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You are here: Home / Archives for Finance

Finance | Get the real facts about personal finance.

Should You Rent or Own Your Home? Use the 5% Rule

June 8, 2023 By Cade's Team Leave a Comment

Are you ready to embark on the journey of owning your dream home? Before you dive into exploring the myriad types of homes, their advantages, and price ranges, let’s take a moment to consider an alternative option: renting.

Choosing between renting and owning requires careful thought and thorough examination of various factors. It’s crucial to arm yourself with key information before making such a significant decision. So, what key factors should you keep in mind?

In this article, I’ll explain the helpful “5% rule” and how you can use it to decide whether it is more financially advantageous to rent or own your home. [Read more…] about Should You Rent or Own Your Home? Use the 5% Rule

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How to Become a Property Manager

June 4, 2023 By Cade's Team Leave a Comment

Have you been looking for a lucrative career that doesn’t require formal education or for you to pay for expensive degrees? If so, property management is an intriguing option.

A property manager is a person who is responsible for overseeing and managing real estate properties on behalf of property owners or real estate investment companies. Their role is to ensure the smooth operation, maintenance, and profitability of the properties under their care.

Property managers handle various tasks related to the day-to-day management of residential, commercial, or industrial properties.

Skills Required to Be a Property Manager

Because property management primarily relies on practical skills that can be acquired through hands-on experience, you are unlikely to need a formal degree to get into this field. Most of the key aspects of property management can be learned on the job.

Plus, as you acquire experience and a track record of success, you can advance your career by managing larger properties or even start your own property management businesses. When it comes to creating financial freedom, starting a business is one of the most rapid methods of wealth creation.

In some states, like Virginia where I live, you will need a real estate license to work in property management. This requires taking a 60-hour pre-licensing education course, paying a fee, passing a state licensing exam, and passing background check. This is a bit of work, but nothing insurmountable and it will help you to command higher pay.

On average, property managers in the U.S. earn an annual salary ranging from $50,000 to $80,000. However, in addition to base salaries, property managers can receive additional compensation from bonuses or commission structures. Bonuses are usually be tied to factors like meeting or exceeding occupancy targets, reducing vacancy rates, or reducing expenses.

Wondering how to become a property manager? If so, keep reading to find out exactly what you need to do to achieve your goal.

1. Start Your Training

The first step to becoming a property manager is to get a license (if needed) and start your on-the-job training. It is certainly not required, but it can be helpful to have prior work experience in a related field such as business management, real estate, or finance.

Once you start your on-the-job training, you’ll learn the ins and outs of property management, such as hiring, leasing, and collecting rent and other fees.

2. Know the Landlord Tenant Laws and Regulations

Next, property manager jobs requires knowledge and familiarity with landlord-tenant laws and regulations. You can learn these rules though real estate courses, online, or on-the-job. Specifically, you must be aware of regulations related to the following:

  • Tenant rights and responsibilities
  • Landlord rights and responsibilities
  • Security deposits
  • Rent
  • Foreclosure protocols
  • Eviction procedures
  • Discrimination laws

As a property manager, you’ll also have to learn about both state and federal regulations. It’s important to note that regulations can differ depending on where tenants reside. You must also be familiar with local ordinances and codes that can affect the leasing process.

Thankfully, the same common circumstances tend to occur over and over in real estate, which means that you’ll learn what you need to know over time.

With this knowledge and experience, you can become a seasoned property manager.

3. Developing Your Management Skills

To become a property manager, you’ll also need to focus on building your management skillset. This includes boosting your skills in areas such as the following:

  • Problem-solving
  • Dealing with stakeholders
  • Budgeting
  • Marketing
  • Tenant communication and management

As you develop these skills, you will become competent not just in managing property, but at working in the real estate industry at large.

Meaning, you’ll be well positioned to get move into the fields of real estate investing, real estate fundraising, or working in investor relations, if you so choose.

4. Securing Prospective Tenants

Finally, as a property manager, you have the important responsibility of finding and screening prospective tenants. This step is essential, because it is what drives income for the properties that you manage.

This step typically involves advertising your property online, as well as doing in person showings. It also involves screening tenants to determine if they are good match for the property based on their income level, credit score, and rental history.

To do this, you must have the necessary tools in place. Switching banks in Appfolio for property managers is one way to simplify this process. The reason is that software like this allows you to quickly and easily switch banks for rental payments. It also allows you to review rental applications, determine creditworthiness, set up security deposits, and create payment reminders.

With the right property property management tools in place, finding and screening tenants can be a simple and streamlined process.

Ready to Become a Property Manager?

Becoming a property manager can be an interesting career path for those who enjoy working with people and don’t mind solving problems on a daily basis. It offers flexibility, upward income growth, and the opportunity to make an impact.

If you think you have what it takes, take the first step today to become a property manager.

Did you find this article helpful? If so, explore other articles in the real estate section of this blog.

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9 Credit Score Mistakes That You Can Fix Yourself

June 2, 2023 By Cade Hildreth Leave a Comment

Credit scores are tricky things.

If you think that all you need to do is pay your bills on time and avoid debt to get an excellent credit score—guess again. The truth is, it’s easy to fall into a bad credit trap and very difficult to get out of it.

Plus, with approximately one-third of Americans having a “fair” to “very poor” FICO score, it’s important to find ways to improve your credit so you don’t become a part of that statistic.

Here’s a list of common credit score mistakes, and what you can do to fix or avoid them. [Read more…] about 9 Credit Score Mistakes That You Can Fix Yourself

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Top 5 Reasons to Invest in Manufactured Home Communities

May 31, 2023 By Cade's Team Leave a Comment

Today, around 70% of rental properties are owned by individual investors. According to recent Census data, there are approximately 48.2 million rental units in the U.S. today, which are composed of single-family homes, townhomes, apartments, and other unit styles, such as manufactured housing units. Another common name for manufactured housing units is mobile homes since these units can be moved to a new location by flatbed truck. [Read more…] about Top 5 Reasons to Invest in Manufactured Home Communities

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VA Home Loan Requirements: What You Can and Can’t Use a VA Loan to Purchase

May 12, 2023 By Cade Hildreth Leave a Comment

Are you considering purchasing property this year? If so, you’re in good company.

Research shows that in the latter half of 2022, the United States’ homeownership rate increased from 65.8% to 66% in one quarter, and this momentum was expected to continue into 2023. [Read more…] about VA Home Loan Requirements: What You Can and Can’t Use a VA Loan to Purchase

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Filed Under: Finance, Finance, Real Estate, Real Estate, Real Estate, Real Estate

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