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When it comes to being a landlord, there are many things that can put you off. You hear stories about nightmare tenants who stop paying rent, and ruin properties. You also know that you could land yourself in financial difficulty because of this.
When you rent a property, you assume several basic things: that your property will be safe to live in; that your landlord will take care of basic repairs in a timely manner; that, if you take good care of the property, you will be able to get your security deposit back when you move out. Unfortunately, things don't always go according to plan. What happens when you find out you need to sue your landlord?
When you’re renting a new apartment one of the first things that you should do after you put down your security deposit and sign your lease is start getting the utilities set up. Don’t wait until the last minute to get your utilities arranged because sometimes there are long waits to get appointments. In this guide, we'll provide you with a step-by-step action plan.
Finding the perfect tenant can be a challenge for property managers and landlords and indeed, not all tenants are ideal, which can put discerning landlords at a risk of violation of the federal Fair Housing Act.
Are you tired of living alone? Or maybe you’re tired of being solely responsible for the rent and utilities. If so, you’re not alone. Many Americans not only feel the psychological effects of living alone but are also facing a growing financial responsibility that falls squarely on their shoulders. It’s a hard road when your hell bent on living alone, especially in more expensive American cities like Miami, FL, Los Angeles, CA, or New York.
Every do-it-yourself landlord should have a toolbox of landlord forms available to them for communication with their renters. On the flip side, renters should also have forms available to communicate complaints, maintenance requests, and notices to vacate.
Every state's eviction laws differ, and some municipalities within states may have local laws that add to or differ from the state law. As a basic rule, always make sure you, the landlord, have a legal reason to evict. The timeline and process may depend on the reason for evicting. VerticalRent has compiled this basic process for every state based on our research in alphabetical order, so just scroll down to your state for a summary of eviction procedures.
Life throws curveballs, both good and bad, and sometimes we need to move on relatively short notice when we're just not willing to sell our home. Have you been transferred to a different city? Are you temporarily moving to help a relative? Maybe you've decided to spend more time at your vacation home. Whatever the reason, there's no point letting your house sit vacant when you can turn it into a source of income.
Much of all capital gains tax (CGT) that may be potentially due is never collected. Savvy rental property owners plan ahead, know the law, and they know to avoid paying capital gains tax on rental property. If they cannot avoid paying all of it, they avoid paying some of it, or they defer paying capital gains tax that may be due. In this article, we discuss what you can and should legally do to avoid paying CGT on your rental property.
Being a landlord is certainly a great way to make more money in the real estate business, because as a landowner who can also generate income through rental and lease agreements, you can often increase your earning power significantly.
There are numerous reasons for considering getting a roommate when you are renting an apartment. Most of these reasons are fairly obvious, but you may have overlooked the intangibles, such as: friendship, safety, learning how to cook, cultivating patience, and financial literacy.
Decorating a rental house is sometimes way harder than you think it should be. You can visualize one lovely accent wall, maybe something in color for the kid's rooms, nice curtains instead of those old blinds, and a few mounted paintings to make the place look both lively and welcoming. But your landlord is having none of it.
Tenants in New York City number 3,469,240, according to a New York City Housing and Vacancy Survey taken in 2018. This number increased by 69,000 from a similar survey taken in 2014. Rental apartments in NYC make up 63 percent of the city's total housing. Many of these rental properties are rent-regulated.
Managing rental properties is an important responsibility. As the owner of rental residences, you are providing affordable and flexible housing for families that do not yet own a house or aren't ready to put down roots yet. From Los Angeles to New York City, landlords serve a vital role in the community and their responsibilities are vast.
California is home to nearly 40 million people. That means there are a lot of rental units, and many opportunities for landlords to take advantage of tenants. Fortunately, renters have a number of options when it comes to reporting a slumlord. Let us walk you through how to report a slumlord in California.
The majority of landlord guides cover the things you should do when you have tenants in your property. That makes sense considering that the way you treat the tenants you have dictates everything from your rental income now to your reputation in the future. Failure to pay due attention here could even leave you on the wrong side of the law and facing both lost rent and legal proceedings.
