market the units and screen potential tenants.
Ultimately your ownership of a multi-unit property will be a good investment if you are able to manage the property properly.. and that is something that a professional property management company can assist you with and make your investment one with a positive cash flow.
Charlotte Property Manager
Kuester Property Management
Showing posts with label Charlotte Property Manager. Show all posts
Showing posts with label Charlotte Property Manager. Show all posts
Finding a Good Property Management Company
Finding a good property management company the most important decision when it comes to your commercial real estate. The right management company will make your operations run smoothly--and a bad one will make your life miserable at the very least, and potentially cause significent financial hardship! Property Management should not be a decision based on cost, but rather one based on customer service and experience. We have outlined a process below for finding the best property management company for you:
1) Outline your goals.
What is it that you want? Would you like a full service property management company, or one that just focuses on finding tenants?
The full service companies such as Kuester will advertise your property, help to place tenants, maintain the property, including major repairs, collect the rent, and send reports and a check each month.
A company that finds tenants will just advertise your property and place tenants. Depending on what your level of involvement is, you may choose one or the other options.
2) Set realistic goals.
Depending on what you bought your property for, and what your mortgage is AND what the average rental cost is AND how many tenants you are able to get, AND a near endless series of other factors - you may or may not make a profit on your property! Run through all the factors with your accountant and be conservative. Consider asking other property owners what surprise expenses they have had and make these part of your calculations.
3) Do your research.
Reputable property manangement companies will have a website outlining their services, philosophies and available properties. After narrowing it down, ask for referrals. Also, look for signs from the company posted around town and take notice of their advertising. Do you like what you see?
4) Always get references.
Ask for at least 2 references from current or recent clients. Most property management companies will give this information with zero hesitation, and if they refuse do you really want them managing your investments?
5) Never sign before you read.
Property Management contracts are legally binding contracts and can be negotiated. But sometimes they include details that were not previously discussed! Not only should you read before you sign, but you should also have your attorney review the contract as well. There may be language in the contract about additional costs that you will have to pay (i.e. major repairs), and reasons that either you or the property management company could cancel the agreement. So know before you make anything permanent.
1) Outline your goals.
What is it that you want? Would you like a full service property management company, or one that just focuses on finding tenants?
The full service companies such as Kuester will advertise your property, help to place tenants, maintain the property, including major repairs, collect the rent, and send reports and a check each month.
A company that finds tenants will just advertise your property and place tenants. Depending on what your level of involvement is, you may choose one or the other options.
2) Set realistic goals.
Depending on what you bought your property for, and what your mortgage is AND what the average rental cost is AND how many tenants you are able to get, AND a near endless series of other factors - you may or may not make a profit on your property! Run through all the factors with your accountant and be conservative. Consider asking other property owners what surprise expenses they have had and make these part of your calculations.
3) Do your research.
Reputable property manangement companies will have a website outlining their services, philosophies and available properties. After narrowing it down, ask for referrals. Also, look for signs from the company posted around town and take notice of their advertising. Do you like what you see?
4) Always get references.
Ask for at least 2 references from current or recent clients. Most property management companies will give this information with zero hesitation, and if they refuse do you really want them managing your investments?
5) Never sign before you read.
Property Management contracts are legally binding contracts and can be negotiated. But sometimes they include details that were not previously discussed! Not only should you read before you sign, but you should also have your attorney review the contract as well. There may be language in the contract about additional costs that you will have to pay (i.e. major repairs), and reasons that either you or the property management company could cancel the agreement. So know before you make anything permanent.
Should You Invest in Real Estate?
Real estate investing can be risky... and very rewarding! The first thing you should know about property investment is to be careful with "too good to be true" and "sure bets." As with any opportunity, there are people who look to take advantage of others and it is important to not get caught up in schemes that can bankrupt your before you ever get started.
If you are seriously considering investing in real estate property, here are a few things you should know to get you started.
•You should have plenty of investment capital, not only to make the purchase, but to make the necessary upgrades and pay the taxes. If an opportunity comes to you and you are being sold a "no-money-down" option, this is probably too good to be true. Also, if you are asked to take a huge loan that will put you in a debt you can't get out of, this is probably too good to be true! Always go into an investment with cash on hand and plenty to live off of as well!
•You should have a good knowledge of the real estate market and the area in which you are looking to buy property. Is this an area that is growing? Are there businesses to support your tenants or future buyers? What are other properties in the neighborhood selling/renting for?
•You should have good management, people and negotiating skills--or you should have a property management company work for you that does. Collecting rent, managing repairs and finding tenants can be a difficult job.
