Brenton

Hayden

CEO, Franchisor, Radio Host, Entreprenuer

According to the WSJ, the following banks will be shelling out over 25 billion dollars!

• Bank of America – 11.8 billion
• Wells Fargo – 5.4 Billion
• JP Morgan Chase – 5.3 Billion
• Citi Group – 2.2 Billion
• Ally Financial – 310 Million.

Who does the pact or settlement cover?

Those with loans from Ally, GMAC, Bank of America, Citi Bank, Jp Morgan, Chase, and Wells Fargo. 

What if your loan isnt with them?

Currently only those banks have settled. Nine other banks are in negotiations.

How long before one might get help or assistance from this program?

It’s expected to be about 30-60 days. Banks will most likely reach out to you via letter.

Who qualifies?

Borrowers will get a letter from one of the banks mentioned soon. For more information on who qualifies, check out http://nationalmortgagesettlement.com.

What are the rules around mortgage reduction?

Most bank loans could qualify for a mortgage reduction, however those backed by securities may not. But some will. The deal does not cover loans backed by Fannie or Freddie. The reductions will only work on first and second mortgages.

What about the refinance program?

This only applies to loans by banks. Borrowers must be current on the loans, and owe more than the home is worth. Interest rates can only be reduced to 5.25%

Is there help for those already foreclosed on?

Yes, those foreclosed on in 2008-2011 will be eligible for cash payments. The amount of the payment will vary from $1500-$2000.

How do I file a claim?

In the notice mailed to you, it will direct you to a website to fill out a form.

This post was created by Brenton Hayden, CEO of a minnesota property management company – Renters Warehouse.

If you own a property and rented it out to others in Minnesota in 2011, you must provide a CRP to each adult no later than January 31, 2012. I’ve summarized the information to get you started.

• The CRP form and its instructions can be found on the Minnesota Revenue Department website: www.taxes.state.mn.us under “forms and instructions”.
• Enter your full name as property owner and your mailing address on the CRP:
• The CRP form must also include the property tax ID number, the county in which the property is located and the number of units (single family vs. multi-family).
• If you employ a property management company to assist you with your property rental, include the management company name and mailing address. Some property management companies will handle the CRP process for you as part of their service to you.
• Enter the renter name(s) and the address of the property: Are your renters married? Provide only one CRP to the couple. Are your renters unmarried? Provide a CRP to each adult showing that each paid an equal amount of rent, regardless of the amounts they actually paid.
• Did your renter move out before the end of the year? Calculate your CRP based on the actual number of months the tenant was in the property in 2011.
• Mail it to their forwarding address collected at the time they moved out or mail it to the last known address (your rental property address) with the expectation it will be forwarded. Keep a copy for that tenant on file until August 15 of 2013.
• Did you purchase or sell the property sometime within the year? Calculate your CRP based on the number of months the renter paid when you actually owned the home.

Calculating the CRP:

1. Calculate the total rent paid for the year and enter into Line 1 of the CRP. The rent paid to you should include the amount for the unit (home) along with storage space and additional garage space, if applicable. Do not include rent amounts paid by a government agency as a subsidy, the security deposit amount, late charges, delinquent rent or rent for farmland use.
2. The allowance for 2011 is 17%. Multiply the total rent paid by 17% (.17) and enter the amount on Line 3. This is the amount the renter will input into their Minnesota form M1PR when they file for their “property tax refund”.
3. Sign the form and keep a copy on file with the tenant’s lease.
4.  The Minnesota CRP form and its instructions can be found on the Minnesota Revenue Department website: www.taxes.state.mn.us under “crp forms and crp instructions”.

Visit www.renterswarehouse.com to learn more about the company and Brenton Hayden based in Golden Valley, MN. # # # Property management specializing in tenant placement, monthly property mgt. and project management with a niche market with unintentional landlords providing services that help people keep their homes, rent them and create rental income with less stress.

