Prepayment penalties are fees some lenders charge borrowers who pay off their loans early, refinance, or pay a substantial portion. In 2014, prepayment penalties became restricted from residential loans on owner-occupied property, with some exceptions. Prepayment penalties are sometimes charged as a percent of the loan balance starting at 3% and declining over three years….
Best Turnkey Real Estate Companies
Turnkey real estate companies sell new or fully renovated properties that are seasoned with tenants and managed by a property management company. Investors purchase these properties for passive real estate income. We researched the most popular turnkey real estate companies and chose the 13 that best service real estate investors in different regions. If you…
Cozy vs TenantCloud: Price, Features & What’s Best
Cozy and TenantCloud provide online property management for do-it-yourself (DIY) landlords. Cozy is free for landlords and charges $2.99 for expedited payment processing. TenantCloud costs up to $35 a month. Cozy is ideal for landlords who need a simple-to-use platform while TenantCloud is preferable for those who want rental accounting, mobile access, and service support….
What Is Fee Simple?
Fee simple is a legal term describing a form of absolute property ownership with unlimited property rights that can be transferred or inherited as the property owner wishes. This is in contrast to leasehold or other types of interest in property, which may restrict the holder’s rights or responsibilities. What Is Fee Simple Ownership? Fee…
How to Find Houses to Flip in 5 Steps
To know how to find houses to flip, an investor will need to follow five crucial steps. These steps include choosing the right neighborhood, checking housing market statistics, verifying the condition of the fix-and-flip properties, forecasting the overall budget, and calculating the potential profit. Here is an overview of each of the five steps needed…
Avail vs Cozy: Price, Features & What’s Best
Avail vs Cozy with competitive online property management software for do-it-yourself landlords. Avail costs $10 a month. Cozy is free for landlords with a $2.99 fee for expedited ACH payment processing. Choose Avail if you want a robust computer and mobile-friendly app. Choose Cozy if you want free services for landlords on your desktop. When…
How to Buy an Apartment Complex in 7 Steps
Buying an apartment complex is more involved than investing in single-family properties and requires a deeper understanding of managing property finances. Typically, you can learn how to buy an apartment building in seven steps, including deciding if apartment complexes are right for you and what type of apartment to purchase. If you need financing when…
Turnkey Real Estate: The Ultimate Guide to Turnkey Properties
A turnkey property is one that is in livable condition and is move-in ready, meaning that it doesn’t require repairs. Turnkey properties often have tenants already in them and a property manager already managing them. Investors most commonly purchase these properties from turnkey real estate companies, but private individuals can also sell these seasoned units….
How to Make Money Flipping Houses in 7 Steps
Understanding how to make money flipping houses isn’t as easy as it seems. You need to know how much the renovated property is worth and what it will cost to flip it. Profitable house flipping is possible if you do your research and understand the numbers. You also need to consider the cost of financing….
What Is a Quitclaim Deed?
A quitclaim deed is a document that transfers ownership of real property from one person to another. They are useful in situations where you want to transfer ownership without money changing hands. Because a quitclaim does not guarantee a clear and marketable title, it’s best to only use quitclaims with people you know and trust….
When & How to Hire a Property Manager
If you own minimal rental properties, you can manage them yourself. However, as your portfolio grows, responsibilities grow, and you may want to hire a property manager. However, it’s important to hire the right one. You can expect to pay from 4% to 10% of gross monthly rental income in property management fees. If you’re…
Basic Landlord Responsibilities & Duties: The Ultimate Guide
Landlords have many responsibilities, including duties to their tenants, the properties they own, the neighborhoods and communities where their properties are located, and to themselves. Most of these landlord duties fall within three main categories: fair housing laws and tenant-related matters, building and safety codes, and numerous financial obligations. To help landlord’s juggle their responsibilities,…