Tips and tricks for landlords.
As a landlord, you're always looking for the edge over other properties in the area. And yet, some of the decisions you have to make are complex. Even a seemingly a simple choice like renting your apartment or home furnished comes with a number of variables that deserve special consideration.
As you manage your rental properties, you want to come back to the bottom line and make sure you are making every effort to maximize profits. Every month, if you are working from the same circumstances as many other rental property owners, you are trying to minimize payments, including your mortgage, and maximize rental income by keeping the property rented consistently.
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?
Landlords often realize, based on a complex variety of factors, that it is a good time to sell a rental property. Perhaps the market is perfect for sellers and you've just gotten evidence that you'll get a great deal; other times, it is simply a cash flow issue for the next stage in your rental business development.
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.
Tenants dread rent hikes, and landlords hate breaking the news. With the right approach, alerting your tenants to an impending rent increase can take the pain out of the process, and even give it a positive spin.
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.
Each time you turn over a rental unit, you increase your operating costs. Lost rental income, unscheduled upgrades, cleaning, and repairs require labor and expense, and then you have the task of advertising your unit and screening potential clients. Turnover is a drag, but in an industry that mostly caters to people in transition, what can we do?
Tenant satisfaction matters. Happy tenants are more likely to renew their lease, recommend your property to their friends and not write poor reviews all over your website. In fact, satisfied tenants are three times more likely to renew their lease if they are satisfied with property management than if they are disappointed or apathetic.
Checking landlord references is part of the tenant screening process. Most people provide real references on their rental applications, but some people try to slip a fake reference through. They might have failed to pay their rent on time, or maybe they left the apartment in disarray. They know they won’t get the house or apartment with a real reference, so they find someone else to act as their landlord, and they’re getting better at it than ever before.
Text messaging is one of the main reasons we use mobile devices today. Being able to send a quick message instead of making a phone call or sending an email has become an integral part of how we communicate. When it comes to your rental business, you can easily use text messaging to contact your tenants as well as potential renters, property managers, etc. Learn more about text messaging and your business below.
If you own a rental property business, then you already know that the daily schedule of your business is tough. When you own several rental properties, it can be hard to keep track of each property, along with talking to new and existing tenants, maintenance requests and services and all the other aspects that go along with this business. The best way to streamline your rental property business is to use the latest technological advances to better serve your customers and employees.
When it comes to owning rental property, maintenance is a major part of your success. Each property must be maintained to strict standards to offer your tenants the best space for their living needs. This includes electrical, HVAC, landscaping, etc. There are many maintenance aspects you will need to cover when owning rental property. So how do you keep track of it all?
If you are like most real estate investors, you have used your personal mobile number for a variety of reasons. Investors often use a personal mobile telephone number when listing available properties for rent as well as on lease agreements, for rent signs, for sale signs, etc. Why wouldn’t you?
As a real estate investor, your role as landlord helps you to earn a living. You rely on your rental properties to bring in monthly income, whether your focus is residential, commercial or vacation homes.
Once you begin to invest in rental properties, the goal is to find and secure tenants. A rental property owner must be smart when searching for tenants, marketing a property successfully to find quality tenants for every investment.
As a rental property owner, you are responsible for the maintenance of the property as well as the safety of your tenants. With any rental, it is important to take precautionary measures to ensure the apartment or home is safe from a break-in.
When it comes to owning rental property, there are steps that landlords should take to ensure tenants are happy and content. By offering perks to tenants, property owners can ensure that the individuals living in their rentals are going to stay for years to come.
As a landlord, it is your responsibility to ensure the rental properties you provide your tenants are safe and secure. Tenants are relying on you to take the necessary steps to provide the best security for their home.
When renting an apartment, there are common factors that everyone looks for. Where the apartment is located and how much the monthly rent will cost. When it comes to the rental amount, tenants hope that they can get a good deal
As a tenant, you are responsible for making your rental payments on time each month and taking care of the property you call home. While you are responsible for keeping the property neat and tidy, your landlord is the one who is responsible for any maintenance needs.
