As you think about becoming a real estate investor, you probably have an idea of the kinds of properties that you want to buy and rent out. Perhaps you picture yourself managing single family homes. And not just any old homes -- you want to own luxury properties with amazing design and features. Or perhaps … Continue reading What types of properties should you be buying?
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
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:
I'm truly what you would call an accidental landlord. Like many couples, my husband and I found ourselves with a one-bedroom condo unit that we decided to rent out. We thought that we might make a little money, certainly at least break-even, and then sell the property for more money years later. That was in … Continue reading What kind of landlord do you want to be?
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
I try to buy properties in desirable areas, and take great care to maintain them, so quite often I get applications from ex-pats (workers from other countries that have been transferred by their companies, often for several years). Should you consider renting to an ex-pat? The answer is complicated. There are several universal issues … Continue reading Should you lease to an ex-pat?
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?
I recommended setting up tenant selection criteria on my last blog (Running your rental business: Use established guidelines to clear potential tenants and avoid legal problems). I recommend doing this for several reasons: It helps you focus on what kind of renter you are looking for, It will let the prospective tenant know what is … Continue reading Running your rental business: An example of a Tenant Selection Criteria letter
I have an acquaintance that I'll call "George". George was relocated and decided to rent out his property rather than sell. He diligently called his insurance company and purchased renters insurance, signed the paperwork, paid every year, and didn't give it another thought. About now alarm bells should be going off in your head. Why? … Continue reading Starting and running your rental business: another insurance mistake to avoid
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?