James Engel KW Beverly Hills

If you're considering investing in a rental property, you may be wondering how much work to expect in your new role as landlord. The amount of work depends largely on the type of building, its condition, and the tenants you acquire.

A single-family dwelling as opposed to a four unit building will present different issues and challenges. With more units comes more mechanical items to maintain and repair, such as appliances, heating and cooling systems, etc.

In general, the better the condition of your building at the time of purchase the less work you will likely have to attend to. Deferred maintenance from a previous owner on small items can turn into big, ongoing problems for a subsequent landlord. A minor leak in pipes that is not corrected in a timely fashion can turn into floor and/or ceiling issues and mold or rot problems.

The difference between a profitable or disastrous can often be attributed to how much work an investor is willing to put into their property. A successful landlord must be willing to screen tenants, respond immediately to repair requests, and track down overdue rents. If a landlord cannot or does not want to handle these areas of work on their own, it would be in their best interest to hire a management company to take care of all these important details on their behalf. For excellent service in the Greater Los Angeles, Fort Worth and Oklahoma City areas, contact us at www.GoldenEstateManagement.com.

This morning I read a simple question, "How do you start your day?"

Not, "What do you do when you get up?" or "What is your routine?" The question was aiming at attitude. How do you wake up in the morning? Do you start your day feeling energized and looking forward to the challenges, adventures and rewards that await you? Or do you start your day feeling tired thinking of the twenty-four hours ahead, with a sense of dread or drudgery about the tasks you must attend to?

Chances are the way you start your day is also reflected in the way you approach many things in life. How do you approach your work, raising your children, your social life, your health and fitness? We all have a long laundry list of responsibilities that can feel overwhelming at times. How would our attitude about that list change if we simply tried re-framing our approach? Tomorrow morning, if that sneaky little sense of tiredness and dread creeps into your thoughts, try changing the story in your mind. Look at the day as a new opportunity to grow, change, appreciate, and start afresh.

If a tenant vacates a rental unit, and leaves personal property behind, what is a landlord to do?

Each jurisdiction has it's own laws regarding abandoned personal property. Generally, a landlord must try to contact a former tenant at every known address the tenant has provided including a work address, nearest relative, etc.

Often the law will require a landlord to post a notice of abandonment on the door of the rental unit. If the tenant does not contact the landlord within a specified amount of time, the landlord can then enter the premises and clear the contents. The personal property would then be stored, and the unit can then be turned over for future rental. If the personal belongings go unclaimed for a certain amount of time, the landlord would then have the right to sell the personal property and use the earnings for such costs as removal and storage.

It's important to inventory and take pictures of all personal property before removing it to a storage space. Remember, one persons junk is another persons treasure and you wouldn't want to run the risk of being accused of mishandling someones belongings should they come to claim them.

If you are a landlord and owner of a building for any significant period of time, chances are you will at some point have to deal with major repairs or renovations to your property. You may be wondering what the best way is to plan for such work. Here are some things to keep in mind to make the process as smooth as possible.

First, try to do major repairs and renovations during a turnover period. It's easier to get workers in and work completed when a property is vacant.

This is not always possible, however, with the need to schedule around tenants, contractors, and weather factors. If it's not conceivable to do major work while units or buildings are vacated, your best bet is to communicate early and often about upcoming work plans with your renters. For example, you may start telling your tenants that the roof will be redone "sometime next spring." Then as the time draws nearer, remind them that the previously mentioned work will start "during the month of April." Make sure to follow up and remind them the week before that work will commence. That way, no matter the week it begins, your tenants will have been notified and will expect some degree of noise or disruption

Open and frequent communication is the key to a smooth interaction with your tenants during any major repair or rennovation. If you utilize the assistance of a professional management company, such as Golden Estate Management, all of this will be handled for you. Please look at a complete list of our services at www.GoldenEstateManagement.com.

The annual celebration of Earth day is always cause for heightened energy awareness, yet our energy and resource usage is something we need to be mindful of every day of the year. With a few simple changes to our daily routines, we can save money, help conserve, and even hopefully repair, the state of the environment. Here are some things to consider:

Install Ceiling Fans - in your own home or rental units, consider installing ceiling fans. For a very small investment and less electricity use, you can install fans and cut down on the amount of air conditioning needed in your living space. Often times just circulating the air will cool things down enough to be comfortable.

Bag It - Reduce the number of grocery bags used by reusing your bags from the last trip to the store, or invest in some durable reusable bags. The "investment" in reusable bags can be as little as $1 each. These bags usually have a large capacity, and much more comfortable handles than those plastic bags that cut into your hands while carrying them!

Hoof It - If you live in an area with some amenities within walking distance do your body, mind, wallet and environment a favor and take a walk. Walk to the local market, the library (a great way to recycle and cut down on expenses!), your friend's house for a visit.

Turn It Off - When not in use, or at the end of the day, turn off lights, appliances, and computers. When possible, unplug such items. Even when turned off, an appliance that is plugged in draws energy.

Hang It - Hang dry laundry when possible to cut down on electricity used for the dryer. Your clothes will be nice and fresh when air dried, and they'll last longer because they won't be exposed to the high heat of a dryer. If items like jeans or towels to have a softer texture than air drying provides, just pop it in the dryer for 5 minutes when almost dry.

With a little forethought, these small changes can make a big impact over time.