To learn more about Minnesota Commercial Real Estate Experts, visit us at http://www.minnesotacommercialrealestateexperts.com

Listen in this Sunday April 17th, 2011 as they discuss Green Initiatives and Reducing Building Energy Expenses.

Visit www.naioppulse.org/ to read more about the exciting news and their show

Visit their website at www.minnesotacommercialrealestateexperts.com to learn more about their team and the services they provide.

Divorce

Divorce is a life changing issue and a split in a household can cause people to lose their home in foreclosure. A frequently used statistic today is that one in about every two marriages end in a divorce, and sadly it’s true. Divorce is undeniably a reality of our society today. Depending on who keeps the house is the determining factor of who will take over the monthly dues of the house. Unless arrangements are made in a prenuptial agreement, it is not a given who becomes the home proprietor and the legal process of a divorce takes time. The cost of a divorce itself can be the main cause of losing a home in foreclosure. Poor communication in a divorce is a factor which leads to unintended negligence and defaulted payments as well. Naturally, there are many different divorce scenarios that lead to home foreclosure.

Medical Reasons

Unexpected illnesses lead to a surplus of uninvited bills and many people can’t afford these expenses or do not have the insurance coverage to save them. Nobody plans to foreclose on their home, just like they do not expect to pay thousands of dollars in hospital bills. Ideally saving money out of each paycheck to cover potential medical expenses would be great, but that is not always an option. Many Americans live paycheck to paycheck, barely making the home loan payment. When a medical emergency happens within a family, the monthly mortgage payment is put on the back burner. Reason being that an illness can cause emotional stress, or disable someone from working (which leads to the next topic…)

Job Loss

Job loss is a frequent cause of home foreclosure. The economy strengthens and weakens, and in conjunction with that the workforce moves up and down in numbers. As the unemployment rate goes up in a city it is safe to assume that foreclosure numbers will raise as well. Again, ideally one might hope to have saved enough money over the years to cover the home loan, credit card bills, electricity, etc in the case of job loss. However, this is not a social reality. The many Americans who have suffered job loss cannot pay monthly dues and they result with a default home loan, fall in to debt, and in many cases are foreclosed on by their mortgage lender.

Death

Death is single handedly the most detrimental happening for a person or family. Death can, in many ways, cause a family to lose everything…including their home to foreclosure. Take for instance, if the sole provider of the mortgage payments has died, then it is very likely that the rest of that family will lose their home in foreclosure. Unfortunately, the other spouse may be disabled or unable to work and sadly that person is in a seemingly out of control situation. This is where a qualified investor specializing in foreclosure will step in and help him/her get control again.

Conclusion

The reason a person or family goes into foreclosure is important for all to understand. As a homeowner one can be prepared for such a situation as the aforementioned, and as an investor, one can be informed as to what causes foreclosure and how to be of service. Death, job loss, medical expenses, and divorce are a few of the most common reasons people foreclose on a home. These factors are real and an everyday part of society.

www.Brenton-Hayden.com
www.BrentonHayden.com
www.RentersWarehouse.com
www.Pink-Blue.com

Podcasting is a method of distributing sound files via a dedicated XML feed. Using podcasting software, you will choose the content you want once, and from that moment it will delivered to you regularly. The software does all the work, reaching out to this site all the time, automatically downloading sound files when they are posted.

When can I listen to podcasts?

You can hear the audio whenever you want. Podcast content is time-shifted, which means you control when you listen.

What are my options to listen to audio?

If you do not wish to do a true Podcast we have also made these audio files available for you to stream or download.

Can I download the Podcast to my computer?

Yes. For the podcast episode you wish to save,  right-click the ‘Listen’ icon, and select ‘Save As’ from the menu.

How do I do a true podcast with reader software?

To do a true podcast you will need to download a Podcast reader program. Follow the instructions below for both Mac and PC users with the software we recommend.

iTunes*: Go to iTunes.com to download iTunes. Follow the prompts to install the software for either Mac or PC. Run iTunes.

