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Why You Should Be A Renter

August 29, 2014 By

Helping residents in Lathrup Village, Southfield, Beverly Hills, Birmingham, and other metro Detroit areas in Michigan to understand the benefits of being a renter instead of being a homeowner

 

 

 

 

 

 

 

 

Are you a renter looking for a home? Call the Calhoun Team Realty today (248) 905-1402 and we can find a quality home for you!

Some people today have a hard time deciding whether they should rent a house or a buy a home. Today the Calhoun Team Realty is going to discuss the benefits of why you should be a renter instead of being a homeowner.

Don’t Worry about Maintenance Fees or Repair Costs

Yes, if you are a renter you don’t have to worry about maintenance fees or repair costs. For that’s the homeowner or the property management responsibility.

The Amenities Bonus

Renters can access the fitness center, the inside or outside pool and other amenities, but as for homeowners, they have to pay big bucks to use them or pay fees to maintain them.

0$ On Real Estate Taxes

Another huge benefit for renters is that they don’t have to pay real estate taxes. Real estate taxes can be overwhelming for homeowners – the bigger the home, the bigger the taxes will become.

The Down Payment

No need to save up for a big down payment for renters. They may modify the payment due to different circumstances, but a comparison on payments between renters or homeowners are huge!

The Economy Bullet

Today’s economy can be a nightmare for buyers because their mortgage can be very costly; heck their mortgage can cost more than their actual house itself but renters aren’t affected by that.

Unstable Property Value

One other thing that homeowners can have anxiety about is their property value. The value can go up or dramatically drop, but either way renters are not affected by it.

It’s Much Easier to Simplify

After their lease, renters can easily downsize or simplify their life by moving out and go to a reasonable place to live, but it’s difficult for homeowners to do that because of the process of selling their home and the fees that come with it.

The Rent is Fixed

On the agreement with the renter and the homeowner is the stipulation that the rent stays fixed. If the homeowner wants to change the amount of rent, he/she has to give the renters notice before doing so. Renters can decide from there whether they want to stay or leave.

Insurance Costs

While the homeowners are required to have a homeowner’s insurance policy, renters have the option to have a renter’s insurance policy. We recommend renters to have the renter’s insurance policy because it’s much cheaper and it can cover a lot of things.

The Utility Bills

Remember when I mentioned the bigger the house the bigger the taxes will become? That goes for your utilities bills as well. Think about it. Utilities bills are much lower in a small apartment then opposed to a large house.

To conclude, we as a Property Management see the benefits of renting a home or condo. We are more than happy to assist renters find a good home for a reasonable price. Call the Calhoun Team Realty (248) 905-1402 today for assistance on any of your real estate needs!

 

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What Are the Common Moving Mistakes

August 8, 2014 By

 

Telling those that reside in Lathrup Village, Southfield, Birmingham, Beverly Hills, and other Metro Detroit areas the common mistakes that people make when they are trying to move.

 

 

 

 

 

 

 

 

Want talk to an experienced agent about moving? Call the Calhoun Team Realty today (248) 905-1402 and we will assist you as quickly as possible.

What are the common mistakes when it comes to moving? You or someone you may know may have made a mistake in the process of moving. Heck hundreds of people are doing it right now!

You’re reading this because this is your first time moving or you just want to make sure you’re not making any mistakes next time you move. Either way let the Calhoun Team Realty identify the common mistakes that many of us have made when it comes to moving and how to avoid them altogether.

Hiring a Fishy Mover

When you’re hiring a mover that’s cheap and quick, just know what type of service you’re paying for. (They’re cheap for a reason) They may not be careful with your stuff and may damage it. Try going to a business review website in regards to the most recommended moving companies like the Better Business Bureau (www.BBB.org) and read responses from other people so you can have a better idea on which moving company that will fit your needs.

Questions you can ask yourself:

Do they have any references?

How did they react when I asked them to do an in-home estimate?

How do they handle other people’s belongings?

Quotes

There are stories when people underestimate with the moving quotes. It is recommended to get the moving company to come to your house to give an in-home moving estimate. If they are giving you a hard time with that, then stop wasting your time with them and resume looking for another moving company. Honestly it’s best to contact different moving companies and get their quotes, so you can compare which is better with service and pricing. To conclude, when you get the estimate that’s in your favor, make sure you put it in writing.

Taking Everything With You

Do you exactly have to take everything with you? Do you really need those clothes you never wear? Or those items you think you will never use? It is vital to investigate and decide on things that you will need. Because moving can be daunting at times, you want to make sure you pack the things you will need.