If you are a first-time rental property owner, you may be wondering if offering furnishings will help you to get a higher price point for rent or if it will make the property more enticing for tenants. While furnishing your property has its positive points, it also has its negatives.
As a rental property owner, you soon find that great tenants do not come easy. Tenants can often be trouble makers, refusing to pay rent due to small issues or creating wear and tear on your property. To avoid any issues, you want to find the best tenants possible.
If you are new to renting property, you may have no idea what to expect with the process. Learning more about renting can help you to feel more at ease while you search for a rental home
If you are starting to invest in real estate and looking to own several rental properties, there are several habits that should be acquired. By learning the best habits to practice as an investor, you can see a return and remain successful.
Renting a property to new tenants requires a great deal of preparation. The property needs to be reviewed after the old tenants have moved out and any changes made before new tenants move in.
As a renter, you strive to find a quality dwelling in a good location, with an affordable rent and nice neighbors. While you can find a rental in the desired location and good price point, it can be difficult to determine if your neighbors will be nice or not so nice.
Becoming a rental property owner is a huge endeavor. From finding the right property to locating responsible tenants, the right moves need to be made for your investment to be successful. One of the best way to ensure that your property is rented is to focus on online marketing.
As a landlord, it is your job to ensure each property you own stays in tip-top shape. With spring in full swing, it is a perfect time to catch up on DIY cleaning, including the exterior and interior of your properties.
Once you become a rental property owner, the excitement of finding a tenant begins. You are ready to find the right person to rent your new property, hopefully turning a profit in a short amount of time. So, now that you own the property, how long will it take you to find a renter?
As a rental property owner, you must be able to create an attractive listing to draw in tenants to your property. Every time one of your properties becomes available for rent, you want to be sure that it gets noticed.
As a tenant, you want to find the best rental option for your living needs. You scour newspaper ads and online to find the right rental, a home that fits your budget needs, is close to work and is in a nice neighborhood.
When deciding to become a landlord and invest in rental properties, the idea can be scary. You want to be successful, but how do you ensure success? There is no true formula that will dictate a profit, but by following quality tips, you can see yourself making money with rental investments in 2018.
Owning rental property means staying up to date with maintenance as well as overall property needs. It is important to have detailed information about every property you own, ensuring that you complete upgrades when needed.
Owning rental properties means big responsibility. You are in charge of finding tenants for your properties as well as maintaining the overall condition of the dwelling.
As a tenant, you expect certain requirements when applying to rent an apartment or residential dwelling. These requirements can include a background check, providing personal information, references, etc. One aspect to consider when renting a property is a rent increase
As a renter, you need to take great care to protect yourself as well as your belongings. When searching for an apartment for rent, look for areas that are considered safe neighborhoods, where the landlords conduct tenant screening.Also, renters insurance is a must.
Owning rental properties can be big business. Whether you own a couple of properties or several, chances are, you will find yourself very busy with the needs of your tenants.
When you become a tenant, the relationship you have with your landlord is important. You must be on good terms with the landlord in order to maintain your rental as well as have access to repairs and maintenance as needed.
Over the past few years, several states in the US have considered legalizing marijuana. Nevada is one such example. In 2017, the sale of marijuana for recreational use was legalized.
After entering the rental real estate property industry, you may find that you have taken on more properties than you can handle. Managing rental property can be tough, especially when you own multiple properties.
When you begin to dabble in the rental real estate world, you will find that tenants range from the highest quality to the less than stellar. As you begin looking for tenants to rent your residential rental properties, it is important to know how to protect your investment.
When owning an apartment building or residential rental home, it is imperative that landlords or property managers choose a responsible tenant. A responsible individual that rents your property will be able to pay rent on time, care for the property and be pleasant to neighbors.
When owning rental property, it is important to conduct a quality background check on potential tenants. By doing so, you are eliminating the potential of renting your property to a criminal.
As a rental property owner, you make a profit based on the rent you charge each month. Depending on your individual situation, there may come a time when you need to increase the rent to continue to make a profit.
