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 …

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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 …

The Landlord List: Information to leave with your tenants

When you are checking in your renters, they will be overwhelmed with information from you, in addition to all the stress of moving.  Even if you go through these items when you meet with them, leaving printouts of instructions will be invaluable to them.  Plus, if they know how to take care of your property, …

Tricks of the trade: The easy way to get proof of expenses

At some point, your renters will likely pay a bill for you.  Perhaps they've been nice and done a repair themselves, and of course want to be reimbursed.  The concern is the much more likely scenario: they have had to pay a bill when a repair was done, and you weren't able to set up …

Running your rental business: Should you purchase a home warranty?

In addition to an insurance policy, which typically covers fire, hail, and other major damage, you may want to consider purchasing a home warranty for your rental property.   A home warranty can be purchased from many companies, and will cost about $600 a year.  They will likely charge $75 or so per issue (and may …

The Landlord List: Skills you should develop

If you have the time -- and the inclination -- to do some repairs yourself, the following skills can save you a lot of money!