Property Management Companies Guide Business Insurance
Buying business insurance is among the best ways to prepare for the unexpected. Without proper protection, misfortunes such as the death of a partner or key employee, embezzlement, a lawsuit, or a natural disaster could spell the end of a thriving operation.
Ranging from indispensable worker’s compensation insurance to the relatively obscure executive kidnapping coverage, insurance is available for nearly any business risk. Considering the multitude of available options, new property management firms and property managers must carefully weigh whether the cost of certain premiums will justify the coverage for a given risk.
General Liability
Many business owners buy general liability or umbrella liability insurance to cover legal hassles due to claims of negligence. These help protect against payments as the result of bodily injury or property damage, medical expenses, the cost of defending lawsuits, and settlement bonds or judgments required during an appeal procedure.
Product Liability
Every product is capable of personal injury or property damage. Companies that manufacture, wholesale, distribute, and retail a product may be liable for its safety. Additionally, every property management service rendered may be capable of personal injury or property damage. Businesses are considered liable for negligence, breach of an express or implied warranty, defective products, and defective warnings or instructions.
Home-Based Business Insurance
Contrary to popular belief, homeowners’ insurance policies do not generally cover home-based business losses. Commonly needed insurance areas for home-based businesses include business property, professional liability, personal and advertising injury, loss of business data, crime and theft, and disability.
Internet Business Insurance
Web-based businesses may wish to look into specialized insurance that covers liability for damage done by hackers and viruses. In addition, e-insurance often covers specialized online activities, including lawsuits resulting from meta tag abuse, banner advertising, or electronic copyright infringement.
Worker’s Compensation
Required in every state except Texas, worker’s compensation insurance pays for employees’ medical expenses and missed wages if injured while working. The amount of insurance employers must carry, rate of payment, and what types of employees must be carried varies depending on the state . In most cases, business owners, independent contractors, domestic employees in private homes, farm workers, and unpaid volunteers are exempt.
Criminal Insurance
No matter how tight security is in your workplace, theft and malicious damage are always possibilities. While the dangers associated with hacking, vandalism, and general theft are obvious, employee embezzlement is more common than most business owners think. Criminal insurance and employee bonds can provide protection against losses in most criminal areas.
Business Interruption Insurance
Some property management companies and property managers may wish to acquire insurance that covers losses during natural disasters, fires, and other catastrophes that may cause the operation to shut down for a significant amount of time.
Key Person Insurance
In addition to a business continuation plan that outlines how the company will maintain operations if a key person dies, falls ill, or leaves, some companies may wish to buy key person insurance. This type of coverage is usually life insurance that names the corporation as a beneficiary if an essential person dies or is disabled.
Malpractice Insurance
Some licensed professionals need protection against payments as the result of bodily injury or property damage, medical expenses, the cost of defending lawsuits, investigations and settlements, and bonds or judgments required during an appeal procedure.
Source: SBA.gov
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With ARM resets and subprime trouble creating greater burdens on homeowners, now is certainly the best time to put your marketing techniques for FHA refinances to good use. You have in your hands an excellent solution to their problems. Play your cards right and they’re sure to sign on the dotted line.
Benefits of FHA Refinances
Homeowners may be eligible to take out a FHA refinance loan even if their existing loan hasn’t been provided by the FHA. When a client agrees to FHA refinancing, let him know that he stands to gain several benefits.
Cash-Out Refinancing
This option is available to clients with new or existing FHA loans. When a client opts for cash-out refinancing, the available cash balance can be equal to ninety-five percent of the total value of his property. He is also given the choice to consolidate his first and second mortgages for easier and more convenient repayment. Other bills may also be consolidated similarly. Requirements on income and credit are easier to comply with and successful applicants can look forward to FHA-regulated closing fees.
Rate and Term Mortgage Refinancing
Now, if your client has an existing loan that hasn’t been provided by the FHA, he can still obtain refinancing with the aid of FHA through rate and term mortgage refinancing. The amount of cash available from the loan is even greater at 97%. Requirements for eligibility are just as easy as they don’t even have to show their FICO score. Furthermore, clients can certainly expect rates to be competitive even for applicants who had faced foreclosure three years ago and those who had faced bankruptcy two years back. Closing costs will also be FHA-regulated.
