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July 28th, 2010
College and university off-campus housing offices have been partnering with apartment search websites to help their students find accommodations.
Beverly Hills, CA (Vocus) July 28, 2010
The Rentables (therentables.com), an online apartment rental listing service, has been working closely with colleges and universities throughout North America to offer a useful resource for students seeking off-campus housing. Pavel Tchourliaev, one of the founders of The Rentables explains: “We have designed the website around simple filtering of search results in terms of location and pricing. Students can easily narrow thousands of search results to find those closest to their campus and then compare those units side-by-side within seconds. If a certain type of unit is not available, students can subscribe to a customized RSS feed based on their filter settings and receive instant notification as these type of units are listed for rent.”
Over the past year The Rentables has partnered with several large rental listing providers to combine available listings across North America. Potential tenants now have a “one stop shop” to find the exact type of rental they want. Schien Dong, another of The Rentables’ founders and lead developer at the firm states: “With our main focus being usability, we have integrated as much technical capability into the website as possible without sacrificing speed. We want to save our users time by giving them intuitive and powerful features.”
Most universities and colleges offer off-campus housing resources to their students, and by partnering with apartments for rent websites, school administrators have increased the relevance of the resources they provide.
The Rentables launched nationwide in July 2009 and has already helped over 50,000 landlords fill their vacancies online. Contact The Rentables to learn more about how you can provide a valuable new off-campus housing resource to your students free of charge.
Posted in Student Rentals, The Rentables News | No Comments »
July 28th, 2010
Time and time again, we at The Rentables witness landlords saving a few dollars by buying 3 gallon buckets or drums of “beige” colored paint. Although you save a bit of money by buying paint in bulk, you are shooting yourself in the foot by deterring quality tenants when you slap on another coat of “renter beige”
Walls
Let’s face it, nobody really likes the stale generic look of renter beige, so do yourself and your new tenants a favor and paint your rental unit in a color that is more aligned with 2010 trends. To make it a little easier for you, here’s what’s hot these days in paint:
- Yellow has been the hottest color for the past two years and this trend is likely to continue. Paint several walls (or even just a single feature wall) in this color to give the unit a fresh, summer feel.
- Lavender is becoming very popular for bedroom paints, it’s elegant and luxurious, yet creates a feeling of comfort and warmth.
- Charcoal grey is a very neutral color, it can be paired with almost any other paint scheme and works great in a home-office.
- Aqua has been recommended by top decorators and is still in style for 2010.
If any of these colors are too bold for you, try doing just a feature wall which can add some interest to your unit without becoming overwhelming.
Baseboards & Ceilings
Paint baseboards and ceilings white to create a nice contrast and a clean look. This simple touch also creates the impression that the property has been cared for and is well maintained. We’ve all seen apartments with layers and layers of renter beige over top of just about every surface. Here’s an example of what not to do if you go with yellow:
Instead, use white to create some contrast:
Remember that by selecting modern colors and paying attention to the details like contrasting baseboards, you make your rental property more appealing. When you increase the appeal you can increase the rents, fill vacancies quickly, and keep quality tenants for longer periods as they are proud to call your unit “home”.
Posted in Landlord Tips, Real Estate Investment Tips, Renter News | No Comments »
July 20th, 2010
There are only a handful of things a landlord dreads more than getting a call on a Sunday evening from a tenant asking them to come in and unclog the toilet. Prevent this problem by supplying all the tools and know-how a tenant might need to unclog their own mess.
Preventative
There are a number of things that should not be flushed down the toilet. Educating your tenants with a good visual list will solve half of the problems. Here is a great list we at The Rentables made for you to tape to the wall in front of the toilet when new tenants move in:
Printable PDF version: Teach your tenants to unclog toilets | The Rentables
Preventing clogs is the best bet, but once they happen there are still a couple remedies any tenant should be able to try before making a call.
