When you choose to invest in real estate, you're doing so to make a profit. To do that well, you'll need to invest in the right property. To make sure that you find that property and move quickly enough to make an offer before someone else, you'll want to do your research beforehand. http://buff.ly/2gNFbpDRead More
You may know that your are required by federal law to provide an Adverse Action Notice when you deny or alter the terms of acceptance for a potential tenant for your rental, but do you know the details of what goes into that notice and the specifics of what requires you to provide it? http://buff.ly/2g29jMBRead More
When it comes to tenant screening it helps to get into a process, but you don't want that process to become so routine that you forget to check on laws that have been updated or make assumptions that may turn out to be wrong. We have listed a few topics you may want to think about below, covering issues as recent as the new HUD guidelines to how to handle the Fair Housing Laws as they apply to a number of different situations.
Running a rental business can be difficult. There are many moving parts and sometimes it feels like there's not enough time in the day to handle them as you should. One thing you can do to elevate some of the pressure is to cut costs without cutting efficiency. That can come in many ways, so LandlordStation has gathered a few tips for you below to help you find the best place to focus on so that you can start saving money. http://buff.ly/2g1WKB6Read More
Promoting safety in your rental will help protect your investment and your tenants. A thorough tenant screening process combined with policies to help safeguard the property. Check out these tips to make sure you're providing a safe home for your tenant: http://buff.ly/2fN0dG4Read More
The rental market is changing. At one time renting was seen as a temporary solution until the individual could buy a home of their own, but as we continue forward, more and more of the Millennial generation is choosing to rent instead of buy. This shift in the industry leaves tenants with new needs to be met, and LandlordStation has put time into weighing these needs. The result is our TenantPortect software, which includes rental insurance, credit monitoring, and credit reporting to help build credit.
See more here: http://buff.ly/2gfDnY8
Part of your landlord responsibilities will be to make sure that your tenants have a safe home to reside in. You will be responsible for the maintenance that needs to be done to the property, and while this might seem overwhelming at times, there are a few good ways to keep ahead of it.
No matter how busy you become, it is extremely important you keep up to date with the accounting side of your rental property. This is a factor that can determine success or failure of the business. On a smaller scale, you could be missing out on receiving money. However, the bigger consequences could result in accusations of tax fraud and evasion. This can cause irreparable damage to your company’s reputation.
Landlords, we understand how long it can take to choose your rental location, find your ideal unit, organize the funding and prepare the place so it’s ready for tenants … every step of that process costs you money. We realize your goal is to have someone living in your unit as soon as possible! Of course you want to start immediately receiving rent, so you can start to earn money on your investment.
However, we’re here to warn you to not rush the last step: finding a tenant. Choosing the “wrong” tenant can be a devastating blow to your rental business and can cause enormous damage to your rental property! http://buff.ly/2gpVKXY
A relatively new pattern seen amongst landlords is opting for non-refundable move-in fees rather than security deposits. Despite misconceptions, these are not interchangeable. They both have their own advantages, but if you decide to begin charging non-refundable move-in fees, you'll see several exciting benefits. http://buff.ly/2fMwFpKRead More
Some people become landlords to make substantial profit, while others are simply thrust into the position via tanking home prices, inherited property or other uncontrollable issues. Regardless of whether you're in one of these positions, it's important to realize that being a landlord is nowhere near all profit. In fact, there are several hidden fees you may not recognize until they rear their ugly heads. http://buff.ly/2fosC2mRead More
You may receive an applicant for your rental that does not have a credit history or a very limited one. This does not necessarily make them a bad candidate. Depending on the situation there are several options you may look into so that you can gauge if you are comfortable renting to them. http://buff.ly/2fojXNlRead More
In years past, landlords could spend hours researching rental laws at the local library and sometimes still end up needing legal help. The Internet, however, has changed this to an extent. With just a few clicks of a mouse, you can find the legal codes of your state and even necessary legal forms to help rent out a property. There are certain legal documents, though, that should stay outside of the realm of "do-it-yourself." Randomly downloading these documents, or typing them up yourself, could land you in hot water. http://buff.ly/2g41BCvRead More
When you set a budget for your rental property, part of that budget will need to be focused on maintenance needs that will arise. Some of those will be brought to your attention by your tenant, but you will also need to do some preventative maintenance. This will help you avoid even bigger maintenance costs down the road.
