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 it [...]
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 [...]
