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September – October 2014 Rental Cash Flow

packs-163497_1280-PDIt’s time for another report on the rental property cash flow.  The month of September was extremely busy.  I had a brief trip to Florida, where I looked at several areas to potentially invest in.  While no properties actually excited me that much, it was a great trip.  I did realize another thing.  While Florida might be a great place to spend during the Minnesota winters, it is a bit humid during the summers.  Even in the morning.

So here is how the cash flow evolved for the moth.

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Expert Landlord Advice and Landlord Interview

man-156785_1280-PDI was featured in an article involving interviews of 26 landlord and property investors.  All the landlords were asked questions and for them to give some landlord advice.  I was honored to be in that elite group with some other very great property investors.

They asked me, along with 26 other landlords, what is my number one tip for newbie property investors.  The answers were broken down into four categories.  Each investor was asked for advice, and each investors advice put into the following categories.

Buy Smart

Plan Well

Tenant Management

Team Building

If you have been reading this blog for any length of time, you know I added advice about Tenant Management.

Read all the advice, including my own here

 

 

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Your Complete Guide to Effectively Handling Tenant Evictions

homeless-589826_1280-PDIf you have been a landlord for any length of time at all, the topic of tenant evictions is on your mind on a continual basis. If you have been doing the right things with your tenant screening, tenant evictions are  on your mind a lot less. If you need the rent to pay the mortgage on the rental or you will lose it, you are praying every week it doesn’t ever come to that.

No matter how well you screen tenants, no matter how great your tenants are, you will at some point be in the position where you may have to evict. Divorces happen, deaths happen, people get laid off and people have friends that cause a ruckus so large you have to do something.

Read the rest of the story here

 

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How to Make Money Traveling

100-PDMany of us had the desire to make money traveling the globe.  Most of us had had menial jobs in the past.  Working for minimum wage, or doing a hard job for not much money.  This post is about saving money, which in effect is actually earning it.  Here is a recent example of how you can pick a cheaper way of traveling and you can actually get ‘paid’ for your time traveling.

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Should You Rent or Buy a Home?

yes-238381_1280-PDThe question to rent or buy a home is always a great one. There are many calculators on the web that compute all sorts of things, including depreciation, appreciation, tax deductions, etc. But none of these calculators factor in the flexibility of renting and the financial advantages you can have if you rent.

If you rent and take advantage of its perks, you can be farther along the path of financial freedom by renting instead of buying.

Maximizing the rental situation you can save a lot of money.  You do not accumulate junk.  You move to where the money is.  You invest in the investment that makes sense at the time, not a home.

When you buy, you get tax write-offs, you get property appreciation, a stable environment, a piece of ground to call your own.

Each individuals situation is different, and one can always look to hind sight.  One thing for sure, is you need more money to buy that rent.  You are less mobile when you buy.  You need a steady income to buy.

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Replacing Your Salary with Rental Property Income

packs-163497_1280-PDRental property income is not as safe as a government pension.  It is not as safe as a government bond.  It is not even as safe as a salary, depending on who you ask, and what your temperament is.  But based on the risks involved, it should have a greater return.  And the risks can be mitigated, if you screen tenants property, know what to look for, and keep your property maintained.

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The Ultimate Comprehensive List of Tenant Red Flags

red-flag-339489_1280-PDDo you know what tenant red flags you should be on the lookout for?

When you are screening tenants for your rentals, it is pretty easy. You take an application, submit it to a screening company and wait for the results. You have pre-set tenant selection criteria, and you compare against the criteria. You let all the incoming prospects know what you are screening for, and you let them self-screen as much as possible. After comparing the results to your criteria, if the tenants pass, you accept them. If not, you move on to the next applicant.

Read the rest of the story here…

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Common Tenant Issues and How to Handle Them

Section 8 renterAs a landlord, you want the best tenants for your properties: people who pay rent on time every month, won’t give your property a bad reputation in the surrounding community, and are clean and courteous neighbors. Being a good landlord means listening to your tenants’ complaints and concerns and responding to common tenant issues appropriately. At times, knowing the right way to respond to an issue can be tough. Read on for advice for some of the most common issues landlords face with tenants.

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August – September 2014 Rental Cash Flow

packs-163497_1280-PDI apologize for not getting this rental cash flow post up sooner.  I was away in Marco Island Florida looking at potential investment properties and doing some planning for the future of the Corporation.  As always, it is great to be back home.  As winter starts to set in, I think about how cold it will eventually be.

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Protect Yourself As a Landlord With These 6 Crucial Documents

police-man-306848_1280-PDProtect Yourself As a Landlord.  As with most jobs, a landlord’s job is not complete until the paperwork is done. A landlord needs to protect himself with all sorts of documents. The days of renting a home on just a handshake are long gone. Instead, in today’s tenant-friendly states, you need proof of everything. That being said, great tenants do not need any documentation, nor do great landlords. Both sides know what is expected, and both sides perform as you would expect them to – with or without paperwork. The documentation is to protect us (and them) from the unruly behaviors that the ‘other’ guys might have.

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