No landlord jumps into the rental business looking for terrible tenants. A quiet tenant that pays rent on time, alerts you if there are maintenance issues, and doesn't bother their neighbors is a dream come true. There's no way to be 100% positive as to how a tenant will behave after they sign that lease (some will do a complete 180 on you and you'll hardly feel like they're the same person), but there are good, preventative measures that you should follow every time to avoid the truly terrible ... Read More
Property managers can be a great asset to a landlord if chosen correctly. There are many reasons that you might choose to allow a company take care of your properties for you. Perhaps you are what is referred to as an 'accidental landlord' in which you inherited a property that you decided to rent out or you had to move suddenly and needed a way to cover the mortgage on your old house. If you invest outside of your local community you may find that it's better to invest in a property management ... Read More
Everyone wants to save money, and with a few tips to keep yourself organized for next year's tax season, you can help maximize your tax income deductions. Real Estate investments are a great way to help ease the burden of the income tax, but you've got to be prepared for the all the forms that you'll have to fill out to make sure it's done right. You can't jump in last second and hope that it all comes together in the end.
The first things to do to make sure that you stay organized is to get to ... Read More
It can be a good thing or a bad thing when that notice comes through that a tenant is moving. If they were terrible, called at all hours, complained about everything, all while never paying their rent on time, you're probably happy to see them go. What you're likely not as happy about is the fact that it's now time to get the property ready for a new renter and find that new renter.
Hopefully you were able to do a walk through with the out-going tenant before they were gone entirely. This will ... Read More
When looking for a place to invest, there's not just one great market in the United States, but Detroit has certainly caught attention recently, and may be worth your consideration. Occupancy rates are skyrocketing and if you're willing to fix a place up, you can buy a house for a very low price. Investors can expect 30% gross annual returns for their rental properties right now. To put that in perspective, the national average is 10%.
Rents are being pushed higher with the occupancy rate climbi ... Read More
With every job comes its own set of stresses and being a landlord is no different. Some people buy a rental property as an investment because they believe all they'll need to do is to find a tenant and the rest will just fall into place. They don't realize just how complicated the business can get if you're not prepared. Screening a tenant doesn't just mean that you sit down, have a chat, and react to what you see in front of you. There's so much more than comes with it than that. First you have ... Read More
Tax season is stressful. Add onto that refinancing of your rental home or any property in general and the stress only multiplies. Everyone around you is asking for documents and you're just looking for a way to make everything run just a little smoother.
While some stresses that accompany investment into real estate and property management are unavoidable, stress during tax season can be eased by making sure you're organized before it hits. Solid bookkeeping is essential to easing your stress d ... Read More
Screening a potential tenant is the first step to finding the right one. If you accept a person into the rental home on a first impression, gut instinct, or anything other subjective reason, you're opening yourself up for a headache. If you choose one person over another without any solid reasoning behind it, you may find that the applicant denied claims discrimination. It's always good to have a steady process in place to avoid even the appearance of discrimination and you should always stand b ... Read More
When screening applicants for a rental property, landlords should always be careful on how they approach the screenings. There are both federal and local laws that protect applicants from discrimination, so make sure to know those well as you set out to find your tenant. Be careful how you refer to the applicants and the way that you approach the questions that they may ask.
In this article, a potential tenant poses a question on if it was discrimination for the landlord to imply that he might h ... Read More
Deciding to hire a property management company can be a bit daunting. Many landlords will try to manage their own properties before breaking down and searching out the best one that they can find. A number of reasons could drive you into that search. Perhaps you bought a property outside of your local area. Maybe you became an 'accidental landlord' because your job required you to move quicker than you could sell your house. Sometimes the time that a property management company can save you is j ... Read More
A landlord in SoHo has warned his rent-stabilized tenants that the building in which they live is unsound and they'll need to move so that he can make the major repairs needed. Ken Rosenblum has gone as far as to ask a judge to kick the people out so that he can make those repairs, saying that the front of the building is falling off. While there have been violations opened against Mr Rosenblum, but investigators have said there is no structural damage to the building.
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Landlords in San Francisco are fighting the Airbnb trend. Many of their properties are rent-stabilized and their tenants are making more off the property that they are renting than the owners are allowed to make. Frustration is high and evictions are being served. Some landlords are giving their tenants 72 hours to correct this violation of their lease, but others are claiming illegal activity and aren't waiting to start the eviction process at that point. Many of those that are given warnings, ... Read More
There are often misconceptions when a person buys up a property with the intent to rent it out. Sometimes they may believe that all they have to do is buy it, rent it out, and kick back. It's a nice theory, but being a landlord is a job, not a hobby. While it's considered 'passive income' it's anything but passive if you're both landlord and property manager. You're responsible for everything that happens.
Is the property vacant? You need to market it. Has the tenant sent in their rent yet? No? ... Read More
As a landlord you may choose to hire a property manager to take some of the burden off of you. If you do, always remember that you are liable as the property owner for what that management firm does while in your employ. If any of the fair housing laws are broken it is likely that it will come back to you as well as the property management company. In the end, you are ultimately responsible for those that you hire and how they treat the tenants in your properties.
There are steps that you can ta ... Read More
In NYC complaints have been heard from rent stabilized tenants that they feel as if they are being discriminated against in some buildings where the landlords will not allow them access to the amenities that those that pay higher rent rates have access to. Assembly member Linda Rosenthal is pushing for a new bill that would fine landlords and property owners $25,000 for their actions and refuse them the ability to raise rent on any other tenants until they have paid it and allowed the rent-stabi ... Read More
Next to screening a tenant the lease can be one of the most important parts of of the rental process. In the lease you'll detail out what is expected from both parties and what the consequences are if one party does not abide by that agreement. This is the document that, should you have to evict your tenant, you may go back to to say that they made an agreement with you and gave you their word that they would follow that agreement. This is where you will detail out the amount of rent that they'r ... Read More
As a landlord or property manager there are times that you think you've checked everything that you can. After you've preformed your due diligence, they look great on paper and you let them move in. Sometimes they turn out to be the fantastic tenant you expected, but sometimes they surprise you in the worst kind of ways. That's when you go back to your lease for help in handling the situation.
A lease will be made up of what is legally required in your state (including the specifics of how much ... Read More
There's no doubt that every property does not fit a tenant's needs when they're looking for their next home, but the reverse is true as well. Not every tenant fits the property. While you do not want to accept a tenant that you will constantly be clashing with and that has little to no respect for you or the property that they're renting from you, as a landlord and property manager you will need to be very careful on how you go about your screening processes. There are questions that you may not ... Read More
Landlords across the country are aware that they must keep safe and sanitary conditions for their tenants, but the Ohio Supreme Court recently ruled that the ability to sue over these conditions can be extended to guests of the tenants. Prior to the ruling by the supreme court, a guest of a tenant at Northgate Apartments had lost her lawsuit against the apartment complex when she sued claiming negligence on their part. A light had been out in a stairwell and she stumbled, falling through a glass ... Read More
Keeping quality, long-term tenants takes a lot of the stress out of managing your properties. Some you will have no control over. A job will cause them to move or any other number of life events could cause them to move, but there are certain things that you, as the landlord, can do to try to keep those tenants a bit longer. Even if they don't always stay, these tips will help improve their review of their stay in your property and that helps to fill the vacancy quicker.
The first rule to keepi ... Read More