Here's a scenario you're likely to encounter as an income property owner or manager: You're in-between tenants and decide that you need to update the flooring in your property. Contractor Dave gives you a quote of $10,000, and needs half of it up front to cover materials. You know several people who have recommended Contractor … Continue reading Working with contractors: Get all details in writing!
Running your Business: Ongoing issues you’ll encounter as a property owner/manager
Ongoing issues that you’ll encounter as a property owner/manager
Questions you should ask when choosing a realtor
Chances are that, when you are looking for a real estate investment to either buy, sell, or lease out, you'll be working with a realtor. Who you choose to work with can make quite a difference in your understanding of the market, properties you see and negotiate for, or how your current property is presented … Continue reading Questions you should ask when choosing a realtor
What types of properties should you be buying?
As you think about becoming a real estate investor, you probably have an idea of the kinds of properties that you want to buy and rent out. Perhaps you picture yourself managing single family homes. And not just any old homes -- you want to own luxury properties with amazing design and features. Or perhaps … Continue reading What types of properties should you be buying?
When choosing a rental property, don’t forget to buy the neighborhood!
When you set out looking for a rental property, you probably have a good idea what you're looking for. Let's say that you've decided to target families, hoping for a long-term rental/low turnover. You'll narrow down your search by looking for an area with good schools and parks (location! location! location!). You'll look for houses … Continue reading When choosing a rental property, don’t forget to buy the neighborhood!
The most important part of developing your rental business: Build your team
Photo by rawpixel.com on Pexels.com Even if you plan on being a one-person business (as I consider myself), you still need a team. There are for things that you either can't do on your own, or shouldn't! Mistakes can be costly and time consuming. Having a list of professionals will provide a more solid foundation … Continue reading The most important part of developing your rental business: Build your team
What kind of landlord do you want to be?
I'm truly what you would call an accidental landlord. Like many couples, my husband and I found ourselves with a one-bedroom condo unit that we decided to rent out. We thought that we might make a little money, certainly at least break-even, and then sell the property for more money years later. That was in … Continue reading What kind of landlord do you want to be?
Another insurance issue property owners need to be aware of…and why it matters
In the past, I've written about several insurance issues that I've learned about as a landlord: the importance of a certain detail (A quick tip to avoid an insurance nightmare), how misleading the term 'renter's insurance' is (Another insurance mistake to avoid), and even the pros and cons of buying an additional warranty (Should you … Continue reading Another insurance issue property owners need to be aware of…and why it matters
Should you lease to an ex-pat?
I try to buy properties in desirable areas, and take great care to maintain them, so quite often I get applications from ex-pats (workers from other countries that have been transferred by their companies, often for several years). Should you consider renting to an ex-pat? The answer is complicated. There are several universal issues … Continue reading Should you lease to an ex-pat?
Running your rental business: An easy, sneaky, and efficient way to check up on your property
As a property owner, you're probably worried about if your renter is taking good care of your investment. Sure you can drive by the property and get a feel for its condition, but you likely won't be satisfied with that! I know that I'm not. So, how can you get onto the property to have … Continue reading Running your rental business: An easy, sneaky, and efficient way to check up on your property
A landlord’s debate: should you show your property while the current tenants are still there?
Unless you give up on being a landlord immediately, you'll be faced with renting out a property after you have already have had it rented out. This presents a different set of problems than, for example, having your own house up for sale. With your own house, you know that you can keep it clean … Continue reading A landlord’s debate: should you show your property while the current tenants are still there?