Booking and Timing

If you’ve found a good moving company, then you must book them in weeks or even months in advance because you want everything planned out so the moving process can be less stressful for you and your family. Whether hiring a moving company or doing it yourself with a U-Haul, you must time it right. If you don’t time it right then moving will be your lease favorite thing to do in life. Think of moving as a big project in school. You don’t want to procrastinate and do it at the last minute. Sure you won’t get a grade on moving from point A to point B, but you don’t want a big task to turn into a period of torture. It is highly recommended to schedule the right time to move and follow through with it.

Questions you can ask yourself:

Do I need a mover? Or can I do with this with my friends/family?

How long will the drive be to get to Point B from Point A?

Which is the fastest or safest way to get there?

What is the weather going to be like at that time period? This can be difficult if you live in Michigan!

Packing and Unpacking

In harmony with what was said earlier on “Taking Everything With You”, packing and unpacking can be non-fun and time consuming, but either way, one has to do it. If you pack things that you don’t need months in advance, then moving can be much easier and quicker.  For example, if it is spring and you’re moving in the summer, why not start packing up your winter clothing or similar items first? Doing so will make the packing and moving process much faster and smoother.

Mentioning things “after” the estimate

Yes, mentioning hidden items to the movers after your estimate is a bad move, like adding items in a hidden room or in your man cave. If you didn’t mention those things when you first estimated your price, then you’re giving the moving company an opportunity to charge you a lot more than if you had added them when you first estimated a price. Also getting an estimate to a house with no stairs when really your new home has two flights of stairs. Again you’re giving the moving company an opportunity to overcharge you, so be honest when you estimate your price to the moving company, so you won’t attempt to take advantage of them and may risk a nasty experience afterwards.

Not Having Any Insurance:

The decision is based on each person and their situation. If you don’t have a lot of expensive things or non-fragile items, then maybe, but if you have an $800 Flat Screen TV or $600 Marble Coffee Table, we recommend you get some coverage on it. Remember that movers are human and they tend to make mistakes, so that being said, why take the chance of buying another flat screen TV when you can pay for $60-$80 for coverage on moving it? The bottom lines is this- look at your items and ask yourself will it be worth it to buy it full price again?

Not notifying the Moving Company on the payment or when to pay them

This one is pretty simple to do, but so many people have a problem with this. Everyone likes to be rewarded after their hard work, so be professional and stay on top on how and when on the moving company payment, so it won’t be confusing in the future.

The Internet

Using an estimate from online isn’t the best idea. Because you can’t trust the internet and the internet has a ton of con artists, so why take the risk? If you can’t see them and they don’t have any creditable references like BBB.com, then don’t waste your money or your time.

A Dolly

It doesn’t matter if you’re moving yourself or rearranging things in your new home.

Get a dolly.

You don’t want to a risk of hurting yourself, so save your health and time by getting a dolly.

Not Documenting Anything

When it comes to business you want to document as much as possible. If you get a “special deal” then have it documented that you and the moving company are aware of the arrangement. When you have things documented, this will not only eliminate any misunderstanding when it comes to estimating the price, but also the location of your destination.

 

Have more questions about moving? Give the Calhoun Team Realty a call (248) 905-1402 and we will be happy to assist you with any of your moving needs.

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How Do I Negotiate as a Buyer?

August 8, 2014 By

Helpers buyers How Do I Negotiate with sellers in Lathrup Village, Beverly Hills, Southfield, Birmingham, and other Metro Detroit areas

 

 

 

 

 

 

 

 

If you’d like assistance on negotiating from experienced real estate agents, call the Calhoun Team Realty (248) 905-1402 today! Since our agents are capable and reliable to our clients, we want you to feel the same way when you work with us!

 

Understand the Seller

When you negotiate a price on a home, you must know your seller and why he gave you a certain offer. Think the seller as a wrestling opponent in a ring. You must know his weaknesses in order to have the match in your favor. Similarly, you want to know the seller’s weakness, so you can get the price you prefer. How can you do that by negotiation? Think about this, the seller could have a lot going on in his mind. Maybe the housing market in his neighborhood is low. Perhaps the seller has found a job in a different city or has a new home there and wants to sell this home quickly. The seller might be fleeing from bankruptcy. You can obtain information in the local real estate market or the seller can easily give away some information without even noticing it.

Detective Work

The information that you’re looking for is out there. You have to go out there and get it! Here are some ways you can obtain information:

Compare the prices with similar houses or houses in the neighborhood.

You can talk to an experienced real estate agent (Call the Calhoun Team Realty today (248) 905-1402) about how long it’s been on the listings.

Look at a few real estate blogs (Help Center) and look at it daily.

Try understanding the seller’s tactics by contacting them or contact a trusted agent (call us today at (248) 905-1402).

