Well-chosen property insurance packages provide an essential safeguard that landlords shouldn't take take for granted. Solutions offered by insurers can be tailor-made based on your specific needs, allowing you to obtain the best deal for your money. Choosing the wrong package compromises your ability to recover in the event of a loss due to inadequate coverage.
Use an insurance calculator to make sure you have sufficient coverage for your properties. The appraisal must take into account ever ... Read More
The application process for a rental unit can be stressful. If you've done your job at marketing it correctly you should be receiving interest from a variety of different people and that's where a whole new part of the rental experience begins. After a while of sitting and staring at applications you may have trouble trying to decide how you want to shift through them to find out who you want as your next tenant. The reality of the situation is that you will have to deny some interested parties, ... Read More
If you've been a landlord very long, you're likely to already know that some tenants will push boundaries more than others. What this means may vary from tenant to tenant, and it doesn't automatically make them a bad renter, per se, just one that may need a little more work than others.
The first type of needy tenant comes in the form of a worrier. It's not that they think you've done something wrong, but they're worried that they've missed something or that you have and they want to head off t ... Read More
You want to have a long and happy relationship with your current tenants, but things don't always work out. If you find that you're running into the same issues again and again with them, the problem may stem from an inability to pinpoint red flags during the application process or during their tenancy. There are plenty of red flags to look out for throughout the time you spend with a tenant, but here are five major ones that you need to keep an eye on.
1. Unstable Employment
The e ... Read More
When you decide to buy a property to rent out to tenants you are taking on certain responsibilities. The day-to-day actions required from you may be less should you choose to hire a property manager or a company to help you with this, but in the end if you own the property, the responsibility for that property falls on you.
If you're acting as both landlord and manager of the property you may have quite a bit of work on your calendar (and certainly some that shows up suddenly). Tenants may call ... Read More
According to a recent survey, over 70% of renters in America own a pet. Without a doubt this means that the likelihood of your applicants being or becoming pet owners is a pretty high bet and it may be in your best interest to look into marketing your rental as pet-friendly. Even so, you don't want to lose money due to damage caused by your renter's furry friend, so it's will also be in your best interest to set up restrictions on what kind of pets you will accept. Some insurance policies will h ... Read More
Even if you have a 'day job' of sorts, it's always imperative to remember that landlording is a job, not a hobby. You may not use it as your primary source of income, but that moment that you buy a property with the intention to rent it out to a tenant, you've decided to take on a second job. Hiring a property manager or a property management company will help add a layer between you and your tenants that you may or may not want, but if you choose to work with them directly there is a certain le ... Read More
When you are working through applicants that are interested in renting your property from you there are some things that you should never (under any circumstances) neglect. One of those things would be a tenant screening. Making sure that you are accepting the best tenant possible will also help to ease you into a better relationship. A basic tenant screening will provide a credit and criminal check for you and these two things can, potentially, save you a good deal of trouble in the future. ... Read More
When you sign a lease with a tenant or multiple tenants, you should make sure that you have run a full tenant screening on every adult and that (when you find tenants to accept) that every adult that will be staying there is on the lease. This will allow you to know how many people will be in the home and what kind of tenants will be staying there.
If you sign a lease with one adult tenant that has one child, it is reasonable to expect that those two individuals will be the ones to reside in the ... Read More
When you make an investment in a rental property you're going to want to protect it from any possible damage. While tenants that are neglectful or even destructive can cause quite a bit of trouble, they're not the only dangers to your property.
Natural disasters are, at times, unavoidable. You can't pick up your house and move it under a safer shelter when a hail storm hits like you can a car, but you can be ready to handle any repairs that need to be made through the insurance that you take out ... Read More
When you look at buying a property to rent out, one of the many things to consider is location. Depending on the type of tenant you hope to attract you'll look at what surrounds the property, the kind of neighborhood it's in, the general price range that other rentals charge in the area and what you're planning to charge for it, and much more. You'll also need to make one more very important decision: do you plan to buy locally or will be you a long distance landlord?
There are advantages to bot ... Read More
When you buy a property to be rented out the mortgage is not the last check you write for it. There are a variety of expenses that come with owning a rental property. Some of those expenses can be managed easier if you catch maintenance problems early. A dripping sink is easier (and less expensive) to fix than a flooded bathroom.
Property walk-throughs and good communication with tenants are two of the best ways to help prevent large maintenance issues, though regular maintenance is a must. If y ... Read More
It will depend on which landlord you speak to on what the current opinion is about Section 8 properties. Some landlords love it and some hate it, and they'll have their own reasons and their own stories, but it's always good to check out all sides before choosing to jump into the middle of it.
When you open up your property to Section 8 tenants you often will find that in some cases very little goes into the marketing process. Your property can be put on a list at the Section 8 office and your p ... Read More
When you accept an applicant as a tenant you will both sign a lease. This is a legally binding agreement that puts into writing that you have both agreed to the terms. While you can often find a standardized lease for your state, experience will teach you many things as you continue on in the rental business and you may want to add certain things to that lease to handle situations before they actually come about. This will help you protect both your property and yourself if anything goes wrong. ... Read More
Marketing your rental will help you reach out to a wider audience, bring in a larger group of applicants, and (hopefully) choose the best applicant to become your next tenant from that larger pool. Sharpening your marketing skills will also help you reach that larger group.
Remember that while you may know your rental property inside and out, your applicants don't. They'll want to have as much information at their fingertips as possible. Make sure to provide relative photos and plenty of them so ... Read More
The tenant screening process can be stressful. You've already prepared the property and marketed it online to reach the widest audience that you can and, hopefully, bring in a good group of applicants to choose between. While a large pool of applicants increases your odds of finding the perfect fit for your property, it also brings in quite a few people that you will, eventually, have to deny or reject.
Pre-screening helps with this. There are a few things you can do for this. Let applicants kno ... Read More
A number of people in the United States keep pets in their home and often they're thought of as part of the family. When they start looking to move into a rental, one of the things that they'll be looking for is if the property allows that furry family member to stay with them or not. This could be a make or break for some potential tenants.
In a booming rental market you may have an easier time being choosy as to the kind of applicants you will consider. While some things are federally and stat ... Read More
Credit scores are used for a wide variety of things. You're probably most familiar with them when it comes to applying for your loans to buy your rental property and when you run tenant screenings on potential tenants. Did you know that it can be used to judge what kind of premiums you'll pay on your insurance that you use to cover your rental property?
When you begin to shop around for homeowner's insurance quotes an agent may ask you for your social to run your credit. They'll perform a soft c ... Read More
If your options are to receive more rent rather than less, that makes sense, doesn't it? To an extent, you'd be right, but when you're choosing what to set the rent rate at you'll want to take several things into account.
A higher number on the monthly rent may look great on paper, but that's only if you can get it. Some markets are booming and you can get away with asking for a little higher price for rent and still receive enough applications that you can choose the right tenant for the proper ... Read More
Marketing a rental can be a full-time job while you're at it. If you manage your own properties then you know exactly what all goes into finding a what you hope will be that perfect tenant for it. You have to prepare the rental. This can be anything from hiring a cleaning service to make sure that it's clean when applicants begin to apply to taking advantage of it being vacant for a short amount of time and updating the property. If damage has been done to the unit you'll need to get ... Read More