Cost Vs Value

Which home improvements will add value to your home?
Check CostVsValue.com before you start cutting checks to your contractor.

An interesting article in the NYTimes about the Psychology of Pricing:

The Psychology of Pricing

By TERI KARUSH ROGERS

Published: February 18, 2007

IN a market where buyers and sellers circle one another warily — each certain that he or she is being taken advantage of, no matter what the conclusion of a deal — the asking price of a property is rarely a straightforward reflection of comparable values. While comparables may be a starting point, the price at which a seller offers a property is often also based on wishful thinking, propaganda and ploy.

Illustration by Douglas B. Jones

Buyers, in turn, parry by deconstructing the price. They aim not merely to assess a dwelling’s fair value but also to plumb a seller’s bottom line and vulnerabilities. How a price tracks with similar properties, how large and hasty any reduction is, and even how parsed or rounded a number is — all these are grist for concluding, rightly or not, whether a price is firm, desperate or a sign of painful dealings to come.

Or even a sign of delusion.

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The Eviction Process

So your tenant stopped paying his rent.
Now what?
I had to evict a tenant in 2007 and it was not fun.
He decided one day that rent was an optional.
I reminded him that it wasn't, but that didn't seem to help.
I gave him a break and asked him to get me the rent as soon as possible.
A month went by, nothing.
He asked for more time... he was changing jobs.
I gave him another few weeks... nothing.
Time to call my attorney.
The lesson I learned? Call the attorney first, and not allow
time to go by.
It's one thing to be a nice guy, it's another to get taken advantage of.
Here's some info on the eviction process in Philadelphia: clsphila.org
If you intend to invest in rentals, have a relationship with a real estate attorney
and become familiar with the eviction process.