CategoryProperty Management

How do you run a tenant credit and background check on a renter?

In the four years I’ve been a real estate investor, I’ve owned close to 40 of my own rental properties.  In the course of that time, unfortunately, I’ve had to evict quite a few people. As easy as it is to get angry and hold grudges with these former tenants, if I’m honest with myself, the finger needs to be pointed at me. Obviously, no one can know how things are going to work out with a tenant...

HOW MUCH CAN YOU LEGALLY CHARGE FOR AN APPLICATION FEE & A SECURITY DEPOSIT?

What should a security deposit be?  How much should you charge as an application fee? Knowing what to charge for a rental application fee & a security deposit is really going to boil down to state law.  Once you understand what you can charge, then you’ll have to sort out what you should charge.  Links to different state laws can be found at the end of this post. Why charge an application fee...

WHAT DO YOU DO IF A TENANT DOESN’T PAY RENT?

As someone who’s owned over three dozen rental properties, there is nothing more frustrating than when tenants are either late on rent – or worse – stop paying rent completely. Chances are, since you’re reading this, you’ve got a tenant not payming rent. So, what do you do if a tenant doesn’t pay rent?  Well, here are 5 things you should consider doing. #1 Don’t do anything...

DO LANDLORDS HAVE TO PUT UP BLINDS OR OTHER WINDOW COVERINGS?

There doesn’t appear to be any state that requires a landlord to provide blinds or window coverings for their tenants.  While you may want to check with your local municipality laws, it seems that landlords are in the clear. However, there are some reasons why you might consider providing them even though you’re not required to.   Public Perception If you don’t provide window coverings, your...

CASH FOR KEYS PROGRAM FOR RENTERS FACING EVICTION

In this post, we’ll be discussing why a cash for keys agreement is a great alternative to an eviction.  One of the worst experiences of being a landlord is dealing with evictions.  When tenants get evicted, no one wins. Landlords are usually out thousands of dollars, and tenants are homeless along with the added perk of having an eviction on their record.   If evictions can be avoided, it’s...

WHAT CAN A LANDLORD DEDUCT FROM A SECURITY DEPOSIT?

What can a landlord deduct from a security deposit?  When a tenant moves out, conversations about the security deposit quickly come up.   Tenants want to know how soon they can get it, and landlords want to make sure the tenant has left the property in acceptable condition before they consider cutting a check.   As you can imagine, there are laws around security deposits, and there are some...

WHO IS RESPONSIBLE FOR APPLIANCES IN A RENTAL PROPERTY?

Who is responsible for appliances in a rental property?  This question could mean different things.  It could mean, “Who is responsible for providing appliances?”  It could also mean “Who is responsible for maintaining appliances?”  It also brings to mind another question, “How do we define an appliance?”  In this blog post, we’ll attempt to get all this sorted out. How do we define appliances...

HOW TO ATTRACT NEW TENANTS FOR A RENTAL PROPERTY IN A TOUGH MARKET

The last thing you want as a rental property owner is a vacant property.  Vacancies mean negative cash-flow, and empty houses are magnets for squatters and vandalism.   Sometimes the market is slow, however, and it’s harder than it was before to figure out how to attract new tenants.  Well, if that’s the case for you, don’t worry.  It might just a matter of rolling up your sleeves and...

BENEFITS OF A MONTH-TO-MONTH LEASE FOR LANDLORDS

Let’s talk about benefits of a month-to-month lease for landlords.  As a rental property owner, you’ve got a lot of decisions to make.  One such decision is do you sign a fixed-term or month-to-month lease with your tenants?   A fixed-term lease has a defined start and end date such as in a 6 or 12 month lease agreement.  A month-to-month lease agreement, also known as “periodic tenancy” or...

Renting to Section 8 Tenants Pros & Cons

Let’s discuss Section 8 tenants.  At first glance, building a real estate empire with properties occupied by Section 8 tenants may sound like a dream come true.  Hey, you never have to worry about the rent being late! Well, while there are certainly some advantages to welcoming Section 8 tenants with open arms, let’s be careful not to look at Section 8 through rose-colored glasses.  Let’s...

Recent Posts

Categories