Anyone who owns a property they’d rather not sell—whether from a move, an inheritance, or other circumstances—may wonder if he should become a landlord. The decision involves many considerations, and authors Attorney Janet Portman, Ilona Bray, J.D., and Marcia Stewart offer valuable guidance. Their book, First-Time Landlord: Your Guide to Renting Out a Single-Family Home, …
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As a landlord, your rental property is an essential component of your business and income. Naturally, you want to protect that investment and ensure your tenants take care of the property. But sometimes, it’s hard to distinguish between a conscientious landlord and a meddling one. How can a property owner avoid crossing that line? While …
Continue reading “When (and Why) Landlords Can Perform Inspections”
Landlords screen tenants to find renters who will care for their units. But no matter how carefully landlords select tenants, property damage can still occur. So, how should you deal with property damage and calculate what a tenant owes? Local laws vary on when and how much landlords can charge tenants for property damage, so …
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A landlord owns a rental unit to secure rent-paying tenants. Unfortunately, a property that sits empty too long could acquire a non-paying occupant. A squatter takes up residence on a property without the owner’s consent. But although the squatter’s presence is unlawful, you must handle him with caution since he does have certain rights. By …
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One of a landlord’s fundamental tasks is maintaining his rental units. But considering the array of potential issues at a rental property—from plumbing to structural—no landlord can single-handedly manage every repair. Instead, he must engage reliable maintenance professionals before his property needs work. Ideal vendors will reliably produce quality work at a reasonable price. But …
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Even when homeowners and landlords own similar properties, their insurance needs differ. Homeowner’s insurance doesn’t cover rental properties, and most policies specifically deny coverage when the owner isn’t occupying the unit. If a rental property experiences fire, burglary, a natural disaster, or another calamity, the landlord—not the tenant—will be financially responsible. Consequently, every landlord needs …
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Most potential tenants looking for a rental property start with an online search. Though technology proves convenient for both renters and landlords, it provides opportunities for scammers. Con artists targeting the rental market typically post phony listings to steal money and sensitive information from interested tenants. Only after tenants have paid a hefty deposit will …
Either by inheritance or investment, a landlord sometimes ends up owning property in a city, state, or country other than his own. Overseeing a distant rental property comes with unique challenges. After all, showings, inspections, and repairs become more complex when handled from a distance. Modern technology, flexibility, and planning will be your keys to success. …
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Every investor diving into commercial or multi-family property ownership should read Ken McElroy’s book The ABCs of Real Estate Investing. The book’s subtitle says it all: The Secrets of Finding Hidden Profits Most Investors Miss. Written as part of the Rich Dad’s Advisors series, this book teaches potential real estate investors how to– Achieve wealth …
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As every landlord knows, good tenants aren’t easy to find. So, when a tenant pays rent on time, respects the property, and interacts pleasantly, you want to keep them long-term. And beyond the benefits of retaining high-quality tenants, a lease renewal avoids the losses and expenses that come with vacancy. Less advertising, fewer showings, and …
