RHJ Blog

The Rental Housing Journal blog features thought provoking information and opinions on the multifamily property management and real estate investing industries. RHJ staff editorial, multifamily executives, top real estate investors, and real world industry subject matter experts share best practices, trends and news about investing in real estate, managing apartments, being a Do-It-Yourself landlord, multifamily technology, apartment marketing, Fair Housing and landlord - tenant law, flipping houses, advancing your career in property management, how to market and sell to property managers and real estate investors, new products and services for property managers, financing investment properties, where to find good tenants, how to hire great property management employees, how to choose vendors, best practices in property maintenance and much more.

real estate investing property management blog
Wed
24
Feb
Will Johnson's picture

5 Ways to Become a Better Property Manager

how to be a better property manager

How to Be a Better Property Manager Everyday.

Early in my career I worked for a large recruiting & staffing firm. My sales manager, who was about my age, was the typical company man. He dressed sharp, drove a nice car, constantly smiled, was awkwardly positive about any situation, and was a never ending fountain of motivational quotes -- a budding young Zig Ziglar or Tom Hopkins.

As cheesy as that may sound, I still regularly quote some of his gems with my own staff. One such quote is “If you’re the best you’ll ever be, you can’t work here.” Simply put, if you really want to achieve continued success, you must continually improve yourself and hone your skills.

Stay Educated on the Law

Wed
24
Feb
Kristin Flores's picture

Basic Design Tips for Realtors and Property Managers

graphic design tips for realtors and property managers

Basic Design Tips for Realtors and Property Managers

 

Mon
22
Feb
admin's picture

Never Underestimate the Importance of Screening

tenant screening

It has been said many times before, but it’s worth repeating; there’s simply nothing more important in property management than quality tenant screening.

It’s is better to leave a unit vacant than to let in a bad tenant. Such tenant’s will likely require you to evict them and incur all the costs of an eviction as well as the lost rent of not being able to lease the unit to someone else.

And, that doesn’t even include the damage a tenant can do to a property. If you don’t think a bad tenant can do upwards of $10,000 in damages, let me assure you that they can. I have seen it happen more than once.

Mon
22
Feb
admin's picture

5 Mistakes Beginning Multifamily Investors Make

5 Mistakes Beginning Multifamily Investors Make

Being a real estate investor sounds sexy.

Jetting down to look at properties, lunches with brokers, the art of coming to terms with the seller, these are all part of the glamorous part of the deal process.

Many investors fail because they fail to adhere to several hard and fast rules that I’ll set down in a bit. By not sticking to these tenants, you will be distracted or even worse miss a crucial element of a deal you’re looking at.

Here are some of the tricks that we play on ourselves that often backfire: Clear goals. Sounds basic, yes? You would not believe how many investors have a vague and romantic notion of real estate but have not taken the time to come up with a crystal clear plan of action.

Wed
17
Feb
Will Johnson's picture

5 Renovations That Will Increase Rent and Add Value to Your Rental Property

5 Renovations That Will Increase Rent and Add Value to Your Rental Property

5 Renovations That Will Increase Rent and Add Value to your Rental Property

 

As property managers and real estate investors, we view our rental properties as a business. Whether we own or manage rental homes or apartments, we make our decisions based on what we think is best for our bottom line in the long t-term, the short term or both. More often than not, this includes doing everything we can to limit expenditures, while trying to increase rent as much as we can to gain maximum profitability.

 

Tue
16
Feb
admin's picture

Crowdfunding Your Next Real Estate Deal

Crowdfunding Your Next Real Estate Deal

By John Notorgiacomo, REIFA

Over the past decade, crowdfunding has been growing bigger and better. However, it’s only really become a hot topic to the public in the past four or five years;  I would postulate that this is because of the advent of platforms like Kickstarter and Indiegogo.  These two sites really opened up the crowdfunding universe to the little guy, businessman and stay at home mom alike, allowing dreams like the “Exploding Kittens” card game and the “Coolest Cooler” to become a reality.

Tue
16
Feb
admin's picture

Real Estate Investors: FREEDOM!!!!

Real Estate Investors: FREEDOM!!!!

by Scott Whaley

When the Berlin Wall came tumbling down, those of us already on the free side of the wall thought; “That’s great!  I’m happy for you.  Freedom’s good stuff!  I hope you like it!”   Then for those of us on the free side it was back to work and another day in paradise.

It’s funny how we humans can take the best things in life and treat them as unimportant, simply by forgetting what it’s like to not have something. In doing so, we take it for granted and thus, we miss out on what we have to be grateful for. For those in East Germany freedom was a concept that they could hardly imagine how it would feel.  But they knew they wanted it and they knew it would change their lives for the better.  

Mon
15
Feb
admin's picture

Be Very Careful Investing Out-Of-State

out of state real estate investments

It’s no secret that Portland is a very expensive real estate market. And while rents are high, it is still extraordinarily difficult to purchase a rental property and have it produce positive cash flow.

This fact has led many investors to look out-of-state for better returns. While this strategy is not in and of itself bad, it is one that needs to be approached very cautiously.

I myself moved from Eugene, Oregon to Kansas City to invest in real estate because of the price difference. And while properties cash flow much better here than in Oregon, we made a lot of mistakes early on. Furthermore, I have seen a lot of new investors see their hard earned equity go the way of the Dodo bird as their investments go sideways.

Mon
15
Feb
EllenCalmas's picture

Pay and Prey Method of Predicting Skips and Evictions

predicting skips and evictions

The rental housing industry universally regards skips as part of business. Operators expect that some percentage of leases will go bad – and even build those losses into their annual budgets.

Once a source to cover unit damage, security deposits at lease signing are now supposed to protect against this phantom percentage of residents who everyone expects will unexpectedly skip out on the balance of a lease. Regardless of what percentage of a resident population don’t stay throughout their entire lease, the results when residents falter are always the same: income loss, unexpected vacancy, and unwelcome turnaround costs.

Thu
11
Feb
admin's picture

Four Things To Consider Before Buying an Apartment Building

Four Things To Consider Before Buying an Apartment Building

Multifamily Asset Management

Like many entrepreneurs, it took me a little while to get clear on my passion. After starting out at a NYC based startup, in 2005 when the company was sold I had a choice: continue in the corporate world or start doing real estate full time. I chose the latter.

I am involved with the asset management for many of our multifamily properties, as well as acting as an advisor for our private clients. In either case, I make sure that most of the asset management systems are put in place prior to the purchase of the apartment building. Asset management is all about having systems in place ready to roll before you close on an apartment investment property.

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