The Real Estate Radio Hour had Deb Newell from Real Time Leasing on the January 4thshow and she gave some greats tips for taking care of investment properties in this wonderful (sarcasm) winter weather. One of the major issues a property can have when temperatures drop into the negatives is the potential for pipes to burst. Before winter weather hits, check in on all properties to make sure that the pipes are well insulated. Insulated pipes will be the number one way to prevent any pipe issues throughout winter. Another little trick for when the coldest days of the year hit is to open cabinets where pipes are hidden under to let the heat from the unit reach the pipes better, as well as flush the toilets more frequently.
So what happens when a pipe bursts and you have a unit full of cold renters with no family nearby to stay with while these problems are being fixed? Well, while most lease agreements do not include a subsection for this particular problem, Deb Newell recommends putting the renters up in a hotel and giving them a credit with a limit for the time being. This may be an expense many investment property owners do not take into mind so it is best to educate your tenants and insulate those pipes!
John Castilone from W.J. Bradley was also on the show this week talking about the changes that are happening with the New Year. As of January 1st 2014 there is a new power of attorney form. To read more on the changes with the power of attorney form, click here.
A Mankato listener called and asked the guys how the Loring Park area was for market value as they were contemplating buying there. Loring Park has weathered the housing slide very well due to its great location and all the close by amenities. Everyone agreed that would be a great place to invest. Since Deb was on, the conversation turned to making sure you know the rules of renting a condominium. Many associations have strict rules and regulations when it comes to renting them out. Prior to purchasing a property, make sure you know these rules because you don’t want to find out when it is too late. Those rules may deter the way you intended to use the home. Read more on association bylaws here.