by The Screening Guy | Jul 18, 2022 | Uncategorized
Whether you’re thinking about investing in real estate or you already own property and you’re preparing to rent it out, it never hurts to learn a few interior design tips. Making upgrades to your rental can help you attract top-notch tenants! Plus, certain upgrades can boost your property value and enable you to charge higher rental rates, providing a generous return on your investment. Ready to practice your DIY skills? Here are some interior design ideas to help you create the perfect rental home!
Treat Your Rental Like a Real Business
Before you get started on your rental upgrades, consider establishing a formal business. Forming an LLC is a great way to shield your personal assets from business-related debts or lawsuits. Running your rental like a real business will also show tenants that you’re a professional, credible, and trustworthy landlord.
Consider also hiring a property manager to make your life easier. If you live far away from your rental or own multiple income properties, hiring a property manager is a no-brainer. You can also work with Screening Guy to ensure you get the best tenants and avoid potential liability!
Design Multi-Purpose Spaces
When it comes to making property upgrades, it can be tough to know where to start. Take a look at the overall layout of your unit to determine what needs to be done. Think about ways you can create zones to enable multi-purpose use of the space. Tenants who work remotely or exercise at home will appreciate the flexibility to use open living areas for different activities.
There are many different ways to break up open floor plans. Installing different flooring types is one option. The Spruce explains that you can also use light fixtures and paint colors to create distinct areas — like a low-hanging light fixture over the dining area or an accent wall where a couch could sit. Ceiling beams, elegant columns, french doors, and built-in bookcases are also fantastic for creating separate zones in an open floor plan.
Make Essential Repairs
Making cosmetic repairs to existing home features can also help you attract quality tenants. Replace broken light fixtures, swap out worn carpeting for sleek hard floors, make sure appliances are working properly, and hang new window treatments to replace old blinds and ratty drapes. Be sure to also check that doorknobs, faucets, and electrical switches are in working order.
Market Your Rental’s Best Features
To maximize the ROI of your rental upgrades, learn how to write great listing descriptions. Be sure to mention the home type, how many people it can accommodate, whether or not pets are allowed, and if there are any additional fees for things like parking or utilities. You’ll also want to decide on your ideal lease length and security deposit amount. Including this information in your listing will ensure you only receive inquiries from tenants who are happy with your terms.
Remember to focus on your rental’s most desirable features when writing your listing. Mention any cosmetic and functional upgrades you’ve made and how they will make life more enjoyable for your tenants. LandlordStudio suggests starting your listing description with the best unique feature you can offer tenants, like a beautiful balcony or hardwood floors.
If you’re looking to promote your rental on Instagram, make sure to post high-quality photos that show off your rental in its best light. Potential tenants will want to see what they’re getting themselves into, so make sure your photos are clear and inviting. Also, keep your posts interesting and engaging by featuring different aspects of your rental or offering special discounts for tenants who follow you on Instagram. This Instagram post maker makes it easy to share eye-catching content by customizing predesigned templates with your own images and text.
Most landlords aren’t known for their sense of interior design, but you can help break that stereotype! Try to see your rental as a future home rather than a source of income. By designing your rental with desirable features and beautiful accents and marketing it on Instagram and other sites, you’ll be able to attract great tenants who will stick around for years!
by The Screening Guy | Jun 14, 2022 | Uncategorized
Your current home doesn’t have enough space to reasonably accommodate your new home-based business. As such, you need to move into a home that better meets your needs. You might think it’s nearly impossible to start a new business while moving, but it’s more than possible when you have a solid game plan in place.
The Screening Guy invites you to employ the steps below to help you stay on track as you seek new accommodations for your startup business.
Know How Much You Can Afford
When you’re planning how to move into a new home and start a home-based business at the same time, The Motley Fool notes that you need to know how much home you can afford. To do this, determine how much you can take out of your current budget to make a down payment.
While you can start a home-based business and live in your new home all at the same time, you might want to consider renting to start.
Money Under 30 explains that renting can help you save up the money you need to make a down payment, pay off high-interest debt, build up your emergency fund, and afford basic monthly expenses, like your mortgage payment and basic utilities.
Get Pre-Approved for a Loan
Now that you have a rough idea of how much you can afford, it’s time to talk about loans. Getting pre-approved for a loan is simply having a lender determine how much you can reasonably afford on a monthly payment basis.
Lenders usually want you to submit your income, debts, and monthly expenses. That way, they can determine if you’re likely to be able to repay the loan on time, which is the first step to getting a loan approved.
Find a Real Estate Agent
After you’ve gotten pre-approved for a loan and a loan agent has determined that you can comfortably afford a monthly payment, it’s time to find a real estate agent. Real estate agents typically handle all of the marketing for homes that are for sale. What you want from them is to find properties that you can buy.