If you have ever thought about becoming a landlord, now is the time. Short sales and foreclosures on the market today, provide great opportunity for individuals to invest in real estate and offer rentals to tenants.
As a landlord, you want to rent your properties to individuals who are responsible and upstanding citizens. You practice tenant screening with every potential renter, but are you possibly missing something?
When it comes to purchasing real estate rental properties, you may find your self with inherited tenants. The current property owner already uses the home or building as a rental but wants to move on to something else.
As a landlord, you want to find the best tenants for your rental property. To do so, you must complete tenant screening and background checks, trying to get to know the person you are considering. If you are new to the real estate rental industry, you may have no idea where to start when reviewing potential tenants.
If you have a rental property or multiple properties that you manage, you may be asking yourself if you are able to handle the management needs or if a property management company will be more helpful. Before making the decision to move from managing your property to hiring a company to do it for you, there are factors to consider.
Even with quality background checks and tenant screening, the landlord still has to deal with tenants who do not pay their rent. There are many reasons as to why rent is not paid, including legitimate reasoning such as losing a job or having an unexpected medical emergency.
Social media sites are commonly used by individuals to keep in touch with family and friends. Sites such as Facebook and Instagram can also be quality tools for landlords to bring about interest in vacant properties.
When it comes to investing in real estate rental property management, the most discussed topics are maintenance, vacancy advertising, and evictions. However, a major focus should be on the accounting tools used for such investments.
The state of Alabama is a premium spot for investing in rental property. From vacation rentals along the coast to residential rental properties in major cities like Birmingham and Huntsville, there are ample opportunities to be successful when investing in property. In Alabama, investors need to learn how to prevent and address property maintenance issues in order to avoid any problems within their properties as well as ensure tenants are happy and feel secure.
China Oceanwide might not be a household name, but it is a major player in the real estate industry. In fact, China Oceanwide is growing quite a real estate empire in the United States with property in New York, San Francisco, and Los Angeles. Now, it can add one more place to its list. It has hit Hawaii with a splash and intends to make a huge impact on the luxury real estate game.
Anyone who stays current on California real estate knows that the state is facing a serious supply and demand issue. There simply aren’t enough homes on the market, and those that are available get snatched up before the ink on the “For Sale” sign dries.
The New York City real estate market is overwhelming for buyers at best. With a median sales price of $1,335,000, affordable housing isn’t easy to find. Maybe that’s why only 31 percent of NYC households own their homes.
If you work in real estate, you know the importance of tenant screening and rental credit checks. What you might not realize is there is another issue in real estate, and it’s a big one. It’s money laundering, and it’s hit Miami in a big way.
If you rent your vacation property, then your marketing program needs to aim at bringing the kind of visitors that deliver the best return on your investment.
Regardless if you are looking for your first property or you own a portfolio of real estate, it's important to find properties that can give you a great return on your investment. Here are some of the hottest rental property markets in Texas you should consider investing in this year according to a recent Forbes article.
Rental property has always been a favorite business for those with the discipline and stamina to take on being a landlord. And ever since there’s been a rental property, there’s been a tenant willing to destroy it.
Before improving the profitability and efficiency of your property management efforts, you need to know what to measure. Here are the 10 KPIs that every Property Manager and Landlord should track.
When calculating the true cost of owning a car, the sticker price is only the beginning. Similarly, it is the hidden expenses of operating a rental property as a money-making venture that can make or break your success as a landlord.
The traditional means of purchasing rental properties is to secure a mortgage loan from a bank. As a landlord, you might be interested in non-traditional ways to purchase your next rental property. Both private and hard money are forms of non-traditional funding.
Many lease agreements include a provision that the tenant must carry renter's insurance. Often, however, this provision is not upheld by either the renter or the landlord and is swept under the rug.
As a property manager, you offer your tenants a decent place to live for a fair price. However, building maintenance and legal fees can get expensive when things don't work out like you imagined.
Those of you who live in hot climates know how hot things can get in the middle of summer. As a renter, this might become a bigger challenge if the place you're renting doesn't have proper air-conditioning.
