Bev Roberts Rentals Presents: Festive Decorating Contest 2016

festive-decorating-contest-fb

Hello tenants, we have a new contest for you to get excited about!  The Bev Roberts Rentals family is bringing to you a chance to embrace your creativity with the Festive Decorating Contest!

What’s the first thing that comes to your mind when you think of fall?  Is it spooky spiders for Halloween, is it pumpkins and falling leaves for Autumn, or is team spirit for football season?  Whatever that is, send us your photo portraying your festive indoor or outdoor decorating!  The winning resident receives a $50 Visa Gift Card!  Please read the above flyer for more details.

The contest officially starts October 1, 2016.  Winner will be chosen on November 30, 2016!

The housing cycle: Is Raleigh approaching its peak?

Those who keep track of estate markets know that they run in cycles of good times, not-so-good times and sometimes downright depressing times, like what the markets experienced following the 2008 economic recession.

But the Triangle housing market has been in a pretty strong recovery mode for a few years now. Is it time to start preparing for the market’s peak and impending downturn cycle?

Well, not quite yet, according to a research note by the John Burns Real Estate Consulting firm. Its report, released Thursday, shows a bell curve chart of the 20 largest new home volume markets in the U.S. with the Raleigh market falling somewhere in about the fifth inning of a nine-inning game, to use the baseball game analogy.

Poll: Is Raleigh approaching the peak of its housing cycle?

“Raleigh is one of the Southeast markets that a lot of builders entered and scaled up on during this recovery, which is why we have it a bit higher than Charlotte and much higher than Atlanta,” says Rick Palacios Jr., director of research at John Burns Real Estate Consulting.

Home values in Raleigh, he says, are already 13 percent above their prior peak, whereas in Atlanta home values are still about 1 percent below its market peak. Charlotte home values are about 8 percent above market peak, whereas the new home market in Nashville, Tennessee, has been “growing gangbusters” with home values 28 percent above prior peak, Palacios says.

The report shows that about a dozen of the largest new home markets, including all that were mentioned above, are in what Palacios describes as “phase 2” or expansion phase of a five-phase housing cycle: Capital investment is picking up, homes sales and prices are rising, there’s good affordability and moderate construction.

“Many of our clients today are laser-focused on these geographies, continuously adding to their investments in these markets,” Palacious wrote, noting also that investment risk remains fairly muted. “Job growth has come back nicely, with the lion’s share of expansion markets recovering all of the jobs lost during the Great Recession.”

Phase 3, or the “exuberance” phase, is next, which includes markets like Austin, Dallas, the San Francisco bay area and Seattle, where home values are up 20 to 50 percent, affordability is getting tougher and markets are beginning to see signs that resemble the prior boom and bust cycles.

Only Houston, Palacious writes, has reached the Phase 4 contraction and early downturn phase where construction activity has started to pull back. “We believe Houston will remain in Phase 4 through 2017 and will most likely avoid the full-fledged downturn/recession association with Phase 5,” he writes. Phase 5 is full downturn and recession with capital losses becoming the norm.

So it looks like Raleigh and the Triangle housing market still has some room to grow before builders have to really start getting concerned about another downturn coming our way.

Amanda Hoyle covers commercial and residential real estate. Follow her on Twitter @TBJrealestate

Planning a Non-Renewal

ask-the-attorneyThe Landlord Protection Agency®presents John Reno, Esq.,a highly experienced Landlord – Tenant attorney based on Long Island, NY.

Q:  Dear Mr. Reno:

My tenants lease will expired the end of May. I do not wish to renew the lease, planning on remodeling. What would you recommend. I anticipate that the tenant may be difficult.
Thank you,
Lee Fadavi

A: I would notify them as soon as possible, that their lease will not be renewed. Also, review your lease carefully about what notice, if any, is required and how to give it. But even if no notice is required, I strongly recommend it.

Legal Disclaimer
The Landlord Protection Agency’s “Ask the Attorney” column is for informational purposes only. The questions answered by Mr. Reno on this site do not constitute an attorney – client relationship and are not to be considered legal advice. Not all questions will be answered and some may appear in the LPA Q&A Forum.
The Landlord Protection Agency recommends that you seek legal advice before using any of the material offered on this web site, and makes no guarantee on the effectiveness, compliance with local laws or success of any of the material offered on this web site. The Landlord Protection Agency is not engaged in rendering legal advice.

Searching for the Needle in the Haystack?

1

Searching for the #NeedleInTheHaystack? Search no longer! We are the top-rated property management firm in the #TriangleArea!

#Apex #Cary #FuquayVarina #HollySprings #Morrisville #Raleigh

Blasting Your Landlord Online? Pick Your Words Wisely.

