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
If you are a landlord in Boston, you need to thoroughly understand eviction laws when you need a tenant to vacate your property. Boston eviction law is considered to be relatively friendly toward tenants, but there are strategies that allow you to legally evict. Here is what you need to know about eviction laws in Boston.
Serving a Notice to Quit
Evictions can be frustrating and can present legal problems if not done properly. The first step is serving a Notice to Quit to your tenant, outl ... Read More
Landlords already know that when it comes to paying taxes, the system heavily favors landlords who are renting to tenants. Renters don’t get any tax breaks for renting, but landlords can reap great benefits if they are smart about filing. The U.S. tax code has many stipulations that let property owners reduce the amount of taxes they owe. Here are some tips on federal tax deductions for landlords that will be especially helpful to those who own multiple properties.
Current Expenses vs ... Read More
Section 8 is a helpful government program that subsidizes housing for low income tenants. While some Section 8 housing is public and government-owned, many Section 8 tenants live in housing owned and provided by private landlords. If you're planning to rent to Section 8 tenants, check out the list below for five steps to ensure you find great Section 8 tenants.
1. Apply to be a landlord
You must apply to become a Section 8 landlord, and can do so by contacting the housing authority in yo ... Read More
Although the Section 8 program offers some great advantages, including guaranteed rent payments from the government and free advertising, many landlords have good reason to be cautious about tenants applying under this provision. Because Section 8 housing is designed for people who can't otherwise pay full rent, many landlords think these low income tenants can also bring unwanted behavior, like drug use and other criminal activity, into their rental communities. While some Section 8 renters ... Read More
The real estate market in Washington, D.C. is booming, with increasing home prices leading to a high number of renters. But D.C. has one of the most strictly regulated rental markets in the country. One unique feature of D.C.'s rental market is that tenants have the right to opt for a month-to-month lease after their initial one-year lease expires. This means any tenant can choose not to renew their lease, but are allowed to remain in the unit under the same terms as their previous agreement ... Read More
Designed to help low income tenants find and pay for quality housing, Section 8 is a nationwide program in which the government pays up 70 percent of the tenant's rent for them. For landlords, Section 8 housing can seem like taking a dip into a pool of low quality renters, but this is not always the case. In fact, most of the nearly 2 million Americans who receive Section 8 vouchers are families with children just looking for affordable rents in a decent area. By offering Section 8 housing t ... Read More
Finding a good tenant sometimes feels like looking for a needle in a haystack. You run into all sorts of situations, such as the person who can only pay in cash, the prospective tenant on their third eviction in as many years, or the family who wants to move their entire extended family into a two bedroom apartment. You finally find someone who looks great on paper, but there's only one issue: they don’t have any landlord references. A prospective tenant may have several reasons why th ... Read More
New York City has one of the most expensive real estate markets in the nation and draws plenty of interest from landlords. It's a hard market to break into—especially if you spend millions on an apartment or building and then get burned by tenants. There are a few unique aspects of the New York City rental scene to keep in mind if you're tempted by this high-powered market: rent control laws and the tenant blacklist.
New York City Rent Control Laws
The majority of New York City ... Read More
Section 8 housing, also known as the Housing Choice Voucher Program, provides housing subsidies for low-income renters. The program helps these families gain access to better-quality housing than they could otherwise afford. To qualify a property for Section 8 housing, landlords undergo an application process and a rental inspection to ensure you adhere to all local housing laws and regulations. Once you get through the application and inspection, your properties are eligible for Section 8 tenan ... Read More
Just because a tenant does not have a rental history doesn't mean that he or she is potentially a less qualified tenant than those with plenty of history. First-time renters have often just graduated from college, spent time in the military, or have been involved in roommate situations in which their name was not on the lease.
Although a lack of rental history shouldn't prevent you from renting to a potential tenant, you should still spend some time investigating his or her background ... Read More
You may have spent plenty of time researching the basics of being a landlord, but one thing you might overlook in the flurry of activity that comes with a new business venture is how to set yourself up for long-term success. It's hard to look past all the short-term tasks that need to be done, and take a look at the big picture. However, planning for long-term success is essential if you want to move from owning a property or two to achieving financial independence through property managemen ... Read More
Face it: Even if you're the best landlord or property management company ever, you're bound to upset some tenants eventually. Maybe you didn't have the resources to complete a maintenance request in time. Maybe you lost some records, and your tenant is frustrated. Maybe you didn't return an entire security deposit, and your tenants dispute the charges. Maybe ... well, maybe you didn't do anything wrong at all.
It was bad enough in the pre-Internet days when stories about bad ... Read More
Not all marketing tools and techniques cost heaps of money and time. Take social media marketing, for example -- a technique that every property manager can utilize, no matter their experience level or budget. Google+ is one social media tool that not only gives you the benefit of a robust online profile, but also provides you with direct communication to your followers. It also helps to improve your local search marketing efforts, which can garner the strongest leads on tenants.
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