What Insurance Should I Require Independent Contractors to Have? When you hire someone to work for you, they could make a mistake that costs you serious money. That’s why it’s important to hire insured contractors. If they make a mistake or fail to deliver the goods they promised, you are able to recoup some of the expenses by filing a lawsuit against them. Contractor insurance typically covers … [Continue reading...] about What Kind of Contractor Liability Insurance Should My Contractor Have?
It is very important that when you purchase a new rental property, that you think about the future and how you may need to exit the game for whatever reason. Many investors do not think about this and get burned when they try to get out of the landlord business. It would be a wise decision to think about how you may have to exit a rental property some day and put this in consideration when … [Continue reading...] about Top Four Ways to Exit Your Rental Property
Below are some quick tips for you to think about next time your are looking to find a good quality tenant. Since landlords are the highest sued in real estate I think I will start with the things you should not do: Don’t Discriminate. Not only is illegal, it is illogical. You can find great people of all ages, races, gender, and background. You will also find bad people in every group. … [Continue reading...] about Things You Should and Should Not Do To Find Great Tenants
I think its best to say right from the beginning that whether you buy and sell or buy strategy does not have one correct answer or one size fits all. The decision to choose one method over another should be part of a strategy that takes the investor's overall investment goals, as well as the opportunities presented by the existing market, into account. Why Invest in Real Estate? Residential real … [Continue reading...] about Should I Flip or Should I Buy and Hold?
Among the many duties of a landlord is to repair rental property and keep it in habitable condition. Also, whenever a landlord has to enter a rental property, they must provide notice to tenants in a timely manner, except in emergencies. Many landlords have run into problems with their tenants by not repairing or fixing problems with a rental unit. In general, the best advice to give a landlord … [Continue reading...] about Landlords’ Duties Regarding Repairs, Maintenance, and to Provide Notice to Tenants for Entry
When determining, “Is tenant responsible for lawn care?” be sure to check the provisions of the lease. A well maintained landscape adds value to a property and it is as important to maintain as the interior of the premises. A landlord is always interested in maintaining the property, but may neglect to specify your responsibilities in your lease agreement. For information on general yard … [Continue reading...] about Is Tenant Responsible for Lawn Care?
As property managers, we’re all aware of the multitude of issues that frequently arise with unreliable tenants. Late rental payments, disturbing the peace, illegal activity, and a general disregard for the property are all problems that typically arise in the property management industry. Many times, we’re so focused on dealing with the problems prevalent in the property management industry … [Continue reading...] about Do You Appreciate Your Tenants?
Being able to collect rent on time is one of the most fundamentally important aspects of being a landlord. Unfortunately, it’s also one of the aspects that feels most out of your control. Many new landlords think it’s up to the tenants to pay rent wherever and whenever it’s due and your only option is to evict those tenants who don’t pay on time. Although you’re ultimately relying on your own … [Continue reading...] about Four Surefire Ways for Landlords to Get Their Rent Money
Many landlords and property managers charge a fee every time a tenant submits a maintenance request or a repair is performed or for items that is the tenants responsibility. In short, if you charge a maintenance request fee or repair deductible I think it is important to make sure prior to the tenant renting your property what they will be responsible for regarding maintenance fees. What’s a … [Continue reading...] about Don’t Charge a Maintenance Request Fee or Repair Deductible
When you are a landlord or property manager like we are, property repairs and upkeep are just routine parts of the job. Something is always breaking or in need of upkeep. Tenants tend to think that their particular maintenance request is the most important and is always an emergency! What Are True Landlord Maintenance Emergencies? Some things really are maintenance emergencies that require an … [Continue reading...] about As a Landlord, What Do You Consider Truly a Maintenance Emergency?