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late rent payment

Collecting Rent- Three rules you must follow

Collecting Rent

Collecting rent is the goal of your property business.  It is the fruit of the labor with respect to renovating and leasing the property.  Being a landlord doesn’t mean you have to be callous. It’s important to be cordial, prompt and exact in every encounter with your tenants. However, there is a difference between being nice and polite, and being your tenant’s friend. Being a friend makes it hard and awkward to collect rent or assess late charges. This is why I follow strict rules and guidelines for all my tenants when it comes to collecting rent.

Number 1: Never accept cash or personal checks.

When collecting rent, personal checks can bounce, and cash doesn’t have a paper trail. For your protection and theirs, only accept money orders or cashier’s checks made out for the exact amount. This way they can never claim payments they didn’t actually make, and the checks can’t be canceled or hot.  You want trace ability of rent payments.

Number 2: Sign up for a P.O. Box.

If you’re like me and have properties spread out over a wide area, you don’t want to spend a whole week driving around and collecting rent. It’s a waste of time and gas. I use a P.O. Box nearby my home and use that address on all my leases, correspondence and instructions. I swing by at 6 p.m. on the due date and if the rent isn’t there, then it’s late. In disputes over when rent was mailed or received, make sure you check the stamp over the postage for a date. The post office marks each envelope with a date when it first goes through their system. If they claim to have mailed a check on the 30th, but the stamp says the 2nd, then you have proof  for court.

Number 3: Use direct deposit.

Collecting rent in the digital age should be electronic.  It’s the 21st century, and while we still need roads to get where we’re going, there are advanced methods of receiving rent payments. You can give your tenant your business account number and they can deposit the rent. Banks are secured, your money is safe, and they don’t have access to your account. This way there is no question about when rent was paid.
Did you find this video on collecting rent helpful?  Please give it a share.

For more advice and landlord training, check out Beware!  Renting to relatives can be a financial disaster.  Also view our video Late Rent Payment- three easy steps to resolution
Thank you.

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DFW Real Estate Bull Market

DFW Real Estate Bull Market Continues- July Statistics

DFW Real Estate Market for July is hot. 

The July Statistics show sellers in control.  

The Dallas Fort Worth real estate for Julu market is still hot and shows no signs of slowing anytime some. 
The most striking metric is the number days on market.

The days on market average for the DFW area is 36.

This is down 7.7% from last year and at the lowest point this century. Homes sales outpace the rate of new listings driving down inventory. Inventory continues for 3 consecutive years of decrease. Inventory is down 6.2% from last year.
According to the law of supply and demand, when we see this kind of pressure on supply should correlate to price pressure. The median house price is up for the third consecutive year.

Overall the median price of a home is up 9.5% from last year. 
Home prices began to rise in 2012 and the rate of rise is accelerating. 
The perfect storm of low inventory, high demand and interest rates remaining and unprecedented lows has meant sellers are in command.

Buyers have little to no negotiating power are paying 98% of listing price.
If you are ready to sell and lock in profit on your capital gains, you need to like the Jody Wall Realtor Facebook page. 
Thank you for watching.

 

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Fire your mutual fund

Real estate investing: Why I fired my mutual fund.

Real estate Investing beats mutual funds

I fined my mutual fund for good reason.  A few years back, My husband and I pulled our money out of the company 401K and moved it to a self-directed 401k.  We sold every share of stock we owned and cashed in all our stock options.  I received a call from Fidelity trying to talk me out of it.  He said, “Mrs. Wall, we have a team of financial advisers that can help you invest your money.  If you like real estate, can I have someone talk to you about REIT’s.”

I replied, “I will listen to you if you can meet my minimum conditions.  Are you ready?”  He said yes.  I went on, ” If you can guarantee me a minimum of a 20% cash-on-cash return, in cash, tax free year over year, then I will listen to you.”

He said, “Mrs. Wall, you know I cannot do that.”

“Then what qualified you or your team to give me financial advice.  Please send me my money.”

Mutual funds cannot pay you cash the way real estate does.

Walmart does not take mutual fund shares

If you want to retire, you need an income stream.  You need hard currency every month to pay bills.  Unless you are already wealthy, you will not save enough principle to live on at 5% return.  The minimum I will consider for an investment is 20% cash-on-cash.  I have one passive investment that pays 30% per year.  Do the math.  If you have $500,000 earning 20%, that is $100,000 per year.  If that same principal is earning 5%, you have $25,000 per year.  Do you like apples?  How about them apples?