Signing a lease is a big deal, whether it’s your first property or tenth, once your signature is on that dotted-line you are financially responsible for those payments. Being prepared and making sure you have chosen the right property can end up making a world of difference, because not doing the proper research can make your decision a regrettable one. Here are some things to think about before signing yourself away:

• Review the lease – Make sure that you read thoroughly through the lease or rental agreement and make sure there are no provisions that don’t agree with you and your lifestyle. For example:  No pets, no smoking, restrictions on guests, or running a home business.
• Budget correctly – A handful of finance professionals will say that you should never spend over 1/3 of your gross monthly income on rent, so if you’re taking home $5000/month after taxes you’re payment shouldn’t be more than $1666. In certain markets this isn’t always possible, but it’s a good rule of thumb to try and stick to.
• Be prepared with first month’s rent/security deposit – Once accepted, you will most likely be asked for first month’s rent, last month’s rent, and a security deposit. This means your nice, new $1,000/month property will be $2,000 plus a deposit (amount can very), So make sure you have the money in your account!
• Purchase renter’s insurance – Your property management company/landlord’s insurance policy will not cover your losses due to theft/damage. Renter’s insurance will do that and protect you if you are sued by someone who claims to have been injured in your rental due to your carelessness. The insurance typically costs around $350/year for a $50,000 policy that covers loss due to theft or damaged caused by other people or natural disasters. This is a small price to pay overall for peace of mind.
• Talk to the neighbors – Talk to a few neighbors in the building or development if you get a chance to find out as much as possible about your new area of living. It would most likely be the best idea to find out ahead of time about the crazy ex-boyfriend that likes to sing to his girlfriend at 3 a.m., the chain smoker, party animal, or rock band member next door.
• Protect your privacy rights – One of the most common misunderstandings between tenant and landlord/property management companies is the owner’s ability to enter a rental unit, and the tenant’s right to be left alone.
• Demand repairs –Know your rights to live in a habitable rental unit. Most landlords/property management company/owners are required to offer their tenants livable premises, which includes adequate weatherproofing, heat, electricity, and clean/sanitary water. Failure to maintain good repair can lead to a tenant’s ability to withhold a portion of rent, demand repair, or move out without responsibility towards future payments.
• Protect your safety – None of these other things matter if you are not safe (or even feel safe) in your new environment. Learn about your prospective neighborhoods, including past criminal incidents.

In conclusion make sure that you are setting yourself up for a good fit, after all, relaxation and comfort are a some of the most important things when it comes to living in your own space!

To learn more about property management, renting out your property, and Renters Warehouse visit their website at http://www.renterswarehouse.com

Tune in every Sunday from 8am to 9am as I’ll be your host on AM 1130 Fox News Talk. “All Things Real Estate Radio” is a call in show with a panel of residential and commercial real estate experts discussing the latest news, trends that affect you and the real estate market today. www.KTLKRealEstate.com.  Renters Warehouse is proudly endorsed by Glenn Beck, the 2nd most watched show on television and the 3rd most listened to radio personality in America, as well as Josh Altman, Star of Bravo TV’s Million Dollar Listing.

1. Amanda – Property Manager

So, I have an apartment complex with two levels – an upstairs and a downstairs. I had a tenant in the downstairs apartment call me in the middle of the night. They were insistent that the upstairs neighbors were spying on them through the floor. Keep in mind, there are no holes in the downstairs tenants ceiling, with the exception of the light fixtures. So these tenants were just SURE that the upstairs neighbors were spying on them. Here’s the kicker, the apartment upstairs from them- VACANT!

2. Pat – Property Manager

I had a female tenant call one morning to let me know that her water pipes in the bathroom were making a vibrating noise, so I told her there might be air in the main line and to give me a call if it kept doing it. She called that evening to say it was still doing it; she heard it every time she went in the bathroom through out the day. I drove over to the apartment, walked in her bathroom, reached up and took down her battery operated razor and slid the button to the off position, problem solved. I was polite about it, but it was really a “duh” moment for her.

