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Refinancing your car loan may be a smart move if you received a high interest rate. A high interest rate is generally indicative of some credit problems. While obtaining a rate that’s a few percentage points higher than current trends may not seem like a big deal, it may cost you an addition $30 to $50 a month. To save money on your auto loan, improve your credit, and then consider refinancing for a lower rate.

What is a Refinance?

A refinance creates a new loan, which in turn replaces the existing loan. You may incur a prepayment penalty fee and a title transfer fee. Before agreeing to refinance, carefully weight the advantages and disadvantages. If the savings are marginal, refinancing may not be the best option.

When to Refinance?

The perfect time to refinance your auto loan is when your credit score has improved and when you have been paying on the existing loan for at least a year. After applying for a new auto loan, lenders will review your credit. Your credit score is a big factor is deciding the interest rate. Good credit applicants are offered great rates, whereas bad credit applicants must pay higher fees. Before refinancing, check your credit report. If you credit score needs improving, put off refinancing until you resolve credit issues.

How to Refinance Online?

When refinancing your existing auto loan, request a quote from your current auto lender. Lenders want to keep you as a current customer. If you have established a good payment history, your lender may be willing to refinance your loan, and waive some of the fees that accompany a refinance.

While your existing auto loan lender may offer you a great deal, it is wise to compare rates with other lenders. The best way to receive multiple offers from several auto loan companies is to request an online quote. Submitting a quote through an auto broker is quick and convenient. The reply time varies; however, you can expect a response within one hour to 24 hours.

After your receive quotes, carefully compare the rates and fees of each lender. Choose the lender with the best deal. Submit an official application, and within a few days you will receive paperwork to sign.

Here are our Recommended Auto Finance Companies Online.

Carrie Reeder is the owner of ABC Loan
Guide, an informational website about various types of loans.

As you continue to read about real estate investing, you will no doubt come across the term ‘power team’. What is this ‘power team’? A power team is a group of people without whom successful real estate investing becomes very difficult, if not impossible. Included in a power team are at least one real estate agent, a mortgage broker, and a real estate lawyer, all of whom will have experience in creative real estate investing.

So, how do you go about building this team? Well, you could just get a copy of the Yellow Pages and start calling, but that will most likely take a very long time, time that could be better spent working on real estate deals! Wouldn’t it be better to have these people call you? I thought so, so here’s what I did. Keep in mind that this technique not only netted me a power team, but also a list of potential partners/buyers for future deals.

The local paper offers a deal on weekend real estate listings, so I placed an advertisement in the paper that read:

“Fixer-upper for sale. Cheap. Need cash and quick closing. 555-5555″

What sort of people would respond to an ad like this? Some will be tire-kickers and the curious, but a good number of callers will be investors and real estate agents. I had the number in the paper forwarded to a voicemail service, and it’s a good thing I did as there were a lot of calls! I find that those who are just curious about the ad tend to hang up without leaving a message, so that takes care of those that aren’t serious.

After listening to the messages I found that there were two real estate agents that had answered. I called the first one, George, and told him that the home had sold, but would he be interested in working with fixer-uppers in the future? He replied that he would, but didn’t seem interested in discussing it much further. Now, I should mention here that I never actually had a home to sell - what I posted is called a ‘ghost ad’, used to guage interest in something. You may not feel entirely comfortable with this, and that’s fine. Simply post a different ad that gets the same sort of message across.

The next agent, Elizabeth, was much more receptive. We spoke for well over an hour about her experiences in real estate - it turns out that she actively invests in real estate herself. She would be more than happy to search the mls on my behalf, as well as submit as many offers as I would send her way. Perfect!

And here’s the best part: since I had found a real estate agent who also invests, I was also able to use the resources that she uses in her deals. So I now had access to a great real estate lawyer as well as a mortgage broker, along with a recommended property inspector. That saved me loads of work and time. My power team was now complete!