Real estate investments have great returns mostly tax free

Municipal bonds? Give me a break.  I might as well put my money in lottery tickets.  My investment properties not only make my house payment and utility payments each and every month, I do not pay taxes on the money.  I have some property rented Section 8, so your taxes pay me every month and I do not pay income taxes on it.  The money hits my bank every month as regular as a German train.  I love our government and tax code.  I look forward to the first of the month.   My mailbox money arrives.

Jodywallrealtor.com is here for you

Jodywallrealtor.com and Cincero Investment Properties, Inc. exist to help the average person retire well.  We teach people the rules of the game.  We are not special.  We learned this business from the ground up.  We are average people following proven principles.  If you follow conventional wisdom, odds say you will end up at the poverty level upon retirement.  I did not want that for us, so we chose the path less traveled.

Give us a shout.  We would love to hear from you.

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How to know what houses are listing for in Grand Prairie

Be the neighbor who knows

Most home owners are interested in what their property is worth.  Some take that curiosity to the next level.  I have a friend who is the person who pulls flyer’s from FOR SALE signs anytime a property is for sale on his street.  He loves to inform me on what houses are going for in his neighborhood.  Fortunately for my friend, I hooked him up with two tools so he doesn’t have take flyer’s.  He can know at any moment what is happening in Grand Prairie.

Automatic E-mail Alerts on Neighborhood Activity

Jodywallrealtor.com offers a service where you can subscribe to automatic alerts to your e-mail when a house is listed in your neighborhood.  It is easy to set-up and use and you can customize the tool to your level of interest.  Some of the features include:

  • Customize the area of search.  You can go as narrow or as wide as you want.  You will know when something changes within your search radius.
  • Customize the price range of properties listed.  You may not be interested in everything but only properties that would be considered comparable to yours.
  • You can customize any of the property details to make the notification the same as appraisers would use when looking at recent sales.
  • You choose how often you want to be notified.  You can choose immediately, daily, weekly or monthly.

As a real estate investor, I have set-up target areas where I want to invest.  Anytime a property is listed according to my criteria, I am notified.  Start your automatic notification now.

Set-up your email notification now!

Mobile App

Have you ever driven by a house and wondered about the listing price?  Do you want to see the pictures and do a virtual tour.  With my mobile app, you can see the listing from the comfort of your own car without even getting out.  You can quickly screen if you want to continue or move on.  If you want to see the house, you send me a message through the app and I will automatically know the property you want to see.  I can schedule a showing right then.  I use this app when I am prospecting for my own properties.  Sometimes I am driving  and see a property I am interested in.  I can see that property.  While I am out, I can search for any other listings that are close to where I am.  I can get a feel of an entire neighborhood on one quick drive.  I do not have to go back to my office and log on my computer.

Downloard Your Mobile App Now

Jodywallrealtor.com was created with you in mind.  I use the same tools everyday and make them available to you.  Schedule a listing appointment now.

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Falcon Wood Estates

Homes for sale in Kennedale Gated Community

Advantages of Gated Communities

Homes for sale in a Kennedale Gated Community

Kennedale’s gated community is exclusive and located in the sought after Kennedale School District.  Gated communities are often sought after for their amenities.  They offer security and privacy.  gated communities offer other advantages:

  • Safer and quieter streets by restricting through traffic
  • You are free from pesky solicitors
  • Home owners associations restrict the “improvements” neighbors can make.  You also probably did not want the 20 foot Santa in your neighbors front lawn in February.
  • Lawn and fence codes are enforced without waiting for the city to take action.

Looking for a home in Kennedale?

Interested in finding Homes for sale in a  Kennedale Gated Community? Click that link to find all the currently available homes.  Kennedale is the perfect place to raise a family and homes in the school district move quickly.

What’s the Kennedale gated community like?

Kennedale has an new and exclusive gated community  Falcon Wood  Estates boasts custom homes that sit on 0.5 acre or more  The lots are heavily wooded and the community has a two acre stocked lake.   There is also a private wooded picnic ground.   Homes in  Falcon Wood are typically over 4000 square feet.  The community is restricted to only 80 exquisite homes.

What’s Going on Nearby the Kennedale?

