Tenants come with a wide range of excuses for late rent. BiggerPockets contributor Joshua Dorkin turned to their forums for a few of those highlighted excuses for readers.
One individual said that they had the rent on the due date, but since the landlord did not call to specifically request that they pay the tenant went ahead and spent that money. Another said that they mailed it, but they’d didn’t put a stamp on the envelope. Another tenant preferred to buy tires over paying rent and yet anoth ... Read More
What are some of the best ways to handle delinquent tenants? Needless to say that if you can avoid an eviction, that will likely make your life as the landlord much simpler. Sometimes a tenant gives you no choice, but if you do have options, why not take a look at them?
The first step is obviously to screen your tenants thoroughly before accepting them into your property. Check their credit, their criminal history, eviction history, references, prior landlords, and employment. It may be a lot o ... Read More
Delinquent tenants are a landlord's fear. You can prepare all that you can, but if that rent stops coming in, something has to be done and done quickly. The first step is to reach out to the individual and try to contact them, requesting the rent that is owed to you as their landlord. There may be times that when you do get a hold of them you find out that they simply can't pay the money they owe you. That's when the decision needs to be made. Sometimes it might be more prudent to give them the ... Read More
LandlordStation to Boost Miami Association of Realtors Member Services
Property Management Software Now Available To Miami Members
Miami area realtors are getting a boost in terms of available online services thanks to LandlordStation. Announced today, an agreement was reached between the Miami Association of Realtors and LandlordStation LLC to provide specialintegration and marketing of LandlordStation’s cloud based property management software to Miami Realtor Association members. Stretching t ... Read More
Views on Section 8 rentals vary from landlord to landlord, but there are pros and cons with renting to Section 8 just as any other tenant.
One of the biggest perks of Section 8 is a regular rent check. While it varies from person to person how much the government will cover of their rent, that amount will arrive regularly in your mailbox each month. Many landlords are hesitant to rent to lower-income because they're afraid that the payment won't come through, but as long as the government cover ... Read More
Common sense says that you would prefer a less-than-perfect tenant over no tenant at all, right? If your property sits vacant for any length of time, it opens it up to possible vandalism, pests, and other problems that come with no one actively living in the home. That, and it doesn't bring in any income. Obviously those are things that every landlord wants to avoid, but jumping at the first interested party that comes to rent the property without properly screening them may land you with more m ... Read More
State law may regulate the extent a landlord may be able to go to in order to collect monies owed to them by a delinquent tenant, but there are some good places to start if you're having to collect from unpaid rent.
The eviction process is one of the ways to begin the process of receiving your money, or at least getting the tenant out so that you may fill the unit with someone that is more likely to pay what they owe. State laws differ on how many days you may give the tenant, so be sure to chec ... Read More
When you sign a lease with a tenant you are making a promise to them that you will abide by certain expectations. One of your responsibilities as the landlord (even if you've hired a property manager to play the middle man) is to make sure that the tenant is provided with safe and habitable living conditions. This can seem like a constant struggle with some properties, especially if they were not well maintained either before you bought it or by the tenant themselves. You may not even know about ... Read More
Not everyone that becomes a landlord knows quite what they're getting themselves into. Some people become 'accidental landlords' when they find the market isn't right to sell their house as quickly as they'd like or they hope to move back in someday. They didn't expect to become a landlord, but to pay the mortgage, something needed to be done. Now they have a tenant in the home that they once lived in and there are expectations that they never even thought of.
Even those that choose to be landl ... Read More
When you buy a property with the intent to rent it out as a landlord you are likely doing it to make money. While the landlord stereotypes of a businessperson that is willing to do anything to make a buck off of their poor, unsuspecting tenant is usually far from the truth, that doesn't mean that you're in the business for anything less than a profit. You want to fill your properties with tenants that will pay their rent on time and take care of the home as if they were paying the mortgage on it ... Read More
No one goes into a business wanting to lose money. Owning a rental property is no different. When you embark on investing in real estate and becoming a landlord, it's often prudent to take advice where it's given. Granted, not every piece of advice you'll receive will work for you, but you'll be able to work through it and find what does. Other landlords that have been in the business longer will have many stories, both good and bad, and can often provide helpful hints on good policies to keep a ... Read More
There are many ways to learn lessons as a landlord. The hardest can be from your own mistakes, and this is how many people learn. They go into the business with wide eyes and all the hopes for snagging the perfect tenants and padding their retirement to wake up one day and find that nothing is like they expected. Their tenants are nothing like they had envisioned. They don't pay their rent on time, they don't take care of the property, and they complain. A lot. At 3AM. It's enough to ... Read More
Large companies that own properties all across the country can afford to have a high turnover rate. They're constantly switching out tenants, receiving new ones and losing old ones. This doesn't meant that they're necessarily bad at managing their property, but they may not have as much of an incentive to keep good tenants as a single landlord would. For you as a landlord that owns and manages your own properties, when you receive that notice that your tenant is leaving you are looking at hours ... Read More
When it comes to being a landlord tips are always useful. No one will know it all, but with each passing year managing a property, and with each new property added, you'll gain experience. Even with experience, though, it's often helpful to take a look at what others in your industry have learned to better work out any problems before the arise in your own ownership experiences. It helps to learn from other people's mistakes so that, hopefully, you can avoid at least a few on your own. Seeking o ... Read More
Landlord and tenant disputes happen, but keeping them in perspective is key. The problems may seem bigger, depending on which party is looking at them. Keep in mind that the tenant is looking at their credit score and their living space when it comes down to their agreement with you. Taking a breath and looking at the issue without getting into a yelling match with the tenant is going to help in the long-run, no matter how frustrated either party may become. When they contact you in a panic over ... Read More
If you rent your property out long enough, the odds are that you will eventually come across a demanding renters. These are the tenants that cannot be pleased, no matter how hard you try, and they often make unreasonable demands that will take away from your other duties.
While state laws may differ in exactly what this means, each will have a minimum requirement that the landlord must keep the property that they are renting out habitable for the tenant. Make sure you know your local laws and k ... Read More
Becoming a landlord can be a great way to fund your retirement plans, but it's not for everyone. When looking at options as to if you should buy an investment property to rent out to tenants, there are certain things that you should consider.
The first is time: A rental property can take a few years to bring about a stable income and cash flow. There are many variables that go into the profitability of a rental property, including location and the markets that surround that location. If you hav ... Read More
There are some investors that believe that buying a single-family home with the intentions to rent it out will be the best investments a newcomer to real estate can make. If the property is located in a good neighborhood it can allow for a steadier tenancy rate than you might receive elsewhere or with multi-family units. When your researching neighborhoods to invest in, make sure to take into account surrounding properties and amenities on hand. Proximity to restaurants, places to shop, and a go ... Read More
If a tenant thinks that simply moving away from the property will cancel out the debt they owe to a landlord, they are mistaken. In the same way that a creditor such as a bank or a credit card company can pursue payment due to them, so can a landlord. Even if they have abandoned the property the landlord may take the tenant to court through the eviction process. Once the judge rules in the landlord's favor the tenant will need to leave (if they haven't done so already) and pay what is owed. That ... Read More
Getting the most out of your rental is every landlord's goal. There are certain things that you can do to help yourself in every aspect of the leasing process. Choosing a price for your rental is not a guessing game. It can be worked out through research of the area and an understanding of the market. Check the prices of similar units int he surrounding area and choose a rent close to theirs. You don't want to go too far above or too far below the market price as they both may ... Read More