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Latest Blogs

Why Real Estate Is Not a Get-Rich-Quick Scheme, and What It Actually Takes To Own a Rental Property

Why Real Estate Is Not a Get-Rich-Quick Scheme, and What It Actually Takes To Own a Rental Property

Taking the plunge into the real estate market is not a decision to take lightly. Not only is it an investment of your money, but it’s an investment of your time and resources as well. Many people make the mistake of investing in real estate on a whim, thinking of it almost like a get-rich-quick scheme. The reality is that it requires significant effort to be a landlord with an active property portfolio.

But we’re not here to discourage you. We want to help you make an informed decision by providing you with all the facts. If you’re interested in investing in real estate, read on! We’re going to look at what it actually takes to own a rental property.

1. Maintaining Habitability

The first and most important responsibility of a landlord is to ensure the space is habitable. In other words, your rental space should meet or exceed the basic standards of living. Does the space have running water and electricity? Does it have a working toilet and shower? Is it properly ventilated for heating and air conditioning? Is it up to all safety standards and building codes? Consider these questions before your first tenant moves in, and revisit this list before each subsequent tenant. Repairs are often a necessary part of the job.

2. Marketing & Advertising

A rental space is not useful or profitable if people don’t know about it. Marketing and advertising are essential parts of being a landlord, but it takes time and money to put yourself out there. Be sure you’re willing to put in the effort, or enlist someone to do the heavy lifting for you.

3. Tenant Screening

Before you can let a tenant into your space, there’s lots of paperwork to complete. Background checks, credit checks, and other screening criteria are important to your physical and financial security. You’ll also need to draft an agreement outlining all the details of the lease. You may need to seek legal advice to ensure ll your bases are covered.

4. Cosmetic & Property Maintenance

Even if it’s not mandated by law, you may want to spruce up your property. From landscaping to interior design, every bit of time and effort goes into making your rental space more marketable. In some cases, depending on the state of your property, this may be more of a requirement to keep up with local competition. No one wants to live in a shabby, run-down space.

Talley Properties Can Lighten the Load

Owning a rental property can be a lot of work, but you don’t have to do it alone. Talley Properties has been Charlotte’s best property manager for over 40 years. We offer clients a range of services to make managing their portfolio easier. Contact us today to learn more!

5 Hot Tips for Buying a Rental Property

5 Hot Tips for Buying a Rental Property

Are you ready to dive in and begin your adventure as a rental property investor and landlord? Before you even begin marketing yourself to attract potential tenants, you have to select a rental property. Finding and purchasing that first property can be a little intimidating, and many people don’t realize how much effort goes into the process.

Fortunately, Talley Properties has your back. We’re here with 5 tips when it comes to buying a rental property. Read on to educate yourself on some of the industry’s best practices that will help you get ahead of the curve.

1. Invest in a Real Estate Agent

Rental properties can be difficult to find, and the ones worth buying typically carry a premium price tag. Realtors have access to a network of resources that will make finding properties much easier. Not only that, but they may be able to negotiate the price and get you a deal.

2. Ready Your Finances & Assets

Buying rental property is a pretty significant financial investment. It’s recommended that you have all of your assets in order before house-hunting. Getting pre-approved will ensure that you can strike quickly when the perfect property becomes available on the market.

3. Choose a Location

When searching for a property, it’s important to focus in on a particular area. Location is everything when it comes to real estate. Ideally, you should be looking for property in a good part of town that is relatively close to places that a tenant will find useful: work, school, church, grocery store, etc.

4. Inspect for Maintenance & Repairs

Before pulling the trigger on a property, always have it inspected. See if there’s any damage. Assess the cost of maintenance and repairs. While the property itself may have a decent asking price, it’s these hidden costs that tend to add up if you’re not careful.

5. Consider Landlord Insurance

Another cost to consider when buying a rental property is landlord insurance. In short, this will provide personal liability coverage if a tenant were to get injured on your property. Not only that, but it protects your investment from damage sustained by tenants living on the premises.

Bonus: Hire a Property Manager!

