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Despite your best efforts to lease your rental property only to well-qualified tenants who pass your screening process, not every tenant works out. Some tenants stop paying rent. Others refuse to follow the rules. Eventually, you make the decision to evict and bring in a better tenant. But before you evict a tenant, make sure you are following the laws of your state. Failure to follow the proper legal procedures can result in plenty of trouble for you, and an undesirable tenant still living in your property.
Can’t find a house in your price range? In some parts of America, homes are cheaper than the cars in the garages. In my hometown of Titonka, Iowa (pop. 880), my family recently put my great-aunt Katherine’s house on the market for $20,000. They got $9,750. That’s already staggeringly cheap, but compared with my current city of Washington, D.C., the contrasts are dizzying. A one-room house recently went up for sale in the Capitol Hill neighborhood for $248,500. D.C. real estate website Urban Turf this week highlighted the “studio house,” which is described on realtor.com as an example of “extreme simplicity.”
In most areas, keeping residents and your rental property safe doesn’t require bars on the windows and doors. Common-sense practices can deter thieves from targeting your property, including crime-fighting landscape design. Properly placing plants, trees, fences and other landscape elements can make your property unattractive to thieves and other lawbreakers. A new approach is called Crime Prevention through Environmental Design, which includes using landscaping and site layout to support natural surveillance, access control, territorial reinforcement, and image and maintenance.
Miami Beach in Florida, which is known to have celebrities like Matt Damon, Donatella Versace, Dwayne Wade, and Olga Kurylenko living in the city, will have one of the stars selling his home, for a price of $20 million. Matt Damon has put his Miami Beach 12,705 sq ft home on the market, which is a part of the Maravilla estate, looking out to the Biscayne Bay. The property is known for its own private dock, and an exposure to 170-feet of water frontage, making it ideal for a summer home for some indulge in water sports and cruising.
While Vornado Realty Trust has proved quite successful in disposing of its retail properties, the REIT continues to see negative impact from its investments in non-traditional assets, in particular its stakes in struggling chains J.C. Penney and Toys ‘R’ Us. Last April, Vornado Chairman Steven Roth announced the firm would simplify its property portfolio by selling off enclosed regional malls, non-strategic and non-core strip centers and its share of Toys ‘R’ Us. At the time, Vornado’s retail assets included 137 centers totaling 24.5 million sq. ft.
The daughter of Russian billionaire Dmitry Rybolovlev has bought the Greek resort island where shipping tycoon Aristotle Onassis famously married Jacqueline Kennedy in the 1960s. Greek media reports on Saturday placed the value of Skorpios island at over $100 million and said Ekaterina Rybolovleva, 24, wanted it not only for leisure but also business purposes.
The U.S. Department of Housing and Urban Development and the U.S. Census Bureau recently conducted a survey to gather more data on the country’s multifamily rental properties. Multifamily rentals numbered approximately 2.3 million in the U.S., but little was known on their value, or how they are financed.
The year appears to be opening with a strong outlook among lenders, suggesting that those seeking to finance net lease transactions will have ample options for making deals happen. CMBS lenders are reentering the market, according to observers, after a year or so of a cooler approach to unrated triple net lease properties. They’re now expanding their parameters to include more triple net properties.
One of Britain’s most media-savvy and stylish couples, David Beckham and his wife, Victoria Beckham have put their palatial estate, the ‘Beckingham Palace’ on the market for an undisclosed amount. This high secured estate, in all its grandeur was the destination for much of the couple’s get together for their elite group of friends. But being picky about whom they sell to, they have laid down the condition that the home should go to a family and not builders, who might be tempted to restructure the palace and build smaller flats in place.