If you really want to get a good idea why the seller is moving, try asking the neighbors. Not only will you increase your chances on knowing why the seller is moving, but you also get a taste of the neighborhood as well. Remember if you’re going to move there you might as well get to know your neighbors. You never know, you might want to sell your home too because of the same reason!

Be Realistic

Don’t aim so low on your offer (Unless it’s a foreclosure or it’s been on the listings for a long time) because the seller will not take you seriously and may take it as an insult. Just think about it, people love their homes, but at least they can sell it for a reasonable amount and you aiming at a very low price will be pointless to them.

Telling on Yourself

Remember the wrestling illustration? Just like your trying to understand your opponent’s weakness- well, he’s doing the same thing to you.

Interest Level

Don’t show a lot of interest into the seller’s property. Doing this will let the seller know that he doesn’t have the upper hand. If you do show a lot of interest into the property, you will let the seller know he can raise the value of the property because he knows you are going to buy it.

Having Options

This goes hand to hand with your interest level. When you negotiate on a certain property, make it clear that you have other properties you like as well. Don’t ever negotiate without having any other options. Because you may become desperate and overpay or waste your time negotiating that leads to nowhere.

By the way you will have the upper hand if you use an experienced agent (248-905-1402) to clarify to the seller that you have different options in mind.

Short Expiration Date

If you’re a serious buyer, then give sellers an estimate time to have an agreement with you and stick with it. This will give the seller pressure that he doesn’t want to miss out on a good offer and will reduce the chances of having competition.

Face Time (The Old Fashioned Way)

Sure you can negotiate on the phone or online (not a good idea) but it’s nothing like actually meeting the person face to face. Here you can see the person’s body language or facial expressions while negotiating. You can see if he is sticking to his offer or slowly moving towards yours.

Now if you decide you want your agent to negotiate for you, then the seller’s agent can make a request and the agents can negotiate from there. However, if your agent isn’t willing to assist you, then stop wasting your time with them and start working with real agents that are experienced with negotiation. (Call the Calhoun Team Realty today for experienced agents (248) 905-1402).

Stand Your Ground

After all the detective work you have done, you should have a reasonable offer for the property.
With that being said, prepare to defend your offer. There are times when buyers let the sellers corner them. To avoid this try not showing any interest level or have other options or hire an experienced Real Estate Agent. Beware though, because are some real estate agents that may want you to agree with the seller’s counteroffer so the negotiation phase can end quickly. Be ready and firm with your offer.

Do you want real estate agents that are diligent workers and patient to their clients? Call the Calhoun Team Realty today (248) 905-1402

Know When to Settle

You may not exactly get the price you prefer, but if the price is close to your end or highly reduced, then it’s up to you to take it or not get it at all and keep looking. If you have other properties to consider, then this shouldn’t be a big deal, but you don’t want the negotiation to get emotional or egos getting involved.

 

Want more tips or want assistance on negotiations? Call the Calhoun Team Realty (248) 905-1402) today, so we can assist right away.

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Why Invest In Short Sales

July 14, 2014 By

Helping investors in Southfield, Birmingham, Lathrup Village, Beverly Hills, and other cities in Michigan to invest in Short Sales and explain to them not only the qualifications, but also the benefit on doing so, Monoply Man standing graphic

 

 

 

 

 

 

 

 

Do you want to talk to an experienced agent about why you should invest in Short Sales? Give the Calhoun Team Realty a call (248) 905-1402 and we can assist you today!

As it was mentioned in the prior article “What is a Short Sale?”, a Short Sale takes time, but if you are willing to wait, then investing in short sales is a great idea.

When investing in short sales, you are often listing a low price of the property. You can make a 10-30% on short sales and a fair chance on making a profit.  It really determines on the actual property itself. Good research is needed when investing in short sell as well. Key points to consider in your research in a good investment:

  • The property condition
  • The property location
  • The neighborhood

Halt! Did You Know?

When buying a short sale, the price is based off what the property is worth now. Not what is was worth when the previous owner had taken out a loan.

 

The Pros & Cons in Short Sales

If you are still interested in doing short sales, here’s the pros and cons you need to consider first:

PROS

  • Avoid Foreclosure – Nobody likes foreclosures; not only does it gives a great impact towards your credit but also the process can take six months to a year to complete.
  • You’re in Charge – Sure when you’re going against a foreclosure you are somewhat in control, but doing a short sale will give you the power to negotiate with the lender and find a good buyer. This will help your credit avoid getting hurt from a foreclosure.
  • Less is Better – It’s better to have less damage towards your credit because you and your family can quickly recover and will be able to buy another property rather than settling for a foreclosure.
  • The Lender’s Forgiveness – The lender might forgive you for the difference between the final price and the remainder of debt you still owe.
  • Free from Mortgage –You will be free from paying a large amount of monthly payments for your mortgage.
  • New Mortgage –It will take a lot for you to be able to qualify for another mortgage rather than settling for a foreclosure.
  • Best Route to Take –If you can’t pay your mortgage or you and the lender aren’t agreeing to decrease the amount of your monthly payments, then a short sale would be your best option (Note you will lose your property and investment).

