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Hand-in-Hand Teaching Guide to key in Residential Real Estate Lease Form

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Residential Real Estate Lease Form Demand Assistance

hi it's Joe from prep agent here with my.friend Luna again hi Luna how are you hi.Joe I'm doing great how are you good and.as always remember subscribe to Lunas.Channel putting the show notes below and.what we want to talk about today is in.our other videos we talked about how you.got going doing rentals right and a lot.of people asked about that they were.like exactly how does that work because.a lot of people when they get in the.real estate they immediately think of.selling houses but there's a lot of.options to do real estate license and.I'm around top general do you want to.talk like the nuts and bolts of how.doing a rental works yes absolutely so.I've gotten a request from people saying.that they wanted to know how exactly.rental works so basically the broker.that I work or he has bunch of listings.in the city so me getting into rentals.is more about how it helps me get to.know the city a little better because of.my background because I wasn't born and.raised in Philly I don't know anything.about Philadelphia so I know I want to.be able to work with investors later on.when I get into sales so in order to get.into sales you kind of need to know you.need to get into the building you need.to get into those multi in your family.that you want to sell later by doing.rentals so that way I know if this.building is going to have like they can.see I will be able to know oh wow it's.so easy to rent that units so fast then.your investor you want to buy this house.you can rent out one out you don't have.to worry anything about it so that's.kind of how I get going I was like yeah.I should just do rental and also by.doing rental it's like a guaranteed.thing so R entertaining to either.renters when I tear or buy it for next.year so that is a guaranteed deal.because next year they will come back to.you if you know they get good service.from you they're like oh hey I know this.agent that I used to work with for.rental now we want to buy a house we can.go you know look for places with her -.how is this down - transaction so so.many codes I want to rent a rental.apartment right right so you took two.apartments right there was.for doing rental there are different.ways you can do it there are some people.who want well if we're being a rental.agent you don't get paid unless they.sign a lease so the good thing about.being a rental agent is once they sign.the lease you get paid within the next.week so it's not like you're doing sales.you don't get paid until three or six.months after because the settlement.takes lever so basically I show a person.home and I show them different places.until I truly help that person and then.they sign the lease with me so for us we.need to run a credit check and we need.to I need to send him up our form so.it's an application for the tenant and.then they fill everything out and you.know if the credit goes approved and.then we start drawing the lease so the.person signed the lease the landlord.signs the lease and then he has the.place done.no big escrow process no big like huge.drama it's pretty simple it's in and out.and then hatch how much does typical.person get paid on a rental so for.example if it's like let's call it a.thousand dollars a month right the most.rental that I deal with it will be above.a thousand I'm just for easy numbers.sake though just your graduation if it's.a thousand bucks so you get split two.ways the listing agent that represent.for the landlord gets half and then B.you get the other half so five hundred.that's only of your individual but.because I'm on a team so I get split out.with my broker so it depends on how much.the sports that we have so you know my.five hundred it gets taken away part of.it to my broker hmm that's kind of the.same as selling a property right sounds.like different areas do it different.ways because I've also heard his.percentage of the year lease I mean what.you're basically getting is the amount.of the first month's rent yes.okay so you're not doing it based upon.the year lease no cuz I know New York.does that they get 15% of the yearly.right okay so there's one thing to.clarify depending what area people are.in it's not a different way but one.thing is the same is it gets split.that's a.listing person or person representing.the seller or owner and then the person.representing the lessee it did that get.the broker right so it's not a lot of.money but still you said it's a very.quick transaction and you're building.your client base yeah cuz I honestly.feel like it would be so hard for me.just to get out there and just start to.look at home you know on my own if I'm.doing sales but right now I have a.reason why to get into that building.because I'm a rental agent like I'm.doing everything and then it helps me.get to know the building a lot more at.the building and the street and now I'm.very familiar with the area like Center.City that's mostly where I focus on I am.very familiar with the area and then.whenever there's a buyer wants to buy.something there I can think at top of my.head oh there's that building it's very.popular because you know renters want to.run it and there's a cafe right next.door and there's you know right so get.you some income get you familiar the.area builds up your skills and to be.honest a lot of these people don't have.a lot of agents who want to help them if.they see it as a small amount of money.but I said the most successful people do.the things nobody else wants to do.that's absolutely true and then also I.asked for good review even though I.couldn't help them or they choose to go.with someone else I'm like hey would you.mind writing me at the review because.you know that can help me like get up.get going with my business they're like.sure sure you have worked with so many.places and then that's also something I.asked for - it's actually funny little.story about that I forgot to tell you.about this but that's actually my first.big deal was at lease right yeah I was.sitting in the office I was at Coldwell.Banker at the time this was about 15.years ago 20 pounds ago much more.handsome me and I was I was sitting.there and this kid walked in how about.20 to 23 years old said he wanted to.rent.nobody office wanted anything to do with.it I had nothing to do sitting at the up.desk I'm not sure Bob that at your.office I said sure said I'd go around.them look at places and then he said I.could spend about forty thousand dollars.a month and everybody the office said.there's no way it's not real he's taking.for a ride.like he just wants to look at big houses.all that kind of stuff but I said I'm.not doing anything else that day nobody.else worked with them so I will so he.went all the way through the Hollywood.Hills look at these properties and as I.got to know more about him it became a.little more interesting and the guy.became more and more interesting turned.out when it was all said and done he was.the son of a guy who started a major.company though remain nameless at this.time and he ended up renting a place for.