When you own residential rental property, you run the risk of items like appliances and major systems (such as the furnace and air conditioner) breaking – even if it is just due to normal wear and tear. Unfortunately, paying to repair or replace these items can be expensive, and it can ultimately cut into [...]
Almost since the COVID-19 pandemic hit the U.S. in early 2020, both the stock market and the real estate market have moved in unpredictable directions. But, while stocks have moved in value both up and down, real estate prices – at least in most areas – have continued to increase…with many homes and properties selling [...]
There is a nearly endless list of risks that you can face as the owner of residential rental real estate. Some of these may be within your (or your tenants’) control, and others – such as hurricanes – are not. In any case, though, the cost of repairs and replacement items can really add [...]
Over the past two years, there has been a multitude of surprises in the real estate industry – both for homeowners and residential rental property owners alike. First, as the COVID-19 pandemic initially hit the U.S., the massive job losses led to the inability to pay rent for millions of tenants – which in [...]
Nobody knows what will happen in the future – so as the owner of residential real estate, even if you have a long-term lease in place with your tenants, there is a chance that they might not be able to fulfill it. One option that you may take if your current tenants need to move [...]
With properties still selling in many areas at above asking price, a significant number of would-be homeowners have been forced to remain on the sidelines – at least for a while longer – and continue to rent their living space…and as a residential rental property owner, this can be profitable for you, particularly if your [...]
While many rental property owners keep their real estate investments close to home, that isn’t the case for others. One popular area to own residential rental homes or units is Orlando / Central Florida, due in large part to its long list of attractions and its year-round temperate climate. Although long-distance rentals can certainly be [...]
Here is the #1 most profitable improvement to make in 2022 If you’re considering making some improvements to your rental home(s) or unit(s), you may have visions of granite countertops and shiny stainless steel appliances in the kitchen, or brand new bathroom faucets and showers. But you may be surprised to learn that none of [...]
Do you really want to a landlord after you retire? A successful retirement has much more to do with bringing in an ample amount of income than it does with having a large net worth. So, if you own residential rental homes or units, you may be considering using the incoming cash flow from them [...]
In a hot real estate market where many properties are selling within a matter of just hours – some at $20,000 or more above the asking price – it may have crossed your mind to put your rental home(s) or unit(s) up for sale, and (ideally) walk away with a nice lump sum of cash. [...]
If you own one or more rental homes or units, you may find yourself going up against corporate rental agencies for tenants. But are these companies really your competition? In a word, no…at least not when it comes to personal service, as well as the manner in which many tenants are treated. A study published [...]
If you’re considering raising the rent on your rental property, one way to do so is to offer some upgrades that make the home or unit stand out to good quality tenants – and these don’t necessarily have to be costly. For instance, some of the best upgrades to make with your rental property to [...]
Throughout the years, sunny Florida has been known as a haven for seniors and retirees who flock to the area for its year-round temperate climate, as well as the long list of attractions, golf courses, beaches, and other amenities. As the owner of rental property in Florida, seniors can typically be excellent tenants who take [...]
While it might initially seem a bit far-fetched, the rising tension and Russian invasion of Ukraine is already having an impact on the U.S. housing market – which was already in the midst of a bubble – and in turn, it could even signal more potential renters for the home(s) and/or unit(s) that you have [...]
Is It Really Worth the Effort? Living in the Sunshine State definitely has its perks. The year-round warm temperatures are just one of the many enticing features. If you reside or own property in the Central Florida locale, you are apt to come across millions of visitors every year who come for the attractions like [...]
Coming up with what to charge for your rental property(ies) can mean the difference between finding (and securing) tenants right away or scaring off potential renters and having to carry the costs of an empty unit. There are several key factors that should be considered before you nail down an appropriate rent price for an [...]
While many residential rental property owners focus on leasing to tenants, in some cases, there may be a tenant who wants to eventually become an owner. Provided that you have an interest in selling, it is possible to set up a lease to own contract. As long as this is properly executed, there can be [...]
The Internet can offer multiple advantages to rental real estate investors. Just some of these include the ability to show your vacancies 24/7 (without having to meet every potential tenant in person), as well as allowing applications to be completed and money to be collected for security deposits and monthly rent. In fact, for many [...]
