In an economy like this one, investing in rental property looks good to some and risky to others. People worry that they won’t find anyone to consistently cover the rental costs, but one plus to a down economy is that fewer people buy homes. Renting becomes a preferred option in many cases. It’s a good option for potential landlords, too, because there are tax credits associated with renting out property to tenants. (more…)
You’re moving to a new city—but what happens to your old home? Trying to sell homes in the current economy can be a challenge, so perhaps consider keeping the old house and putting it on the market for potential renters. Not only will you now have cash flow from the investment, but you’ll also have other benefits from holding onto the property. (more…)
Renting property and signing a lease agreement go hand in hand. It’s acceptable and encouraged protocol to protect both you as a renter and the landlord as a property owner. There are some things you should look out for before agreeing to take on a rental contract, and it’s a good idea to go through the entire document with a red pen, just in case something alarming pops up. (more…)
Have you run across a really great deal on a rental property, one that has everything you’re looking for and is well under your budget? Well, if it sounds too good to be true, it probably is, to use the common phrase. Rental scamming has become a major problem in the modern world, as the internet makes it easy for scammers to advertise, collect, and disappear, with no intention of ever making good on their promises. Watch for these warning signs before making any plans or agreements. (more…)
Having trouble with a problem tenant? Or are you wondering what you would do in the event of a tenant who wasn’t following through on a contract? Before you consider forcing a tenant to leave because of late rent payments or untidiness, get in touch with a rental property manager. Having assistance with the eviction process can save you legal strife, because there are a lot of rules that you may not know.
Grounds for eviction and the process are different in every state. In no state are you allowed to forcibly remove a tenant’s belongings from the property and toss them into the street or the driveway, no matter how frustrated you are with the people. Nor can you lock tenants out, turn off utilities, or do anything else to make them leave. Even if you handle the problem in a rational manner, getting tenants out involves a good amount of legal headache, and doing it alone makes the chance of mistakes rise. (more…)
As a property owner, protecting and receiving a return on your investment is one of your top priorities. You want to make sure you’ll get rental payments on time, that tenants will take care of the property, and that you avoid potential conflicts. The best way to do this is to screen all tenants before signing any contracts and accepting renters for any period of time. You may think it easy to do on your own, but it’s easier to check everything if you work through a property management company. (more…)
Before you put out an ad for the apartment or home you want to rent, make sure that you have a rental agreement ready for people who show interest. A rental contract is a must-have for anyone wanting to lease property. It offers protection for the rental unit and for you as the owner, and also protects tenants. This contract is a legally binding document, so take care to include everything that you want to the renters to know so that you cannot be held liable if something goes wrong.
The most important information should appear right at the beginning: the move in and out dates, dates when payments are due and when they are late, the fees for late payments, the security deposit amount and what it can be used for, what furniture or appliances are in the apartment or home on the day the renters move in, and information about utilities. Renters need to know what they are expected to pay for and what services are included. For example, if you don’t provide Internet to the property, this will need to be in the contract so that your renters are aware and can make their own arrangements. (more…)
You may think that “going green” requires an extensive, expensive overhaul of your property. There are some quick, relatively inexpensive fixes that you can do yourself to save money. As a property owner, it’s a good idea to update even if you’re not the one paying most of the utility bills—your property will be extremely appealing to potential renters, and in the event that the home stands empty for a period of time, it won’t cost you a lot of money to keep it inhabitable while you wait for new tenants.
One easy, inexpensive fix is to install low-flow shower heads and faucets in the bathrooms and kitchen. At a cost of about $15, you can decrease water bills by $45-100 a year. Another way to save is to lower the water level in toilet tanks. Having these features makes the property appealing because of the savings renters will experiences. (more…)
Wintertime brings cold weather and its sometimes unpleasant side effects of ice and snow. When it stays outside, it’s only problematic when trying to get from one place to another. Really, though, there is no way around the fact that snow, ice, and dirt will travel from the sidewalk into the house on people’s shoes, which makes keeping carpets clean and undamaged difficult.
As a rental owner, you’ll want the carpets in your property to stay nice so that you can continue letting out the place when current tenants leave. Keeping tabs on the rental can be a little hard to do, because you don’t live there. (more…)
In the winter, a number of things can happen that damage properties. Property owners need to be aware of what can occur, and what their responsibilities are to their tenants. Keeping the property safe and livable are important for both owner and renter, and there are a few things that can be done to get through the cold weather with as few problems as possible.
Damage happens, and repairs are needed. In the winter, though, things can get a bit scarier (and pricier) to handle. Prevent problems by doing a thorough inspection before the cold weather sets in. Check the pipes for any blocks, leaks, or drain problems, and make sure tenants know how best to keep pipes from freezing when temperatures drop (more…)