Advertising for tenants might sound straightforward or extremely complicated; the truth is that some rental units are easy to fill, while others require landlords to kick in a free 70" LED TV and a full-time masseuse, depending on the market. Below is not a step-by-step directions list but a general roadmap, to help new landlords find the fastest, least expensive way to fill their rental unit with a qualified tenant.… Read More »
Shoddy tenant screening is to blame for many tenant problems that landlords experience. Bad tenants will refuse to pay rent, ruin your rental property, invent reasons to sue you, and then tell the judge that you're evicting them unfairly. In short, they are an expensive nightmare.
So how do you spot these rotten apples?… Read More »
After you’ve reviewed an applicant’s rental application, credit report, criminal background and verified their income and housing history, and you feel confident in their likelihood to pay the rent and treat the property well, it’s time to execute a legal contract to formalize your arrangement. Call the applicant, inform them of your decision to move forward, and schedule to time to meet them in person at the rental property.
If signing the lease agreement in… Read More »
Unfortunately, real estate costs rise over time, from property tax bills to insurance premiums to repairs and upkeep, so landlords sometimes need to raise tenants' rental payments. Raising tenants’ rent can prove a challenging conversation for many landlords, so here are a few suggestions to help make this discussion a successful one. Tip 1: Planning Ahead Many states require advance notice of at least 30-90 days when raising rent. This is something you… Read More »
Vacant rental properties ruin the return on investment properties – period. Hazard insurance, mortgage payments, property taxes, utilities, break-ins, vandalism, maintenance, and landscaping are just some of the costs associated with vacant rental properties. Reducing your vacancy rates to a bare minimum is extremely important, if you intend to have a successful real estate investing career. The following eight tips will help minimize vacancy rates, and thus maximize your ROI. Before You Invest…… Read More »
Every landlord has encountered the messy, can't-be-bothered tenant, who has the attitude that “it’s not my property, so why should I care?” While every tenant wants their home to be clean and in good repair, not everyone actually bothers to do the work it takes to keep their home that way.
Nor are all lease violations about dirtiness, either. Tenants could be keeping a prohibited pet, or failing to keep smoke detector batteries working, or… Read More »
The eviction process can be time-consuming and expensive, and a source of confusion for many landlords. Being (and staying) informed about the eviction procedure for your individual state is not only proactive but crucial to successful property management. Each state has its own set of eviction laws and regulations, and in many cases, eviction procedures may also be set by each jurisdiction as well. To make matters worse, the eviction terminology varies by location as… Read More »
Just like Elton John’s “Circle of Life”, there is of course a cycle to tenancies; new tenants come, stay a while, then move on (hopefully without doing too much damage to the property), and then it is time to find the next tenant to make your rental property their home.
The recent tenants have vacated your property, and you’re now paying the mortgage and anxious to find new tenants to occupy your vacant rental unit.… Read More »