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

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