Since rental income is a form of “passive” income, new investors may view real estate as an easy money maker. But the day-to-day work of being a landlord involves complex tasks and considerations that are anything but passive. An inexperienced real estate owner can encounter challenges resulting in foreclosure or massive debt without adequate planning. …
Mistakes to Avoid as a New Landlord
What Does Reasonable Accommodation Mean for Rental Properties?
Shelter, protected by the U.S. government under fair housing and anti-discrimination laws, is a fundamental human right. A subset of these regulations removes obstacles so disabled persons can take full advantage of housing opportunities. Under these laws, the landlord must adapt his units to renters’ unique needs. He must also provide reasonable accommodations to disabled …
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Making a Good First Impression with Tenants
When a promising, thoroughly screened renter signs a lease, every landlord hopes that the renter will prove cooperative and content to rent long-term. So, immediately set the tone for your professional relationship by making a positive first impression. First impressions occur instantly but have lasting consequences. Here are four ways to put your best foot …
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Improving Energy Efficiency in Your Rental Property
Improving energy efficiency in your rental property sounds like a win-win. Both you and your tenants will save money on utilities while protecting the environment. But the logistics of energy efficiency can quickly become complicated . . . and expensive. Fortunately, not all energy efficiency improvements require significant cost or hassle. Here are some ideas …
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When is a Condo a Good Real Estate Investment?
Condos, short for condominiums, are individually owned units that compose one housing complex. The units may be attached or detached and can vary in size from studios to 3- or 4-bedroom residences. Homeowners’ associations cover these condos, often located in downtown areas. Among property investment options, condos are the most approachable due to their versatility, …
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How Many Mortgages Can You Have?
Owning multiple properties can be an exciting way to expand your assets and take advantage of growth opportunities as a real estate investor. But each new property will likely require additional financing, which leads to the question: how many mortgages can you have? In 2009, the Federal National Mortgage Association, commonly known as Fannie Mae, …
Tips for Low-Maintenance Landscaping
Nothing adds to curbside appeal quite like attractive landscaping. But upkeeping grounds is also one of the biggest pains of owning a rental property. The good news is that you can promote your property’s visual appeal without a major hassle. Here are some tips for producing an attractive landscape that’s simple to maintain. Take advantage …
How Should I Handle a Missed Rent Payment?
As a rental property owner, you make every effort to select responsible tenants that pay rent on time each month. But no matter what precautions you take, no landlord will always receive rent on time. So, when a tenant misses a payment, what then? How should a landlord respond to maximize his odds of being …
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Common Tax Deductions for Landlords
Tax deductions let business owners offset business costs when filing their income taxes. Deductions lower the business owner’s taxable income, thereby lowering their overall tax bill. As any landlord knows, owning a rental property involves plenty of costs! Fortunately, many of those expenses have a corresponding tax deduction. To avoid paying higher taxes than necessary, …
Do I Need to Make Lead-Based Paint Disclosures in My Lease?
Years ago, lead was a popular paint component since it kept paint moisture-resistant and fresh. But science has shown that lead is highly toxic. If ingested or absorbed, lead damages vital organs and causes developmental delays in children. As a result, the U.S. government outlawed lead-based paint in 1978, though some states banned it sooner. …
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