I’ve since become good friends with Elizabeth, and she regularly sends me listings that haven’t made it to the mls yet. This gives me a huge advantage in pursuing deals as only a relatively small number of people are aware of the sale. I picked up my latest rental property this way - the property was going to be listed on the mls in two days time, but since Elizabeth let me in on the deal early I was able to close before the general public became aware.

A good power team is crucial to your success as a real estate investor, and oftentimes finding one member of the team can lead you to the others. Happy Investing!

About The Author

Adem Hamidovic is a part-time real estate investor and operator of www.ProfitPiggy.com, a website devoted to new and experienced real estate investors alike.

admin@profitpiggy.com

Safety is often raised as an issue in FSBO (For Sale By Owner) real estate sales. Some real estate agents try to scare homeowners into listing with them by claiming that is unsafe. Some homeowners are unsure how to show their property safely.

By taking a few sensible precautions there is no reason why selling your home FSBO should be any less safe than selling through a real estate agent. In fact selling FSBO should be safer. There is nothing that a real estate agent does to vet buyers that FSBO homeowners cannot do for themselves.

What does a real estate agent do?

Real estate agents claim that they vet prospective buyers before they visit your property but what does this mean? Does the real estate agent check whether the buyer has a criminal record for violent crimes or theft? Of course they don’t. At best, the agent may get a name, address and contact number of the buyer before they visit.

Getting a contact number for buyers is easy, just ask when the buyer calls to enquire about viewing your property. Before the buyer visits call them back to confirm that they are still coming. This lets you confirm that the contact number is genuine and also reduces the likelihood of no-shows.

FSBO advert contact details

It is advisable to limit the amount of information that you make available through online FSBO advertising. Some homeowners include their full name, telephone numbers, e-mail address, street address of the property for sale and times when they are at home. Whilst including this information is not enough to forge documents such as a passport it is enough to gain unwanted attention from confidence tricksters.

A potential buyer only needs to know your first name to make polite initial contact. There is no need to include your surname and titles in your FSBO advert.

Choose an online advert that protects your email address. There are programs that trawl the web looking for published email addresses. If you post your email address in your FSBO advert you are asking to receive spam.

The better FSBO sites such as www.smartvendor.com.au have online messaging systems that allow buyers and sellers to communicate online while keeping email addresses private

When selling your own home a mobile (cell) phone is invaluable. Not only are homeowners less likely to miss a call from a potential buyer but also a potential thief cannot cold call the property to check whether anybody is home.

Open house inspections

We don’t recommend holding an open house viewing when selling your property. Open house inspections are hard to supervise and many buyers find viewing a property with lots of other buyers unproductive and frustrating.

Real estate agents use open houses as a way of getting leads about other properties that are for sale. Often the real estate agent will stand at the front of a house to make sure buyers receive details of their agency. But once inside the property buyers are allowed to roam around unsupervised.

Potential thieves can use open house inspections to check out security systems and case the properties if left to roam unsupervised. Don’t provide too much detail relating to your home’s security system to a buyer on their initial visit.

Common sense rules

When you are holding viewings of your property follow these common sense rules:

Remove all valuables from the property. Take them off site preferably in a safe deposit box. Don’t just put them in a drawer.

Make sure there are two people in the property at all times. Ask a friend or family member to accompany you. Only one of you need conduct the viewing.

Keep blinds and curtains open during viewings this allows people outside to see in to the property and will potentially deter somebody thinking of getting up to no good.

Showing your property after dark

Allowing buyers to drop in for viewings without a prior appointment is not recommend and especially not if the buyer is requesting an impromptu viewing after dark. Politely explain that you’re happy to show your home during daylight hours, when the buyer can fully appreciate your home’s wonderful features. Offer a flyer or information sheet to take away.

FSBO may not be for you

FSBO is not for everybody. In order to sell your own home you must be prepared to show potential buyers around the property. If you are uncomfortable doing this or feel that your circumstances would make you especially vulnerable it would be wise to consider using a traditional real estate agent.

