Archive for the ‘Financial Management’ Category

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+.

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+.

 

Find Quality Tenants with help from your Bowie Property Management Firm

Friday, November 30th, 2012

As a landlord, it is important to ensure you rent to only the most qualified tenants. This not only affects your business, but also your other tenants. You owe it to them to thoroughly screen all prospective tenants before ever thinking about leasing a property. After all, it only takes one bad tenant to ruin everything for the rest of your tenants.

Remember, it is much harder to evict a problem tenant than it is to weed out the bad seeds ahead of time! And a professional property management firm can help, a firm like Potomac Valley Management (PVMGT).

Tenant Screening Services from PVMGT, your Bowie Property Management Firm

At Potomac Valley Management, our goal is to provide the most comprehensive and professional property management for our rental communities, ensuring a high level of excellence and professionalism to our clients while helping to maximize their real estate investment. As part of this commitment to excellence, we provide the following marketing and tenant screening services.

1. PVMGT will advertise the rental property to ensure complete occupancy.

2. We help secure qualified tenants for occupancy by review the prospective tenant’s credit reports, check rental history, and much more.

And hopefully it never comes to this, but Potomac Valley Management will also handle the eviction process.

1. PVMGT will file court and eviction notices for delinquent occupants

2. We also attend eviction court as necessary.

Hopefully you have found these Quick Tips & Best Practices 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 takes great pride in providing full service property management, from management and leasing to marketing, tenant placement, rehabilitation, and disposition of multi-family properties.

We are here to serve you!

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

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Financial Management Tips: Improving your Credit Score

Friday, November 16th, 2012

In the real estate industry, your credit score is everything. Without a good score, you will not be able to obtain a home loan or even a credit card. This is because your credit score is what lenders look at to determine if you are someone they can trust. So you can see why it is so important to have a good credit score.

But what do you do if your credit score is less than desirable?

 

Tips for Improving your Credit Score

1. Fix Inaccuracies: First of all, get copies of your credit reports from the three major credit bureaus. Then check each report for inaccuracies and report these inaccuracies to the credit bureau.

2. Pay Bills on Time: One of the most important things you can do is to pay your bills on time each and every month. To help you accomplish this, consider setting up automatic payments or reminders.

3. Know the Legal Steps to Fix your Credit: The Federal Trade Commission’s “Building a Better Credit Report” has information on correcting errors in your report.

4. Avoid Credit Scams: If it looks too good to be true, it probably is.

Understand how your Score is calculated

Answering the below questions will help you understand your credit score:

1. Have you consistently paid your bills on time? As we already mentioned, paying your bills on time is one of the most important things you can do for your credit score.

2. Do you have any outstanding debt? If the amount you owe is close to your credit limit, lenders will see this as a negative.

3. How long is your credit history? The longer your credit history, the better. Of course, this is only true if it is a good history.

4. When was the last time you applied for a credit card? Applying for too many new credit accounts can negatively affect your score.

5. How many credit accounts do you have? A mix of installment loans and credit cards may improve your score.

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+.

Sources: Improve your Credit Score

Property Management Tips: Rent Collection & Financial Services in Bowie, MD

Thursday, November 1st, 2012

Rent is the life blood of your business. And while it may seem like an easy process, rent collection can be difficult, especially if you run into a problem tenant.

Rent Collection Tips

  • It begins with the Lease: The first step in rent collection is your lease. In this lease you should outline your rent collection policies, define when rent is due, detail late payment procedures, and, heaven forbid, eviction policies.
  • Outline your Rent Collection Policy: Even though your rent collection procedures are detailed in the lease, it is important to explain these procedures to your tenants.
  • Be Consistent: Remember, this is a business. You need to keep your emotions out of it and make sure you remain consistent. You cannot cut one tenant a break or grant them an extension on their rent without doing the same for everyone else.
  • Rent Reminders: If you have the time and resources, it is nice to send tenants a rent reminder before their rent is deemed late.
  • Late Payments: You should have specific procedures and penalties in place to deal with late payments. If you fail to properly act when payment is late, your tenants will never respect your rent deadline and you will continue to receive late payments.
  • Keep a Record: It is important to keep a record of any and all communications between you and your tenants, especially when it comes to rent. These communications could prove useful if you ever need to evict a problem tenant.
  • Late Payment Notices: Send a letter out as soon as rent becomes late, the very first day after any grace period specified in your Lease.
  • Leave the Rent Collection to the Professionals: Luckily, there are property management firms that will handle all of your rent collection needs for you!

Potomac Valley Management: Rent Collection and Financial Services in Bowie, Maryland

At Potomac Valley Management, we serve landlords, like you. It is our job to help you more effectively and efficiently operate your rental property or properties. And one way we accomplish this is through our rent collection and financial reporting services, which are part of our rental management package.

  • Rent Collection: PVMGT will bill renters and track accounts receivable.
  • Financial Reporting: At PVMGT, we present our landlords with comprehensive financial reports, including balance sheets, income statements, general ledgers, accounts payable reports, check disbursement reports, and income and expense budget comparison.

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!

Potomac Valley Management provides a number of options to provide you with a level of service that is tailored to your needs. 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+.

 

Financial Management Tips: Managing your Mortgage

Friday, October 12th, 2012

For homeowners, especially first time homebuyers, managing the mortgage can, at times, be a struggle. But failing to properly manage the mortgage can have big consequences, such as a decreasing credit score or even foreclosure. To help avoid problems, the Real Estate experts at Potomac Valley Management have compiled the following Tips for Managing your Mortgage.

1. Budget: Every household has a different set of expenses. The trick is to familiarize yourself with these expenses and budget accordingly. You will have to manage not only your mortgages, but also the electricity bill, water bill, trash service, cable and Internet fees, and more. Make sure that your budget can safely cover these expenses.

2. Build a Reserve Fund: Unfortunately, surprises happen, from burst pipes and broken water heaters to roof leaks and more. So in order to deal with these unexpected expenditures, we recommend building a reserve fund. This safety net will ensure that you never miss a mortgage payment. We recommend saving 3-6 months of living expenses in a separate account.

3. Avoid Big Purchases: Do not going on a crazy shopping spree in an attempt to furnish your new home. Take things one step at a time. Spend slowly and schedule your big purchases.

4. Pay the Mortgage on Time: Lenders can start foreclosure proceedings after you fall just 60 days behind in your mortgage payments.

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+.

Sources: New Homeowners: 4 Tips for Managing Your Mortgage