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http://www.PremierPARealEstate.com/

Premier Real Estate Investors Group, 400 Market Street, Williamsport, PA (2026)

09/10/2021

Why Invest in Real Estate?

That's a good question. Residential real estate ownership is gaining ever-increasing interest from retail investors for many of the following reasons:
• Real estate can provide more predictable returns than stocks and bonds.
• Real estate provides an inflation hedge because rental rates and investment cash flow usually rise by at least as much as the inflation rate.
• Real estate provides an excellent place for capital in times when you're unsure of the prospects for stocks and bonds.
• The equity created in a real estate investment provides an excellent base for financing other investment opportunities. Instead of borrowing to get the capital to invest (i.e., buying stocks on margin), investors can borrow against their equity to finance other projects.
• The tax-deductibility of mortgage interest makes borrowing against a home attractive.
• In addition to providing cash flow for owners, residential real estate can also be used for a home or other purposes.

Passive vs. Active Income

One key distinction between buying and holding and flipping properties is that the former can provide you with passive income, while the latter offers active income.

Passive income is money that is earned on investments that continues to make money without any material participation on your part. It could be from stocks and bonds or from owning rental property and receiving rental income each month, provided you hire a management company to do all the required tasks, such as finding tenants, collecting rent, and taking care of maintenance.

Active income is money that you earn in exchange for the work that you perform. That includes your salary from work, as well as the profits you make flipping houses. Flipping is considered active income, regardless of whether you are doing the physical labor of stripping floors. It is still a business that you engage in—finding a property to flip, purchasing it, obtaining insurance, overseeing contractors, managing the project, and more.

In this sense, flipping isn't just an investment strategy like buying and holding stocks or real estate. If you have a day job, keep in mind that your spare time will likely be taken up with all of the demands that flipping a property entails.

Two Ways to Flip Properties

Two major types of properties can be used in a buy/sell approach to real estate investing. The first is houses or apartments that can be purchased below current market value because they are in financial distress. The second is the fixer-upper, a property with structural, design, or condition issues that can be overcome to create value.

Investors who focus on distressed properties do so by identifying homeowners who can no longer manage or sustain their properties or by finding properties that are overleveraged and are at risk of going into default. On the other hand, those who prefer fixer-uppers will remodel or enhance a property so that it works better for homeowners or is more efficient for apartment tenants.

The buyer of a fixer-upper using this tactic relies on invested labor to increase values instead of just buying a property at a low cost to create high investment returns. Of course, it is possible to combine these two strategies when flipping properties, and many people do just that.

However, consistently finding these opportunities can be challenging in the long run. For most people, flipping properties should be considered more of a tactical strategy than a long-term investment plan.

08/12/2021

Ever get an $400 water bill because your tenant had a toilet running for 6 weeks? Or maybe had some freeze damaged plumbing in a vacant unit? There's some good equipment out there that'll help put those days behind you.....

https://restechtoday.com/guide-5-modern-leak-detectors/

08/09/2021

"So, you’re telling me that I can get greater value out of my rental property by using professional management? Even after paying the management fee?” Well, here are just a few of the benefits of using professional property management (We’re talking about tangible, direct money saving benefits, and I suppose we’ll just forget for now the value of your time and the costs of aggravation).

1. Reduced vacancies…We give your client access to a team who know the market, and how to give the property maximum exposure. We advertise across a variety of platforms. We know how to screen applicants. We are efficient in handling tenant complaints and maintenance requests. All of this keeps tenants satisfied, your turnover rate down, and your property occupied with decent tenants. It’s hard to exaggerate the costs of non-payment of rent, court fees, and damage repair. For so many landlords, it’s an endless cycle that they pay for and live with for years on end.

2. Reduced maintenance costs…It’s estimated that rental property owners spend, on average, more than 20% of their rental income toward maintenance. If you don’t have access to the right knowledge, labor, and materials, you’ll pay more than you need to. If you’d like to pay even more than that, try spending too little. Hiring your labor off the street, or using the wrong materials will really cost you some money. We have access to a wealth of knowledge in house and across our vendor network. Maintenance is handled correctly and efficiently. Unless you have the knowledge, skills, and time to perform your own maintenance, you’ll save money leaving it to us.