Search for a Home Online
You can use sites that show you homes that are right for you. Many sites let you apply filters that present homes according to your search parameters. This includes sorting by size, type, and square footage.
Marketing Your Business
After you have settled into your new space, it is time to start building brand awareness. A memorable logo is a great way to start this process. A strong logo can help you make a first impression with potential clients in your local area. A well-designed logo can help you stand out among the many competitors, depending on where you are moving to.
You are a new owner of a business and want to cut costs as much as you can. So instead of paying someone to design your logo, you can make it yourself online with logo makers. With a logo maker, you have many logo options available. You can also adjust every aspect of the logo, from color and text to images or icons.
As it pertains to the other many and varied aspects of marketing, you may feel the need to beef up your business skillset. A proven way to do this is by taking business classes, especially if the courses are geared to lead to a college-level degree. Consider taking online classes from an accredited university like WGU.edu to get the latest understanding of concepts like accounting, management, entrepreneurship, and, of course, marketing.
You might consider forming a DBA
Small business owners looking to expand their reach and sell additional products under a different brand name can use a “DBA” (or Doing Business As) as their business entity. DBAs allow you to market your brand under another name in the unlikely event that your domain is unavailable.
With these tips in mind and the tools in hand, moving and starting your own business becomes very doable. It’s possible to juggle both monumental tasks if you stick to your plan and carry through. You’ll soon be working from your new digs with the wind at your back!
The Screening Guy offers resources for landlords and property managers to better understand the law and improve landlord-tenant relations. Reach out for more info today!
by The Screening Guy | Jun 10, 2022 | Uncategorized
The Screening Guy is every landlord’s go-to source for screening resources, information, and services that will keep them compliant and keep up their profits. But what if you’re still on the fence about becoming a landlord? If so, you’re going to need some basic information to make sure investing in real estate is right for you and ensure maximum ROI. We’ve put together this guide for first-time landlords.
Finding the Right Property
It goes without saying that this is the first move you need to make. Here are a few things to keep in mind as you look at potential local properties:
Features
To attract your first tenants, your home needs to include certain amenities and features. Renters will take a look at the local area first, and then they will want to take a closer look at your property to ensure it has what they need to feel safe, secure, and right at home.
Improvements
As such, you may need to make improvements to your rental. One project with solid ROI is updating the fence around your property. These days, you can easily find reliable contractors online. Make sure to compare ratings and reviews, as well as ask about special discounts and deals. Be sure to get quotes from several licensed and insured providers to find the right fit.
Repair Costs
Understanding improvement and repair expenses is another crucial step for ensuring a savvy investment. Additionally, you may need to factor in an average of $1,800 per year in maintenance expenses.
Financing
Getting a mortgage for an investment property can be tough. However, you have other options for financing your purchase, as well as any needed improvements, repairs, and additional upfront expenses. Whichever method you choose, have financing in place before you start looking at potential properties. That way you will have a solid budget to work with.
Attracting the Right Tenants
Buying and fixing up an investment property is just the beginning. Once you’ve completed the steps listed above, you will also need to use these insights to attract and retain top tenants:
Market Strategically
Just like any product or service, you need to market your investment property well in order to turn a profit. There are plenty of websites where you can list your rental, but spend some time identifying your target market (families, students, etc.) and getting plenty of quality photos beforehand.
Screen Thoroughly
Want to be sure potential renters are a good match? That’s understandable, but you need to be extra careful about screening if you also want to avoid breaking the law. Many novice landlords don’t understand rules and regulations around screenings, and they often end up in hot water. Give yourself peace of mind and know the basics of rental criteria and more.
Keep Up With Repairs
Planning for maintenance and repair costs for your investment property is crucial because renters will be more likely to stick around if your home is properly maintained. In most states, rental property owners are legally required to complete certain repairs and maintenance projects. A property manager can help manage repairs and related paperwork.
Owning a rental property can be a fun and very effective way to pad your savings — but only with the right savvy and planning. Hopefully, this guide has given you the information and resources you need to get started and to decide whether investing in real estate is a smart move. And if you need additional tips for protecting your investment and screening potential tenants, be sure to check out the Screening Guy’s resources and blog.
Photo Credit: Rawpixel
by The Screening Guy | Jun 10, 2022 | Uncategorized
Investing in real estate can be as challenging and exciting as it is lucrative. If you are venturing into real estate for the first time and considering investing in a vacation rental, there are some things to keep in mind. Follow these tips to help your business succeed.
1. Choose a Good Location
Location should be your top priority when searching for a vacation property. Your rental location determines whether you will see high or low volumes of guests. A house near a beach or a lake will generate a lot of income in the summer, and a cabin near a ski resort will be in high demand during the winter.
Experts recommend choosing a location near a year-round tourist destination to maximize your profits. Keep in mind that your down payment, property taxes, and utility costs also depend on where you purchase your rental.
