Archive for December, 2012

Financial Management Tips: Keeping track of your Finances and Avoiding Debt

Friday, December 21st, 2012

debtBetween the mortgage (or rent), food, and fun, your finances are probably stretched thin. Throw in a kid or two and your budget is probably tighter than the lid on a pickle jar. And with credit cards making it is easy for you to spend more than you can actually afford, you could quickly accumulate more debt than you can manage. So please be careful and follow the below financial management tips.

Financial Management Tips: Keeping track of your Finances and Avoiding Debt

1. Be Thrifty: If your finances are tight, do not splurge on items that you do not need. Do you NEED the iPhone 5? Probably not. Do you NEED the latest version of Madden? I don’t think so. It is important to live within your means. So instead of spending every last penny each pay period, put a few dollars away every two weeks. Then, before you know it, you will have a nice little chunk of change saved up!

2. Expect the Unexpected: Saving money every month, like we just mentioned, will help you budget for the unexpected. Without an emergency fund, you could fall even deeper in debt when your car breaks down or your pipes burst in your home.

3. Avoid using that Credit Card: Relying on your credit card for every purchase could get you into trouble. Because when you don’t know how much money you have in your account, it is easy to overspend. So try to use your credit card sparingly, instead opting to pay cash for most purchases. This will help you better keep track of your finances.

4. Manage Debt: Don’t let your debt spiral out of control. Keep track of repayments and be sure to pay on time every month. You can also try to reduce your payments by shifting your debts, perhaps from one credit card to another.

Hopefully you have found these Financial Management Tips useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

Potomac Valley Management, LLC has been providing quality property management services to the DC Metropolitan area since 2004. We specialize in multi-family property management for apartments, cooperatives and homeowner’s associations.

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.

Tips for Hiring a Contractor in Landover, Maryland: Getting Estimates

Thursday, December 13th, 2012

hiring a contractorHiring the right contractor is incredibly important, because, unfortunately, there are more than a few shady contractors in the construction industry. So it is essential to do everything you can to pick the best contractor for the job.

As we explained a few weeks ago, the first step in Hiring a Contractor is narrowing down your options. Then, once you have narrowed down your choices to your top three or four contractors, contact each of them and arrange for them to visit your home and provide you with a written estimate. That is step two!

Getting a Written Estimate

After each potential contractor views your home and knows enough about the project, ask them for a detailed written estimate. This will not only help you further narrow down your contractor options, but it will also protect you in several ways.

1. Getting estimates from several contractors ensures you are getting a fair price.

2. Getting a detailed estimate will help you see exactly what you are paying for. While one contractor may include materials in his pricing, another may not.

3. Getting written estimates will help protect you from a contractor bidding low and then running up the price once work begins. Still, it is VERY IMPORTANT to sign a contract before any work begins. Even a written estimate is not legally binding. A contract is.

Hopefully you have found these Tips for Hiring a Contractor useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

At PVMGT, we take care of your needs from bookkeeping to tenant screening to landscaping contractor oversight, just to name a few. We provide quality and reasonable services.

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.

 

Property Management Tips: Now is the Time to Invest in Real Estate

Friday, December 7th, 2012

property managementHave you been contemplating breaking into the landlording business, but you just can’t make up your mind? Well, now is perhaps the best time to invest in real estate. Home prices are still low, but the housing market is on the upswing.

Now is the Time to Invest in Real Estate

1. Housing Prices: Home prices are about 60% lower than they were just five years ago. But with the market back on the upswing, investing in real estate just makes sense. Landlording can be pretty profitable itself and then when you want to sell your rental home down the road, you should be able to do so at a significant profit.

2. Vacancy Rates: The vacancy rate of rental properties is expected to be very low in 2013, just 4% or lower. And the National Association of Realtors considers any rate under 5% to be a “landlord’s market!”

3. Rising Rent: The above vacancy rates mean that rent prices will be on the rise. Apartment rent is expected to rise 4.6% in 2013, meaning even greater potential profits.

4. PVMGT is here to help! If you are still on the fence, just remember that you don’t have to do this alone. Potomac Valley Management is here to help you manage your rental property. We take great pride in providing full service property management, from management and leasing to marketing, tenant placement, rehabilitation, and disposition of multi-family properties. At PVMGT, we help you maximize the profitability of your rental property!

Hopefully you have found these Property Management Tips useful. If you have any questions, please contact Potomac Valley Management by calling 1.877.390.4090 or visit PVMGT.com today!

We provide quality property management at reasonable prices!

You can also follow PVMGT on Facebook, Twitter, LinkedIn, and Google+.