3. Tighter rent collection, accounting processes, etc…What happens if your tenant doesn’t pay rent? What sort of ledger do you maintain for each tenant? What do you do when a tenant disputes the amount of a delinquent balance? Can you go to an eviction hearing and present an itemization of the delinquent balance? Do you remember the amount of the security deposit? Do you know what you did with it? Do you have an itemized, chronological statement of income & expenses for the tax year to email to your accountant? Can you quickly pull up a scanned copy of every paid invoice and the check used for payment? How easily does money slip through a landlord’s fingers? We’ll make sure that your money won’t.

Lee Freeman, Jr.
Associate Broker
Premier Real Estate Agency
400 Market Street, Suite 3
Williamsport, PA 17701
O. (570) 601-0774
[email protected]
License #: AB068680

08/05/2021

CDC Issues New Targeted Eviction Moratorium Through October

The CDC issued a new “targeted” eviction moratorium through at least Oct. 3, 2021, as a result of the increasing COVID-19 infection rate across the country.

Instead of being a blanket nationwide moratorium, the new eviction moratorium is targeted to counties “experiencing substantial or high levels of community transmission levels” of COVID-19.

Substantial community transmission is defined as a county within the previous seven days having between 51-100 new COVID-19 cases per 100,000 county residents or up to a 10% positive test rate. A high level of community transmission is defined as having within the prior seven days more than 100 new cases per county population of 100,000 or a positive test rate greater than 10%.

The CDC estimates that as of August 3, 80% of counties within the country were experiencing substantial or high levels of community transmission, covering 90% of the U.S. population. Over 30 Pennsylvania counties were at that level as of August 5.

The CDC’s eviction moratorium will no longer apply to a covered county once the county’s levels of community transmission falls below either substantial or high community transmission levels for 14 consecutive days.

Further, the moratorium does not apply if local eviction restrictions are at least equal to the CDC’s order or where enforcement is prohibited by federal court order.

Federal courts have come to differing conclusions as to whether the CDC has the authority to impose an eviction moratorium. No federal court in Pennsylvania has prohibited enforcement of any prior CDC eviction moratorium, so the moratorium is currently enforceable in Pennsylvania.

To be protected by the moratorium, a tenant must meet the same qualifications as in prior CDC eviction moratorium orders and provide an affidavit attesting that the tenant qualifies under the CDC’s order. Any prior affidavit provided by a tenant to a landlord remains valid during the new order. Landlords are also still able to evict tenants for reasons other than non-payment of rent.

Landlords and tenants can still utilize the Emergency Rental Assistance Program and are encouraged to make applications for those funds to the extent possible.

NAR had previously challenged the moratorium and yesterday, the Alabama and Georgia associations of Realtors® filed an emergency motion with Judge Dabney Friedrich of the U.S. District Court for the District of Columbia, requesting and enforcement of the U.S. Supreme Court’s recent order that the CDC could not extend the moratorium without new legislation.

This is likely an evolving situation and we will provide updates they occur.

07/29/2021

8 Essential Habits Every Successful Landlord Must Practice

Success as a landlord doesn’t come overnight. Effective landlords with the most lucrative tenancies create their success by developing certain habits.

Develop methods of doing things that can help you organize time better, streamline your business operations, and build a solid reputation. In most cases, developing good daily habits as a property manager saves you money and increases rental income.

Of course, to make a rental property profitable, you need to follow standard practices for managing any rental property. Effective property management includes screening tenants, running criminal background checks, checking rental history, and getting credit reports.

If you are a first-time landlord, these processes are crucial to your success. It’s best to learn from the habits of other successful property managers. Here’s what successful landlords do to boost their revenue, save time, and build a strong reputation in the rental market.

1. Make communication key

Communication is the basis of any business. As a landlord, you need to communicate effectively and regularly with your tenants.

This means staying up to date with maintenance requests, late rent notifications, and lease renewals.

Additionally, managing properties means having effective communication with contractors, property inspectors, and local government agencies.

To make their tasks easier, successful landlords create templates for all their documents. One way to do this is via property management software. Everything from collecting rent to e-signing lease agreements or managing maintenance is possible digitally thanks to new technology.

