Every business has a learning curve and real estate is no different in this respect. You will get terms and acronyms thrown at you that you have never heard of before and it can be intimidating to ask questions when you think it is something you should know. So now that you are here, let’s discuss what PITI is… Continue reading
We discussed the first five rental property operating expenses here so be sure to check that out along with this blog to get a firm grasp on all of the expenses you want to be accounting for. Here are the final five… Continue reading
Just like any business owner does, as a landlord you want to accurately account for any income and expenses. The most common income derived from a rental property is rental income, but what about expenses? Do you know which to account for? If not this guide is for you… Continue reading
Check out Part I and Part II of our security deposit series before reading this post and I promise you it will make more sense. The last aspect of security deposits left to discuss is when as a landlord you have a right to keep all or some of your tenants security deposit. Just like any aspect of rental real estate there are local guidelines and laws that govern this… Continue reading
If you missed part I check it out here. Now that you know how much of a security deposit to collect and when to collect it from your tenant let’s take a look at two more key elements of the process surrounding security deposits and your rental property… Continue reading
You are finished before you even start as a landlord if you are not collecting a security deposit for your rental property. Although it is not a “requirement” to collect one by law you probably want to institute one into your standard operating procedure as a landlord. Here are the basics regarding security deposits… Continue reading
Should you allow pets in your rental property? That answer depends on a lot of factors, but I would recommend is having a clear stance on the issue when advertising your property for rent. Here are some pros and cons to consider when deciding which way to go…. Continue reading
It is very easy to forget certain aspects of the move in process for a new tenant. You know what helps you remember everything? Checklists. Yes, I literally mean writing or typing out a checklist of all of the things you need to do BEFORE you give a tenant the keys to the castle. Here are 3 things that should be front and center on said checklist….. Continue reading
There are certain aspects of real estate investing I could write a rambling non-coherent book about and tenant screening is one of them. One of the more crucial aspects that people miss the mark on when screening tenants for their rental property is not charging them an application fee. Here is why you should…. Continue reading
There are going to be a lot of things we post on here that will simply boggle the minds of most humans. This is one of them.
These people have assigned parking at a 3-unit rental property that leaves ample space for them to park their 2 cars on a paved driveway. Instead they park the car in the backyard farther away from the entrance to the their apartment than the parking is. What do you do in this case?
Other than maybe taking a shot of whiskey in disbelief you send them an email with the parking diagram they received at move in reminding them to please park in their assigned spot. In all seriousness having the parking diagram to refer to takes the emotion out of the situation for the landlord or property manager in this case.
On a side note, there is a vacant rental unit in this building that I was showing yesterday and the perspective tenant asked “why is that car in the backyard?” My response: “Who knows.” I was bewildered to the point where I couldn’t even come up with a witty or professional response.
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