Click the “Advanced” menu and select “Subscribe to Podcast”. In the box that opens up, paste in the URL of the Podcast you wish to subscribe to. To get the feed URL, go to the podcast page and click on the XML Icon ( or ) next to the content you want. A new window will open. Copy and paste the URL from that browser into the URL prompt. For less than technical users: here is the link.

http://www.ktlkfm.com/cc-common/podcast/single_podcast.html?podcast=allthingsrealestate.xml”

You should see all available audio and it will attempt to download the newest audio clip automatically. Each time you open iTunes, it will search for any new audio.

Juice*: Unfortunately our Podcasts will not work with Juice at this time. We recommend iTunes for both Mac and PC users.

Questions?

Email us at Info@KTLKRealEstate.com, we will be happy to help.

Reduce Your Rent - The Opportunity for you as a Tenant

The current economic downturn has resulted in historically high vacancy rates in Minnesota today, and this presents opportunities to improve your bottom line.  Landlords are very anxious to both fill vacant space and to ensure continued occupancy of existing tenants.  For tenants the upside can be achieved via “blend and extend” (renewal) where you extend your lease and reduce your rent locking in an immediate cost savings. 

Don’t Wait Until It’s Too Late

Before a lease expiration you should start considering your options early, time is leverage and if you wait you have no leverage.  Don’t not wait until it is too late.  With time you have options and without time your options are reduce and you have no leverage, the best time to begining thinking about your leaes is 18-24 months before it expires.   When renewing and considering a blend and extend, call an experienced professional right away and they will start doing there homework on relocation, options, comparables, vacancies, and all the critical homework to create leverage for you.

Secure Experienced Broker Representation

The majority of tenants that are not represented by a broker nearly always end up paying premium rates when they could have had a professional discount your rent and get concessions, ie: free rent, tenant improvements.  It always surprises me that many tenants that fought hard for the best possible terms when negotiating for their new space are later very lax when it comes to negotiating terms for a renewal.  Even worse, in early pre-renewal discussions when with their landlords, they convey a sense of staying where they currently are.  

Landlords and property management will often tell a tenant contemplating working with a broker will actually increase the rental rate for the renewal period – this is a myth.  The reality is that the market, bona-fide comparables, and the tenant’s relative leverage will drive the ultimate renewal or new rental rate.   An experienced tenant’s broker will be instrumental in preparing and information a tenant’s position in the negotiation.

visit www.MNCreExperts.com for your no obligation, free consultation to see if you can reduce your rent.

****

The Minnesota Commercial Real Estate Experts www.MNCreExperts.com have over 50 years commercial real estate experience and have saved clients an average of 20% on rent costs in today’s market conditions.  Call or email for a no obligation, free consultation to see if they can save your company money.  Jason Simek 612.310.5227 jason@ktlkrealestate.com

How to remove the ice dam:

Start by getting all excess snow off of your roof. You don’t have to clean all the way down to your shingles, but clean as much show off as possible. This will make the rest of your ice dam removal much simpler and will help prevent them from occurring again.

Next, sprinkle urea fertilizer on the ice dams. The higher the nitrogen content in the fertilizer the better. Do NOT use rock salt as this will kill your plants and grass. The nitrogen in the fertilizer will help you remove the ice dams and is beneficial to your plants and grass. Wait for the fertilizer to do its work on the ice dam. If it does not completely fall off, repeat the process again.

To prevent ice dams in the future:

Check your insulation. Find a way to access to the spaces where insulation should be installed. If the space is difficult to get into, there are tools available to blow insulation into the space at your local home improvement store. If you are not a do-it-yourselfer, call an insulation professional. When you insulate and ventilate with adequate soffit , ridge and/or gable vents, there should be no ice formation or icicle problem.