Nicholas Butler is an member of the smartvendor.com.au team

Smartvendor.com.au is an Australian For Sale By Owner (FSBO) Site . - Smartvendor.com.au is committed to providing Australian homeowners a value for money alternative to traditional real estate agents

http://www.smartvendor.com.au

Buying property, a smooth transaction, and costs.

A smooth transaction Buying property in Brazil is actually a
very clear and straightforward process, but there can be many
pitfalls for the unaware. For this reason we only work with
reputable developers, estate agents and lawyers to ensure a
smooth, safe and efficient transaction. Below we set out
information on buying process requirements and costs of property
purchase

Financing Mortgages in Brazil are very rare because of high
interest rates and most property is bought by full cash payment.
In the case of Off-plan property, payment can be spread over a
period of up to 5 years. It is possible to obtain mortgages
through international mortgage brokers.

CPF (tax registration number) This is required to buy real
estate or open bank accounts in Brazil. We will be glad to
assist you in obtaining your CPF.

Bank accounts can be opened in Brazil on certain conditions and
all major banks provide online banking services. We can
introduce you to a Bank and help with the opening of an account
for you here in Brazil.

Estate Agents We only employ and work with government certified
CRECI estate agents.

Lawyers We have for your legal advice a selection of lawyers
specialized in real estate, taxes and immigration.

Buying Costs Bahia Real Estate Ltda commission charges depend on
the services we provide.

Property purchase cost these are the typical transaction costs.

Property tax varies between 2% and 3% depending on the location,
this tax being levied on the declared purchase price.

Lawyers and Notary fees are charged for checking certificates
and registers, that there are no debts owed on the property, for
proofing contracts, advising on obligations and registration of
the property in the new owner’s name. This cost varies between
0.2% and 2% of the property value, depending on the type of
property. Quotes can be requested on your behalf.

Yearly Running Costs ITPU local municipal tax.

General, tel,electric, gas, water rates, etc. are about 20% of
what they are in Europe.

Condominium charges are between 100 and 400 reals per month, for
upkeep, maintenance and security of houses in closed
condominiums.

Caretaker for maintenance of garden and pool, between 100 and
400 reals a month.

Housekeeper, for cleaning and cooking, between 350 to 500 reals
a month.

The above costs are guidelines to help you plan your budget.
When purchasing a property, costs can vary to those stated above
depending on property type, size and investment .

Home|Bahia Links|Our Company|Testimonials|Contacts Us
Properties(Houses|Apartments|Farms & lands|Off-plan Properties)
Services Info(Buying property, a smooth transaction, costs|Our
Services|Why Brazil Bahia |Off-plan Investment|Agriculture
Investments|Business Investments|Property Development|Real
Estate Partners|Inspection Visit|Visa Immigration
Relocation|Lifestyle|Locations) www.bahiarealestates.com is the
registered Domain website of Bahia Real Estate Ltda Brazil.

How many feet of road frontage does the property have?

This question is among the most important when assessing the value of commercially zoned property in a city or county. For some, the reason as to why this question is so important may seem rather obvious. However, there are multiple reasons why investors, developers, builders and business owners want to have large amounts of road frontage on their commercial properties.

For business owners, it is best for them to have their stores located conveniently to their customers. If they are on a main highway or road, they will have great visibility to the traffic going by. This can quite possibly bring customers into their stores that they normally wouldn’t see through their normal marketing. Also, a customer new to the location can find the store much more easily when in the line of sight. Visibility on major road frontage is a huge advantage for the business owners and their stores.

Another reason why business owners like to have their stores along major road frontage is because of the ease in which customers can enter and exit the property. If they are forced to drive through large parking lots, wind behind other major stores, and park on a land locked parcel, there is a possibility that the customer would go to a more easily accessible competitor.

Now, this may be pushing it a little, because a business should be able to bring customers in on its own through effective marketing and good business practices. However, it is definitely more pleasant to access a place of business that is right by the road, rather than search your way through parking lots, other businesses, and who knows what else. The easier the access, the more enjoyable the experience is for the customer.

