If you are hiring a property management company for the first time or replacing one that you have become unhappy with, we believe there are essential questions that should be asked of prospects. Hiring a property management company for your Charlotte and Lake Norman area homes will be one of your most important decisions as you set up your business of having one or more rental properties. One item omitted from this video is the discussion on maintenance that any sound company is going to bring up during a meeting.
Amount of Notice North Carolina Landlords Must Give Tenants to Increase Rent
July 17, 2019 by
According to NOLO, North Carolina does not have a state statute on the amount of notice the landlord must provide tenants in order to increase the rent or change other terms of a month-to-month rental agreement. Unless the rental agreement specifies otherwise, the landlord must typically provide the same amount of notice to change the rent or another term of the tenancy as state law requires the landlord to provide when ending the tenancy—in our case 30 days specified in Carolina Living Leases. Keep in mind that with a long-term lease, the landlord may not increase the rent until the lease ends and a new tenancy begins—unless the lease itself provides for an increase.
NC Rent Increases as Retaliation or Discrimination
North Carolina landlords may not raise the rent in a discriminatory manner—for example, only for members of a certain race. Also, North Carolina landlords may not use a rent increase in retaliation against a tenant for exercising a legal right—for example, in response to a legitimate complaint to any local housing agency, attorney.
For More information:
North Carolina Guide to Tenant Rights
For an overview of tenant rights when it comes to paying rent under North Carolina landlord-tenant law, see http://www.ncdoj.com/files/consumer/landlord-tenant-booklet.aspx.
You can also contact Carolina Living Real Estate and Property Management as we have over 15 years experience with property management!
4 Most Popular Bottom Line Investments in America
May 28, 2019 by
Let Carolina Living Help you Invest in Charlotte Area Real Estate
Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks, gold, and savings accounts.
For the sixth year in a row, real estate has come out on top as the best long-term investment! That has not always been the case. Gallup explains:
“Between 2008 and 2010, covering most of the Great Recession period that saw plummeting home and stock values, Americans were as likely to name savings accounts or CDs as the best long-term investment as they were to name stocks or real estate.”
This year’s results showed that 35% of Americans chose real estate, followed by stocks at 27%. The full results are shown in the chart below.
Bottom Line
Now that the real estate market has recovered, so has the belief of the American people in the stability of housing as a long-term investment.
3 Reasons Renters Want to Buy a Home
April 16, 2019 by
Homeownership is still a cornerstone of the American Dream! 50% of renters are determined to own a home. If you are currently renting, let’s get together to discuss your options.
Why Buying Investment Property is Still Great Alternative
April 1, 2019 by
Have you ever thought of buying an investment home to hold for long term income. It is a great way to diversify and there is a reason why these REIT’s (Real Estate Investment Trusts)are buying up homes all over Charlotte and the Lake Norman area.
The Video below is a brief trip: The Cost of Buying a Home – A 50-Year Flashback
One of the key aspects of owning Investment property is finding a Property Management Company that put your interests above their own. This is where we come in. We have a very manageable property management fee and we do NOT nickle and dime you to death. We have no other fees! Nothing hidden and nothing lost for you!
Contact us and let us go over our services.
Why we do a Move-In Walk Through? Property Management Advice in Charlotte
March 12, 2019 by
There are two reasons to do a move-in walk through inspection.
First, you want to document the condition of the property at the time of move-in so you can hold the tenant accountable for any damage that’s discovered at the time of move-out. We Highly recommend pictures being taken. We will take them for you but highly recommend you taking your own. We also provide each tenant a move in inspection form for them to identify areas of pre-existing problems / issues.
The second reason we conduct the move-in walk through inspection is so we can increase the owner’s liability protection.
How does this Increase Liability Protection
This protects you from liability. Here’s an example.
Think about the smoke detector you have at your rental property. We used to test smoke detectors the same way you probably do – by pressing the button. If it beeped, we assumed the smoke detector works. If it doesn’t beep, we thought that meant it didn’t work, so we replaced the battery.
