New Property, Tax Credit Community, Working with limited budget
2006-06-19 12:37:58 · 8 answers · asked by MinnieMouse 1 in Business & Finance ➔ Renting & Real Estate
Check city hall.
2006-06-19 12:39:47 · answer #1 · answered by DELETED ACCOUNT 5 · 0⤊ 0⤋
Well, I'm just taking a shot here. A Rental Office and model apartment or apartments if the units are different, someone to be in the rental office to answer the phone and show customers around and work the leases and credit checks and to track the rental receipts and leases--I guess a management company could be retained to do the business end of it; a contractor or handyman to make repairs and prepare the units for new tenants; a company to mow the lawn and keep up the landscaping. Do you need a janitor to maintain the laundry rooms, foyers and other common areas, or will you make a deal with some of the tenants to do that for lower rent. Are you going to need someone for security. Is there a pool or playgrounds that need to be maintained. You'll need a company to take care of that. You'll have to prepare a handbook for the new tenants about what they can do with the apartments, terminating leases, who pays the electric, heat, hot water, garbage, etc. What about snow removal; maybe the grass mowers can do that. You'll need to contact Gas and Electric, Trash Removal Company, and who else. Good luck. Big job.
2006-06-19 19:53:33 · answer #2 · answered by Darby 7 · 0⤊ 0⤋
My rules
1. DONT HIRE ANYONE ELSE(do everythign yourself)
2.Have Terminx or Pest control to kill roachers,ants,other pest!!!
3.Have a termite person get spary your wood
4.Buy Building Insurance just in case of fire
5. Have your wires looked at every year(electric fires are usually not covered by insurance)
6. Have your tenants pay a deposit and inspect the building after leaving keep $500.00 for maintaining property
7. In your contract, ask for a deposit and one month down, so if your tenants leave you have money
8. IF all else fails call a management company to manage it for you
* Have fun,a dn be your own boss!!! I am proud of you and jealous of you, I always wanted to be a landlord
2006-06-19 19:48:03 · answer #3 · answered by tiger_9885 3 · 0⤊ 0⤋
Hire a live in manger to deal with all the day to day stuff. Let he/ or she live there for free on condition they handle all the needs around the building. Call the inspector and make sure the building is up to par that will giveyou an idea of the first steps to take.
2006-06-19 19:41:06 · answer #4 · answered by Xae 6 · 0⤊ 0⤋
get a exterminator on a monthly basis so you do not develop any termite or other infestations. have a handy man staff to fix problems as they arise. if your state allows it do the once a year inspection, you do not want those really nice renters to destroy te apts. i mean some are little disorganized but then you have the ones that create fire hazards or leave food all over apt attracting bugs or they never told you about the water leak etc...if allowed in your state charge a extra deposit for cats and dogs often you need to replace carpeting after they leave.
2006-06-19 19:44:57 · answer #5 · answered by j_ardinger 5 · 0⤊ 0⤋
Offer free unit to a maintenance man and a small salary. That gives you a tax break on the unit, you have 24/7 on call maintenance, and you can pay him less since he's living free.
2006-06-19 19:41:38 · answer #6 · answered by c 2 · 0⤊ 0⤋
The buildings have just been built? Is there landscaping yet?
2006-06-19 19:39:55 · answer #7 · answered by Iamnotarobot (former believer) 6 · 0⤊ 0⤋
take a real estate class
2006-06-19 19:40:22 · answer #8 · answered by yo~ 3 · 0⤊ 0⤋