The two main reasons for business owners to have their stores on major road frontage are visibility and ease of access. Let’s look at why investors, developers, and builders all want the properties they are involved with to have the greatest amount of road frontage possible.

These three people, investors, developers and builders, are the foundation for commercial real estate. They have the money; they have the vision, and they, ultimately, are responsible for building our communities.

More often than not, these people will choose properties to invest in that have the most amount of road frontage, or create the roads so that the office complexes, retail centers, and strip malls have the visibility and ease of access that business owners look for in a profitable commercial property.

The underlying advantage for these investors to develop and build properties with major road frontage is the fact that these commercial properties, known as out parcels, are far more valuable than the land locked in parcels behind them! The difference between these property values can be quite drastic.

For example, recently I was assessing a 56 acre raw tract of land in Rome, GA. It had over 2,000 feet of road frontage on a major highway! The front of the property was zoned commercial, while the back was zoned multifamily. After speaking with the broker and looking at comps (comparable sales), it was clear that the out parcels would be valued at approximately $600,000 an acre developed. (They could be worth more if we were able to get national brand stores on the property). However, those in parcels, without the road frontage, would only be valued at $225,000 per acre. This is a $375,000 decrease in value simply because those in parcels are a few hundred feet away from the actual highway.

This news greatly cut into my overall profit margin.

Not all cases are this extreme. However, it is always true that an out parcel will be more valuable than an in parcel. That is why investors, developers, and builders all want property with major road frontage. It is simply more valuable!

Business owners and investors alike will gladly choose a property with major road frontage over a land locked parcel, or a parcel with little to no road frontage. Use this important fact when you assess properties and the value that they hold.

So you’ve always wanted to become a property millionaire but
never quite knew how to get started?

The good news is that making large sums of money in real estate
is relatively easy if you follow the proven path that those who
have already done it have laid out for you.

In this article we share the top 3 tips that every property
millionaire has implemented. It’s your guide to shortcutting the
process and making it big in property FAST!

Tip # 1: Real Estate Investing Is A Team Game…Don’t Try And
Do It Alone!

If you want to make serious money in property then you’re going
to need to become a master networker and attract a “dream team”
of contacts and advisors.

Just some of the people you’re going to need to know include:
real estate agents and buyers agents (in your target area);
local town planners (particularly if you’re planning on
subdividing or building); accountant (who can structure your
purchases to minimize tax and protect your building wealth from
frivolous lawsuits); mortgage broker or banker (who knows you
and has given you in principal pre-approval to buy your
specified type of property); valuer or appraiser; building
inspector; attorney, lawyer or conveyance specialist; insurance
agent; property managers and cleaners/gardeners. If you’re going
to subdivide or build, then you can add to this list surveyors;
technical engineers; architects and tradesmen.

A tip to help you develop your network quickly is to have a
business card that tells the world that you’re a property
investor/developer. A professional business card will tell your
contacts that you’re a serious player and ensure that you get
the special attention you need to succeed in a competitive game.

Tip # 2: Find A Mentor…Someone Who Has Made Money Following
Your Chosen Real Estate Investing Strategy

There are countless ways to make money in real estate -
including the most simple buy and hold strategies and simple
renovations to land subdivisions and building units, townhouses,
homes and apartments (to name just a few).

To be successful as a property investor you need to find
like-minded people who have successfully made money following
the strategy that you would like to implement…aim as simple or
as complex as you like as the learning curve will be steep
either way. The key is to stretch yourself but not so far that
you feel undue stress and strain.

In addition to teaching you the mechanics or “how toos” about
investing in real estate, your mentor should help you work on
your mindset to ensure that you don’t let limiting beliefs and
incorrect knowledge hold you back from the success you desire
and deserve.

