Property Management Blog

Don’t Be A DIY Landlord Who Ends Up Hating Their Property

System - Thursday, January 16, 2020

Are you thinking about being a DIY landlord because you’ve learned that most property management companies will charge you $85 t0 $120 per month? If so, the reality is that most DIY landlords end up hating being a landlord especially when they have to deal with the tasks in this article.

Rent Collection

The average DIY landlord hates rent collection but if they own more than one rental property, it’s highly likely that they will end up having to chase tenants who don’t pay and collect the rent.

What gets even worse is dealing with tenants who tell lies for why they can’t pay their rent on time. Sadly, those tenants are out there and end up costing the owner DIY landlord the time, money and hassle of having to collect the rent from their tenants.

Being The “Bad Guy”

Truth: No landlord likes to have to be the “bad guy” but when it comes to dealing with tenants is that it’s possible that a landlord will have to be the bad guy at least once. These times occur when a tenant is late paying their rent, violates their lease, has a relative or friend staying longer than they should or they have a pet in their home.

When a DIY landlord has to be the bad buy they hate having to do it but they are faced with letting their tenants continuing to walk all over them or they enforce their lease/rules while risking any personal relationship that they have with their tenant because they have to be the bad buy.

Eviction Aftermath

Eviction isn’t fun and no DIY landlord embraces the idea of evicting their tenant but they will happen at one point while the landlord owns rental properties. Eviction aftermath can be even worse than eviction because it means that their former tenant has left things behind and the landlord is let to remove those items from the property.

Don’t Be A DIY Landlord

You can avoid the time, money and hassle of being a DIY landlord by letting us manage your Bedford area investment property for you. Learn more about our property management services by calling (617) 957-0166 or click here to connect with us online. 

Make 2020 Your Best Year Ever by Hiring A Property Manager

System - Wednesday, January 8, 2020

2020 is here, can you believe it? If you’re like most landlords, you’re taking the time to map out your goals and plan for the new year.

If you want to make 2020 your best year ever as a landlord, one of the very best things that you can do is hire a property management company to professionally manage your portfolio of investment properties for you.

What Can A Property Manager Do for You?

There are a wide variety of services that a professional property management company like Martin Property Management can offer you.

Some of the services that we can assist you with include:

  • Rent collection – Your property manager will collect the rent on time each month and deposit the funds into your account. Imagine not having to deal with collecting it from your tenants or deal with their excuses for why they can’t pay.
  • Maintenance – Our property management team includes professional maintenance professionals who will conduct the maintenance on your property so you won’t have to concern yourself with taking care of maintenance yourself again.
  • Customer service – Imagine not having to take calls from tenants at all hours of the day or night, with a property manager serving you, we will be the go-between so that whenever your tenants need service, they will call us instead of reaching out to you.
  • Tenant Screening – When it comes time to bring in new tenants, you can count on your property manager to professionally market your property online then screen and place the best tenants to live in your investment property.

Contact Martin Property Management

To learn more about the property management services that we can offer you contact us today by calling (617) 957-0166 or click here to connect with us online.

How To Add More Value To Your Investment Property In 2020

System - Monday, December 30, 2019

2020 is almost here and if you're like most owners you're mapping out your goals for the new year.

One of the top goals that most owners have every year is how can they add more value to their investment properties.

This is an excellent goal to have because of the obvious reason that the more value that you can add to your property, the better. The big question is where do you get started?

In this article we will share with you several tips on how to add more value to your Bedford area investment property.

Adding Value To The Exterior

Because we've had snow and icy temperatures as of late, winter is not the right time of year to focus on the exterior of your investment property. It's best to wait until spring or summer to make exterior improvements.

Some of the exterior improvements that you should consider making when the weather warms up include: painting, new siding, curb appeal improvements, power washing the driveway and checking the roof.

Adding Value Inside Of Your Investment Property

Inside your investment property there is literally dozens of improvements that you should consider making including: refinishing cabinetry, painting, adding new flooring, changing out older appliances and renovating the bathrooms.

Choosing just one or more renovations will add significant value to your property and make it more appealing to your tenant, or future tenants.

Contact Martin Property Management

For more tips on how you can add value to your investment property, or to speak with us about our property management services, contact us today by calling (617) 957-0166 or click here to connect with us online.

