Category Archives

Archive of posts published in the category: apartment
Jul
30

Making the Transition From an Apartment to Your First Home

Between myself and my real estate team, we have worked with several first time home buyers we have had several times where a first time homebuyer was moving from an apartment complex and into their first home.

We found that this transition in real terms is not that big of a deal, however it is the sentimental, emotional, and financial part of the transition that can have the biggest effect on a first time homebuyer. In other words, first time homebuyers that have been renting in the years leading up to the purchase of their first home have, on average, moved a half dozen times before the move into their first new home. The average age of a homebuyer is 32, and i can remember making at least 5 times before planting down in my first place. Point being, its not the actual move that causes the fear or the challenge in the moving transition; we have found that its all inside the buyer’s head.

With that said, the biggest change for a first time homebuyer will be the emotional and financial changes that occur through the process of buying one’s first home. Most notably, in most cases, a buyer’s monthly payment will go up compared to the rent that they were paying. Also, renters are used to calling the landlord when something breaks in the place that they are renting. For a first time homebuyer, something we do with our initial consultation is set expectations and try to ease the “sticker shock” for a first time homebuyer. We do this by encouraging the buyer to “pretend” to make his or her would-be payments so that they can get a feel for it and not get all stressed out the first month they move in. I’ve found that this fear of a higher monthly payment is all inside your head. Many buyers initially fear the higher payment, and sometimes it is a deterrent from buying a home in the first place, but I’ve found that all buyers get used to their new payment and make it a part of their lives and adapt and adjust their finances accordingly. A buyer gets qualified for a home loan, so the bank is taking a statistical bet that the buyer will be able to handle the payments, and i tend to agree with them on this as well.

However, a buyer can get over this financial concern by making the “pretend” payment; for example, if rent is $1500 a month, but the new mortgage is going to be around $2200 a month, then make the rental payment, and throw $700 into a savings account every month leading up to your home purchase. For some buyers who are buying a short sale, this may entail more than a few months of saving, which is even better and directly addresses the second most common concern about the home-purchase transition for a new buyer which is maintaining and taking care of the home they just bought.…

Jul
21

The Construction of Floors For Residential Homes

A floor is a horizontal structure which carries both dead and live loads in a building and divides the building into stories. Some buildings may have one, two, three or even four stories. These are important considerations when you are looking for an apartment to buy in Jamaica.

Floor is classified into two main categories, the ground floors and upper floors. There are two types of ground floor:

1. Solid Ground Floor

2. Suspended Ground Floor

The functions of the ground floor are:

i. To withstand the loads that will be imposed on them

ii. To prevent damp penetrating the building

iii. To be reasonably durable so as to reduce the amount of maintenance or replacement work to a minimum

iv. To provide an acceptable surface finish which will meet the needs of users with regards to appearance, comfort, safety, cleanliness and associated matter.

The functions of the upper floors are:

i. To support their own weight, ceiling and imposed loads

ii. To restrict the passage of fire

iii. To restrict the transmission of sound from one floor to another, particularly where this may seriously interfere with activities being undertaken.

iv. To possess an adequate standard of durability

v. To be capable of fairly quick erection

vi. To accommodate services readily

vii. To provide an adequate surface finish which will meet the needs of the users with regards to appearance, comfort, safety cleanliness and associated matters.

The principal materials for a floor are concrete, timber and steel.

The Floor Construction

To build a solid ground floor, the construction is essentially comprised of a combination of some of the following: plain or reinforced concrete bed, hardcore, blinding, selected marl fill and sand bed.

The concrete bed can be either reinforced or plain in-situ concrete, four or six inches thick. The concrete mix batching, mixing, transporting and pouring require careful observation so as to ensure good quality concrete. The reinforcement can be a fabric of welded mild steel or mild steel reinforcing bar. Reinforcement must be free from rust; wire brush to remove any scales. The water for the concrete must be clean. Though this principle is not always followed and a Jamaica real estate investor must be cognizant of this when searching for cheap apartments for sale in Jamaica.

The purpose of the hardcore ground floor is to make up the levels under the floor, to provide a firm working surface, prevent contamination of the lower part of the wet concrete during placing and compaction and reducing the amount of rising ground moisture.

