Running your rental business: A quick tip to avoid an insurance nightmare

  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

Running your rental business: Should you set up a separate property management company?

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?

Running your rental business: Should you purchase a home warranty?

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?

Running your business: Remember to consider how potential renters will view your property

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

Running your business: Should you provide a washing machine and dryer?

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?