When it comes to being a landlord it's always best to remember that you are responsible for most anything that happens on your property, even if you have a property management company. If a tenant does not alert you to a clogged drain and the pipes eventually burst, it will still be your responsibility to get the plumber out there and pay for the visit and repairs. If a tenant is injured because of something that you could have fixed, likely you will be responsible for it. In some states, if a t ... Read More
Landlords and tenants will often approach things from a different perspective, but that doesn't mean that will necessarily put them at odds. When you accept a tenant into your property, remember that the lease you sign with them is an agreement on both ends. They agree to pay the rent on time, to keep up the property, and to abide by any rules that are set forth in writing at the beginning of the lease. In turn, you agree to provide them with a safe home and respond in a timely manner to their n ... Read More
When it comes time to decide where you'll make your next investment in real estate, you can't just look at one piece of the whole puzzle. Rent rate is not the only bit to look at. You'll need to balance that against the amount you'll be paying for the mortgage, in taxes ever year, and how much insurance will cost you. Some states are considered more landlord-friendly, while others lean more in the favor of tenants in most circumstances. These states tend to have very strict laws that often make ... Read More
Many landlords and property owners are moving towards smoke-free properties to keep down costs and non-smoking tenants happy and healthy. When a tenant that has smoked inside the property does move out they often will leave behind stained walls, smelly carpets, and various other unpleasant details that accompany smoking indoors. Some tenants that aren't as careful may even leave scorch marks in the carpet, making cleaning it entirely impossible. Since smoking is not covered in the Federal Housin ... Read More
Choosing to become a landlord can be stressful. Often it's a second job, and if you manage your own properties you might find yourself working at the oddest hours of the day. Even when you don't manage your own properties, you'll know that something may be going wrong in that very moment. The more properties that you own, the more income you may receive, but it will also bring about the issue of having to balance everything out.
When you decide that you're going to expand into becoming a landlor ... Read More
When you choose to rent out a property to new tenants you are opening yourself up for all kinds of surprises. Sure, you have done your due diligence and gone through the screening process, but not everything on paper matches up with reality. That's not to say that the screening process isn't a vital part of choosing a new tenant, but the reality is that sooner or later, if you're in the business long enough, you'll probably run across someone that looked a lot better on paper than they do as the ... Read More
The Fair Housing Laws cover a variety of discriminatory situations to assure tenants that they have a right to be treated fairly by landlords and property managers. As a landlord or property manager, it is your job to know these laws and abide by them. You may not choose to deny a tenant that is protected by these laws (for example, you may not choose to not rent to an applicant due to their religion, race, or family status, just to name a few examples). The law goes as far as to say that you ma ... Read More
Federal laws as well as many local laws have been set up to protect potential tenants from discrimination. As a landlord you'll want to take special precautions against even appearing to choose one applicant over another for a reason that might be against the Fair Housing Laws. This means that you cannot refuse to rent to someone strictly on the basis of their race, their color, their national origin, their religion, their sex, their family status, or if they have a disability of any kind. Many ... Read More
Some real estate investors become fixated on in their own communities. This can be a great idea if you want to be your own property manager and you live in a location that's good for investment. The market is always changing and there are more prominent locations for rentals than others, so you will need to do your research. Are you going to get the money in return for rent that you sink into the property for investment? That's a question that you'll need to look at and really run your numbers o ... Read More
Everywhere you look in America you'll see people on their phones. They're conducting business, talking with friends and family, or surfing the web. Many people have a smartphone now and some prefer using those rather than their home computers, so it's not surprising that many younger renters (and some older ones as well!) prefer to text rather than call or email. It's quick and it's easy, and sometimes your renter might just assume that this is the best way to get ahold of you.
Since texting ha ... Read More
Property management is all about balance. You'll need to effectively market the properties that you are responsible for while staying within the budget needed for them. Creativity can often go a long way when looking for new ways to reach a larger audience. Make sure you provide as much information about the property as possible so that the person looking at it will have it all at their fingertips when they need it.
While saving money is always part of the goal, you'll want to be careful where ... Read More
Some tenants communicate well and others do not, but as the landlord or manager of a rental property you should always make sure that your communication lines are open. This will need to start on the first day. When you choose an applicant to rent your property from you it is best to sit down with them at the lease signing and go over the most important rules with them. It's always good to highlight these so that they cannot claim ignorance later on.
As you see a wider variety of tenants move th ... Read More
You may think that good tenants are hard to come by, but really it often comes down to your screening process and how you handle the tenants once you've accepted them. You should have a clear-cut process for choosing tenants before you even list the rental. This will allow you to keep yourself safer against applicants that may claim you did not judge them by the same standards as the others. Remember: while vacancies cost money, so do destructive tenants. You'll want to make sure to get the best ... Read More
When you buy your first property with the intention of renting it out, it should be exciting. You're embarking on a new journey and one that can be, if done correctly, profitable to you. That's the reason we invest to begin with, right? If you look at a property manager with your first property will depend on a variety of scenarios, including how far you live from the rental property, how involved you want to be, and many other pieces of information that will send you down one of two paths: the ... Read More
If you've been doing some thinking about hiring a property management company to help ease the burden of management from your shoulders, you've probably been doing a bit of research on them. You've likely heard wild stories on both ends and some that you might have wondered if they were even true. Perhaps one property management company has a reputation of holding down the numbers and making everything fit just like you felt like you couldn't. Fantastic! Make sure to check their references. They ... Read More
Renovations on your rental property can help increase revenue, but remember that you should never break the bank just for an update that may or may not be needed. Spending too much may nullify the entire purpose of the upgrade, so always make sure you approach renovations reasonably.
Remember that this is more of a temporary home for your tenant, not a house that they're planning on buying. They will put less scrutiny into a rental home than they might a home that they are buying, so don't overd ... Read More
Investment can be a big decision. You do your research, you find the best route to take, and then you have to take that plunge. The more you invest, the more you might make back. Though, in some circumstances, it could be that you lose what you sink into it so you'll want to be careful and do all of your research.
Choosing to invest in real estate to rent out is no different. There are certain numbers you'll want to run and scenarios that you'll want to look at to make sure you really understand ... Read More
Landlords have a bit of a bad reputation in some circles. Some people are under the impression that all landlords are cut from the exact same cloth and that they'll do anything they can to undermined the tenant and boost their profitability. It's true that if you've decided to invest in real estate with the intention of holding and then renting that property out that you're doing so to make a profit. Isn't that the point of an investment? You are putting money into the property by first buying i ... Read More
The rental market has been on fire recently. With more people choosing to rent it has heightened the demand for properties for them to fill. That's great news for you as a landlord, but you'll need to make sure that you're charging appropriately for rent. Some states will put limits on how much you can charge (such as in rent regulated properties) and others may limit how much you may jump each year for rent. Even if your local laws don't, you'll need to really run your numbers to decide what yo ... Read More
Nearly 30,000 people were evicted from their properties in New York City last year and it's caused quite a stir. Council members are calling for the city budget to allow for attorneys to be provided to low income tenants that are being evicted from their homes so that, according to Councilman Mark Levine, the tenants will have a fair chance in court. The council is claiming that many tenants are being evicted that shouldn't be, but they do not understand the landlord-tenant laws for their area a ... Read More