What do you need help with? This is the next question you have to address. Some only need help with basic tasks such as cutting grass. Others need to find a crew that can do much more, such as keep an eye out for unsafe maintenance related issues. While you don?t want to totally disappear from your rental property, you do need to pass off some power to those you hire. Ultimately, you need to make the final decision on what is and is not done.

If you are falling behind and the exterior maintenance of your rental property is suffering, now is the time to hire outside help. Once you put together a good team you will have a much easier time getting along.

photo credit:?usefulguy

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Hire Maintenance Help for your Rental Property

Here are three times when selling a rental property makes sense:

1. You no longer have the time. Keeping up with a rental property is a lot of work. You have to keep tenants happy, maintain the property, and collect rent payments. Do you have the time for all of this and much more?

2. The money you are making is not more than what you are spending. In other words, you are not making a profit. Not every rental property is going to be profitable. And even if your property is making money right now, this can change in the future. Positive cash flow is a must in the rental property industry.

3. You don?t have the patience. One of the greatest skills you need as a landlord/property manager is patience. Are you willing to deal with tenants that don?t care? How will you deal with late payments? If you are ?burnt out? on the rental property game it is time to get out.

photo credit: lemonjenny

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Selling a Rental Property when it becomes too much

Accidental landlords are cropping up all over as people are renting homes on a full time basis or they?re turning their vacation homes into vacation rentals. In either case you can serve as the landlord yourself and manage the property alone. This isn?t as daunting as it may seem as you only have one property to deal with and so the work should be pretty minimal. But remember that the most important thing about being a landlord, no matter how many properties you own, is getting good tenants, which means extensive screening.

If you decide to rent your vacation home on a long term basis you?ll only have to screen the tenants one time and then you won?t have to worry about it again. If you decide to open your property as a vacation home for a series of tenants you?ll have to go through the screening process several times, but then you?ll still have access to the home when it?s not in use.

Either way, you?re minimizing your losses and holding onto the property until the housing market turns around, which it eventually will do.

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Renting Your Second Home

What can you do to stop the bleeding? Are there any major problems that need to be addressed? It is very important to know what you are up against. You may think that the repairs will cost a lot, but until you tally them up you never know for sure. If you are lucky you may be able to fix your rental property once and for all so it can eventually make you the money you were dreaming of.

What about selling? This is an idea, but you may lose money if you do so too soon. Remember, all of the problems you are having will be seen by potential buyers. This may scare them away, or cause them to throw ?low ball? offers your way. There is nothing wrong with selling, but you need to think long and hard about doing so if you are going to take a big loss.

A rental property money pit can sour you on this industry forever. Be careful about what you buy. A smart investor can avoid properties that are going to suck them dry. If you do get stuck with this type of property you should consider all your options including making the necessary repairs and selling.

photo credit: Living in Monrovia

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What to do with a Rental Property Money Pit

Names?

Including the names of your tenants seems obvious but many landlords only include the name of one tenant. Rather than single out one tenant, make sure every tenant signs the lease or has their own lease which they’re required to sign.

Occupancy Expectations?

Spell out occupancy expectations in writing. If you only allow two tenants per unit then let the tenants know that they cannot invite others to move in. Also if you do not allow pets then this must also be stated in the lease.

Financial Expectations?

Not only should you state how much rent will be but you should include any security deposits and other deposits, you need to state if the tenant is responsible for their own utilities and additional expenses.

Term of Tenancy

Is your lease a rental agreement or a fixed term lease? Rental agreements are a month to month agreement and tend to self renew. Fixed term leases typically last a year and then are renewed or terminated. This needs to be clear to all parties.

Access to Property

Most states or local areas have laws about when a landlord can enter a tenant’s apartment and how much notice must be given. This should be stated in the lease, but you should also include information on emergency entrance or notice necessary to make repairs or perform routine maintenance.?

By including these five points in your lease you’re protecting yourself from some problems in the future or legal actions against you. These are by no means the only information that is necessary in your rental contract but it’s a great starting point.

