As part of their long-standing community development efforts, Loretto Commercial Properties joined forces with Community Housing of Wyandotte County, Inc. (CHWC) to build a non-profit assisted living facility in central Kansas City, Kan. Loretto Commercial and CHWC identified the need of long-time residents with low- to moderate-income for a high-quality campus that would allow...
Founder/Managing Partner Lamar Hunt Jr. recommends you have a good flashlight in your handy tool kit. This flashlight serves many purposes. First, if your car ever breaks down, it can signal other drivers of your breakdown or help you look at the engine to determine what’s wrong. For your real estate property, carrying a...
Making sure your house looks good and has great curb appeal touches on several aspects of property management. Founder/Managing Partner Lamar Hunt, Jr. knows a good appearance can also protect your investment by keeping up property values in the neighborhood. As soon as one person dresses up their property, others will soon follow. Conversely,...
Founder/Managing Partner Lamar Hunt, Jr. warns, “Your target area will have some large homes. These homes cost more to purchase and to rehab. While you may see visions of huge rents, the reality is a bit shocking.” The shock occurs in several areas. First, with a high rent, many potential renters will ask themselves,...
Selling a Home Series Part 1. Eventually, for all rental property owners, the time will come when you are ready to sell a property. Loretto Properties founders Lamar Hunt, Jr and James Arkell have used their collective experience to bring you a series on selling a property that includes lots of low cost/time ideas...
Selling a Home Series Part 2. Last week Lamar Hunt Jr and James Arkell brought you a series on easy and low cost updates to help sell your home. This week we continue with lighting. You would be amazed at how many houses Lamar and I walk into that have lighting reminiscent of a...
Selling A Home Series – Part 4: Doorknobs. Over the last few weeks Lamar Hunt, Jr and James Arkell have brought you a series of easy, low cost improvements you can make to help sell your house. Last week we talked about cabinet hardware and pulls and this week we will cover door knobs....
Selling a Home Series – Part 5: Interior Paint. Over the last few weeks, Loretto Properties, LLC founders Lamar Hunt, Jr. and James Arkell have shared their experiences and helpful hints for selling a home. This week we cover interior paint. It is something that is often overlooked but some fresh paint can be...
Appliance hunting! Loretto Properties, LLC founders Lamar Hunt Jr. and James Arkell recently completed a series designed to help you sell your homes by making a few inexpensive improvements. Today we will be talking about another improvement you can make whether you are selling your home or keeping it as a rental. The kitchen...
Rental War Stories – Part 3: Who’s Living There? Loretto Properties, LLC founder Lamar Hunt Jr. has seen all kinds of problems when buying homes and talking to other landlords. He likes to pass these war stories on and this one is a doozy. Recall in Part One of this story that a real...
When you think about protecting the investment you have in your real estate holdings you usually think about protecting the physical asset. Lamar Hunt Jr and James Arkell would like to pass along some helpful advice to protect your investment in case of tenant issues. There are a lot of issues facing our country...
Smoke Detectors and Seasonal Maintenance. It’s winter time and with the holidays upon us, many people enjoy gathering around a toasty fire. This is a great opportunity for you as a landlord to practice some seasonal safety maintenance. Loretto Properties founders Lamar Hunt Jr and James Arkell are big believers in preventative maintenance for...
Preventative Maintenance Series Part 1: Thermostat batteries. In this series Lamar Hunt Jr and James Arkell will share some strategies for reducing maintenance costs by being proactive. A little known fact is that even if a thermostat is hardwired it may require a working battery to function. I learned this the hard way when...
When you think about protecting the investment you have in your real estate holdings you usually think about protecting the physical asset. Lamar Hunt Jr and James Arkell would like to pass along some helpful advice to protect your investment in case of tenant issues. There are a lot of issues facing our country...
Selling a Home Series – Part 3: Kitchen and bathroom cabinet hardware. Loretto Properties, LLC founders Lamar Hunt Jr. and James Arkell have used their experience with buying and selling homes in the Kansas City area to bring you a series on easy and low cost tips for selling your home. This week’s topic...
Founder/Managing Partner Lamar Hunt Jr. has seen a lot in his real estate investing years and he knows it’s hard enough to make money in real estate without having to deal with scams and crooks. One scam he has heard about recently is the fake leasing agent. The way this happens is that you...
