xAs a landlord you are going to make mistakes; this is natural. That being said, you cannot afford to do anything that is going to harm you, your tenants, or your property. Below are three common landlord mistakes to avoid: (more…)

Lately many people have found themselves in a situation where they’re renting one home because it couldn’t sell and they’ve already moved into their new home. People in these situations are referred to as accidental landlords and they face a number of challenges that traditional landlords don’t have. One of the biggest problems for accidental landlords is that they’re not landlords, they didn’t want to be landlords in the first place and they’re not hip to al the rules and regulations that come with the job. Another huge problem is they sometimes have relocated to another area so they’re not in touch with their tenants and they’re actually relying on them to maintain their property.

If you find yourself in an accidental landlord situation you may be best served by hiring a property manager to handle the business end of things so you can go about your life without much care. A property manager knows all of the ins and outs of the business and will prevent you from being involved in a potential lawsuit or falling prey to a bad tenant. A property manager will also be able to handle any issues that may arise on the property instantly and they typically have a good collection of reputable service people on hand.

If you’re an accidental landlord you can save yourself a lot of headache by passing the buck to a property manager.

Do you own a rental property? If so, you know that it is your job to care for both the interior and exterior. Generally speaking, it is easier to keep up the exterior of a property because you don?t have to get permission from tenants to enter. That being said, exterior maintenance is often times labor intensive and time consuming. If you are not careful about how you manage your time you may find the exterior condition of your property quickly deteriorating.

There are many areas of exterior maintenance that you will be responsible for. This includes windows, siding, the roof, landscaping, snow removal, and much more. Not only do you want to maintain the exterior for good looks, but you also want to do so in order to keep your tenants safe. For instance, if you do not clear snow from the steps in the winter and a tenant falls, there is a good chance that you will be slapped with a lawsuit. Is that something you want to deal with?

If you don?t have the time to keep up with regular exterior maintenance you will need to hire an outsider to assist you. This is something that many landlords do, and you may find out soon enough that it is your best option as well. Hiring somebody to cut the grass, remove snow, and take care of other minor details can be a great way to save time and reduce stress.

Overall, don?t overlook the exterior maintenance of your rental property. You want to keep your investment safe, sound, and looking good at all times.

photo credit: pnwra

As a property manager or landlord you know that items need repaired from time to time. This can include everything from a faulty furnace to a leak under the sink. While you should expect these situations to occur you need to keep one thing in mind: you can save a lot of time and money by doing your own repairs. To go along with this, you may also save a lot of hassle for your tenants as well. How does that sound to you?

There is no denying that completing your own repairs can save you money, and plenty of it. Remember, it is not the parts that make a professional repair costly. In most cases it is the labor that goes into the job. This is particularly true if you need to hire a skilled professional such as an electrician or plumber. Fortunately, there are a lot (but not all) of repairs that you can probably make on your own.

If you don?t ever attempt to make a repair you will never know if you have what it takes to complete the job. To go along with this, practice makes perfect. Sure, you may struggle to fix that leak under the sink the first time. But if this issue ever comes up again you will know what you are doing. Over time you will learn the ins and outs of many repairs, which will in turn make your job easier.

As a property manager or landlord saving money is important. You can keep more green in your pocket by doing your own repairs.

As a landlord or investment property owner you know that collecting rent is a big part of the game. There are tenants who will pay on time, and will love doing so month in and month out; these are the types of people that you want to rent to. But on the other side there is sure to come a day when you have to deal with late paying tenants. More and more landlords are running into this because of the bad economy, and the financial strain that it is putting on many people.

Dealing with late paying tenants is not going to be fun. This is the case for you, as well as the person who did not pay. If you are in this position you need to take the proper steps. First off, send a late payment notice to your tenant. Maybe they simply forgot to pay the rent. This may not always be the case, but on a first offense you will want to give the tenant the benefit of the doubt.

If the problem persists, and your tenant is always paying late, you need to hit them with a fee in order to show that you are serious. As long as you have a late fee clause in your lease you can do this without any problems. It is never easy to act on this clause, but in some cases it is the only thing that will teach a late paying tenant a lesson.

Overall, dealing with late paying tenants can be a pain in the neck and is not the most exciting part of managing an investment property. Once you learn how to deal with problem tenants, especially those that pay late, future instances will be easier on you.

Whether you’re the landlord and managing your own property or if you’re a property manager handling someone else’s property and tenants, the following simple suggestions should always be followed. If you adhere to these guidelines things will run more smoothly for you and your tenants.

• 1) Screen Tenants - every single prospective tenant should be screened with a written application that lists their employment history, references, and authorization to check their credit report. Then, you have to follow through and check references, current and past employers and their credit worthiness.
• 2) Have Everything in Writing - in addition to having your lease in writing you also need to have any additional clauses or agreements formalized in writing and signed by all parties concerned.
• 3) Respond to Tenants - whether your tenant is complaining or calling to ask a question, you need to respond to them immediately and then follow through. If a repair needs to be made it should happen as soon as possible, if there are disputes you need to resolve them as well as you can.
• 4) Be Fair with Security Deposits - Be fair and reasonable when assessing damage and withholding security deposits, return any amounts due to the tenants as soon as possible, and give them a clearly documented itemization for any amounts withheld.

Follow these basic suggestions and you’re on your way to becoming an effective property manager who will be respected by your tenants.

Are you thinking about remodeling your home? How about an investment property? No matter what, you need to realize one thing: this is a big undertaking. No matter if you are remodeling one room in your home or the entire thing it is important to note that this is a process that is not to be taken lightly. Ask yourself this question: are you the remodeling type? If you don?t know how to answer it you need to think long and hard about what you are doing.

First things first, the remodeling type is somebody who knows what they are doing. For instance, if you are going to remodel your kitchen you better have an idea of what you are doing, what you may face, and how to move forward. If you don?t, you may be better off turning to a professional.

Of course, becoming the remodeling type is something that you need to learn. In other words, if you never attempt to make your own repairs and upgrades you will never learn how. That being said, you don?t want to jump the gun and start with a huge project. Instead, build your way up to a large remodel by learning how to complete smaller jobs.

If you are not the remodeling type, but need to do work on your property, you have a few options. You can move forward and learn on your own if you are confident in your skills, or you can opt for hiring a professional. Both options work, and you need to decide which one is best for you.

For some landlords having a property manager is essential. For whatever the reason, not every one has the time nor the inclination to handle all of the day to day operations of managing their property, so hiring a property manager is ideal until its not. As with everything in life, some property managers are excellent and everything you ever wanted and then there are others that are lacking in some way. If you find your property manager falling into one or more of the following categories then you will either want to fix the situation or find a new property manager.

Not Communicating

If you’re suddenly having trouble getting your property manager to return your phone calls, or regular correspondence has dropped off, then you’re headed down a bad road. It’s essential that your property manager contacts you regularly to let you know how your investment is doing. If you’re getting nowhere no matter how many times you ask for information then its time to find a more responsive property manager.

The Money Just Isn’t There

If you think the property manager is asking for money for repairs and other odds and ends that just aren’t necessary, or if you’re not getting all of your percentage of the rents then there is a problem. Ask for an accounting of everything they’re requesting and consider making a surprise visit to the property to see if the repairs are really being made. If things don’t add up its time to find a new property manager.

Property managers can make the difference in your bottom line, so it’s essential that you only hire the best and if there is a problem you need to move on and find a new property manager.