 

CONS

  • Credit Loss – You will still lose credit, but not as much if you settle for a foreclosure. Even though lenders will see a short sale somewhat like a foreclosure, the chances on obtaining another loan will be small during the waiting process.
  • Tax Consequences – A form will be sent to the IRS if the lender forgives the remainder of your debt from the short sale. The IRS will use the forgiven debt that you will have to pay through taxes.
  • The Lender Will Be Watching You – The lender will make sure won’t have any appeal on any of your assets to return the remainder of your debt.
  • A Legitimate Reason – In order to have a short sale you must be going through one of the following hardships:

Unemployment

Relocation

Illness of borrower or co-borrower

Loss of income

Divorced

Death of a co-borrower that qualified the loan

Neglect the local market property value

Military Duty

Payment Increase on Adjustable Rate Mortgage

Medical Bills

Medical condition of spouse or co-borrower

Family Emergency

Damage to Property (natural or unnatural)

(Note the lender will decide you if you gambled your money or you have poor management with your money)

 

  • The Lender Will Demand Loss Payment – Always keep this in mind, the lender’s forgiveness is optional, and might want you to pay. There are two ways to handle this. You can negotiate an arrangement out the short sale or they decide to maintain the repayment and you could settle for a foreclosure. It is highly recommended to have an expert with a team that can help you in this type of situation. Give the Calhoun Team Realty (248) 905-1402 a call and we will be gladly to assist you in this situation.

 

  • Don’t Let the Title Fool You – A Short Sale isn’t really short at all, it’s a long process and really it determines how quickly you get the right papers in order, the way it’s given and how fast the lender will reply. This is common for some people, in a sense, creating a backlog throughout the process.

 

  • Lenders Will Take Their Time – Remember when I said short sales are optional for lenders? Well, they may accept, but they will take their time doing so. Unfortunately lenders are well-known for this.

 

  • Multi Mortgage –If your property has a 2nd mortgages or any other liens, you have to discuss to each lender for an agreement, which will take a lot of time.

 

  • A Promissory Note – In order for the short sale to go through the lender might make you sign a Promissory Note which is a document that contains a written promise to return the amount of the debt forgiveness to a specific agent or carrier at a specific date.

 

  • A Good Buyer is a Must Have – The lender would agree the short sale, as long as the transaction is determined by a good offer from a good buyer.

 

  • The Attack! – After the short sale is complete the lender might come after you for a repayment for the forgiveness debt.

 

Still have questions about Short Sales? Call the Calhoun Team Realty (248) 905-1402 and we will answer any questions about Short Sales, Foreclosures, or anything that has to do with helping you Selling, Buying, and Managing your property.

 

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How to Find A Good Self-Storage Facility

July 14, 2014 By

Helping residents in Beverly Hills, Southfield, Lathrup Village, Birmingham, and other cities in Michigan on find a good Self-Storage Facility near their home

 

 

 

 

 

 

 

 

You’re planning on getting a self-storage unit, but you’re not sure if it’s a good idea or not.

Let the Calhoun Team Realty give some tips about self-storage units!

Different Storage Facilities

Keep in mind that storage unit facilities are not always the same, even if they are in the same company. You have to realize that each facility has different temperatures, security systems, service, truck availabilities, and tools for packing. With this mind, you should have a better idea on what type of storage unit you would like.

Make sure you know exactly how you can access your storage unit. Some to most storage unit facilities permit you to access your storage unit 24 hours a day, but some may charge you or limit access your storage unit by their business hours.

Thievery!

If someone breaks in your storage unit, either because your storage unit number is the burglar’s favorite number or it’s an inside job. (Most likely an inside job) Either way you don’t want anyone breaking in your storage unit let alone steal anything.

You may ask yourself “how can I avoid my storage unit from getting broken into?”  Try asking the storage facility manager if they allow clients use padlocks or modern cylinder locks that will be difficult for anyone to use bolt cutters.

You can also check to see if the facility has alarms on every storage door on each floor. Most storage unit facilities have security cameras that record 24/7.

Remember if the facility manager is uneasy in regards with these types of questions then they’re not a real secure facility and you may want to look elsewhere.

Discounts

Be careful with their “special” discount offers. If you don’t pay attention you may be paying more than you think. Before you make a decision, talk to the manager how commonly do they raise and lower their rates, also how long will they guarantee on not changing your rent. If they sound reasonable to you then, put it writing and if they refuse or give you a hard time on doing so, then it’s time for you to resume looking for a different storage unit facility.