2. Use technology to streamline operations

Getting into the habit of using the latest technology can save time, resources, and money. Thanks to technology, landlords no longer have to be burdened with a ton of paperwork. In fact, there is virtually no landlord-related task that you can’t do using technology.

•Rent collection apps. Encourage your tenants to pay rent electronically rather than by check. You will find it easier to keep track of rental payments and send late rent reminders.

•Virtual showings. Digital tools can make virtual showings easy. For example, you could record a walkthrough of your rental property for potential tenants. Alternatively, an electronic key safe with remote access can allow tenants to view properties without you being there. Some tech-savvy landlords arrange for self-guided, 3D virtual apartment tours.

•Cloud tech tools. Several tech tools help landlords stay organized and collaborate with others. For example, Google Docs and Microsoft OneDrive are excellent for document storage. Survey Monkey is ideal for creating resident satisfaction surveys. Trello is perfect for tracking tasks and project management.

3. Establish procedures for recurring tasks

One of the most effective habits for landlords is creating processes for recurring tasks. The day-to-day life of a landlord usually involves tasks that keep repeating. For example, tenant screening, posting vacancies, moving tenants in or out, or background checks typically require doing the same things. It’s a good idea to have checklists or use automated tools to care for repetitive tasks.

•Use a rent collection app to send automatic reminders to tenants for rent payments.

•The app can also automatically calculate late fees if a tenant forgets to pay rent.

•Have a tenant onboarding checklist.

•Use property management software that processes rental applications.

•Set calendar reminders for regular or scheduled property maintenance.

•Have a step-by-step process to deal with emergencies.

4. Be proactive

It’s never a good idea to wait until something breaks before you fix it. The practice of being proactive concerning property maintenance, communication with tenants, and rent collection will save you time and money.

•Require that all tenants have renters insurance.

•Have a maintenance schedule to carry out regular inspections.

•Encourage tenants to set up automatic rental payments. If they don’t, send reminders before rent is due.

•Send surveys to tenants to get feedback and insights on how to improve your services.

5. Build a network of trusted professionals

Whether you only own one rental unit or have a multifamily dwelling, having a list of trusted contractors will help save you time and money. If something breaks, there’s a leak, or another emergency happens, knowing who to call in the middle of the night can save you a major headache.

The five essential professionals you need in your network are an electrician, plumber, roofer, carpenter, and plumber. It’s also worth ensuring that you have an attorney, real estate agent, and trusted accountant in your network.

07/26/2021

What Real Estate Investors Should Know About Estate Planning

Planning ahead is always important. And those who invest in real estate should not even think about dying without an estate plan.
Why? An estate plan is a legal document that lays out how a deceased person’s money and other assets will be distributed when they head to the great beyond. Deciding these matters ahead of time is the best thing for them and their heirs.

What is estate planning?

Estate plans are crucial for making sure that family members are
taken care of in the event of one’s passing. Dying without a plan and instructions will create hardships for that person’s heirs. Even if someone does not have kids or family members, chances are there is a charity that they would rather benefit from their life’s work than the United States government.

Consider what happens when someone dies without a clear estate plan. Heirs are stuck waiting while the executor, accountants, lawyers, and Uncle Sam duke it out in probate court. Of course, all of those parties are paid immediately. Meanwhile, the family will wait months or years to decide how the deceased’s property and assets will be distributed, with no guarantees that they will get what the deceased wanted them to have.

Benefits for real estate investors

A proper estate plan is vital for everyone, and it can manage investments, debts, and profits when a person is incapacitated and no longer able to manage them.

A plan created by a competent estate planning attorney with real estate experience can help in these ways:

•Avoiding probate. Probate is the legal process where the validity of a will is proven. Some people believe a will alone is sufficient, but this is a myth. A will must go through probate court—a miserable, emotional experience for everyone involved. An executor is in charge of starting this process, usually through a lawyer, and they will get the will approved by the court. The executor can be chosen and named in the will; otherwise, the court will appoint one.

•When there is a business that will outlive the client. Depending on what type of real estate investment business it is, it’s fairly easy to make sure it outlives the client using structures like the series LLC, with its potentially unlimited lifespan. A living trust in conjunction with a “pour-over will” (more on that later) can easily transfer ownership of a business.

