Chris Hyzy

First Time Homebuyer Tax Credit Information A MUST READ

Most of the mechanics of the credit will be the same as the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser’s income tax liability. One difference is the fact that repayment of the credit will no longer be required. If any credit amount remains unused, the unused amount will be refunded as a check to the purchaser.

Amount of Credit - Maximum credit amount increased to $8000.

Eligible Property - Any single family residence that will be used as a principal residence.

Refundable - Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.

Income Limit - Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).

First-time Homebuyer Only - Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase.

Revenue Bond Financing - Purchasers who utilize revenue bond financing can also use this credit.

Repayment - No repayment for purchases on or after January 1, 2009 and before December 1, 2009.

Recapture - If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.

Termination - December 1, 2009

Effective Date - All revisions are effective as of January 1, 2009

I hope this information helps!

**Please add me to your blog subscriptions and feel free to visit me at http://www.linkedin.com/in/chrishyzy

Thank you,

Chris Hyzy

BG Properties "Your Leaders in Full Service Real Estate Property Management, Sales and Leasing!"

Director of Property Management Relations

Realtor - Investment and Foreclosure Expert

chrishyzy@realtyagent.com

How To Find The Right Property Manager provided by http://www.allpropertymanagement.com.

Making the decision to enlist the help of a property manager in maintaining your business or commercial property is a great first step, but the actual hiring process can be intimidating to veteran investors and first time owners alike. It's important to hire a property manager that you feel comfortable with- and that includes aspects such as management style, industry experience, and cost.

Outline Your Objectives

The first thing you should do is determine exactly what you are expecting the property manager to do. It doesn't matter if you have the jargon exactly right, but be as specific as possible in regards to what tasks need to be performed and what the duties will be. You may choose to do this step before you even approach a management company about the position, or you may feel more comfortable using the company or potential property manager as a resource in specifying these duties. Some things you will want to consider include the process for securing tenants, collecting monthly rent payments, eviction (if necessary), tenant disputes, maintenance and repairs.

Do Your Homework

Research the potential management company or property manager to find out as much information about them as you can. Start with the company's website, as well as using Internet search engines to yield any newsworthy items. Feel free to ask friends or fellow investors about their experience with property managers and for recommendations and contacts. Come up with a list of questions to use when meeting with a potential property manager, which are a combination of general industry questions and requirements as well as items specific to your property and expectations.

Questions For The Property Manager

There are going to be many items that will be important to consider when it comes to a property manager, some of which include: How much experience does he/she have in property management? What insurance, state licenses and credentials does the property manager have? Does he/she have experience in complying with housing regulations (such as the Americans with Disabilities Act)? Does he/she have proper qualifications and knowledge to handle booking and accounting information? What expenditures will be included in the property manager's fee (such as advertisements for vacant properties)?

Know The Cost Structure

When it comes to the cost of employing a property manager, most fees are determined by a combination of property location, number of properties involved in management, and the services that will be performed on behalf of the manager. Some property managers charge a flat monthly rate, while others operate on a percentage of the property's rent. Be sure that you are completely clear on the property manager's cost structure, and that you and the property manager agree in advance on the financial treatment of any additional services.

Make It Official

Talk with a qualified attorney, as well as the property manager, to discuss safeguards that will protect you from misuse of funds and embezzlement. It's important to sign a written agreement on all terms you have settled on with the property manager before any services take place. The paperwork should include the length of time that the property manager will be employed, including a date for renewal, as well as contingencies for a breach in contract.

**Please add me to your blog subscriptions and feel free to visit me at http://www.linkedin.com/in/chrishyzy.

Thank you,

Chris Hyzy

BG Properties "Your Leaders in Full Service Real Estate Property Management, Sales and Leasing!"

Director of Property Management Relations

Realtor - Investment and Foreclosure Expert

chrishyzy@realtyagent.com

10 Reasons To Hire A Property Manager as provided by http://www.allpropertymanagement.com.

Why would you even consider a property manager? For one thing, you decided to invest in a rental property, but don?t know what to do next. You're not alone. The realities of maintaining and running a rental property can quickly become overwhelming- even to the savviest investor.