Plunger
Every apartment should have it’s own plunger. The cost is minimal, and with proper instructions you may never have to hear from your tenants about this problem. I prefer plungers with a wooden handle instead of plastic. Make sure you get a flange plunger because it properly seals around the edges and doesn’t shift around.
Make sure you explain to your tenants how to use the plunger even though it may seem quite obvious. Some points to remember:
1. There must be some water in the toilet/sink before using the plunger – water is a lot more difficult to compress and it’s water pressure that will clear the clogs.
2. Pulling is just as important as pressing, make sure to press all the way and pull back for 15-20 seconds at a time.
3. You will know the clog is gone when the water starts draining rapidly on it’s own
Drain Cleaners
If the plunger doesn’t work, provide them a simple off the shelf drain unclogging chemical. Explain that these chemicals are very bad for the environment and should only be used as a last resort. The chemicals used are harsh since they are are purposely designed to dissolve anything that is stuck in your drain. Remind your tenants to use gloves and be careful not to get these chemicals in their eyes.
Posted in Landlord News, Landlord Tips, Real Estate Investment Tips, Rental Tips | No Comments »
July 14th, 2010
   In the ninth and final part of our series on Building Your Real Estate Investment Team we will take a look at how to round out your team and provide a quick recap of our series. As your real estate portfolio grows, your need for additional team members may grow as well. Whether you need a second Realtor who is an expert in the new region you’re looking to invest in or want to add an administrative assistant to help with some of the day-to-day tasks of running your real estate investment business, the principles we’ve covered throughout this series still apply.
Real Estate Investment Team selection criteria
As we’ve covered in each part of this series, here are 6 criteria to consider when selecting members for your real estate investment team. Look for professionals who:
- Own investment real estate themselves
- Care about your goals
- Have the appropriate qualifications
- Have specific experience working with investment properties in the area
- Have reasonable fees
- Provide positive chemistry
Team Members
Throughout this series we’ve covered the details on selecting a number of professionals for your team. These pros include:
- Mortgage Brokers
- Realtors
- Lawyers
- Home Inspectors
- Insurance Brokers
- Property Managers
- Accountants
As you progress in your real estate investing career, you are bound to work with several other parties to accomplish a variety of tasks. The good news is that you can still use our 6 criteria as an initial screen when seeking out new relationships. Whether you are looking for general contractors, painters, handymen, electricians, landscapers, administrative staff, or any other help, you can use the list as a starting point.
How to Find Quality Professionals
In each part of our series we provided details on how to find quality professionals. While there may be specific places to look for each type of contact, the local Yellow Pages or an internet search will provide an abundance of contacts in your area. The easiest way to narrow these names down is to ask for referrals from other investors or members of your team. Recommendations from fellow investors are more likely to turn up other contacts who own investment real estate themselves, and this creates a great foundation to establish a new working relationship. Referrals who are familiar with the rental business are more likely to share similar attitudes and are often more knowledgeable on topics specific to real estate investors.
Conclusion
While it may take some time to stack your Real Estate Investment Team with great professionals, having the right team behind you can make all the difference in your business. Having the right financial, property, legal, tax, insurance and operational advice can save you hundreds of dollars and hours by preventing problems before they arise. Work with competent professionals to ensure all of your bases are covered and your portfolio will grow faster while you sleep well at night.
Building Your Real Estate Investment Team Series:
Building Your Real Estate Investment Team – Part 1: Introduction
Building Your Real Estate Investment Team – Part 2: Selecting a Mortgage Broker
Building Your Real Estate Investment Team – Part 3: Selecting a Realtor
Building Your Real Estate Investment Team – Part 4: Selecting a Lawyer
Building Your Real Estate Investment Team – Part 5: Selecting a Home Inspector
Building Your Real Estate Investment Team – Part 6: Selecting an Insurance Broker
Building Your Real Estate Investment Team – Part 7: Selecting a Property Manager
Building Your Real Estate Investment Team – Part 8: Selecting an Accountant
Building Your Real Estate Investment Team – Part 9: Conclusion
Posted in Real Estate Investment Tips | No Comments »
July 13th, 2010
By simplifying the process for both landlords and tenants alike, The Rentables has emerged as a major player in the online rental listings business.
