- Landlord News
Sometimes there comes a point where you’d like a tenant to leave even though that particular tenant hasn’t broken the lease. You could have a bad relationship with that tenant, think that your property could earn a lot more with a new tenant, or you might even want to move back into your property. Here are six tips to help you ease a tenant out even when the lease is still in place.
Offer Your Tenant an Incentive to Leave
It’s not always easy to remove a tenant who you wa ... Read More
As a landlord, you might be confronted with situations where your applicant has no credit history. This is normally a problem, as a credit history can tell you whether an applicant has a history of making payments on time, previous issues with landlords and outstanding debts that they’ve failed to pay. However, the fact that an applicant has no credit history doesn’t necessarily mean they won’t make a great tenant for your property. Here is a guide offering 5 tips for what you ... Read More
As a landlord, you always hope that things will work out exactly as stipulated in a lease. Unfortunately, this is simply not the case. Situations arise that result in tenants needing to leave early, but there are also times when a landlord may need current tenants to vacate the property early. Unfortunately, this will not be easy, but with the right preparation and willingness to negotiate, it is possible for landlords to terminate a lease early.
Be Fully Prepared in Rental Agreement
Benja ... Read More
If you’re new to property investing or simply want more information about making informed decisions about taking on new property, it’s important to be aware of the right approach to investment. New property is alluring, but it takes a data-driven approach, attention to detail, and a certain amount of savvy to ensure that you’re getting the right property for your money. Here are 6 great tips to property investment that will help ensure you make the right choices every step of t ... Read More
You have tenants in your rental, but you want to take back possession of the property. Your tenants may not be breaking the lease, but they may have other issues and are draining your time and resources. Another situation where you may need the tenants out without breaking the lease is to sell the property or occupy it yourself. If you want to get your tenants out without a broken lease, here are some options.
Coming to an Agreement
The first option is simply talking to the tenants and see ... Read More
Whether you're new to the game or looking to add additional properties to your portfolio, undoubtedly you want to invest in property that will provide a solid return. One way to ensure this result is to research the community in which you'd like to buy property. By choosing property in an area with potential, you can take your business to the next level.
Learn about Local Rental Regulations
As you search for investment properties, you want to be clear on local government standards ... Read More
It can cause a lot of stress for everyone involved when you have a tenant who you wish would move on. Whatever your reason for wanting the tenant out, it's best for you and them if the process of getting them out of your rental property is as amicable as possible. While there's no easy way to tell someone it's time to get out, there are some things you can do to create a win-win scenario -- and when you do that, things are easier and more pleasant for everyone involved.
Cash for ... Read More
Some people become landlords to make substantial profit, while others are simply thrust into the position via tanking home prices, inherited property or other uncontrollable issues. Regardless of whether you're in one of these positions, it's important to realize that being a landlord is nowhere near all profit. In fact, there are several hidden fees you may not recognize until they rear their ugly heads.
Increased Tax Bill
A larger tax bill is an unforeseen cost you could encounte ... Read More
It would be nice if your only responsibility as a landlord was finding tenants, securing signed leases, and collecting rent. In reality, there’s so much more to the job. Some tenants are difficult and demanding. Property-related problems can and will arise. The landlord life will throw you curve balls. Handling them gracefully will go a long way toward keeping your tenants happy.
1. Communication is Key in Resolving Disputes
If you find yourself in a sticky situation with your tenant ... Read More
A relatively new pattern seen amongst landlords is opting for non-refundable move-in fees rather than security deposits. Despite misconceptions, these are not interchangeable. They both have their own advantages, but if you decide to begin charging non-refundable move-in fees, you'll see several exciting benefits.
Move-In Fees Not Affected by Deposit Law
While collecting a deposit for potential damage to a rental property doesn't seem hard, state laws often make it alarmingly compl ... Read More
Maybe the cost of maintaining your property has increased, or maybe you want to find a polite way to show problem tenants the door, even if they haven't broken the lease. Regardless, you have decided that you want to raise the rent.
Asking existing tenants to pay more rent can be a dicey proposition. Many landlords and property managers aren't sure how to make such a request. They may fear a confrontation or they may not be sure if they're legally allowed to ask for more rent. Follo ... Read More
The landlord/tenant relationship is just as important to the landlord as it is to the tenant. If entered into with care, the lease agreement will protect both you and the renter. Following are basic tenant rights you, as the landlord, should be aware of when preparing to rent a property.
1. A Possitive Landlord Review from the Beginning
Savvy landlords will have current and previous tenants willing to talk to prospective renters about living conditions in the rental unit and area. Prospect ... Read More
Depending on where you live, you may terminate a lease if you or a family member needs to move into one of your rental properties. Laws governing these evictions will vary by city, making it pertinent that you check your local regulations. Read on to learn in which circumstances you may perform an owner move-in eviction (OMI).
Individuals Protected From OMI Evictions
Only certain cities, usually those with rent-controlled apartments, allow for OMI evictions. Pay close attention to the word ... Read More
If you have a new property ready to be introduced to the rental market, but have little to no idea how you should price your home, condo, or apartment, you are not alone. Whether this is your first rental property or the latest in your rental empire, determining the desirability pricing of a rental space can be tricky.You want the property to be affordable enough to be attractive to tenants, but you also want a price tag that will demonstrate the quality of your space. Last, but not least, you w ... Read More
If you have not had a nightmare tenant yet, consider yourself lucky. These tenants miss payments, sneak in pets despite the terms of the lease, and generally break key agreements you established with them. When a tenant breaks the terms of the lease, ideally you will have clear and legally enforceable expectations for what happens next. That could include warnings, penalties, and even eviction if the issues are serious enough. However, what do you do when you have troublesome tenants who are mak ... Read More
If your tenants are driving you crazy, you might be tempted to cut your losses and kick them to the curb. While trying to give them the boot might feel satisfying, kicking tenants out if they haven't done anything to break their lease might lead to lengthy and costly legal processes and can engender a lot of bad will. Here are four ways to deal with tenants driving you up the wall without losing your sanity.
1. Find ways to resolve disputes
Always start by having a conversation with yo ... Read More
Whether you intentionally set about becoming a landlord or the task just fell in your lap when you inherited a property, there's a complex series of rules and statutes that you must abide by. Many of these rules regulate fees that you're allowed to charge. As a landlord, charging these fees can sometimes make the difference between covering repair costs and "falling in the red" for the month. Fortunately, you are usually allowed to charge the following non-refundable fees if yo ... Read More
The best way to ensure that you rent to quality tenants is to screen them properly. Unfortunately, this can often become costly, since every time you run a potential tenant’s credit, criminal, and sex offender history, you’ll have to pay to do so. If you have multiple applicants for the same home or unit, your time and costs could quickly become burdensome.
Since renting to someone based on your best guess is not a good idea, charging a screening fee allows you to get a comprehensiv ... Read More
Every landlord starts out with little to no experience, and if you've been in the game for long, you know that this initial inexperience can prove costly. Good research and quick learning are imperative. Fortunately, you don't have to figure this out on your own. Whether you're renting out your first property or have been a landlord for a decade, you should always check into the following aspects of a person's life before renting to them.
Employment histo ... Read More
Real estate is a dog-eat-dog world. If you're looking for an investment property to add to your rental inventory, you can almost guarantee a large handful of eager investors are doing the exact same thing in your buying area. How can you beat them to the punch? In order to get ahead of the game, you need to know where to look, what to look for, and how to attract the attention of the seller whose property you are interested in.
Finding Your New Investment Property
One of the most impor ... Read More