iPhones can be immensely useful for helping to run any business, and property management is no exception. Within the App Store, you'll find tools to help you organize your day, perform essential management tasks and get the best out of the properties you own. Let's take a look at five apps every landlord should have installed on their iOS device to make the job easier.
If you can't afford to hire your own personal assistant, don't worry! Your iPhone or iPad can be t ... Read More
A 1031 exchange, also known as a “Starker” or “like kind exchange,” refers to the swap of one asset for another. While it is most often used in real estate, the 1031 can apply to just about any business or investment asset. The 1031 allows for the changing of a form of investment without ever cashing it out and receiving a gain, allowing it to keep growing tax-deferred. Within the 1031 criteria, there’s often no tax payment required, or just limited tax. There is no ... Read More
When you first get into property management, you will need to decide between two main accounting methods: cash and accrual. Even if you don’t have an accounting background, you will need to understand these basic principles.
There are a number of differences, but the main one is that with cash accounting, the arrangement used by most property managers, recording of transactions is done as soon as money changes hands, whether that’s money that’s coming in or going out.
For exa ... Read More
Tenants who move out without notice may leave property owners with a big bill for repairs or back rent. As tenants who skip on the rent do not want to be found, it may be difficult to track them down to ask for payment or serve them a court order to appear in small claims court. There are ways to track down former tenants if need be, and using court records can help. Here are the steps for using court records to find former tenants.
As a landlord, property owners have a l ... Read More
Almost every aspect of a person's daily life is affected by technology, and in the majority of cases, this makes an individual's day simpler and more manageable. Fortunately, technological advances can make the life of the average landlord easier as well. By using the following programs or gadgets, property managers and landlords alike can simplify a variety of their necessary tasks.
1. Happy Inspector App
One of the most essential aspects of being a landlord is the final property ... Read More
Congratulations! You've won your small claims court case against your current or former tenant. Now it's time to collect your money. Unfortunately, many people believe that the courts collect on behalf of plaintiffs. This isn't true. Once you are awarded a judgment, it's up to you to collect it. The courts can help, but you'll have to do most of the work.
Check out your legal remedies
In many cases, a simple demand letter from you or your lawyer may persuade your former ... Read More
When there are problems with a tenant, it can often prove difficult trying to evict them. For any instances regarding criminal activity, however, a tenant will need to be evicted immediately.
The Seattle Just Cause Ordinance protects landlords in the event of criminal activity within their building, as well as protecting the rights of the tenant. However, the eviction must still follow standard eviction procedures, and the criminal is still afforded some basic tenancy rights. Gaining a better ... Read More
If there's one thing that all seasonal tenants have in common, it's that they have options. Areas that seasonal tenants like to frequent often have numerous properties where these individuals can stay, so it's imperative to keep these renters happy so they continue to return. Repeat business is the only way to succeed with seasonal tenants, and these tips will go a long way in accomplishing just that.
1. Provide Cleaning Equipment
Everyone has brooms, vacuum cleaners, sponges, ... Read More
Atlanta landlords who need to evict a tenant must follow the laws of Fulton County. Evictions can be conducted in less than 30 days, but they must be addressed through the court system. The landlord begins the eviction process by filing paperwork asking for a court order. If it is granted, the marshal's office will then help the landlord regain control of the rental property.
Three Reasons for Eviction
Landlords can legally evict under the following circumstances:
The tenant has ... Read More
Finding quality tenants for a rental property can be challenging for a landlord. Even with the protocols of background checks and employment/income verification, renting to just anyone can often be a roll of the dice. There is one segment of society, however, that is instilled with specific qualities that can be very attractive to owners of rental property. Military personnel are endowed with discipline, accountability, and allotted housing income, giving them a distinct appeal over civilian ren ... Read More
In a perfect world, all tenants would pay their rent on time, abide by the rental agreement, and become the model of rental perfection. Unfortunately, none of us live in that world. Sometimes, no matter how carefully you screen and select prospective renters, you'll have to evict a tenant. For landlords in and around the Miami area, here's what you need to know to make sure the process runs smoothly.
Understand Everyone's Responsibilities
Before you get to the point of needing to ... Read More
Every landlord wants to avoid high rental turnover rates, and it's easy to understand why. After all, there's quite often a period of time when a unit remains unoccupied. When this is happening frequently, a landlord can lose out on substantial amounts of rent money. Unfortunately, lost rent payments aren't the only costs related to having high turnover in rental properties.
1. Marketing the Property
Some people live in markets where advertising a rental property is as simple a ... Read More
Houston landlords are bound by state law and the city's fair housing practices when evicting tenants. Like many states, Texas requires that landlords begin the eviction process by issuing a letter to the tenants asking them to leave the property. In many cases, the tenant leaves voluntarily. Of course, the Justice of the Peace court and the sheriff's office will become involved if the tenant refuses to vacate the premises. All the landlord must do is file the correct paperwork and wait f ... Read More
With real estate prices rising and falling like a roller coaster, property investors are searching out niche markets that are more secure and less susceptible to ups and downs. Buying property near a military base is a good investment for a large variety of reasons. For instance, property near a military base will always have high demand, and owners will always be able to find quality tenants easily. Their buildings will also enjoy high appreciation rates. Property near military bases should be ... Read More
Landlords in the Washington D.C. market often run into tenants who don’t pay rent on time, violate the terms of the lease, or even commit crimes in their rental property. In such circumstances, an eviction often becomes the only course of action that can be taken. However, it’s important to know the laws and rules governing evictions in Washington D.C. so that you can protect yourself legally and ensure that the eviction goes smoothly.
Grounds for Evicting a Tenant
There are sp ... Read More
Being a landlord is a huge responsibility, and duties go beyond simply dealing with tenants and the physical space they occupy. In addition, landlords are in charge of managing the finances of the spaces they own, and handling taxes for their properties at the end of the fiscal year. If you're a landlord, it's essential to track expenses for your properties during the year so you know what was spent on the property and what you can declare and deduct from your taxes annually. If you need ... Read More
Many landlords know that they can claim rental property expenses like insurance on their federal tax returns. However, one of the biggest rental income deductions is depreciation. Depreciation is a simple concept: objects (in this case buildings) become less valuable over time. The IRS allows landlords to claim depreciation over time to offset the rental income landlords should make on the property.
Claiming Depreciation on Your Federal Taxes
On Schedule E, landlords need to disclose their ... Read More
While the rules for evictions are friendlier to landlords in Dallas than in many other cities, it’s still important to know the proper procedure to protect yourself and your property. Here is a step-by-step guide to how evictions work in Dallas and measures you can take to keep yourself safe from legal challenges throughout the eviction process.
Notice to Vacate
In Dallas, the first step in the eviction process is providing your tenant with a Notice to Vacate. You must list each occu ... Read More
When you're deployed, and your house is sitting empty, you may wonder whether it's possible to earn extra money renting out your home until you return. There are some factors to consider before you list your home for rent. As always, be sure to contact a military representative to ensure that you're allowed to lease out your home if your housing allowance is being used to pay for it. While most people are allowed, it's still a good idea to verify before advertising.
Figuring O ... Read More
Renting property to others can be a very profitable business. But if you are a landlord, you have to be extra careful about filing your taxes properly in order to take advantage of the many tax deductions available. These deductions can sometimes mean the difference between earning profits and losing money.
The first step in getting your taxes in order is to be meticulous about tracking and organizing your receipts through the year. That way, when tax season rolls around you will have a clear s ... Read More