We have learned that testing a smoke detector this way only tests the electronic part of the device, not the smoke sensor itself. We recommend you test the battery and then also spray canned smoke to make sure the smoke sensor is working. Another test that can be done is to remove the smoke detector and taking a photo of the back of the device. If it’s 10 years or older, it can be considered to be no longer effective. This is just one extra step that can be taken to limit your liability. We can provide this for you by hiring our maintenance partners or this is something you can easily do yourself.
What if there’s an unfortunate fire at your property? You can almost be assured the tenant will talk to an attorney. When the attorney contacts us, we can provide documentation showing the steps above were taken. Hopefully, This will prevent any attorney from filing a lawsuit. We recommend this be done on an annual basis. It may seem to be overkill until it is needed!
Is there Insurance Savings with doing this?
This is something that needs to be researched with your insurance company. We have been told that some carriers give reduction for proof of prevention.
If you have any questions about the move-in inspection or how we can help you, reach out to us at Carolina Living Real Estate & Property Management at 704-594-3014. We serve Charlotte North Carolina, Lake Norman and the surrounding areas.
5 Reasons You Need To Perform Background Checks If Renting Your Home
November 20, 2018 by
At Carolina Living Real Estate and Property Management, we pride ourselves in doing as much as we can to place good people in your rental home. We, thankfully, have a very good track record for NOT having to evict tenants but doing thorough due diligence up front. While there is never any guarantees, we certainly try to reduce the risk.
Here are 5 reasons to do a background check:
1. Safety FIRST
Not only do you have to consider your own safety, but also the safety of your neighbors and other members of your community.
You certainly don’t want a tenant with a violent, criminal past, and neither do your neighbors. Eliminate this risk altogether with a criminal background check.
2. Lower Your Liability
If you blindly allow anyone to live on your property, you open yourself up to liability. This means that others in the community can sue you if something goes wrong.
Again, there are never any guarantees, but showing good faith and due diligence was completed you lower your liability with law suits.
3. Identify The Problem areas:
Some renters try to hide information from their potential landlord. We have learned that there are many people trolling on sites like Craigslist looking for homes rented by the owners. They feel they can appeal to the owners compassion and hide issues. We have to remember this is a business!! These are not the kind of tenants you want on your property.
With a background check, you can spot red flags more easily. If an applicant won’t authorize the background check or disappears after your request, you know that the process is worth it.
4. Verify Information
Honesty!!! We look for information provided by the applicant matches what we find during our due diligence. Using a background check can help test your applicant’s truthfulness. They have to sign that what they are giving you is the truth!
5. Find Better Renters
The best result you’ll get from using background check is that you will get better renters on your properties.
As stated above that there are those preying on the individual owner, The background check will discourage the worst renters from even applying. Additionally, good renters welcome the screening process because it conveys that you’re a thorough and competent landlord. These are the people we are looking for!
Why not hire a Carolina Living Real Estate to do everything for you?
Americans Rank Real Estate Best Investment for 5 Years Running!
August 13, 2018 by
Some Highlights: Real estate has outranked stocks/mutual funds, gold, savings accounts/CDs, and bonds as the best long-term investment among Americans for the last 5 years! The generations agree! Real estate is the best investment! Generation X leads the way with 37% believing in real estate as the top investment.
Fund based investors are buying up buy and hold property all over the Charlotte and Lake Norman areas. they do not throw their money away needlessly. They know what an investment real estate is. If you need help with finding your property and having a company take care of it, we can guide you through the entire process. We are a company you can count on.
What to Know Before You Buy a Property to Rent
June 28, 2018 by
At Carolina Living Real Estate, we are always striving to provide the best information to our investor clients to help them make the best decision when it comes to buying investment property. Please let us know how we can help you!
When it comes to diversifying your investment portfolio, setting yourself up for future wealth, and improving your current financial strategy, there are few things better than buying a property to let. Choosing a home that you can rent out to other people means that you can start to create a source of income that helps you to pay for your bills every month, without you ever having to do any additional work – provided you have the help of the right property management firm.