Founder/Managing Partner Lamar Hunt Jr. has seen a lot in his real estate investing years and he knows it’s hard enough to make money in real estate without having to deal with scams and crooks. In Part One of this series, we explained how a con artist will lease a vacant home that is...
Founder/Managing Partner Lamar Hunt Jr. knows it’s hard enough to make money in real estate without having to deal with scams and crooks. This latest scam has not hit Lamar yet but it has hit his fellow real estate investors. Here’s how it works. A real estate investor has a vacant house and puts...
This installment of the empowering tenant series will cover what changes a tenant can make to your property that are acceptable. Founder/Managing Partner Lamar Hunt Jr. sees exterior improvements such as landscaping changes the best type a tenant can make. Usually the tenant is planting flowers, flower pots or adding bushes. Occasionally a tenant...
Last time we brought up the issue of tenants making improvements to property and yet causing damage. So how do you get the tenants to feel a sense of pride and take care of the property without damaging the property? Founder/Managing Partner Lamar Hunt Jr. feels he has found a good balance. The first...
When you have tenants living in your rental properties you want them to take care of the property and feel a sense of pride that comes from owning something. Yet they don’t own the property. So how do you get the tenants to feel a sense of pride and take care of the property?...
Sellers come in all shapes and sizes. Founder/Managing Partner Lamar Hunt Jr. knows this because he has seen them all. One person you may run into is the in-a-hurry seller. This seller wants the investor to get in and make an offer. He is likely taking tons of offers and doesn’t have time to...
Sellers come in all shapes and sizes. Founder/Managing Partner Lamar Hunt Jr. knows this because he has seen them all. One of the toughest sellers to deal with is the emotional seller. This seller usually has lost a loved and is selling “Momma’s” house. A buyer must recognize the emotions the seller is going...
When the Little Sisters of the Lamb recently needed a place to stay while their house was being renovated, Loretto Charities, LLC stepped in to cover the rental costs of a house across the street paying for one full year so the nuns could continue their good work. During the renovating process, a beautiful...
As we reported on the Loretto Charities LLC site, the Little Sisters of the Lamb recently needed a place to stay while their house was being renovated. So Loretto Charities, LLC stepped in to cover the rental costs of a house across the street. Loretto Charities paid for one full year so the nuns...
As we reported on the Loretto Charities LLC site, the Little Sisters of the Lamb recently needed a place to stay while their house was being renovated. So Loretto Charities, LLC stepped in to cover the rental costs of a house across the street. Loretto Charities paid for one full year so the nuns...
As we reported on the Loretto Charities LLC site, the Little Sisters of the Lamb recently needed a place to stay while their house was being renovated. So Loretto Charities, LLC stepped in to cover the rental costs of a house across the street. Loretto Charities paid for one full year so the nuns...
Heat can be a big problem for both landlords and tenants not only from a comfort standpoint but damage to property and injury to people. Founder/Managing Partner Lamar Hunt Jr. grew up in Dallas, Texas so he knows a thing or two about heat. The most important aspect of heat is to avoid injury...
Disasters can hit at anytime so thinking about them in advance is critical especially for both landlords and tenants. Founder/Managing Partner Lamar Hunt Jr. wants not just his tenants to be prepared but anyone reading this post. So how do you prepare for thunderstorms and lightning? First, be knowledgeable about incoming weather. Most cities...
Thinking about a disaster before it happens is important for anyone and that includes landlords and tenants. Founder/Managing Partner Lamar Hunt Jr. wants not just his tenants to be prepared but anyone reading this post. Hurricanes are a destructive force that can wreck havoc with large areas of properties and people. The first defense...
Founder/Managing Partner Lamar Hunt Jr. knows how winter weather can wreck havoc on property and families. Being prepared and thinking about these things in advance is the only way to go. First, understand which sources of heat you have. If you have all electrical heat, when the power fails that will be the first...
Thinking about a disaster before it happens is important for anyone and that includes landlords and tenants. Founder/Managing Partner Lamar Hunt Jr. wants not just his tenants to be prepared but anyone reading this post. Floods are a big potential disaster that kill many Americans each year. The first part of thinking about any...