When a prospective tenant approaches a home, they are looking for more than just information. They are looking for a feeling. A home is a place to feel safe, cozy, and away from it all.
If you have renters who are afraid of mold or don't know what to do about a mold infestation, it's important to get some mold cleaning tips before jumping right into it. If you can see the mold, great, you're ready to get down to cleaning it up.
Spring is in the air, and it's that time again—moving time! During the warmer months, you're likely to have an influx of prospective tenants. That's a good thing, but it's easy to get overwhelmed by the number of applicants.
Sometimes the difference between renting a property quickly or having to wait weeks to find a suitable tenant is curb appeal. Humans judge by appearances, and first impressions count.
Affiliate marketing is the digital equivalent of the best type of advertising available, word-of-mouth or personal reference. This is good for the advertiser, but how does affiliate marketing benefit you as the affiliate?
Affiliate marketing is a great way to take advantage of the collaborative space also known as the World Wide Web. If you haven't heard, many people consider it to be one of the best online money making marketing techniques.
A well-run HOA makes living in your community a joy, and makes it worthwhile to pay your annual fees. There are more than 330,000 community associations today (per the Community Associations Institute) and many of them are extremely well managed. Others would like to improve.
The 7 year rule on criminal reports may be confusing to tenants and leasing managers. This article helps explain the State Specific Laws around this rule.
The time has come. You're tired of the rat race and ready to start making money online. Affiliate marketing seems the right fit for you. But where do you start?
LinkedIn has become one of the most widely used social media platforms since its inception in 2002. It has over 460 million members in 200 different countries. For this reason, it is a perfect tool for affiliate marketers looking to expand their business practices.
While other sites are gaining momentum, Facebook stills ranks as the most popular social media platform. For affiliate marketers, the reach of this site simply cannot be ignored.
We all know that people prefer to do business with people they know, like, trust and respect. As landlords, property managers and Realtors, we know that the more people who know, like, trust and respect us, the more business we are likely to do.
Being a landlord is a daunting task, especially if you have tenants who are not holding up their end of the bargain. Tough tenants are a headache and cost you money and sleep which is why it is important to show your appreciation to those tenants who make your life easier.
Are you looking to make extra money through your online social network? If you have a large online following of landlords, realtors, property managers, or renters, consider joining our affiliate marketing program.
Fewer people look for homes during the winter months. Many prefer to semi-hibernate and wait for the warmer summer months before hunting down a rental and moving their worldly possessions. Tenant background checks are especially important during this time since it is easy to feel a bit desperate.
Landlords buy "Landlord Insurance" because it covers more than a homeowner's policy. Unfortunately there are events which even a landlord's policy may not cover.
Homeowner Associations (HOAs) in Florida must comply with Federal and State laws, and local (city or county, etc) ordinances and regulations. These laws and regulations apply, as appropriate, to all common interest communities.
Taking the time to prepare your properties for winter is a smart and cost-effective way to avoid winter-related trouble. There isn't a single person on the planet that looks forward to finding their heat is no longer working--or worse yet, their water pipes have burst.
A little septic tank maintenance equals greater profits and a healthy community. Read on for some tips to maintaining septic tanks.
When it comes time to give tours of your rental property to potential tenants, you want your rental to not only be functional, but aesthetically pleasing. Many landlords overlook small details that can actually pique the interest of tenants, and allow you to keep rent prices higher.
The holiday season brings fun, festivity, family, and travel -- all activities that, combined with the shorter days and cooler weather, make potential great tenants less likely to be looking for rentals.
There is no concrete answer to this question. Like with so many things in life, it depends. This article is going to compare/contrast the two. It will also provide some points to consider before making your investment choice.
Many landlords continue to inspect their units the old-fashioned way, having their tenants use only a paper checklist to document the condition of the property. Although the checklist remains important in the inspection process, you can enhance and clarify the process easily if you own a smart phone and a computer.
If you are a property owner that is having to deal with tenant turnover, getting the right renters in the door for your next lease is important. Sometimes screening potential renters can seem tedious, but doing this step right can save you headaches down the line.