Merry Christmas From Your Friends At Martin Property Management!

System - Wednesday, December 25, 2019

Merry Christmas from your friends at Martin Property Management! We hop you have a wonderful holiday with your family and a fantastic new year.

If we were able to serve you in 2019, we sincerely appreciate the opportunity and look forward to working with you in 2020.

Origin Of Christmas

Christmas is an annual festival commemorating the birth of Jesus Christ, observed primarily on December 25 as a religious and cultural celebration among billions of people around the world. A feast central to the Christian liturgical year, it is preceded by the season of Advent or the Nativity Fast and initiates the season of Christmastide, which historically in the West lasts twelve days and culminates on Twelfth Night; in some traditions, Christmastide includes an octave. Christmas Day is a public holiday in many of the world's nations, is celebrated religiously by a majority of Christians, as well as culturally by many non-Christians, and forms an integral part of the holiday season centered around it.

The traditional Christmas narrative, the Nativity of Jesus, delineated in the New Testament says that Jesus was born in Bethlehem, in accordance with messianic prophecies. When Joseph and Mary arrived in the city, the inn had no room and so they were offered a stable where the Christ Child was soon born, with angels proclaiming this news to shepherds who then further disseminated the information.

Although the month and date of Jesus' birth are unknown, the church in the early fourth century fixed the date as December 25. This corresponds to the date of the winter solstice on the Roman calendar. Most Christians celebrate on December 25 in the Gregorian calendar, which has been adopted almost universally in the civil calendars used in countries throughout the world. However, part of the Eastern Christian Churches celebrates Christmas on December 25 of the older Julian calendar, which currently corresponds to January 7 in the Gregorian calendar. For Christians, believing that God came into the world in the form of man to atone for the sins of humanity, rather than knowing Jesus' exact birth date, is considered to be the primary purpose in celebrating Christmas.

Source - Wikipedia 

Contact Martin Property Management

To learn more about the property management services we can offer you contact us today by calling (617) 957-0166 or connect with us online.

Tips for Adding More Value to Your Investment Property In 2020

System - Wednesday, December 11, 2019

Want to increase the value and cash flow from your Investment Property in 2020? If so, you’ve come to the right place! In this article, we will share with you several tips you can use for accomplishing these goals in the coming year.

Tip #1 – Invest in A Smart Thermostat

Smart Thermostats are absolutely one of the top investments that landlords should invest in during the coming year because they not only will help tenants to save money on energy costs, a smart thermostat will also lure renters who want to live in a rental property that is energy efficient.

Tip #2 – Add A Washer and Dryer

Since everyone has to do their laundry, it makes sense to add a washer and dryer in your investment property if it doesn’t currently have one. Your tenants are going to have to do their laundry somewhere and adding a washer and dryer can add an additional $150-$300 per month to your rental income. 

Tip #3 – Create an Outdoor Space

Does your Waltham Investment Property have a yard but no real outdoor space? If so, consider adding a patio, garden or dog run to the property. Doing this will help your tenants to see that you actually care about their business and want to create “home” for them instead of just a place to live.

Tip #4 – Add Onsite Storage to Your Investment Property

Last of all, but most important, another great way to increase your rental income is to add onsite storage to your investment property. This is a smart move to make because most tenants will be paying an average of $55 per month for offsite storage when they would rather be storing their items onsite at their rental property.

Contact Martin Property Management

To learn more tips for adding value to your investment property, or to learn more about the property management services we can offer you, contact us today by calling (617) 957-0166 or click here  to connect with us online. 

Essential Things You Need To Know About A Rental Property Loan

System - Wednesday, November 27, 2019

Investing in real estate typically requires a good amount of money. If you don’t have a bunch of spare cash sitting around, you’re likely going to need to consider getting a real estate investment loan. Before moving forward to the different investment property loans, though, let’s talk about the types of rental properties.

Types of Investment Properties

To enlighten you more about real estate property, here are some types of rental properties you can invest in:

Residential: Rental homes are a common way for investors to gain additional income through the monthly rental fees from your tenants or renters. These can be condominiums, single-family homes, apartments, condos, and other types of residential structures.