Founder/Managing Partner Lamar Hunt Jr. knows how important it is to prepare for disasters. Tenants and landlords should have an idea about what to do in the event of a disaster. For this blog post, we will discuss tornadoes. The first thing to do is be aware of the current weather conditions as well...
Founder/Managing Partner Lamar Hunt Jr. has heard all kinds of stories about real estate agents. One story involved an agent selling a property in need of repairs. The property was listed at $199,000 and had no lookers or offers. They lowered to $189,000 and then $179,000. They got lookers but no offers. As time...
Founder/Managing Partner Lamar Hunt Jr. has heard all kinds of stories about real estate agents. One story dealt with a real estate agent who goes above and beyond the call of duty. It appears this real estate agent has a one year agreement to list the house. Normally, that is a long time for...
Missions of Peace At Franciscan University has such an excellent missions program that recently, Loretto Properties, LLC felt compelled to make a donation to this worthy cause. Founder/Managing Partner Lamar Hunt Jr. believes heavily in missions work. “It’s vital in spreading the good news to people who may not have heard it.” Missions of...
Founder/Managing Partner Lamar Hunt Jr. has heard all kinds of stories. One story dealt with an investor who had been negotiating with the buyer’s agent. After finally coming to a deal, one morning the agent came over to drop off the option money check to the investor. It was around 9 a.m. when this...
Being a real estate agent takes many skills. Negotiating is one of them. Founder/Managing Partner Lamar Hunt Jr. has heard all kinds of stories. One story dealt with an investor selling a residential property and having contact with the agent. The investor could see on his computer screen that the agent had been there...
Rental War Stories – Part 2: Who’s Hiding in the Weeds? Founder/Managing Partner Lamar Hunt Jr. has seen all kinds of problems when buying homes and talking to other landlords. He likes to pass these war stories on. Recall from Part One a real estate investor had purchased a rural property only to find...
Rental War Stories – Part 1: Who’s Hiding in the Weeds? Founder Lamar Hunt Jr. has seen all kinds of problems when buying homes and talking to other landlords. He likes to pass these war stories on. One investor was looking at a rural property. The property had a house near the front and...
Rental War Stories – Part 5: Who’s Living There? Loretto Properties, LLC founder Lamar Hunt Jr. has seen all kinds of problems when buying homes and talking to other landlords. He likes to pass these war stories on. Recall from previous episodes, an investor has purchased a property with a tenant paying rent to...
Rental War Stories – Part 4: Who’s Living There? Loretto Properties founder Lamar Hunt Jr. has seen all kinds of problems when buying homes and talking to other landlords. He likes to pass these war stories on. Recall from previous episodes, that an out-of-town woman owned a property with an unknown tenant and no...
Founder/Managing Partner Lamar Hunt Jr. knows real estate agents understand the value of signs. That’s why as soon as a house is listed, the agent rushes a sign out there. First, the agent understands that a sign brings in buyers for the property. That is the most important reason. You can’t sell a property...
Rental War Stories – Part 2: Who’s Living There? Loretto Properties LLC founder Lamar Hunt Jr. has seen all kinds of problems when buying homes and talking to other landlords. He likes to pass these war stories on. Recall in Part One of this story that a real estate investor received a call from...
Founder/Managing Partner Lamar Hunt Jr. is always hearing crazy stories involving property and real estate agents. In Part One, a golf course owner stripped his course bare in anticipation of closing day. Unfortunately, the closing day never came. Then there is a nice family who needs to sell their house and downsize to an...
Founder/Managing Partner Lamar Hunt Jr. is always hearing crazy stories involving property and real estate agents. Here’s a good one. A small 9-hole par three course, with putting green, driving range and snack bar was approached by a homebuilder. The homebuilder wanted to buy the property so they cut a deal. The homebuilder paid...
Rental War Stories – Part 1: Who’s Living There? Loretto Properties, LLC founder Lamar Hunt Jr. has seen all kinds of problems when buying homes and talking to other landlords. Here’s another war story. A real estate investor received a phone call from a woman who wanted to sell a house. The woman didn’t...
In real estate, most sellers and buyers prefer to use real estate agents. Founder/Managing Partner Lamar Hunt Jr. uses real estate agents on a regular basis. As a real estate investor, it’s important to know how real estate agents work. A real estate agent must have a license. This is provided by the state. ...
