OK so attack is a bit dramatic but, my husband ahem, I mean business partner, spent several hours this morning rebuilding a gate at one of the properties we own and manage. The gate that was on the property had recently been kicked in and was in need of some serious repair.  Rumor has it that it was a neighborhood teenager that wanted to get in the back yard so he could smoke his marijuana. Who knows, I'm sure we will never know who the culprit was I just hope it doesn't happen again. The tenant requested that a taller gate be installed and we obliged.  While we were honoring our tenants request we also wanted to beef up the strength of the gate significantly to try to prevent any vandalism in the future. We don't generally have issues with vandals as we try to purchase properties that ... 07/24/2014

No matter how long you have been investing in Real Estate, it’s important to always follow a procedure.  Of course the most important step is to get started, don’t get stuck in the planning phase!   Get With the Plan   Figure out what your short and long term real estate goals are then create a profitable plan. Determine what steps you need to take to get started. Some of the steps include; setting up your business entity, determining your market, and building a team to help put the plan into action.   Analysis paralysis     Find a good analysis tool or spreadsheet to determine the numbers that will make the deal work for you. Once you have that in place, analyzing property transactions is pretty simple. If you plan on selling, calculate what the property will be worth when it is done, ... 07/15/2014

Studying for the Real Estate Broker exam in Kihei Maui HI I'm in the process of studying for my RE Broker exam in Hawaii, at the Ralph Foulger's School of Real Estate.  They bring their classes to Maui once in a while so it was a great opportunity to attend this month.  It's 3 full days a week, for 3 weeks in a row.  Intense learning for an important license. We're using a room at the South Maui Center on Lipoa Street in Kihei.  There's some real estate offices and other services in the building, and they host a Farmer's Market every Saturday morning. Our class consists of just 10 students, including 3 others from Hawaii Life.  The instructor Ralph is doing a great job of getting us through the course material and things are going well.  It's not easy to be devoting so much time to stud... 07/13/2014

Finding good tenants is a hard task, whether they are renting their first apartment or are an experienced renter, it is important that they follow some basic rules. Leaving a landlord or property management company with a good impression can help them in the future when renting another place.  Rules to live by to be a good renter #1 First thing, read the lease so that you know what you are agreeing toA lease is a legally binding contract that you are entering into with the landlord or property management company on behalf of the owner. The lease should specify things like the names of the people who will be living in the rental property, the length of time you are agreeing to live at the property, the amount of rent, and the date on which it is due. It should also list any penalties for... 07/10/2014

Uh-oh, despite your thorough tenant screening  you have discovered that you have bad tenants.  This can happen to anyone; sometimes people look good on paper and put up a good front when you meet them. The most common issue we face as landlords or property managers is that tenants fail to pay rent, but that is certainly not the only problem landlords encounter. Some issues may not be deal breakers but will still need to be addressed, for example, perhaps you find out that there are more people living at the property than are allowed in the rental agreement. Another common rule that gets broken is the no pet rule. You may have a policy against pets, but learn the tenants have adopted a pit bull and they keep it in the house. Then better yet you find out the pit bull is not housebroken. M... 07/07/2014

Maui Hawaii South Shore Condo Listings Newsletter - June 2014Did you miss your newsletters?  Maybe you missed out on all the Maui condos that are selling.  New listings are still coming in at a slow pace, and buyers who are prepared are grabbing the best ones as soon as they come on the market.  These new condo listings are under contract, so you can see what is actually selling...------------------------------------------------------------1.  Koa Kai, South Kihei,  $220,000.00- clean 1BD/1BA unit of 600 sf, not a short term rental but has a nice little pool, solar hot water is a bonus, pets are allowed- located at the top end of Walaka Street and not far from beaches and restaurants2.  Kihei Villages, North Kihei,  $236,000.00- vacant and unfurnished 2BD/1.5BA ground floor unit with sm... 06/21/2014

Given the unknown future of the economy I participate in a lot of conversations about how to best position ourselves for 1. a slowly recovering economy (our current trajectory) or 2. an economic collapse.  When it comes to being a property investor it begs the question, Is it best to have our properties paid off, or should we have them mortgaged to the hilt?  The answer really depends on what is going to happen with the US Dollar.  If you take a look at the last few years, obviously the USD has not fared well.  The USD isn't really money and hasn't been since we went off the gold standard in the early 1970's, it's currency backed by nothing.  The same goes for the world currency.  History has proven over and over that fiat currency has a 100% failure rate.  It typically fails in the for... 06/19/2014

