You’ve almost finished those turkey leftovers and the boxes of holiday decorations have been dug out from the depths of the closet and are ready to be hung. This can only mean one thing: colder days are on the way. And for financially-savvy landlords and property managers, cold weather means winterizing. Last year we looked at the top seven things every landlord should do to prep their properties for the winter months (to ensure that you’re doing everything possible to keep heating costs down and unit temperatures up, be sure to take a quick refresher look at that post). And for even more tips and ideas for winterizing with the best of ‘em, read on.

Door stoppers.
Most of us have been programmed to make sure that any gaps between the front and back outside doors and the floor are filled in with rubber door stops. But don’t stop at the exterior doors. Consider doors inside of your building that may be allowing heat to escape. Doors leading to attic stairwells are a prime example of an often-overlooked heat vacuum. Survey your property carefully to make sure that all doorways (both interior and exterior) are fitted with weather-stripping and rubber stops as necessary.

Pre-set temperatures.
If you’re providing tenants with controlled heat, investing in an electric, programmable thermostat will likely save you a lot of money in the long-run. While you certainly don’t want to freeze your tenants out, it’s also not necessary (or comfortable, for that matter) to keep the heat cranked up to maximum levels 24/7. An electronic thermostat will allow you to pre-program temperatures according to the time of day. For example, you may want to increase the temperature by a few degrees in the morning and evening hours, when the weather is likely cooler and tenants are home. Remember, these thermostats will allow you to over-ride the automatic settings should it become necessary to increase or decrease the temperature at any given time.

Roofing repairs.
Because it’s not the most easily visible part of your property, missing shingles or other gaps in the roof that allow the warm air to get out can be easily overlooked. As we all know, heat rises, so ensuring that your roof is in good repair is an essential part of keeping the heat in and the cold out. Depending on the size of your property, either you or a contractor should conduct a thorough examination of the roof to make sure that any missing shingles, tiles, or nails are replaced; that any gaps are fully caulked; and that any warped or darkened areas on the roof are identified and treated as necessary.

Electrical outlets.
They’re easy to miss, but electrical outlets can be exactly that—a perfect way to let costly heat out of your building. It may be a bit tedious, but it’s to your benefit to go through your property at least once a year, removing electric outlet covers to make sure that any spaces left by electrical outlets are filled in. These gaps can be easily filled with foam, which will eliminate the problem.

Taking care of these easy-to-miss heat escapes will go a long way to keeping heating costs under control during the winter months. Also remember to ask for your tenants’ help. Particularly if they are not directly paying for heating costs, it can be easy to forget the important difference simple actions like closing storm windows and removing cooling units can make during those winter months. Provide them with a list of simple winterizing reminders and be sure to offer your assistance with any of the requested items as necessary.

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The television shows mentioned in the previous blog are all great tools for gaining a better understanding of the real estate game. Following are some of Buildium’s additional honorable mentions.

• No frills, no acting, no drama … just some nice old-fashioned real estate rehab. This Old House is a time-tested staple of real estate television.
• Learn how to transform your property into a revenue producer with HGTV’s Income Property.
• Maybe a little different than your average rental, Bravo’s Million Dollar Listing follows high-end real estate brokers as they try to move property in Southern California. Due to the economy, recent episodes have even showcased some high-end rentals.
• Don’t make the same mistakes as these Property Virgins on HGTV; learn from their house hunting lessons.
• Here is yet another fun show where investors take a piece of real estate, smash it up, and create a masterpiece.  Flip This House on A&E is the perfect Saturday morning pick-me-up.

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If you’re the kind of person that feels the need to feel productive at all times, this is the blog for you. Believe it or not, many of today’s home and real estate related reality shows can provide you with valuable tips and information that can be applied to bettering your own property portfolio. So from now on, you can do the ultimate in multi-tasking: Unwind in front of the TV while growing your professional skill set. Following is a round up of some of today’s most valuable home improvement and real estate shows and what they can teach you.

Extreme Home Makeover (ABC, Sunday, 8:00 C.T.)
Sure, you may not have a team of a few dozen volunteer workers to help you gut and rebuild an entire home in a single weekend, but Extreme Home Makeover still proves an invaluable point: No property is unsalvageable. Sure, we all know that while you may pay less to purchase a fixer-upper (as opposed to buying a property that’s ready to go “as-is”), you’re still looking at thousands of dollars in additional costs to transform the property. But even with repair and renovation costs in mind, you may still come out ahead by purchasing a fixer-upper and building it according to your vision.

