It’s CRP time again I’m ahead of the game this year as I start to prepare to have these ready for mail the first week of January.  So you have about 6 weeks because Minnesota residential rental property owners and managers have until January 31, 2010) to complete Certificate of Rent Paid (CRP) for each of their tenants.  That includes any tenant that paid rent in the last year, even if it was for one month only.

So, get out the books, or whatever system you have and devote a few hours to sorting through the dates of occupancy and amount of rent paid by each tenant.  Hopefully you have the current address of past tenants… if you don’t you’ll learn your lesson.  I’ve learned through trial and error to have my tenants fill out a exit form making my life easier each time this season comes around.   If of course, you don’t have the address or the address is incorrect when it comes back, hold on to the thing until you get a call and then forward it to the correct address of the tenant.  It’s bad enough sorting through the dates of occupancy if you’ve had a high turn over, but having to sort through which tenants had adult roommates and divide the CRP’s between the roommates (even if THEY didn’t pay), etc., is tiresome at best.  It must be done or the landlord can incur a fine for each incident.

The State of Minnesota has made the small landlord’s job a tad bit easier, though, by giving us the forms online with the ability to fill them out ONLINE.  That thrills me because I can type faster than print and I only have to change the tenant specific information on each form I print.  Regrettably, the form cannot be filed online, but they can be completed and printed for distribution to the respective parties.  The form and instructions for filling it out can be found here.

“Neat” just doesn’t describe how cool this home is.  Might be under snow considering our weather today, but we can all dream. 

I love taking old things and making them new, this mirror is a prime example.

Follow these simple steps:

• Find an old frame for the size of your liking, mine happened to be a old mirror I got for $5 at a thrift store.
• Remove the pic, mirror etc and paint the frame to the color of your choice.
• Place the wipe board where the original mirror/picture was or if you prefer you can use a mirror, tack board, etc.
• Hang for your enjoyment

Investing in a rehab home is an income producing opportunity I pursue in my free time.  It can be a tough job; if you’re interested in learning first you need to understand one question “What makes a good real estate investment?”

The answer isn’t necessarily simple – buy low and sell high.  It’s a simple answer, if you can do this it’s an investment.

Determining what makes a good real estate investment are the factors that allow you to by the home at a lower price and then sell it at a higher price.

One of the best factors in allowing you to buy a home at a lower price is a bad economy.  We’re witnessing this today as people are facing foreclosures and selling their homes as a short sale.

A second factor is condition of the property.  If the home needs a new roof, plumbing, electric, paint, carpet, updated kitchens and bathrooms it’s very possible these items are unattractive and can drive the price of the property down.

Remember though, in order to realize a profit you need to sell it at a high price than your investment.

I usually choose to rehab a home by putting in money through new paint, carpet, and landscaping.  These help me create value in the home many times over the cost of painting, carpeting, or landscaping.  I also suggest working with an agent familiar with proper staging to make your home the most attractive to buyers.

In a real estate market up or down, investing is an exciting and profitable venture if done correctly.  Remember buy low and sell high.