Since rental income is the chief reason people consider buying investment properties, choosing the right rent amount requires a great deal of thought. But how do landlords decide what to charge?
Formerly, they spent weeks scanning newspaper ads for comparable rental units, and seeking advice from market experts. Now, though, anyone with internet access and a calculator can figure it out for themselves.
The two most important considerations in setting an appropriate rent amount are:
• Covering the cost* of owning the property
• Drawing a good pool of tenants… Read More »
The perfect tenant rarely just appears on your doorstep the day you're ready to start leasing your rental property. Typically, it takes some work to find the right person, or people. But, there are established steps that can smooth the process and remove some of the mystery involved in sussing out a good applicant.
Applicants will find your rental through word of mouth, an open house, or an ad or online listing. Have… Read More »
Landlords typically clean carpets, repaint and make minor repairs when a tenant moves out and before a new tenant moves in. At some point, however, addressing normal wear and tear just isn't enough to give a rental the facelift it needs. In that case, it may be time to consider a serious renovation.
How much work should a landlord perform to update a rental property? And, will the work merely keep a unit… Read More »
With hundreds of thousands of landlords across the United States, there are few tenant issues that haven't been encountered by someone, somewhere, at some time. And out of those experiences come new lease clauses.
At the very least, rental agreements or leases – terms we use interchangeably here – cover dates, rent and security deposit amounts and who pays utilities. Clauses modify and expand those basic terms, just as they do in any… Read More »
Landlords across the nation had a unique perspective last year when it became clear that one of their own would be moving into the White House. Real estate investors couldn't help but hope for an income boost since, while the new president's current financial success is closely tied to branding efforts, his family built its fortune on New York residential real estate.
Hopes for cuts in taxes and reduced government oversight excited investors… Read More »