On Your Investment JourneyYou Are Going To Need Great Partners
You own a home but do not live in it. You are the non-occupant owner. An investor. WILMOTH Group has been serving investors since 1994.
Interested in Renting from WILMOTH?
Recent Blog Posts
Recently we experienced an unusual request from a new tenant. A young couple had been given funds from a Grandparent that was to be used for rent. The Grandparent had requested that the funds pay for a year of rent. The reasons for making the request were entirely personal. From an accounting perspective, funds paid like this are called “prepaid rent.” It is great news for an owner. Most owners though, are surprised to learn that those prepaid rent funds are not just moved into their account for their immediate use.
Maybe the better question is what are these pests? No..I am not talking about your non-paying, soon to be evicted, tenants! I am referring to the spiders, roaches, and God forbid termites, that might be hanging around your rental home. Worse yet, your tenants are not telling you about these pests because they assume you won’t do anything.
If there is one thing that a rental owner wants to avoid it is bad tenants. Leaking toilets? Broken furnace? These are easy to fix compared to the pain a bad tenant can cause.
As a manager and owner, avoiding bad tenants means never letting them move into my property. There is another side of this issue though and it involves the tenant who becomes a bad tenant. Those situations are the ones that are more challenging. Creating structure so a tenant does not become a bad tenant is crucial.
As an owner of a residential rental you are eliminating a large percentage of applicants by not permitting dogs or cats. To accept these applicants you need a process for tenants to make a pet application and approval.
Many owners, and tenants, have the idea that a move-out inspection with the departing tenant is a good idea. In reality, it may benefit the tenant..but only if the owner or their representative makes some mistakes that later can be used against the owner. Invest a few minutes to learn how to avoid these mistakes, and the ensuing battle over a security deposit.
Every week we address applications where the potential tenants own a dog. Certain breeds of dogs are considered aggressive which complicates the issue of dogs in rentals. I know many people own dog breeds with this “aggressive” label. They are insulted when told that the owner of the rental can’t rent to them because their insurance will not cover the liability.