Property Management Philadelphia | How-To Unclog a Drain
Previously, we’ve had instructional videos on how to patch a section of drywall and how to install hardwood floors yourself. Well, sometimes a problem comes along that isn’t so interesting or glamorous, but it still needs to be dealt with. Our property management Philadelphia team is not afraid of getting our hands (and feet, clothing, walls and floors) dirty!
So, today we bring to you a short video on unclogging a main drain pipe, when the standard bathroom plunger just won’t do the trick.
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Red House – San Diego Property Management Firm
In previous blog posts, I have mentioned our efforts to find other property management companies that are similar to ours in their standards and their practices. Well, once again I have found a fabulous San Diego property management firm that needs a moment in our spotlight.
Red House, a company that services a vast array of neighborhoods within San Diego and elsewhere, prides themselves on their commitment to excellence. Here are some qualities that I found to be outstanding.
Their tenant screening process is as thorough and comprehensive as ours is. They know what finding a qualified tenant will mean to the property owner; a headache-free lease.
They pride themselves on a quick turn-over rate, meaning they utilize their marketing techniques to get your property rented out fast.
They offer San Diego real estate investment. They find the property that is best for their client by weeding through all of the hundreds of houses that are currently on the market.
Check out Red House Property Management for all of your San Diego real estate needs!
Investing in Foreclosures / REOs – Major differences
I just finished reading an article on biggerpockets.com which tried to highlight a purchase and renovation plan for REO properties. However, I felt that the author completely missed the mark and lost the opportunity to offer readers true insight into the major differences between purchasing an REO and a regular property. The bulk of my personal investment portfolio (and even my own home) is comprised of REOs, so I have some experience in this territory.
First, let’s define what an REO is. REO stands for real estate owned and is the bank’s term for a foreclosure. When purchasing an REO there are many subtle differences which you’ll uncover. Here are the major differences on the pre-closing side.
This property is owned by a bank. Each bank has it’s own set of rules, requirements, and yes a legal department. So, they are going to want you to sign an addendum which is full of terms which are 100% in their favor. 99% of the time, this is non-negotiable. If you don’t want to sign it, they move on to the next buyer, and if it’s a good deal, there is likely a line 20 deep of cash investors which are ready to close as soon as title is in. The addendum is going to explicitly state that it overrides the agreement of sale and takes precedent if there are conflicting terms. Carefully read this addendum before signing to make sure your are comfortable, and the deal is worth the strict terms.
About half of the banks I have dealt with in the purchase of an REO have offered to pay for my title search and policy if I use their title insurance company. Are they doing this out of altruism? Of course not; going through their title company helps them retain more control of the deal and helps them streamline the process. At the same time, this isn’t a bad thing, if you can get a free title search and policy out of it, which potentially represents a couple thousand dollars – go for it!
Banks don’t like contingencies (financing, inspection, zoning, etc.). So, if you are serious about getting the property, go in with a strong cash offer with zero contingencies.
Now that you’ve closed on the property and received the keys here are your next steps. Actually, let me back up for a second. This is an REO, so there probably weren’t keys even handed to you at the closing table. Go kick the door down and then read on.
This property likely has not been lived in for some time (unless there were squatters,which in Philadelphia is very likely). Your first concern is plumbing. If there is PVC drainage and PEX supply lines, you’re probably in good shape. However, if you’ve got an old cast iron stack/main drain which hasn’t had water flowing through it for a year +, guess what’s going to happen when the water is turned on? That’s right, old cast will crack, if it hasn’t already. In Philly a sewer line replacement can be upwards of $5,000 and a water line replacement is minimum $1,500 if digging to the curb. If digging to the water main, try more like $3,000. If it had copper for supply lines, it likely doesn’t any more, as it’s almost certain that your local crackhead / scrapper has already broken in. My best suggestion here is to replace everything with plastic to avoid these scenarios in the future.
The other renovations are going to be just like anything else – carpet or hardwood, paint, patch drywall / skim coat plaster, etc.
Overall, investing in REOs is not some ambiguous process. It’s fairly straight forward, and if you’ve got a good real estate agent representing you , there shouldn’t be a ton of problems. For more info on purchasing REOs contact JG Real Estate.
Mysmartlease.com Property Management
It’s always nice to find a property management team that holds the same high standards as we do at JG Real Estate. Well, on the other side of the country, in sunny Southern California, we have found a great property management team in Mysmartlease.com Property Management.
They go above and beyond when screening potential tenants.
They have online portals for rental owners and tenants to log in and view ongoing transactions, make requests, and check on their accounts!
For more information, please visit their website at www.mysmartlease.com!
Property Management Philadelphia | Instructional Video on Installing Hardwood Floors
Property Management Philadelphia | Installing Hardwood Floors
Our Philadelphia property management team’s first “how-to” video (patching drywall) was well-received, so we made another one! This time, Jared shows you how to install bamboo hardwood floors.
If anyone has a request for a certain construction project they’d like to see a video about, please let us know. Stay tuned for more next week, and don’t forget to subscribe to our YouTube account to receive these updates automatically.
Need a Vacation Philadelphians?
Need a Vacation?
Philadelphia is a great place to live – no doubt about it – but, everyone needs a vacation. Where better to go but sunny Florida? I came across this great resource, which provides a various array of housing for your vacation, not just the cliche Holdiay Inn and Sheraton.
SCHEDULING YOUR VACATION
Pick the area in Florida that you would like to go. When I think Florida, I think of theme parks and Mickey Mouse, so, let’s focus on Orlando.
Finding a place to stay isn’t always easy. Great websites like “Luxury Vacation Homes in Florida” are simple to use, easy to comprehend, and full of condos that will fit exactly what you are looking for. You can check out the condo of your choice with an abundance of pictures, make sure it includes all the amenities you need, and receive an instant quote.
An important aspect of www.villa.us is that it provides local attractions. On a vacation, you should definitely have a list of things you want to do. Of course, you want to leave time to relax and lay in the sun, but, having a lax itinerary is a plus. This is important because you need to decide if you need torent a car or not!
After you have everything booked and your bags packed, get ready to decompress and enjoy our vacation!