$30,000 a month in the house yeah and he.had his friends live there whatnot is.your lease and all sudden the house got.turned into a bigger thing of which a.book was written about some people.following me know what I'm referring to.but I ended up being in the book as the.aging found in the house and so there's.a 30 grand month thing and it was done a.big big deal it all started because I.said I'll help you sure why not because.in walk this kid who is just kind of.this frumpy looking kid who's 22 years.old but you never know and that turned.into a lot more opportunities for me and.I still stay in touch with him to this.day as he turned into a big business.person he ended up being one of the top.businessmen under 30 and written by some.magazines he followed his father's.footsteps like this very intense driven.guy and here we are.it all started what you're saying you.just don't know who has what yeah don't.ever judge someone like don't don't be.judgmental just go help them I mean you.do have to use a little logic ladies you.don't want your time wasted oh yeah.especially with brento sometimes you've.got to be smart if someone that you know.they're gonna be really hard to work.with and they're only looking for $1000.like rent could point them the direction.that they could go but like don't waste.all your time on showing them too many.places because it's just waste of your.time.right I remember in that day I said to.myself well it's gonna be an interesting.day you know see what happened to ya and.then it just turned out to this big.life-changing event for me and people.ask a lot - the funny thing is people.with rental like they asked a lot.because they they don't know how you get.paid they thought you are owner.wait so they're like oh I was expecting.that I can getting this home and see you.like in the next two minutes and I'm.like I don't get paid until you sign the.lease technically I'm not getting paid.like showing you places and all that's.interesting right they don't want to.spend that very often people renting are.new to real estate in general right but.they said you help them and you get your.foot in the door with them you don't.know where it's gonna go and at minimum.you get to learn in the area when you.get to their experience you just gotta.know when to cut it off when to say it's.wasting my time use the downside of this.this is where these people are gonna.live so even though to you it's not a.big amount of money to them they're just.as important as the person buying the.million dollar house because they got to.sleep there live there and live their.lives there which means they will be.picky they can be just as picking up.somebody buying a big house and you.understand why because they got to live.there it's like sometimes like my day.can go so smooth I'm like oh yeah I'm.gonna show this person home but then.like after showing them the home like.your mood just goes like they don't like.it and you just wasted like 2 hour 2.hours of the day like sometimes like.that happens to me like my mood just.goes high low high low like it happens.all the time right and there's also the.idea of keeping that mortgage calculator.with you and your work with people.renting to see if you could talk them.into actually buying something if you.think it will benefit them write these a.lot of things don't understand they've.been renting their whole lives so that's.what they want to do whereas other.people like the guy I worked when I was.young him and his family understood very.well there was a reason they were.renting and do what they were doing they.had bought before but other people are.very new to it so you can enlighten them.most people renting they are going to.most likely be a first-time homebuyer -.so they're very young they are like you.know college kids undergrad I mean most.my rents are honestly all my most.renters they're so nice to me they are.they're very easygoing because they're.around my age area - so we end up being.the friends all the time and then they.were always around me good reviews like.the reviews are huge yeah the other.seven.so excited good and the other thing.about older renters I've learned they're.super easy to work with I found in my.experience they're not as picky he's.usually there in transition like the.older renters for me if they've older.before especially maybe they're going.through a divorce maybe they're.traveling maybe they're just in.transition at some point so they just.want a place so for my experience and.people could take it for whatever it's.worth when you find somebody in their.40s or 50s who just wants a place for a.year.very often they don't see it as a.permanent big deal it's more of a.transitional thing so they're off would.be like just get me this they'll.probably get a nicer place then just say.I want this place right now for a year.boom boom thanks very much so the.benefit working with them and if they.like you usually they're waiting to buy.something like they're renting to that.year just resume transition maybe they.sold their place forever with a divorce.maybe they change jobs but they're.poised to buy something else.yeah and in that right and that rental.thing so if you talk to them they'll.just be like I just need a place to live.for this year let's just get something.convenient and your Starbucks or.something like that.then while I'm there we'll start looking.that's cool I don't I haven't really met.any like older renters yet most of my.renters are pretty young right yeah.that's because you're pretty good yeah I.am I'm only 25 right so when you get a.little older and you start meeting the.people who are in third careers.transitioning remodeling their homes or.going through as I said life-changing.events divorce job changes things of.that nature those renters could be a.window into bigger deals so exactly.exactly that's why I'm like that's why.I'm like doing it and I wanted to be.good at it like I don't like doing.rental I'm being very honest like I.don't like doing rental because people.can be very flaky with the schedule I.mean the same thing with buyer too but.like I need to be good at it because.it's a stepping stone I know it's gonna.be good for me later on in my career and.I need this so that's why I'm doing it.you know sounds good to me be good at.everything.and next week I want to hit on what you.spoke about before how your emotions go.up and down with things oh that happens.to all of us that happens to me all the.time that's why in the morning.I do the most work cuz about one o'clock.won't go through my yeah so we'll talk.about how to kind of maintain that.steady flow of energy okay.sound good okay good food today though.yeah all right sounds good there's a Joe.from prep major Luna make sure you check.her channel and I'll talk to you guys.soon bye.