(Vocus) July 13, 2010
In the competitive market of apartment rental listings, it can be difficult to stand out. A recent start-up, The Rentables (therentables.com), has taken a fundamentally different approach to providing these listings and has become a cutting edge competitor within a year of its launch.
Andrew C. MacDonald, one of four partners in the company explains: “As owners of income properties, we must market our own properties when vacancies occur. After using other online rental listing services, we realized that most existing rental websites are just not making the process easy and effective. The Rentables aims to make it very simple for landlords to post and manage ads for one or multiple units through a very streamlined process. We’ve spent hundreds if not thousands of hours designing the page flow to make our site as intuitive and fast as we can. There are some very neat features such as interactive filters and side-by-side unit comparison, which not only help tenants in their selection, but also helps landlords determine fair rents for their property.”
The Rentables gives landlords a choice of whether or not to create an account, keeping the posting process very quick. Landlords appreciate this approach and over 48,000 listings have been posted throughout North America. In addition to the listings posted directly to TheRentables.com, visitors can browse thousands more listings from numerous partner sites, which provides a comprehensive selection of rental properties for tenants.
“We have created a website that offers an improved experience for both landlords and tenants, and best of all, it’s free,” states Mr. MacDonald.
Incorporated in August 2009, The Rentables now serves thousands of visitors each month. Andrew believes that traffic will continue to increase significantly over the next six months as more and more people continue to become familiar with the benefits that the site offers to both landlords and tenants. Visit TheRentables.com to find your next apartment for rent online.
Posted in Renter News, The Rentables News | No Comments »
July 7th, 2010
Recently, in preparation to being a landlord, I started paying attention to water faucets and reasons why tenants don’t close them all the way. When asked about it, people would normally respond: “Oh, I didn’t?” followed by a number of different excuses, such as “It’s too hard to turn the handles all the way” or “I’m not used to the two-valve style as opposed to one handle faucet”.
What can you as a landlord do to prevent this? Switch to one handle faucets. But why bother?
- It reduces number of moving parts. Therefore there are fewer seals to start leaking.
- It requires less force to shut off meaning it is more likely to happen.
- It is simpler to use so anyone can fully close the tap (even kids).
- It allows you to use back of your hand to operate when hands are dirty (e.g. in the kitchen).
Try to make your rental property fool proof and it will save you money in the long run.
Posted in Landlord Tips, Real Estate Investment Tips, Rental Tips | 1 Comment »
June 28th, 2010
 The opposite of the open space dilemma (which we discussed in Part 1: Open Spaces) is trying to share a cluttered space. Sometimes apartments created for one person are very cluttered and designed in a condensed fashion, reducing the overall size. Indicators are things such as fold-away beds, kitchenettes with hot plates instead of ovens, or most commonly, the situation of a single room in a large shared house with a common bathroom and kitchen. It can be exceedingly taxing to negotiate living space with a roommate when it seems as though there isn’t even enough room for one person. Although there aren’t any magical tips to double the square foot measurement of your living area, there are a few tricks to help minimize the clutter and claustrophobia in these scenarios.
Eliminate the double:
- You and your roommate will each be bringing your own personal items into the shared space. Most of the time they are very personal belongings, except in the case of common duplicates such as hairdryers, toasters, televisions, etc.
- A great way to reduce the clutter around a shared space is by agreeing to share a single appliance instead of attempting to each utilize your own.
- Compromise. If one of you prefers their hair dryer and the other prefers their toaster, trade off which appliances are used so that you are left with something comfortable that works for the both of you.
Make the mess beautiful:
- A big mistake when dealing with an already cluttered space, is trying to add a whole collection of decorative pieces. If there’s one thing that doesn’t compliment heaps of clothes on the floor, it’s eye-catching posters and space absorbing antiques.
