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
When you are checking in your renters, they will be overwhelmed with information from you, in addition to all the stress of moving. Even if you go through these items when you meet with them, leaving printouts of instructions will be invaluable to them. Plus, if they know how to take care of your property, … Continue reading The Landlord List: Information to leave with your tenants
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?
You may be considering buying a "fixer-upper", dated property, or property in distress to fix-up and use as your rental property. Before you jump in, there are many things that you need to consider! First, what kind of market are you in? Are you in a market where hardly any properties are available, … Continue reading Starting your rental business: Should you buy a fixer-upper for your property?
You know the saying "buyer beware." This is true, not only when you buy your personal residence, but is equally important when you buy an investment property! There are several reasons to make a home inspection part of your home buying experience: identifying issues evaluation of the seriousness of issues possibility of negotiating the price … Continue reading Starting your rental business: The importance of a home inspection
The importance of finding a good locksmith, following local codes, and a clever way to save money