Rental War Stories – Part 1: Bee Ware. Loretto Properties founder Lamar Hunt Jr. has seen all kinds of problems when buying homes and talking to other landlords. Here’s one story. A landlord had a decent rental unit that abutted a large field used for agricultural purposes. For whatever reason, the landlord did not...
In Part One, we covered setting the cleaning fees in the lease agreement. In Part Two, we covered the initial move-in procedure. Now, let’s cover the middle portion of the lease. Many landlords may have a thorough move-in process and an excellent lease agreement spelling out cleaning fees, yet they are often shocked beyond...
In Part One, we covered setting the fees in the lease agreement for cleaning fees. Now, let’s cover the initial inspection during move in. It is vital that during move-in, you walk through the unit taking photos with a digital camera. Walk in to a room and take photos of the walls, carpet and...
Founder/Managing Partner Lamar Hunt Jr. knows that some tenants are very clean yet other tenants can be very messy. That’s why it’s important to have a lease agreement with clear terms about cleaning fees. The terms should deal with the initial inspections, periodic inspections and the final inspection during move-out. Let’s talk about the...
Founder/Managing Partner Lamar Hunt Jr. occasionally inspects a property and finds a door has shifted. Sometimes, the strike will not fit into the strike plate because the jamb was not mortised out properly. That’s when a chisel comes in handy. I couple of taps from a rubber mallet or steel claw hammer and the...
Founder/Managing Partner Lamar Hunt Jr. knows that tenants often complain about the heating and air conditioning of a property. That’s why he recommends a real estate owner carries a Handheld Infrared Non-Contact Thermometer around in the Handy Tool Kit. A Handheld Infrared Non-Contact Thermometer needs one 9v battery to work. The device is then...
Founder/Managing Partner Lamar Hunt Jr. thinks about all the bad things that could happen to his rental properties. That’s why we thought we would take up a blog post and discuss an optional piece of equipment for your Handy Tool Kit: the combustible gas detector. This device can really save your life or someone...
As a real estate owner, many times Founder/Managing Partner Lamar Hunt Jr. needs to mark something for a contractor. Or he may just want to hang something on the wall such as a smoke detector. This is the time where you shouldn’t just reach into your shirt pocket and pull out your nice ink...
We have talked about all the tools you should carry in your tool kit. When are we going to talk about the tool kits to hold everything? That time is now. Fortunately, there is a wide selection of tool kits on the market. There are hard shells and soft shells. Open tool kits and...
One of the most frustrating things for anyone is trying to pull a glued label off something. The manufacturers make the glue so strong because they want to make sure the label stays on. That’s all well and good until the end user wants to remove it. That’s why we recommend you carry a...
Leaks are serious business for a landlord. A small leak today turns into a huge loss later on. But not for Founder/Managing Partner Lamar Hunt Jr. He carries a variety of leak stoppers around with him in his handy tool kit. One such stopper is a good tube of silicone caulk. Make sure you...
Founder/Managing Partner Lamar Hunt Jr. is always worried about safety. That’s why when he is inspecting his property, he is constantly looking for a nail and piece of metal sticking up. When he finds one, he has two options. First he can try to pull it out. If that doesn’t work, then he will...
We have talked about the vise grip locking pliers and the needle nose pliers so it’s time to talk about the granddaddy of them all: the standard pliers. Really, if you are going to carry one set of pliers, this has to be it. A pair of pliers can solve many of your problems...
When it comes to protecting your eyes, Founder/Managing Partner Lamar Hunt Jr. ranks that high on his list. Keeping good eye protection in your handy tool kit should be mandatory. Just when you least expect it, a fragment from a nail or metal object can shear off and fly into your eye. The damage...
Founder/Managing Partner Lamar Hunt Jr. loves pounding on things. That is why he carries a rubber mallet in his handy tool kit. “They are great for pounding in window screens, trim pieces, carpet thresholds and many other items where you don’t want to damage or scuff up the very thing you are hitting.” Rubber...
