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 »
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 »
Congratulations! You launched your property management career and are officially a landlord. Although you have a new mortgage to pay, insurance to buy, and maybe some home repairs to cover, a small investment in some key tools will help you run your new business effectively.
Here are some suggestions based on the experiences of veteran landlords:… Read More »
It's so easy for landlords to get the word out when they have a unit for rent. They simply post a description and photos online – usually for free – and get a world of tenants at their fingertips.
Why, then, are online rental ads often so unappealing?
Go ahead; choose any neighborhood, enter a few parameters and start going through the photos that pop up.
Harrisburg, Pa. apartment complex: Two of the three shots… Read More »
When you’re thinking about entering the market as a landlord, the considerations are many. Before you get caught up in the minutiae of advertising the property, making cosmetic upgrades, or screening for the perfect tenant, be sure to consider the paperwork that may need to be completed before you may legally rent your unit. The requirements to move a tenant into a property vary greatly by municipality. A landlord should be prepared to encounter a… Read More »