Is Rental Income a Passive income? How Much Labor Should Landlords Expect?
Pro Realty » Brooklyn Property Management
by admin
9M ago
The majority of people purchase rental properties to generate passive income. Income that comes in while you’re on vacation, having fun with your kids, cooking, reading, or relaxing at home by the fireplace. Is rental income, after all, passive? Passive income, in its purest form, takes no effort after the initial setup. However, some investments, such as income properties, necessitate ongoing maintenance. Even the smallest amount of effort is still effort.   How Rental Properties Differ The first thing to keep in mind is that rental income differs. The specifics of the property you rent ..read more
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HOA Governing Documents Every HOA Member Must Know
Pro Realty » Brooklyn Property Management
by admin
9M ago
A functional homeowners association needs a pile of documents that act as its rules, just like any other organization. What you may and cannot do is outlined in these HOA governing agreements. Even for association members, it can be challenging to distinguish or recognize the governing papers of HOAs. This article explains the purpose and details of these governing documents.   The Structure of HOA Governing Documents An HOA has to be managed with some dedication and work. The amount of paperwork required might be intimidating for board members. These documents may be lengthy and many aft ..read more
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How to Get Rid of Sewage Smell from Washing Machine
Pro Realty » Brooklyn Property Management
by admin
9M ago
A sewage smell coming from your washing machine can be unpleasant and concerning. This odor is often caused by a buildup of bacteria, mold, and other organic materials in the machine. Here are some steps you can take to get rid of the sewage smell: Clean the Drum and Gasket: Start by cleaning the drum and rubber gasket thoroughly. Wipe down the interior surfaces with a mixture of equal parts water and vinegar. This will help remove any built-up grime and odor-causing substances. Run a Hot Water Cycle with Vinegar: Set your washing machine to the hottest water setting and the largest load ..read more
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HOA Fines
Pro Realty » Brooklyn Property Management
by admin
9M ago
HOA fines help implement community rules and regulations defined in its governing agreements (CC&Rs). When homeowners break the rules and standards of their community, they usually get fines. The rules of an association can be different, but most of them include things like not taking care of the lawn, parking in the wrong place, or making too much noise. Most of the time, homeowners who don’t follow the rules and regulations in the CC&Rs can be warned or fined. Most violations can be fixed with a friendly reminder, either in person or in writing, and your board will help you solve mos ..read more
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Landlord Insurance vs. Homeowners Insurance: What’s the Difference?
Pro Realty » Brooklyn Property Management
by admin
10M ago
In the property management field, many things are considered vital. It includes the office, staff, tenants, and the rental property. However, the most critical factor is the one that can be a protection to all the assets. And that is insurance. There are several kinds of insurance, including homeowners insurance, renters insurance, landlord insurance, and property management insurance. And this kind of insurance covers different features. Through this article, I will discuss landlord insurance and homeowner insurance.  Coverage: Landlord Insurance vs. Homeowners Insurance People are mainl ..read more
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Steps to Change HOA Bylaws, Covenants, and Rules
Pro Realty » Brooklyn Property Management
by Ann Cepe
10M ago
The main reason for creating Homeowners associations (HOAs) is to uphold the value and integrity of a community. However, at times, HOA bylaws, covenants, and rules may need to be updated or modified. If you are a member of an HOA and want to change the bylaws, covenants, or rules, you may be wondering where to start. In this blog post, we will tackle the steps involved in changing HOA bylaws, covenants, and rules. Difference between HOA Bylaws, Covenants, and Rules A set of rules, covenants, and bylaws typically governs Homeowners Associations (HOAs). These documents contain the rights and re ..read more
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Tips to Handle Condo/HOA Reserve Fund
Pro Realty » Brooklyn Property Management
by Ann Cepe
10M ago
Maintaining a healthy reserve fund is essential for homeowners associations (HOA) or condo associations. The reserve fund is an important aspect of an association’s financial planning. As it safeguards against unexpected expenses and helps ensure that the community can address necessary repairs and maintenance. However, it can be challenging to maintain an adequate reserve fund balance, especially when unexpected expenses arise or when assessments go unpaid. This blog will provide tips on handling your condo/HOA’s reserve fund. By implementing these tips, your HOA or condo association can ensu ..read more
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What are the Grants available for your HOA?
Pro Realty » Brooklyn Property Management
by Ann Cepe
10M ago
Homeowners’ associations (HOAs) maintain the community’s shared spaces and amenities. From landscaping and community events to security and maintenance, HOAs are critical in ensuring the community is well-maintained and enjoyable for all residents. However, carrying out these responsibilities can take time and effort, especially regarding funding. This is where HOA grants come in. In this blog post, we will explore the various grants available for HOAs and how to apply for them. Whether your HOA is looking to fund a community event or a major renovation project, there are likely grants availab ..read more
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Unlicensed and Uninsured Contractors: The Hidden Risks of Hiring for Your Rental Property
Pro Realty » Brooklyn Property Management
by Ann Cepe
11M ago
As a landlord or property manager, hiring contractors is crucial to maintaining your rental property. However, ensuring your hired contractors are licensed and insured is important. Unlicensed and uninsured contractors may seem more affordable, but the potential risks and dangers can cost you much more in the long run. In this blog, we’ll explore the dangers of using unlicensed and uninsured contractors for your rental property and the importance of hiring licensed and insured professionals. The Risks of Using Unlicensed Contractors  Landlords often view unlicensed contractors as a cheape ..read more
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A Guide to Conducting Effective Rental Property Showings
Pro Realty » Brooklyn Property Management
by Ann Cepe
11M ago
Are you a landlord trying to attract and retain the ideal tenants for your rental property? One of the most important steps in the tenant acquisition process is conducting effective rental property showings. A rental property showing is an opportunity to showcase the features and amenities of your property and make a lasting impression on potential tenants. However, it takes more than just opening the door and letting people wander around to conduct a successful showing.  In this guide, we will provide valuable tips and insights on conducting an effective rental property showing. Whether ..read more
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