Make sure that your business and personal names match up on your mortgages and rental properties. If not, you could be denied coverage when you need it, based on a mere technicality. Often this is not easy. You will likely have to take out mortgages in your name, whereas your property will likely be … Continue reading Running your rental business: A quick tip to avoid an insurance nightmare
Maybe! Having your properties and management duties separated into different companies can have many advantages. The main advantage of creating a management company is that you can easily deduct office expenses (even if that's a home office), vehicle expenses, and employee costs. You can arrange healthcare for your employees, and set up retirement programs. A … Continue reading Running your rental business: Should you set up a separate property management company?
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?
A quick tip when making copies of keys for your renters
When you re-key between tenants, don't forget this!
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
If your rental property is a condo unit or apartment, you're probably not too worried about this. Either your unit has hook-ups and (likely) no shared laundry room available, or it has a shared laundry room and is not needed in the unit. This is more a question -- and a major one -- for … Continue reading Running your business: Should you provide a washing machine and dryer?
A (hopefully) helpful list of items not to forget about when showing your property