When purchasing an investment rental property, you have to consider who will keep it running. Maybe you have plans to do it yourself, or maybe you’d like someone else to do the heavy lifting. Talley Properties is one of the best property managers in Charlotte, with over 40 years of experience. Get in touch with us today to learn more about how we can help you keep your investment operating smoothly!

Should I Rent an Apartment or House Next?

Should I Rent an Apartment or House Next?

Rental properties come in all shapes and sizes, but most spaces available on the market represent one of two primary subcategories: houses and apartments. If you’re in the market for a rental space, chances are you’ve come across plenty of great options, both houses and apartments. But is one better than the other? How are you supposed to choose?

The answer is not quite as black-and-white as it may seem. It depends a great deal on personal preference, and both options have their pros and cons. Let’s dig into the details so that you can make an informed decision on your next rental and select a space that aligns with your values.

Houses

There are plenty of pros to living in a house. For one thing, houses tend to be more spacious, and they offer a level of privacy that is simply unattainable in apartment living. This is perfect for families or couples who want to start their family. Houses are also typically less strict when it comes to pets. If you have a furry friend, be it cat or dog, you’re more likely to find a pet-friendly option if you decide on a house.

That being said, houses do have some potential cons to consider. First and most importantly for many, houses tend to cost more than apartments. The extra space is great, but it does come at a premium. Furthermore, houses tend to be located in neighborhoods and suburbs, set away from the action. Work, school, and even grocery shopping may require a bit of a drive.

Apartments

Apartments often have just as many benefits as houses. The lower cost is attractive to many potential renters, and apartments tend to be closer to local shopping and entertainment. Amenities are not always offered standard, but you have more chance of access to a pool or a gym than if you were to rent a house. Plus, maintenance is largely out of your hands, meaning that you don’t have to perform as much upkeep.

These benefits do come with some tradeoffs, however. Apartments are typically smaller, more ideal for single occupants or couples than large or growing families. And while your space is your own, you have to be mindful of those living in the surrounding apartments. Dogs and cats may or may not be allowed, but many landlords keep a tight leash on pet ownership.

Which One Will YOU Choose?

Houses and apartments have their benefits and their drawbacks. It’s up to you to decide which one better aligns with your lifestyle. Either way, you can’t go wrong!

Landlords and prospective renters can get more tips by following the Talley Properties blog. Contact us today!

Summer Heat: Getting the Most out of Your Rental Property AC System

Summer Heat: Getting the Most out of Your Rental Property AC System

North Carolina summers are infamous for being intensely warm and extremely humid. During the dog days of summer, it’s imperative that your tenants have a working HVAC system to keep their space cool. But for some landlords, it’s not enough that the air conditioning is working. Many property investors want to know how they can push the limits of their AC to save money and maximize efficiency. After all, a penny saved is a penny earned. Read on for some friendly advice on how to get the most out of your AC system during the warmer months of the year.

  • Get Serviced. Find a local HVAC company that would be willing to take a look at your unit. System maintenance and repair are a regular part of keeping your rental space cool. In case of any unforeseen issues, be sure to schedule your checkup well in advance of the warm season.
  • Plan Ahead. Give your AC a chance to warm up before the hottest days are upon you. This will ensure that it doesn’t have to work so hard to keep the space cool.
  • Keep the Unit Clean. Keeping the condenser clean is a big part of the maintenance process. Because it sits outdoors, it may acquire a buildup of leaves, twigs, grass, and other organic materials. Clear it every so often to maximize unit efficiency.
  • Replace the Filter. An air filter traps dirt, dust, and allergens in the air. When the filter is left unchecked, the air conditioning unit has to work harder to pump air past the buildup and throughout the space. Check it every month or so to see if it needs to be replaced.
  • Close Off Spaces. Close the doors to closets, bathrooms, and any other rooms that don’t need constant air conditioning. By artificially creating a smaller space, the AC can work more quickly and more efficiently.
  • Draw the Blinds. Block sunlight from entering the windows and counteractively heating the space. This is especially important in the morning and late afternoon, when the sun’s rays fall at an angle.
  • Use a Fan. A fan, used in tandem with air conditioning, can actually be quite effective at cooling a space. The constant moving air means that you can keep your thermostat set a bit higher without any noticeable increase in temperature.