The average home handyman or Mr. Fix-it dramatically under-uses a level. You can always tell an experienced handyman from an inexperienced one. The level is one of the distinguishing factors. Why? Because most handymen simply eyeball their work and pronounce it good. For example, when installing a curtain rod, they will pull a dimension...
Founder/Managing Partner Lamar Hunt Jr. recently walked into one of his rental properties and found a small pool of spilled paint in his spotless garage. With a prospective tenant coming shortly, he scratched his head. But not for long, because in his handy tool kit, Lamar had a small scraper. In less than a...
Vise grip locking pliers are a great invention for two reasons. First, any wrench can slip on a bolt or other fastener due to moisture, stripped heads or simply a round head. If the object to be turned has lubricant, WD 40 or oil on it, good luck turning it. That is when a...
Recently, Loretto Properties made a donation to Boys Hope Girls Hope in Kansas City. This excellent organization works to provide children with “arms-around care, safe homes and environments, a first-class education, opportunities to learn more about themselves and the world, and academic, financial, and spiritual support through college.” Loretto Properties supports the Kansas City...
Metal files may not be the most vital tools in your Handy Tool Kit, but they are quite nice in a jam. The big reason they come in handy with rentals is to prevent injuries. Sometimes, you may find a screw that has been boogered up from too much use. The tiny metal protrusions...
Founder/Managing Partner Lamar Hunt Jr. calls the hammer the big toe of his Handy Tool Kit. It almost seems so basic that telling someone in real estate to carry a hammer can sound ridiculous. However, many folks in real estate fail to carry a hammer. So, when they come across a nail sticking out...
Founder/Managing Partner Lamar Hunt Jr. never knows what he will find when he inspects a property. “It could be anything.” That is why he carries a Handy Tool Kit loaded with problem solvers. One such problem solver is a set of Allen Wrenches. Many appliances require Allen wrenches. Plumbing fixtures often have screws with...
Picture this: water is leaking from one of your units and you run out to pull the meter cover but you can’t get the cover off. The reason may be your lack of a meter pull key. Founder/Managing Partner Lamar Hunt Jr. never wants to be caught in that situation. The damage from water...
I was driving home the other night reflecting on how magical this time of year is. With the lights, the singing, the tradition, the food, and the overall good cheer that accompanies the holiday season, it’s easy to get caught up in the hustle and bustle of the holidays and forget what it’s all...
The squeaky wheel gets the grease…or WD 40 in today’s world. Founder/Managing Partner Lamar Hunt Jr. finds WD 40 to be a lifesaver when showing properties. Many times, when setting up a unit to show to a prospective tenant, Lamar will find a squeaky door or something that needs lubrication. He will head out...
This is not a reference to an adult beverage but another post in our series of what to carry in your Handy Tool Kit presented by Founder/Managing Partner Lamar Hunt Jr. Having a solid set of screwdrivers is a must in your handy tool kit. When laying out a set which screwdrivers to take,...
This is another post to our continuing series of what to carry in your Handy Tool Kit while running a real estate company. Founder/Managing Partner Lamar Hunt Jr. recommends that you carry several rags with you. Oftentimes, you will find something that needs caulked, glued or painted. Having rags to lie down and protect...
Founder/Managing Partner Lamar Hunt Jr. finds many uses for his needle nose pliers. “I carry a big one and tiny one for different reasons. The tiny one can reach into a small hole and pick up a bolt, nut or screw. Its narrow profile can dig deep and grab onto the dropped or missing...
Founder/Managing Partner Lamar Hunt Jr. has a complete handy tool kit he carries around in his car for his real estate business. Crescent wrenches are included in this kit. “From the photo, you can see the different sizes of crescent wrenches. You don’t have to carry more than one so I recommend an intermediate...
Founder/Managing Partner Lamar Hunt Jr. has found a nifty gadget that he has included in his handy tool kit. This gadget is the inspection mirror. “I don’t often use it but when I do, it is a major help. The telescoping handle sends the mirror out about two feet and allows you to check...
Founder/Managing Partner Lamar Hunt Jr. has been to properties before needing to measure a space and then finding that he forgot his tape measure. “It is a huge waste of time. I have to then find my tape measure, travel back to the property and measure the space. If I am waiting to order...