Apply heat tape to the roof edges and into the gutters. Once you have clean edges, attach heat tape to your roof in a zig-zag pattern so that it looks like triangles on your roof. At the point where the heat tape reaches the roof’s edges, it should extend over the edge of the room about 2 or 3″. If your home has gutters, run the heat tape in the gutter and down your downspouts. This will keep the gutters thawed to allow a place for the melting snow and ice to drain off of the roof.

Visit www.renterswarehouse.com to learn more about the company and Brenton Hayden.

# # #
Renters Warehouse is a Property management specializing in tenant placement, monthly property management and project management with a niche market with unintentional landlords providing services that help people keep their homes, rent them and create rental income with less stress.

Some law changes have gone into effect recently that impact you as a landlord here in Minnesota. Renters Warehouse wants to make sure your practices are in compliance with the following:

Receipt for Rent
A landlord is now required to immediately provide a written receipt for rent or other payments paid in cash if payment is made in person, or within 3 business days if payment is not made in person. No particular form of receipt is required, so you can keep it simple. However many office supplies companies have receipt books that are carbon copy. Thus giving you and them a receipt. When dealing with cash, proper documentation is key.

Applicant Screening Fees
1. A landlord may not collect or hold an applicant screening fee without providing a written receipt for the fee upon request of the applicant. You can incorporate the receipt into the application form so you don’t have to give anything additional to the applicant who requests a receipt.

2. A landlord may not use, cash, or deposit an applicant screening fee until all prior applicants have either been screened and rejected, or offered the unit and declined to enter into a rental agreement. A landlord must also return the applicant screening fee if a prior applicant is offered the unit and agrees to enter into a rental agreement.

3. A landlord must disclose in writing, prior to taking the applicant screening fee, the criteria on which the decision to rent will be based. Screening criteria are important to ensure that each applicant is treated the same and that applicants know on what basis their application will be accepted or rejected. This is commonly know as your “Resident Selection Criteria”. If you have not yet developed written screening criteria you should devote thoughtful consideration and might consider consulting legal counsel before simply adopting standard screening criteria. Here is an example.

EXAMPLE: Resident Selection Criteria

Resident Selection and Tenant Screening Criteria:

Fair Housing Statement. We are a fair housing provider. We do not discriminate against persons on the basis of race, color, religion, national origin, sex, familial status, disability, creed, marital status, public assistance, ancestry, and sexual or affectional orientation.

Application Requirements. Your application must be filled out completely and accurately. An incomplete application may be rejected or not processed. Any mis-statements or omissions made on your application, whether or not discovered before you move into the building, is grounds for denial of an application or termination of an existing lease. Information must be legible and verifiable. If information given on the application cannot be checked out and verified, this is a reason for rejection. Omission of information, such as an address or employer, may be grounds for rejection.

Identification and Application Process. Every person over 18 must be screened and must provide a government-issued photo ID.

Housing History. Applicants must have a positive housing history. We require the name and last known telephone number of each landlord/property manager/mortgage or contract for deed payee for each address you have had for the last three years. Roommate references are not acceptable. A positive housing history is one of the most important things considered in screening an application. The refusal of a prior landlord to give a reference, or a negative reference, may be grounds for rejection. In the case of first time renters, young people, or students, this requirement may be varied subject to additional requirements of management.

Eviction Filings. Unlawful detainers or evictions may be a basis for rejection of an application. Credit. A positive credit history is required. An adverse bank or credit reference, high debt, past due or dishonored debt, or the absence of a credit history may be grounds for rejection.

Income. Income from valid sources must be sufficient to pay the applicant’s rent and other predictable living expenses. To be counted as household income, amounts must be verifiable, reliable, and predictable.
Business Relationship. The relationship between a landlord and tenant is a business relationship. A courteous and businesslike attitude is required from both parties. We reserve the right to refuse rental to anyone who is verbally abusive, swears, is disrespectful, makes threats, has been drinking, is argumentative, or in general displays an attitude at the time of the unit showing and application process that causes management to believe we would not have a positive business relationship.

