“Ask the Rental Professional” #2

In a continuation of the Minot Daily News series, Ask a Professional, Justin Hammer offers his expertise to those in the hunt for an apartment.

Q: We are looking for apartments, my wife is disabled.  Do you have handicapped accessible apartments or do you accommodate for their individual needs?

JH: Accommodations to apartments to meet individual needs is something that may be done, absolutely. The first step is to request the accommodation in writing to your landlord or the community manager of the apartment. At that point they will review the request and decide whether or not it is a reasonable accommodation. Community manager and landlords may deny a request if it is unreasonable or would have a significant expense in order to be completed. They may ask the person requesting the accommodation to pay or share in the payment of expenses in order to complete the accommodation.

Accommodations can be made to apartment homes.

IRET Properties has a wide range of apartment homes available. More information is available on our website, iretproperties.com. If you are interested in a certain property, our leasing staff would be more than happy to schedule an appointment to show you that property or others that you may be interested in. This way, you may choose the property that best fits your needs and wants—and accommodations you may need can then be addressed. You can reach our leasing office at
837-RENT (7368).

IRET Properties
The picture shown in this article is of The Chateau Apartment Homes, in Minot, ND.

“Ask the Rental Professional” #1

Our new “Ask a Professional” column is designed to provide some helpful hints and tips for you, as an apartment community member or one interested in the property management world—and who better to ask than one of our own, highly qualified Regional Community Managers?

For this first installment, Justin Hammer, IRET Properties’ Minot Regional Community Manager offers his advice.

Q: I own a home, and I am thinking of having it as a rental property.  I will not be living in the community, what do I need to do to have a company manage my property?

A: The first thing you will want to do is evaluate your goals and objectives for your rental property. Is your goal to have a monthly source of income, or to just be able to maintain your property for a future sale to produce the profit?

Justin Hammer has the answers

Some things to consider before turning your home into a rental unit are: what can I rent my home for versus what is my current mortgage payment? Will the income produced be able to sustain that payment? What will my insurance premium be—take into consideration that insurance rates tend to be higher for rental homes than traditional homes.

Next you will want to meet with area property management firms to decide who you feel best fits your needs and objectives. You will want to check any references that company may have as well as ensure that they have proper insurance to protect you as

an owner. Unfortunately IRET Properties currently only manages property we own, but Minot does have some very well qualified management companies to choose from.

IRET Properties Completes New $60 Million Bank Facility

IRET Properties Completes New $60 Million Bank Facility

Company Release – 08/18/2010 16:57

MINOT, N.D., Aug. 18, 2010 (GLOBE NEWSWIRE) — Investors Real Estate Trust (“IRET”) (Nasdaq:IRET) (Nasdaq:IRETP) announced today that its operating partnership, IRET Properties, has arranged a $60 million line of credit to be used for general corporate purposes, including acquisition and development, the ND based REIT says.   First International Bank & Trust, a North Dakota state bank (“Lender”), has agreed to provide a revolving credit line with a commitment amount at the time of close of $39 million. At the discretion of the Lender, the total commitment available under the credit line may be increased to $60 million.Thomas A. Wentz, Jr., IRET’s senior vice president and chief operating officer, commented, “IRET views the new credit facility as a flexible mechanism to leverage the value of its portfolio using the funds to acquire additional income producing properties in IRET’s core markets as well as pay down more expensive debt.”