Continuing on our series of what to carry in your tool kit when running a real estate company, Founder/Managing Partner Lamar Hunt Jr. recommends that you carry a good pair of work gloves. Our photo shows two kinds to consider. The blue pair is a much heavier duty glove. This type of glove lacks...
If you are in the rental business and have not thought about pets, you are asking for trouble. Pets can be wonderful companions and excellent security but they also have several issues that come with them. First, pets have waste that can quickly ruin a nice rental home. Also, pets can chew and scratch. ...
Being able to work and live in the Kansas City is a true privilege. Founder/Managing Partner Lamar Hunt Jr. has enjoyed the friendliness of the people and the excellent business climate. Director of Marketing James Arkell agrees but he also loves the eating establishments. Speaking of James, he does a lot of the daily...
You have this really good contractor. He works hard, shows up on time and is very trustworthy. You feel lucky to have him. Then one day, his performance suffers, he starts showing up late then perhaps not at all. Eventually and usually too late, you stop using him. What happened? Founder/Managing Partner Lamar Hunt...
Has this ever happened to you? A tenant checks out, signs a lease and moves in. Everything is great. Then a month later, you get an electric bill for the property. And from the looks of the bill, the tenant has been powering the whole neighborhood. Then, as you blow your stack, you have...
Finding a good contractor is half art and half science. For some real estate investors, they operate on their gut. If they like the contractor or get a good feeling about him or her, they will pull the trigger. Other real estate investors spend a lot of time looking through their references, inspecting their...
You have prospective tenant coming to look at your house so you arrive a few minutes before the tenant and begin opening up the house. You turn on the lights, the air or heat, and make sure everything is fine. But to your surprise, you discover some dirty hand prints on the countertop or...
Homeowners who are having financial difficulties often realize that they have bought too much house for their budget. Or perhaps they have lost a job or some income and need to downsize. Buying houses from folks who are having financial issues can be emotional and a savvy real estate investor needs to understand that. ...
For real estate investors, foreclosures can be a source of properties to buy. Founder/Managing Partner Lamar Hunt Jr. knows however there are sometimes pitfalls and obstacles with foreclosures. “First, gaining access to them can be a challenge. I would never buy a property that I couldn’t inspect although for some reason, investors sometimes do. ...
Founder/Managing Partner Lamar Hunt Jr. knows there are many places to find properties to purchase. “Estates are a place where property is available. When someone passes, their estate is usually managed by a lawyer. Depending on the circumstances, the lawyer and the administrator for the estate, usually a close friend, will need to sell...
When you buy something in a store, the price marked on the product has been set to include the costs of manufacturing, packaging, shipping, stocking, advertising, health benefits for the employees, shoplifting and a dozen other possible costs. And there is one more thing it includes: profit. The same thing goes for buying property. ...
Picture this: You hire a handyman to manage your rental properties. Each time there is an issue, the tenant calls the handyman. The handyman quickly repairs the issue and problem solved. Or so you think. A week later, bills come to you office. One is from a plumbing company. Another is from a roofer. ...
Breast Cancer Awareness Month is a priority to Founder/Managing Partner Lamar Hunt, Jr. “This disease is one I am committed to fighting each and every day. I encourage all of you to support events linked to fighting breast cancer.” Lamar recently made a special announcement for the Kansas City Chiefs of the National Football...
Founder/Managing Partner Lamar Hunt, Jr. laughs when he thinks of a story a friend told him. “This real estate investor went to look at a house and it was hot outside, right in the middle of summer. He knew something wasn’t right when the owner walked right up the front door, opened it and...
Founder/Managing Partner Lamar Hunt, Jr. understands the value of finding a reliable handyman. “A handyman is one who can actually fix things. Too many times the handyman thinks his job is to determine who to call when something is wrong. We called him to fix it, not to call someone else.” A good handyman...
Continuing with our series on property cleaning, what items should you carry in your vehicle in case you discover a dirty condition at one of your properties? Here is what Founder/Managing Partner Lamar Hunt, Jr. recommends: small hand broom; Windex; rubber gloves; paper towels; rags; dust pan and brush; Goof-Off; trash bags; sponge; and...
Have you found yourself at a property and discovered something that needed cleaning? Founder/Managing Partner Lamar Hunt, Jr. has. “There is nothing worse than driving up to show a property to a prospective tenant and finding a dirty condition. Actually the worst part is failing to have anything to clean it with.” Lamar has...