Your Space

No one likes to pay for something that is more than is required for them. If you are aware that storage units can come in different sizes then you want try your best to estimate how much you really need. To help you out try these tips, so it can help you save you space.

  • See if you can take apart any tables, bed, and other large objects.
  • Make sure you make a walkway in your storage unit.
  • Put all the items you will frequently use up front, so it is easier for you to access them.
  • Cover all your beds and couches.
  • Use your drawers as a table, so you can stack your big items on top and small items can go inside the drawers.
  • Label everything, even the obvious. Right now you may know where everything is, but in the future you may not remember where everything is, so label! (Also, make a list on certain item locations and your plans with them).

The Trucks

Some storage unit facilities offer a rental truck for their clients. If you do get a rental truck, ask them if they can give you a discount. It wouldn’t hurt to ask!

Insure them

Many of us have this problem when it comes to insurance. We tend to believe that worse-case scenarios never happen. In case things do happen, if you insure your items that are in your storage unit, not only will it help you sleep better at night, but you will be covered if anything goes wrong. If the storage unit facility offers insurance then take advantage of it. There’s nothing worse than losing your possessions because of a tragedy.

Newspapers

Using only newspapers to wrap your things isn’t the best idea. Fragile items can easily break within the paper itself. Try some bubble wrap and cover that with some paper.

Food

This is probably the most common issue that people make with their storage unit. Overtime, food will decay when it is not correctly refrigerated. Sure you can put food that doesn’t quickly decay in sealed containers, but we truly recommend not leaving any type of food in your storage unit.

Not Enough Time

Having a self-storage unit is a good idea. It’s OK to do it by yourself, (if your patience allows you) but be aware that the task of moving by yourself can be daunting. If you plan it right and have a few helpful hands, the experience would be better.

 

Thanks for reading, if you still have some questions, give us call at (248) 905-1402!

 

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What is HAFA

July 14, 2014 By

Teacher others the definition of HAFA that are residents of Lathrup Village, Beverly Hills, Birmingham, Southfield and other cities in Michigan

 

 

 

 

 

 

 

 

Home of Foreclosure Alternatives (HAFA) is involved with the federal government’s making Home Affordable Programs. With HAFA, Bank of America can decide an accurate list price and will pursue for improvements before you even list the property or to get an offer. If you want to move to a more affordable home because you can’t afford your current mortgage payment, then HAFA is just for you. HAFA gives you a couple of options when it comes to transitioning away from your mortgage: a short sale (or others may prefer as a Deed-in-Lieu (DIL) of foreclosure) is when a person sells their home for less than they owe on their home mortgage to avoid home foreclosure. As for DIL, the mortgage company gives you an opportunity to return the title, transferring the ownership back to the mortgage company.

You MUST have one of the following to Qualify

  • Fannie Mae or Freddie MAC isn’t going to generate your loans
  • Your mortgage was taken out before January 1, 2009
  • You missed payments of your current mortgage or you’re not sure that you will fulfill payments of your current loan in the future
  • If the amount of your first mortgage is either the same or less than:

$729,750 for a single home, $934,200 for a 2-unit property, $1,129,250 for a 3-unit property or $1,402,400 for a 4-unit property

  • That you are encountering a hardship such as loss of income, medical bills, or a divorce
  • The property has not been convicted
  • The corporation, partnership, or other business entities does NOT own your mortgage
  • You have one of the following hardships:

Your property loan to value is higher than 100% (That your loan cost more than the property value),  you have NOT bought any property for the last 12 months, your FICO (Fair Isaac Corporation) credit score is below 620 for the last 10 years, and you have NOT been condemned for felony larceny, theft, fraud, money laundering, and tax evasion that’s connected to a mortgage or any transaction in real estate.

                                                                                                              HALT! Did You Know?

Based off the basic requirements, Bank of America will also need an approval from the owner of your loan or the company that’s managing your mortgage. Each owner has different requirements. The guidelines may also differ if you have mortgage insurance on the current loan.

The HAFA Benefits of a Favorable Transition

  • HUD (recommended housing counselors and Real Estate professionals like the Calhoun Team Realty 248-905-1402) can give you free advice.
  • HAFA isn’t your common short sale choice. How is that? After you sold your short sale, the mortgage debt from the property will be released. You will NOT be held accountable for any of amount that was left or that you owe. The deficiency is guaranteed to be thrown away.
  • During the HAFA short sale, your mortgage company will assist you for an acceptable price.
  • After you close, you may gain $3,000 in relocation assistance from HAFA.