Afterall how many people do you know that believe myths such as
“you cant make money without money” or “real estate investing is
only for the wealthy” or “you need experience” or “it’s too
risky” or “you need insider information” or “you need to know
the right people” and the list goes on. There is definitely
truth to each and every one of these common myths - however if
you get accurate knowledge about the strategy that you’re
pursuing and take massive action towards implementing your
chosen strategy then all of these myths can be busted in time.
You will discover that you learn by doing (and making mistakes)
and that as you get experience, other people may start to offer
you money to invest on their behalf (meaning you don’t need to
use your money to make money afterall!). And most importantly,
your risk in real estate investing is directly proportional to
your knowledge…that’s why starting by following the proven
system of a mentor who has walked the path you wish to walk is a
great way to safely get started in real estate.

Tip #3: Don’t Buy Emotionally - Have A Plan And Stick To It

It may sound obvious but the key to success in real estate is to
do your homework, have a plan and to ensure that you’ve crunched
the numbers and that you know your plans are profitable.

You would be surprised at home many people buy property without
doing anything close to proper due diligence (let alone having
any sort of profitable exit strategy!).

The first step is to research the market that you’re working in
to ensure that you’re familiar with sales prices in the region.
If you’re going to renovate or subdivide land, you’re doing to
need to know what price you’re likely to attract when you
on-sell your property after you’ve added value to it. You should
have a minimum profit target and calculate your property
purchase prices based upon this profit level. If you cant buy
your initial property at a fair price to allow you generate a
reasonable return, then walk away!

Never assume anything. Never assume that the agent is telling
you the correct information and never trust any sales evidence
that is quoted to you that you haven’t independently verified
(you’d be surprised at how often agents tell you want you want
to hear rather than the reality of the situation)!

When you’re unable to assess any part of your property deal -
call in an expert - rather than guessing (and possibly eroding
your profits in the process).

Copyright © 2006. http://realestate-investing-central.com All
rights reserved.

This article may be re-published “as is” (unedited) as long as
the author’s bio paragraph (resource box) and copyright
information is included. The URLs in the resource box should be
set as hyperlinks if used on a web page.

Once considered a bit of a backwater state, many Americans are reconsidering the virtues of living in the State of Wisconsin. Here’s a primer on Wisconsin real estate and living in the state.

Wisconsin

Wisconsin has stormed onto the scene as an ideal state to live in. From large cities such as Milwaukee to small towns and football Mecca’s such as Green Bay, the state invokes memories of a more traditional America. From an architectural perspective, Wisconsin is the birthplace of Frank Lloyd Wright. When discussing Wisconsin, one would be remiss not to mention Madison.

Madison has consistently been rated as on of the top 10 places to live by practically every rating service including Money Magazine. Madison is the home of the University of Wisconsin and is located on and around a “spit” of land between two lakes, Lake Mendota and Lake Monona. The community is vibrant, high tech and generally considered an ideal place to raise kids. If you are looking for one of the best places to raise a family, the Madison will pop up in your research again and again.

One of the best FSBO markets in the United States is Wisconsin. Going FSBO in Wisconsin is nearly as popular as using a realtor. FSBO, by the way, means “for sale by owner” and indicates the seller is willing to forgo real estate agents to avoid paying commissions. This is an advantage for buyers as there is room to negotiated down prices with the seller. In short, homebuyers save money and sellers make more by saving on commissions. The FSBO market is strong throughout Wisconsin, but particularly mention has to be made of Madison. The FSBO Madison market is so popular, it is hard to imagine a real estate agent surviving. If you’re considering Madison, make sure to look for good FSBO home deals.

In Closing

Whether you are looking for a place to raise a family or a new, hip urban area, Madison and Wisconsin may be the place for you.

Raynor James is with http://www.fsboamerica.org - providing FSBO homes for sale by owner. Visit our “sell my home” page at http://www.fsboamerica.org/seller.cfm to list and sell your home for free for one month. Visit http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.

When You drive up to your house, maybe on the way home from work, or the gym, do you always approach from the same direction? Well, stop it. My point is, and bear with me because I do have one, how does your home present itself from all directions to a potential buyer? By driving up from the other direction, you may see your trash cans or some other visually displeasing feature that might be easily fixed, and improve the chances of your homes first impression being a good one for everybody. It’s a variation of an old Realtor trick. When approaching a home, we try to take the most scenic route. Is it dishonest? Not at all. It is our job to show the home in the best possible light.