You spend weeks looking for the perfect apartment, and you finally find it. It has everything you want in a rental, and most importantly, it’s in your price range. You just need to get approved, sign the lease, and take the keys. The apartment is practically yours.
There is power in numbers, especially when facing down a neglectful landlord. For large apartment buildings and rental complexes, a tenant association is one of the most powerful tools in your toolbox, and anyone can join or form one. All you need is the cooperation of your fellow tenants and soon, you'll be holding meetings, voting on issues, and organizing positive changes for the community.
In the business of landlords and tenants, one of the most active debates today is rent timing. Is rent considered received and on-time the day it's in the mail or the day it is received by the landlord? What about the processing delay for online payments? There is an important question of how responsible renters can be held for late rent when processing or delivery is delayed, and how much planning ahead is necessary to make rent on time.
After all the rigamarole you've been through to work through the courts, you now have been awarded a judgment by the court that says you have the right to collect the back rent, missing damages, or other fees that your tenant owed you upon their departure from your property. Unfortunately, the courts will not collect that money for you; you simply have the legal standing to do it yourself.
According to Florida Advocate, the Sunshine State is currently undergoing a "housing emergency" that threatens the health and safety of millions of Floridians. Along with exploding rent prices, much of the housing emergency also stems from unsafe housing or underhanded renting practices. What happens if you are a Florida renter who encounters a slumlord? Here are some possible repercussions.
In this life, we get the things we want by spending money. Whether you like it or not, money makes the world go round, so we all want to get a nice slice of it before we check out for good. We work hard for fifty-some years because we know just how much money rules our lives and how it has a bearing on absolutely everything.
Knowledge is power in virtually any situation. Don't make the mistake of going into disputing an eviction blind. You should know your lease almost as well as the back of the hand if you wind up stuck defending yourself in front of your landlord or even in court.
Most landlords are pretty cool, or so neutral you hardly ever notice them. But some landlords are the source of the internet horror stories you occasionally see floating around the online rental communities. Landlords who turn off the utilities, landlords to invade your privacy like a sitcom "wacky neighbor", landlords who refuse to perform repairs, or landlords that take your entire security deposit for spurious reasons; These are the landlords of our nightmares.
The Texas Attorney General has declared that tenants have certain rights. Among them are the right to feel safe and secure inside your rental dwelling. Unfortunately, not all landlords respect their tenants' rights, leaving them with no other course than to take action. What happens if you encounter a slumlord in the Lone Star State? You could have several courses of action, including the following.
Being evicted from an apartment can be scary and emotional for many people, as it is common to feel uncertain about where you will go next, or as though you will never be able to rent a home or apartment again. While an eviction can feel like the end of the world since it can sully your rental history and credit rating for a few years, the fact is that you may be able to take steps to get the eviction removed from your record, and even if you can't, you may be able to rent again soon!
Does it seem like rent is getting more and more expensive? This isn’t just an observation. It’s a fact. In June of 2018, the national average rent reached $1,405. That was 2.9 percent more than the previous year. That might make you think that renting is a poor choice, but it’s actually cheaper to rent than buy in the current housing market. The cost of owning a home went up 14 percent from 2017 to 2018, making it more difficult than ever for people to buy homes.
As you move through your early years as an adult and find yourself settling into comfortable routines, you may start to hear pressuring statements from others, whether they are friends or family. People who have opted to buy a house often see it as the best way to go, so they will suggest that you too could be happy making the big move and becoming a homeowner.
If you are finally ready to sell your home and move on with the next chapter of your life this year, there are a lot of things which you can do to make the process easier. Selling a house is complex and takes a long time and it can be harder than buying a house in the first place. This is why we have some handy tips to help you help your home this summer.
Living with roommates is becoming increasingly popular in the United States. In 2017, 31.9 percent of the adult population resided in shared households (Fry, 2018). This refers to households that have at least one additional adult who is not a spouse, partner, or head of the household. While parents living with adult children represent lots of these households, many of the households consist of roommates.