Starting off on the right foot with your tenant can make the landlord-tenant relationship much easier as time passes. A tenant welcome package that explains any policies or rules, and highlights expectations (for all parties, not just them) can help to make sure that everyone starts off on the same page. http://buff.ly/2g1xCh4Read More
The best way to ensure tenants’ smooth departure is to begin planning for it before the tenants move in — before you have even met them. Starting early allows you to attach a rider to the lease, so tenants will know what to expect when they move out. If you did not prepare early, the good news is that it is never too late to start. Here are seven effective ways to ensure that tenants depart smoothly.
While it's always a good practice to learn from your own mistakes, it's even better if you can avoid them all together. When you take the time to meet with others in your industry you can share knowledge with each other, helping others to avoid mistakes you've made and, in turn, finding out how to avoid mistakes that they have made.
The wording on your rental ad matters. Federal law protects certain groups to make sure that they are not discriminated against. If you use language that leads someone to think you may be discriminating against one of these protected classes, you may find yourself in legal trouble.
Upgrades to your rental property can help to bring in a higher rent rate, but you'll want to balance that out with how cost effective the upgrade actually is. If the upgraded item will require more time and money put into it than what you had, it may not be financially worth it.
One upgrade to keep in mind is adding hardwood floors where carpet used to be. This is an upgrade that not only increases the value of your rental immediately, but can have long term savings. Here's how: http://buff.ly/2fZQ5rZ
Often, doing a few simple rental property upgrades will pay off in the long run; the landlord will benefit from the overall value of their rental property increasing. Giving the property a quick face lift with a few renovations also allows a landlord to asking a higher rent for a unit that outshines all rental competition in the area.
If you're handy with repairs, you may choose to handle at least some of the more common rental maintenance issues yourself. Unless you're a professional, though, there are certain problems that you should hire a contractor for to make sure the job is done right.
Regardless of how well landlords vet their tenants, situations will still sometimes arise that can land them in civil court. This could be anything from eviction procedures to suing for damages or unpaid rent. Unfortunately, there are a variety of mistakes that novice property managers often make that can leave them on the losing end of these cases. Identifying and preventing these potential mishaps can go a long way in a court of law.
You will want to make sure that you have a good working relationship with your tenant so that they can be your eyes and ears for any potential problems with the rental that they are living in. They will see the signs of any maintenance issues before you do, so they will need to feel comfortable reaching out to you to let you know.
Many landlords know that they can claim rental property expenses like insurance on their federal tax returns. However, one of the biggest rental income deductions is depreciation. Depreciation is a simple concept: objects (in this case buildings) become less valuable over time. The IRS allows landlords to claim depreciation over time to offset the rental income landlords should make on the property.
Screening your rental applicants will help you to get a good idea if they will be a good fit for your property. While that should include a credit, criminal, and eviction check, it also should include taking a few moments to sit down with them to have a conversation. As the landlord and/or property manager, you should have a set of questions that you ask every serious applicant for your rental before you get too far into the process.
When you think of becoming a landlord, often you think of renting either to individuals or to businesses that will be running their office out of the location, but there's a niche in the rental market somewhere in the middle. If a company sends their employees on regular out-of-town trips, they may decide that renting out an apartment is a cheaper option than putting them up in a hotel, especially if their employee is going to be traveling for a length of time. While your rental does not necessarily need to be designed strictly for these types of tenants, opening up a rental that is close to a business center to this possibility may bring in some amazing tenants in your future.
Many landlords are wary about allowing dogs into their rentals. They worry about liability and damage, but there are potential perks to allowing pets. Not only will this open your rental up to allow for more applicants, but dogs can actually help to protect the property. See how:
At some point, almost every landlord encounters a bad tenant who doesn’t pay rent on time or owes money for a damaged rental property. While these situations may prompt you to take to a punching bag, this isn’t always the best course of action. Instead, consider reporting them to the credit bureaus. There are plenty of reasons to report your client to all three credit bureaus, and this article will help you understand the benefits of taking this extra important step. http://buff.ly/2gkbAXgRead More
Your tenant has several guests coming and going on the property, and it seems like they're sticking around for the long run. Your original tenant has the legal responsibility for sticking to the lease agreement and keeping the property in good shape, but these guests aren't on the lease and have no legal or financial obligation to the property. It's a situation that's ripe for disaster for yourself and the original tenant if things go wrong. Here's how to handle unwanted long term tenant guests.