•When there is a profitable real estate portfolio. As a bonus, when assets are transferred to heirs over the age of 18, they get the benefits of asset protection and creditor protection.

•Giving to charity. The deceased’s assets and wealth are divided among charitable or philanthropic acts.

•Retaining control. Prevent Uncle Sam (i.e., the state where the deceased lived) from getting his greedy paws on the deceased’s life’s earnings and dividing it up as he sees fit.

•Avoiding inheritance taxes. State inheritance taxes can decrease the amount your beneficiaries receive. Smart estate planning works to avoid

Any real estate investor knows the importance of planning ahead. If supporting family and others is an investing goal, the kindest thing one can do for those heirs is to get familiar with estate planning.

07/22/2021

Hello Everyone!

Would you agree that success managing rentals requires someone to have a fairly good knowledge of the laws concerning security deposits, evictions, disposal of personal property, tenant’s rights, evolving support animal issues, etc? Turns out there’s probably more to this than many rental property owners realize…..

Let’s start by taking a look at just security deposit law alone. In our state, during the first year of a lease, the security deposit may not exceed two month’s rent. During the second year and afterwards, the deposit may not exceed one month of rent. After two years, the landlord must also place that deposit in an interest bearing escrow account and let the tenant know where it is located. If the interest exceeds 1% per year, the additional interest must be paid to the tenant each year. How many rental property owners do you think are aware of this stuff? Humor me while I ramble on a bit further…..

Competent management of security deposits requires that the condition of rental units must be documented when a new tenant moves in, and again when that tenant moves out. This requires checklists, condition reports, and photos. If the tenant provides a forwarding address, the landlord is required to send the tenant an itemized list of damages the tenant is being charged for, and a refund of any unused security deposit within 30 days. If the landlord fails to follow the law on this, the tenant has the right to go to court to ask for double the amount improperly withheld…..

…..And then there are the laws regarding the personal belongings that tenants so often leave behind. The landlord is not allowed to simply throw out this s #! The landlord must store everything and then send the former tenant written notice about their rights to the property! The former tenant has 10 days from the postmarked date on that notice to pick up the property or to request that it be stored for an additional 30 days! The landlord pays the storage fee for the first 10 days, and the former tenant pays for the additional 30 days. Landlords who violate these provisions can be responsible for paying the former tenant triple the value of the property, plus attorney’s fees and court costs. Again, how many landlords are familiar with this stuff? If not, our property management team stands ready to keep them out of trouble!

Lee Freeman
Associate Broker
PREMIER REAL ESTATE AGENCY
400 Market Street
Williamsport, PA 17701
O. (570) 601-0774
[email protected]
License # AB068680

07/19/2021

Be Wary of the 2 Percent Rule:

Anyone who’s been in real estate long has heard of the various percent rules floating about; the 70 percent rule, the 50 percent rule and the dreaded 2 percent rule. These rules are, of course, just rules of thumb to be helpful guides when evaluating properties. But while I believe the 70 percent rule (multiply 0.7 by the after repair value of a property and then subtract the rehab cost to get your strike price) is good and the 50 percent rule (a multifamily property’s operating expenses will be approximately 50 percent of its income) is OK, the 2 percent rule is junk and should be discarded in its entirety.

Just to recap, the 2 percent rule states that you should aim to buy a rental property at a price where its rent is 2 percent of the total cost. So for example, if the all-in price of the property is $50,000 and it rents for $1000/month, the rent is 2 percent of the cost ($1000 / $50,000 = .02 or 2 percent).

This is a bad rule. In fact, it is a really, really bad rule.

The 2 Percent Rule, Cash Flow & Maintenance
The first problem is that the two percent rule leads investors into areas that only seasoned investors should go; namely the worst parts of town. Generally speaking, properties that will meet the 2 percent rule’s criteria are in high-crime, high-poverty and highly dilapidated areas. These are the types of areas where properties are all but given away. And yes, when you plug all the numbers into your financial calculator it will meet the 2 percent rule and cash flow spectacularly. The only problem is that your financial calculator will be the only place such a property cash flows.