Extreme Home Makeover proves time and time again that any home can be transformed. If you have the vision, inclination, and a team of reliable contractors on-hand, searching for a fixer-upper may be the perfect route to saving some money and creating your ideal property from the ground up.

Bang for Your Buck (HGTV, Friday, 9:30 C.T.)
Speaking of saving money, HGTV’s Bang for Your Buck is chock-full of ideas for making improvements in the most economical way possible. Check out this show for cost-cutting measures that will help you make quality improvements to your property for comparatively inexpensive prices. On this show, you’ll find tips for everything from renovating kitchens to taking down walls and creating completely new spaces. Not only this, but Bang for Your Buck also demonstrates just how valuable these upgrades and renovations can be. Each episode compares the cost of making repairs to the additional price they will add to a property’s market value, clearly demonstrating the economics of frugal upgrades.

Flipping Out (Bravo, see BravoTV.com for schedule)
Speaking of market value, although he may be a bit eccentric, a lot can be learned from Flipping Out’s “home flipper” and real estate guru Jeff Lewis. This show follows the Los Angeles-based Lewis as he identifies fixer-uppers and completely transforms them in a matter of a few months, sometimes adding up to a million dollars onto their selling price. This show not only provides a template for those who are looking to get into the business of home-flipping, but it also shows how far a little bit of vision and insight into buyers’ minds can go.

Curb Appeal (HGTV, see HGTV.com for schedule)
When it comes to appealing to potential buyers and renters, we’ve discussed the value of curb appeal on this blog before. For those of us without a green thumb, though, it can be hard to know where to start. HGTV’s Curb Appeal is here to show you how to beautify your outside, taking everything from aesthetics to logistics into account. Here you’ll find tips on everything from landscaping to creating outdoor spaces for entertaining and utilitarian purposes.

For Rent (HGTV, Mondays, 10:30 C.T.)
Finally, if you’re looking for a glimpse inside renters’ minds, you won’t want to miss HGTV’s For Rent. Although this program (which shows renters how to install temporary decorations and fixtures into rented spaces) is designed for tenants, it can be equally educational for landlords. For Rent can provide landlords with ideas for the type of quick-fix amenities renters would like to find in their units. Particularly in a tight economy or in a location where there are many competitive properties, this show can give you tips on how to really appeal to renters through economical, easy-to-install “extras.” As an added bonus, if a renter comes to you with a request to incorporate a more permanent fixture in their unit, you’ll be ready with alternative solutions that will keep your renter happy and prevent your unit from undergoing any permanent changes.

Thanks to reality home TV, gone are the days of feeling like a couch potato after a few hours of television. Now you can unwind and better your business at the same time!

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Determining whether or not property specialization is for you is a lot like dating; you need to really click with a specialty to begin a relationship. The following links should help you determine which specialty just might be the one for you.

• Before making your decision to focus on Section 8 housing, be sure to verse yourself on the history of Section 8.
• Now that you know the history of Section 8, you should also learn about HUD’s history.
• Visit the Low Income Housing Institute’s website to see the procedures applicants must go through to obtain a low-income rental.
• Here’s a short and sweet definition of corporate housing.
• Learn everything you need to know about student housing by reading Michael Zaransky’s Profit by Investing in Student Housing.

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Determining whether or not property specialization is for you is a lot like dating; you need to really click with a specialty to begin a relationship. The following links should help you determine which specialty just might be the one for you.

• Before making your decision to focus on Section 8 housing, be sure to verse yourself on the history of Section 8.
• Now that you know the history of Section 8, you should also learn about HUD’s history.
• Visit the Low Income Housing Institute’s website to see the procedures applicants must go through to obtain a low-income rental.
• Here’s a short and sweet definition of corporate housing.
• Learn everything you need to know about student housing by reading Michael Zaransky’s Profit by Investing in Student Housing.

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Particularly if you own a property in an urban area or near a university or center of business, many specialized tenant markets are just waiting to be captured. Specialized property management may be just the solution you’ve been looking for to decrease vacancies and guarantee steady rental income. When considering just a few of your options below, be sure that you take your property, location, property management style, and goals into consideration.

Section 8 and low-income housing
Essentially, the Section 8 program provides low-income individuals with government-assisted rent. Generally, tenants pay approximately 30 percent of a unit’s rent and the government pays the remaining balance directly to the tenant’s landlord. In such a scenario, the Department of Housing & Urban Development (HUD) will determine the unit’s fair market rate (FMR) and the landlord is not allowed to charge the tenant anything over this amount.  While it is up to you to choose whether or not to participate in Section 8, keep the following points in mind:

• You will be subject to property inspection to ensure you meet HUD’s Housing Quality Standards.
• You will not be able to charge a Section 8 tenant more than FMR.
• Regardless of your state’s laws, you cannot evict a Section 8 tenant without judicial action for eviction.

