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
Flaws in traditional background searches have long been a common sticking point when it comes to topics such as gun control and immigration. As the National Association of Professional Background Screeners says, “There is no single government database containing complete and up-to-date records regarding a person’s criminal history.” These types of searches also fall short with tenant screenings, but if you understand the limitations of traditional background searches, you can b ... Read More
All landlords know that running a rental property comes with a whole host of responsibilities. But there are plenty of hidden responsibilities that many property managers aren’t even aware of. For instance, imagine someone showing up at one of your properties to view it because she’s interested in renting it. You’re confused because the property is occupied and not for rent, but she insists that she saw it for rent on Craigslist and shows you the ad. Guess what? Your property h ... 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
Many landlords are content with renting out a single property to keep things simple, but if you're more interested in expanding your investment portfolio, you may be ready to look for a new property. If you're going to make this type of commitment, remember the main rule of real estate: Location is key. Fortunately, you can easily research several aspects of a community to see if it's right for you.
1. High-Ranked Schools
Local schools are one of the main things renters look fo ... 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 might be confronted with situations where your applicant has no credit history. This is normally a problem, as a credit history can tell you whether an applicant has a history of making payments on time, previous issues with landlords and outstanding debts that they’ve failed to pay. However, the fact that an applicant has no credit history doesn’t necessarily mean they won’t make a great tenant for your property. Here is a guide offering 5 tips for what you ... 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
Depending on where you live, you may terminate a lease if you or a family member needs to move into one of your rental properties. Laws governing these evictions will vary by city, making it pertinent that you check your local regulations. Read on to learn in which circumstances you may perform an owner move-in eviction (OMI).
Individuals Protected From OMI Evictions
Only certain cities, usually those with rent-controlled apartments, allow for OMI evictions. Pay close attention to the word ... Read More
If you have a new property ready to be introduced to the rental market, but have little to no idea how you should price your home, condo, or apartment, you are not alone. Whether this is your first rental property or the latest in your rental empire, determining the desirability pricing of a rental space can be tricky.You want the property to be affordable enough to be attractive to tenants, but you also want a price tag that will demonstrate the quality of your space. Last, but not least, you w ... Read More
If you have not had a nightmare tenant yet, consider yourself lucky. These tenants miss payments, sneak in pets despite the terms of the lease, and generally break key agreements you established with them. When a tenant breaks the terms of the lease, ideally you will have clear and legally enforceable expectations for what happens next. That could include warnings, penalties, and even eviction if the issues are serious enough. However, what do you do when you have troublesome tenants who are mak ... Read More
Every landlord starts out with little to no experience, and if you've been in the game for long, you know that this initial inexperience can prove costly. Good research and quick learning are imperative. Fortunately, you don't have to figure this out on your own. Whether you're renting out your first property or have been a landlord for a decade, you should always check into the following aspects of a person's life as part of your tenant screening process before renting to them. ... Read More
Real estate is a dog-eat-dog world. If you're looking for an investment property to add to your rental inventory, you can almost guarantee a large handful of eager investors are doing the exact same thing in your buying area. How can you beat them to the punch? In order to get ahead of the game, you need to know where to look, what to look for, and how to attract the attention of the seller whose property you are interested in.
Finding Your New Investment Property
One of the most impor ... 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