Occupancy. Maximum number of residents equal to two persons per bedroom.

Criminal History. Applicants who have a criminal history may be rejected.
Employment Standard: All Applicants must employed. The employment must be verifiable.
End Example.

4. A landlord must notify the applicant within 14 days of rejection, identifying the criteria the applicant failed to meet and must return the applicant screening fee if the applicant is rejected for any reason not listed in the required disclosure. Sometimes there is a combination of factors relevant to the resident selection process and the landlord should make clear that multiple factors informed the overall decision.

5. A prospective tenant who provides materially false information on the application or omits material information requested is liable for damages, plus a civil penalty of up to $500, civil court filing costs, and reasonable attorney fees.

Abandoned Property
If a resident abandons personal property, a landlord must only retain the property for 28 days. A 14 day notice to the resident before disposing of the property is required ONLY if the landlord plans to sell the property. If the landlord elects to discard or do anything other than sell the property, no notice is required by state law.

Late Fees
Late fees for failing to pay rent on time are now limited to 8% of the overdue rent payment. The only exception to this is if a federal statute, regulation, or handbook provides for federally subsidized properties to charge late fees that conflict with the 8% limitation.

Attorney Fees
Residential leases that contain a provision providing that management may collect attorney fees from the resident will now be construed to provide residents the right to collect attorney fees if successful in a legal action. Resident collection of attorney fees will be limited to the same type of action, circumstances, and to the same extent that management would be allowed to collect from the resident under the lease.

Staying up to speed on the changes in legislation is very vital to running a successful rental property. Failing to do so can cost you lost of money and create un-wanted liability for you and your business. This is one main reason many choose to hire a professional property management company like Renters Warehouse. It is part of our job to have our ear to the ground and protect the best interests of the landlord and tenant. To find out how Renters Warehouse can help you, contact them today at 952.470.8888 or info@renterswarehouse.com

Shared and Co-written by Brenton Hayden, Golden Valley- MN, CEO of RentersWarehouse.com

But don’t take my word for it, visit them this Wednesday October 13th 4pm at the Edina Country Club for a free, (no rsvp needed) presentation. The meeting starts at 4pm sharp! To find out more, visit their website at www.Capital-Partners.net or call them directly at (612) 759-2699 .

I will certainly be considering it, and so will my investors! How about you?

Brenton owns three companies, Renters Warehouse (Minnesota’s largest landlord), Pink Blue (Investment Specialty Real Estate Company) and Sexy Limos (Minnesota’s most booked nightlife limousine company). With revenues over 2 million expected this year. Brenton was also the winner of the Young Entrepreneur of the Year by the Minneapolis St Paul Business Journal, and his firm was named “Best Places to Work 2010″ as well.

Brenton has posted a 3 minute video along with 4 other finalists. The person who receives the most votes wins Entrepreneur of the Year! Click here to watch his video and cast your vote! Every vote counts! Please vote for your local entrepreneur!

Copy and Paste this into your browser or click the link to vote!

http://www.entrepreneur.com/e2010/vote/emerging.php#828

2. View the property as your home and not a rental and take care of it as such. Keep a tidy
home, respect the property, and handle minor maintenance yourself. The landlord will
appreciate this.

3. Set up auto withdrawal for your rent payment. Many online services and banks offer a
ACH or bill pay service to make sure your rent is always on time and in guaranteed
funds. Like you the owner has expenses to.

4. Be courteous of your neighbors. Especially important in multi family properties and
apartment buildings. Some people work the night shift or arent early risers. Living in a
apartment or multi family does require you to be considerate of others. No loud parties
or music, no vacuuming at 7am, etc.

5. Keep an eye on your pets! Believe it or not landlord and or management get complaints
about Fido knocking boots with Princess the poodle next door. Or Princess the poodle
doing his business in the neighbors yard. Remember not everyone loves pets or
(poodles). Clean up after your pet and never leave them unattended.