3. James – Property Manager

I have a 2 flat unit occupied. The upstairs tenant caused me a lot of
troubles and problems. Before finally moving out, unknown to me, the tenant poured oil down and clogged every sink, bathtub drain, bathroom sink drain, toilet drain, and kitchen drain. I was forced to
call the plumber to unclog every one of them. This was an expensive lesson. The moral of the story is to verify every tenant application, previous tenant landlord, check credit history, check criminal records, and check the courthouse for any previous evictions. Well that’s one. I’m going to stop here. You get the idea! Oh, what fun that was!! A real eye opener!

4. Rick – Property Manager

I have an apartment building where I pay utilities. I had tenants in one of the units for about 3 months before asking how to use the new shower faucet. It is the type where you pull down on the spout to use the shower. I wondered why the water bill was so cheap – I take it they did not use much water.

5. Lorri – Property Manager

We had a hole in a ceiling that just needed a simple drywall patch. Our handyman actually nailed a 2×4 to the ceiling to hold the small drywall onto the ceiling. That’s not even the best part; he proceeded to POPCORN the 2×4. Yes, it really happened…

Stories courtesy of: http://www.thereibrain.com/rei-brain-craziest-tenant-story-contest/1659/

To learn more about property management, renting out your property, and Renters Warehouse visit their website at http://www.renterswarehouse.com

Tune in every Sunday from 8am to 9am as I’ll be your host on AM 1130 Fox News Talk. “All Things Real Estate Radio” is a call in show with a panel of residential and commercial real estate experts discussing the latest news, trends that affect you and the real estate market today. www.KTLKRealEstate.com.  Renters Warehouse is proudly endorsed by Glenn Beck, the 2nd most watched show on television and the 3rd most listened to radio personality in America, as well as Josh Altman, Star of Bravo TV’s Million Dollar Listing.

As the leaves begin to change colors it is a great time to start thinking about how to ready your property for the inevitable ice and snow to come in the months ahead. As the temperature drops your home is going to require maintenance to make sure it is going to perform to the highest level, and most of it sounds somewhat routine and easy, because it is. Here are some steps to make sure that Ol’ Mother Nature doesn’t make your holiday season a dreary one:

• Furnace Inspection – It would make sense that one of the first items you make sure is prepared is the one that keeps you warm and heats your living space. This is a nice job to have a professional come to take a look at and make sure your ducts are clean. Also, stock up on furnace filters and change them about once a month, and remove all flammable material away from the area surrounding your furnace. If a hot water radiator heats your home, then bleed the valves by opening them slightly, and when water appears close them.
• Prepare Fireplace – Cap or screen the top of the chimney to keep out rodents and other creatures. Have the chimney swept out if you have not had it cleaned in some time, or don’t know the last time it was cleaned. Also, stock up on firewood or chop wood and store in a dry place.
• Check the exterior of the home including windows and doors – Inspect the outside of your home for cracks and entry points for pipes and seal them.  Use weather-stripping around doors to make sure that cold air doesn’t enter the home and caulk windows.
• Inspect roof and gutters – Adding insulation to your attic or crawl space can very effective in preventing ice dams by not letting warm air get near the roof, which creates rapid snow melt. Also considering installing leaf guards on the gutters or extensions on the downspouts is a good way to redirect water from the home. Use a hose to spray downspouts and clear away debris.
• Check foundations – Small entry points around your residence are a great way for critters to try and gain access to your home during the winter, make sure they are completely sealed. Tuck-point or seal any foundation cracks as well as mice can slip through space as thin as a dime. It is also a good idea to rake away all debris or edible vegetation away from the home.
• Prevent plumbing freezes – One of the most important aspects of this is locating your water main in the event that you need to shut it off immediately for an emergency. Drain all garden hoses and air conditioning pipes, and if your air conditioner has a water shut off valve, turn it off. If you leave to go on vacation, set a locked temperature in your home for at least 55 degrees.
• Prepare an emergency kit – Store extra bottled water and non-perishable food around your home (including pet food if you have a pet), blankets and a first aid kit in a dry, easy to reach location. Organize all import emergency contact information and phone numbers including the numbers of your utility companies and put them near your main phone in the home. And in case of an emergency make sure you and others within the home have an evacuation plan you are all familiar with.