 

Relocation Assistance

The borrower (primary resident) has to depart in the period of closing. It does not matter if the borrower is getting the HAFA relocation assistance, he/she has to execute a Dodd-Frank Certification if they want to participate in the HAFA program. If a non-borrower rents the property, the whole $3,000 relocation assistance from HAFA must be paid to the non-borrower (if all the requirements of payment have been met) on the HUD-1. It cannot pay for any expenses of the non-borrower. Any portion cannot be maintained by the borrowers. Whoever fits the requirements, the borrower can assign the bonus to other tenants.

 

Still Have quesions? Please don’t hesitate to call the Calhoun Team Realty (248) 905-1402 today!

 

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How to Be A Good Tenant

July 7, 2014 By

How to Be a Good Tenant

 

 

 

 

 

 

 

 

 

Are you looking for a home to rent, but nervous about being under a bad landlord? Call the Calhoun Team Realty today (248) 905-1402, and not only will we find the place you desire at a reasonable amount, but also manage it the right way, and as Property Management, will do our best to help good tenants. Let’s say you found a nice place to live and you found a good landlord. You may ask, how can I stay on my landlord’s good side? Let the Calhoun Team Realty help you out with this one.

Reading

Read your lease. (Seriously) I know it can be a drag, but you don’t want to sign something you without knowing all the facts. Conflicts in the future can truly be avoided if you and your landlord can legally see eye to eye. If you truly don’t like reading it, ask someone you trust to help you with it. For this is important.

Your Way vs the Landlord’s Way

This goes hand to hand with the Reading the lease part. For example, you painted the walls, change the appliances, and basically transform the place. Which is nice and dandy and all, but would the landlord approve it? Let’s say they didn’t and he told you violated your lease by doing the things that is clearly said on the list “DON’T” or “DO NOT” on page 4 on your Leasing Agreement that you have signed without actually reading it. To avoid this, read the lease or at least have it documented where you and the landlord both agreed on you changing things around. Do not rely on a verbal agreement because landlords can make a mistake and “forget” in the future.

Notification

Let your landlord know in writing that you need some maintenance on the property, and you can check up on him by calling him. For landlords (good ones anyway) are bound to help you with maintenance on the property, but if the issue is really minor like changing a light bulb or something you really don’t have to pay someone to do, unless your 99 years old or you physically are not able to do it, don’t bug the landlord about it.

Be a Good Neighbor

Treat your neighbors like you want to be treated. No landlord likes to mediate an argument among tenants. If you have a problem with a neighbor, be the bigger person and try to handle it calmly. This will build a good relationship with your neighbors and help keep the landlord at ease when they know the tenants are getting along.

Take Care of It

Keep the place nice and kept up; if you have pets make sure you clean up after them. Not only will this show the landlord that you are a good example of a respectful tenant, but also you will no doubt have a good reference from your landlord.

“Perfect” Timing

Like everything else, you want to pay your dues on time. Most leases have it arranged where you will be charged a late fee after 3-5 days past the due date. This is called the grace period. You want to try your best to avoid this and pay your rent on time. For those who abuse the grace period and may not ever pay a late fee, it can come back and bite them when they need a reference because their previous landlord can easily say “he/she doesn’t pay their monthly rent on time.”

Want more tips? Call the Calhoun Team Realty today (248) 905-1402 and we will guide you to success by making things easier to live in your new home. Also, don’t forget we do Property Management as well, so don’t hesitate if you’re looking for the best property management in Michigan!

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How Do I Make My Home More Attractive

July 7, 2014 By

How Do I Make My Home More Attractive

 

 

 

 

 

 

 

 

Want to talk to an expert on Curb Appeal? Call the Calhoun Team Realty today (248) 905-1402 and let our experts show you the ropes.

Compete for the Best Price

To start, you must do the research on how much the other properties cost that’s in your neighborhood. (Try giving Rentometer.com a shot) You never know what the outcome can be!

I have a question for you. Do you need to sell your property, or would you like to sell your property? When you answer that question and estimate your time frame you will have a better approach when you start to negotiate.

 Making Your Home’s Curb Appeal Better

Let’s play a quick game called I’m A Buyer. Here’s what you have to do.

  1. Get in your car.

  2. Drive around the neighborhood and imagine you’re a person that’s looking for a new home.

  3. Pull up to your house.

  4. Give your home an UNBIASED review.

To help you out, try asking yourself this:

Does my driveway look good?

How does my yard look?

Is it well maintained?

How does my front porch look?

Doing this will help you put yourself in the buyer’s shoes. If you would like, you can ask someone else to do this for you or with you. Either way you want to know as much as you can, so you can make the right adjustments to your property.

Don’t Over Do it (interior)

You have the walls decorative or painted the way you wanted, but guess what? The buyer may dislike your design and might be turned off on buying the house. Not only do you get criticized for your design, but also lose a potential buyer.

