How Are Problem Tenants Evicted?
Even with careful tenant screening, many landlords find it necessary to evict a tenant from time to time. It is important to follow the law closely when you are evicting a tenant, or you could lose your case. This video will help landlords in Atlanta understand the eviction process.
If you believe you need to evict a tenant, talk to your property management company. Your property manager will have knowledge of the legal procedure you need to follow to avoid complications. You will need to give your tenant written notice of the issue and time to correct the problem before you proceed with eviction. With the help of your property management company, document all communications with your tenant and gather records of any warnings he or she received from the rental management company, as you may need them to prove your case.
Tap into These Benefits of a Short Sale on Your Property
When a financial hardship leaves you facing a foreclosure, a short sale could be the solution. As long as you work with a real estate agent who is experienced in the process and can help you get the right deal, a short sale could give you the fresh start you need. If you’re behind on mortgage payments, here are some of the benefits of contacting a short sale real estate agent in Atlanta .
Protect Your Credit
If a lender forecloses on your home, the damage to your credit report can be significant. A short sale could potentially protect your credit score from the dramatic hit of full foreclosure. Although a lender can sue for the difference between what your home sells for during a short sale and the remaining balance on your loan, many times lenders don’t pursue that balance if the homeowner has demonstrated a true financial hardship. Provided that the lender doesn’t sue for the balance, your credit score will be shielded from the worst impacts of losing your home.
Going through foreclosure can be an expensive process. You will have legal costs and other expenses associated with the foreclosure, all at a time when you’re already experiencing financial upheaval. A successful short sale will recoup a large amount of the money you owe the bank without the legal fees associated with foreclosure, so you can focus on recovering financially.
Foreclosure is a confusing process for many homeowners. You will receive letters from a number of different parties, often with information that seems to be conflicting, and it is not always easy to know where to find answers. During a short sale, you will work with a real estate agent who knows the process and can help you navigate it. Real estate companies who work in short sales can negotiate with your lender on your behalf, so you can avoid the stress that comes with trying to make sense of real estate foreclosure proceedings.
A Brief Overview of Short Sale Packages
A short sale can help homeowners recover when a financial setback puts them in danger of foreclosure. With the right real estate agent on your side, you can avoid the negative financial implications of losing your home and get a fresh financial start. Creating a short sale package is the first step in the process of starting over. Your short sale realtor in Atlanta will help you prepare your package. Here is what you need to know.
A short sale package is created by the seller and his or her real estate agent for the bank that holds the mortgage on the home. The purpose of the package is to demonstrate to the bank that short selling the home is the best solution to the homeowner’s financial problems with the mortgage. The package should include pay stubs, bank statements, tax returns, and any other documentation that shows your financial problems. You may also need a hardship letter to explain your situation. Typically, the package also includes a listing agreement with the real estate company you’re using for the sale. Failing to provide the correct documents could delay your short sale approval.
How to Get Started as a Rental Property Owner
Owning rental property can be a great way to earn money, whether it becomes your full time job or just an avenue for extra income. However, if you jump into ownership without going through the proper steps, your income generator could turn into a major financial drain. Start by working with the right real estate agents in Atlanta who can help you find a profitable property. As you enter the real estate market, keep these tips in mind.
Know Where You’re Investing
Even if you have heard that a particular area is about to see an increase in demand for rental properties, don’t try to conquer the rental market in an area you don’t know. If you choose an area that you aren’t familiar with, you may overestimate the desirability of the community, or you may not know what kind of tenant you should target. Real estate agents can educate you about the current market trends, but it also helps for you to have your own knowledge of the area to guide your investments.
Calculate Rent Carefully
When you’re deciding how much rent to charge for the property, be sure not to short change yourself. Covering your mortgage is not the only element to worry about as there are other fees associated with owning rental properties , from taxes to management. You will also need a cushion for when unexpected repairs are needed or for when the property is vacant. Talk to an agent to determine the right amount of rent to charge that fits the market and covers all of your expenses.
Hire a Property Manager
A residential property management firm is one of the smartest investments a landlord can make. Property management companies can perform tenant screening services, provide maintenance, and collect rent on your behalf. They know the law in your area and can help you handle issues like leases and evictions in the right way. By working closely with your property manager, you can ensure that your investment is protected.