- Landlord News
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
New York City has one of the most expensive real estate markets in the nation and draws plenty of interest from landlords. It's a hard market to break into—especially if you spend millions on an apartment or building and then get burned by tenants. There are a few unique aspects of the New York City rental scene to keep in mind if you're tempted by this high-powered market: rent control laws and the tenant blacklist.
New York City Rent Control Laws
The majority of New York City ... Read More
Section 8 housing, also known as the Housing Choice Voucher Program, provides housing subsidies for low-income renters. The program helps these families gain access to better-quality housing than they could otherwise afford. To qualify a property for Section 8 housing, landlords undergo an application process and a rental inspection to ensure you adhere to all local housing laws and regulations. Once you get through the application and inspection, your properties are eligible for Section 8 tenan ... Read More
Just because a tenant does not have a rental history doesn't mean that he or she is potentially a less qualified tenant than those with plenty of history. First-time renters have often just graduated from college, spent time in the military, or have been involved in roommate situations in which their name was not on the lease.
Although a lack of rental history shouldn't prevent you from renting to a potential tenant, you should still spend some time investigating his or her background ... Read More
You enjoy the experience of being a landlord, especially the income generating part of it. However, if you don't have the time to enjoy the money, what's the point? Your property management duties take up a lot of time, especially when you're starting out. You've got technology on hand to help you work smarter and more efficiently, such as accounting software, work order management, and electronic document signing.
1. Accounting Software
Filling out your taxes with income gen ... Read More
You may have spent plenty of time researching the basics of being a landlord, but one thing you might overlook in the flurry of activity that comes with a new business venture is how to set yourself up for long-term success. It's hard to look past all the short-term tasks that need to be done, and take a look at the big picture. However, planning for long-term success is essential if you want to move from owning a property or two to achieving financial independence through property managemen ... Read More
Being a landlord definitely has its perks, but there are also undeniable stresses that come along with this job as well. One of the more nerve-racking aspects of this life is dealing with tenants who don't live up to expectations. When this occurs, the lengthy process of having the tenant evicted can begin, but these scenarios don't always end the same. One possible outcome is that the tenant moves out before the court date and, in these instances, landlords need to ensure that they hand ... Read More
Face it: Even if you're the best landlord or property management company ever, you're bound to upset some tenants eventually. Maybe you didn't have the resources to complete a maintenance request in time. Maybe you lost some records, and your tenant is frustrated. Maybe you didn't return an entire security deposit, and your tenants dispute the charges. Maybe ... well, maybe you didn't do anything wrong at all.
It was bad enough in the pre-Internet days when stories about bad ... Read More
Not all marketing tools and techniques cost heaps of money and time. Take social media marketing, for example -- a technique that every property manager can utilize, no matter their experience level or budget. Google+ is one social media tool that not only gives you the benefit of a robust online profile, but also provides you with direct communication to your followers. It also helps to improve your local search marketing efforts, which can garner the strongest leads on tenants.
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At some point, almost every landlord encounters a bad tenant who doesn’t pay rent on time or owes money for a damaged apartment. While these situations may prompt you to take to a punching bag, this isn’t always the best course of action. Instead, consider reporting them to the credit bureaus. There are plenty of reasons to report your client to all three credit bureaus, and this article will help you understand the benefits of taking this extra important step.
Costs and Benefit ... Read More
One of the most troublesome aspects of being a landlord is tenants who skip on their payments. While doing thorough research into the tenants before renting to them can reduce the frequency of this, even the most thorough landlords are sometimes caught by surprise. When this happens, it’s important to know what your legal rights are. While the process varies from state to state, there are a few general guidelines to follow.
1. Perform an inspection
You have to give notice to the resi ... Read More
Renting your property to tenants can be a great way to make a living or earn extra money on the side, but without proper diligence, it can also be a source of tension, stress, and financial burden. The biggest way to prevent headaches and stress when dealing managing tenants is to screen them properly before they sign the lease and take control of your rental space.
In this blog, we’ll touch on the main steps of the tenant-screening process. These steps, plus a background check, can wee ... Read More
When investing in real estate, there are always a few questions that must be answered before you start. One of the most basic is: What types of property make the best investments? Mixed-use properties have a different set of benefits and challenges than strictly residential. Multi-family properties can produce more income, but they also come with larger expenses. Single-family homes may be easy to start, but they have hidden costs down the road. Many investors swear by multi-family properties as ... Read More
When tenants go bad, a landlord who knows how to tip-toe around an impending legal battle has more to gain by keeping the law on his or her side. For a common-sense approach to managing unwanted tenants, pay keen attention to these rights and limitations of landlords related to residential rental housing.
Eviction Actions to Avoid
1. Don’t change the locks on property entrances! There are times when tenants do things that are so infuriating that landlords lose their heads, especially whe ... Read More
No matter how good your tenant selection process may be, it's bound to happen. As a landlord, you will have a tenant who stops paying the rent. While showing up at the property, angrily demanding money, and refusing to maintain the property might make you feel better or teach your tenant a "lesson," none of that is a good idea. Follow these seven steps when your tenant stops paying their rent to find the quickest and most legal resolution.
1. Talk to Your Tenant
If this is a ne ... Read More
Being a property manager or landlord can be a stressful occupation. Unfortunately, tenants who refuse to pay rent can make the job even more disheartening. Luckily, there are legal options for a landlord who isn't receiving rent, and it's important to understand these options. Similarly, it's just as important to understand what a landlord can't do during an eviction process.
The Proper Process of Handling a Tenant Who Refuses to Pay Rent
When a landlord simply wants the rent ... Read More
Your tenant has several guests coming and going on the property, and it seems like they're sticking around for the long run. Your original tenant has the legal responsibility for sticking to the lease agreement and keeping the property in good shape, but these guests aren't on the lease and have no legal or financial obligation to the property. It's a situation that's ripe for disaster for yourself and the original tenant if things go wrong. Here's how to handle unwanted long ... Read More
Renting is popular for those new to an area or saving for their own property. As a landlord, a good tenant is an asset and avoids problems such as non-payment, trashing a property and illegal activity. Landlords should take steps to avoid approving an application from a "tenant from hell." Here are some tips for finding good tenants:
Do Your Homework
Before your apartment is finished and ready to let, it is worth planning that advertisement to reflect the type of client you want. ... Read More