Here’s the key to avoid situations like that. Keep it simple. It’s crazy but less is better. Think about it, if a buyer comes to your home and the house is freshly painted (white is the ideal color) you let the buyer use their imagination on what they want to do to the house when they move in.

Take Care of it

Any electrical issues, plumbing issues, stains on the floor, etc, please take care of these things quickly! You’re going to end up fixing them when you get to the closing stage, so you might as well fix them now. Keep in mind, doing this will make your home more appealing to potential buyers! Trust me doing this at the last minute is a bad idea.

The Stage!

During the staging period, you may want to hire a professional because their job is to focus the best parts of your home. They may charge you a few hundred dollars, but they may increase your sell price by $2,000-$5,000. You can’t go wrong with that. Just to include, you may have a real estate agent get involved with your staging. Let’s not forget, real estate agents have the same desire on selling your home too! (Want the best real estate agents that are pros on staging? Give the Calhoun Team Realty a call (248) 905-1402)!

The Online Market

In today’s society, people rely on the internet if they want to buy something because it’s easy and quick, so why not take advantage of the internet and upload your home yourself? Doing so will make things quicker in the long run.

(Don’t forget we upload houses daily. Check our listings HERE to see how our listings are different from other real estate sites and give us call (248) 905 1402, so we can get started on your home as quickly as possible)

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How To Find A Good Landlord

July 7, 2014 By

 

 

 

 

 

 

 

 

 

For assistance of a great renting property management team that cares for their tenants, give Calhoun Team Realty a call (248) 905-1402!

Some people don’t really pay attention to the landlord history before they move in. Unfortunately they take the risk of having a good or decent landlord or a bad one altogether. A few reasons why. Either they never thought about it or they wish they could investigate, but don’t know where to start.

Don’t worry let the Calhoun Team Realty give you some tips about finding a good landlord.

Screening

That’s right, screen them! Since the tenant has to be screened by the landlord to see if they have been naughty or nice, you can do the same to the landlord. What’s their history? Was he/she a good landlord in the past? You need to screen them to find out.

Facts

This goes in harmony with screening. While screening, look for facts about them, good and bad. How long have they been a landlord? How many lawsuits have they been in? Look for their history of their proprieties, are they well maintained? Ask other tenants and neighbors on their views about the landlord. You want to make sure that you have a good landlord for it will be better for you in the long run.

Contract

This is a case for a good landlord gone bad. Make an agreement that if he violates the contract of being a landlord, then you have the right to move out or get another place due to their violation. Landlords must agree to this.  You shouldn’t go through bad management if you’re being a good tenant.

So don’t.

Cover yourself by making a contract that both sides can agree on, and if the landlord can’t keep up with his side of the bargain, then you have a legal way out.

(By the way, if the landlord is uneasy about agreeing with the contract then it’s a sign that he is either not a good landlord or are not confident on doing their part)

Remember we also do Property Management. We treat our tenants the same way we want to be treated, and that’s with high standards, so call the Calhoun Team Realty today (248) 905-1402!

Have anymore questions? Look at the slider below for a shortcut to another question.  If you don’t see any questions that you’re looking for give us a call today (248) 905-1402 and we will do our utmost to assist you with your questions!

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How to Rent Out Your Home

July 7, 2014 By

How to Rent Out Your Home

 

 

 

 

 

 

 

 

Did you know that the Calhoun Team Realty is also in property management? Give us a call today (248) 905-1402!

Becoming a landlord is like everything else, it comes with responsibility. Doing so you have to make sure your property is safe and presentable for respectful tenants. You will need a home inspection from your city. A good looking house will not only increase your chances of obtaining a respectful tenant, but it will also give you a better opportunity to raise the rent of the property.

Is It Functional?

Plumbing is an essential; for it will give the tenants comfort when there are no water issues.

If you have an older home, make sure the electrical wiring is well taken care of. Not only your home will have proper electricity, but also your tenant wouldn’t have to worry about any potential safety hazards.

Freshness + Cleanliness = Happy Tenants

New paint, new carpet or wooden floors is a plus for tenants. The fresher the better!

  • Check each room and see if everything is up to date. That means all the light bulbs are new and electrical outlets and switches are functional
  • Make sure the stairs are safe to go up and down
  • All the doors knobs are in good use
  • Make sure the appliances are new

(If they are not new then make sure they are functional and well maintained)

  • Make sure the roof is good and the gutters are clean
  • It wouldn’t hurt to have the front and backyards nice and presentable

Your Home Status

You must contact your mortgage company and let them know that you are no longer a resident and want to rent out the property. The company will give you permission to rent it; also you may have to pay a small fee.

