Keeping it legal: further thoughts on tenant selection criteria

As I'm going through another rental turnover -- and qualifying applicants-- I'm reminded on how important this step is, not only for choosing the best renters, but also to protect myself from possible lawsuits and legal trouble. Photo by rawpixel.com on Pexels.com In fact, this step is so important that this is my 3rd blog …

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Questions you should ask when choosing a realtor

Chances are that, when you are looking for a real estate investment to either buy, sell, or lease out, you'll be working with a realtor. Who you choose to work with can make quite a difference in your understanding of the market, properties you see and negotiate for, or how your current property is presented …

What types of properties should you be buying?

As you think about becoming a real estate investor, you probably have an idea of the kinds of properties that you want to buy and rent out. Perhaps you picture yourself managing single family homes. And not just any old homes -- you want to own luxury properties with amazing design and features. Or perhaps …

When choosing a rental property, don’t forget to buy the neighborhood!

When you set out looking for a rental property, you probably have a good idea what you're looking for. Let's say that you've decided to target families, hoping for a long-term rental/low turnover. You'll narrow down your search by looking for an area with good schools and parks (location! location! location!). You'll look for houses …

The most important part of developing your rental business: Build your team

Photo by rawpixel.com on Pexels.com Even if you plan on being a one-person business (as I consider myself), you still need a team.  There are for things that you either can't do on your own, or shouldn't!  Mistakes can be costly and time consuming.   Having a list of professionals will provide a more solid foundation …

What kind of landlord do you want to be?

I'm truly what you would call an accidental landlord. Like many couples, my husband and I found ourselves with a one-bedroom condo unit that we decided to rent out.  We thought that we might make a little money, certainly at least break-even, and then sell the property for more money years later. That was in …

Starting and running your rental business: another insurance mistake to avoid

I have an acquaintance that I'll call "George".  George was relocated and decided to rent out his property rather than sell.   He diligently called his insurance company and purchased renters insurance, signed the paperwork, paid every year, and didn't give it another thought. About now alarm bells should be going off in your head.  Why? …

Starting your rental business: Know the difference between active and passive income

Of course you're becoming a landlord to make money, but part of your business's success comes at tax time.  How you're taxed -- as active or passive income -- makes a difference to your bottom line.  In future blogs, I'll discuss how to determine if you qualify for active/material participation, and the advantages of either …

Running your rental business: Should you set up a separate property management company?

Maybe!  Having your properties and management duties separated into different companies can have many advantages. The main advantage of creating a management company is that you can easily deduct office expenses (even if that's a home office), vehicle expenses, and employee costs.   You can arrange healthcare for your employees, and set up retirement programs.  A …

Starting your rental business: Should you buy a fixer-upper for your property?

    You may be considering buying a "fixer-upper", dated property, or property in distress to fix-up and use as your rental property.  Before you jump in, there are many things that you need to consider! First, what kind of market are you in?  Are you in a market where hardly any properties are available, …