While there may be some similarities, low-income housing is not the same as Section 8. Rather than receiving rental income from the government, property owners who run low-income properties are eligible for the Low-Income Housing Tax Credit (LIHTC). But it’s important to bear in mind that these tax credits apply only if you adhere to the rules and regulations that determine who can live in your building and how much they can be charged. Not abiding by the rules that are set forth can result in a whole lot of headaches, not to mention economic loss. Despite the red tape that can come with low-income housing property management, there is a large pool of renters in need of low-income housing. If your property is in an appropriate situation, low-income property management may be a good solution for you.

Student housing
College students can be a landlord’s best friend or worst enemy. The problems with renting to students are fairly straightforward. Generally speaking, you’re dealing with younger renters (many of whom may be living on their own for the first time). With this in mind, you may be more likely to experience noise and upkeep issues. Because of the school schedule, you may also find yourself turning apartments over annually or having to deal with sub-lets during the summer months.

But there are some very real positives when it comes to renting to students as well, most of which are financial. If you are living in an area that houses a college or university, chances are you will have a more dense renting population than you would otherwise. This means that—for at least nine months out of the year—students offer a very real way to keep your vacancy levels low. Also, while students may not inherently have a lot of income (or any at all), when a parent or guardian co-signs the lease, in most cases that monthly check is just as reliable as it would be under any other circumstances.

Sure, you may have to be a bit more hands-on than you would otherwise be when it comes to running student housing. But the bottom line is, they offer a nice steady flow of income.

Corporate housing
More likely than not, managing corporate housing is fairly different from any other kind of property management you’ve done to date. First of all, you’ll be dealing with a company rather than an individual tenant. In most corporate housing situations, a company will rent out one or more rooms in a property, with the understanding that one or more of their employees or clients will occupy this space over the duration of the rental term. The way this actually works out may vary from having one stable tenant for a year at a time to having a cast of different tenants in and out on as little as a daily or weekly basis.

The good news here is that signing a lease with a corporate entity allows property managers to feel relatively secure that payment issues will be avoided. There are not necessarily downsides to this scenario, just things to consider that make this situation different from renting to an individual such as: assuming the responsibility for furnishing the unit; the potential inability to build a relationship with the tenant or screen for undesirable tenant behavior; and, in some cases, the knowledge that you will not necessarily have a tenant occupying the unit at all times to immediately alert you when repair and upkeep issues crop up.

If you are looking for ways to decrease vacancy rates and generate more income, remember: There are always ways to think outside of the box when it comes to property management. Before you undertake one of these (or any other) specialized property management endeavors, just make sure you have carefully thought out the pros and cons and are well versed on any specific tax considerations or rules and  regulations that may apply.

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Parking can be a nightmare, not only for property residents but also for property managers. Many municipalities don’t do much to help either. Check out these linked photos to see how bad parking can really get.

• I wonder how the front passenger got out of this car?
• Oops … how did that get up there?
• Aren’t there days when you wish you could just stack your cars? (Incidentally, many U.S. cities use these.)
• Where do you think this car is going?
• Does this look like a familiar scene in your parking lots?

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Depending upon where your property is located, parking may be a major consideration or something that you rarely think twice about. For example, if your property is situated in a rural area or a quieter neighborhood, chances are that providing parking to tenants—whether it’s street parking or on-site parking—isn’t something you actively consider. If, however, you are a property manager in an area where parking is scarce, it’s a whole different ballgame. Following are some tips for making the most of parking.

1. Have a parking policy.
First and foremost, if you do provide tenants with parking, make sure that a parking policy is included as part of your standard lease. Think of parking spaces as an extension of your tenants’ units. Just as they are renting a unit from you, so are they renting a parking place and, therefore, certain rules, regulations, and expectations should apply. If you provide additional “guest” spaces on your property, make sure that rules and regulations for them are included in your lease as well. Finally, if you live in an area where weather conditions or other specific events may affect parking, include specific instructions for such conditions in your policy. For example, if you live in an area where it snows frequently, make sure that any affect it may have on your parking policy is explicitly stated.

2. Determine whether you can charge.
Depending upon the neighborhood your property is located in, parking may or may not increase the rental value of your units. If, for example, you live in a safe area where street parking is readily available, chances are that providing tenants with parking spaces will add little or no value to your property in terms of rental rates. If, however, you live in an area that is unsafe or where parking spaces are scarce, on-site parking may well afford you with an opportunity to raise your rent.

