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
A tenant turnover rate refers to the frequency of tenants vacating a rental property. As a landlord, you want to keep this rate as low as possible because it can get expensive to have to deal with a revolving door of tenants. Each time a tenant leaves, you are responsible for cleaning, repairing, and painting the unit before you can rent it again. It can also be hard to find new tenants, making you can lose rental income in the interim. The good news is that there are some steps you can take to ... 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
Hiring a collection agency allows landlords to outsource collecting past due rent. However, before agreeing to hire a collection agency for a fee, it's important that landlords pick a reputable agency to conduct the collection process. Otherwise, a landlord could end up spending even more money trying to recover a bad debt.
Look for Specialists
Landlords should always pick a collection agency with experience in collecting past due rent. The agency should be familiar with collecting bot ... 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
Landlords don't need an attorney to evict in Philadelphia, but it's important that they follow the laws of Pennsylvania. The Pennsylvania Landlord-Tenant Act of 1951 outlines both landlord and tenant responsibilities. Pennsylvania laws require the landlord to issue a formal notice asking the tenant to leave the unit. If the tenant refuses or believes that the request is not legal, the parties will have to go to court.
Writing a Notice to Vacate
Before landlords can file legal paper ... Read More
Members of the armed forces can make great tenants, but you should first understand that military servicemen and women have special federal rent protections. These protections can have an impact on the eviction process and security deposits, and they may present you with other legal challenges. Here is information about the laws that benefit military service members and what you need to know about them.
Servicemembers Civil Relief Act
Perhaps the most important law you should be familiar w ... Read More
As a landlord with properties in areas with high seasonal turnover, it’s important to take steps to ensure you remain profitable throughout the year. There are different strategies you can employ that are related to turnover, and which one you choose depends on the area you live in and how you plan to generate your rental income during the off-season.
Seasonal Rent Variation Strategies
There are countless areas around the country that experience seasonal downturn of tenants. Like man ... Read More
Evictions are unpleasant but sometimes necessary. For property owners in Seattle, it’s important to understand what situations allow for a legal eviction and how to go about performing an eviction properly. By following all eviction steps, you can protect yourself from legal difficulties and remove your tenant as quickly as possible.
Just-Cause Evictions in Seattle
In the state of Washington, there are no "just-cause" eviction laws for tenants, and this makes it far easier ... Read More
Tax time isn't easy for anyone. There are tons of calculations to do, forms to fill out, and money to pay to the government. However, it can be particularly challenging for a landlord. They are technically running a small business and have many expenses to track and accounts to manage. If you're a landlord who isn't looking forward to tax time this year, fear not. The following list of tips can help give you some ways to manage your finances during the year, making tax time as stress ... Read More
If you’re a landlord, the last thing you want is an audit from the IRS, but it’s a challenge you need to be prepared for. Proper record keeping and an understanding of how tax law works are essential to protect yourself legally and financially. Here is a guide to ensure you know the ins and outs of tax law, and have the right strategy to save on taxes without crossing the line into illegal territory.
Record Keeping the Right Way
Perhaps the most important step you can take is m ... Read More
Whether you're a new landlord or have had a rental property for a few years now, there are tax mistakes that many landlords make that you should know about and avoid. Below are six common mistakes landlords make.
1. Not Planning for Taxes
A lot of investors don’t have a tax strategy or understanding of the tax-saving options available. Some landlords see taxes as the job of their accountant and aren't interested in improving their personal knowledge.
It’s best to work ... Read More
When you become a landlord, you will need to get an accountant. Remember to consider your choice carefully, though, since the wrong accountant could leave you in a mess. Here are nine mistakes to avoid when choosing an accounting firm.
1. Not Understanding Fees
Some accountants charge one rate for each of the financial tasks they do, like preparing statements, compiling a new worth statement, or filing a tax form. Others charge for each minute, meaning every time you call them, you are goi ... Read More
While a short or month-to-month lease offers flexibility for both renter and landlord, most property owners prefer long-term tenants, and for good reason. Long-term lease agreements save property owners the expense of continually having to market and advertise a property to potential tenants. In addition, having long-term tenants ensures stable and continuous profit for the property owner.
Below are some ways to convert transients and seasonal renters into long-term tenants. The cost of these p ... Read More
Tax time is just around the bend, and while this time can be stressful for anyone, it's often particularly challenging for landlords who often have to handle somewhat complicated tax preparations for multiple properties and their own small business. One area of tax prep that many landlords have questions about is what to do about contracted people that do work for them -- like plumber, electricians, maintenance workers, and more. While business owners that contract work out usually have to f ... Read More