Once the JOBS Act was passed in 2012, the concept of crowdfunding exploded in popularity, allowing money to be raised for everything from small businesses to real estate developments.
It can happen to anyone. You are going through the daily grind of life with family and work while living in your rental property. At the time, it made financial sense to live in a rental property in an effort to avoid homeownership risks.
There is no clear-cut answer, as every situation and every state is different. There are no federal laws regulating this issue. However, a few states and cities have passed legislation on landlords’ mold-related responsibilities.
Nowadays, you don't need to have long-term tenants to become a landlord. With websites like HomeAway emerging, you can rent your property by the night or week.
So, do you need and LLC for a Rental Property? The short answer is no. As with most financial questions, though, the short answer is never adequate.
As the vacation rental industry continues to boom, renting out your home to short-term visitors can be a very lucrative side business. In order to maximize your revenue, minimize vacancies, and increase your nightly or weekly rate, it's crucial to achieve 5-star ratings on the sites where your property is listed.
Sometimes a landlord needs to screen potential tenants who happen to be foreign nationals. However, it makes a difference whether the applicant is an individual or a business.
If you are listing a rental property and want to move through the process quickly, one thing you shouldn’t take off of your list is background screenings for new tenants. While this might seem like a hassle and is an extra expense, this can actually save you money in the long run.
The Landlord and Tenant Act of 1951 governs security deposits in Pennsylvania. This statute is what tells a landlord how much security deposit he can collect from a tenant, what he can do with the money once he has collected it and how soon he must return it once the tenant has vacated the property.
Naturally, as a landlord, you want to make sure you get the most rent possible for your property. However, it’s important to keep in mind that you must price your rental appropriately and in line with the local market.
Drone photography is an innovative marketing tool gaining popularity in real estate. Realtors need an edge in making the properties they represent stand out from all others.
When a tenant moves out of your rental property, it is crucial to document any property damage so there are no disputes. While writing down noticeable stains or damage is accurate, the best way to document the inspection is to use your smart phone to record a virtual tour of the property.
If you are looking for new tenants for your rental property, sometimes the process can seem overwhelming. With open houses, walkthroughs, and vetting prospective renters, it can be easy to forget to do an in depth screening.
When you're brand new to the landlord business, it may surprise you how much paperwork you'll need to complete to legally protect yourself.
Investing in real estate can mean big profits, if it's done well. Many people jump into the real estate business, only to find themselves overwhelmed by the work and not making the money they had originally dreamed of.
Cats and dogs are more than good friends and family members. For landlords, they can also be good business. In 2014, 72 percent of apartment renters had a pet.
There is nothing like a weekend getaway to a beautiful bed and breakfast. Whether it be for romance, relaxation, or just a new adventure, bed and breakfast hotels provide some of the most exquisite accommodations imaginable.
Squatting is an act that has troubled and perplexed many landlords for a long time. Perhaps you've discovered someone living in a property you own without your permission.
If a rental property has fallen into your lap, this can be a great resource for supplemental income, but this won’t come without some work on your end.
A security deposit is money collected by a landlord in addition to rent and used to protect the landlord if the tenant violates the terms of the rental lease.
When it comes to being a landlord, there is a lot to keep up with. One of these things is documentation. Luckily, you can find free landlord forms that will come in quite handy for your needs.
There are two times when security deposits become an issue. When a new tenant is moving in and when your tenant has decided to leave. What are the rules when it comes to security deposit law in Arizona?
Low water pressure, excessive water usage, slow drains, and various noises all relate to different reasons your plumbing is about to become clogged.
Most people are fully aware of the need to carry homeowner's insurance to protect their home and contents. However, the renters among us might not understand that if you are renting, you still must face the same questions and quandaries pertaining to insuring your valuables and personal belongings.
Usually, the standard practice is for landlords to paint their rental properties in neutral colors with the expectation that tenants will personalize the space with their choices of furnishings and accessories.
Every Texas landlord should be familiar with security deposit law in Texas. Not following the law could result in the landlord losing the right to keep a tenant's security deposit and may incur legal costs.