As a property management software distributor catering to the property management industry, we're often asked:  "What documents do we need to keep?".  This varies state to state; however, I've begun compiling a list of documents that landlords and property managers absolutely must keep; not just for the term of the tenancy, but beyond. Basic Documentation: Lease Agreements - Perhaps the most important document within your collection, this document defines the landlord / tenant relationship and is an absolute requirement to retain. Management Agreements - If your a property manager and have agreements to maintain properties on behalf of owners, these agreements are gold. Move-In Inspections - Whether this be a document with written down defects in the property, or a video or pictures of ... 06/16/2014

  Wouldn't it be great if getting rich investing in real estate were as easy as buying a DVD from one of those late night infomercials or attending some local seminar on how to flip a house. I’ve got to break the news to you, there is no secret get rich quick formula for investing in real estate. Don't get me wrong there are a multitude of ways to make some money and maybe even get rich investing in real estate. The other side to this is that there are also a multitude of ways to lose some money. We've all seen the infomercials and ads promising to make you a millionaire "for only three monthly installments of $39". My advice to you would be to save your hard earned money, most of the advice given only works in ideal situations and a lot of it is pretty darn risky. The real "secret" to ... 05/29/2014

Technology is always advancing. Scientists and other experts research and develop new, faster, and easier ways to accomplish tasks every day. These technological advances are made in response to a demand or desire most of which are meant to improve our quality of life. It’s now easier to; connect with friends and family, get information, and complete many of our day to day activities. Technological advances have also been made in the property management sector. Technology is helping landlords and property managers track and securely store important files regarding their properties and their tenants. Gone are the days of having stacks of papers piled on your desk  or over flowing filing cabinets. While we can’t go completely digital, hard copies of important documents are still good to k... 05/15/2014

The answer is, it depends. First off it depends what state you're in, in Oregon starting July 1, 2014 it will be illegal to reject an applicant because they are on HUD. In California it's still legal but Connecticut it's not and on and on, so please check your state laws regularly. In my post a while back called A New Year is Coming, Time to Review Your State's Rental Regulations I highlighted some other changes that we as landlords and Property Managers need to be mindful of. Secondly, it depends if the prospective tenant meets all of your tenant screening criteria. If the tenant does not meet any one of your established criteria then you can, and should, choose to not rent to that individual.  This same bill (Oregon House Bill 2639) that will make it illegal to discriminate against Se... 05/01/2014

I have a rental property that just became vacant, or actually unbeknownst to me has been vacant for two weeks while my tenant skipped town without paying rent. But anyway, the point of this post is not to rant about my rotten tenant, not about the fact that she not only didn't pay rent but that she left with a word putting me in a situation where I was losing rental income every day it sits vacant. No, this post is about tenant selection criteria.  I've decided to revisit my criteria to update it with new laws and make sure that it is as solid as possible to protect myself as best I can for the worst case scenario. First off, I have to follow the criteria that the lawmakers in my home state of Oregon decided I should adopt. I guess I should thank them for making decisions for me, right?... 04/28/2014

We, as landlords and property managers always want to make our rental property business as worry free as possible. However, there is no getting past the fear of having our properties destroyed or not properly cared for because of bad tenants. This can definitely be a source of anxiety that a landlord and property manager must face. If those so-called “Landlord Nightmares” have not happened to you yet, and you are not screening your prospective tenants, it is likely going to happen one day. To avoid this "nightmare", it is very important to screen your prospective tenants.    Screening your prospective tenants will provide you with insurance of sorts to protect your business, your income and your existing tenants, if renting out a multi-family unit.  There are two methods to conduct your... 04/08/2014

Rentec Direct, a leading provider of tenant screening services for landlords and property managers, introduces a new setup process which radically simplifies the setup and credentialing process. The new setup process provides any landlord or property manager near instant access to nationwide credit and criminal data. Any landlord needing access to this information, or needing to improve the quality of their reports, can be setup and running with Rentec’s tenant screening products in just minutes. Rentec subscribers who have used the new tenant screening setup process say that Rentec provides faster setups and access to the vital tenant screening data than any other screening service on the planet. To simplify the setup process, Rentec has taken the process and simplified it down to a ve... 03/28/2014

