One of the biggest time wasters for property owners is trying to lease their properties. It should not be that way. The reason the process is so painful is that we are naturally predisposed to not play detective. To stop the time suck though we need to play...read more
Your tenant wants to renew their lease! I think we can all agree that tenant renewals are good news! It means continuing cash flow without incurring the costs of vacancies, marketing, and normal rent-ready maintenance and improvements.read more
Your rental’s occupancy limit must be the set based on a review of factors that consider physical aspects of the property while not violating any Fair Housing issues and local ordinances. One thing is clear when it comes to determining occupancy limits. Your rental’s occupancy limit is much more complex than a simple two person per bedroom guideline.read more
Maintenance expenses for rentals can eat up any expected profit. Here are five easy ways to control maintenance expenses .read more
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.”read more
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.read more
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.read more
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.read more
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.read more
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.read more
From the time existing tenants provide notice of vacating at the end of their lease, to the moment a new lease is signed, can be a stressful period for any rental owner. The temptation is to do shorten this stressful period of worry by immediately finding a new tenant. The owner who insists on marketing for renters while their unit is still occupied is likely adding to their stress over a much longer period. Allowing prospective tenants to see the home prior to the existing tenant completing moving out is almost always a big mistake.read more
Subleasing requests are addressed in most leases. Here is an example from the WILMOTH lease.
ASSIGNMENT AND SUBLEASE: Tenant shall not assign or sublease any interest in this lease without prior written consent of the Landlord, which consent shall not be unreasonably withheld. Any assignment or sublease without Landlord’s written prior consent shall, at Landlord’s option, terminate this Lease.
So, approval for subleasing won’t unreasonably be withheld.read more
After months of getting your investment property prepared, you are now ready to reap the riches of rental ownership. Wisely, you have decided to use self-management. Self-management is just what it sounds like. Think the FSBO (for sale by owner) of rental properties. For all the same reasons, owners of properties make a decision to DIY (do-it-yourself). After all, nobody knows as much about the property as you!read more
In most property management relationships, a rental property owner is expected to establish a reserve account. Reserves are a specific amount of money that the property manager can access to deal with daily obligations, maintenance issues, and emergencies. The owner also agrees to make sure that the fund never falls below the specific reserve amount.read more
When you own or manage a property for rent you may be blamed for everything. A common misperception with tenants is that your dwelling (homeowners) insurance will also cover them. Tenants must understand that they need their own renters insurance to protect their personal belongings.read more