To learn more about property management minnesota, renting out your property, and Renters Warehouse visit their website at http://www.renterswarehouse.com

Tune in every Sunday from 8am to 9am as I’ll be your host on AM 1130 Fox News Talk. “All Things Real Estate Radio” is a call in show with a panel of residential and commercial real estate experts discussing the latest news, trends that affect you and the real estate market today. www.KTLKRealEstate.com.  Renters Warehouse is proudly endorsed by Glenn Beck, the 2nd most watched show on television and the 3rd most listened to radio personality in America, as well as Josh Altman, Star of Bravo TV’s Million Dollar Listing. Homes for rent mn

Whether you landlord yourself, hire a professional property manager, or are the largest rental company on the planet, there are ways to reduce the impact of problem tenants on income. The answer… simply know your customer. When you invest in rental properties, the plan is to ensure that the actual income is as close as possible to projected income. It sounds obvious, but there are steps required in renting to make it happen.

Below are the 4 parts to rental success and obtaining as much rental income as possible.

1. 12 months of possible rental occupancy (times monthly rent)
2. Any vacancy allowance (vacancy days calculated as a percentage of total rental days/income)
3. The schedule rent that is collectable from the actual renter
4. The actual rent collected

Let’s break it down into an equation:

                  12 months rent, ($1,000/month or $12,000/year)

(Subtract) Vacancy (one month vacancy or 8 percent a year)

(Subtract) Any collection issues (unpaid rent, evictions, etc.)

= TOTAL RENT COLLECTED

The longer a rental property sits vacant the more it cuts into income collected. There are ways to help fill properties faster and with more qualified tenants. The National Tenant Network calculates that $12 billion a year is lost in rental income due to poor tenant screening. This number comes from the costs of evictions, tenants show skip out on a least, and damages beyond wear and tear.

In compliance with the fair housing rules, every applicant must be treated exactly the same way , every time, for a property. If you are new to renting, or are looking into purchasing a rental property, hiring a property management company with ensure that you are staying compliant with regulations. Hiring a property management company will also ensure you receive the highest amount of total collected rent, and they employ people to perform background checks, fill the properties, and collect the rent for you. These steps can be very time consuming for an individual, but for a property management company that has processes in place for each step rest assure that you have a well screened tenant which will provide you the most rental income you can receive and less problems in the future.

To learn more about property management, renting out your property, and Renters Warehouse visit their website at http://www.renterswarehouse.com

Tune in every Sunday from 8am to 9am as I’ll be your host on AM 1130 Fox News Talk. “All Things Real Estate Radio” is a call in show with a panel of residential and commercial real estate experts discussing the latest news, trends that affect you and the real estate market today. www.KTLKRealEstate.com.  Renters Warehouse is proudly endorsed by Glenn Beck, the 2nd most watched show on television and the 3rd most listened to radio personality in America, as well as Josh Altman, Star of Bravo TV’s Million Dollar Listing.

If you are a property management company, or someone who owns rental properties and manages them on your own, one thing to make sure you are not doing is discriminating any prospective tenants. Discriminating prospective tenants is illegal and should not be part of your rental process. The following are 5 tips to help you follow fair housing laws and avoid discrimination claims.

1.    Have written screening standards that are given to all applicants

The first thing to know is that this is required by state law if you charge an application fee. What background requirements (income, credit, rental history, criminal history) must renters meet to live in your unit? By having a written screening standard prepared will not only keep you within legal requirements, but will provide you a standard to follow each time you are filling a property

2.    Show Rentals Without Steering

Follow a standard routine for showing your property. Provide each prospective tenant the same offer and show units on an equal basis. Avoid comments about suitability or anything that could be considered steering (e.g. “If you have kids, this unit on the first floor is a good fit.”). You should let tenants decide if a property will not work for them based on their situation. Also, be consistent when requesting or holding any type of identification.

3.    Avoid Answering Questions About Other People in the Community

If you are asked about the type of people who live in adjoining rentals or the community, respond by politely saying “people who have completed an application, met our rental criteria, and signed our lease.” It would not be fair to other people in the community for you to speak about them, as stated above you can simply state that other people that live here have met our rental criteria and have signed a lease.

