20 Questions To Ask Before Hiring Rental Property Management!

I get this question a lot from real estate investors and it came up recently on the BiggerPockets.com forums.  “How do I know if a property management company is any good?”  My answer always comes back to the questions you are asking the company you are getting ready to hire.  Before you will know if they are any good at the service you are looking for, you have to know the right questions to ask.  I have been advising real estate investors to ask these same 20 questions for years and so far, they have helped keep many investors out of trouble.

Cool Down Your Home Naturally « Baird & Warner

Cool Down Your Home Naturally

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August 15th, 2014

Seeing those summer electricity bills roll in is the last thing we want during our relaxing summer days. But there are ways to trim down on that expense without breaking a sweat. Here are a few ways to cool down your home naturally.

Pull down the shades. If you’ve ever taken a magnifying glass to an ant hill on a sunny day, it should be pretty easy to enlarge that image and apply it to your home. The windows to your house act as that evil magnifying glass, frying the inside with scorching sun rays. Placing some blinds or curtains over your windows can significantly cool down your home at a much quicker pace.

Keep appliance usage to a minimum. Your dishwasher, dryer, stove, microwave all have one thing in common — when they’re on, they generate heat. The less you use these secondhand heat generators, the cooler your home will be. It’s unrealistic to quit all of these appliances cold turkey, but doing small things like letting your clothes to air dry outside can make a huge difference.

Crack the windows at night. The temperature is always at its lowest during the night time — sometimes the summer will go as long as 50 degrees. Take advantage of those nights and let the cool air in. No fans or A/C are required

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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

Before You Install a Retractable Awning - New York Times

DECKS and patios are popular gathering places, that is, of course, until scorching sun or annoying drizzle forces folks inside.

Tom Bloom

It is possible, though, to get more use from a deck or patio by installing a retractable awning.

“There are two basic options for homeowners who want a deck or patio awning,” said Ido Eilam, the chief executive of SunSetter Awnings in Malden, Mass., “manual or automatic.” Manual awnings must be hand-cranked open or closed; automatic awnings use a motor to do the work, but are more expensive.

Mr. Eilam said that about 70 percent of SunSetter awnings were sold directly to consumers and that a homeowner with a minimal amount of skill should be able to install an awning in a couple of hours. An instructional DVD is included.

A basic 16-foot-wide-by-10-foot-deep SunSetter awning costs about $1,330 with a hand crank or about $1,650 for a motorized version. Retrofit motor kits are about $300.

Howard Falkow, the owner of Better Living Sunrooms in Baldwin Place in Westchester County, said that he recommends awnings that have both a motor — for convenience — and a manual crank that allows for opening and closing if the power goes out. He said that a good retractable awning should not need ground supports to hold it up and that shoppers should look for models made from extruded steel rather than lightweight aluminum.

A 16-by-10-foot extruded steel awning from Mr. Falkow’s company costs about $3,500, including installation.

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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

Home buyers to get simpler forms under new federal mortgage rules reated by the Consumer Financial Protection Bureau - Residential News - Crain's Chicago Business

HCLICK HERE FOR THE REST OF THE STORYome buyers to get simpler forms under new federal mortgage rules reated by the Consumer Financial Protection Bureau - Residential News - Crain's ChicagBig changes in the process of buying a house kick in Aug. 1, the day new federal mortgage rules take effect that are designed to eliminate closing-day surprises or confusion.

While title companies and real estate agents and lawyers are scrambling to be ready by the deadline, home buyers should feel more like guests at a well-executed dinner party, oblivious to the mess in the kitchen and content to be served each course at just the right time.

"It's going to bring better peace of mind that you know what you're getting into with this loan," said Ben Niernberg, executive vice president at Northbrook-based Proper Title. If all the professionals in the pipeline handle the new rules well, homebuyers should notice only that "things have gotten easier to understand," he said.

For the homebuyer, the new rules created by the Consumer Financial Protection Bureau bring two key changes: All the financial details of their purchase will be spelled out more simply, and the forms containing those details will be in their hands three business days before the closing, giving them time to ask for clarity on anything they don't understand.