Here at Talley Properties, we pride ourselves on helping clients get the most from their investment. Rental properties can be quite a handful, and we’re here to help you get the upper hand as a landlord. For more tips and tricks, follow the Talley Properties blog. Get in touch with us today to learn more about our services!

Ways To Make Renting Out Your Property Easier

Ways To Make Renting Out Your Property Easier

As a real estate investor and landlord, your job is never done. It seems like there’s always another thing to do. When your rental space is empty, you need to market yourself and screen potential tenants. When the space is filled, you have rent collection and regular maintenance duties to perform.

So, how can you streamline the process of renting out your property? How can you make your job easier, while still getting everything done? Read on for some tips on how to take back your time and simplify your life.

  1. Utilize the Power of the Internet. The internet is a great place to start when it comes to things like advertising, screening, and collecting rent. Make things easier for yourself by relying on trusted tools and websites to do the heavy lifting for you.
  2. Outline Rules & Expectations Upfront. Before signing with a tenant, be sure that they understand all the expectations that come with renting your space. It’s best to have everything plainly laid out in your rental agreement. Establishing some ground rules ahead of time will minimize any headaches later on.
  3. Digitize Documents in the Cloud. Cloud storage is a great place to keep all your most important documents. Simply scan physical documents to your computer or device, or use e-signatures to keep everything digital from the start. Easily organized and accessible from anywhere, digital paperwork will save you plenty of time.
  4. Track Income & Expenses. While you should do this anyway, tracking and labeling every penny that comes in or out of your account will make your life much easier. Having a record of expenses will make it much easier to calculate tax deductions and disprove any false claims.
  5. Conduct Regular Inspections. It’s quite common for landlords to do periodic inspections of a rental space, even in the middle of a tenant’s lease. Frequent inspection will prevent any serious issues from going unnoticed, saving you time and money in the long run.
  6. Enlist a Property Manager. A property manager’s job is to automate routine tasks and keep things running smoothly. Landlords everywhere rely on their services to make life easier. From tenant screening and rent collection to bookkeeping and maintenance repairs, you can trust that your investment is in good hands.

Looking for an experienced property manager in the Charlotte area? Look no further than Talley Properties, Charlotte’s best property manager! Not only do we offer clients numerous valuable services to ease their workload, but we bring 40 years of local market experience to the table as well. Contact us today to learn more!

Latest News

Charlotte fastest growing city over last 10 years

Charlotte fastest growing city over last 10 years

CHARLOTTE, N.C. — Charlotte was the fastest growing city in the last decade. New numbers from the Census Bureau show the urban area grew 65 percent from 2000 to 2010. The next fastest growing urban area was Austin, Texas at 51 percent.Las Vegas came in third at 43 percent. To put that in perspective, the country’s entire urban population grew 12 percent during the same time. The state of North Carolina ranks second in the nation for largest rural populations with 3,233,727. Texas came in first with 3,847,522 people and Pennsylvania came in third with 2,711,092 residents.

 

See more @ http://www.wsoctv.com/news/news/local/charlotte-fastest-growing-city-over-last-10-years/nLfBM/

Talley Properties Announces Opening of New Facility

Talley Properties Announces Opening of New Facility

Charlotte—Talley Properties Inc., a property management firm serving the Charlotte area real estate market has announced their move to a new facility 2716 Westport Road. The move will be official March 23rd.
The brick, 2-story 7300 square foot building is situated on an acre plot and includes 5000 sq feet of office space and a 2300 sq. foot warehouse. It was built in 1998 and served as a corporate office for a local builder.