Do you ever walk up to your front door? I rarely do. I drive up, park my car and walk round to the back door, where I am greeted by my dog, and enter the house through the kitchen door. Just my habit. However, the point is that you need to view the front of your home very critically as this is what potential home buyers will see first. Is it neat and tidy? Is it swept? Is the front door clean and shiny or could it use a lick of paint? How about some colorful plants; maybe in pots? You get the idea. The point is, as they say, you only get ONE chance to make a first impression, so make it count.

Recently, I have been showing and selling a lot of homes in the Gilbert, Arizona area that are vacant, normally owned by “investors” deserting us for calmer seas. The problem is that some of them look a bit worn out. You can see the vague outline on the wall where pictures used to hang. Or the rubbing mark left on the wall where the sofa used to be. Often, you leave the home feeling a little “grubby”. One of the best investments you can make when “fluffing up” your home is paint and carpet. For around $20 per room, you can paint and transform a room from drab to dynamite in about half a day. Add new carpet, with temporary plastic trails to protect it, and a buyer feels like they are getting something special and new. We all like that feeling. The point here is that as the market has returned to normal, especially here in Phoenix, buyers have a lot more choices, so your home needs to stand out.

In some Arizona communities there are upwards of 500 homes available within a price range that are all competing for buyers. In some of those communities they are still building comparably priced new homes that are also in competition. The market is really quite healthy at the moment, although prices are softening a little. Homes are back to selling in around 60 days, as opposed to the 30 day average of last year. Interest rates remain historically low. Many buyers, who last year thought their chances of home ownership had slipped out of their reach, are back; ready and able to buy as the market temporarily slows and gives them a second bite of the apple.

Remember, it is very competitive out there. Make your home stand out, price it well, and it will sell.

Now go sweep that porch.

Gary Kiernan is a licensed Broker in both Arizona and California, who practices real estate in Arizona with his wife who is a licensed sales associate also in both states. They specialize in the Greater Phoenix area concentrating on Cave Creek, Carefree, Scottsdale, Phoenix including Desert Hills, Anthem, Paradise Valley, Gilbert, Mesa and Chandler. To learn more about Gary and Shannon and Cave Creek, Arizona and the surrounding communities please visit their website at http://www.garizonaproperties.com or you may email them at skiernanc21@yahoo.com

As with all of my articles this will be based on a scenario in my home town. (Which may be similar to yours).

Loans and mortgages can be a tricky business, not to mention a costly business if you are unsure where to go and seek out help. The fact is that most local bankers and lenders will look over your present situation checking items such as your past payment history, your overall credit rating and most importantly your present income. Either yours or yours and your partners. This will in turn pretty much get you 2 or 3 options at best. So you shop around and you get the same offers almost eveywhere you go.

There is another way to help you find the best rate.

With technology advancing and with mortgages being such big business due to the lifespan of how long you will be paying the lender, your options are not nearly as limited as you may or may not be lead to believe. I was doing a seminar a few weeks ago with a room of about 20 people who were all looking at cost effective ways to get into a home and how to make sure they were getting the best option for their money. Now this is very important for several reasons :

1. It’s your money, you want the best and most practical mortgage payment available.

2. This is a long term investment, so you do the math here. What makes more sense $700.00 a month or $900.00 a month? Yes, it is a trick question, because it depends on how long the terms are and how much you can afford. It may seem off but alot of times the $900.00 is worse, usually more is better but well read the fine print.