2. Calculate the Costs
The upfront investment isn’t the only expense you’ll need to consider when making your first rental purchase. The cost of upkeep can add up, so be sure to factor in utilities, regular cleaning and maintenance, and potential repairs when determining how much you can afford to invest.
Managing a vacation rental can be deeply fulfilling, but it can also be stressful and time-consuming. You might want to hire a property manager who can help ease the burden. These professionals can handle bookings, coordinate cleaning, and ensure a positive guest experience, giving you more time to enjoy the profits.
3. Spruce Up the Place
Before you welcome your first guests, you need to get your property rental ready. Complete any repairs or improvements that need to be done, including minor updates such as landscaping or a new coat of paint. Since guests will be there to relax and have fun, you should invest in comfortable furniture and stylish decor to create an appealing environment. Provide plenty of lighting and ample storage solutions so guests can easily make themselves at home.
4. Market Your Rental
Attracting guests can seem like a challenge, but there are tools to help you boost your profile and get more bookings. Make sure to have quality photos that highlight the best features of your listing. These photos are the first thing potential guests see when they get to your listing, so you might want to invest in a professional photographer for more polished results.
Maximizing your listing’s visibility is vital, so try to promote your listing on social media, create a website, or post to multiple marketplaces. Advertising on sites like Airbnb and VRBO comes with fees, but it allows you to reach a wider audience of vacationers searching for a rental in your area.
By creating high-quality content, you can attract new guests to your rental and keep them coming back for more. Additionally, content marketing can help you build relationships with potential guests and build trust. Fortunately, there are resources available like Cornerstone Content to help you get started with content marketing.
5. Establish a Business
When getting into the vacation rental business, it’s good to establish a limited liability corporation, or LLC, to protect yourself and your assets from personal liability and prevent headaches during tax season. There are helpful online formation services that can help you start an LLC. If you have a larger budget, you can also hire a lawyer to help you establish your rental property as a business entity.
When you’re ready to start searching for tenants, visit Screening Guy to avoid potential liability and find high-quality tenants.
Owning a vacation property is an exciting way to earn passive income and increase your net worth while enjoying the benefits of having a second home. Increase your chances of success by investing in a good location, understanding the costs, and promoting your listing.
Image via Pexels
by The Screening Guy | Jun 8, 2022 | Uncategorized
Your Home, Your Aging Loved One’s Haven
Preparing your home for a loved one with Alzheimer’s disease doesn’t have to mean changing your entire lifestyle. There are a few things you can do to keep everyone safe as your family adjusts to your new housemate. Here are a few tips to get you started.
Start with a decluttering session. If you’re like most people, there is a good chance that clutter has piled up in your home without you noticing. And while a few too many pieces of furniture might not be an issue for you, your aging houseguest may not be able to successfully navigate disorderly rooms.
Deep clean your spaces. Once you’ve done a round of decluttering, you’ll be able to deep clean areas that may be holding on to bacteria, dust, and allergens that could impact your loved one’s (and your own) health. In addition to cleaning your floors and counters, be sure to clean your furniture, because your couch, chairs, and other pieces are among the dirtiest places in your home.
Consider how they will enter and exit the home. Mobility concerns are not limited to those in a wheelchair. For some older people, it can be difficult to gauge the height of steps. This makes entering and exiting the home especially dangerous. Consider installing a wheelchair ramp, which will eliminate the potential for tripping and falling on stairs.
Limit the need for stairs. If possible, reduce the need to travel up and down the stairs by putting your loved one’s bedroom and bathroom on the first floor.
Light it up. With age, a person’s eyes don’t adjust to changing lighting situations quite as well as in their youth. Coupled with delayed reaction and inhibited cognition, a dark hallway or dimly-lit bathroom presents a falling, tripping, or impact-accident hazard to an elderly person. Something as simple as LED strip lighting in the hallway will help.
Add a personal touch throughout the home. Moving into someone else’s home can take its toll physically as well as emotionally. You can ease some of the emotional pain by providing a familiar atmosphere for your loved one. Whether it’s an heirloom blanket, a favorite chair, or beloved piece of art, incorporate some of their personal belongings throughout your house to provide a sense of comfort and familiarity.
Make their room comfortable. Prepare their room by adding comfortable linens, blinds or curtains, new lighting and any of their favorite decor. Consider also mounting a TV on the wall, and adding a smart speaker they can use to listen to music, use as a sound machine or to help them stay connected or find out about the weather.
Keep healthcare and provider contact information visible. In case of an emergency, you’ll need to easily access health care provider information along with documents for health insurance and a list of medical conditions. Now is also a good time to put together any necessary paperwork you will need to make decisions on behalf of your loved one. This typically includes at least a power of attorney and a living will.
When you’ve made the choice to open your home and heart, you offer your loved one the opportunity to live in a loving environment. Follow these tips and your home will become a safe sanctuary for your loved one while giving you peace of mind as a caregiver.
