There is nothing worse for a property manager than having a tenant who has not paid their rent. It can lead to all kinds of legal problems and the unpleasant task of eviction. As a landlord with a rental portfolio, non-payment of rent from enough renters can lead to serious financial issues. Here's how to be ready to tackle non-paying tenants.
Be Prepared for Trouble
When a new tenant is on their way, there is no guarantee that things will run smoothly. They may turn into the tenant from h ... Read More
The Fair Housing Act of 1968 and the Fair Housing Act Amendment Act of 1988 prohibit a wide array of discrimination when renting out a property. Unless you're offering senior housing, you cannot restrict who you'll accept as tenants when the applicants fall under any of the seven legally protected statuses. Technically speaking, senior housing is a rental property or community targeted at seniors above the age of 55. In some cases, you can ignore the family-protected status under the Fai ... Read More
You end up in the worst-case scenario for a landlord. Your tenant is breaking one or more lease clauses, and you have no choice but to act decisively. You have a business to run, and dealing with lease breaches is a necessary part of it. How you handle your tenant breaking the lease will depend on how they broke the lease, whether a cure is available for the breach and whether the tenant has already left the property.
Breaking Lease Clauses
Your lease agreement has a number of clauses includ ... Read More
You manage your own property and have added a few single family homes along the way. You understand the ins and outs of being a landlord, and you like the income you're making from property management. Now you're ready to invest in something bigger. Specialized housing for the elderly or students has caught your attention. Where should you invest your money, and which type is right for you?
There are several types of specialized housing. Some are designed for low income tenants, while ... Read More
You're in a nightmare situation. Your tenant found themselves smitten with their new lover, and it didn't take long before they essentially moved into your property. What should you do?
The Problems with an Off-Lease Tenant
The main issue with an off-lease tenant is that you have no opportunity to screen them before they are living in your rental unit. They might come off as the best person in the universe to your tenant, but you can't risk your business based on your tenant' ... Read More
Not many landlords or property managers flat out refuse to allow a tenant to have guests over. When these guests become long term or start causing problems, however, it becomes pertinent to have them removed from the property. Unfortunately, a tenant may see it as their right to have whomever they want over for however long they want. This is definitely not the case, so when these situations arise, it's important for a landlord to know how to handle the situation.
An Ounce of Prevention ... Read More
You have a prime location near a college or university, and you know that the school is charging the kids way too much for sub par dorm rooms. You see a business opportunity staring you right in the face, but you need to figure out exactly how to appeal to the student housing market, and how to fill up your rental units with students who won't trash the place as soon as you turn your back.
Location is Key
You don't need to be right on top of the university to win the location game, b ... Read More
Your job as a landlord is much easier when you manage cooperative and responsible tenants. That means one of your first responsibilities as a landlord -- finding tenants for your rental unit -- is one of your most important. Evaluating prospective tenants is essential to ensure that you find renters you can trust. During the tenant-screening process, look for these five warnings signs, which should serve as red flags that may make you reconsider your prospective tenant.
1. Bad Credi ... Read More
Investing in real estate is one of the best ways to get ahead financially. Investing your money in property is not only less risky than playing the stock market, but it also comes with a regular income in the form of rent payments. The downside to becoming a real estate investor is the fact it also makes you a landlord, which means you have to find and screen tenants, collect rent, maintain the property, and put out fires. The biggest problem as a landlord is the need to be available 24/7 for yo ... Read More
You've asked, begged, and pleaded for your tenants to pay their rent, get rid of the unauthorized pet, or stop disturbing the neighbors at midnight with uncontrolled parties. Being nice isn't getting you the results that you need, so it's time to look into your legal options. Eviction is a fairly straightforward process as far as court cases go, but when you're a new landlord, you don't necessarily want to go it alone.
When to Hire an Attorney for an Eviction
Evictions ... Read More
You've spent hours researching how to set up a property for rent, the administrative side of becoming a landlord, how to cultivate good tenants, and a dozen other things you learn as a new property manager. One thing that you might not have thought of is all the accounting you have to handle. Chances are you don't have your own accountant or bookkeeper to do all the day-to-day work for you, so understanding essential parts of accounting keeps you from ending up in a world of financial tr ... Read More
For months now, you have been preparing your property for the rental market. Your hard work, time, and money are all on the line when you hand the keys over to a new tenant, and as a landlord you want to be sure that your investment is in good hands. For a first-time landlord it's understandable to be wary allowing a new tenant to live in your property. However, taking the proper steps during the application process makes it easier for you to find a tenant that meets your requirements and, h ... Read More
Great tenants make a landlord’s job easy; however, new landlords often feel anxious about the tenant screening process. They worry about asking too many questions and scaring off a potentially good tenant, or they fear that they’ll miss something important and sign a lease with someone unreliable. In reality, good tenants won’t mind answering your questions and they’ll view thoroughness as a sign of professionalism. If you'll be renting multiple units within your prop ... Read More
Everywhere you look these days, social media is being used to promote businesses, people, and ideas. Social media is very accessible, and it's easy to see why people have turned to outlets such as Facebook, Twitter and Instagram to promote their properties.
While these new tools are excellent resources, new landlords who want to fully advertise their properties should consider a few dated, yet still effective, methods. These simple solutions, which range from fliers to "For Rent" ... Read More
Thoroughly screening prospective tenants is the best way to avoid problems with future renters. Pleasant and timely tenants ensure that the property is taken care of, and that rent is paid consistently each month. To increase the chance of renting to thoughtful, trouble-free tenants, check off these ten items.
1. Credit Report
Landlords should always obtain their own copy of a tenant's credit report as part of the screening process after receiving permission from the applicant. A credi ... Read More
Many first-time landlords already know that it's illegal to discriminate against rental applicants based on race or age -- but did you know that the federal Fair Housing Act of 1968 and its amendments in 1988 covers several other protected categories of people?
The Fair Housing Act covers your entire relationship from advertising to managing the rental, and prohibits discrimination based on race, national origin, religion, family status, disability or handicap, gender, or age. If you' ... Read More
Ever property manager prefers a low-key tenant who pays rent on time. However, tenant behavior can be unpredictable, which sometimes forces landlords to have to deal with tenants they don't care for, but who haven't gone far enough awry of any laws to make for an easy eviction case. If you are dealing with troublesome tenants or simply want to protect yourself in the future, read the information below to get a better handle on how to respond to potential tenant problems.
Know What Cat ... Read More
How many times have your tenants told you that "the check is in the mail?" With the busy lifestyle that so many people lead today, tenants will often send their rent checks late. You might have a rent collection drop box onsite, but checking the box every day becomes a hassle. Not to mention, when checks come in piecemeal during the month, you have to make multiple treks to the bank to deposit them.
You're not the first property manager to notice that collecting rent c ... Read More
No landlord wants to deal with high tenant turnover -- it's expensive and time consuming to vet new renters. But more importantly, once you have good tenants, they're a gift. They pay rent on time and in full, they take good care of the property, and they're just pleasant to have around. Here are four tips to make sure they don't go leave anytime soon.
1. Be Transparent About the Lease
Don't rush your tenants through signing the lease; make sure they know that you'r ... Read More
Facebook now has more than 1.31 billion users, and Twitter over 645 million. No matter whether you're looking for tenants, vendors, or a prospective partner, chances are they use social media. Here, we will look at some of the innovative ways that social media can be used by landlords to manage their investments more effectively.
1. Promoting Properties with Facebook Fan Pages
Facebook pages can be an excellent platform for promoting your rental properties. You can setup a Facebook fan ... Read More