How Your Landlord Calculates Rent

How Your Landlord Calculates Rent

There are many factors that go into the typical landlord’s determining of rent and apartment value. Not all are financial, but the beginning factors of deciding a fair price are evaluating the market, along with overhead costs.

 

Similar to purchasing a house, many landlords will look at comparable properties in the neighboring area. To be comparable, a neighboring apartment will have similar square footage, room counts, and amenities. Landlords can also evaluate apartment buildings in other neighborhoods that are comparable sizes, and then take into account a difference in neighborhoods. The surrounding neighborhood can increase or decrease the rent value for reasons such as park and school accessibility, transit, cleanliness, even the local nightlife.

 

Once this has been established, many landlords choose to compare the rent, or range of rent prices, to the Housing and Urban Developments annual fair market rental report. This report is used to illustrate how rent prices relate to the types of apartments available, along with the local markets. Supply and demand is also a very common factor when determining rent price, particularly in an area where rental property competition is either very high or very low. This does not necessarily mean that a high demand will drive the prices up too much, as it can be extremely unprofitable for a landlord to have frequent turnover.

 

Next, overhead costs will play a large part into how much an apartment can be rented for. A landlord will have many overhead costs, some which are quite expensive or even unpredictable. Mortgage of the overall building will be used to calculate rent, along with utilities that must be paid, property taxes, and insurance. All of these expenses must be covered by the combined rent of all units on the property, taking into account that vacancies will occur in between occupants.

 

Unforeseen expenses are more difficult to calculate, but are equally important to take into account when determining rent of a unit. The landlord must be able to provide their tenants with basic amenities, especially those of which were previously agreed upon such as a working refrigerator. Unforeseen events can also lead to expenses, such as fires or gas leaks, which the landlord are responsible for fixing using the obtained rent money.

 

Last, many landlords take into account their occupants themselves. In fact, many landlords who live in the same building as their tenants, or owners of smaller properties, are known to be reasonable in order to maintain a relationship with their tenants.

 

All in all, there are many different factors used to calculate the monthly price of any rental. Landlords may calculate the rent differently based on neighborhood, type of building, and even the landlord’s own proximity to the units. Ultimately, a good landlord will weigh all of the factors to determine a fair and affordable rate, which also covers necessary expenses with a safety net.

 

3 Influential Entrepreneurs of the 21st Century

3 Influential Entrepreneurs of the 21st Century

Throughout history, our culture and many industries have been shaped by those who pioneered new ideas. These entrepreneurs have changed the industries of technology, finance, and much more. Often a rags-to-riches story, these innovators have led the way in their field, making everyday life that much easier for most of the world. From the founders of online search engines to talk-show hosts, entrepreneurs of all fields have impacted our world in a way that will forever change it.

 

Oprah Winfrey

Though her success began in the late 90s, Ms. Winfrey has been a household name throughout the first two decades of the 21st century. Growing up in extreme poverty, Oprah faced many challenges due to her demographic. As she broke through at the local level of media, she was quickly notices by television and radio executive. Finally getting her own television show which ran for over 25 years, Oprah also became a leader in the media industry as a whole. Starting her own production company, Harpo Studios, she laid the foundation that was bound for success. Now as a owner of Weight Watchers, her own television network, a line of health foods, and a world-renowned book club, her legacy is solidified as an influencer for women around the world.

 

Jeff Bezos

Not a day goes by where millions of people around the world take care of their shopping needs on Amazon.com. It is crazy to think that founder of the online site, simply wanted to provide readers a place to order books without heading into the bookstore. Now, as the wealthiest man in the world, Amazon founder and CEO, Jeff Bezos is living the dream. What started out as a business  idea that he wrote during a cross country trip, turned into one of the most visited websites in all of the world. Now selling everything from groceries to appliances, Amazon is a site that will likely not diminish anytime soon.

