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

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?

Working with contractors: Get all details in writing!

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!

Property owner math: When more is less

As a property owner, you've probably considered upgrades in an effort to secure higher rent and perhaps better tenants.  Maybe adding landscaping, installing new windows, adding lighting, or updating fixtures.  Hopefully you've done research to figure out if you can actually list that property for a higher amount after doing that improvement, or if your … Continue reading Property owner math: When more is less

People you’ll meet as a property manager: The Perfectionist

About a dozen years ago, my realtor and I got a strange request for a lease that we were signing.  Our new tenants, as part of the lease agreement, wanted a new microwave.  That's it, just the new microwave.  They would supply the microwave, and leave it with the property when they moved out, but … Continue reading People you’ll meet as a property manager: The Perfectionist

The best way to protect your rental business — and yourself

It's a good idea to think about how to protect yourself and your business from legal issues that, however rare, may arise.  Here in the United States, the LLC (Limited Liability Corporation) is considered the gold standard. The idea behind the LLC structure is that you are legally separated from your business.  If you, for … Continue reading The best way to protect your rental business — and yourself