Working with contractors: Get all details in writing!

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!

Property owner math: When more is less

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

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?