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Residential Real Estate Lease Form FAQs

Here you can acquire solutions to the most popular questions about Residential Real Estate Lease Form . If you have specific doubts, press 'Contact Us' at the top of the site.

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How does commercial real estate differ from residential real estate?

The overall rate of tax has gone up from 5%-7%% to 12%. This has disturbed the market for under construction properties, as buying a ready property with OC is now cheaper. Besides, following other issues credit of tax on works contracts can be availed only if the output is also works contracts – specifically for developers, while the sub contract work is ‘works contracts’, the output is ‘construction services’. This is not too logical Land component not adequately split in real estate deals hence issues like Higher tax rate of 12% vs 5%-7% earlier How to consider land cost in revenue sharing agree Continue Reading

How could residential real estate be disrupted?

Empowering realtors to take control of their own brand, versus depending on other sites such as Trulia and Zillow to market them. Unfortunately, most realtors are extremely poor business people. They are caught up into the voodoo that "branding" with their personal photo plastered all over the place is the answer. Marketing and sales processes is the answer that so few tend to grasp. Another disruption could be how the average American invests their retirement money. Mutual funds are a complete scam, taking investors to the cleaners through hidden fees. The real estate industry needs to tap int Continue Reading

Why don't residential real estate leases have confidentiality clauses?

Residential real estate leases will have whatever clauses the parties agreed upon. If the parties agreed to a confidentiality clause then it will be in the lease.

What’s different about a commercial real estate lease versus residential?

I was agent for both. The work was the same except that the locations differed. Commercial meant office space. I would show maybe eight locations over two or three days. Typically they would respond within a week with a request for more locations or they would make an offer. Residential worked the same way. The paperwork was the same. The only thing different was the location

What is the best way to purchase NYC residential real estate in order to rent it out?

There are many ways to do this, all of which are fraught with perils for the inexperienced and unwary. If you fall into this group then the best way is to find an experienced real estate broker and/or consultant to assist you. That person will earn a brokerage commission on your purchase and perhaps a fee for any additional services required, and if qualified might also be engaged in a similar fashion to rent and manage the apartment(s) for you.

Is it more profitable to buy commercial real estate to rent out or is residential real estate a better option?

The rental yields on commercial real estate is generally higher than the rental yield on residential real estate. But in either case, the rent will not cover the EMI on the loans taken, even if you take only 80% of the value of the property as Loan. However, your yield is a combination of current value of the (a) future rent plus (b) appreciation of the property Less (d) Interest and other expenses incurred on the property. The current value of tax benefits should also be factored, to find the actual profit from the transaction. At this stage, it could be either or both or neither the Commercial Real Estate nor the Residential real Estate that can be profitable, depending on the entry and exit level, holding period etc.

Real Estate Rentals: Can a tenant lease a residential property through their corporation?

It’s the company’s decision as to whether or not they satisfy the IRS requirements for taking the deduction. You should be concerned about: Is there any commercial activity being conducted on the premises - if so, what type? Document sufficient assets /cash reserves, etc. of the company or have the individual CEO personally guarantee the lease (after being pre-screened). If not, then have the company prepay a significant portion of the rent while collecting a month or two for security.

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