4.    Do Not Lie or Sugar Coat the Reason for Rejection

Rejecting a prospective tenant is never easy for you or the tenant. Lying to them will only hurt them down the line when they consider moving into a different rental unit. If you have used a tenant screening service, comply with the laws that give the applicant the right to contact that service.

5.    Handle Exceptions Properly

Making exceptions may happen from time to time based on a prospective tenant’s situation. If you want to make exceptions to your policies, have a written exception policy. If an exception is based on income/money issues, you can require an additional security deposit or rent to cover the risk in making an exception.

Staying up to date on all types of rental laws is something that is a must. Many of the laws can change without you knowing. There are organizations that can help provide you the information required for renting laws. These organizations also set up classes for you to attend to further expand your knowledge with rental laws. The Minnesota Multi Housing Association (MHA) is a great organization to help you stay up to date on rental laws. Visit their website at http://www.mmha.com/Home/Membership/tabid/8933/Default.aspx

At Renters Warehouse, we value all of our tenants and property owners.  We continually strive to provide you the service and tools to make life a little easier. Visit www.renterswarehouse.com to learn more about the company, our properties, our services and its CEO, Brenton Hayden.

Tune in every Sunday from 8am to 9am as I’ll be your host on AM 1130 Fox News Talk. “All Things Real Estate Radio” is a call in show with a panel of residential and commercial real estate experts discussing the latest news, trends that affect you and the real estate market today. www.KTLKRealEstate.com.  Renters Warehouse is proudly endorsed by Glenn Beck, the 2nd most watched show on television and the 3rd most listened to radio personality in America, as well as Josh Altman, Star of Bravo TV’s Million Dollar Listing.

If you look back ten years, every property investor was flipping properties and reselling them as fast as they could. Today investors rent out about half of the homes they purchase due to the drastic change in the real estate market over the past 5 years. What the current market has provided is those with money available have access to low homes prices, low mortgage rates, and a rental market that continues to grow.

First time property investors are starting to grow in the United States. They see a buyer’s market, and a strong rental market will all signs pointing to it continuing. The renter pool has increased over the past few years due to many factors such as: high unemployment, volatile stock markets, and other potential buyers waiting to see what happens, of which puts those people in the “renter pool”. Another factor according to a recent poll states that the average first time buyer age has risen from 23 to 35 which provide a property investor 12 more years of rental income.

Obtaining financing can be a problem for some, but there are other factors to consider if you are a first time property investor. You need to look at the property as a long term business that will take some time and money to keep up. One of the most common mistakes made by first-time property investors is submitting an unrealistically low offer. Another big mistake first time property investors make is calculating maintenance expenses versus rental income.

When you buy a property that you are turning into a rental, you need to think like renter. They will want to be near shops, and service provides as much as possible. Another thing to consider is public transportation for those who do not have a car or work in downtown locations. Last but not least do not forget about parking. Renters are always looking for a dedicated parking space for themselves, to avoid having to find parking on the street blocks away.

If you are looking to purchase an investment property, now is the best time we have seen for years. With low mortgage rates, high volume of inventory, and low home prices you will be able to purchase an investment property at a lower price than you will probably see again. Combine that with an excellent rental market that will continue to stay strong; you have a great recipe to grow your personal wealth for years to come. Some people are afraid of renting however by using a property management company to manage your property, the only thing you have to do is make executive decisions, and watch your bank account grow.

At Renters Warehouse, we value all of our tenants and property owners.  We continually strive to provide you the service and tools to make life a little easier. Visit www.renterswarehouse.com to learn more about the company, our properties, our services and its CEO, Brenton Hayden.

Tune in every Sunday from 8am to 9am as I’ll be your host on AM 1130 Fox News Talk. “All Things Real Estate Radio” is a call in show with a panel of residential and commercial real estate experts discussing the latest news, trends that affect you and the real estate market today. www.KTLKRealEstate.com.  Renters Warehouse is proudly endorsed by Glenn Beck, the 2nd most watched show on television and the 3rd most listened to radio personality in America, as well as Josh Altman, Star of Bravo TV’s Million Dollar Listing.