Sometimes, for whatever reason, you may need to have a short-term lease rather than the normal 12-month lease, but how do you find tenants for short amounts of time? While I am a big fan of the 12-month lease, a short-term lease can be very advantageous for many reasons: If you need to get an off-cycle lease into peak moving season cycle, If you need to move back into the house in a short period of time, or If you want to sell the … [Read more...]
Why I Manage My Own Properties
You might not guess this but four years ago, I was all about hiring a property manager rather than self-managing my properties. I was the biggest proponent out there. My parents had self-managed for my entire childhood. I grew up painting, showing the house, etc. They were the ultimate DITY role models. I learned a lot from them, but being the typical young adult, I thought I knew it all. I had a general idea of the requirements, at least in … [Read more...]
Stop! Are You Hiring People Illegally?
As a long distance landlord, our helpers are imperative to our business. Without them we wouldn’t be successful and able to carry out our job as landlords. While virtual technology has given us a huge advantage, it unfortunately cannot cover everything. This is why hiring others is something many people do. At the same time, one has to be very careful about how you use these helpers so you don't break any laws. Per most state laws, contracts … [Read more...]
How to Seal the Deal with a Quick Response
Are you a landlord looking to seal the deal? My biggest tip is to have a quick response rate. Rental management is a race against time. Every missed call or unanswered email is a missed opportunity. Why a Quick Response is Important The rental industry is a very quick market segment with new supply and demand coming on the market all the time. Most renters need a place and landlords need a tenant within a defined length of time. While both have … [Read more...]
Preparing for the Unthinkable: Getting Papers in Order
I have been pondering for weeks on whether I should publish this article since it's such a sensitive subject. I wrote it weeks ago when events in my life inspired me! I ultimately decided that while it could be upsetting to some, preparing for the unthinkable is too important to not touch on it. Have you prepared for the unthinkable -- your spouse not coming home? Trust me the last thing I want to be thinking about is this subject, … [Read more...]
Retire Early: Our 5-Step Plan
As young newlyweds we knew we wanted to fulfill my husband's life long dream of military retirement. At the same time, I knew that after 20 years of the Navy telling us what to do, I wanted control over our destiny. Our dream to retire early began. We wanted to be able to retire at the ages of 42 and 44. Like anything else, you need a plan. We called our plan to retire early the Baby-Step Approach, and it includes five main steps. 5 Steps … [Read more...]
How to Find Short Term Rental Listings
Are you looking for a short term? Finding anything that is out of the norm can be hard and tricky! I have noticed that there have been a lot of people looking for short term rentals lately. The people that I have spoken to have said there is great difficulty in finding a suitable place. We have had to look for a short term rental twice. Unfortunately finding budget friendly short term places are MUCH harder. The first time was when … [Read more...]
Banish “Vacancy” from your Landlord Vocabulary
Vacancy. That word causes more fear, worry, and angst than almost any other word in the landlord's vocabulary. Of all the different forums that I am in involved in, this is the word that everyone brings up as a reason to not continue land lording. While there are certainly scary words in land lording, my least favorite are eviction, repair, water, and broken. Vacancy is not on my list because, honestly, vacancy is the one thing you can … [Read more...]
How to Manage Properties Long Distance
Managing rental properties long distance can be tricky, but it is actually easier than you think. Technology has allowed us to overcome a lot of the need for us to be present as a landlord. We have been able to create systems that have allowed us to manage our homes from more than 3,000 miles away! The last time we were physically at a property was in July 2013. So what's the best way to manage rental properties from far away? I've created a … [Read more...]
How to Show a Rental Home From Out of State
Wish you could just say "Beam me up, Scotty?" One of the trickiest things to managing out of state without a management agency is showing the house. I have so far been able to get around this problem with some great friends and tenants. Through trial and error, I have created a great process that has really worked well to date, while limiting the burden to my helper or tenant. This lowers the stress for me while preventing too many … [Read more...]