It’s critical to remember that a furnace costs the same in a $30,000 house as it does in a $300,000 house. Same goes for the air conditioning unit, roof and hot water heater. The appliances, countertops, doors, lights, bathtub surround and the like might be cheaper, but by nowhere near as big a margin as the house itself. In other words, the rehab and upkeep costs on a cheap property won’t be that much less than those on a more expensive one. And when the rent is substantially lower and the costs are only a little bit lower, well, that spells problems.

Furthermore, in some ways, these cheaper properties will be more expensive to maintain. Yes, you’ll save on taxes, but properties in rough areas often have higher turnover and longer vacancies. It’s also more likely that a tenant will default on their rent and you will be forced to pay to evict them. Finally, such properties are more likely to be left in rough condition or be broken into. It takes a long time to pay for a new A/C system on $500 a month rent after a copper thief stops by!

I have seen many investors try to buy in these types of neighborhoods and very few succeed. Yes, there are good tenants in rough areas and yes, there are investors who make it work. But the one’s I know who have had success there specialize in those areas. They don’t buy there because some silly rule told them too.

Keep in Mind
Overall, what this highlights is that the 2 percent rule fails because the rent to cost ratio doesn’t correlate with cash flow very well. That doesn’t mean that the rent to cost calculation is useless. It’s not. In fact, we use it all the time. But its use comes from evaluating similar properties in a similar neighborhood. It does not work when comparing a B property to a C property. And it especially doesn’t work when comparing it to a D property. Such a comparison is definitely an apples to oranges sort of affair.

But the 2 percent rule would have you believe that the rent to cost ratio is comparable across all types of real estate and furthermore, that there is a magic number you need to hit. I hate to inform you that there is no such magic number. We’ve had properties we rent for 1 percent of their cost that cash flow far better than properties we rent for 2 percent of their cost.

So let us dispense with the 2 percent rule once and for all, and let us do it before it leads another hapless investor into buying on skid row.

07/02/2021

Buying a Property With Section 8 Tenants:

Sales subject to existing leases
Real estate sales take place subject to any existing lease contracts in place. That means that if you buy a property with a tenant who has ten months remaining on their lease term, you are legally required to honor that lease. Assuming, that is, they don’t violate the lease in the meantime.

This rule applies to both market tenants and Section 8 tenants.

Note that you can non-renew tenants on a month-to-month lease. You must still give them proper written notice, usually with a minimum of 30 days’ notice.

Registering change in ownership
The local housing authority (funded by the federal government) pays the majority of the rent for most Section 8 tenants. This means investors need to let not just the tenants know when they buy the property, but also the local housing authority.

Otherwise, they’ll just keep sending rent checks to the old owner.

Before buying a property with existing Section 8 tenants, contact the public housing authority and ask about the process of changing ownership information. They’ll provide you with a change of ownership packet to fill out and return, including documents proving the transfer.

Expect the process to take 30-60 days.

That delay means you must also come to an arrangement with the seller to ensure they pass along any rent received to you in the meantime. Make sure you negotiate the terms of this arrangement before settling. Consider asking the title company to hold money in escrow if you don’t trust the seller to forward the payment.

Inspections
One of the greatest reasons to avoid Section 8 tenants is the annual inspection requirement.

Every year, the local housing authority sends an inspector out to the property. In my personal experience as a Section 8 landlord.

When you buy a property with an existing Section 8 tenant, you can expect the annual inspections to continue like clockwork. And you should budget money for them accordingly—regardless of your property’s condition.

Raising the rent
You can’t raise the rent in the middle of a lease term, as the lease agreement survives the sale.

Landlords who want to raise the rent as the lease comes up for renewal must submit a request to the local housing authority. Again, contact them to ask for the proper forms and procedures. Be prepared to send along evidence and rent comps to back up your request. Do some simple market research using free tools like Rentometer, Zillow, and Craigslist.

Don’t be surprised if Section 8 turns you down. Their key consideration is affordability.

Removing Section 8 Tenants

Not every landlord likes what they see when they start working with Section 8.

Again, you can’t remove tenants mid-lease unless they’ve violated the lease contract. Even then, expect to jump through more hoops than usual, submitting additional paperwork to the housing authority.

When the lease comes up for renewal, landlords can typically non-renew it. They must give advance written notice, however, both to the tenant and to the local housing authority.