Commercial: Rental properties do not always have to be residential. Other investors go on commercial properties that are used exclusively for business purposes. It provides a high-risk return because the improvements and maintenance can cost more than the residential properties. However, more significant gains can offset these costs because the rent for these properties is way higher than residential properties. These buildings may be classified as apartment buildings or retail store locations.

Mixed-Use: This property is designed for both commercial and residential purposes, which can be of dual-use. For example, a building may have a storefront on the main floor, such as a retail store, bar, or restaurant, while the upper portion or the back of the structure houses residential units. These properties may also be called income properties because you can opt to rent the building out to potential tenants while you are holding the title.

What You Need to Know About Investment Property Loans

Rental or investment property loans are used for buying out or renovating a property. These properties were either resold or rented out, and the loans you acquire for these properties are payable on a short-term or long-term basis, depending on your preference. These loans are available from large national banks, local community banks, and hard-money lenders.

How Do Investment Property Loans Work?

When choosing an investment property loan, keep in mind that the investment property or the building will act as the collateral. The money lenders will finance the renovation or purchase of the investment property.

In most cases, a hard money lender will lend you a portion of the property after repair value. The property will be estimated for its value on the market after the renovation in which they will lend you 60% to 80% of the property’s ARV(after repair value). This value or amount is different from banks because they base the amount of loan on the current market value, which is way lower considering the repairs and the current condition of the property.


Get Property Management Here

Need property management for your Waltham area investment properties? Contact Martin Property Management today by calling us at (617) 957-0166 or click here to connect with us online.

Buying a Home vs. an Investment Property: Here's What to Look for

System - Wednesday, November 20, 2019

Just because you’ve bought a home before doesn’t mean you’ll be an expert real estate investor. Nor does investing experience mean you’ll be a slam-dunk home buyer when it comes to settling down.

Although both involve a real estate transaction, the way you evaluate the property differs in each scenario.

In one, you’re looking for a home that’s marketable to other people (and that offers potential profits). In the other, you’re looking for a home to put down roots in -- one that serves your needs and lifestyle today, tomorrow, and in the future.

So, what should you be looking for as you purchase your next property? Let’s break it down.

Real estate as a home: what to look for

What matters most here is YOU. What do you want in a home? What serves your personal needs best? And, farther out, what will best serve your household in the future?

Evaluating real estate for yourself means considering a whole slew of factors like these:

  • Your finances: How much can you afford per month? How reliable is your income? Make sure to consider the repair, upkeep, and maintenance costs of a property, too.
  • Location: Do you need a home close to work? In a community with good schools? In a place with strong job prospects?
  • Long-term value: Will the home deliver a long-term return on investment (ROI)? Will it be marketable upon resale? Will it be the nest egg you’re looking for?
  • Family size: How much space do you need? Will you need room to grow into?
  • Preferences and style: Which style of home do you like? Do you prefer old or new construction? How much maintenance are you willing to do?

Although purchasing a home requires a look into your finances, money isn’t the only thing driving your decision. As a place you'll live for years (or even decades) to come, there’s more than just numbers and logic at play here. Your personal tastes, feelings, and emotions play a role, too.

Real estate as an investment: what to look for

Buying real estate as an investment is a different story. Here, you’re looking to generate income. That means considering the finances -- as well as the property’s potential -- more than anything else.

With an investment property, you primarily want to consider these factors:

  • The property’s condition: How much work does it need? What repairs and upgrades are necessary to make it marketable? What will those cost you?
  • The neighborhood: Is the neighborhood in demand? Have home values increased or decreased in recent years? What local amenities are around?
  • The potential: What do local comparable sales show that nearby homes are selling for? Is there room for profit, given the home’s list price? How does the home compare feature-wise to other properties in the area?
  • The market: Is there a strong rental market in the area? Is it a seller’s market? What are the average vacancy rates? What are average rents like?
  • Property taxes: What are property taxes like? Be sure to factor in any homestead exemptions that have been applied in recent years if the house is your primary home.

You’ll also need to look carefully at the list price. Remember, investment property loans typically require much larger down payments (25%–30%, in most cases). Make sure you have the cash to handle this expense while still leaving money for closing costs, property repairs, and general maintenance. You may also need significant cash reserves as well.


