Property Management Blog

Wednesday, February 17, 2021

Debunking Your Perceptions About SEC 8
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Have you had any luck in finding an insurance company that will provide you insurance that will kick in in the event your tenants lose their jobs? Me either, but that is just one of the benefits that SEC 8 offers landlords who participate in the program. Especially in times like these, with a national eviction moratorium in place, the guarantee that SEC 8 will pay the rent if your tenants lose their jobs offers landlords tremendous peace of mind.

At PMI Virginia, we have participated in the SEC 8 program since about 2010, have worked with 7 different Housing Authorities, and have had over 1000 voucher paying tenants.  ...

Monday, February 24, 2020

With Inventory Declining and Sales Prices Increasing, What's a Real Estate Investor to Do?
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Check out the latest market statistics put out by REIN, the Hampton Roads Multiple Listing Services.  As you can see, inventory continues to decline, while sales prices continue to rise.  It is getting harder and harder for real estate investors to find properties to buy that meet their defined criteria in all property types, from single family to large apartment complexes.  This doesn't mean it is impossible to buy, and doesn't mean you should halt your buying activities until the market shifts.  Even if a property has no equity on the day you purchase it, every rent payment your tenant makes is one p...

Friday, January 3, 2020

DETERMINING THE RIGHT RENT AMOUNT
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Landlords often focus so much on the monthly rent amount that they lose sight of total annual revenue.  They make the mistake of starting with their mortgage amount and set the rent amount based on their mortgage plus property management and whatever other expenses they have such as insurance.  I hate to break the news, but no p...

Tuesday, July 2, 2019

4 THINGS YOU MUST KNOW WHEN RENTING TO MILITARY TENANTS
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Landlords often assume that a military tenant is golden!  While it is a pretty safe bet that a military tenant will be consistent in paying on-time and taking good care of your property, as with every tenant segment, it is critical that landlords are thorough in their screening.  In the video that g...

Wednesday, June 5, 2019

Property Manager/Landlord: IE – Private Eye! Are “Professional Tenants” Getting One Over On Yo...
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As Property Managers, we expect to get a lot of terrible applicants, but the “professional tenants” are getting smarter and smarter and are taking things to an all-time level to try to pull the wool over the eyes of potential landlord. In the Property Management world, we define a “professional tenant” as one who knows how to manipulate and game the system to avoid being identified as a tenant who repeatedly fails to pay rent, over and over. You know that caller who always first asks “Are you a private landlord?”  That tenant is assuming that a private landlord will not be as proficient as...

Monday, May 27, 2019

SETTING YOUR RENTAL CRITERIA

 (NOTE – This blog will not cover fair housing, although we have a links to fair housing data below for your reference.)

WHERE DO YOU DEFINE YOUR RENTAL CRITERIA?

  1. Every one of your rental ads and fliers should contain your rental criteria.
  2. When pre-screening inquiries, ask each candidate your qualification questions to ensure you are showing the property only to those potential renters who say they meet the criteria.
  3. Your application is the third time you share your criteria with a prospect.  Ask each of your qualificatio...

Thursday, May 9, 2019

For Rent Signs – Should I or Shouldn’t I Use Them?

Like most questions related to real renting real estate – it depends!  There are pros and cons to using signs, and they are location specific. It will be up to you to decide if the rewards out weigh the risks for each of your properties and neighborhoods. Here are some things to consider…

PROS of Placing a For Rent Sign in Front of Your Property

  • Increased number of phone calls. There is no question that the more people who know your property is for rent, the more inquiries you will receive! 
  • Neighborhood referrals.  People generally tell their friends and family when they ...

Tuesday, April 23, 2019

Don’t Make This Mistake When Buying in a Flood Zone!

Buying in a Flood Zone? - Learn from one investor's very expensive mistake about why you need to check with your building permit office BEFORE buying a property located in a flood zone!

Monday, April 15, 2019

Non-Conforming Structures - What You Need to Know Before Buying a Property

Over time, municipalities change zoning requirements to help them achieve their goals.  For example, in Norfolk, VA in the early 1900s much of the development included two-story duplexes, which, after 100 years of development, resulted in pockets of very high population density. In order to reduce the population density in certain neighborhoods, such as Berkley and Park Place, Norfolk changed the zoning from allowing both duplex and single-family homes, to only allowing structures to be used as single-families.  When this zoning change became official, the city gave all duplex structures which no longer conformed to cur...

Thursday, March 28, 2019

Do I NEED A Property Manager?

It's not about what you need, it's about what you want to do with your time and how do you want one of your most expensive investments managed.


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