- Landlord News
Members of the armed forces can make great tenants, but you should first understand that military servicemen and women have special federal rent protections. These protections can have an impact on the eviction process and security deposits, and they may present you with other legal challenges. Here is information about the laws that benefit military service members and what you need to know about them.
Servicemembers Civil Relief Act
Perhaps the most important law you should be familiar w ... Read More
As a landlord with properties in areas with high seasonal turnover, it’s important to take steps to ensure you remain profitable throughout the year. There are different strategies you can employ that are related to turnover, and which one you choose depends on the area you live in and how you plan to generate your rental income during the off-season.
Seasonal Rent Variation Strategies
There are countless areas around the country that experience seasonal downturn of tenants. Like man ... Read More
Evictions are unpleasant but sometimes necessary. For property owners in Seattle, it’s important to understand what situations allow for a legal eviction and how to go about performing an eviction properly. By following all eviction steps, you can protect yourself from legal difficulties and remove your tenant as quickly as possible.
Just-Cause Evictions in Seattle
In the state of Washington, there are no "just-cause" eviction laws for tenants, and this makes it far easier ... Read More
Collecting overdue rent can be one of the biggest headaches any landlord can experience. If you’ve exhausted all other options for collecting your rent, you may find yourself considering the use of a collection agency to recoup your losses. Here is what you need to know about working with a collection agency, how to help them track your former tenant, and how to work with them over the long-term to obtain overdue rent.
Preparing a Proper Case
If you’re at the point where you&rs ... Read More
Tax time isn't easy for anyone. There are tons of calculations to do, forms to fill out, and money to pay to the government. However, it can be particularly challenging for a landlord. They are technically running a small business and have many expenses to track and accounts to manage. If you're a landlord who isn't looking forward to tax time this year, fear not. The following list of tips can help give you some ways to manage your finances during the year, making tax time as stress ... Read More
If you’re a landlord, the last thing you want is an audit from the IRS, but it’s a challenge you need to be prepared for. Proper record keeping and an understanding of how tax law works are essential to protect yourself legally and financially. Here is a guide to ensure you know the ins and outs of tax law, and have the right strategy to save on taxes without crossing the line into illegal territory.
Record Keeping the Right Way
Perhaps the most important step you can take is m ... Read More
Whether you're a new landlord or have had a rental property for a few years now, there are tax mistakes that many landlords make that you should know about and avoid. Below are six common mistakes landlords make.
1. Not Planning for Taxes
A lot of investors don’t have a tax strategy or understanding of the tax-saving options available. Some landlords see taxes as the job of their accountant and aren't interested in improving their personal knowledge.
It’s best to work ... Read More
When you become a landlord, you will need to get an accountant. Remember to consider your choice carefully, though, since the wrong accountant could leave you in a mess. Here are nine mistakes to avoid when choosing an accounting firm.
1. Not Understanding Fees
Some accountants charge one rate for each of the financial tasks they do, like preparing statements, compiling a new worth statement, or filing a tax form. Others charge for each minute, meaning every time you call them, you are goi ... Read More
While a short or month-to-month lease offers flexibility for both renter and landlord, most property owners prefer long-term tenants, and for good reason. Long-term lease agreements save property owners the expense of continually having to market and advertise a property to potential tenants. In addition, having long-term tenants ensures stable and continuous profit for the property owner.
Below are some ways to convert transients and seasonal renters into long-term tenants. The cost of these p ... Read More
Tax time is just around the bend, and while this time can be stressful for anyone, it's often particularly challenging for landlords who often have to handle somewhat complicated tax preparations for multiple properties and their own small business. One area of tax prep that many landlords have questions about is what to do about contracted people that do work for them -- like plumber, electricians, maintenance workers, and more. While business owners that contract work out usually have to f ... Read More
If you are a landlord in Boston, you need to thoroughly understand eviction laws when you need a tenant to vacate your property. Boston eviction law is considered to be relatively friendly toward tenants, but there are strategies that allow you to legally evict. Here is what you need to know about eviction laws in Boston.
Serving a Notice to Quit
Evictions can be frustrating and can present legal problems if not done properly. The first step is serving a Notice to Quit to your tenant, outl ... Read More
Landlords already know that when it comes to paying taxes, the system heavily favors landlords who are renting to tenants. Renters don’t get any tax breaks for renting, but landlords can reap great benefits if they are smart about filing. The U.S. tax code has many stipulations that let property owners reduce the amount of taxes they owe. Here are some tips on federal tax deductions for landlords that will be especially helpful to those who own multiple properties.
Current Expenses vs ... Read More
You have a weird feeling about a potential tenant, so you pay special attention to your due diligence when you're screening the tenant. Their landlord references provide you with all sorts of glowing information, or bare minimum but positive information. You go through a tenant screening service and don't find any problems there, either. Sometimes you go against that gut feeling that you had and let them stay, only to find out they're the sort of tenant who is going to give you a hea ... Read More
Section 8 is a helpful government program that subsidizes housing for low income tenants. While some Section 8 housing is public and government-owned, many Section 8 tenants live in housing owned and provided by private landlords. If you're planning to rent to Section 8 tenants, check out the list below for five steps to ensure you find great Section 8 tenants.
1. Apply to be a landlord
You must apply to become a Section 8 landlord, and can do so by contacting the housing authority in yo ... Read More
Although the Section 8 program offers some great advantages, including guaranteed rent payments from the government and free advertising, many landlords have good reason to be cautious about tenants applying under this provision. Because Section 8 housing is designed for people who can't otherwise pay full rent, many landlords think these low income tenants can also bring unwanted behavior, like drug use and other criminal activity, into their rental communities. While some Section 8 renters ... Read More
The real estate market in Washington, D.C. is booming, with increasing home prices leading to a high number of renters. But D.C. has one of the most strictly regulated rental markets in the country. One unique feature of D.C.'s rental market is that tenants have the right to opt for a month-to-month lease after their initial one-year lease expires. This means any tenant can choose not to renew their lease, but are allowed to remain in the unit under the same terms as their previous agreement ... Read More
Renting to a new tenant can be an exciting — but scary — undertaking, so one of the best ways to ensure that you're renting to someone reputable and trustworthy is by checking with their previous landlords. Ensure that your potential renters include contact information of at least one prior landlord on their application so you can discuss their history. Use these tips to decide what questions you should ask of previous landlords.
1. What was their address and how much rent did ... Read More
Designed to help low income tenants find and pay for quality housing, Section 8 is a nationwide program in which the government pays up 70 percent of the tenant's rent for them. For landlords, Section 8 housing can seem like taking a dip into a pool of low quality renters, but this is not always the case. In fact, most of the nearly 2 million Americans who receive Section 8 vouchers are families with children just looking for affordable rents in a decent area. By offering Section 8 housing t ... Read More
Finding a good tenant sometimes feels like looking for a needle in a haystack. You run into all sorts of situations, such as the person who can only pay in cash, the prospective tenant on their third eviction in as many years, or the family who wants to move their entire extended family into a two bedroom apartment. You finally find someone who looks great on paper, but there's only one issue: they don’t have any landlord references. A prospective tenant may have several reasons why th ... Read More
We've all been there. It's time to fill a vacancy, and the tenant screening process begins. Securing a responsible tenant can save you potential headaches in the future, so what are the most important things to watch out for during the first showing? What questions should you ask prior landlords? We've done all the research for you and uncovered the top five red flags to be aware of during the screening process.
Red Flag #1: Failing to Provide Photo Identification
Tenants with we ... Read More