Should you buy a property with Section 8 tenants?
Section 8 comes with its fair share of pros and cons.

On the upside, you get guaranteed on-time rents each month, at least for the government portion. You also tend to see longer-term tenants, less likely to upset the apple cart by moving. That means fewer potential turnovers, and all experienced landlords know turnovers are what cause most expenses and hassles.

These more stable, lower-rent tenancies also offer some protection against recessions.

But the downsides include expensive annual punchout repairs from the inspections, which can cost thousands of dollars every year. And the bureaucracy and red tape can mean rent increase denials, protracted evictions, and other headaches for landlords who accept Section 8 renters.

Make your own decision about whether you believe the pros outweigh the cons.

06/29/2021

Why landlords must have a maintenance strategy
Maintenance may sound like something that you can put off. When profit margins are tight, you may think that spending money on routine maintenance is expensive. There’s the adage, “if it ain’t broke, don’t fix it.”

But taking that approach can cause you to be on a never-ending treadmill of repairing broken appliances. Worse still, you could end up facing expensive repairs when something major breaks.

For instance, it’s recommended to change or clean HVAC filters every 90 days. Suppose you decide that you’ll save a bit of cash and time and change the filter every year. What happens is that dirt, dust, and grime build up in the unit. Now the unit has to work harder to heat or cool the apartment. This results in increased energy bills and a higher chance that the unit breaks down. So you end up with expensive bills and repairs—all of which are avoidable.

A better adage for successful landlords should be, “an ounce of prevention is worth a pound of cure.”

How to develop a maintenance strategy
Let’s look in more detail at how to develop a maintenance strategy to keep your rental properties in good shape.

1. Decide who carries out maintenance tasks
First, decide who is going to do your property maintenance. If you are a startup landlord with some DIY skills and one or two rental units, you could do some jobs yourself and save some money. However, it’s usually best to get professionals. They can save you time, be on call 24/7, and do quality work.

It’s worth taking time to develop a reliable network of trusted maintenance contractors.

2. Schedule regular maintenance inspections
Maintaining rental properties should be about preventative maintenance, not about continually making repairs. Typically, at the end of a tenancy, you should thoroughly inspect the rental unit. Also, you could arrange a maintenance inspection when a tenant renews the lease. You could include in the rental agreement that property inspections take place upon the lease renewal.

Regular property inspections help you deal with any small issues before they become larger ones.

3. Keep up with appliances
Property maintenance should also include servicing appliances, HVAC units, water heaters, and elevators. To keep track of maintenance tasks, you need a list of systems that need regular servicing. Then, work out a schedule for maintenance servicing. For example, does the unit need servicing monthly or annually? Is it seasonal equipment that needs servicing in the fall and then in spring?

Scheduling maintenance prolongs the life of your assets and minimizes expensive repairs.

4. Communicate with tenants
Communication is a vital element of property maintenance. It’s essential to tell tenants to reach out to you with maintenance requests. You also need to help them realize their role in maintaining the rental unit. Also, do they know important information like where the shutoff valve for the water is? That could be vital information to prevent a major leak causing additional damage.

One of the best ways of streamlining maintenance is to use a property management app. With an app, a tenant can request repairs and send images of the issue. You can also inform the tenant about the timeframe and when the contractor will visit.

Additionally, a rental app is ideal for tracking repairs. For example, if faucets frequently leak, maybe it’s better to invest money in better quality plumbing fixtures. Software solutions for landlords also let you contact your contractors and track expenses.

Remember that by law, you need to give tenants adequate notice before you enter the property unless it’s an emergency.

5. Respond to all maintenance request promptly
Regardless of the issue, always respond quickly to repair requests. Even if the task isn’t urgent, tenants appreciate responsive landlords. It’s best to acknowledge the request, assess the situation, and then arrange for repairs.

Of course, issues like flooding, a smell of gas, no hot water, or electrical problems are emergencies. Additionally, problems like mold or broken appliances are urgent requests. You will need to deal with these problems promptly.

Other requests such as broken windows, a running toilet, squeaking door, or cracked tiles are not so urgent. However, tenants will still expect that they are resolved within a reasonable time.

Premier Real Estate Investors Group

09/10/2021

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08/09/2021

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