Real Estate investing can be an extremely lucrative endeavor. It provides residual income, while at the same time your future investment is essentially being purchased for you.
The State of New York has clear legislation on the topic of security deposits. Landlords should know the law, and follow it.
Finding and retaining quality tenants is the name of the game for landlords. Renting to the right people can provide peace of mind; however, on the other side of the equation having bad occupants will severely hamper your investment and cause a great deal of anxiety and stress.
Purchasing and leasing rental property can be a lucrative business. As with any business, metrics should be established and constantly worked toward.
Many renters may assume that if their personal property is damaged inside their rental unit or stolen, the landlord's insurance will cover it. While your insurance may cover physical damage to the unit from fire or other disasters, it is best to require renters to have their own renter's insurance.
As important as tenant screening is to run a successful property rental business, it’s not foolproof. Even tenants with the best of intentions can be late on the rent, and despite your best efforts to build a good relationship with tenants, that relationship can still go south.
When you want to attract great tenants, you've got to show that you have a property worth renting. Follow these simple guidelines to giving your rental property the curb appeal needed to bring in the renters you want.
Cigarette smoke embeds an odor into everything to which it comes in contact. Although furniture and carpet are not the only things that become affected, it seems they are trickier to treat.
So you have a rental property and are ready to find tenants. Perhaps, you are wondering if you are ready for the responsibility of being a landlord.
As a landlord, you may think that making energy-efficient upgrades is the tenant's responsibility. The fact is, however, many tenants first question to a prospective landlord is "How much are utilities bills?"
There are many benefits to living in a community with an organized Home Owner Association (HOA). For starters, we can rest assured that nobody in the neighborhood will suddenly paint their house pink for no particular reason!
Many of the folks using VerticalRent are do-it-yourself landlords who use our system to protect their investment with tenant credit and background checks.
A tenant credit report is a must for those who have been in the rental business for quite some time and especially to those who are new to renting out their properties.
A rental application form is tremendously valuable to landlords and to prospective tenants because your rental application form can contain all the information you and your tenant needs when it comes to the finer details of the apartments.
Credit checks for landlords are helping to transform the landlord business into a much safer and more efficient business. There are plenty of laws, rules and regulations out there that are specifically created to help protect the rights of tenants so these individuals do not end up out on the streets.
A tenant background check is the perfect way to ensure that you get the best possible tenants for your property. It is hard to do proper character judging in a world filled with scammers and uncaring people.
As a landlord, it is in your own best interest to do your job well. You can reduce the likelihood that you will encounter problems or issues with tenants by being a great landlord.
When you own rental property, you have a number of important decisions to make, including how to structure your business.
Owning rental properties can be risky, but they can also generate a great return, making them an ideal investment option for people who are looking to generate retirement income.
Whether you have a separate full-time job or landlording is your full-time job, managing your properties can be time-consuming. Assembling a team of reliable professionals can help you to free up some of your time while also allowing you to focus on the areas of your business you enjoy most.
As a landlord, you naturally have a lot of responsibilities. The last thing you want to deal with is scrambling around in the spring trying to locate receipts and determine whether you owe taxes.
For landlords, stress can be a serious issue. In fact, a recent study found that two-thirds of landlords believe property management is more stressful than having a day job.
Property values are finally on the rise. According to the National Association of Realtors, the median price for single-family homes is up 8.2 percent from last year. With property values increasing, investors have once again rediscovered the value of housing
Rules and regulations are the name of the game as a Small American Landlord. The Housing Voucher Program or better known as "Section 8" is like every other program in that it’s full of rules and regulations.
Around the country, many would-be homeowners have found that the costs of owning a home now exceed renting. While many economists beg to differ, when it comes to calculations, the details seem to make a significant difference.
Advertising your vacancies to potential applicants can feel like a full-time job unless you have the authoritative list of VerticalRent’s Top 50 Vacancy Advertising Websites.
The rental housing business is very local and it takes time and effort to understand a local market and all the nuances that go with it.