"You're getting time to see all the moving parts of your loan a few days before you sit down at that table to close the transaction," said Maurice Hampton, managing broker and CEO of Centered International Realty based in Beverly. CFPB says consumers will "Know Before You Owe."

RESPONSE TO SUBPRIME MELTDOWN

Enabled by the Dodd-Frank Act, the TILA-RISPA Integrated Disclosure rules, as they are known, come largely as a response to the subprime mortgage meltdown, in which some borrowers were unaware of the moving terms of their adjustable-rate mortgages and wound up in default when a rising interest rate increased their monthly payments.

While some experienced real estate buyers may see the changes as a belt-and-suspenders approach to the relatively rare problem of buyers misunderstanding their loans, eventually the changes will become transparent, say most people in real estate and related industries.

"There will be a few more steps along the way, but the steps are to protect people and give them a chance to make a better financial decision," said Tom Pilafas, executive vice president of Near North National Title Insurance in Chicago.

Here are four things to know about the changes:

• The rules apply to loan applications initiated Aug. 1 or later. Any loan in process prior to that will operate under existing rules. All-cash purchasers also are exempt.

• The rules require two new forms, both of which replace—and are intended to simplify—existing forms.

First is the loan estimate, delivered to the borrower within three days of application and projecting the monthly costs, the closing costs and the cash the borrower will need to bring to the closing. This form will take the place of a Truth in Lending, or TILA, form and the Good Faith Estimate. Second is a Closing Disclosure form, delivered three business days before the scheduled closing. This one replaces a closing-day form known as HUD-1 and a second TILA form.

"The difference with the new forms is that the figures on the first one and the second one have to agree, or be very close," said Jeffrey Baker, a lawyer with Sorling Northrup in Springfield who works for the Illinois Association of Realtors. "There was no mechanism requiring them to match up in the past."

CFPB's rules include penalties for lenders if the figures on the two forms aren't within an established range, Baker said. The idea is to prevent buyers who've fallen in love with a certain house from getting markedly more expensive terms at closing than they were counting on, "when they might feel they have to just go ahead and do it," Baker said.

• Both forms emphasize clarity.

"

When you closed in the past, you got a spreadsheet that was a bunch of numbered lines," said Christopher Hacker, a co-founder of ShortTrack, a Chicago-based real estate transaction software company. "It was confusing, and you needed somebody to decipher it for you." Under the new rules, "you'll see something text-based and more intuitive that tells you what you'll owe" on a monthly basis, and how that will change in the future, in the case of a loan with an adjustable rate.

• Last-minute changes in a sale will be harder to make.o Business

How to Sell a House With Tenants

Tenants are a definite wild card when it comes to selling a home. On the one hand, there are plenty of horror stories about angry or disgruntled tenants making it impossible to sell a home. On the other hand, a tenant can be a valuable ally in the sales process if he or she is cooperative and motivated to help you sell. In the end it is up to you to gauge your landlord/tenant relationship and to decide how to best sell your home – while the tenant is residing there, or after he or she is gone.

Keep in mind that what a tenant tells you they will agree to do while you are trying to sell your home and what they actually do could be too vastly different things. Most real estate agents will tell you that having an uncooperative tenant will make selling your home next to impossible. Knowing how to sell a house with a tenant is a critical aspect of getting top dollar for your home!

Before hiring a real estate agent to sell your home it goes without saying that you should ask the tenant first if they have any interest in purchasing it. You are going to need your tenants utmost cooperation in this situation so you best respect them by explaining completely the situation you are in and why you want to sell. Giving them first dibs shows you have some compassion for their housing needs as well.

Options for Selling with a Tenant

Wait for the lease to expire

Tenants can wreak havoc on a sale. Some tenants can become angry when they discover that you are selling the home they live in. Other tenants are just not nice people to begin with. Still others are just dirty and will not keep the home in a good state for showings. If you know you have a slob living in your place you can count on this not changing when the for sale sign goes up. Once a slob always a slob. If your long term plan is to sell your home it makes sense to be extra careful when initially choosing a tenant. Let the renters know up front that your long term plan is to sell your home and get the tenants reaction. If you don’t get positive vibes you may be better off waiting for a tenant who 

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How To: Choose a New Roof for Your House - Bob Vila