Changing Homeowner’s Insurance

You must switch your landlord property insurance to rental property insurance. The policies are different and brace yourself because rental insurance is going to cost you more than your homeowner insurance.

Who’s the Manager?

Are you going to hire a Property Manager or are you going to handle it yourself?

  • If you like to save money then manage it yourself, but it is not an easy task for it will be stressful for you. For you will have to negotiate a price for rent, handle the lease signing, gather the rent, handle the repairs, and be the main person to call when something goes wrong.

 

  • Most property managers will charge you 10% of the rent, but they will handle collecting the rent, and handling repairs. Making it a lot easier for you. A lot of landlords choose a property manager to handle their property for its less stressful and a time saver for them (Want to get started with the right property management? Call the Calhoun Team Realty (248) 905-1402 and we will get started right away).

 

  • There are some property managers that will work with you by doing certain jobs for you. For example if you’re ok collecting the rent, interviewing tenants, but you don’t want to be responsible for the repairs or maintenance, you can hire the property managers and they can be responsible for those jobs instead (Want to work with property managers that are reasonable? Call the Calhoun Team Realty (248) 905-1402 and we will get started quickly).

Take your time with this, for it’s a serious decision.

Rent

 

Another serious decision to make. With proper research you need to decide a reasonable amount to charge your tenants. Remember you don’t want charge too low because you will not make a profit and also if you charge too much you won’t make any profit, for no one will pay for something that’s overpriced.

 

There’s a couple of ways to handle this.

 

You can hire property manager(s) and they will do the work for you on estimating a good amount on rental property.

Or

You can do the research yourself by going to different sites and find similar properties and see what they charge. Take a look at Rentometer.com for it will help you decide if you are charging too much or less on renting out your property.

Remember!

Experienced landlords mostly put away 20%-25% of rental income for future maintenance or repairs.

It’s a good move to rent out your property, but be aware of the stress and responsibility of financial accountability that comes with it.

 

The Tenants

After you know all the basics of renting out you property, it’s time to discuss another important aspect of renting out your property. The tenants!

Interview Tenants

By now a bunch people have responded to your ad, and someone wants to rent. There are many ways of picking out the right tenant through an interview. Here are a few suggestions that can help you have a better idea.

Applications

With this you will know their basic information, contact information, and so on. Also you will know if they are unemployed or if their income will not pay the monthly rent.

 

 

Remember!

Not only treating people differently is wrong, but also it’s illegal, so it’s highly recommended to treat people fairly, and give everyone the same opportunity. No matter whom they are.

Facts

Sometimes we take chances on relying on our gut, but this is not the time to do that. For it may cost you in the end, so to avoid that try relying on facts and you can do that by making sure you check the tenant’s credit and checks. Sure the tenant may have good intentions and show a good 1st impression, but when it comes to renting out property should be taken in some serious consideration.

Conducting Credit and Reference Checks

This is similar to filling out an application. With this tactic, you can shorten the list of those who can qualify or not by checking their background as if they have a criminal record and so on. Also, you can see their history to see if they have a good reputation of being a tenant or may have a habit of being evicted. Either way, you will be fully aware.

Security Deposit

Most times the security deposit can be handed to you as a landlord as an agreement with the tenant that they can rent the property. It’s the first and last month rent. Just in case the tenant wants to move out the deposit can cover the last month payment. It is recommended to let the tenant make a check and clear it before you go anywhere with the arrangement.

Lease

Pick a time to meet with the tenant and sign the lease together. Make sure both sides have their own copy of the lease. Before signing, make sure you and the tenant are on the same page of the arrangement, doing this will make things run smoother in the long run. When both sides have agreed, sign the lease, and keep a copy of the documents.

Rent Collecting

You can collect the rent in different ways. Collect the rent monthly from your tenant and deposit it. Before you sign the lease the tenant should be aware of the consequences when they are paying past their due dates.

Availability

Time will past and the tenant will come across issues on the property. It may be an emergency situation. With that said your tenant must have a way to contact you by phone, text, email, etc.

Doing Your Part

If it is written on the lease that you are responsible for the yard maintenance or trash pickups, make sure you take care of it in a timely matter. Doing so will build a good reputation as a landlord and also will increase a good connection between you and your tenant(s).

Eviction

Nobody wants go through an eviction, but it’s highly recommended for you to follow the law and hire a lawyer, so he can assist you. Doing so will help you solve the conflicts between you and the tenant. Eviction is something you truly want to avoid for it can be long and costly. No one can tell the future, but you have to be extremely careful when it comes to looking for a good tenant, so you can avoid situations like this.

 

If you don’t know, the Calhoun Team Realty is in property management. If you want the best assistance on managing your property give us a call today!

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