Landlording for maximum profitability and Financial Independence
One way to reduce tenant lockouts is to have a deadbolt with a key, not a locking door knob. Change the actual door knob to a hall /closet knob. One without a lock. The security is provided by the deadbolt, you do not need two key-able locks. That way, you can only get locked out if you had the keys when you left.
Continue reading “Avoiding Lockouts and Keeping Track of Keys”
When you look around on Craig’s or other places, you often see higher rents than what you are charging. Your temptation is to raise the rent on your existing good tenants. Or you want to advertise at a higher price. What is the right price for your Rental Continue reading “Finding the Right Price for your Rental?”
The best investment property is one you can walk to. But if the deal is super-great, going across the country is OK, but it better be real super-great. If it’s that great, others across the country are also looking at the property. And local investors have already passed on it. You will pay more in expenses when a property is located more than a few minutes away from your main location. Wherever you are, you have to know how to find investment property.
Continue reading “How to Find Investment Property”
Every property needs maintenance, you must understand how to budget for maintenance. The renter’s damage deposit is for just that, damages. It is not for routine maintenance, It is not for wear and tear. Things like carpet replacement when it has reached its depreciated lifespan, appliances, painting, cleaning, new windows, kitchen cabinets, new roof, etc. Continue reading “Allocation Budget for Maintenance”
Should I allow my renter to have a dog? In order to reach the greatest possible audience, you need to market correctly, and avoid excluding large pools of renters. Some pools of renters you do not want, criminals and deadbeats being two of them. But pets are another issue. A tenant may “check out great otherwise”, by a landlords definition, but they have a pet. Should you take the tenants with dogs? Continue reading “Should I allow my renter to have a dog?”
When your tenants leave, there are normally a few personal belongings left. Sometimes it is a couch, a mattress, or it could be as little as a pair of pants hanging in the back of a closet. MN law says you must store these items for 28 days. Most often, the tenant never comes back. If you are like me, I take pictures of what I have to throw away. Sometimes I ask if they are coming back for any additional items and they always say no. Of course good tenants do not leave junk behind. Continue reading “Personal belongings left at the end of the tenancy”
A little unconventional wisdom regarding late rents. Your rent is late, should you be concerned? Odds are you have a problem and are headed for an eviction, but here’s something to think about. Continue reading “Late Rents and What They Mean”
National criminal checks are not worth the paper they are written on. National records are seriously behind; some states do not contribute their records to the registry. Continue reading “National Criminal Checks”
This is a rental situation that is run across many more times than you think, the landlord trap. If you think it is your tenant scenario, it may be, but it happens so often it isn’t funny. Continue reading “The Landlord Trap, Do not get caught in it”
Know your market. When a great deal comes up on an investment property, there will be multiple offers. You want yours in, and accepted, before the other offers even come in. Knowing what a good price is saves time. The ‘other guy’ is writing an offer while you are still thinking about it. Continue reading “When You Purchase Properties, Make Sure You Know your Market”