According to owner and President Tony Moore, "Talley Properties has experienced tremendous growth since 2004. We feel this new office will provide us with a stable location to continue to serve our existing clients while giving us room to continue to grow and expand our services." Moore received his BS in Management and Production Sciences from UNC Wilmington. A native of Lincolnton, he now resides in Gastonia with wife Cathy and their children, Melissa and MaKenzie.

Talley Properties has specialized in midrange to high end residential and commercial property management since 1980. Their mission is to provide full service management to a diverse group of investors. With the goal to achieve long-term relationships with their investors, they are on call 24-hours a day, and provide quick, efficient same day service. Visit Talley Properties at www.talleyproperties.com or call 704-332-2206.

In shaky economy, renting increasingly tops owning

In shaky economy, renting increasingly tops owning

It's an ideal time to buy a home, but many potential buyers in Sioux Falls are forgoing home ownership and the American dream.

Instead, despite historically low interest rates, a drop in home prices and an ample inventory of houses to chose from, many are opting for short-term rental agreements.

Some question whether there's still value in owning a home .

Others say the popularity of renting is a trend that will be a short-lived function of economic uncertainty. Many potential first-time homebuyers don't want to be tied down to a home. They don't know whether the future will bring a pay raise or a layoff. So they opt for an apartment or town home.

The trend of renting will turn around eventually, but it's going to be slow, said Michael Roach, assistant professor of economics at the University Center and Dakota State University.

"That's a short-lived phenomenon we're experiencing simply because of where the housing market has gone for a couple of years," he said. "(Homeownership) is still the American dream; people still want homes. People still want to own their own home, but they want to do it in an environment that makes economic sense."

As the local economy grows and adds jobs, and as new businesses pop up, Roach said home ownership will pick up.

"Especially for younger people, younger families, nobody likes uncertainty when they're dealing with that amount of money. It's the biggest investment most people will make in their lives," he said. "People are gun-shy still, and it's going to take a little while to get over that."

Fear is the No. 1 reason for the shift from home ownership to renting, said Tony Ratchford of the Ratchford Group with Hegg Realtors.

He said although home inventory has dropped in Sioux Falls, and business is better than last year, it's not as good as he had hoped. He's had clients who sold homes and moved into rental properties to get out from under some debt. He also owns five rental properties that he said he gets calls about weekly.

"It's just been absolute fear. ... They just don't have confidence in the economy," he said. "People were careful with their money. They realized the cost of gas, cost of food and have a fear of the economics of the world that brought them to the realization to pay off debt, pay off credit cards and just hunker down a little and make life cheaper."
Ratchford said he thinks Sioux Falls has hit bottom and predicts things will pick up by summer. At that time, he said the market will be more balanced, home values will increase, rentals will be mostly full and prices will be up. People will realize it's cheaper to buy than rent.

"The American dream of owning your own home, it's such a great investment, but the last three or four years we haven't seen that," he said. "Some people are questioning whether or not there's any value in owning a house anymore. I know there is, and long term it's going to be a big deal. It's part of the cycle of what happens when you have a down dip."

Kayla Pederson, 27, never has owned a home, and said financially, she can't buy a house now. This month, she moved into a two-bedroom apartment with her 4-year-old son after living with a friend and saving money.

"These days, it's more common. I'm hearing friends and acquaintances move in with friends or parents to catch up until they're ready to get out on their own," she said.

Pederson recently moved back to Sioux Falls from Colorado. Although she has a degree in business management, she was unemployed for more than two months before she was hired as an IT support technician in June. She plans to own a home someday but said renting is the best option now.

Pederson passed on buying a foreclosed home in the Denver area. She's glad she did.

"With the economy, you could get more bang for your buck, but when we had time to think about it, we decided renting was a better option," she said. "I knew eventually I was going to be moving back home."

Matt Larson, president of the Realtors Association of the Sioux Empire, said pending home sales were up 16 percent in October compared with last October. Pending sales this year are up 0.9 percent. New listings and inventory are down.

Larson said people remain cautious.