Whether you are building from scratch or choosing a new roof for your existing home, a wide range of materials are readily available and worthy of consideration. These include asphalt, wood, and composite shingles, as well as slate, concrete, and clay tiles. Style is an important factor, but it’s not the only one. Product cost, material weight, and installation requirements should also influence your selection. Here’s what you need to know:

The Square
Before we talk materials, let’s talk terminology. Roofers don’t usually use the measure “square feet.” Instead, they talk in squares. A square is their basic unit of measurement—one square is 100 square feet in area, the equivalent of a 10-foot by 10-foot square. The roof of a typical two-story, 2,000-square-foot house with a gable roof will consist of less than 1,500 square feet of roofing area, or about fifteen squares.

Cost 
A number of considerations will affect the cost of a new roof. The price of the material is the starting point, but other factors also must be considered. One is the condition of the existing roof if you are remodeling a house—if old materials must be stripped off, and if the supporting structure needs repair, that will all cost money. The shape of the roof is another contributing factor. A gable roof with few or no breaks in its planes (like chimneys, vent pipes, or dormers) makes for a simple roofing job. A house with multiple chimneys, intersecting rooflines (the points of intersection are called valleys), turrets, skylights, or other elements will cost significantly more to roof.

Materials 
Not every roofing material can be used on every roof. A flat roof or one with a low slope may demand a surface different from one with a steeper pitch. Materials like slate and tile are very heavy, so the structure of many homes is inadequate to carry the load. Consider the following options, then talk with your designer and get estimates for the job.

Asphalt Shingle. This is the most commonly used of all roof materials, probably because it’s the least expensive and requires a minimum of skill to install. It’s made of a fiberglass medium that’s been impregnated with asphalt and then given a surface of sand-like granules. Two basic configurations are sold: the standard single-thickness variety and thicker, laminated products. The standard type costs roughly half as much, but laminated shingles have an appealing textured appearance and last roughly half as long (typically 25 years or more, versus 15 years plus). Prices begin at about $50 a square, but depending upon the type of shingle chosen and the installation, can cost many times that.

Photo: stonecreekinsurance.com

Wood.  Wood was the main choice for centuries, and it’s still a good option, though in some areas fire codes forbid its use. Usually made of cedar, redwood, or southern pine, shingles are sawn or split. They have a life expectancy in the 25-year range (like asphalt shingles) but cost an average of twice as much.

Metal.  Aluminum, steel, copper, copper-and-asphalt, and lead are all durable—and expensive—roofing surfaces. Lead and the copper/asphalt varieties are typically installed as shingles, but others are manufactured for seamed roofs consisting of vertical lengths of metal that are joined with solder. These roofs start at about $250 per square but often cost two or three times that.

Tile and Cement.  The half cylinders of tile roofing are common on Spanish Colonial and Mission styles; cement and some metal roofs imitate tile’s wavy effect. All 

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Neal Paskvan is a full time Realtor specializing in Downers grove, Darien,Woodridge, Westmont and Du page county Real Estate

11 Tips for Refinishing Hardwood Floors - Yahoo Homes

It’s incredibly satisfying to bring your hardwood floors back to life. Whether it’s beautiful hardwood that has been hiding beneath carpet or hardwood floors you’ve had and enjoyed for years, uncovering and refinishing your floors can revitalize your home. Hardwood flooring has stood the test of time, stylistically and literally, because of its ability to be refinished.

(Credit: patrisyu/Shutterstock)

Here are 11 aspects of the process you may not have known about.

1. Three Types of Finish

There are three kinds of finishes you can choose from for your floors.

Polyurethane, oil- or water-based. Polyurethane has varying degrees of luster with a plastic-looking finish. It can darken or yellow the wood over time, though some new formulas don’t affect the wood as much. While good for high-moisture or high-traffic areas, it can be extremely difficult to spot-repair if nicked or gouged.

Varnish. Matte-glossy finish. Varnish comes in a variety of lusters, with the higher gloss being most durable. It darkens with age, though more slowly than polyurethane, and is easily spot repaired.

Penetrating sealer. Natural-looking finish that brings out the grain of the wood. Penetrating sealer may also darken over time, but it provides good protection, especially when waxed. It is the least durable of the finishes but the easiest to repair.

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