Start Buying Rental Property With This 5-Step Process

If you’re very new to all of this, you’re probably wondering how to dive in to the wonderful world of buying rental property. I’ll share with you what worked for me, and it involves 5 specific steps:- Find a good real estate agent
- Practice running the numbers
- Conduct physical inspections (drive-by’s & showings)
- Make an offer & negotiate
- Manage the contract processSTEP #1: FIND A GOOD REAL ESTATE AGENTEventually, you will need your own “team,” including a real estate agent, mortgage broker, insurance broker, title company, attorney, home inspector, and a handful of trustworthy contractors. But with the exception of a real estate agent, your team does not need to be brought together right out of the gate. You will gradually assemble it as you go.STEP #2: PRACTICE RUNNING THE NUMBERSAsk your new broker to send you all the active 2-8 unit multifamily rental property listings in your target area, and practice running the numbers to identify the most beneficial ones. As long as you know a simple formula and have a few key numbers from the property, can use those numbers to do rapid-fire “back of the envelope” calculations to quickly screen properties for financial practicality. Read my property valuation article to learn how to do this.STEP #3: CONDUCT PHYSICAL INSPECTIONSOnce you have a list of financially viable multifamily rental properties, take some time to do drive-by’s. Whether the numbers work or not, you do not want to get any property in an especially bad area (in fact, you’ll find that the numbers usually work best in such areas…you get what you pay for!). Plus, while not a flawless science, if the outside looks like it’s falling apart you may want to pass.After this process, you will have a list of maybe 3 or 4 properties to look at with your Realtor, instead of, say, 10 or 15. Have your Realtor schedule weekly showings, and bring a notebook to jot down notes so you can later use this info to adjust your bid amount.Keep physically inspecting properties with your agent in this manner every week and do not get discouraged. The majority of rental properties you come across will be poorly maintained and/or overpriced. Tenants beat them up, and many, many landlords could care less about maintaining their investment.So, buying rental property takes time. All I can say is be patient, and remember that the more deals you inspect, the better deal you are likely to get when you finally pull the trigger.STEP #4: MAKE AN OFFER & NEGOTIATEOk, so you’ve run a bunch of initial numbers, did a bunch of drive-by’s, and physically inspected a bunch of hot prospects with your agent. Finally, you’ve found a 2-8 unit multifamily rental property you’d like to purchase. Time to negotiate!STEP #5: MANAGE THE CONTRACT PROCESSYippee, your offer was accepted! So now what? Well, there are various steps that round out the process of buying rental property:- Get the property “under contract”
- Initiate title work; note that some states require an attorney
- Conduct a property inspection
- Get an appraisal
- Arrange financing
- Get property insurance
- Get a property survey
- Review settlement documents and close the dealThis may seem complicated if you happen to be new to all of this, but it’s really not. After you go through the entire process once, you’ll be ready to start buying rental property like there’s no tomorrow!
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Shropshire Employment Law Solicitor Warns About Protecting Staff From Stress In The Workplace!

Shropshire Employment Law Specialist at Martin-Kaye Solicitors, in Telford, warns that staff must be protected from stress in the workplace. The warning comes after a UK woman was awarded over £130,000 after she suffered a nervous breakdown brought on by pressure at work.The case was a timely reminder for employers that they must take stress seriously!”The woman had repeatedly told her employer about the amount of work she was struggling with, and she claimed they did nothing to help her tackle the issue.” The High Court ruled that the demands made on her were totally unreasonable, and if action had been taken, her breakdown could probably have been avoided. The employer in the case had referred the woman to a stress counsellor, but at no stage was anyone brought in to share her workload.”Simply offering stress counselling is not a long-term solution – if the root of the problem is the amount of work an employee is facing, the management team have to tackle the problem directly. As an employer, you are ultimately responsible for the welfare of your staff, and it’s vital that you take their concerns seriously. “Although access to stress counsellors and medical advice is a supportive step in the right direction, it’s not the answer to the problem as a whole. “Many employees feel under pressure, particularly when a company is working to meet tough deadlines, but it’s the employer’s responsibility to ensure their health does not suffer as a direct consequence of striving for business success.” Always seek professional legal advice form a specialist employment solicitor if in any doubt of employee and employers rights.This article is free to republish provided this resource box remains intact.

Attention Brides – Choose an Online Bridal Shop Smartly

Why Shop from an Online Bridal Shop?

The element of time is crucial when wedding planning. Everything must be ready months before the wedding starting with the bridal gown down to the littlest detail. Brides are burdened with all the shopping details for her own outfit, bridesmaid dresses, wedding invitations, cakes, and wedding favours. With this list, brides had to hop from one shop to another, haggle here and there, and often end up more confused and tired.

But not anymore. The internet changed all this hectic shopping with several online bridal shops popping on the virtual scene. These shops had the smart idea to copy the one-stop-shop strategy to get more sales and to give tired brides the convenience of shopping without taking long commutes and pounding the length of super malls in search of the perfect wedding gown and wedding cake.

The best online bridal shop carries all wedding trappings — wedding gown, wedding invitations, wedding cakes, bridesmaid dresses, and dresses for the mothers of the soon-to-wed couple. As an added bonus, the shop will give discounts for your purchases if you shop for all your wedding paraphernalia there. For shopping online, you enjoy discounts and convenience and get all the wonderful things you need for your wedding.

How to Choose a Dependable Online Bridal Shop

Online shops stage their goods beautifully for the picture pretty shots; but what you see online might be entirely different from what you will get. Take for example, you espy a princess gown in pristine white lace. This gown is described in adjectives that will bowl you over but it is entirely different when you see the gown and feel it against your skin or put it on to check the fit.

Other than this, you also have to know if the online bridal shop ships their orders on time, and what kind of customer service they have. To find this out, make an initial small order just to find out if:

* The ordered item looks the same as featured on the website
* The item was shipped on time
* Customer service is available at all times

Why test the shop?

* Some spurious shops copy items from other websites and pass it off as their products and when you receive it, you are duped with a poor copy of the item. after you have shelled out a lot of money.
* Some shops tarry when it comes to shipping the goods. For your wedding, you cannot take a chance with late deliveries because there are gown alterations that might be needed.
* If the shop promises a gown specialist to you, she or he should be on call. A helpful specialist can ease your mind and boost your confidence in your choice of gown, wedding cakes etc.

If you want more proof if the online bridal shop is authentic check out their contact numbers and addresses, and check the shop against the Better Business Bureau for any unresolved complaints. If you can visit the shop just to make sure you are dealing with the right shop.