- Instead of buying cheap, bland storage furniture, spend the extra money and opt for very stylish pieces. This way, you aren’t spending money on decor which will take up space, your storage pieces will be stylish enough!
- A slightly pricey rustic dresser from a vintage shop or off of the many antique sites online will look much nicer than an inexpensive shelving unit from Ikea, and there will be no need to purchase extra decorations to compensate for bland furniture.
Although there are little things you can do to help relieve the tension of living in close-quarters, the most important thing to remember is to remain patient. Never get into a shared living agreement with anyone you do not have a strong relationship with, because it can quickly become a living nightmare if there isn’t a proper level of respect and patience for one another.
Posted in Uncategorized | No Comments »
June 24th, 2010
 Renting can be expensive, that’s no secret, and there comes a time in nearly everyone’s life where the concept of personal space and privacy must be compromised to maintain the concept of disposable income. Especially amongst young people, it’s very common to have two and sometimes even three people sharing a space that was designed for a single inhabitant. There are many simple tricks and alterations one can do to reduce the amount of tension and clutter in shared apartments.
Open Spaces
A very common dilemma is when a couple of friends are sharing one bachelor apartment. In theory, the physical size is big enough to accommodate two, but these types of apartments are often designed to act as a roomy space for one. These apartments often have one large “bedroom” area a small bathroom and a very open general space which functions as the kitchen, living room and dining room. There are as few doors as possible, so separating the living space can quickly become an issue.
So what can you do? … Divide!
Curtains:
 - At nearly every fabric store there are large pieces of cheap but great-looking fabric scraps. If you’re on a tight budget and looking to divide the space in a classy way, this is the solution.
-Pinning up these sheets and fabric pieces to act as curtains is an aesthetically pleasing, and yet effortless way to create a visual division of areas within the apartment. It also creates a better sense of privacy, and gives each roommate an area to call their own. (Just keep in mind that these barriers are NOT sound proof!)
- If you are looking to put up curtains with rods or hooks, etc. Just visit a nearby furniture or home decor store (Ikea is always a great starting point for curtains). The in-store reps will show you which curtains will suit your purpose and will teach you how to install them without using pushpins. The only downfall of this method is the slight increase in price from the D.I.Y. alternative.
Folding Screens:
 - Most home decor stores sell these wooden, hinged screens. They function exactly like curtains, just offer a contrasting look to fabric. If you prefer the more modern, refined look of solid dividers, then opt for folding screens instead.
- Folding Screens can be very expensive or very cheap, which make them a more tricky solution to sharing your space. If you can’t luck out at any local interior design franchises, try the internet. You’re always sure to find what you’re looking for by filtering through search engine results.
- There are a couple bonuses of folding screens. Firstly, they do not leave any installation (or pushpin) holes in the drywall. Secondly, they can be folded, stored and hidden from sight if you ever throw a party or have company over and want some extra open space. (Keep in mind, however, that folding screens are also NOT sound proof!)
Posted in Apartment Living, Rental Tips, Student Rentals | No Comments »
June 21st, 2010
 Real estate can offer great opportunities to increase your monthly cash flow and many real estate courses teach you that cash flow is king. I encourage you to think broader and consider the income tax effect of owning an investment property.
The principal amount paid down on your mortgage is not deductible for income tax purposes, and therefore a property that seems to have only a little bit of cash flow every month will post a large income before tax. This income is taxed based on your current tax bracket and it can end up adding thousands of dollars to your tax bill, greatly exceeding the positive cash flows you previously generated.
One can argue that this cost is reasonable as the principal on the mortgage is still being paid down more than the overall negative cash flows, and this argument is very valid, however it may not be part of your investment plan.
Please remember to include the income tax effect of your rental property in your cash flow calculation to ensure you don’t face a cash crunch when your tax time rolls around.
