When you want to expand your business and buy more rental properties, understanding current real estate trends is critical. Housing patterns can vary considerably from place to place and current events can change trends rapidly, but some general trends are at play that may be advantageous for your business.
Low Mortgage Rates
Mortgage rates in the United States have stayed low in 2015 and can be expected to do so in the future. The Fed has kept interest rates low because of precarious situ ... Read More
Smokers make up 16.8 percent of adults in the United States, according to the Centers for Disease Control. You broaden your potential renter pool if you allow smokers to rent from you, but you have to consider the long-term implications of having smokers in your rental property. Smokers are not a protected class under the Fair Housing Act, so you have complete control over whether these renters are allowed in your property without discrimination concerns.
Long-Term Property Concerns
When a ... Read More
Living in a community means being considerate of those around you. As a landlord, you must ensure that your tenants maintain this basic courtesy for their neighbors. In return, you must deal with their complaints about others’ noise.
Start Out Right
The best way to deal with noise issues is before they happen. Include a section in your lease about noise and any rules or regulations to be followed. For instance, if there is a noise ordinance in your neighborhood, the lease must comply ... Read More
Your tenants have the right to the quiet enjoyment of their home without you telling them how to act, but there are some lifestyles that threaten the health and safety of your property. Tenants who are very messy or who suffer from a hoarding disorder create an environment where the rental unit is unhygienic, a fire hazard and at risk for major property damage. You often don't have the option of simply evicting tenants for these conditions, as that action may run afoul of the Fair Housing Ac ... Read More
There’s no question that social media plays a role in real estate these days. Buyers and renters use platforms such as Twitter and Facebook to find properties, while landlords and sellers also use those platforms to market their properties. For landlords and property managers, another great use of Twitter is following accounts to keep abreast of news that’s important to them. Here are the 10 top accounts you should consider following.
@zillow: Follow the king of real estate lis ... Read More
Changes in the rental landscape can cause your vacancy rates to go up and down. Regulatory changes can make shifting tenants more difficult or change the timeline needed to provide notice to vacate. As laws change and the real estate industry expands and contracts, you need to stay on top of changes to know how to keep your properties full, without spending time tied up in court. The best way to do that might be through social media. These 7 Facebook pages can help you keep up with new laws, exp ... Read More
Whether you’re renting an apartment in New York City or offering a house in California, you must remain compliant. Your specific responsibilities depend on the state and locality of your rental property, but there are some general requirements in place nationwide. Here’s what you need to know about being compliant in the U.S.:
Know Your State and Local Laws
Most states, cities and towns post landlord-tenant laws on a website, while others may have a pamphlet you can get at a lo ... Read More
If you have a rental in a vacation hot spot, you will probably be faced with a peak rental season and a slow season. Landlords often worry about their rentals sitting vacant during the slow times of the year, fearing a possible painful loss of income. Nobody wants to lose money on a rental investment, and there are several tips that you can take to help extend the rental season and keep your income flowing.
Tenants – If you want to keep your rental unit rented year round, be extra pi ... Read More
Landlords have to be smart about accepting new tenants. The screening process is a vital, as it keeps your property well maintained and your other tenants happy. However, it's sometimes not feasible to meet with an applicant in person, whether you manage your properties from afar or if the tenant is applying from a distance. Despite this distance, there are still numerous ways to properly screen remote candidates, through video conferencing services like Skype.
Fir ... Read More
Most landlords have experienced the annoyance of a tenant breaking a lease before the term is up. There are also situations, though, when you may need a renter to vacate your property prior to the lease's renewal date. While several methods exist to evict prior to the renewal date, only a few won't land you in hot water. By following the appropriate legal avenues, you stand a good chance of evicting your tenant.
What Landlords Can't Do
It's just important to identify techni ... Read More
Soon a new president will be elected, and the race is starting to heat up. For landlords and property owners, it’s important to understand how the 2016 presidential race will impact the industry. Hillary Clinton, Bernie Sanders, Donald Trump, and Jeb Bush are leading in polls in a very crowded field, and each has different views on the real estate market that could affect you if elected.
Donald Trump’s name is synonymous with real estate, the industry in which he m ... Read More
Presidential candidates are making their views known before the debates, which is prime time to figure out how these views could affect the real estate and property management market. While it could take time for major shake-ups in laws and regulations to really impact your bottom line, knowing about the political views of candidates gives you time to prepare.
The Republican candidate Donald Trump comes from a background with extensive real estate experience. His father, Fred Trump, handled ... Read More
Real estate speculation is when you purchase real estate with the expectation that you'll be able to sell that property for a profit, usually within a relatively short time frame. Obviously, there is risk of a loss in this, which is why many landlords choose to rent for some time before advertising a certain home for sale. If you have a property you wish to sell because you feel you can make significant gains, but currently have tenants, there are certain things you must know and do to ensur ... Read More
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 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
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
Electricity is a necessary evil for everyone. Whether you own a home or a whole building, there will be costs for both the supply and the actual provider of the electricity. While you'll always have to pay for this utility, there is hope for owners who live in one of the sixteen states (the District of Columbia, Connecticut, Delaware, Illinois, Maryland, Maine, Massachusetts, Michigan, Montana, New Hampshire, New Jersey, New York, Ohio, Oregon, Pennsylvania, Rhode Island, and Texas) that hav ... Read More
Is your property located near a college or a large company? Although you're blessed with a potential surfeit of tenant applications for your rental property, you may be at a loss because most of them are from outside the state. Accepting tenants from your own state can be daunting on its own. For your out-of-state applicants, you'll find yourself in a much better position if you streamline the process. Don't assume you will run into a problem. Instead, conduct proper research and fol ... Read More
There are countless things landlords have to worry about on any given day, and when several states decided to deregulate their energy markets, it created one more potential concern. In regulated markets there's not much for you to worry about, but if your property is in one of the states that has deregulated energy, a few things might have changed for you. Either way, it's important for all landlords to understand a few things about energy regulation and deregulated markets.
Underst ... Read More
In years past, landlords could spend hours researching rental laws at the local library and sometimes still end up needing legal help. The Internet, however, has changed this to an extent. With just a few clicks of a mouse, you can find the legal codes of your state and even necessary legal forms to help rent out a property. There are certain legal documents, though, that should stay outside of the realm of "do-it-yourself." Randomly downloading these documents, or typing them up yours ... Read More