FHA Streamline Refinance
This option is exclusive to clients with current FHA loans. If you had marketed FHA loans to old clients, now’s the time to send a friendly email and remind them of this crucial offer.
With FHA streamline refinancing, clients are given several no-cost options as to how they wish for the refinancing process to take place. Requirements are once again easy to comply with. If they pass, they can look forward to easy term adjustment, whether they wish for it to be longer or shorter. Amortization can just as easily switched and there are also programs they can take which will allow them to reduce their interest rates.
Indeed, this option is one that best signifies why it’s good for any person to take up a FHA loan.
FHA Secure Refinance
If your client possesses a mortgage late scheduled for an ARM reset, he can apply for a FHA secure refinance loan and be in the position to reverse his fortune. Clients with properties facing foreclosure are still welcomed to apply and when they pass the requirements, they stand to enjoy competitive rates.
Reverse Mortgage
This is arguably the best option for retired or senior individuals who wish to have a more secure outlook of their future. Any individual who’s at least sixty-two years of age and has full or part-ownership of their primary residence can apply for a reverse mortgage. It can be then used to pay off any existing loans and with the available balance to be paid out in either one lump sum or monthly advances. No repayment is expected until the borrower moves, sells the property, or passes away.
With such wonderful alternatives for FHA refinancing, marketing is a breeze and all you really need is the perfect timing when approaching your clients!
FHA refinance home loans can be a viable solution that is nearly custom made to your specific home loan. The requirements for an FHA loan specify that any required improvements or ongoing remodeling are completed in a cost efficient and energy efficient method, to provide for natural conservation.
The majority of FHA loans are offered to stable borrowers with a recent history of employment and a good credit history. The closing costs for am FHA loan are often lower than the other lenders costs due to FHA offering only 10 percent down for jumbo loans up to $617,000 (currently, this may change).
For a complete list of FHA changes that may alter your chances to refinance your adjustable rate mortgage into a fixed rate mortgage loan search for FHA Mortgage Guideline Changes. If you find yourself in this situation, take some common sense precautions. With an FHA home loan, bad credit may not a deterrent to getting approved. This is subjective as to the borrower who may have some compensating factors. Overall, an FHA loan will permit financing a home of up to 97 percent of the homes fair market value determined by a state licensed certified appraiser.
Even if a borrower has had a bankruptcy or foreclosure, you can still seize the opportunity to refinance your FHA home mortgage loan. In addition, the loan amount you receive can also be used to pay any repair fees to your home. These costs can include fees for legal advice, title insurance and title abstract searches, loan insurance funding, and the loan origination fee.
Following are some of the significant changes and FHA loan program terms:
The initial change that hasn’t taken full effect is the fact that FHA underwriters are approving these loans with bit more scrutiny than using automated approvals from typical lenders and that is a different format that they are accustomed. The Federal Housing Authority (FHA) has finally made the long awaited alterations to help homeowners who are in real need due to rising adjustable rate mortgage indexes which affects their payments. There a lot of people who still do not believe that you can get an FHA Loan to buy a home or refinance with bad credit. By using an FHA loan, you are also able to get just one loan even if you are over 80 percent of the homes value. You will also get a relatively low interest rate. FHA allows you to take the opportunity to refinance and use portions of the cash proceeds to consolidate any bills.
Property Management Software Choice Advantage
3 September 2010-Choice Hotels Australasia is to utilise the latest in accommodation website and telephony technology with Choice Hotels International’s innovative web-based proprietary property management system throughout its New Zealand and Australian properties from next year.
David Bayes, Chief Executive Officer of Choice Hotels Australasia, announced that Choice Hotels Australasia had adopted three new technology platforms developed by Choice Hotels International — Call Forwarding, choiceADVANTAGE and ChoiceROCS technology — at the Choice Hotels Australasia Annual Conference’s, which commenced yesterday on the Gold Coast.
“Under the Econo Lodge, Comfort, Quality, Clarion and Clarion Collection brands, Choice Hotels has properties right across New Zealand and Australia. By adopting the integrated property management tool, it will assist our franchisees in effectively managing rates and inventory across multiple channels,” said Bayes.
choiceADVANTAGE is Choice Hotels International’s web-based proprietary Property Management System, that allows Choice franchised hotels to interface with the Choice Hotels International Reservations System, meaning more efficient handling of reservations, and hotels being able to automatically give the Choice Hotels International reservation system last room availability.