Many times, people choose to hire a property manager to help them in the day to day tasks, which could be just the answer you're looking for. To help make up your mind if hiring a property manager is right for you, here are 10 reasons that could help influence your decision.

1. Collecting and Depositing Monthly Rent Payments. If you've ever worked in the billing department of an organization, you know that securing payment from clients and patients can be difficult, not mention awkward. A property manager has his/her own systems in place to effectively collect rent and maintain on-time payments. Especially if you are a small investor, with a limited number of properties, not being able to maintain consistent payments is going to significantly affect your cash flow.

2. Rental Rates. A property manager is going to make sure your rental rates are competitive, which is the key to securing (and keeping) tenants in your property. Their job is to know the rental market, knowledge which most likely isn't your forte.

3. Housing Regulations and Property Law. There is a multitude of applicable laws and regulations that you are going to need to abide by when renting and maintaining your rental property. These include local, state and federal regulations, as well as fair housing regulations (such as the ADA). A property manager can help you avoid lawsuits by keeping up to date and in compliance with these regulations.

4. Marketing and Advertising. A good property manager is going to have experience in offline and online marketing, as well as local direct mail opportunities, which will increase the exposure of your properties. Carrying a vacant property can be extremely expensive, and is an expense you want to avoid whenever possible.

5. Inspections. Being extra vigilant in the care of your rental property is critical to the maintenance of your investment. Through routine inspections, a property manager can find and repair problems before they grow into expensive endeavors. It is standard for property managers to perform inspections before a tenant moves in, during their lease, and after the tenant moves out.

6. Tenants. Securing tenants can be a time consuming process. Depending on the extensiveness of requirements for your rental properties, a property manager can take care of securing all criminal background and security checks, credit reports, employment verification, and previous landlord references. In addition all tenant disputes, conflict resolution and emergency maintenance will all go through a property manager, who will involve you at his or her discretion. In addition,

7. Access to Professionals. A property manager has existing relationships with maintenance workers, tradesmen, vendors, supplies and contractors that you do not have. This can save you significant time and money when it comes to maintenance on your rental property, not to mention ensuring quality work.

8. Time Management. By having a property manager that takes care of the routine daily tasks, you are free to focus on other investments and/or your own career.

9. Remote Locations. If your investment property is in another city or state, it?s simply not possible for you to oversee management and maintenance of the property and its tenants. A property manager can be where you can?t, and can take care of all the details you don?t have access to.

10. Money. Most property managers charge a percentage of the monthly rental rate which can range anywhere from 6-10%. The cost is actually quite nominal when compared to all the services a property manager can provide, which frees up your personal and professional time.

**Please add me to your blog subscriptions and feel free to join me at http://www.linkedin.com/in/chrishyzy.

Thank you,

Chris Hyzy

BG Properties "Your Leaders in Full Service Real Estate Property Management, Sales and Leasing!"

Director of Property Management Relations

Realtor - Investment and Foreclosure Expert

chrishyzy@realtyagent.com

10 things that should make you run from a property manager from http://www.allpropertymanagement.com.

Making the decision to enlist the help of a property manager can benefit you both personally and professionally. Your time will be freed up to focus on other investments, or on your main career, in addition to improving the value of your property and increasing your cash flow. But hiring a bad property manager can cost your thousands, and even lose your investment altogether.

Here are 10 red flags to be on the lookout for:

1. Unwilling to Provide References. Speaking with the property management company the potential project manager is working for, or a rental property he/she has managed in the past, is critical in the hiring process. There is no other way to determine how this property manager will be to work with without speaking with individuals at various levels of interaction. If the property manager is hesitant to provide names and contact information, or tries to distract you from this portion of the process, or just becomes outright uncomfortable, you should seriously reconsider hiring this person.

2. Poor Experience. There's a difference between having a small amount of experience versus having poor experience, and it's important to distinguish between the two. You may encounter an excellent property manager who has glowing references and proven record of success but has only been in the business 1 or 2 years. On the other hand, you may speak with a potential property manager who has been working in the rental business for most of his/her work history, but doesn't have proven methods of securing rental payments, performing routine maintenances, or complying with regulations. In addition, ask how the property manager stays up to date with legal changes or general trends in the industry- this will be very important in effectively managing your property.