Hardcore materials are rock waste, gravels, coarse sands, river shingles, block rubble, stone rubble and tile rubble. These materials should be hard, durable, must not react with any other materials, drain easily, consolidate quickly, be free from harmful substances and not attack concrete or block work mortar.

The blinding ground floor is needed to even off the surface of hardcore and provide a true surface from which reinforcement can be positioned. The composition of blinding floor generally consists …

Jul
19

No Credit Check Apartments in Birmingham Alabama

First and foremost, know what you are getting into when you look for apartments for rent in Birmingham Alabama that do not require credit checks. You may have a valid reason for having bad credit, say, you’ve been through some rough times and are starting anew with a great new job in Birmingham. In any case, it will be naïve to think that landlords and apartment companies will take your word for it. They promised no credit checks to lure you in (yes, it’s an entire new niche market that is growing in this economy), but they will want to know that you aren’t just another habitual deadbeat who will eventually try to worm him/herself away from paying rent. There are many, many bad tenants making the rounds, and you will want to prove that although you don’t have a stellar credit rating, you will be a good, paying tenant. Another thing to consider is that if you do get a no credit check apartment, your neighbors may not be as upstanding as you.

Bring documents and be up front right at the start. Some apartments charge an application fee, so it might be good to talk to the management about your chances before paying up. Some of the smaller apartments will consider your case if you are nice to them and have complete documents like a bank statement, certificate of employment, or the like to prove you have income and can pay rent. Larger corporate run apartments are more regimented and have an established set of criteria, so the person you are pleading your case with might not have the power to approve you anyway. Another thing is to be prepared to pay cash upfront equal to a few months rent.

When you are ready, check out these Birmingham apartments that don’t require a credit check: Highland View Apartments on Aspen Drive, Highland Bluff Apartments on Robert Jemison Drive, Intown Suites (a sort of long-lease hotel which charges weekly)with branches in Huffman Road, Oxmoor Road, and Southpark Drive.

Visit apartments in Birmingham AL for more credit free apartments

Jun
24

Investing In Real Estate For Beginners: Apartment Complexes

Here is some advice for investing in real estate for beginners who are thinking about investing in apartment complexes. Many commercial property advisors with an opinion say that apartment complexes with over 150 units are the properties to buy, it’s not necessarily true. Multifamily units are indeed a solid investment. However, what you really want to invest in is where you can earn the most rent per unit. Often that is in multifamily complexes with less than 100 units.

When you are making a purchase bid for a large complex, you are often bidding against financial institutions with deep pockets. This creates two distinct disadvantages for you as a beginning investor.

First, most beginner commercial investors are forced to join a large consortium of other investors to get in on a multi-million dollar deal. This dilutes your ownership interest and the weight your opinion counts when issues arise such as when to sell.

Second, when you and your investors are bidding with the last dollars that you have to invest, the large institution can easily out bid you by several thousand more than you can raise. Going up against large institutional investors can be overwhelming.

There are many other reasons to invest in complexes with less than 125 units:

A. There is less upkeep and maintenance. You may be able to avoid the added expense of an on-site manager and full-time maintenance crew.

B. There are more medium-size complexes available at any given moment. That means less competition from other investors and more opportunity to find one with exceptional cash flow.

C. Cash on cash returns for medium complexes are frequently better than for large complexes as you are able to offer a wide variety of amenities and services.

D. You will not be dealing with a financial institution as the seller with a cumbersome sale policy. The seller will more likely be an individual or small partnership that can provide flexible sales terms if they choose.

E. They typically will require less equity to acquire. This means you can control the property as an individual or with a couple of partners. You thus own a higher percentage of the property and thus a bigger amount of the profits.

F. Often the less knowledgeable seller has avoided raising rents because they have become friendly with the tenants or they are afraid the vacancy rate will increase. By studying the local market rents and vacancy rates, you could find that you can immediately increase cash flow through rent increases.

There are some very good arguments to owning small apartment complexes in the 4 to 12 unit range. This can be a good start if you personally manage them and perform most of the maintenance. However, this size complex seldom generates enough income to leave a profit when a property management company is hired.