Posted in Real Estate Investment Tips | No Comments »
June 15th, 2010
 Welcome to the 8th part of our series on building your real estate investment team. To round out your team you’ll need a good accountant to oversee your financial picture. Having a professional who can act as your financial quarterback and evaluate the financial impacts of your decisions will help keep you on the right course as you build your real estate investment portfolio.
A good accountant will do more than just bookkeeping, taxes, and preparation of financial statements. They will be able to advise on tax issues, how to setup your business(es) and help you make level headed financial decisions that move you closer to your goals.
Real Estate Investment Team selection criteria
Here are the 6 things you want to look for when selecting members for your real estate investment team:
- Owns investment real estate themselves
- Cares about your goals
- Has the appropriate qualifications
- Has specific experience working with investment properties in the area
- Has reasonable fees
- Provides positive chemistry
Why Add an Accountant to Your Team?
Whether you add an accountant early on in building your team, or select someone later in the process, you’ll want to know who you will be working with by the time you complete your first deal. Your accountant can advise on a few items which are time sensitive and which should be dealt with upfront. Some of the things your accountant can help with include:
- Advise on ideal company structure for your unique circumstances and goals to minimize liability and maximize your profit
- Setup a bookkeeping system
- Setup systems for controlling cash and handling funds
- Provide tax and financial planning advice
- Prepare tax returns and financial statements
Having a trusted accountant on your team will provide you with confidence that you are on track financially and help you make the most of your real estate investment portfolio.
Accountant Compensation
As is the case with many other professionals, accountants typically charge by the hour. You’ll want to make sure that the hourly charge is in line with the experience and expertise of your particular accountant. Some accountants may charge different rates for different types of services, so get clear on the fee structure up front. Finally, some accountants bill for their staff’s time at different rates. If you plan to use their office for bookkeeping for example, this will likely be billed at a different rate than complex tax advice. Whatever the case may be, the important thing is to ensure you are clear on these rates up front.
Finding an Accountant
The easiest ways to find an accountant are by grabbing your local Yellow Pages, using an online search, or by contacting the governing accounting association in your region. The easiest way to find a good real estate specific accountant is to seek referrals from other investors or members of your real estate investment team. Your accountant is one team member you will want to have plenty of real estate investment experience, preferably owning an income property of their own. As someone helping to ensure your business is profitable, it is imperative that they are up to date on the rules and know how to make your invested dollars work hard.
Qualifications
There are usually regional or national associations which serve as governing bodies for accountants, and you should look for a professional that is affiliated with an appropriate organization in your area and who holds the required designation to practice as an accountant. In the United States the CPA is the primary designation, whereas in Canada accountants may have a CA, CGA or CMA designation.
Investment specific experience
Taking the time to find an accountant who has experience working with investors is important. As an investor you will encounter unique situations that require your accountant to be familiar with real estate specific rules and strategies. Finding someone who owns investment real estate themselves will help you connect and ensure you are on the same wavelength when making financial decisions.
To find the right accountant, look for a few recommendations, arrange to meet, and then consider whether they meet the 6 criteria above. Once you find an accountant with the experience, expertise and attitude you’re looking for, get to work and watch your portfolio grow.
Check back soon for Part 9 of Building Your Real Estate Investment Team where we’ll provide some suggestions on working with other vendors and cap off this series.
Building Your Real Estate Investment Team Series:
Building Your Real Estate Investment Team – Part 1: Introduction
Building Your Real Estate Investment Team – Part 2: Selecting a Mortgage Broker
Building Your Real Estate Investment Team – Part 3: Selecting a Realtor
Building Your Real Estate Investment Team – Part 4: Selecting a Lawyer
Building Your Real Estate Investment Team – Part 5: Selecting a Home Inspector
Building Your Real Estate Investment Team – Part 6: Selecting an Insurance Broker
Building Your Real Estate Investment Team – Part 7: Selecting a Property Manager
Building Your Real Estate Investment Team – Part 8: Selecting an Accountant
Building Your Real Estate Investment Team – Part 9: Conclusion
Posted in Real Estate Investment Tips | 1 Comment »
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