1Few things in life are more irritating than a bad landlord. Typically tenants are trapped by their lease, so they are powerless to combat landlord deficiencies until the lease expires. Frustrated tenants must find it quite satisfying to stick it to their landlord in a scathing online review. But giving into that temptation too much can lead to a nasty hangover, as one loquacious tenant discovered in a recent court ruling involving a Yelp review.

Andreas Papaliolios lived in the Jones Building from 2004-08. In 2012, writing under the pseudonym “Sal R.,” he posted the following review of the building on Yelp:

Sadly, the Building is (newly) owned and occupied by a sociopathic narcissist—who celebrates making the lives of tenants hell. Of the 16 mostly-long-term tenants who lived in the Building when the new owners moved in, the new owners’ noise, intrusions, and other abhorrent behaviors (likely) contributed to the death of three tenants (Pat, Mary, & John), and the departure of eight more (units 1001, 902, 802, 801, 702, 701, 602, 502) in very short order. Notice how they cleared-out all the upper-floor units, so they could charge higher rents?

They have sought evictions of 6 of those long-term tenants, even though rent was paid-in-full, and those tenants bothered nobody. And what they did to evict the occupants of unit #902, who put many of tens of thousands of dollars into their unit, was horrific and shameful.

This is my own first-hand experience with this building, and its owners. I know this situation well, as I had the misfortune of being in a relationship with one of the Building’s residents at the time, have spent many days and nights over many years in the Building, and have personally witnessed the abhorrent behavior of the owners of the Building.

There is NO RENT that is low enough to make residency here worthwhile.

Unhappy about this review, the landlord sued the tenant for defamation. The tenant moved to end the lawsuit early, characterizing it as a lawsuit trying to suppress socially beneficial speech (a “SLAPP”). The appellate court held that the landlord showed enough merit to proceed with the case.

Writing a legally defensible online rant is unexpectedly tricky. You’re free to vent, but you’re not free to make false statements of fact, and the distinction between venting and defamation isn’t always clear. In this case, the tenant doesn’t have to show that the landlord was actually a sociopath, but the court identifies several claims that may require validation: that the landlord sought to evict 6 tenants, including one who had made substantial improvements to the apartment; and that the landlord likely contributed to the deaths of 3 tenants and the departures of 8 others. The court summarizes:

While Papaliolios’s review does contain epithets not meant to be taken as serious assertions of fact, it also contains statements that could reasonably be understood as conveying facts–each provable, and each meant to be used by prospective tenants to evaluate the Jones Building as a future residential choice.

Having determined that some of Papaliolios’ statements were probably factual and thus falsifiable, the court says the landlord provided sufficient evidence indicating their possible falsity. For example, of the 3 claimed deaths, two of the people were still alive.

The court’s overall assessment of the case:

While many Internet critiques are nothing more than ranting opinions that cannot be taken seriously, Internet commentary does not ipso facto get a free pass under defamation law.

I previously wrote about another landlord lawsuit against a tenant for an allegedly defamatory Yelp review. Combined with this lawsuit, there’s good reason to believe that landlords aren’t afraid of going to court if tenants write sharp reviews.

Recently, Lawyers.com issued survey findings that most social media users don’t realize they can be sued for their online content. Percentage-wise, few online postings lead to court proceedings, but unlucky authors who are sued are often dumbfounded by their potential legal exposure for what seems like mere online chatter. One of my guiding principles about blogging is that every time I make a blog post, I bet my house. In the case of tenants reviewing their landlords, they may not have a house to bet, but they are making a sizable legal bet nonetheless.

Case citation: Bently Reserve L.P. v. Papaliolios, 2013 WL 3949029 (Cal. App. Ct. July 30, 2013)

Source: Forbes.com

An Advisor Helps Your Investing Career

1Any competent real estate investment advisor will tell you it’s easy to make your fortune with a real estate career – as long as you know what you are doing. The first advice your real estate investment advisor should give you is to not jump in with both feet right away.

Before making your first investment, you need to do some studying. First of all, do you want to invest in residential or commercial real estate? Which one you chose affects the real estate investment advisor you work with and what you need to be studying.

Your Real Estate Investment Advisor Shortens Your Learning Curve

Once you have a real estate investment advisor, he or she will help you decide what books and articles you need to learn from. If you go into commercial real estate, you will have a ton of options to choose among. Your advisor will give you the pros and cons on subjects like industrial properties, apartment buildings, retail space, office space, etc. It will greatly increase how fast you conquer the learning curve.