Kennedale was established in 1887 and is located at I-20 and Hwy 287.   Kennedale has upgraded their major roads through town and have constructed traffic circles to prevent congestion.    Kennedale’s city tax rate is 2% and the state tax rate is 6%.  The total sales tax rate is 8.5%.  The Kennedale Youth Association has football, baseball and softball.  There is also a miniature basketball association. The community has a beautiful city park.  The  City Hall area features a gazebo and place host to an art fair.  Kennedale has a 9/11 memorial in the shape of a sun dial made from a steel beam from the Twin Towers.  Kennedale is one of seven town to become a certified scenic city.  The standards included

  • Strong standards to enhance the visual character of its streetscapes including sign regulation and landscaping
  • Emphasis on establishing and protecting parks, trails and open spaces
  • Programs such as Keep Kennedale Beautiful and the establishment of a natural park to promote healthy riparian wildlife and provide passive recreation.

What Schools will the Kids Attend?

Kennedale ISD has a 4A high school and  junior high school.  The Kennedale Wildcats are very Kennedale High Schoolactive in sports and arts programs.  The James A. Arthur Intermediate school serves fifth and sixth grade.  Grades K-4 attend two elementary schools: R.F Patterson and James F. Delaney.  R.F Patterson mainly serves children living in the Arlington part of the school district and is located on the East side of Hwy 287.

Now You Really Want to Find a Home Here, Right?

If you are interested in the current Homes for sale in a  Kennedale gated community, click on the link. Our ‘for sale’ property information is a direct feed from the North Texas MLS and is updated multiple times per day.                  Kennedale ISD Rating

Schedule your showing

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Make Your Property More Attractive for Homebuyers

Ensure a Good First Impression

Homebuyers make up their minds about a property in the first few minutes. Make sure your home makes that vital first impression. New paint does wonders. Make sure the front yard is flawless with manicured lawns and attractive foliage. Add a hanging basket or some flower pots at the door. The front door is also critical, make sure the hardware is presentable.

Make them Feel Welcome

Don’t forget buying a home is in many ways an emotional decision, so it’s important to give buyers that warm and fuzzy feeling! Keep the temperature in the home at a comfortable level. Light some candles in the bathrooms and make sure it smells nice and clean. Have fresh flowers around the house.

But don’t make it too personal

Make them feel welcome, but don’t go too far. Too much personality, for example in the form of personal possessions and family photos makes it hard for buyers to visualize living in the space.

Clear out the Clutter

Make sure your property is clutter-free for all your viewings. This will make your home look and feel bigger, and the buyers will be able to imagine how they could make the space their own. Make sure that there is a clean, logical flow through the home by getting rid of all excess furniture. Less is more.

Improve Lighting

This is another way to make your home seem more spacious. Open all your curtains and flood the space with natural light. Make sure the darker rooms are also lit. Invest in some light fixtures and fittings, and place them strategically to illuminate even the gloomiest of areas.

Decorate to Sell That House

Slap on a fresh coat of paint in a neutral color to give it that blank canvas look but do not be too sterile. Have some contrast in the trim as well as the ceiling. Neutral colors make properties appear lighter and brighter, so take advantage of this inexpensive and easy option. You may also add color with decorative window coverings, rugs, and towels.

Clean Up Your Act

Your home should be spotless. Make sure the beds are made and the countertops are free of clutter. The dishes should be put away and nothing should be scattered on the floor. Don’t forget to tidy your garden too: Cut the shrubs back, sweep the patio, and wipe down the backyard furniture.

Those Minor Repairs You Put Off

It is easy to forget things such as broken doorknobs, cracked tiles, holes in walls and damaged but buyers will notice them first thing as they are walking around your home.

Maximize Your Space

The golden rule of selling is to make your space look and feel bigger and better than what your competitors have to offer. We’ve already mentioned that lighting your home, both naturally and artificially, can maximize your assets, but getting rid of bulky furniture can also be a great way of making the most of what you have. Large pieces of furniture make a space feel smaller, so put these items into storage and dress your home with more compact pieces.

Don’t Forget Your Floors

Make the investment of improving and investing in those floors. Worn carpets and damaged vinyl floors need to be replaced, and wooden floors especially should undergo some maintenance. This is not chap by any means, but the prospect of selling your home for the best possible price will likely outweigh the cost.

Remove Pets During Showings

You do not need to remind the potential buyer that the previous owner kept pets.

Try to remove your pets from your home when you are showing the home. Having a pet in the house or yard can create complications for your agent while trying to show the house, and puts your pet at risk of accidentally getting out during the showing. There are also liability issues to deal with as well. They may react differently to stranger and it may cause them stress. All pet-related damage should be repaired prior to showing the home. Make sure to also remove all odors and stains. New visitors will notice smells when they come to view the house. This is not something you want to happen. Have your carpet and floors professionally cleaned or replaced. Pick up any messes in the backyard and have any sod replaced and other damage repaired.

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