Although you and your tenants have signed a contract, the sad truth is that you really can't keep them there if they choose to leave. But there are several steps that you can take to make the situation go smoothly, and even turn into a positive for you! I know that your first instinct will … Continue reading Running your rental business: Steps to take when your tenants want to leave early
As a landlord, at some point you'll be faced with this decision: Your tenants want to extend their lease for another year, but only at a lower price. There are several important considerations to help guide you through this decision. The first question I have for you may surprise you, but has played an important … Continue reading Running your rental business: What should you do when tenants want to renew, but only for a lower rent?
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!