Investing for beginners can begin with small complexes and once the income is stabilized buy another. After a couple of years, you will have 3 or 4 small …

Jun
21

New Jersey Penalties and Consequences For Failure to Comply With Apartment Registration Requirements

In today’s article, we will discuss the importance of two separate documents required for landlords of residential real estate.

Certificates of Occupancy

The first document is the Certificate of Occupancy. The vast majority of municipalities in the State of New Jersey require that the landlord obtain a new Certificate of Occupancy each time a new tenant moves in. Inspections that accompany the application for a certificate of occupancy vary by municipality. All towns will check the smoke detectors, and if there is gas heating, there will also be a check of the carbon monoxide detector. Some towns will also conduct much more thorough examinations in an attempt to increase the quality of housing throughout the town. It should be noted that it is no longer permissible for a municipality to require a new certificate of occupancy inspection when a family expands by natural means (e.g.; the birth of a new child).

While most landlords are vaguely familiar with the fines which the municipality may impose upon them for failing to obtain a certificate of occupancy, few are familiar with the far more severe consequences which can result from such failure. Where certificates of occupancy are required, a home rented without a certificate of occupancy constitutes an illegal contract. Hence, in the matter of Khoudary v. Salem Board of Social Services, 260 N.J.S. 79 (App. Div. 1992), the Court determined that a landlord who rents without a certificate of occupancy is without authority to file a suit for rents.

In essence, what the Khoudary Court said was that it would not help the landlord enforce an illegal contract. In the event that the tenant vacates the premises owing rents, either for prior months or months that may become due under the unexpired lease, the landlord may not file an action to collect the rents, and furthermore, may not apply any of the tenant’s security deposit toward these rents. The landlord can still bring an action or withhold security for tort damages, such as destruction of the apartment. It remains uncertain whether a Court should allow a tenant to file an action for return of all rents previously paid under the illegal contract; however, most Courts will rule that the tenant should pay for the quantum meruit benefit of the use of the apartment.

For nearly a decade, Courts interpreted the ruling in Khoudary to mean that failure to obtain a Certificate of Occupancy was a bar to eviction. However, this issue has been since clarified. In the matter of McQueen v. Brown and Cook, 342 NJS 120 (App. Div. 2001), the Court ruled that while failure to obtain a certificate of occupancy rendered the contract illegal, the landlord still maintained the right to evict the tenant. Essentially, the Court’s decision holds that a tenant should not be able to benefit from the illegal contract, and furthermore, it is clear that leaving the tenant in the illegal rental would be contrary to public policy.

Landlord Registration Statement

While failure to obtain a …

Jun
18

Renting in Tucson With Bad Credit

Tucson, Arizona’s second largest city, the home to University of Arizona, has a diverse population and culture. You have Native Americans, Mexicans, Spanish, and of course your good old westerners among the 541,811 Tucson citizens. You have attractions such as Arizona-Sonora Desert Museum and the Fred Lawrence Whipple Observatory. You could enjoy a ballet at the Tucson Music Hall or if you are in the mood for music, head to Tucson Convention Center or the Rialto Theater for a concert. There is much to do in Tucson and you would have a great time living here if you rent a Tucson, Arizona apartment.

When you search for a Tucson, Arizona apartment for rent it is taken for granted that you need a good credit record. Landlords and companies usually do a credit check before they let their apartments out and you would be demurred, if you don’t pass. So what do you do if you have a few bad marks in your credit record? Will you not get a Tucson apartment for rent at all? That is not so. There are means by which you can rent an apartment in the city even if you have bad credit.

If you know a person in Tucson who has good credit, and would agree to act as your guarantor, then you will have no problem finding a Tucson apartment for rent. This is what students usually do. Most real estate companies who are in the business would pass your application on the guarantee of a trustworthy Tucson citizen.

If you do not know anybody in the city, then your next option is to share your Tucson apartment with someone who has good credit. Since rental companies would pass your application if even one of you has a good credit record, you have a very good chance of finding your apartment. You could find advertisements for roommates in local newspapers such as Tucson Citizen, Tucson Post, or Tucson Weekly. You may also find advertisements online.

If you cannot find anyone to share with or you do not want to share your apartment, then, your third option is to try to find those apartments in Tucson that require no credit check. You will find their listings in Tucson newspapers and online too. Mostly, apartments that are let by individuals do not require credit check. As long as you have a decent income, have proof of income, and a few good referrals, you will be all right. You might try for condos let out by individual owners as well.

