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 … Continue reading Keeping it legal: further thoughts on tenant selection criteria
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 … Continue reading Questions you should ask when choosing a realtor
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 … Continue reading What types of properties should you be buying?
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 … Continue reading When choosing a rental property, don’t forget to buy the neighborhood!
Should you lease to an ex-pat?
I try to buy properties in desirable areas, and take great care to maintain them, so quite often I get applications from ex-pats (workers from other countries that have been transferred by their companies, often for several years). Should you consider renting to an ex-pat? The answer is complicated. There are several universal issues … Continue reading Should you lease to an ex-pat?
Running your rental business: An easy, sneaky, and efficient way to check up on your property
As a property owner, you're probably worried about if your renter is taking good care of your investment. Sure you can drive by the property and get a feel for its condition, but you likely won't be satisfied with that! I know that I'm not. So, how can you get onto the property to have … Continue reading Running your rental business: An easy, sneaky, and efficient way to check up on your property
A landlord’s debate: should you show your property while the current tenants are still there?
Unless you give up on being a landlord immediately, you'll be faced with renting out a property after you have already have had it rented out. This presents a different set of problems than, for example, having your own house up for sale. With your own house, you know that you can keep it clean … Continue reading A landlord’s debate: should you show your property while the current tenants are still there?
Working with contractors: Get all details in writing!
Here's a scenario you're likely to encounter as an income property owner or manager: You're in-between tenants and decide that you need to update the flooring in your property. Contractor Dave gives you a quote of $10,000, and needs half of it up front to cover materials. You know several people who have recommended Contractor … Continue reading Working with contractors: Get all details in writing!
Property owner math: When more is less
As a property owner, you've probably considered upgrades in an effort to secure higher rent and perhaps better tenants. Maybe adding landscaping, installing new windows, adding lighting, or updating fixtures. Hopefully you've done research to figure out if you can actually list that property for a higher amount after doing that improvement, or if your … Continue reading Property owner math: When more is less
Running your rental business: Use established guidelines to clear potential tenants and avoid legal problems
Having an established list of criteria for each rental property/address will not only help you narrow your search for the perfect renter, but also will help protect you from legal issues from a prospective tenant who feels that you turned them down unlawfully. So how do you go about creating such a list, and what … Continue reading Running your rental business: Use established guidelines to clear potential tenants and avoid legal problems