Marketing your rental will help you reach out to a wider audience, bring in a larger group of applicants, and (hopefully) choose the best applicant to become your next tenant from that larger pool. Sharpening your marketing skills will also help you reach that larger group.
Remember that while you may know your rental property inside and out, your applicants don't. They'll want to have as much information at their fingertips as possible. Make sure to provide relative photos and plenty of them so ... Read More
The tenant screening process can be stressful. You've already prepared the property and marketed it online to reach the widest audience that you can and, hopefully, bring in a good group of applicants to choose between. While a large pool of applicants increases your odds of finding the perfect fit for your property, it also brings in quite a few people that you will, eventually, have to deny or reject.
Pre-screening helps with this. There are a few things you can do for this. Let applicants kno ... Read More
A number of people in the United States keep pets in their home and often they're thought of as part of the family. When they start looking to move into a rental, one of the things that they'll be looking for is if the property allows that furry family member to stay with them or not. This could be a make or break for some potential tenants.
In a booming rental market you may have an easier time being choosy as to the kind of applicants you will consider. While some things are federally and stat ... Read More
Credit scores are used for a wide variety of things. You're probably most familiar with them when it comes to applying for your loans to buy your rental property and when you run tenant screenings on potential tenants. Did you know that it can be used to judge what kind of premiums you'll pay on your insurance that you use to cover your rental property?
When you begin to shop around for homeowner's insurance quotes an agent may ask you for your social to run your credit. They'll perform a soft c ... Read More
If your options are to receive more rent rather than less, that makes sense, doesn't it? To an extent, you'd be right, but when you're choosing what to set the rent rate at you'll want to take several things into account.
A higher number on the monthly rent may look great on paper, but that's only if you can get it. Some markets are booming and you can get away with asking for a little higher price for rent and still receive enough applications that you can choose the right tenant for the proper ... Read More
Marketing a rental can be a full-time job while you're at it. If you manage your own properties then you know exactly what all goes into finding a what you hope will be that perfect tenant for it. You have to prepare the rental. This can be anything from hiring a cleaning service to make sure that it's clean when applicants begin to apply to taking advantage of it being vacant for a short amount of time and updating the property. If damage has been done to the unit you'll need to get ... Read More
When you're looking to buy a home to live in you would leave no stone unturned on the inspection, right? The same should be said for a property that you're purchasing and planning to lease out to renters. There are many things that are visible and you might spot these in a quick walkthrough, but other things might not jump right out at you, but can cause trouble down the road.
You'll want to check to make sure you know when upgrades have been made, what those were, and if there was any damage do ... Read More
Single family and multi family homes both have their pros and cons attached to them. One of the biggest decisions you'll make when you're looking to buy a new property will be the kind of property that you'd like to buy. Single family homes have many great perks and in a day where more and more people (both families and singles) are looking to rent rather than buy, it's good to know how to market the property that you've invested in.
No matter what kind of property you're trying to rent out, gre ... Read More
When you buy a property with the intent to lease it out to a tenant, you do not do this assuming you'll lose money. Owning and renting property is a business (though some landlords mistakenly treat it as a hobby), and people go into business to make money. Some situations that may cause you to lose income may be out of your control, but there are many that aren't. There's no reason to lose money where you could have prevented it.
Quality tenants are one of the best ways to hedge against unforese ... Read More
When it comes to apartment renting it looks like the younger generation may be leaning towards affordability and amenities over square footage. This is something to consider if you're looking into purchasing a multi-unit property, especially if the purchase will be made in a big city with a young working class that will be looking for affordable housing. The millennials are looking for a lower cost of rent, more activities, and they're willing to give up the space to receive those things. When i ... Read More
There are many moving parts to the process of finding and accepting a new tenant to a property. Repairs from the last tenant or owner must be made, then you'll put the property on the market, and then the screening begins. It can be a little overwhelming, especially if it's your first property as a landlord. One thing that will help ease the stress a little will be setting down a set of policies on how you will choose your new tenant.
The first thing you'll need to do when forming up your polici ... Read More
When you manage your own property (versus hiring a property manager) you will likely, at some point, find yourself in need of a professional to perform maintenance on the property. Many landlords are handy with small fixes, but when major plumbing work needs to be done or there is damage due to a storm, it's time to call in the pros. Knowing who to call, though, can be difficult. Hiring a great contractor can make your life much easier and you can go back to them once you've used them once, but ... Read More
When you decide to rent your property out to a tenant you've opened yourself up for all kinds of possibilities. While going through a thorough screening process is the best way to keep the bad tenants out of the property (for the most part), credit histories and criminal checks don't always tell the whole story. An applicant may come to you with a high credit score, a clean record, and the best recommendation from their current landlord that you've ever seen, but once they're in the home, you ma ... Read More
There are many reasons to hire a property management company. You may have bought a property out of town or you may have bought too many properties to keep up with yourself. Regardless of the reason there is one important fact that you should always remember: they work for you.
Research is key when looking to hire. If you were the hiring manager at a major corporations you wouldn't take the first man or woman off the street without knowing anything about them, would you? If you did, you'd be tak ... Read More
Some landlords will swear by Section 8 tenants and others wish to stay as far away from the program as possible. Views vary from landlord to landlord and often even from experience to experience as no two tenants are ever going to be exactly the same. There are benefits to listing your property as accepting Section 8 tenants, but there are disadvantages as well. Before jumping in, make sure you know the pros and cons.
Some pros that can be found in Section 8 housing include the fact that rent i ... Read More
Landlord references are a great way to follow up and get further information on applicants that have made it through the first couple layers of your screening processes. You've found someone that is interested in the property, has filled out an application, paid to have a screening run, and the screening checks out. Great! Next you'll want to follow up with prior landlords. It's a good practice to go back two or three prior landlords to get the most accurate information about the applicant. Thei ... Read More
There are many things to consider when you place a home on the rental market. One of those things is where you plan to set the rental rate at. While this won't be the only thing that potential renters will look at, it will be one of the major factors. If you're charging too much for the property or above what others in your area are charging, they'll move on. They'll be looking for the best deal that they can find to help save money here and there.
You may consider, as a way to pull in better ap ... Read More
Buying, owning, and renting out a property is a full time and sometimes very complicated job. Before taking the plunge and becoming a landlord, it's best that you consider all sides of the situation. If you're choosing to invest outside of your own local area, it's best to do some deep research into the area you're looking to buy. Ignorance is no excuse in the rental business. If you don't know the law, you can still break it and find yourself in trouble.
Make sure to know the local and federal ... Read More
Buying your first investment property can be a bit daunting. You're looking at all the research that should be done, all the details that should be covered, and those are before you even buy the property. What kind of tenant are you looking for? What neighborhood you buy the property in will have bearings on that. Are you investing in a city other than your own? You should make sure you know the local laws, employment numbers, and might even think about checking into a property management compan ... Read More
Renting out a property to a tenant can have great benefits during tax season. You should always make sure to check and recheck the specific laws in what you can deduct and what you cannot so that you are filing your taxes correctly. Never assume just because you filed it in a certain way the year before that the process hasn't changed in one place or another. Laws may be changed or updated and unless you are diligent about keeping up with them, you may never know.
Keep excellent records, both fo ... Read More