 

Steve Jobs

It is hard to make a list of successful entrepreneurs without mentioning the founder of Apple. Though he sadly was taken from the world before seeing the true impact that his work has made, Jobs changed the technology game for likely the rest of our time on earth. His innovation of all Apple products has allowed people to do their jobs, live, and communicate in ways that were never imagined before. His forward-thinking is what allowed him to be so successful and his humble nature is what makes him someone who aspiring leaders should look up to.

Non Profit Spotlight: Juvenile Diabetes Research Foundation – JDRF

Non Profit Spotlight: Juvenile Diabetes Research Foundation – JDRF

The Juvenile Diabetes Research Foundation or JDRF is dedicated to supporting patients with Type 1 or juvenile onset diabetes and their families. The foundation also promotes research toward eliminating the disease and advocates for legislative support for patients and families. Since its inception, JDRF has contributed $2 billion in research funding toward the disease.

Research

Through its fundraising activities, JDRF helps to pay for life-saving research into the causes and prevention of juvenile diabetes, as well as daily management of its symptoms. The organization is currently involved in several different research fronts, including the artificial pancreas and beta cell replacement.

The artificial pancreas is a new medical device that provides blood sugar control 24 hours a day. Monitoring blood sugar levels, the device provides the patient with a targeted amount of insulin and other hormones to stabilize the patient. This device has the potential to greatly simplify the lives of Type 1 diabetics.

With beta cell replacement, patients may be able to stabilize their condition for months at a time. The small implant delivers insulin-producing cells directly into the bloodstream. When approved, this implant will revolutionalize diabetes treatment.

Advocacy

JDRF is an important voice for patients and their families, encouraging lawmakers to consider the needs of Type 1 diabetics when making health care and financial decisions. JDRF is also involved in securing research funding through government programs. The organization has also been a strong supporter of protections for pre-existing conditions, benefiting not just Type 1 diabetes sufferers, but patients with all chronic diseases.

Recently, their Coverage2Control program has successfully persuaded some of the largest insurance companies to cover the artificial pancreas system. The JDRF also supported the coverage of insulin replacement systems through Medicare.

Family Support

JDRF is involved in providing day-to-day support for patients and their doctors. The JDRF web site features a wealth of health care information for child and adult patients with the condition. The web site provides one-on-one support for patients as well as hosting online support groups. The web site also has a section focused on the day-to-day care of the disease, including symptoms and treatments.

Leadership for the Community

Combining research, advocacy, and patient support, the Juvenile Diabetes Research Foundation is an invaluable part of the medical community. Its research promotes better living for patients with the condition.

4 Mistakes You Won’t Want to Make in Real Estate Investing

For many people, real estate investing is a great way to achieve financial independence. However, real estate investing is a difficult process. There are various people who struggle to get started with investing.

In addition, there are many ways to make mistakes with real estate investing. Too many mistakes can result in financial failure. Here are some of the most lethal real estate investing mistakes that you should avoid.

 

Borrowing Too Much Money

Perhaps the biggest mistake that new investors make is to borrow too much money in the beginning. When you first start investing, you are often really excited to buy your first property. Borrowing too much money does a couple of things to your finances.

Not only will borrowing too much money impact your monthly cash flow, but it also increases the risk that you have in business. Some people struggle to pay for all of the debt that they take on.

 

Lowering Your Rent

Some real estate investors believe that lowering their required rent is the best way to attract quality tenants. However, having rent prices that are too low is the wrong approach to take as an investor.

As a real estate owner, there are various expenses that you must deal with. Rent payments help the owner pay for repairs and other maintenance in the home. Make sure to conduct thorough research on the area before setting a price for your monthly rental requirements.

 

Avoiding Maintenance

Maintenance is one of the most important aspects of owning a home. There are many people who want to avoid maintenance expenses whenever possible. However, this is the wrong approach to take for a variety of reasons. Maintenance expenses are much cheaper than repairing a major problem.

