Stan Radlo, who has been with Woodstock Properties, Inc. as an
agent and a property manager since December 29, 1994 has retired. He
entered the real estate profession on August 31, 1982, which is close to a 30 year career.
Now that tax time is upon us, don't forget that your End of Year
Statement for 2011 was uploaded to your online statement account in January of 2012. This statement reflects every posting to your ledger and will be very helpful to you and/or your accountant when preparing your 2011 income tax returns.
Brett Schenk, REALTOR®
BIC, CRS, GRI, GREEN
Licensed Hawaii Real Estate Broker
Property Manager BrettShenk@Hawaii.rr.com
Check Your Insurance:
Events can happen - flood, extreme heat, hurricanes, fire, and more! It
is important to check your
insurance to obtain the best coverage possible
and ensure that it is current.
Review now with your insurance agent before
a disaster/emergency occurs.
If An Emergency Occurs:
Our first priority during any emergency is to handle the
any necessary measures for the
safety of your property and your tenants.
Then, we will contact you as soon
as we are able.
ALOHA and MAHALO
You know Dusty Woodstock as your Realtor and Property Manager. What you may not know is that she is also a member of the National Society of the Daughters of the American Revolution (NSDAR). Since 1955, the NSDAR has been dedicated to bringing awareness to the U.S. Constitution. The NSDAR is an apolitical organization and thus does not endorse any political party or candidate. As a result of the NSDAR, Congress has deemed that every year, September 17th - 23rd is to be recognized as "Constitution Week".
On behalf of the NSDAR, Dusty and some Woodstock Properties, Inc. staff members wanted to find out just how relevant our Constitution is in today's world. Our adventure began by videotaping people on the street and asking them a few fill-in-the-blank questions from the Preamble (the 1st paragraph of the Constitution). We then asked three simple questions: What is the Bill of Rights? What are the 2 Houses of Congress? What are the 3 branches of government? As we prepare to celebrate July 4th, let us invite you to challenge yourself and try to answer those questions.
Our adventure continued as we took our questions and video-camera to a Corvette rally in Waikiki; to Parachute jumpers out at the Dillingham Airfield on the North Shore; a hospital/care home in Kaneohe on the Windward Coast and finally to the local Pearlridge Mall.
A big MAHALO to all those who have served
our country and their families.
Please take a moment to enjoy the results of our adventure. We call this video "Local Knowledge Hawaiian Style". The video is only 3:40 minutes long. We would greatly appreciate your asking anyone you think who would also enjoy this video to please go to visit our website: www.WoodstockHawaii.com and click on ABOUT US > IN THE MEDIA > "Local Knowledge Hawaiian Style".
Treat Your Rental Property as a Business
In a perfect world, buying, selling, and/or renting property, everyone treats a rental property simply as a business process. However, as everyone knows, the world is far from an ideal place. Personal attachments, maintenance problems, and tenant difficulties can turn an investment into an emotional morass. It is important to develop an objective attitude that will help you cope with the more stressful aspects of owning rental property.
Did you make a conscious decision to purchase investment property? If so, be realistic about rentals and projected expenses when doing projections on any potential investment. Inflated figures will not help if the economic market does not cooperate. It is important to expect a reasonable vacancy factor when owning a rental. Remember that in most cases the property is a long-term investment and that the expenses are tax deductible, increasing the bottom line or return on investment (ROI).
Did you become a landlord because you must rent your home rather than sell because of a poor economic market? This can make it more difficult to view your personal home as a business investment. Make a special effort to think of your home now as a "rental property" and view it from the perspective of a potential tenant. Even while you were living in the property, it required maintenance and repairs.
Review these ten good practices for all property owners/investors.
Treat the property as a long-term investment even if you do not plan to keep it long-term - you never know what will transpire.
Be aware of legislation and legal practices that affect your rental property - ignoring them can mean losses to your bottom line.
Always be realistic about the current market and rental prices - this can reduce vacancy time.
Practice preventative maintenance - this can reduce or eliminate major repairs and maintenance.
Plan for long-term maintenance - properties have life expectancies on all major components of the property, such as roof, paint, heating and air units, plumbing, and more. Eventually these systems will fail and/or deteriorate.
Be prepared for all types of emergencies - tenant problems, maintenance, or natural disasters. Maintaining a good rental insurance policy is a big key for that preparation.
Do not rent the property "just" to generate income - wait for the right tenancy. The wrong tenant can generate many unwanted expenditures and headaches.
Remember that even the best of tenants can have problems that can interrupt the payment of rent. It is important to remain objective and fair instead of reacting emotionally.
Use professional services when necessary - maintenance, accounting, legal, and more. This expense can reduce liability, aggravation, and unnecessary expenses.
Consult with your property management company regularly and discuss any concerns you have regarding your investment.
Take the time to develop a "business" plan for your investment. Review long-term expenditures and plan when and how you will handle them over the period of ownership. This should include good insurance coverage, a savings plan for maintenance/emergencies, and professional services when necessary. This preparation can help maintain a business attitude when any stressful event occurs.
As your management company, we can assist you with realistic rental prices, maintenance expenditures, professional services, tenant problems, legal issues, and any other services required. Our support will help you to maintain a "business" attitude for your investment.
The material provided in this newsletter is
for informational and educational
purposes only. It is NOT legal advice.
Although we believe this material is accurate, we
cannot guarantee that
it is 100% without errors.