When you're looking for your next rental investment you'll need to be ready to make a few decisions. What kind of neighborhood are you interested in? How much are you willing to pay? Should you invest in a single or multi-family property?
If you've invested in single family properties up until this point, you may be hesitant to branch out, but there are many perks that come with multi-family property investments. You can see a few of those here: http://buff.ly/2gkaw5H
Thoroughly screening prospective tenants is the best way to avoid problems with future renters. Pleasant and timely tenants ensure that the property is taken care of, and that rent is paid consistently each month. To increase the chance of renting to thoughtful, trouble-free tenants, check off these ten items:
A difficult tenant makes your life as a landlord difficult, but what signs should you look for to indicate that a tenant will be one of the good ones during the screening process? While you can't predict every possibility, there are a few key points to look for that can help you make the best decision possible.
In the United States, we take it as a given that it's illegal for businesses to discriminate against certain groups of people. This understanding is supported by a long string of laws and court rulings, such as Title VIII of the Civil Rights Act, also known as the Fair Housing Act. This act protects tenants from unfair discrimination by landlords and real estate agents. http://buff.ly/2eyJdnMRead More
Managing your own property isn't an easy job -- it involves maintaining your property, finding the right tenants, keeping them happy, and many other things. However, it is clearly worthwhile. In fact, real estate remains one of the smartest investments you can make. Fortunately, there are things that you can do to make managing your property easier and more lucrative. Here is a rundown of three property management secrets from professionals that you can use on your own rental property.
If you have a rental that has a tenant leaving during the holiday seasons, it can be difficult to fill. Often people do not want to move before the New Year, but there are a few incentives that can help you attract tenants to apply so that you may find the best one.Read More
While the goal would be to keep a paying tenant in your rental property year-round without delays between the outgoing tenants and the incoming ones, it doesn't always work out that way. When your property sits vacant, rent isn't the only thing that you may lose out on. Obviously vacant rentals may attract vandals, but there are some good ways to protect your rental until you can fill it with your next amazing tenant.
Rental demand isn't consistent throughout the year, especially if you have properties in a college or tourist town. You don't want your properties to sit vacant for months at a time simply because it's slow. Between the lost rental income and issues with break-ins and other crime associated with empty property, it's not an ideal situation. One of the most effective options is utilizing your current tenant network to generate additional referrals for new properties you bring on board.
After investing in your rental property, your tenants become your most valuable asset. They help determine your staying power in the real estate business, and therefore serve as valuable additions to your property's value. Selecting good tenants is a difficult role for most landlords, but not because of the caliber of tenants. There are many decent potential tenants waiting on the right housing opportunity. The problem lies with the approach to finding the right tenant.
One of your first lines of defense for your rental is a tenant screening, but for it to be effective you will need to be able to understand how to read that tenant screening. If you haven't spent a lot of time looking at credit reports, take a look at this article to get a good overview of how to read a credit report and what is involved in that:
Many landlords charge a security deposit when they accept a new tenant into their rental, but do you know the legal details that surround security deposits and what all that should entail? Check out this article to make sure that you're following the correct procedures for the security deposit that you collect from your tenants:
Landlords are required to wear several different hats from day to day, and it can easily feel overwhelming. It is, therefore, beneficial to turn to software to help manage certain aspects of your rental business, particularly in areas that can result in loss of income if not watched carefully.
Fortunately, with the growing number of entrepreneurs turning to real estate, the online software solutions on offer have become tailored to the specific needs of landlords.
In most cases it's expected for tenants to hang pictures or decorations on the walls of the rental. Even though it will leave a hole behind, it's usually considered normal wear and tear. It's easy to patch these holes, though, if you follow a few simple tips:
Bad tenants are a fact of landlord life. You do what you can to minimize the risk of bad tenants through credit checks and screening services, but a great tenant on paper may be a nightmare to deal with in person. Tenants may threaten you for several reasons, such as attempting to avoid an eviction, stopping you from realizing they're breaking their lease clauses, and attempting to intimidate you. How you handle threats from tenants depends on the situation and the consequences for taking action.
LandlordStation provides a full platform of services including Tenant Screening and Online Rent Payments to Landlords.
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