Steve Rozenberg of Empire Industries shares about the things that landlords do not know about managing rental properties. As we all know, a lot of people get into investing because they want to have the retirement, safety and security, and the cash flow that a rental property will give them. What a lot of investors don't realize is that there are a lot of laws that govern owning and managing a … [Continue reading...]
There are many reasons you might want to rent out your home on either a short- or long-term basis. Depending on the rental scenario, your standard homeowners policy may not cover losses incurred while your home is rented out, and you may require a more specialized insurance policy. So, whether you own a second home that you lease to to tenants, want to rent out a spare bedroom in your house … [Continue reading...]
Top most common maintenance issues with tenants...............Once you've placed a responsible tenant in your rental, your major responsibilities as a landlord, outside of collecting rent, will likely revolve around keeping the property in good repair. Assuming you'd like your rental income to remain as passive a revenue stream as possible, here are some common maintenance issues that you should … [Continue reading...]
1 Rental properties: Do it legally, or don't do it. Just because you have space for a renter doesn't mean you're allowed to get one. Some municipalities don't issue permits for secondary suites. If you build one anyway (there's always a contractor out there who will do work without permits), and you're discovered, you can be forced to pay fines and even dismantle the rental property. “We've heard … [Continue reading...]
Short of a tenant dying due to a property defect, every landlord’s worst nightmare is to be targeted in a nasty lawsuit. But society is becoming increasingly litigious, and landlords – perceived as having deep pockets – are frequently in the crosshairs of plaintiffs looking for a payout. Defense matters: All it takes is one mishap or misunderstanding and the real estate asset you worked so hard to … [Continue reading...]
There are currently 7 protected classes: Race, Color, Religion, Sex, National Origin, Disability, Familial Status You can be discriminatory based on how someone interprets your action. Make sure you have a written policy and follow the policy each time. More importantly, make sure your policy is not discriminatory in any way. For more info. There were over 27,000 complaints in 2013. 48% of the … [Continue reading...]
Being a landlord is by far not a glamorous job, nor is it an easy one. Some love it. Others do it as a necessity or a means to an end. At Empire Industries, we do it because we love being America’s Professional Landlords. Every morning, we hold our reasons for being the best top of mind. We always execute the kind of award winning service our customers have come to expect and their tenants … [Continue reading...]
Quick Tips on Saving Money I’ve started paying myself a $10 penalty every time we eat out. :) – WhatMommyDoes.com We do No-Spend Weekends where we take what we normally would spend (an average of $50) and put it towards our travel savings. – FitnPoor.com All our “found” money goes in a piggy bank. We then set monthly purposes for side hustle money (mortgage, travel fund, etc.) … [Continue reading...]
Here are some helpful tips that Empire Industries Property Management wanted to share with you in ways that we offer "Frustration Free Property Management, By Investors for Investors" 12 Landlord Mistakes Not running efficient credit/criminal check because property has been vacant Showing a dirty property Not having a procedure for evictions or having a procedure but not sticking to it … [Continue reading...]
If you've owned income property for any length of time, you know that managing a rental can be financially rewarding. At the same time, you've also likely discovered that property management requires a large commitment of time and effort. While it may make sense to take the do-it-yourself approach if you're a handy person, live close to your property and don't mind devoting several hours per month … [Continue reading...]
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