All Forum Posts by: Joseph Chen

Welcome to BP @Anant Lal.

We live in the same place. Please to meet you here. If you have anything to ask, feel free to visit our forum. The ME and members are willing to answer your questions. Goodluck to your business. 

Like any form of business, real estate business too depends on good marketing strategies in order to become successful and because today most people that are interested in purchasing real estate go online to search for real estate leads.

 Use Social Networking effectively to reach wide audiences and target clients. A good website will also help you improve your business. Try to register your services in real estates sites like craigslist and trulia. Don't forget Print, Phone and Relationship Marketing. While you're building an effective Web presence, don't forget the tried and true marketing practices that still work.

Generally, you can motivated sellers by find a targeted list of property owners. To reiterate, we’re not looking for just ANY property owners. We’re looking for people who are statistically more likely to sell their property.

OR

Try to:

• Place a newspaper ad (major daily)
• Bandit signs
• Drive neighborhoods looking for vacant houses and FSBOs
• Call FSBO ads
• Search MLS for junker properties
• Search MLS for expired listings
• Contact landlords who are evicting a tenant
• Contact landlords with properties for rent
• Pre-foreclosures
• Foreclosure auctions
• REO's
• HUD & VA houses
• Tax sales
• Estate sales
• Properties with outstanding building code violations
• Properties with outstanding health code violations
• Condemned properties
• Fire damaged properties
• Out-of-town owners
• Network with professionals, i.e. attorney, CPA, REALTOR?.
• Network with service people, i.e. letter carrier, pool service person, lawn service person, newspaper delivery person, carpet cleaning people, plumbers, etc.
• Bird dogs
• Wholesalers
• Magnetic car sign
• Distribute business cards EVERYWHERE
• Fliers
• Door hangers

The largest hurdle is generally getting your deposit together, although there are a number of other costs you need to be aware of. If you have started saving you can start to look at buying once you have around 5% of the purchase price.

If you have between 5% and 20% of the purchase price, you may need to pay what’s called Lenders Mortgage Insurance, which enables us to lend you a larger percentage of the purchase price. This can be included either in your upfront costs or in your loan repayments so that it’s spread out over the term of the loan.

Other up front costs you should consider when you are doing your sums are

• Conveyancing and legal costs
• Government fees including stamp duty, although this can be included in the loan
• Title search and registration fees
• Pest and building inspections (typically about $500)
• Home building Insurance prior to settlement, and possibly contents insurance when you move in.

South Houston? That's specifically within Houston–The Woodlands–Sugar Land metropolitan area and Harris County. What business are you planning to start up there? I'm working close to the area so I might know someone who can help you. Share some details of the business you have; may it be real estate, etc..

I would prefer to do business with my clients in person. I do this every time I have some deals to offer to them and the rent price. I would always start with great sales pitch or presentations. Knowing your services and the item you sell is the key. No one's going to buy if you don't master them all. 

In terms of notices and new updates about my rules/policies in the building, I usually send them through email or direct mail. 

I would ask for their passport or naturalization papers. Check for a criminal background. Take down their complete name, birth date, address, passport, country of citizenship, drivers license, telephone, and visa number. Use this information to do some researching of your own on the web or to verify their immigrant status.

Complete international credit verifications and background checks.

There are many resident screening services that have the capability to process foreign applicants. If you come across foreign applicants often and seriously consider them for your units, the peace of mind is worth the investment. Call your service, or look into one, that completes background checks and ask if and how they process foreigners.

If they do not have a social security card or can’t provide proof of their immigration status, you aren’t violating fair housing laws by turning them away.

Advertise on Rental Websites. Since so many people use the internet, it is a great way to reach the masses. Sites such as Craigslist  allow you to list your rental property based on location, making it easily searchable. There are many state specific sites where you can advertise your property. Gardenstateapartments, for example, caters to the New Jersey market. You can do an online search to find a site that targets your particular area.

Advertise on Local Bulletin Boards. Put up flyers in the community where your property is located. Or you can list your property with a Realtor in your area. 

@Brandon M. 

How about sending them notices, stating the situation, the problem and the changes that you want to make in the rent? At the end of the letter, put your contact number and email so they can contact you and ask questions anytime. 

OR

If you want to make it personal, invite them all in a short meeting/conference. In this way, you can have a chance to receive quick responses from them and address their concerns.

I prefer these ways rather than text messaging which can possibly create misunderstanding. 

Allocating monthly maintenance costs includes first reviewing monthly expenses outside of the landlord's mortgage, taxes, insurance, external property management fees and utilities.

You can use the The 1 Percent Rule

One popular rule of thumb says that one percent of the purchase price of your home should be set aside each year for ongoing maintenance. For example, if your home cost $300,000, you should budget $3,000 per year for maintenance. 

OR The Square Foot Rule

You should budget $1 per square foot per year for maintenance and repair costs. If you own a 2,000 square foot home, for example, budget $2,000 a year for maintenance and repairs (again, over a long-term annualized average).