Beware of Rental Scams

Posted on December 20, 2010 by Treva McCain

Sadly, rental scam artists are working hard in their attempt to “relieve” you of hundreds and sometimes thousands of dollars. 

It seems that for every legitimate rental ad on sites such as Craigslist, there is an equal number of bogus ads for the same property.  Typically the scam artists list the properties for nearly half the legitimate rental rate, and communication is limited to responding to an email address.  The scammers capture pictures from legitimate listings for use in theirs.   Inquiries are answered with some variation of, “Looking for a good Christian family to care for our home while we are doing missionary work in (fill in the country).   Please send $600 in money order or wire transfer and I will send you keys.”   Craigslist does the best they can to shut these ads down, but keep these things in mind to assure that you are working with a legitimate rental agency and to prevent yourself from becoming the victim of a scam.

  • NEVER, EVER send money in exchange for a key!  If the owner or his management company is not able to meet you to view the property, the listing is probably a scam.
  • If the only contact information you have is an email address, the listing is probably a scam.   It is easy enough for anyone with internet access to find out the owner of a property, so don’t be fooled by an email is signed by the name of the actual owner.
  • A legitimate owner or management company will have a working phone number.  It wouldn’t hurt to do a Google search on the phone number listed, just to make sure it is legitimate.  You can also check out the company through a Google search or through the Better Business Bureau .
  • Do not enter into a rental agreement via mail or courier, unless YOU have requested this due to logistics.
  • If you see multiple listings for the same property, beware.  Typically the bogus listing  is for substantially less than the legitimate one.

Remember, working with a Real Estate professional can help you in your search for the perfect rental, and help prevent you from becoming a victim of a scam artist.  Visit our listings at My Home Leasing .

Posted in Of Interest to Owners, Of Interest to Tenants | Leave a comment

Front Load Washing Machines

Posted on December 3, 2010 by Treva McCain

One of the great things about my job as a Property Manager is that I’m always learning new things.  Every encounter with a tenant, an owner, vendor, etc., is a learning opportunity.

Just this week I had a request from a tenant for service on the washing machine in his unit.  Seems not enough water was being extracted from the laundry during the final spin cycle, resulting in the need to wring the excess water out before placing items in the dryer.

After talking with Tim at RPW Repair, I learned a few things about washing machines that I didn’t know and thought I’d share the information with you.

Although I knew that front load washing machines require the use of high efficienty detergents, I didn’t know why, although I suspected that it was a ploy by the detergent industry to make more money.  I learned that there are really good reasons to use these high efficiency detergents, which are readily found in the laundry aisle of your favorite store, and are clearly labeled “he” .  These detergents are specially formulated to be concentrated and low-sudsing.  The low-sudsing property of these detergents is really important, as the presence of to many suds can confuse washing cycles, make proper rinsing of clothes difficult, and can cause the problem described above, failure to extract enough water from the laundry during the final spin cycle.  Use of regular detergents, especially in the usual quantity, can cause this problem.

Being the honest repairman he is (that’s why I use him, time and time again), Tim suggested checking with the tenant to make sure he was using the proper detergent (he was), and to try a quick clean of the machine before he made a service call.  Tim suggested adding 2 cups of white vinegar to the machine and running it through a cycle.  This will help to clean any buildup or soap residue from the machine, resulting in a cleaner rinse.  I’ve done this for years with my dishwasher, but never thought to do so with my washing machine.

Turns out this solved the problem.  Tenant is happy that they’re back to doing laundry (lol), and the owner is happy that a repair bill was avoided by the honesty and good sense of a repair technician.  When tenants and owners are happy, I’m happy.

Posted in Uncategorized | Leave a comment

Over Priced Rentals – Things to Consider

Posted on November 22, 2010 by Treva McCain

We work with many owners that are considering rental as an option for homes they are unable to sell.  One of the most common issues we face are owners that have an unrealistic expectation of the rental value of their home, and insist on marketing it at an inflated price.

It is important for owners to understand that by overpricing their homes, they are creating obstacles from the onset.  Some of those obstacles are:

  • Since potential tenants are looking within a specific price point, overpricing puts you outside their range and your home will not be found.  If your home is priced much higher than the competition, yours stands a good chance of being passed over.
  • Multiple price reductions makes you appear desperate and invites negotiation.
  • The longer your property is on the market, the “staler” it gets, also inviting negotiation.
  • If your home is overpriced, you may very well be losing money in terms of additional mortgage payments you are making while waiting for a tenant. 