You should conduct thorough maintenance in your home whenever possible. This is the best way to avoid major issues later on.

 

Selling in a Panic

If the housing market starts to drop, one of the worst things that investors can do is sell in a panic. Trying to sell a home quickly is only going to reduce the total price that you can get. Instead, focus on ways to hold your home through an economic downturn. This is the best way to enjoy price appreciation when the market picks up again.

Overall, real estate investing is a great way to build wealth and change your financial future. Avoiding major mistakes is essential to achieving financial success.

 

The Secrets of Real Estate Investing

To be a part of the real estate industry doesn’t necessarily mean you need to become an agent or broker. The markets around the country are standing on relatively solid ground and we owe a great deal of that credit to the investment side of the industry. Real estate investors are doing very well for themselves right now and there’s a good reason why. While the markets may be contributing to successful investments, there are certain habits that many prosperous real estate investors live by.

 

Following the Markets

Besides the stock market, real estate, is one of the most fluctuating markets in our economy. When investing in the industry, someone who has succeeded spends a significant amount of time researching. To continue thriving as a real estate investor, keeping up with the trends and developments of the market are a must. Everything from interest rates to unemployment statistics should be closely monitored by investors. The more that an investor knows about their market, the more promising they can expect their business to be. Another crucial trend to keep an eye on is consumer habits. By knowing which audiences are driven to your investments can provide you with the tools you will need to properly invest.

 

Develop a Niche

When first starting out in real estate investing it is important to determine which style of real estate best suits your wants and needs. Choosing whether residential, commercial, or land it is important to know which area you want to focus your attention to. Learning everything there is to know about your chosen niche will give you the confidence to make smart investments along the way. Understanding as much as possible before moving on to another type of real estate can help an investor project long-term success. Once a particular focus is mastered, the investor can then choose if they are ready to move on and put their money towards another type of real estate.

 

Network

In any industry it is important to surround yourself with those who support and share your goals. Real estate investing is no exception. For those new to the investment side of the field, finding someone with already established success is something worth taking the time to do. If you plan on starting your own investing company, it is worth it to know someone who can help introduce you to their seasoned colleagues. Not only is networking in the real estate industry but finding trustworthy contractors, realtors, and architects will help take your investments to new heights.

 

Preparing Your Home for a Real Estate Photo Session

Preparing Your Home for a Real Estate Photo Session

kitchen interior

There is no doubt that having a successful real estate photo shoot for a new apartment or home you are trying to sell can be a really tricky situation. Too often photos are dark, from a strange angle, or simply fails to capture the beauty or attractiveness of the home in general.

With newer, more centralized real estate platforms such as Trulia and Zillow becoming increasingly common for agents across the country, better images are now the norm for home buyers in the digital world. Below are some ways to maximize appeal for any company on the market.

  1. Make the beds with linens that complement the colors of the room and overall interior.
  2. Clean the house: get the carpet shampooed, vacuum and mop all hardwood floors to make everything as clean as possible/visually appealing to any homebuyer’s eye.
  3. Don’t forget to clean the bathrooms!
  4. Make sure there is maximum natural and in house lighting before anyone comes to view the house or apartment.
  5. Remove all traces of personalized paraphernalia throughout the home so visitors can envision it as their own.
  6. Take the time to put away all cleaning supplies in the kitchen.
  7. Double check the house to see if everything has been put away in an orderly fashion.

The trickier part is definitely getting in touch and figuring out which real estate photographer is the best fit for you. Do bear in mind that photography fees vary according to experience, location and how large the property is. Connecting and meeting with various photographers is the best way to discern which professional you’d like to work with.

After the photos are taken, Chris Palmer the president of PhotoUp takes pride in the editing work his team is crafting. He has recently told the Huffington Post that “We’re the only ones out there doing this transparently, and real estate happens to be our niche. We have a team in the Philippines that work in a Google-like office. It’s a very creative environment. We find great ways to impact the photographers and the communities in which we work.”