•You should have the ability to do repair work, access to people who can do it for you, or a good property management company who can arrange and coordinate the work that will need to be done.
•You should have a relationship with a property inspector who can evaluate properties before you buy them and validate the claims by the sellers of repair work that they have done.
Finding a good property in which to invest and making that into a rental property, or turning it around for sale can be a job in and of itself. That is why many people are turning to property management companies to turn their investments, into profitable businesses.
If you are interested in learning how a professional property management company in the Carolinas can assist you with your investment property, please contact Kuester Property Management.
If you are seriously considering investing in real estate property, here are a few things you should know to get you started.
•You should have plenty of investment capital, not only to make the purchase, but to make the necessary upgrades and pay the taxes. If an opportunity comes to you and you are being sold a "no-money-down" option, this is probably too good to be true. Also, if you are asked to take a huge loan that will put you in a debt you can't get out of, this is probably too good to be true! Always go into an investment with cash on hand and plenty to live off of as well!
•You should have a good knowledge of the real estate market and the area in which you are looking to buy property. Is this an area that is growing? Are there businesses to support your tenants or future buyers? What are other properties in the neighborhood selling/renting for?
•You should have good management, people and negotiating skills--or you should have a property management company work for you that does. Collecting rent, managing repairs and finding tenants can be a difficult job.
•You should have the ability to do repair work, access to people who can do it for you, or a good property management company who can arrange and coordinate the work that will need to be done.
•You should have a relationship with a property inspector who can evaluate properties before you buy them and validate the claims by the sellers of repair work that they have done.
Finding a good property in which to invest and making that into a rental property, or turning it around for sale can be a job in and of itself. That is why many people are turning to property management companies to turn their investments, into profitable businesses.
If you are interested in learning how a professional property management company in the Carolinas can assist you with your investment property, please contact Kuester Property Management.
Commercial Property: Keeping an Eye on the Competition
When you are considering the purchase of a commercial property, one of the best things that you can do ahead of time is research the competition.
How long do the other buildings have unoccupied space?
Are there several available properties near the one you are considering?
What is the average length of lease of the building you are considering purchasing?
What is the average length of lease of the similar buildings in the area.
Take the time to walk the grounds of similar buildings. Can you see what they are doing well? Do they have well maintained landscaping, walkways and parking lots? What makes these buildings attractive to tenants? What could they do better? Can you talk to any of the business tenants of neighboring building?
Investing in commercial property is a big decision and goes way beyond just finding a place and putting a "for lease" sign up! Before you buy, investigate the market, do your homework, and make sure to put considerable time in "knowing your competition." Learning from the people who are doing it well, will make you more successful!
Property Manager
www.Kuester.com
How long do the other buildings have unoccupied space?
Are there several available properties near the one you are considering?
What is the average length of lease of the building you are considering purchasing?
What is the average length of lease of the similar buildings in the area.
Take the time to walk the grounds of similar buildings. Can you see what they are doing well? Do they have well maintained landscaping, walkways and parking lots? What makes these buildings attractive to tenants? What could they do better? Can you talk to any of the business tenants of neighboring building?
Investing in commercial property is a big decision and goes way beyond just finding a place and putting a "for lease" sign up! Before you buy, investigate the market, do your homework, and make sure to put considerable time in "knowing your competition." Learning from the people who are doing it well, will make you more successful!
Property Manager
www.Kuester.com
Tips on Buying Commercial Property in the Carolinas
Across the Carolinas there are excellent locations for investing in commercial property. With the economy on the start of a rise, now is the time to make the move.
The Carolinas have beautiful mountainous regions, sun-kissed beaches, and wonderful metropolitan cities in between. Owning a business building and then leasing it out can be great business but as with any type of investment, you will need to do some careful consideration.
If you are a property owner of a commercial building, you will have to maintain the property. Landscaping, building maintenance, general cleaning, and build-outs will have to be done. Hiring a great Carolina-based Commercial Property Manager will be the second-best investment after the property itself!
A property manager will be able to not only take care of maintenance and upkeep of your property but also provide you with advice, pricing suggestions, marketing, collecting rent and negotiating contracts.
The commercial property market can be competitive, and it will pay to get yourself out in the lead. An experienced and professional property management company will be able to lessen the risk of owning a commercial property by lending you their expertise.
Another important factor is to carefully consider location. Perhaps more important than the location of your home, is the location of your investment property. Proximity to like buildings, parking, shopping, walking traffic and/or bus lines are all things that should be weighed. While different types of businesses require different types of locations, you should research what kind of location your prospective tenants will need.
