Location of Foreclosed Important

It would seem that most of these foreclosures are less starter homes located in areas that tend to be more modestly priced. As in all real estate acquisitions location, location and finally location is a critical factor. As a buyer's agent the REALTOR must keep this in mind when working with an investors client.






Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Pro Side of Foreclosed

On the pro side is the ever increasing supply of single family homes (foreclosed) available to purchase. Housing prices, in general,have declined and may provide the best value that we have seen in years. Single family homes continue to remain the the strongest segment of the rental housing market.





Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Foreclosed, Perfect Rental Property?

I receive an average of two phone calls per week from REALTORS with out-of-state buyers seeking to purchase cheap rental property in the Denver metro area. Our nationally recognized foreclosure rate appears to have created a demand for those properties. Often the buyer speaks of purchasing ten or more properties. My next blogs to be posted will examine the pros and cons of foreclosures to be used as rental properties.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Property Managers Need 24/7 Repair Service

Property Managers have another possible solution to repair service and that is to do nothing for emergency repairs. This would be below the standard of care that the property owner expects and is entitled to. The property manager must, to the best of his/her abilities, protect the health of the tenant and the condition of the property.

If you are going to be a property manager you must have 24/7 residential property repair service available.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Organizing Vendors Needed

I have three different firms that handle emergency service calls. A sewer line company, a heating company and a running water/immediate emergency repair company provide my 24/7 coverage. Having worked with all three of these vendors for years, I have little concern about the decisions they will make in the absence of speaking directly with me. They, in turn, know that they will be paid for their 2:00 am response to a backed up sewer line.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Policies And Procedures With Vendors

Once the vendor you have chosen for your residential property management business understands your policies and procedures, as well as having a proven record of reliability, you can discuss 24/7 emergency service. Many repair people have a person on call each night or holiday. When your tenant calls after-hours, your voice mail should provide the pager or voice number of the appropriate service company.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

RPM And Vendors

For 24/7 rental repairs I would suggest the following plan. As a residential property manager (RPM) it is expected that you will have vendors to make any and all necessary repairs. Building a strong relationship with these companies is the first step. The creation of this relationship occurs as you provide them work (as needed in your rental properties) on a regular basis, along with reasonable prompt payment.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.