It is always wise to consider the “value of time and money”, and listen to your Property Manager’s recommendation when setting the rental price for your home.

Posted in Of Interest to Investors, Of Interest to Owners, Uncategorized | 1 Comment

Holiday Travel – Suggestions For Your Property

Posted on November 18, 2010 by Treva McCain

With the Holiday season upon us, many of us will be traveling to visit family and friends.  This means that your home will most likely be empty.  It is prudent to think ahead and take precautions to minimize break-ins.

  • Leave at least one light on in the home.  Better still, use timers to turn lamps or a radio on in different rooms at different times.  Studies show that 90% of burglars target home that are dark.  The addition of sound in the home further reduces your chance of a break-in.
  • Make sure all windows and doors are locked.  Don’t forget garage doors, since they are the weakest point of entry into homes.  Manually locking these doors from the inside while you are away is recommended.  And always, always lock the door from garage into the home.
  • Stop newspaper and mail delivery until your return.  A dead giveaway to an empty home is a pile of newspapers on your doorstep, as is a mailbox stuffed full of mail.

In addition to concerns about break-ins, it is not the only concern for Holiday travelers.  Remember to check, and check again, to make sure that all appliances are off.  Remember to check burners on the stove, the oven, curling irons, coffee pots, irons, etc.  Also, if you are in an area where the weather is expected to be below freezing, be sure to leave water dripping to avoid frozen pipes.  I always make these items a part of my travel checklist.  Spending a few minutes before leaving home can save you a lot of worry when you are far away.

Have a safe and enjoyable Holiday!

Posted in Of Interest to Investors, Of Interest to Owners, Of Interest to Tenants | 2 Comments

Give Your Rental Property More Curb Appeal

Posted on November 16, 2010 by Treva McCain

No matter the condition of the interior or your rental property, if the outside doesn’t make a good first impression, potential renters will be turned off before they even get in the front door.  Some quick, simple, and fairly inexpensive solutions to increase your property’s curb appeal are:

1.  Beautify The Pathway – Start by looking at your property from across the street or from the driveway.  What can be done to make the journey from driveway to front door more attractive?  If the sidewalk is old and cracked, consider replacing it with stepping stones, concrete pavers, or even facing it with tile.  Take a look at the driveway.  Are there cracks that need to be repaired?  Although resurfacing a concrete driveway can be a little more costly if done by a professional, there are products available at your local home improvement store that will allow you to do the job yourself.  Freshening an asphalt driveway can be accomplished rather inexpensively using products also readily available at your local home improvement store.

2.  The Front Door – If the paint on the front door is old and faded, a fresh coat is very inexpensive and easy for homeowners to do themselves.  If the light fixture at the front is old, rusted, or slightly askew, now is a good time to replace it.  If the door knocker, door knob, or lockset look tired, replace them to match the light fixture, or at least use metal polish to freshen them.  If house numbers have lost their luster, replace them now.  While you’re at the entry, throw away your old “Welcome” mat and replace it with a new one.

3.  Freshen The Trim – To really make your home stand out from the competition, consider investing in the cost of a gallon of paint and a few hours work, and paint the trim around the windows and doors.   While you’re taking a look at the window trim, also look at worn window screens and replace if necessary.  You’ll be amazed at the difference these details will make.

4.  Plants – Planting flowers along the walkway or replacing old or dead shrubs can make a huge difference.  Adding container gardens on either side of the front door can add a welcoming feel to your property.

These touches can go a long way in helping your property stand apart from the competition, make a good first impression on potential tenants, and lease more quickly.

Posted in Of Interest to Investors, Of Interest to Owners | 1 Comment

CO Detectors Required in Rental Properties

Posted on November 3, 2010 by Treva McCain

Many new landlords may not be aware of the State requirement that all rental properties have CO detectors installed in their properties.  Although many newer homes had these installed during construction, many older properties, especially those new to the rental market, may be lacking these very important devices.