Get Waltham MA Property Management

For professional property management in the Waltham MA area contact us today by calling (617) 957-0166 or click here.

Tips For Charging Prorated Rent

System - Wednesday, November 13, 2019

So, you just found a new tenant who is interested in renting from you but they are going to be moving in at the middle of the month and you will need to charge them prorated rent. How do you charge it?

In this article we will break down prorated rent and provide you with two different strategies for calculating it.

There are two common ways to calculate prorated rent: Charge for the number of days the tenant spends on the property based on the monthly rate or the yearly rate. You can do the math easily on your own, or use an online prorated rent calculator.

Monthly Rate

This is a two step process:

  1. Figure out how much daily rent would cost based on dividing the monthly rate by days in the month.
  2. Multiply the cost of daily rent by days the tenant will spend in the unit for the month.

Here’s an example where a tenant spends 15 days of July in a unit that costs $950/month.

  1. $950 / 31 = $30.65
  2. $30.65 x 15 = $459.75

Yearly Rate

If your tenant is signing a year-long lease or longer, this is a preferred way to calculate prorated rent. This is a three step process:

  1. Figure out how much rent costs for the entire year by multiplying the number of months by the cost of rent.
  2. Determine daily rent by dividing the yearly cost by days in the year.
  3. Multiply the cost of daily rent by days the tenant will spend in the unit for the month.

Here’s the same example as above, but calculated for the yearly rate:

  1. $950 x 12 = $11,140
  2. $11,140 / 365 = $31.23
  3. $31.23 x 15 = $468.45

As a note, this extra step adds a layer of complexity that can confuse the tenant, but provides the most accurate amount for year-long leases. Either way you calculate it, make sure to be clear and transparent with your tenant to build that relationship of trust.


Contact Martin Property Management

Are you tired of managing your Waltham area investment property yourself? Contact Martin Property Management today by clicking here to learn more about our services.

Budget-Friendly Upgrades You Can Make to Your Rental Property

System - Wednesday, November 6, 2019

Are you planning on upgrading your Waltham area rental property but don’t have the budget to get started? The good news is that it’s entirely possible to make upgrades to your investment property even if you only have a maximum budget to spend $500 on each improvement.

In this video, you will learn several budget-friendly improvements that you can make to your rental property for as little as $500 each.

Contact Martin Property Management 

Are you tired of managing your Waltham rental properties yourself? Hiring a property management company is the best way to save the time, money and hassle of property management.

To learn more about the property management services we can offer you contact us today by calling (617) 957-0166 or click here to connect with us online.

Tips You Can Use to Increase the ROI from Your Waltham Area Rental Properties

System - Monday, October 28, 2019

Are you searching for tips on how to increase the ROI from your Waltham Investment Property? If so, you’ve come to the right place!

In this article, we will share with you several tips that you can use for increasing the ROI from your rentals while simplifying your life at the same time.

Tip #1 – Search for Off-Market Deals

Although you may be focused on searching websites like biggerpockets.com, Zillow or Trulia on a regular basis for real estate investments, one of the best things you can do for finding great deals on area investment properties is to search for off-market deals. 

This can be done by contacting owners directly or hiring a property manager and asking them if any of their owner clients would consider selling their rentals.

Taking this approach will enable you to find great off-market deals for potentially thousands less than what they are worth.

Tip #2 – Always Shop Around for Deals on Landlord Insurance

Before getting landlord insurance for your Waltham investment property, another handy thing you can do to increase ROI is to shop around for landlord insurance.

Thanks to the internet, it’s easy to get multiple quotes online and you may be able to save thousands of dollars per year in insurance costs simply by taking the time to shop around for the very best deal on landlord insurance/

Tip #3 – Hire A Property Manager

Last of all, but most important, hiring a property manager is another great way to get you more ROI from your Waltham area investment properties. 

When you have a property manager managing your rental properties you will no longer have to be involved with the day-to-day management and your time will be “freed up” to focus on enjoying your life or taking steps to add more properties to your investment property portfolio.

Contact Martin Property Management

To learn more about the property management services we can offer you contact us today by calling (617) 957-0166 or click here to connect with us online. 

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Martin Property Management, LLC
P.O. Box 331
Bedford, MA 01730

Phone 617.957.0166

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