Red Brick Prop Managment

How do successful individuals differentiate themselves in terms of mindset? #mindset #success #realestate #propertymanagement

Price adjustments in Mesa, AZ. #realtor #realestateinvesting #propertymanagement

**Top Considerations for Offering Month-to-Month Leases**  Thinking of offering month-to-month leases on your rental property? This flexible approach has its pros and cons, and whether it’s right for you depends on your goals and property needs. Here are a few benefits and drawbacks to help you decide. **Pros:** 1. **Flexibility:** Month-to-month leases attract business travelers, short-term renters, and tenants in transition. It’s a low-commitment setup, allowing you to end the lease with 30 days’ notice if needed.    2. **More Frequent Rent Adjustments:** Unlike a twelve-month lease, a shorter lease term lets you adjust rent regularly to reflect inflation or changing market conditions. 3. **Easy Transitions:** With month-to-month, there’s no penalty if a desirable long-term renter comes along or the current arrangement isn’t working out. Just ensure you’re compliant with local laws by consulting a legal professional. 4. **Retaining Quality Tenants:** A month-to-month option can keep good tenants who want flexibility without needing to sign a new lease every month. Adding a “holding-over” clause in your lease can simplify this. 5. **Protecting Cash Flow:** Including a month-to-month provision in your standard lease is a smart backup if a tenant doesn’t sign a new lease at the end of their term, ensuring continued rent payment. **Cons:** 1. **Uncertain Tenure:** Not knowing if a tenant will stay beyond 30 days can be unsettling, especially if a vacant unit affects your bottom line. 2. **Short Notice for Turnover:** While you can end the agreement quickly, so can the tenant, potentially leaving you in a rush to fill the vacancy. Consider maintaining a waiting list to counterbalance sudden move-outs. 3. **Variable Income:** Month-to-month leases may attract short-term renters, leading to less stable income compared to a traditional lease. In the end, offering month-to-month leases is a strategic choice that may appeal to flexible renters and allow you to adjust quickly in a dynamic market. However, these leases may also require a higher tolerance for vacancy risk and income fluctuation. Weigh these factors and consult your legal advisor to make the best decision for your business.

Thinking of starting a rental business? You’re in good company. Every established business began somewhere, and getting into rentals for extra income is no different. Here are some insights from seasoned landlords to help you start right. 1. **Set Office Hours**   Avoid treating it like a side gig. Set regular office hours and keep business mail separate with a P.O. box. Establish an emergency contact to cover for you when you’re unavailable. 2. **Know Your Limits**   You may save by doing things yourself, but unless you're a skilled plumber, handyman, and CPA, you'll need help sometimes. Having reliable pros on call is essential for emergencies or when you're away. 3. **Screen All Tenants**   Don’t skip background, credit, and eviction checks. Evictions are costly and stressful. Save yourself time by filtering carefully upfront. 4. **Collect Rent from the Start**   Before move-in, collect the security deposit and first month’s rent. Use office hours or an online system instead of collecting in person, and adjust rent occasionally to match market rates. 5. **Appreciate Good Tenants**   Reliable tenants are rare. When you find one, roll out the red carpet with a welcome letter and local coupons. 6. **Schedule Routine Inspections**   Start with a move-in walkthrough, logging any issues. Stay on top of maintenance and conduct regular inspections. 7. **Evaluate Costs Carefully**   Research local rates to set a competitive price without sacrificing your bottom line. If renovating, ensure it brings long-term savings or allows for higher rents. 8. **Respect Tenants’ Privacy**   Their home, your property. Give notice before entering and keep extra keys for emergencies. 9. **Understand the Law**   Consult an attorney for a lease suited to your state. Consider joining a landlord association to stay up-to-date on legal topics like support animals, fair housing, and eviction laws. 10. **Show You Care**   Respect your investment, but be kind. Renters respect rules, but they’ll appreciate the personal touch. Being a landlord is serious business. Learning from others is far less expensive than learning from your mistakes. Follow these tips, and you’ll be well on your way to success.

Rental Market update for Mesa, AZ. #rentals #mesaaz #investmentproperty #propertymanagement

What is the market index action? #marketindex #propertyinvestment #propertymanagement #sellersmarket

Moving towards a balanced market in Mesa, AZ. #marketupdate #mesaaz #realtor #realestate #azrealestate

Practical tips on how to choose the right neighborhood when purchasing an investment property. #investmentproperty #investor #realtor #phoenix

Wake to sweeping views of the Phoenix skyline from your 14th floor, penultimate high rise sanctuary at Optima Biltmore Towers # 1425. This 2-bed, 2.5-bath refined contemporary suite is steps away from the legendary Biltmore Fashion Park, where luxury shopping & dining meets sophistication. Indulge in designer boutiques like Gucci and Saks Fifth Avenue or dining at top-tier restaurants, just steps away. Sophisticated amenities include a rooftop pool, concierge services, and secured parking. This residence promises not just a home, but a serene enclave where cityscape amenities abound. Contact Jon D. @ 602-471-9397 to schedule a showing. #redbrickvibes #luxuryliving #luxury #luxurylifestyle #luxuryhomes #realestate #interiordesign #luxuryrealestate #luxurylife #architecture #design #lifestyle #homedecor #home

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