Today, it has become increasingly important for landlords to ensure they are properly screening their tenants. According to The New York Times, evictions are on the rise around the country, often for nonpayment of rent.
Owning a vacation rental property can present a wealth of benefits, including the ability to enjoy your own getaway whenever you are ready as well as financial benefits.
The process of obtaining a tenant screening report is often among the most dreaded aspects of filling a vacancy. This is often because landlords may be confused about what they should include in the report.
When it comes to tenant screening, you owe it to your business and your other tenants to ensure that you only use the best tenant screening service.
It's that time of year again; the time of year for goodwill toward mankind. This year, you may find that showing a little gratitude toward your tenants with a Christmas basket can result in a number of benefits.
Ideally, the right rent price for your rental property would be a price that would allow you to bring in the most profit. Unfortunately, the process of setting rent prices is a bit more complicated than that.
During the fallout from the recession, many investors found that investing in stocks was no longer the best option for meeting their investment goals. As a result, many people began to look for ways to diversify their portfolio.
Most Small American Landlords cannot afford to purchase rental properties outright with cash. For this reason, it’s logical to leverage a 30-year fixed loan from a mortgage company.
Buying a foreclosure can present a great opportunity when you are looking for a property to fix up and then rent out.
If it seems as though you are drowning while trying to manage your rental property business, it is important to know that there are options available that can help.
While most people are not overly fond of bookkeeping, it is an important part of life. When you run a business, accounting becomes even more vital.
Most property owners have experienced at least one issue with a problematic tenant. Whether it was a wild party that required the police to be summoned in order to quiet things down or it involved chasing the tenant for overdue rent, such issues can be a hassle.
One of the most important decisions you will make as a landlord is choosing the right tenant for your property. The right tenant can easily mean the difference between being paid on time or chasing the tenant for rent each month.
When it comes to renting your property, it is important to know who will be residing in your unit. A comprehensive tenant check can provide you with the information you need to make an informed decision about who will occupy your property.
The property rental business has dramatically changed in the last few years. Among the most significant changes is the transition to online management.
Regardless of how much effort you put into screening your tenants, damage inevitably occurs. Even the best tenants can unintentionally cause damage to your units.
As a landlord, you have many decisions to make on a daily basis. Along with considering monthly expenses, you also must pay attention to maintenance issues and devise the most appropriate marketing strategy.
The handling of security deposits can be a problematic issue for many landlords. Security deposits are an important way for landlords to protect against potential losses, but it is important to understand how to handle them to ensure that you steer clear of potential legal issues.
Eviction is never the desired outcome when there is a problem with a tenant. As landlords are well aware, it can be time-consuming and nerve-wracking.
Nightmare tenants are unfortunately all too common. Whether it is paying the rent late or creating a disturbance, some tenants can be difficult to manage.
Managing your properties is one of your most important responsibilities of a landlord, but from time to time, you will also need to advertise your properties. Whether you have a new unit or a vacancy, you will need to market it.
As a landlord, you can never be too careful when it comes to screening prospective tenants. Along with protecting you and your business, tenant screening also helps to protect your other tenants by providing greater peace of mind and security as well as helping you to find quality tenants.
Owning rental properties invariably means that you are going to be dealing with complaints. Even if you have the nicest tenants on earth and you make a point of maintaining your properties on a regular basis, there will be complaints.
In a perfect world, you could have an applicant complete an application and believe that he or she is telling the truth. Of course, as we all know, we do not live in a perfect world.
As a rental property owner, you have many responsibilities. Among those responsibilities is ensuring that your properties are properly maintained.
Do you offer the amenity of a swimming pool at your rental property? Pools can be a great way to attract tenants, but they can also bring a significant amount of responsibility.
Is it really necessary to check an applicant's employment and rental history? I say that it is necessary. The operation of a rental business is a business just like any other.
One of the most common questions that rental property owners must ask themselves at some point in time is whether they should hire a property manager. There are certainly advantages to having someone else manage your rental properties, but there can also be drawbacks.
Are you keeping your tenants informed and engaged with newsletters? If not, you could be missing the opportunity to connect with your tenants and keep problems to a minimum.