Ocean views from the beachfront NANI KAI HALE condos in Maalaea Bay  It's a lovely spot in North Kihei where you can walk for miles along the beach.  Paddle a canoe or a stand up paddle board.  Watch whales.  Get some sun. Nani Kai Hale is a smaller condo complex with one 6-story building and a total of 46 apartments.  There are 6 units for sale right now, priced between $329,000 and $1,295,000 (2BD/2BA).  The most recent 1BD/2BA sale was unit 307 which sold for $399,000 in the summer of 2013. Nani Kai Hale - 73 N. Kihei Rd. - Kihei Maui HI 96753 Search for Maui condos for sale right here Georgie Hunter R(S) e-Pro, Hawai'i Life Real Estate Brokers 161 Wailea Ike Place C-103B, Wailea HI 96753 127 Hana Hwy. #G, Paia HI 96779 800 667-5028 ex 8241 direct: 808 283-0635 03/27/2014

Every landlord should require tenants to pay a security deposit to be held in an account for that particular property to pay for; damage to the property above normal wear and tear, non-payment of rent, early exit from the lease agreement, etc. Some landlords are uncertain about how much should be required for a security deposit. Recently the question has come up as to how much can legally be charged for a security deposit and the answer is, it depends. In many states there has been an attempt to limit a landlord's rights regarding the amount that can be charged for a security deposit. In a few states such as California there are laws in place that set the maximum security deposit amount. It is important to realize and take note that the security deposit for residential property is requi... 03/18/2014

Maui Hawaii South Shore Condo Listings Newsletter - March 2014We could still use some more condo inventory as the past month only brought out 65 new listings, which is way down from the normal 90 or so.  Of these 65, 13 are already under contract, predominantly priced under $400,000.  Here are some of the nicer looking Maui condos for sale, still waiting for new owners.  Which one fits your budget?------------------------------------------------------------1.  First Time Buyer, South Kihei,  $253,900.00- nicely upgraded 2BD/1.5BA upper floor condo with covered lanai in a quiet corner of the complex, 2 parking stalls that are not stacked is a bonus- ceiling fans and wall A/C, newer appliances, tiled and carpeted floors, granite counter tops, new vanities in bathrooms, not furnished as it... 03/16/2014

Curb appeal is an important component to keep in mind when trying to catch the eye of a prospective tenant. The visual appeal of a property definitely comes into play when a tenant is considering multiple properties. Factors that effect curb appeal include; landscaping,  paint, exterior features such as rock work, decorative shingles, or shutters, and of course cleanliness. Because the exterior of the home is the first and the last thing your prospects will see making a good impression is vital. Today I'm going to address considerations when choosing to paint; Quality Paint is one of those products that you don't want to skimp on the quality. Purchasing a quality paint product in most cases will give you more value for your money in the long run. The key when choosing paint is to look a... 03/04/2014

According to the business dictionary an asset is defined as something valuable that an entity owns, benefits from, or has use of, in generating income.  In the property management and landlording industry there are certainly a big list of items that should be copiously tracked to ensure the best management.Important items to track when managing assets: Purchase date Maintenance and repairs Warranty repairs Moving items from one property to another Billing the tenant if appropriate Physically identifying and recording a serial number or other identifying feature of the item Tracking assets using a good property management software is the easiest way to keep tabs on your assets. Some of the items to consider when tracking and managing your assets include the following five items.1. Asset ... 02/24/2014

As a landlord if you find yourself in a situation where your tenant is not paying rent on time, immediately initiating legal action is a must. Legal action must be taken to avoid months of lost rental income.It can really be frustrating if your tenants are not paying their rent on time. You may want to knock hard on their door or feel like shouting to pay their rent. But, this is not be the best scenario. There are ways that you can properly recover your lost income from your tenant and still remain a professional rental owner. ●       Record all your tenant’s late rental payments and give them notice in writing          Keeping a detailed record of your tenant’s late payments can easily be done with good property management software. Property management software enables you to easily s... 02/20/2014