Choice Hotels Australasia will also adopt ChoiceROCS (RFP Online Collection System), Choice Hotels International’s proprietary website to distribute corporate RFPs (Request for Proposal), collect hotel responses and submit hotel rates and other data to corporate clients.
Sixteen Choice Hotels Australasia properties have signed up to the new Call Forwarding system, which utilises the Choice Hotels Melbourne-based Reservations Contact Centre, so hotels across New Zealand and Australia can transfer calls to trained agents to make guest reservations. More than 40,000 calls have come through the Call Forwarding programme for those 16 properties in its first 12 months of operation.
Choice Hotels Australasia has signed up 25 new properties across Australia and New Zealand in the past 12 months; four for its Econo Lodge brand, 11 for Comfort, five for Quality and five under Clarion.
“Our brands remain firmly in expansion mode and we hope to announce more properties joining the Choice Hotels family in coming months,’ said Bayes.
Choice Hotels Australasia provides quality accommodation at great rates throughout Australia and New Zealand, with accommodation established in most capital cities and major gateways.
SOURCE Choice Hotels Australasia
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The FHA Secure Refinance program was created in an effort to provide greater help for people who weren’t able to obtain FHA-approved loans. As mortgage provider, it’s your job to let homeowner clients know when they’re better off with a FHA Secure loan.
Current Non-FHA Loans
Clients with current adjustable rate loans that hadn’t been provided by an FHA-approved mortgage lender can apply for FHA Secure refinancing. The best way to approach such clients is to draw out their life stories first. Listen to what they’ve gone through just by taking out a non-FHA loan.
Now, highlight to them the various benefits they can enjoy if they take out a FHA-approved mortgage. Let them know that while they may have made a mistake in the past, FHA Secure Refinance gives them the chance to rectify the mistake.
Delinquent Non-FHA Loans
Don’t have clients dismiss their prospects just because they’re delinquent on their payments. Even if they’re not able to pay off their current loan in time, the FHA Secure Refinance program isn’t ready to turn their backs on them yet and neither are you!
Dependable Income
Of course, having a current non-FHA loan, whether of good standing or not, isn’t the only qualification that the FHA Secure Refinance program will be concerned with. Your client must also have a dependable source of income. The FHA isn’t fussy as to what kind of income it is. It may be from full or part-time work. It may come from regular payments from a trust fund, retirement pension, alimony, or some other source. What’s important is that your client will be able to prove its consistency.
Ability to Pay
Naturally, having a reliable source of income isn’t always synonymous to being able to pay off your debts and many are quick to prove this true. You must also ascertain that your client’s source of income is adequate to cover not just the costs of living but his monthly mortgage payment as well. If he’s not qualified to do so then he may not be qualified for a FHA Secure refinance loan.
In this instance, you’ll need to have a heart to heart talk with your client. You might even have to work with them closely and help them determine the actual total of their monthly expenses. You have to determine whether they’re truly unable to afford their mortgages or they’re just guilty of financial mismanagement.
The important thing to remember is not to give up on your client until you’ve exhausted all your options or you’ve realized that another option may be better for him.
Reason for Delinquent Payments
Earlier on, we’ve established that delinquent borrowers won’t be dismissed right away. That’s true. What could get their applications for a FHA Secure refinance loan, however, is if they’re unable to prove that their delinquency is due to higher interest rates or mortgage payments. Again, you might have to work with your client closely to determine whether this is truly the case or not.
More Options for Qualified FHA Secure Refinance Loan Applicants
Now that you’ve guided your client all the way to the finish line, your final job is to ascertain that he makes the right choices till the end. Let him know, for instance, that he has the option to take out a fixed or adjustable refinance loan. When you take care of your clients with a FHA Secure Refinance loan, they’ll take care of you as well with their continued loyalty.
FHA Mortgage Brokers
FHA loans have helped many people purchase a home and overcome financial hurdles and build a positive credit history with a mortgage. FHA loans are insured by the Federal Housing Administration so borrowers can get funds for a home from lenders with low down payments, low closing costs, lax credit restrictions, and low monthly payments. People who take advantage of FHA loans can benefit greatly from the positive credit building of making monthly mortgage payments on time; although because of the lax restrictions to gain FHA funding these types of loans have a higher default rate than loans funded in the traditional way.
FHA mortgage brokers will help you to understand the loan process, the benefits of a FHA loan, and will help you to determine if you qualify for a FHA loan. FHA mortgage brokers will help you determine if you can afford the down payment, closing costs, and monthly payments which are most times substantially lower than when using a traditional lender. Sometimes FHA loans will include closing costs and down payments in the loan so that you are not required to pay anything upfront when purchasing a home.
For first time home buyers a down payment can be as little as 3% of the home’s price, which is much lower than the standard 10% needed when getting traditional financing. Closing costs which are usually a few thousand dollars can also be financed in the loan further reducing the amount of money you will need up front. FHA loans are not only for first time homebuyers, however, and can be utilized by people with many different needs.
There are FHA programs for seniors s well that all them to get cash for the equity in their homes, programs for mobile homes, and even FHA refinance loans that allow you to refinance your existing mortgage with better terms which will lower your monthly payments. If you are looking to build or improve a property you can also get FHA loans that will cover the costs of building, improvements, or renovations.
With the current lending climate it can be hard to find a traditional loan. Credit restrictions are tight and buyers need a large down payment. FHA loans can be the answer for people who need help getting into a home, who need to improve their credit, or who can afford a home but do not meet the traditional loan requirements. Buying a home is an important decision and should not be taken lightly. FHA mortgage brokers can help you determine what type of loan is right for you and if you can afford a mortgage payment.
Multifamily Green Website Multifamilyg
Clean Energy Experts is pleased to announce that it has launched its latest green website, MultifamilyG.com, dedicated to educating multifamily property managers, owners and investors about practical green technologies that can reduce operating costs and increase the community’s allure to residents. Whether multifamily decision makers are considering the construction of a new building or trying to retrofit an old complex, MultifamilyG.com provides the tools and information needed to reduce energy costs and green multifamily properties.
At MultifamilyG.com, users can use the free online green self-check to determine how green their multifamily community is, learn about green solutions and energy reduction techniques and request free advice from professional energy experts. MultifamilyG.com was developed in collaboration with Tami Siewurk, an acclaimed property management author and executive and the founder of Multifamilypro and the Annual Multifamily Housing Brainstorming Sessions.
According to Dr. Beau Peelle, co-founder of Clean Energy Experts, owners and managers of large multifamily communities are facing undesirable expenses and utility bills yet it is harder and harder to attract more residents in this market to provide the necessary revenues.
“Today’s property managers are under pressure to save on operating costs and attract more residents. One avenue to improve profitability and at the same time update the health of their community is to consider energy saving and green technologies and practices. There are practical, cost-effective and proven green and renewable solutions – from solar power energy to efficient lighting – available today that can be implemented at low cost or conveniently financed. The beauty is that every community’s management can do something today to save money, go green and attract more residents.”
Tami Siewurk agrees and adds that more tools and resources are needed to guide multifamily decision makers as they try to incorporate more energy efficient solutions into their buildings. “Our industry will benefit from clear and actionable solutions. MultifamilyG is a much needed resource to help educate property managers on the latest ‘go green’ opportunities.”
About Clean Energy Experts
The mission of Clean Energy Experts is to accelerate the adoption of cost-effective environmentally beneficial energy solutions. They educate consumers on the facts about renewable energy and energy efficiency through a portfolio of free educational websites and online tools including MyEnergySolution.com, the premier free website to help homeowners lower their utility bills, and HomeRebates.org, a complete source for the latest rebates, incentives and financing options for renewable and energy efficiency solutions such as solar power. For more information, please visit www.cleanenergyexperts.com.
About MultifamilyPro
Multifamilypro, Inc. is based in Palm Harbor, Florida and is recognized industry-wide as a leading provider of tools, information, and publications that support the multifamily industry and its most successful and innovative professionals. Its founder and Chief Imagination Officer, Tami Siewruk, leads with more than 20 years of industry operations and marketing experience at all organization levels, from on-site to corporate, and also as an experienced community developer. Multifamilypro is recognized as one of the longest-standing providers of sales, marketing, management and training tools, forms, information, and publications that support the multifamily industry and its leading professionals.
