Advice for HOA Boards
Advice for Homeowners, Townhome and Condominium Associations and their governing Board of Directors... Always, ALWAYS enforce all covenant restrictions equally! Selective enforcement renders all covenants unenforceable. Don't believe us? Ask the judge who ruled in this case.
The Re-birth of the Maryland Apartment House
Byron Reed Company has recently purchased and begun renovations on a new property. The journey towards re-birth has many steps, but, in the end we will be left with a truly beautiful property and we will have done some good for the city of Omaha.
Benjamin Franklin was a property manager
Benjamin Franklin must have been a property manager!
Integrity: a part of Byron Reed Company's DNA
A letter we received from a thoughtful Omaha resident:
6 Common Mistakes..
We are continually searching for better, more efficient ways to manage investment real estate. In doing so, we stumbled on this and reaffirmed our beliefs and practices.
2011 Apartment Industry Forecast
Byron Reed Co wants to pass along good forecasted news for apartment owners!
What about Renter's Insurance?
Immediately below are two clauses in our residential lease. Most leases, virtually all, have similar language. Yet, a staggering percentage of renters, 55% to 60%, aren't covered with renter's insurance policies.
Liability: Landlord is not responsible for loss, expense or damage to any person or property unless it is due to the landlord's negligence. Tenant must pay for any damages suffered and money spent by landlord, relating to any claim arising from any act of neglect by tenant. Tenant is responsible for all acts of tenant's family, employer, agents, guests, and invitees.
Insurance: Tenant shall carry a renter's insurance policy with liability coverage to the extent of $300,000 to protect landlords interest as it appears.
Focus on Income before Expenses
We’ve all seen well maintained apartment communities and we’ve also seen the eyesores. Owners of both want to make money on their investment property. Generally speaking, the owner of the eyesore looks to increase monthly cash flows by reducing expenses related to lawn and landscaping, exterior paint, concrete repairs, garage doors, litter control, etc. A strategy like this can work for brief periods but is not sustainable. Eventually the paint has peeled, the concrete has crumbled and the nicely landscaped yard is now overgrown shrubs and weeds. This owner has lost sight that cash flow is the difference between expenses and income (Cash Flow = Income – Expense).