Founder/Managing Partner Lamar Hunt, Jr. posted earlier about the advantages of carrying around a handy tool kit. What types of items does he carry in this tool kit? Here they are. Hammer. Pair of pliers. A set of screw drivers both Phillips head and flat-head. Allen wrench set. Pair of needle-nose pliers. Crescent wrench. ...
Founder/Managing Partner Lamar Hunt, Jr. has made this mistake before. He shows up to a property and finds something loose or a squeaky door. Without a pair of pliers or a can of WD-40, he could do nothing but come back the next day or have a contractor fix it. Both situations cost time...
Good record-keeping is the foundation to running a real estate business. To Founder/Managing Partner Lamar Hunt, Jr., good record-keeping starts off a property the right way and keeps it headed in a positive direction. “Having a great system for filing your records is so important. Being able to quickly lay your hands on the...
Founder/Managing Partner Lamar Hunt, Jr. has seen a few high utility bills in his time. Watching utilities during the repair phase and the leasing phase is vital. “During the repair phase, contractors want to be comfortable and often, they will quit at the end of the day and leave the air conditioning or heating...
Lamar Hunt, Jr. sees opportunity in basements. When adding value to a rental property, finishing out a basement may just be the spot. “A finished-out basement makes it easier to lease. Renters love the extra square footage if it’s finished out correctly.” When deciding on spending the additional money, Lamar looks at what’s there...
Founder/Managing Partner Lamar Hunt, Jr. offers some sound advice. “You absolutely must be able to get to your rental unit quickly. This is vital for many reasons. First, for repair issues, you need to look at them yourself and quickly. Next, for rent collection issues, knocking on the door and posting notices are easier...
Profit is a key word in any business. To Founder/Managing Partner Lamar Hunt, Jr., thinking about the potential profit when buying a home is at the top of his list. “After we have found an area we are interested in, we look at what the acquisition costs are likely to be. To that number,...
Founder/Managing Partner Lamar Hunt, Jr.: “Some jurisdictions have passed laws and ordinances dealing with rental units. These laws may require landlords to register the properties as rental units. Occasionally, these laws may also require initial or periodic inspections of the property. And they may require particular disclosures to tenants.” Checking on these laws before...
Lamar Hunt, Jr. asks one question: “Are people renting homes in this area?” It’s a simple yet vital question that any real estate investor should ask before he or she jumps into an area. As the Founder/Managing Partner of Loretto Propeties, LLC., Lamar Hunt believes that while focusing on a target area is critical...
Lamar Hunt, Jr. loves to buy in bulk, and that applies to single family homes. “Occasionally, a block of homes are for sale. There are many reasons for this. One reason is when a professional landlord owns five or six rental units and decides to retire. Sometimes, landlords have financial issues and need to...
Founder/Managing Partner Lamar Hunt, Jr. likes using local contractors even though it may cost more. “Local contractors understand the neighborhoods of our properties. They know the right materials and tastes of our clients.” Lamar also loves the fact that his local contractors can get to the property quicker if there is an emergency or...
Lamar Hunt, Jr. has seen how a house on a street can bring property values down. “Sometimes, you have that one house where overgrown weeds live. You may see junk piled in the front yard or old cars in the driveway. These eyesores quickly affect the neighbors and their ability to sell their houses. ...
Founder/Managing Partner Lamar Hunt, Jr. has learned the hard way about securing a property the right way. He has discovered that changing the locks when you first own a house is a smart move. “We like to changes the locks first because we have no way of knowing who has keys to our new...
The Right Repairs Are Always Right. Loretto Properties, LLC founder Lamar Hunt, Jr. knows that making the right repairs in a house makes the difference between renting it quickly and having a home that sits and sits. “Most inexperienced real estate investors either perform the wrong repairs or over-repair the homes.” Lamar Hunt Jr....
Welcome to Loretto Properties, LLC. I’m Lamar Hunt, Jr., Managing Partner of Loretto Properties, and we are glad you have found us. We really do mean what we say, “Investing in Families by Investing in Communities.” We are constantly looking for properties located in good communities to purchase and invest in. We can pay...