Source: MultifamilyPro
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First time homebuyers should do their due diligence with programs that promise them great rates for their first home. But one program that they don’t have to worry about scamming them is FHA loans. Getting an FHA Loan Mortgage Rate is simple for first time homebuyers. It allows them to get into a home without worrying about credit problems.
Despite recent rises in interest rates, FHA loan mortgage rates are still low. The sub prime mortgage financing deals may be gone, but FHA loans allow people to break into the housing market. There are some common misconceptions about FHA loans that prevent a lot of people from trying to own a home. It’s a pleasant surprise to many that they can still buy a home in today’s market.
FHA loans don’t take any longer to get approved than any other type of loan. There are just a few more documents to fill out than a standard loan, but your loan officer can help you with those. The extra documents are just there to protect you and your assets during the financing process. The extra paperwork really isn’t a hassle when you compare it to the opportunity that you’re receiving.
There’s also a misconception that FHA loan mortgage rates are higher than conventional loans. Be assured that FHA rates are based on the exact same market factors as conventional rates. Depending on your specific circumstances, FHA loans may even be less expensive than a conventional loan for a first time homebuyer. If you’ve had credit problems in the past, then you are definitely getting a better rate with an FHA loan than you would otherwise.
The thing that confuses a lot of first time borrowers is the FHA required mortgage insurance. If your mortgage covers above 80% of the property that you are financing, then you’ll need mortgage insurance. This insurance will pay off a portion of your loan if you default on it. FHA’s mortgage insurance program requires that you put down a 1.5% upfront mortgage insurance payment, which will automatically be added to your loan. You’ll also be paying .50% per year, which is also divided up and added to your loan amount. When you compare this to conventional loans that have up to 3% per year in mortgage insurance expenses, the FHA loans are definitely the better deal.
FHA loan mortgage rates are worth looking into if you are a first time homebuyer. There are some restrictions on income, but they are a lot higher than people think. FHA loans are a great option if you meet their qualifications.
FHA mortgage companies enable lower income Americans to borrow money for a home they otherwise couldn’t afford. An FHA loan is a federal assistance mortgage loan that is insured by the government’s Federal Housing Administration.
The government does not offer the loan, but merely qualifies FHA mortgage companies to issue the FHA loans. If you have low income or a low credit score, you might want check out FHA mortgage companies that can assist you in the process of using a FHA mortgage to purchase a home.
Benefits of an FHA Loan
If you qualify for an FHA loan, it can save you thousands of dollars when compared to a traditional mortgage. Plus it allows homeownership for individuals who would not qualify for a standard mortgage. FHA lenders have no credit score requirements for loan approvals and typically have minimum income requirements for borrowers.
If you haven’t saved for a potentially large down payment, FHA loans can help. Standard mortgages require a down payment of at least 5% of the total loan; however, with an FHA loan, the down payment is only 0-3%. In addition to cheaper mortgage insurance FHA mortgages cap origination fees which control out of pocket closing costs.
If you have suffered from economic hardship like bankruptcy or a previous foreclosure, it’s harder to qualify for a traditional mortgage. Before a lender will consider you for a loan, 4 years must pass after bankruptcy or foreclosure. With an FHA loan, borrowers can qualify for a loan 2 years after a bankruptcy and 3 years after a foreclosure.
Mortgage Refinancing with an FHA Loan
If you are looking to refinance your mortgage, an FHA mortgage company can also assist you in refinancing your loan. It’s possible to obtain an FHA loan even if your initial mortgage was not a FHA loan.
The same benefits of an FHA mortgage apply to refinancing loans. These include easier income and credit qualifications and the same FHA closing cost regulations.
With the rise in interest rates, many borrows are refinancing in order to switch from adjustable rate FHA loans to fixed interest rates. You can also consolidate first and second mortgages into one simple FHA refi mortgage. Many lenders offer FHA loans that can shorten or lengthen the loan term. A refi FHA loan can even make the most of your existing equity; giving you a cash out option for other financial needs.
Whether you’re looking for that dream house you think you can’t afford or you want to refinance your existing home, FHA mortgages offer flexible terms and options to meet any borrower’s needs.
