Why insurance is another hidden benefit of owning an investment property

There are many ways that you can invest your money, but very few investments can be insured! Insurance is a hidden benefit for you and your rental property.  Of course you have basic insurance for the property, in case of, for example, fire or a windstorm.  You can add insurance for floods or earthquakes if … Continue reading Why insurance is another hidden benefit of owning an investment property

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!

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

The best way to protect yourself from a tenant’s false claim:

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 The best way to protect yourself from a tenant’s false claim: