In addition to an insurance policy, which typically covers fire, hail, and other major damage, you may want to consider purchasing a home warranty for your rental property. A home warranty can be purchased from many companies, and will cost about $600 a year. They will likely charge $75 or so per issue (and may … Continue reading Running your rental business: Should you purchase a home warranty?
You may be considering buying a "fixer-upper", dated property, or property in distress to fix-up and use as your rental property. Before you jump in, there are many things that you need to consider! First, what kind of market are you in? Are you in a market where hardly any properties are available, … Continue reading Starting your rental business: Should you buy a fixer-upper for your property?
A quick tip when making copies of keys for your renters
If you have the time -- and the inclination -- to do some repairs yourself, the following skills can save you a lot of money!
You know the saying "buyer beware." This is true, not only when you buy your personal residence, but is equally important when you buy an investment property! There are several reasons to make a home inspection part of your home buying experience: identifying issues evaluation of the seriousness of issues possibility of negotiating the price … Continue reading Starting your rental business: The importance of a home inspection
When you re-key between tenants, don't forget this!
Here is a list of things to do in-between renters
At first, it didn't occur to me to take pictures of my properties, except for standard listing photos. That was a mistake. Occasionally I had "disagreements" with my renters when checking them out. I'd point out that, for example, trees needed to be trimmed or weeds pulled. In response, I'd hear "It was like that … Continue reading Tricks of the Trade: The best way to protect yourself from a tenant’s false claims
Here is a list of things to do in-between renters, both to prevent damage and maintain the home
When I buy and list my properties, I try to think what a potential renter could be looking for. Of course that involves the basic description of your property: how many bedrooms and baths? Is there a yard, and is it easy to care for? A garage? But also, remember to ask yourself: What impression … Continue reading Running your business: Remember to consider how potential renters will view your property