Without raising the monthly rent! Owning residential rental property can provide you with a steady “passive” income source. But while many real estate investors rely on only the monthly rent as their incoming cash flow and profit producer, there are actually a number of other ways to increase your ultimate bottom line. These include bringing [...]
If you own residential rental property, then you likely already know that you must wear many “hats.” For instance, you need to advertise vacancies, screen potential tenants, and collect rent (and security deposits). There is also the day-to-day maintenance items, such as making sure that the property is habitable (which can include things like no [...]
Even with the most careful tenant residing in your rental property, at some point items, fixtures, and appliances will have to be repaired or replaced. Sometimes, it can be an easy fix. But in other cases, the cost can add up. So, who’s responsibility is it to pay for these things? The answer is [...]
Finding the right tenants for your rental properties can be difficult. But having an online marketing strategy in place can help to speed up the process, as well as locate potential renters who may be a good fit for your home(s) or unit(s). The good news is that there are some easy and convenient methods [...]
And when it doesn’t have to be returned at all! As an owner of residential rental property in Florida, it’s likely that you charge a security deposit before allowing a tenant to move in. If the tenant(s) abides by the lease, pays their rent on time, and keeps the home or unit in good shape, [...]
Many residential investment property owners allow their tenants to have pets in the home. But while doing so can open up the window of potential renters – as well as provide an opportunity to charge a higher amount of monthly rent - there are also some risks that could come along with doing so. These [...]
Owning rental property can allow you to generate a nice, regular passive income. But if you have to chase after your tenants every month in order to collect the rent, it can put undue pressure on your time and frustration level. The good news is that there are ways to automate the rent collection process [...]
It has often been said that it’s the little things that can make a big difference. This is true in both personal and business relationships – including between you and your tenants if you own residential rental property. The reality is that there can be a lot of competition in terms of where your tenants [...]
Anyone who has ever owned residential rental property has likely either had the “tenant from hell,” or knows somebody who has. Bad tenants can do a lot of damage to your property, which oftentimes requires expensive repairs and/or replacement of broken items. When advertising for a vacancy, it would be great to state a list [...]
For many people, pets are part of the family. So, by not opening up your residential rental property to pet owners, you could be eliminating a significant percentage of the potential tenant pool. On the other hand, some pets can cause damage to floors and other areas of your investment property. With that in mind, [...]
In 2020, with the COVID-19 pandemic sweeping through the U.S., thousands of jobs were lost, and businesses closed, in turn, impacting the income of millions of people from coast to coast. In order to help ease the financial strain, the Federal Centers for Disease Control and Prevention (CDC) ordered landlords from evicting tenants for non-payment [...]
Which is the better investment? If you’re planning to expand (or start) your real estate investment portfolio, you may be considering whether it makes sense to purchase single family or multi-family units. Both options can provide you with some nice benefits. But not all types of property are right for all residential real estate investors. [...]
Owning investment real estate can require a significant amount of up-front – and ongoing – investment, including a monthly mortgage payment, as well as maintenance and insurance costs. So, the last thing you want is for a tenant to damage or destroy anything in or associated with the property that will cost you both time [...]
As inflation pushes the price of goods and services up, it can become more difficult to keep your purchasing power on pace if the amount of income you generate stays the same. For some people, annual raises from an employer can help. But what about investment property owners? In this case, it may be necessary [...]
Rental Property Advantages Although the COVID-19 outbreak has caused countless hardships for individuals and businesses, there are actually some industries that are thriving. One of those is the housing market. But, while low mortgage rates are enticing to home purchasers, not everyone is ready to buy. So, if you own residential rental property in [...]
As a rental property owner, it is likely that your goal is for your investment(s) to generate income, as well as to increase in value (and in turn, in equity) over time. With so many changes happening in the U.S. (and around the world) now, how could your property(ies) be impacted – particularly during [...]
A Home warranty can cover some or all of the cost of repairs or replacement on appliances, fixtures, and even major systems like water heaters and HVAC. While these policies can be extremely cost effective for homeowners, though, can they be purchased for rental homes? The Answer Is Yes The answer is a resounding [...]
Safeguarding your rental properties should be a priority at all times. But during the COVID-19 pandemic, it can be particularly important for keeping yourself, as well as your current and potential future tenants out of harm’s way. The good news is that people still need a place to live, even in these challenging times. [...]
Given all of the “events” of the past ten months – including the COVID-19 pandemic - it’s no surprise that many people are more than ready for the year 2020 to end. But if you’re the owner of rental properties that are sitting empty, you may be feeling a sense of urgency to get these [...]
As most residential investment property owners know, it is typically much easier to keep your current tenant(s) in place than it is to go out and find new ones. So, if your renters have been impacted by the COVID-19 crisis, it is possible that they may have trouble with their rent payments going forward. [...]
Mold is considered to be one of the top environmental hazards – and if it is left untreated, mold can spread very quickly, leading to physical illness of those who live or work in the direct vicinity. Because mold tends to thrive in warm, damp places, a year-round temperate climate like Florida’s can provide a [...]
As the owner of residential rental property, it’s a given that a home or apartment unit will require cleaning when a tenant moves out in order to get it up to par for the next. But depending on how your property looks upon inspection, determining the lines between what is normal and what is excessive [...]
If you own rental property in Florida, then under state law, you are required to return your tenant’s security deposit within 15 to 60 days after the tenant has moved out of the unit. Vacating the property includes physically moving out, as well as returning the keys. If there are certain repairs required that are [...]
With the holiday season now officially in full swing, you may be trying to come up with the ideal gift for your tenants – particularly if you want to thank them for taking good care of your investment property. Depending on just how generous you’re feeling – or on how much you have available to [...]
As another holiday season is almost upon us, it is time to start thinking about gift-giving. For many investment property owners, this is also a time to acknowledge and thank their tenants. With that in mind, do your tenants view you more like Santa, or rather as the Grinch? If you are more in the [...]
As the owner of residential real estate, it is typically expected that tenants will exert at least some amount of wear and tear on your property. Just some examples of this can include the fading of paint (both exterior and interior), small nail holes from pictures that were hung, loose door handles and / or [...]
If you have owned or managed rental property for any length of time, then it is possible that you've come across a tenant that isn't following the rules - and in some cases, may even be destructive. Is it time to evict? But if the time has come to move forward with an eviction, there [...]
As a landlord, one of the most common complaints about tenants is the rent check being late. In some cases, there are circumstances where the tenant just simply is not able to get you the payment on time. But how do you handle those who are consistently late with the monthly rent check? There are [...]
In every real estate investor's life, there comes a time when you may consider selling some or all of your properties. But, if you have tenants who are currently residing in a property that you're hoping to put up for sale, should you - or by law, can you - move forward with the deal [...]
As a landlord, you will likely find yourself talking to a number of potential tenants, in the hopes of finding that ideal match for a property you have for rent. And, while you will have a number of key questions for them - such as requesting more details about their income and rental housing history [...]
Finding the ideal investment property can oftentimes be much easier with some assistance - and in many cases, that help can come from a commercial real estate professional who has a focus on the type of property that you're specifically looking for. But how can you find the best commercial real estate professional for you? [...]
Having an investment property sitting empty can certainly be frustrating. Knowing that the home or unit is costing you money every day, with no incoming cash flow to cover it, may make you feel like you should take on any potential tenant, regardless of the terms. But is consenting to a month to month lease [...]
Being a landlord, you may wear a number of different "hats," such as leasing agent, maintenance person, and the collector of funds. In addition to just receiving rent payments, though, it is likely that you have also received a security deposit from the tenant (or tenants) in each of the properties that you own. For [...]
Unfortunately, it happens. Even with the best of screening processes in place, there can still be times when you must deal with "nightmare" tenants. You know the ones. If you haven't had to deal with them personally, you likely know someone who has...or you, yourself, will someday if you continue to own rental property. When [...]
As a landlord, it is in your best interest to find stable, reliable tenants. One of the best ways to do that is by negotiating a mutually satisfactory lease agreement with potential tenants. Learn tips to negotiate a lease agreement to ensure your properties have quality tenants while keeping renters happy. When to Negotiate If [...]
One of the most difficult parts about owning rental property is finding tenants - especially good ones. So, when a tenant contacts you and says that they have to break their lease and vacate the property before the term of the lease has expired, it can be somewhat stressful. However, in order to help yourself [...]
