Here's a scenario you're likely to encounter as an income property owner or manager: You're in-between tenants and decide that you need to update the flooring in your property. Contractor Dave gives you a quote of $10,000, and needs half of it up front to cover materials. You know several people who have recommended Contractor … Continue reading Working with contractors: Get all details in writing!
The importance of finding a good locksmith, following local codes, and a clever way to save money
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?
Putting your property's best face forward!
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?
As a property owner, you're probably worried about if your renter is taking good care of your investment. Sure you can drive by the property and get a feel for its condition, but you likely won't be satisfied with that! I know that I'm not. So, how can you get onto the property to have … Continue reading Running your rental business: An easy, sneaky, and efficient way to check up on your property
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?
As a property owner, you've probably considered upgrades in an effort to secure higher rent and perhaps better tenants. Maybe adding landscaping, installing new windows, adding lighting, or updating fixtures. Hopefully you've done research to figure out if you can actually list that property for a higher amount after doing that improvement, or if your … Continue reading Property owner math: When more is less