The appearance of the inside and outside of the building as well as the property itself should reflect the types of clientele you would like to attract. If you are looking to have a high-end spa as a tenant, this should be a factor in the type of decor and landscaping you choose. The same goes for it you are looking to put a small manufacturing business into the space! What do your prospective tenants look for in a building?
If you are considering a Carolina Commercial Investment Property, please consider giving Kuester Property Management a call. From locating the right property, to managing it, Kuester is able to meet your investment property needs.
Kuester Property Manager
The Carolinas have beautiful mountainous regions, sun-kissed beaches, and wonderful metropolitan cities in between. Owning a business building and then leasing it out can be great business but as with any type of investment, you will need to do some careful consideration.
If you are a property owner of a commercial building, you will have to maintain the property. Landscaping, building maintenance, general cleaning, and build-outs will have to be done. Hiring a great Carolina-based Commercial Property Manager will be the second-best investment after the property itself!
A property manager will be able to not only take care of maintenance and upkeep of your property but also provide you with advice, pricing suggestions, marketing, collecting rent and negotiating contracts.
The commercial property market can be competitive, and it will pay to get yourself out in the lead. An experienced and professional property management company will be able to lessen the risk of owning a commercial property by lending you their expertise.
Another important factor is to carefully consider location. Perhaps more important than the location of your home, is the location of your investment property. Proximity to like buildings, parking, shopping, walking traffic and/or bus lines are all things that should be weighed. While different types of businesses require different types of locations, you should research what kind of location your prospective tenants will need.
The appearance of the inside and outside of the building as well as the property itself should reflect the types of clientele you would like to attract. If you are looking to have a high-end spa as a tenant, this should be a factor in the type of decor and landscaping you choose. The same goes for it you are looking to put a small manufacturing business into the space! What do your prospective tenants look for in a building?
If you are considering a Carolina Commercial Investment Property, please consider giving Kuester Property Management a call. From locating the right property, to managing it, Kuester is able to meet your investment property needs.
Kuester Property Manager
HOA Rules and Regulations
Rules are meant to protect people and property, and HOA rules are the same way. While some people may be offended by the notion that they have to request permission to build a swing set, or put up a fence in their own back yard, there is always a good reason--or at least a good intention when an HOA set the rule.
If you do not want to live in a community that has restrictions on the size of shed you can put up, or how long your grass can get in between mowings, than perhaps living in an HOA community is not for you. But if you see the value in a neighborhood which abides by the same guidelines in order to protect the property values and the residents, then an HOA-neighborhood may be a great fit
If you are new to living in a homeowner's association regulated area and do not read the CCRs, it may be a bit of a shock to you the first time you are given a warning letter about a minor violation such as leaving your garbage can outside for several days after garbage day. But rest assured the committee member who noted the violation and the property management company that sent the letter to you are not "out to get you." No one likes to be the bearer of bad news--and if the issue is minor and a first-time problem, they will likely wave any fee if you take care of the issue quickly.
It is an adjustment if you have never had to follow the policies of an HOA, but in the end they rules are meant for you. After all, if there weren't a rule about keeping a rusted-out car in one's front yard, there would be little recourse for you if your next-door neighbor were to choose a '79 Buick as a lawn decoration!
Also, you should remember, if you feel that a policy of the HOA, or neighborhood covenant is unfair or ill conceived, you have the ability to have it put up for a vote if you are an active committee member. The HOA is there for you -- so participate and enjoy the benefits of having a community interested in protecting you, your family, and your home.
If you do not want to live in a community that has restrictions on the size of shed you can put up, or how long your grass can get in between mowings, than perhaps living in an HOA community is not for you. But if you see the value in a neighborhood which abides by the same guidelines in order to protect the property values and the residents, then an HOA-neighborhood may be a great fit
If you are new to living in a homeowner's association regulated area and do not read the CCRs, it may be a bit of a shock to you the first time you are given a warning letter about a minor violation such as leaving your garbage can outside for several days after garbage day. But rest assured the committee member who noted the violation and the property management company that sent the letter to you are not "out to get you." No one likes to be the bearer of bad news--and if the issue is minor and a first-time problem, they will likely wave any fee if you take care of the issue quickly.
It is an adjustment if you have never had to follow the policies of an HOA, but in the end they rules are meant for you. After all, if there weren't a rule about keeping a rusted-out car in one's front yard, there would be little recourse for you if your next-door neighbor were to choose a '79 Buick as a lawn decoration!
Also, you should remember, if you feel that a policy of the HOA, or neighborhood covenant is unfair or ill conceived, you have the ability to have it put up for a vote if you are an active committee member. The HOA is there for you -- so participate and enjoy the benefits of having a community interested in protecting you, your family, and your home.
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