With your new knowledge from a general overview, you’re advisor will help you narrow down a more detailed reading list. Now is also the time to start talking to everyone in your chosen market segment that will give you a few minutes of his or her time. You want to advance your career with knowledge gained from other investors, attorneys, brokers, appraisers, mortgage brokers etc. Your real estate investment advisor will have contacts he or she puts you in touch with.

Next, you want to select a geographic market and learn everything you can about it. If you decide to get into retail space, pick the brain of your real estate investment advisor to learn everything you can about the current market conditions and for tips selecting a geographic subsection of your local market. Then talk to existing tenants in the market to learn what is going well and not so well for them.

Your Advisor Teaches You Creative Financing

Having cut your learning curve substantially with the help of your advisor, you will now be ready to make your first investment wisely. In all likeliness, you’ll have come across several potentially highly profitable investment opportunities during your studies.

This is where your real estate investment advisor brings invaluable knowledge to your first real estate investment. It’s all about the money. You’ll gain great help performing your first due diligence. When the numbers make sense, you’re advisor will show the ins and out of creative financing. You’ll learn about low cost and no cost techniques such as sandwich lease purchases and seller financing. There are also many sources of private funding available.

Source: realtybiznews.com

Looking for the Perfect Tenant? Seek out These 6 Traits!

1Your most important decision that will determine the success or failure of your rental is the person you put in the property. A bad tenant can potentially cause years of stress, headache and financial loss, while a great one can provide years of security, peace and prosperity.

So, don’t underestimate the importance of renting to only the best tenants. While it’s not possible to know with 100 percent certainty what type of tenant your applicant will be, here are six telltale signs and traits that will give you a pretty darn good indication that this person is great tenant material:

1. The ability to pay

The first and foremost quality of a good tenant is his or her level of financial responsibility and ability to afford the rent. Without proper payment, the landlord may be forced to evict the tenant and face potentially thousands of dollars’ worth of legal fees, lost rent and damages.

Most landlords require that a tenant’s (documented) income equal at least three times the monthly rent. Many tenants believe that they can afford more than they really can — so it is the landlord’s job to set the rules to protect his or her investment. If the tenant is already financially responsible, income that amounts to three times the monthly rent should be sufficient.

2. The willingness to pay on time

While some landlords look at late rent as a benefit because of the extra income from the late fee, a late-paying tenant is more likely to stop paying altogether. The stress generated when the rent doesn’t come in is not a pleasant experience and can be avoided by renting only to tenants with a solid history of paying on time.

3. A positive long-term outlook for job stability

While a tenant may be able to pay the rent and pay it on time right now, his or her ability to do so in the future is often determined by the job situation. If this person is the type to switch jobs often or has had long periods of unemployment, you may find long periods of missed rent.

4. Cleanliness and housekeeping skills

No tenant stays forever — and upon departure needs to leave the property in good condition. As such, it is important that the tenant’s day-to-day lifestyle be clean and orderly. This means taking good care of the property.

5. An aversion to crime, drugs, and other illegal activities

A person who has no regard for the law will also likely have no regard for your policies. Tenants who engage in illegal activities will cause you nothing but stress and expense. So, be sure to run a background check on your prospective tenant to ensure he or she doesn’t have a shady past.

That said, keep in mind that a prospective tenant’s past history of drug or alcohol abuse could be considered a medical problem — and thus something you can’t reject him or her over without being guilty of violating fair housing laws. If this person is selling drugs, that’s different from using. Be sure to study up on the fair housing laws in your area.

6. The ‘stress quotient’ — how much stress will this person cause you?

The final quality of a great tenant is something I call the “stress quotient” or, in other words, the amount of stress a tenant will cause you as landlord. Some tenants are very high maintenance and constantly demand time and attention. Others simply ignore the terms in their lease and need constant babysitting, reprimands and discipline (late fees, notices, phone calls, etc.). This type of tenant will only be a thorn in your side.

So, is a perfect tenant even possible?

Obviously, no tenant is going to be 100 percent perfect, so deciding how much near-perfection you require is a personal choice that largely depends on your desired involvement and the community in which your property is located. If tenants are difficult to find, it may be financially advantageous for you to rent to a less-than-perfect tenant in order to fill a vacancy.

Notice the use here of “less-than-perfect tenant,” and not “anyone.”

On the other hand, if you have plenty of applicants to choose from, you can be significantly more picky. Just remember, it’s much better to have your unit vacant a little longer while you wait for the right tenant than to rent to the wrong person.

So, how exactly do you weed out the bad tenants and find those quality tenants? The answer involves setting strict qualifying standards and screening your applicants to verify whether or not they meet those standards.

Source: stamfordadvocate.com