While there is no specific number, it is estimated that it costs somewhere between four and ten times more to acquire a new customer than it does to keep an existing one - although some even say that the cost of obtaining new customers is actually closer to 30 times! Regardless of what the figure [...]
For more than 65 years, the Baby Boomer generation has had a substantial impact on the United States economy. Nearly every industry has been affected - and housing is no different. As this group moves into their retirement years, many will be looking to rent. This is especially the case in areas such as Florida, [...]
As the owner of rental property, it can be both rewarding and difficult to keep your tenants happy. Although most of your renters will typically never make a complaint, if or when the time does arise, it is important to get the issue handled as quickly and as professionally as possible - regardless of how [...]
For many people, their pets are a part of the family. According to the Humane Society of the United States, approximately 72% of American households that rent their homes actually have pets. But unfortunately, those who rent can also oftentimes have trouble with finding homes that welcome their four-legged family members. One of the biggest [...]
If you’ve owned investment property for any length of time, you may have already come across them – and if you plan to be a landlord for a long time in the future, then the reality is that you probably will meet them at some point down the road. “They” are destructive tenants. These are [...]
When purchasing investment property to hold and lease, certainly one of your key goals is typically to maximize your rental income - and when doing so, there are usually two primary ways to increase your bottom line over time. One is to increase the rental income to your tenants. The other is to decrease your [...]
A continuously occupied rental property can be a great investment. Just knowing that the rent check is coming in each and every month can keep your bank account augmented - and it can also allow you to sleep much better at night. But having a property that is vacant - even for just a few [...]
As a property owner, there will eventually come a time when you will need to raise the rent on your investment in order to continue generating a viable return. Yet, this can at times appear difficult, as you want to ensure that you don't scare your tenants away when doing so. In fact, not generating [...]
As a property owner, it only makes sense that you want to keep your investment as nice as you possibly can - and unfortunately, one of the fastest ways to rack up damages is by having a tenant with an unruly pet. In many cases, pets produce damage in large part due to poor training [...]
In order to truly profit from investment property, purchasing the right property - and even locating the right tenant - is really only half the battle. The other half is keeping those great tenants happy so that they continue to renew their lease and remain in your property for the long term. But the question [...]
Even the best of landlords will likely have to deal with a problem tenant at least somewhere along the line. This is especially the case if you own numerous rental properties, or properties that have multiple units for lease. There are a variety of reasons why you may have to evict a tenant. While it [...]
If you're a landlord or rental property owner, you know that keeping good tenants in place is the key to keeping money in your pocket. But what's the key to tenant retention? In the words of President Obama, let me be clear: It is money in your pocket if your tenant renews their lease [...]
In the below video, I speak briefly on the tenant screening mindset that all landlords should try to establish the first time they meet a potential tenant to try to answer the big question - Is this person someone you want living in your home? As part of our Landlord Tips series, I talk about [...]
People who believe they would not qualify to rent a home as themselves have an incentive to pretend they are someone else in order to qualify for a lease. This could include people with poor credit, convicted felons and other sorts of criminals, and people with prior evictions, repossessions, and foreclosures on their personal record. [...]
If you were born before 1986, you have probably heard a lot of Georgia Tech alumnus Jeff Foxworthy’s ‘You Might be a Redneck, If…’ jokes. Well, I've compiled a similar list that pertains to types people you shouldn't rent to. And they aren't jokes. So, without further ado… If they show up to view a house [...]
Is water heated by a free hot water heater any less hot than one you purchase? Unless you’re a rap superstar, you probably don’t like spending money you don’t have to. And, unless you have a religious issue with it, odds are pretty good that you enjoy getting stuff for free. Luckily for you, [...]
No one is born a landlord. Nobody is born with the investor mindset. Some choose to become landlords as part of an investment strategy. Others become ‘accidental landlords’ when a job transfer or other unpredictable life event forces them to rent their former residence. Regardless, to be a good landlord requires a little finesse, a [...]
They say that the only certainties in life are death and taxes. I think it’s safe to add a third item to that list: Property repairs for landlords. If you own a rental home, at some point you will have to repair, replace or perform some other time of maintenance on your property. But, don’t [...]