BUT FEAR NOT INVESTORS !! While your property values will most likely to continue to deflate, you still have options. This downturn in the economy will most undoubtedly result in continued changes to banking policies, and make it more difficult to get financing for property. Coupled with the fact that the media demographic age of a renter is 26 years of age, that demographic will continue to mature, and reach this age. This will result in more renters in the market. Which means you will survive, and possibly thrive!

Rental housing spending peaks right now at median age of 26 (Dent, 2007). With that said, Dent says “(Rentals) will hold up best, as more young households will be forced to rent first, and that rental cycle is on the rise demographically into 2017”.

So, those of you stuck, unable to sell, fear not… Renting is still a great option, and with our rental services, you will be prepared weather the economic storm…

Happy Renting!

Sam Thompson

RPM Midwest

880 Alexandria Pike
Ft Thomas, Ky 41075

2720 Airport Dr
Columbus Oh 43219

Source : Harry S. Dent (2009) “The Great Depression Ahead”

“The National Association of REALTORS® has learned that its good name is being used as part of a property rental scam. In this scam, rental property is offered to consumers, who are led to believe that NAR is functioning as an intermediary to receive rental deposits from prospective tenants and, upon receipt of the deposit, to deliver the keys to the property to the tenant. The tenant is instructed to send money via Western Union to NAR’s purported agent. NAR is not involved in this business and believes it is a scam. NAR has contacted law enforcement officials to request that the matter be investigated. If you have encountered this scam, be advised that you may file a complaint…with the Federal Bureau of Investigation
retrieved from http://www.realtor.org/law_and_policy/scam_alert?lid=ronav0022

To find a Reputable Rental Company offering very nice properties in the Ohio area, visit our site with nice rental houses.

Real Property Management Midwest
880 Alexandria Pike
Ft. Thomas, Ky 41075
(859) 442-9600

2720 Airport Dr.
Columbus, Ohio 43219
(614) 678-5550

A new lender has foreclosed on the massive homeless shelter run by the Metro Atlanta Task Force for the Homeless, which operates at the corner of Peachtree and Pine streets in Midtown.

Bob Cramer, chairman of the board of the task  force, confirmed Wednesday that they had received a foreclosure notice this week, and the group has a month to come up with more than $500,000 to pay off the overdue loans.

Cramer said the task force had been trying to renegotiate the loans it had with Mercy Housing, a nonprofit lender in Colorado, and the Institute for Community Economics, a nonprofit in Massachusetts but the nonprofits chose to sell the loans to a group called Ichthus Community Trust, which foreclosed.

“The balloon note was due over a year ago but I think it is important to note that all the interest has been paid through February,” Cramer said. “We were trying to work it out.”

The task force has been fighting with the city of Atlanta about its controversial shelter, which at time houses  more than 700 homeless men.

Debi Starnes, the homeless czar for Atlanta, contends the shelter’s philosophy of sheltering men without requiring them to take steps such as entering a drug-treatment program prolongs their life on the street.

Anita Beaty, the executive director of the task force, says the shelter has helped hundreds of homeless men move on to stable lives, but she considers it inhumane to refuse a bed to someone in need.

Real Property Management Midwest
2720 Airport Dr.
Columbus, Ohio 43219

880 Alexandria Pike
Ft. Thomas, Ky 41075

4773 Glendale Milford Rd.
Cincinnati, Ohio 45242
859-442-9600

When renting a property, keep in mind the expression “stepping over a dollar to save a dime”.  Your property needs to be similar to comparable rental units in price and features. It is “penny wise and pound foolish” to skimp on the basics of what people want, clean, safe space. When it comes to renting space, cleaning and basic repairs are a must in a competitive rental market. The bottom line is if your property is vacant, you are not making money on it.

Showing dirty or cluttered space will most likely be detrimental. If the place looks or smells dirty or unclean, it is likely to be vacant for longer than if it were clean and fresh. If you rent your space just a few days faster by having a clean space, the amount of rent you get by renting it a few days faster, will more than cover the cost of the cleaning.

To ensure that the property is up to standards, cleaning the kitchen and bathrooms is essential. If there are bugs, they need exterminated, then the cleaning needs done. There must be no evidence of bugs. If a toilet seat is cracked or stained, it should be replaced. Lime stain removal products such as CLR® can take out stains on fixtures and the bathtub. The stove and refrigerator should be clean and visible food or grease remnants removed. Many owners don’t bother to clean windows. This is an easy to clean the insides of the windows, and stained carpets that can make your property hard to rent. Many people refuse to rent a unit with carpets that look dirty or smell bad. Some people have allergies, and a first impression of smelly carpets will turn them off immediately (even if you tell them you will be doing it if they sign a lease). Just get them taken care of, to ensure that the property is ready to go, and there is no reason for potential tenants to say “no”. Steam cleaning carpets help avoid the sticky mess some rug shampooing machines can leave. Hiring a company to clean the carpets is the best way to ensure they are the cleanest they can be. Usual rates for this service are usually $45 per room/area. Real Property Management gets a discounted rate for these services, so if you go through RPM, you will get a good price on these services.

Painting can be labor intensive and can be relatively expensive, compared to cleaning carpet. Sometimes painting must be done, BUT that’s not to say that you have to paint the entire space, though. Sometimes there are obvious marks and holes in the walls and woodwork, and these can be patched and touched up if there is sufficient leftover paint to cover and look good. Sometimes  though, the entire unit needs painted.  Nothing goes further to make a space look good than a fresh coat of paint.

When making the most of investment property, consider the properties you are competing against, and make a decision on how much those trivial costs of cleaning, carpet cleaning, and paint/touch up you want to do. Looking at those as an investment, you will make better decisions that will enable your properties to be rented faster.
After all, the bottom line objective is to minimize the time that your property is vacant.

Fannie Mae says it’s going to accept purchase offers for its inventory immediately after listing, where in the past they notified lenders and mortgage service companies first.

The fifteen day time-out to these companies slowed down the whole process – which can keep properties out of reach of ready and willing buyers.

According to Fannie’s recent securities filing took on more than 98,000 properties following foreclosures in the first three quarters of 2009. During the same time, it sold about 90,000 houses.

This widening imbalance of REO acqurings vs sales, Fannie Mae was sitting with 72,000 unsold homes. This represents about a 7 percent increase from the same period in 2008.

No more fifteen day time out period for lenders whose REO we’ve selected for loan file reviews.

Investors take note!!!! Look for earlier access to REO properties, and earlier decisions on purchase offers. We have services to help you find great investment properties and professional property management services.

We will be using our best judgment to minimize the cost of snow removal this winter. If at anytime we have a light dusting of snow and the weather will be warming up immediately following the snowfall, we will not be plowing or salting your property. This very situation happened several times over the last week. No walks or driveways were plowed as of yet.

We will only be plowing/salting in the case where the snow is going to stick around, or when there is substantial accumulation. In instances where we accumulate snow and the temperature appears as if it will remain below freezing, we will be plowing and then salting all plowed areas to ensure that the risk for injury to property or persons is minimized. If less than 2 inches of snow is expected, along with a freezing temperature, we will be salting only.

As with all maintenance needs, should you have any questions regarding the removal of the snow at your property this winter, please feel free to contact RPM and we will take care of your questions.