You could also try asking the rental agents to not do a credit check. There are many agents who allow it. You will have to pay a higher deposit for your Tucson apartment in return for their skipping the credit check. The owners, after all, would want to be sure that they get their rent. However, as long as you have good references and a decent income, and are willing to pay extra deposit, you should …

Jun
9

Places in Sacramento to Rent an Apartment With a Broken Lease

Sacramento is the capital of California, and the city boasts a rich history and culture, being home to a diverse population. In a way, the city is one of the most racially diverse and because of its political bearing, continues to attract businesses and people throughout the year. This has made it the operating headquarters to many large companies and organizations. The city also affords a very hospitable climate and as such is a great place to live. Sacramento has many apartment homes that cater to almost any housing need. But renting an apartment in Sacramento can be problematic if you have a previous broken lease. This is because many apartment do rental background checks where they check for the applicant previous rental record. If one has a blemish on their record, they may be denied approval. An option is to look for places in Sacramento where there are second chance apartments willing to rent to people with a broken lease. Let us examine some of these:

Here are some neighborhoods in Sacramento where one can be able to find an apartment that approves even with a prior broken agreement with another apartment:

  • Tahoe Park
  • Curtis Park
  • Land Park
  • Oak Park
  • Ben Ali
  • Robia
  • Boulevard Park

Apartments that are willing to work with problem applicants in Sacramento are called second chance apartments. These are rental units and real estate management companies that are willing to consider tenants who have had issues in the past. It is however, good to note that even though this is the case, certain requirements will still need to be met:

  • One must demonstrate that they have a job
  • The applicant must earn enough to satisfy the rent requirements
  • A criminal background check may be conducted

The challenge

Even though these second chance apartments do exist, they are difficult to find. This is because they do not readily advertise that they are willing to consider applicants with tainted rental pasts and because of that, one can become very frustrated when it comes to searching for them.

One place to search is off course the Internet. The realm of second chance apartments in Sacramento is not very wide and there are very few websites that give information as to the exact location of these types of apartments. Furthermore, many applicants are weary of renting apartments in crime-ridden parts of town therefore they exercise caution when searching.

Do you have a broken lease and are looking for an apartment in Sacramento that will consider you?

May
28

How to Rent Apartments in Charlotte Even With Bad Credit

Though most of the apartments in Charlotte will require you to have a good credit history but with the help of the right sources you can easily get a good Charlotte apartment even if you have a bad credit record.

The beautiful city of Charlotte is not only the biggest city in the state of North Carolina but also the seat for the chamber of commerce as well. Over the years this particular city has proven itself to be amongst the most ideal places to live in America. the city is already is home to around 700,000 people yet continuously attracting not only tourists but also other people planning to settle in here. This is so because of the city’s economic growth, employment opportunities, and cultural heritage and last but not the least the city includes some of the safest neighborhoods to live in with a family. But buying apartments in Charlotte can be expensive so the best possible means to live in this city is go for the Charlotte apartments for rent.

There are plenty of good apartments in Charlotte that not only gives you job proximity but also are easy to get on rent with all the amenities to make your living a comfortable one. You can easily get Charlotte apartments for rent but it would be easier if you don’t have a bad credit record or record of any broken lease. The landlords of the Charlotte apartments mainly run this type of background checks before choosing the right tenant only to keep a safe neighborhood and also to follow the housing laws for tenancy as well. So if you have any flaws in your credit record or rental history you may be denied by the apartments leasing managers. You can be approved for tenancy only if you go for the no credit check Charlotte apartments for rent.

But you need not to worry even if you have a bad credit history as you will surely get plenty of good Charlotte North Carolina apartments for rent where you will get a chance to explain your situation to the leasing managers or the landlord even after running a background check over you as it is a standard procedure before leasing apartments in Charlotte city. But it can tricky as well and apartments like these or apartments with no credit check can be difficult to find too. But there are certainly a few places where you can look for if you are looking for a good apartment. They are:

• Cotswold

• The Aboretum,

• Parkdale

• Sedgefield

Usually apartments with no credit checks are a bit difficult to find only for one reason and that is they are not advertised properly in order to avoid drawing the attention of the wrong kind of people. So the best way to find suitable apartments in Charlotte is to seek help of your trusted sources such as family, friends or co-workers. You can also go for the good apartment finders or real …

May
27

Pay Less Rent by Paying More Security in Mumbai Real Estate

In Mumbai most of the residential property owners follow a simple rule. The rent is a package and the package is divided into rent plus security. For every Rs one lakh of security that one pays, the rent decreases by Rs 1,000 per month.

