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Landlords and property managers have noticed a trend over the past few years that they generally see as a benefit: there are more renters on the market these days. That’s because many home owners have lost their homes to the subprime mortgage bust and the general decline in the housing economy. These people can’t afford to buy another home so they end up getting back into the renting pool. (more…)

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If you’ve found the perfect rental unit, then it’s possible and probably quite likely that it is also someone else’s dream home. So, to get that dream rental you may have to take some proactive measures. (more…)

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The most important thing for a landlord or property manager is filling the rental unit with the right tenants, but attracting those tenants is actually the first step. Writing your rental advertisement should actually take a little bit of thought and work.

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credit: drewsaundersEvery property owner knows that insurance is important, whether you own a single unit or if you own multiple units. But a good property owner will stay on top of their insurance and make sure that they are covered for all possible situations, especially if that property owner is a landlord as well.

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Finding a rental property can be difficult, especially if you’re moving to a town you’re unfamiliar with. Don’t be afraid to seek help in finding exactly what you want.

The first step is making note of what you want. The obvious requirements are how many bedrooms, do you want a garage, washer/dryer. But go beyond that and think about less obvious desires. Do you want to be close to work? How far is the local grocery store? Is there a gym or a park nearby? Think about your daily life and what means the most to you.

Then contact your local housing authority. Find out what the local landlords are required to provide their tenants and only rent from landlords who follow the rules and have good reputations. If you’re questioning a landlord’s reputation the housing authority can let you know if there have been complaints.

Check with a realtor. Even if you don’t want to use a realtor to find a place you can call and just get some general information. They’ll know which landlords have good reputations and they’ll also know which parts of town are most desirable.

Finally, do your leg work. Its time to visit the top properties on your list and see if they live up to your expectations.

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New landlords usually have good intentions, but many of them fall by the wayside when they realize how much work is involved and when they run across their first bad tenant. It’s sort of a catch 22, if you want to have good tenants and maintain a good property, then you have to remain a good landlord.

The first step in becoming a good landlord is knowing what is expected of you by your local housing authority. Get a copy of the laws that pertain to rental properties for your state and your city and read those laws. If you don’t understand them, find someone who can explain them to you.

Then make sure your property is up to code and in as good a shape as it can be. It’s easier to maintain a well kept place than to do massive repairs on a run down one. Your tenants will also tend to be of a higher caliber if you have a nicer place to offer them. When you’re doing a property walk through, make sure you provide adequate security.

Finally, let your tenants know what you expect of them. Establish written rental agreements and policies and make sure that all of your tenants, existing and prospective, know exactly what is required of them.

By keeping a flow of information open and honest you will be respected by your tenants and can be a better landlord.

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Before scooping up the latest real estate bargain and deciding to become a landlord you will need to find the right property. There are several ways to find rental properties that are for sale, but not every way will yield a good investment. To find the best investments that will draw good tenants and make a handsome return. Create your own network of experts and you’re sure to find some good deals.

Get to know the officials at your local city hall or banks, these people usually have a good line on which properties are about to become available through foreclosures. This is a great way to scoop up a bargain.

Run your own advertisements. Don’t just rely on the for sale ads, be aggressive and let the market know that you’re in the market.

Introduce yourself to a realtor, or several. Realtors can be very useful tools and if you become friends with one you could be on the inside loop when new properties go up for sale.

Once you get the word out that you’re looking for property, you may find that other investors and property owners come find you. Like most industries, people who work in the same field tend to flock together. Use these new business associates to your advantage and take note of all the advice they are willing to part with.

Are you thinking about joining the real estate game? Well, you’re a little late, but a wise investment can still turn a profit. In fact, if you’re considering buying now you may be able to get just the right deal that can turn into a long-term, money making investment.

If you’re thinking about becoming a landlord and making that long term investment then your first step is to take stock of your situation, are you ready to become a landlord, are you going to do the work yourself, how long do you want this investment?

Being a landlord means you will be dealing with people on a regular basis and being a good judge of character is very important. You want to know you have the right tenants for your property, ones that will not cause future problems. You also have to be willing to aggressively request payments and make wise financial decisions when it comes to maintenance and repairs.

Many people have begun tackling DIY projects in the past decade and feel they can accomplish anything, this isn’t necessarily the case with a rental property. Things that may slide at your home will not get the same lenience in a rental unit. There are codes and regulations that must be followed and you could face strict penalties if you fail to meet these guidelines.

Finally, you need to determine whether you’re going to hold your investment. If this is a long-term, lifetime thing, then you should set up a fund for repairs and maintenance. Ideally, you’ll walk in to a situation where no great outflow of money is necessary immediately, but you can be certain that repairs will pop up, very costly repairs like a new roof, so planning ahead is the smartest move you can make.

Are you getting the right depreciation on your rental property? If you own rental property then you’ll want to make sure you’re getting all the deductions you deserve.

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Rental properties can be a very lucrative business and property owners stand to gain financially from both rent paid and property appreciation. The problem arises as tenants go bad and damage your property, refuse to pay rent, and ultimately refuse to vacate the premises. To limit the potential of selecting a bad tenant, you’ll need to properly research your applicants.

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