Homeowners and real estate agents have quickly come to understand that when it comes to moving a home quickly, pictures sell.
Are you giving enough thought to your leases and the other legal documents used in your property rental business? If not, you could be putting your business at risk.
With the rising cost of living expenses, many people are considering either operating an income-producing property from the same property where they live or becoming a live-in landlord in their own multi-unit building.
Many times, as landlords, we often focus on what we need to do to keep our current tenants or how to attract the next tenant. While those activities are important, it is also vital that you pay attention to a few necessary tasks when you are between tenants.
Does it ever seem as though you and your tenants are on a different page? If so, the problem could be due to ineffective communication.
As diligent as you may attempt to be in the management of your property rental business, even the most common mistakes can cause significant problems and perhaps legal troubles.
If you are in the property rental business long enough, eventually someone is going to ask you to negotiate the rental price for one of your units. Some landlords are willing to negotiate, while others have a firm price with no wiggle room.
It's that time of year again. The time of year when you begin to scrutinize your expenses from the previous year and search for every deduction that you can possibly take on your rental properties.
As the old Kenny Rogers' song goes, you have to know when to hold 'em and when to fold 'em. In the case of tenants, you have to know when to hold them and when to let them go.
As an experienced rental property owner, one thing I can tell that makes a significant difference is the ability to be organized with paperwork. As you are probably well aware, there is a significant amount of paperwork that goes along with managing rental properties.
Ensuring you have a positive cash flow is one of the most important steps in succeeding as a landlord.
As a landlord myself, I completely understand the importance of saving money on maintenance repairs. After all, repair costs can ultimately detract from your bottom line.
The most troubling aspect of being a landlord is tenants who damage your property, from putting holes in the wall, to complete trashing, and even worse.
Maintenance on a rental property can be a confusing issue. Renters may mistakenly assume all maintenance is the responsibility of the leasing agent and maintenance staff but this is usually not true.
Consumer credit reports are commonly used as a method for evaluating rental applications.
As a landlord, you have a number of responsibilities. Not only is it important to make certain that your investment is protected, but it is also important to ensure your property is safe for inhabitation.
Attracting great tenants is an important goal of most landlords, but once you have found them, you need to know how to keep them. Understanding what quality tenants look for in a rental property can help you to keep vacancies at a minimum.
There are many ways in which a person can make a living when it comes to real estate investing some of them carry more risks than others.
There comes a time when every landlord finds himself / herself in a difficult position of having his rental property occupied by a tenant who is not paying rent, or is making a nuisance of himself.
There are two lines of cases in Ohio which deal with whether courts will enforce lease provisions allowing a landlord to charge tenants for late fees.
If you are a landlord, you know how lucrative and exciting it can be to collect rent. If you are experienced, then you already know that the greatest assets to a landlord are great tenants who always pay on time. The opposite is also true.
From time to time you will have vacancies in your investment rental property. When that occurs, you will naturally want to rent the property as quickly as possible so that you do not lose out on any rent money.
The ultimate goal of investing in rental property is turn a profit. To make sure that you achieve that goal it is essential that you follow several critical guidelines.
Classic business philosophy teaches that a great part of survival and subsequent success lies in an operation's ability to reduce mistakes.
What if you want better cash flow from your rental properties? You can't just raise the rents arbitrarily. If tenants leave, income goes down, not up.
Owning rental investment property can be a satisfying and lucrative operation; however, there are also several areas which need to be carefully heeded.
Finding the right rental property is certainly one of the keys to succeeding with investment rental property.
While many investors who purchase rental property focus on residences intended for year-around living, there is no denying the fact that vacation rental properties can provide an excellent income revenue.
In order to succeed when you invest in rental properties it is necessary to show your property to potential tenants.
There are some decided differences between fixing up your own home and a property you plan to rent out.
The process of searching for investment rental property can be exciting; however, before you get too excited it is important to run some preliminary numbers to make sure you know exactly what you are facing to ensure a successful investment.
Those who live in a rental property may have questions regarding how they should care for their dwelling.