N.C. Gen Stat. § 42-42 to 42-44 – Landlord and Tenant Articles – Residential Rental Agreements
<Effective Jan. 1, 2010>   Requires landlords to provide one operable carbon monoxide detector per rental unit per level.  A landlord that installs one carbon monoxide detector per rental unit per level shall be deemed to be in compliance with standards under this subdivision covering the location and number of detectors. The landlord shall replace or repair the carbon monoxide detectors within 15 days of receipt of notification if the landlord is notified of needed replacement or repairs in writing by the tenant. The landlord shall ensure that a carbon monoxide detector is operable and in good repair at the beginning of each tenancy. Unless the landlord and the tenant have a written agreement to the contrary, the landlord shall place new batteries in a battery-operated carbon monoxide detector at the beginning of a tenancy, and the tenant shall replace the batteries as needed during the tenancy. Failure of the tenant to replace the batteries as needed shall not be considered as negligence on the part of the tenant or the landlord.  This subdivision applies only to dwelling units having a fossil-fuel burning heater or appliance, fireplace, or an attached garage.  Provides for penalties. 

Making certain that both you as a landlord, as well as your property are in compliance with all state and local requirements is just one reason to consider professional property management.  For information on our property management services or for a list of our available properties, please visit our website http://www.myhomeleasing.com , or contact me at treva@mytownhome.com or by calling 704-927-4432.

Posted in Uncategorized | Leave a comment

Rental Properties Are a Good Investment For Some

Posted on October 28, 2010 by Treva McCain

Although the Charlotte real estate market hasn’t been hit as hard as in places such as Florida, Phoenix, Las Vegas, or Southern California, due to foreclosures, short sales or simply distressed owner, price drops in the real estate market continue.  While this is certainly bad news for owners, it is the perfect time for investors to start buying. 

Many investors, primarily those purchasing their first property, tend to look at properties that appeal to them personally, and that fits their needs.  When looking for investment properties, you need to put personal feelings and emotions aside and look at properties through the eyes of a prospective tenant.  Tenants expect a well maintained, clean property in reasonable proximity to where they work.  If the property you are considering needs a great deal of work, don’t make the mistake of spending a large amount of money on “bells and whistles”.  Your rental property needs to compare well to others in the area, period.  It isn’t necessary to make turn it into a palace, and doing so will take that much longer to get a return on your investment. 

As I’ve stated in prior posts, always, always, always consider the full financial aspects of your purchase.  Run a cash-flow model, calculate annual revenue, remembering to factor in a vacancy rate, maintenance, taxes, etc.  A good REALTOR ®  and Property Manager can assist you with purchasing a property in your price range with the right rate of return on your investment.  Contact us at 704-927-4432 or email us .

Posted in Of Interest to Investors, Of Interest to Owners | Leave a comment

Fluffy or Tiger or Fido, Oh My! (Allowing Pets)

Posted on October 27, 2010 by Treva McCain

When entering into a property management agreement with My Home Leasing, many owners struggle with the issue of allowing tenants to have pets. As someone who has pets, albeit outdoor ones, I can sympathize with their struggle. Fact of the matter is, we see very little damage caused by pets. Most tenants would no more allow their pet to damage a property than they would cause damage themselves. Although there are no guarantees, our screening of prospective tenants includes information from their prior landlords. High on the list of questions we ask the prior landlords pertains to pets.

Our rental contract with tenants requires a pet fee, determined by the number of pets. They key here is a pet FEE, not a pet deposit. The fee is non-refundable, even if there are no damages caused by the pet. Additionally, the tenant’s security deposit could be used to cover the cost to repair damages, if any.  

Having said that, aggressive breed dogs are in a category of their own.  In most cases, allowing an aggressive breed dog to be kept at a property can, and probably will, cancel an owner’s insurance.  As with most things in life, there are options.  If the tenant is willing to obtain their own liability insurance, naming the owner as “also insured”, then the owner may be willing to allow the pet.

It is important for owners to realize that, by not allowing pets, we are immediately reducing the number of prospective tenants by at least 50%.  I always advise owners that are hesitant to allow pets to make pets conditional, meaning that they can look at each individual situation and make a decision accordingly.

For more information on our property management services for Charlotte, Waxhaw, Fort Mill, Monroe, or other towns in the Charlotte area, or to view rental properties currently available in these areas, please visit our website, http://www.myhomeleasing.com , call us at 704-927-4432, or email us at treva@mytownhome.com .