3. Inattentive. Pay attention to how the potential property manager treats you during your meeting- were they genuinely interested in your property? Did they take the time to learn what your specific needs are? How engaged were they in your conversation about the goals you have for your property? If they interrupted you frequently and glossed over the details about what you were looking for in a property manager, they are most likely not going to give your property the attention it needs.

4. Excessive Cost Structure. Get bids from more than one property manager or management company, and compare rates. If three of the fees come in at 7% and one comes in at 12%, have the company go over the specific services that will be included for the higher cost. While you don't want to be cheap when it comes to maintaining your investment property, you also don't want to be taken advantage of.

5. Conflict Resoultions. Ask the property manager to go over the proven methods he/she has used when it comes to settling problems and issues that arise. If the potential property manager claims that his track record is free of tenant conflicts, reconsider him/her for the job. It's unrealistic that any property will be immune to these problems no matter how meticulous he/she is in their job.

6. General Conduct. Is the potential property manager polite, respectful and self confident during your interview? These three attributes will go far in managing your tenants- or driving them away. If he/she does not treat you courteously, chances are he will treat your tenants and vendors the same way.

7. Inflexible Schedule. If the potential property manager is foreseeing the position as a Monday through Friday, 9-5 job, there has been some obvious miscommunication. Property management is a time consuming job, and one that does not take breaks for weekends and holidays. If a tenant's ceiling is leaking significantly at 2am on a Saturday night, he/she is going to have to be available to deal with the problem. Otherwise, you're going to be the one driving across town in your pajamas!

8. Read the Fine Print. It is standard for a property management contract to operate in annual agreements, but ask the potential candidate what the policy is for cancellation. If he/she does not have a cancellation clause (usually 60-120 days in advance), be wary of signing anything until you consult with a lawyer. You do not want to be locked into a contract that is not beneficial to your investment.

9. High Pressure Sales. If the candidate is pressuring you to make a decision about your working arrangement that day, he/she may have something to hide. You need time to collect references in addition to screen other potential property managers, both of which are standard business practices.

10. Lacking Proper Licenses. Not every state requires property managers to have licensing, but it could be in your best interest to enforce the mandate anyway. One of the benefits of having a licensed property manager is that you can file a complaint if he/she isn?t doing their job. If the potential candidate is without a license, think twice before hiring him.

**Please add me to your blog subscriptions and feel free to join me at http://www.linkedin.com/in/chrishyzy.

Thank you,

Chris Hyzy

BG Properties "Your Leaders in Full Service Real Estate Property Management, Sales and Leasing!"

Director of Property Management Relations

Realtor - Investment and Foreclosure Expert

chrishyzy@realtyagent.com

Survey for Residential Property Management (Single-Family, Duplexes, Condos, Town Homes, etc.)

Your opinion is extremely valuable! Please provide me your opinions regarding the questions below! Whether or not you have utilized a Property Management Company to oversee your Home, have considered it, searched for Property Management, etc.

I wanted to touch base with the LinkedIn Community and see their thoughts on someone else managing their home. I have been in Property Management for a number of years, but it is great to get insight from everyone else!

**What things are most important to you when looking for a Property Management Company?

**Is there something that "closes the deal" that you have to hear first?

**What would push you to the edge where you wanted to break your Management Agreement?

**How knowledgeable to you feel Licensed Realtors are that work Property Management?

**Have you or would you find out if they had previous experience or rely on the Brokerage Firm to have brought in the best Agents?

**Any other opinions you would like to provide?

Thank you so much, in advance, for your opinions and answers.

You can respond on the Discussion or email me privately at chrishyzy@realtyagent.com.

Please also subscribe to my blog listings as well as joining me at http://www.linkedin.com/in/chrishyzy

Thank you again!

Chris Hyzy

BG Properties

Dallas/Fort Worth Metroplex

Realtor - Property Management Director

chrishyzy@realtyagent.com