Take the case of Amit Tandon, a bachelor working with KPMG in Mumbai, who shares his three bedroom apartment with his two friends. Their monthly rent package was Rs 30,000 but after paying a whopping security of Rs five lakh, they have managed to reduce the monthly rent by Rs 5,000 to Rs 25,000. Says Amit, “This is a simple rule that is followed in most places in Mumbai. And the security amount has to be paid before shifting.” If it is a furnished flat, a landlord takes deposits that cover the assets of his flat.

But when does the tenant get the refund. “Ideally before one leaves, one should get the refund. Normally there is a month’s notice during which time the landlord has to arrange the money,” says Amit.

If you are bank a employee in Mumbai, then the bank provides support for security deposit and then it becomes a bank lease. The tenants pay the bank and the landlord is paid by the bank. Nearly all banks in Mumbai property markets help their employees with security deposits, and this is basically part of their perks.

However, banks intervene only in case it is a bank lease. But banks generally do not intervene unless there is an issue still the responsibility is with the tenants to recover this money.

Security system is different in Mumbai and southern cities. In the property markets of southern cities of Bangalore and Chennai, ten months rent as deposit is the general rule. But in Mumbai Property market there is no concept of how many months of security deposit. The amount paid per month as well as security deposit depends on location, and varies significantly in different parts of Mumbai, based floor, sea facing or non sea facing and finally it depends upon how you negotiate the deal.

May
22

Real Estate Submarkets and Their Characteristics

The Jamaica real estate submarket

The general market for goods and service is made up of many submarkets. When left free to operate without private or governmental interference, each submarket and the general market as a whole should theoretically regulate itself by the laws of supply and demand.

One of the submarkets of the general market for goods and service is the Jamaica real estate market. While the real estate market differs in a number of distinctive ways from other markets, it acts much like all markets with respect to changes in supply and demand, but with a slower response time. It has the appearance of being a single, simple entity when in fact the real estate market is itself composed of many complex sub markets. This would include Jamaica homes for rent as well. This would be known as a parent category.

Real estate is a commodity just as wheat, gold and sugar. By combining the other factors of production with land we can produce wheat, gold and sugar or buildings.

Major sub markets of Jamaica Real Estate

Most authorities agree that the five major submarkets of Jamaican real estate are:

1. Residential homes for rent in Jamaica;

2. Commercial;

3. Industrial;

4. Agricultural;

5. Governmental and special – purpose properties

Each of these five categories is further divided into minor submarkets. For example, “residential” as a major submarket can itself be divided into minor submarkets as follows:

1. Urban;

2. Suburban; and

3. Rural

Each of the minor submarkets can be divided further into single-family and multifamily, which could then each be classified as owner-occupied and rental. The point is what appears to be one big, but simple real estate market is in reality, a complex structure of many individual submarkets, each of which contributes to the overall market.

The characteristics of the real estate market

If the real estate market were allowed to operate without any interference or restraint whatsoever, each person could use his or her property in any way that would produce the greatest return. This could result in one person’s use of Jamaican property causing a loss in value to another person’s property. Obviously, we cannot permit land to be used for whatever purpose the owner thinks best for his or her private gain.

For example, if you lived in a very fashionable up-market residential subdivision and your neighbor bought two undeveloped lots adjoining your property for use as a pig farm or for a paper mill with its offensive odors, the social costs to you and the rest of the subdivision would far outweigh the private gain to your neighbor. Therefore, the real estate market cannot be permitted to operate free of all controls and restraints.

Listed below are five primary characteristics affecting ownership and sale that set real estate apart from other markets.

1. The market is local in nature; the product is immoveable.

2. It is slow to respond to change in supply and demand.

3. There is relative permanence of …