Posted in Of Interest to Owners, Of Interest to Tenants | 1 Comment

Common Mistakes Owners or Investors Make

Posted on October 25, 2010 by Treva McCain

Managing your rental properties takes time, certainly money, but it also takes knowledge of the ins and outs of property management.  Some common mistakes owners make are:

  1. Being in a hurry or being desperate to find a tenant.  Here, the old saying, “Act in haste, repent at leisure”, couldn’t be more true.  Putting just any tenant is your property may just be heaping insult on injury.  Which brings us to:
  2. Improper screening of tenants.   Consider the following:
  • Credit score – in addition to the score, take a look at what might be driving it down if applicable.  If medical collections are the problem, you might choose to ignore them.
  • Income.  Is the tenant monthly income 2 1/2 to 3 times the rental rate?  If not, you may be setting yourself up for future problems.  Require last two pay stubs, or of tenant has moved to take a new job, their offer letter from the new employer would work.
  • Criminal report.  You can require your tenant to obtain a criminal report from the Sheriff’s department.  Cost is nominal.  Always know as much about your tenant as possible.
  • Prior landlord reference.  How was their payment history with the prior landlord?  Late to them probably means late to you.

         3.    Over or undercharging for the property.  Over charging, or pricing the property too high will increase the days your property sits vacant.  Think value of time and money.  Price your property too low, and your       cash flow is negatively affected.

         4.   Failure to understand the full financial aspects of the property, and building sufficient cash reserves.  Some overlooked items may be: 

  • Insurance
  • Property taxes
  • Minor repairs such as seasonal servicing of HVAC system, while not expensive, require the necessary cash to be on hand.
  • Major repairs such as replacing the roof, exterior painting, etc., require greater cash reserves be on hand.  Depending on the age of the HVAC system, you may face replacement or major repairs.
  • Probably the most overlooked expense is possible down time between tenants.
    For an assessment of your property, or more information about our property management services, give us a call at 704-927-4432, or email us at treva@mytownhome.com .
Posted in Of Interest to Investors, Of Interest to Owners | 1 Comment

Tenant Security Deposit – Norman Wear and Tear or Damages?

Posted on October 20, 2010 by Treva McCain

A common question asked by both owners and tenants regards the return of a tenant’s security deposit. Once the lease term expires and the tenant moves out, we are required to return tenant’s security deposit, less any damages, within 30 days of move out. The question is, how do we determine damages? The short answer is that tenants are responsible for damages over and beyond normal wear and tear.

As your property management company, it is our job to know, within reason, the condition of your property. During our initial visit to your property we make notes, take pictures, etc. Additionally, each tenant is provided with a move-in inspection form which is used to note any maintenance issues that need to be addressed, or to simply note something that they do not want to be held responsible for when they move out. A great example of this would be a carpet stain. Those of you that have children are well aware of the problem that occurs when a “red” beverage is spilled on carpet . . . it is nearly impossible to get out, even by a professional carpet cleaner. The owner may have chosen not to replace the carpet, the stain may be small and will be hidden by furniture. The tenant needs to note the location of this stain on the move-in inspection form so that they have it on record that the issue existed when they moved in. Because we use this same form for move-out inspections, the tenant’s security deposit would not be charged.

Which brings us to normal wear and tear. Will a tenant’s security deposit be charged to repaint the house? If there is only normal wear and tear, no it will not. If their budding Picasso has used the living room wall as a canvas, then yes it will. Also, at move-out tenants, at minimum, will need to make sure that the kitchen (including appliances, counter tops, cabinets) and bathrooms are cleaned, that you have swept and mopped floors, carpets are vacuumed, and that all trash has been removed from the property. If carpets are dirty, they will need to be cleaned. If walls have been painted, they may need to be returned to their original color. Doing these things will help us in returning a tenant’s security deposit more quickly.

For more information on our property management services, or for a current list of our available homes for lease in Charlotte, Monroe, Waxhaw, Fort Mill, Harrisburg, or the surrounding areas, visit our site at http://www.myhomeleasing.com , or contact us at treva@mytownhome.com or by calling 704-927-4432.

Posted in Of Interest to Investors, Of Interest to Owners, Of Interest to Tenants | 1 Comment