Of course, like any other good investment, it takes careful planning and focus to make sure that you’re buying the right home to let. Rush into your decision too quickly, and you could end up spending a lot of money on something that doesn’t do much for you in the long term. So, how can you increase your chances of a successful purchase?
1. Is the Property in Good Condition?
Before you commit to buying a property, it’s important to make sure that you know it’s in good condition. After all, while there’s nothing wrong with investing in a property that needs extra work, the last thing you want is to over-spend on a home that requires a brand-new roof, or a complete overhaul before you can begin putting it on the market.
Never rely on pictures alone to sell a property to you. Make sure that you take the time to go and see the home you’re thinking of buying in person and get a professional to come and evaluate the space too. That’s the only way you can make sure you know what you’re buying.
2. Are there Any Quick Selling Points
There are plenty of things you can do once you buy a house to make it more appealing on the real estate market. For example, you can give the house a fresh lick of paint to make it look more attractive or deck it out with some new landscaping. However, when you first go to see the property in person and research the surrounding area, you should find that there are plenty of “quick” selling points too.
For instance, are there local amenities nearby that will attract families to your three-bedroomed house? Would a great garden be a huge selling point for someone looking to settle down in a new area? Even the presence of a reliable local moving company like Bellhops Moving in Charlotte can make your rental property more appealing.
3. Is It in a Neighborhood with Potential?
You don’t need to be a real estate expert to know that if you want to make big money with your real-estate investment, you need to make sure that you’re buying a property in a good neighborhood. Simply taking some time out to go and visit the neighborhood and find out how much it has to offer can be a good way to determine it’s potential. However, it’s worth noting that there are hidden gems out there too.
By looking at upcoming building plans for parks, schools, and other amenities, you can improve your chances of getting ahead of the marketplace trends with your property purchase. Remember, once you think you’ve found a property with a lot of charm and appeal, make sure you talk to an expert to find out what that home would rent for.
This post was written with the help of our friends at Bellhops Moving in Charlotte.
Charlotte Property Management Service Cost
May 30, 2018 by
First and foremost you need to know that There are NO fees charged by us until your home is rented? That is huge and a real benefit to you as a homeowner. Just like you, we also keep an eye to your ROI!
The next item we need to explain is the cost of maintenance. This subject is also an area that we feel we excel and make every effort to help you with your costs. When deciding to hire Carolina Living Real Estate to manage your property or any company for that matter, you need to evaluate your need to be involved or not.
‘You may authorize the management company to handle repairs under a certain dollar amount at its discretion, but you’ll still need to authorized bigger, costlier repairs. Your decision as to whether to hire a management firm hinges on just how involved you want to be, and how immediately available you want to make yourself to your tenants.‘
There are many companies that charge an additional fee for handling maintenance requests. Some of the very large companies may have actual staff on payroll to handle maintenance. This has its advantages and disadvantages. You need to ask questions about the fees and determine if bigger is actually better.
Make certain you establish exactly what maintenance services are included with your fees. It may be that when something needs repair, certain labor costs are included with your monthly flat rate or percentage charge (for example, changing out lighting switch plates and replacing faucet handles) while others are billed individually (such as replacing broken windows and installing new sinks). Have a home warranty, Be sure to discuss how the company handles this and what is charges for filing the claim and following up.
Regardless, everything should be clearly discussed. Keep in mind that these fees may require you to increase your rental rate, which could make finding – and keeping – tenants more difficult.
At Your Charlotte Property Management Company we never charge extra for dispatching our maintenance vendors and we never charge extra to manage the Home Warranty process. We believe it is important that you only pay for what the cost of the maintenance that is actually billed. Have your own maintenance contacts? No problem we call them for your problems. The only caveat is that negotiating the cost of the service is between you and your vendor.
If you have specific questions, please do not hesitate to contact us!
Professional Services at reasonable rates