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5 Musts of Every Lease or Rental Agreement

photo credit: Minnaert

Even though regular maintenance checks and repairs can take time and money, it is important to remember that this is not ?all for nothing.? When you go through maintenance checks every so often you are going to turn up issues that need fixed, as well as those that you should just keep an eye on for the time being.

Remember, it is important to keep your tenants safe and your property in good condition. When you keep your tenants safe you do not have to worry about them complaining too much or slapping you with a lawsuit. And of course, a property that is in good condition is one that will cost less in the long run while holding a higher value.

Once you get on a schedule of regular property maintenance you will be able to follow it month after month. You may be surprised at just how many benefits regular maintenance can bring you, your tenants, and your property.

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Protect your Rental Property through Regular Maintenance

So many homeowners pass this by because they don?t know what proper landscaping looks like. And to go along with this, they know that it can be a lot of hard work; especially during the summer months when temperatures are high. Nobody ever said that adding value to your home would be easy. Sometimes you need to put in a lot of time, sweat, and brain power to get what you want.

If you don?t know where to start, purchase a book on landscaping. Remember, you don?t have to go overboard to make a difference. Some homeowners make the mistake of loading their yard with trees, plants, flowers, and anything else that will fit. This is not always the best look. A minimalist approach to landscaping will yield much better results.

Spend some time this year adding value to your home by upgrading your landscape. You will get the biggest return in your front yard because it adds to the curb appeal. But that being said, do not be afraid to upgrade the side and backyards as well. You may be surprised at the return you receive, as well as how much better your home looks.

photo credit: rolu dsgn

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The Proper Landscaping can add Value to your Home

Tenants who want to negotiate are trying to do one thing: get you to lower the price of your rent. This is something to be aware of at all times. Even though it is the tenants right to ask for a lower rent, it is also your right to tell them no. Remember, you own the property and as long as you are consistent you have nothing to worry about. Of course, there may be times when you want to negotiate with a tenant to keep them around.

If a tenant asks to negotiate their rent you should listen to him. No, you don?t want to lose any money, but if it means losing the tenant altogether you may be better off negotiating a bit. There is no denying that taking less money from a well established tenant is often times better than venturing out and hoping to find another quality person to rent your property.

When tenants want to negotiate you should listen. Just make sure you know where you stand, and that you stick to your guns during this process. There is nothing wrong with lowering your price if this is based on market data, as well as your own personal wellbeing.

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Do your Tenants want to negotiate?

To start, if you have old appliances in your kitchen you may want to upgrade them at once. This is particularly true if you are going to be selling your home. Believe it or not, adding a new stove, refrigerator, and microwave can go a long way in increasing the value of your home. These items may not be ?attached? but you should not overlook them.

Moving on, have you ever considered updating the light fixtures in your home? This is an easy replacement, and if you know anything about electrical work you can do this on your own. Consider swapping old light fixtures in bathrooms and bedrooms to start.

Finally, what about those old, damaged floors? New flooring will go a long way in increasing the value of your home. No matter if you add hardwood, laminate, tile, or carpeting, new flooring will add value to your home.

There are many easy interior replacements that will increase the value of your home. Which ones will work best for you, your budget, and your home?

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Easy Interior Replacements that Add Value

To start, if you have siding you will want to make sure that it is in very good condition. Are there any pieces that are sticking out? Are there any marks that can be removed? Even if your siding is old you can still repair it to look better as opposed to spending a lot of money to get it replaced.

Moving on, don?t overlook your front door, screen, lighting, and mailbox. In most cases these are things that will standout. Unfortunately, they can also become damaged and ?old looking? soon enough. In most cases, you can easily repair any of these areas. For instance, if your front door is peeling a new coat of paint is all you need in order to fix this problem and in turn add value.

As you can see, there are many exterior home repairs that you can make. Consider those that you can easily complete on your own, and in the long run you will find the value of your home sky rocketing.

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Easy Exterior Repairs that Add Value