"It should start improving in 2012, and I think we're going to lead the country out of it in the Midwest, because we didn't have the terrible downside," he said. "I think we're going to outperform most markets."
Rental vacancies in Sioux Falls are at an all-time low of 4.58 percent, said Dan Siefken, executive director of the South Dakota Multi-Housing Association. That's the lowest the organization has seen since it began the vacancy survey in 1996, he said.

It's also down substantially from a record-high of 13.28 percent in January 2010.

"I think (apartment living) is back in vogue," he said. "People went through a period of time where they were sold on the fact that home ownership was for everybody and that you were throwing your money away if you rented. Now they're realizing that renting is a good bargain."

Siefken said the high vacancy rates of 2010 can be attributed largely to the first-time homebuyer tax credit perks. Now, he said, renters are finding a savings in renting when they don't have to pay property tax, maintenance, insurance, lawn care and snow removal and other costs.

Today's renters don't want homeowner costs, but they do want more than a couple bedrooms, a bathroom and a kitchen. They want units with dishwashers and a washer and dryer. They want complexes with heated garages or underground parking, fitness facilities, pools and Jacuzzis, Siefken said.

"They're pretty much must-haves," he said. "Those apartments are getting harder and harder to find; those complexes have almost zero vacancy."

Angie Stingley, manager for Boulder Creek and Boulder Pointe Townhomes, said she has 184 units and expects one vacancy this month. She said if there is a vacancy, it doesn't last long.

The Dunham Co. will start construction next spring on a 262-unit apartment complex on South Grange Avenue. CEO Don Dunham expects it to be ready for tenants next fall.

"The old days of Section 8 housing and 4-plexes, that's not good enough for young professionals today," he said. "If you make enough money, you want to live someplace nice, but that doesn't mean you want to buy a house."

That's why Dunham hasn't built any single-family homes in more than two years. There's no demand.

He said the company used to have 40 to 50 spec homes for sale at all times throughout the area that includes Sioux Falls, Dakota Dunes, Yankton and Elk Point. Dunham said the company has about 150 lots fully developed and ready for single-family homes, but there's no plans for buildings.

"We're just trying to liquidate what we still have," Dunham said. "There is no demand. People are seeing that a home is not the deal it used to be anyway."

Rental Prices Soaring as Home Values Stay Low

Rental Prices Soaring as Home Values Stay Low

Foreclosure Deals, a leading provider of foreclosure listings, news and information, has released new research on home prices and rent values across the nation. Drawn on data collected from regional and local real estate markets, the numbers demonstrate the relationship between the average cost of rent and the average cost of a home purchase in each state, which can help homebuyers choose the best markets in which to invest.

"Foreclosures have had a huge impact on home values," remarked John Evan Miller, a real estate analyst with Foreclosure Deals. "In almost every market, prices are well below their 2008 values, simply because there are so many homes available."

Foreclosure Deals presents the new data compared with values recorded in 2008 using an infographic available on their web site, and the impact of the foreclosure wave is clear. In many areas, home prices are extremely low, while rent prices are notably higher.

"Rents are up, and they're going to stay up," said Miller. "Even though it's the best market for homebuyers we've seen in over a decade, the recession made a lot of people reconsider spending at the time, so they rented. This drove up demand, and prices, for rental properties."

Despite the sluggish economy, Miller points out that this is the perfect market for real estate investment. He adds that mortgage interest rates are also at historic lows, creating other opportunities for value investing.

"Not only do you have rock bottom prices, you've got a terrific market to rent out your property while you wait for prices to rise. And they will rise. Home values will come back, but the days of 3.5% and 4% mortgages aren't going to be around forever. Once home values rise, those interest rates will rise too."

Experts currently predict average rental costs to be 4.5% higher than by the end of 2011 than their value last year, and up another 3% in 2012. In contrast, foreclosure homes currently offer savings of anywhere from 10% to 50% off market value. As buyers who put off buying a home during the recession look to start buying again once the economy improves, it will create the opportunity for big profits for foreclosure investors.

"In a great many cases, you're going to end up paying less on a monthly mortgage payment if you buy a home than you would in rent on the same property," said Miller. "Could there be a better reason to buy than that?"

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