3. You want competition. Keep reading and I will explain.

Alright, the more competition you get the better it is for you in the long run because the lender wants your business. But…if you live in a small town, like I do, you may not have much competition at all. So if you don’t like what they offer you what do you do? Do you necessarily take the best offer? Personally I wouldn’t…I would do some digging, alot of people still don’t realize that you can actually take 5 or 10 minutes at most and check out the internet for a whole slew of lenders and mortgage companies that will literally fight for your business. It’s true and it’s convenient for you. You don’t have to make an appointment, get dressed up, take a “positive” pill and get all stressed out over the meeting. You simply go online, fill out a few forms (as many as you like) and wait for the replies. It’s fast, its incredibly effective, and it will more than likely save you a lot of time and money in the long run.

That being said, you should still make sure you are comfortable wih the companies you fill the forms out with and here are a few must tips to doing this :

1. Give out as much personal information as you are comfortable with, don’t fill out anything you suspect to be non-required information.

2. Make sure the companis are reputable, look for a B.B.B logo on the page. (Better Business Bureau)

3. This is not a must but a recommendation, when asked for your email give them one you check periodically, I never give out my personal email to any company unless I have been doing business with them for awhile, just to avoid alot of potential email I don’t want.

4. Final option, go to www.alexa.com and see what their overall rating is online, take a look at the companies stats. Have they been around awhile? etc. and if you can view their testimonial pages. If they have alot of testimonials then chances are you have found a reputable company to go with.

Well, there it is. The internet can give you alot of options and alot of companies who will fight for your business and again, in the end you win. You will get the best mortgage available and you get to choose the company. Peace of mind.

Until next time.

Take care,

Garret Belisle is the author of a blog designed to help you on your way to home ownership, and some helpful tricks on down payments and credit repair.

You can view the site here at http://www.gbcmortgage.blogspot.com While you’re there make sure to sign up for the weekly updates on the bottom left corner to keep up to date with all of the latest advice.

Many real estate investors become frustrated with the tenants and the toilets. And when you look at the way they manage, it’s no surprise.

The most important part of investing in rental real estate is to have a good property management system. In any successful management system there are the five P’s. They are Property, People, Paperwork, Policies and Procedures. Lets look at each of these P’s individually.

>> The Property must be managed. You need to have a plan to make repairs and do maintenance. This should be something that is automatically done throughout the year and include such things as checking for leaky pipes, checking smoke and fire detectors, caulking and painting or any other maintenance items.

>> The People. This is the most difficult part of the management process. You need to put in place specific systems to deal with all the people that effect your rental business. This not only includes your customers (tenants), it also includes all the other people that help you in your business including caretakers, plumbers, carpenters, electricians, handyman or anyone else you have involved in running your rental business.

>> The Paperwork. This part involves all the record keeping, tax issues, bank issues, leases, tenants letters and legal issues. You also need to consider how to set up your business. This should be discussed with an attorney. You should sit down with a good tax accountant and address the tax issues and what records should be kept. Using simple programs like Microsoft Money or Quicken can be set-up to run the financial part of your business. These simple programs can track your income, expenses, who has paid rent and who hasn’t. With programs like this, you can create and print reports for individual properties and know exactly which properties are performing the way you want them to.

>> Policies- In order to control the first three P’s you should have a specific policy regarding everything. For example: You should have a policy regarding what to say and do if a tenant calls and requests a repair. You should have a policy of what is a violation of the rental agreement. By having a policy for everything it makes it easy to determine what has to be done.

>> Procedures - This goes right along with your policies. You should put in place automatic procedures for everything. For example: If a tenant doesn’t pay rent by the 5th of the month (your policy) you will automatically start the eviction procedure. Your procedure might be, you send them a written notice on the 6th, if no response your start the court process on the 10th (if law allows). You then continue with the entire process that you set-up until the tenant moves out. Then you start a new procedure to rent the property. Every policy should have a procedure.

Taking the time up front to plan the five P’s is the key to a successful management systems.

Remember that the name of the game is to create more cash flow and work less. Having a system that deal with the 5 P’s will do that for you.

Dave Schneider has been investing in real estate for over 25 years and is devoting to helping landlords make more money!. For free audio seminars, tools and information on real estate investing and being a landlord, visit this site now: http://landlordtools.com