If you are not already charging tenants who have parking spaces additional rent, be sure to check out the going rates for comparable units with parking spaces the next time a unit becomes vacant. You may just be able to increase your income.

3. Get credit even when you don’t charge.
Even if your situation does not afford you the opportunity to charge higher rental rates when a parking space is included, be sure that you are advertising your parking space as an amenity rather than a basic. You never know what could make the difference between a potential tenant choosing one unit over another, and a parking space could definitely provide you with an edge over the competition.

4. Rent unused spaces.
If you live in an area where parking spaces are a particularly valuable commodity or have fewer tenants than you do parking spaces, don’t let that space go to waste! Rent out your unused parking spaces, even if it is to a non-tenant. Particularly in dense, urban areas, each parking space can generate up to $200 additional income per month. Best, of all, we bet it will be the easiest unit you’ve ever had to maintain!

Depending on your situation, parking may be a welcome source of additional revenue or a great way to appeal to potential renters. Be sure to make the most of your property’s parking.

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Inspection time can be stressful for everyone, but being prepared will lessen that stress. When it comes to inspections, education is key. The following links will help ensure that by the time that next inspection rolls around, you’ll know your stuff.

• A comprehensive due diligence checklist will give you a complete understanding of what to expect. Maslon Edelman Borman & Brand, LLP has a complete due diligence list with in-depth explanations for each item included.
• A home inspection is only as good as the  inspector.  Asking these questions when selecting your inspector will increase the probability of uncovering all those problems you need to know about.
• Sometimes a home inspector misses a big problem.  HGTV explores how to deal with a home inspection gone wrong.
• Are you looking for a home inspector?  Visit the American Home Inspectors Directory to find a listing of perspective inspectors.
• In Why are Home Inspectors Important? San Fernando Valley, CA real estate agent David Hitt writes about what inspections cover and when you don’t need one (yes, it does happen!).

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As a property investor, property purchases are likely less emotional and more logical than they are for the average real estate buyer. Even if you’re looking at property investment from a business-minded point of view, though, it’s still possible to overlook some critical factors when it comes to making property investment decisions. With that in mind, below you’ll find some tips for making sure you take care of due diligence before purchasing your next investment property.

For the most part, due diligence can be summed up in one word: Inspection. Nothing stands to save you as much money and headache down the line as contracting a professional inspector to come in and look over a property before escrow closes. Your real estate agent will almost surely have inspector recommendations, but you may also want to check the American Society of Home Inspectors. This organization provides a built-in system of checks and balances since all members must pass exams and meet basic standards. Of course, you’ll still want to call a reference or two—after all, a bad inspection can potentially cost you thousands of dollars down the line.

Have the inspection done after you’ve made an offer and make sure your agent builds in a contingency to let you off the hook should an inspection turn up any troubling information. While you can have an inspection done prior to making an offer, remember that you will have to pay for an inspector, so it may not be the most financially desirable decision.

Prior to the inspection, request a disclosure from the seller. This is meant to alert you to any forthcoming problems that may not yet be detectable through a basic inspection. Try to obtain this information prior to the inspection so that your inspector can carefully examine areas that may pose potential hazards or issues in the near future. Remember, however, that disclosures are not foolproof as sellers may not even be aware of some looming issues.

Now that it’s time for the actual inspection, make sure that your general inspector thoroughly completes all of the following:

1. Check for structural issues (this includes the roof, plumbing, foundation, and pest damage).
2. Check for any heating or electricity issues.
3. Check drainage.
4. Some inspectors check for pest issues, while others do not. If you choose an inspector that does not check for pest control, you would be wise to have a second contractor in to take a look. You will want this inspector to not only look for pests and termites, but also fungus and dry rot.

Also keep in mind, you may not be done after just one inspection; other specialized inspectors may be necessary as well. For example, if the general inspector finds roof hazards, consider bringing a roof specialist in to let you know exactly what you’re looking at. Additionally, to avoid environmental hazards that could potentially cost you big time down the line, bring in an environmental health hazard specialist to check for things like mold, lead, and asbestos.

When all is said and done, ideally you will not find any major problems, let alone a deal-breaker. If your inspection does turn up problems that will need to be addressed, you can negotiate with the seller, who may agree to make certain repairs or lower the property’s selling price. And if you do find a deal breaker, as unfortunate as it may seem at the time, rest assured that the price you’ve paid on inspections has likely saved you thousands down the line.

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