I am asked this question at least two or three times a week -- "What do you do when your spouse is not as on board or interested in rentals as you are?" Or in other words -- "How do I gain spousal support?" I can truly tell you that when we first got started my husband wanted NOTHING to do with buying houses. He was not interested and, while supportive, felt no need to be totally engaged or to participate. During our first primary home … [Read more...]
Tips for Making Your Landlord Pet Friendly
I was asked by a dear friend how to get a reluctant owner on board regarding pets. It is true that allowing pets is one of the biggest assets that I, as a landlord, have to offer. Many landlords, depending on the area, are not pet friendly. Tools for Making a Landlord Pet Friendly Who is in the position of power? The key to getting a landlord pet friendly is to know how much power you have as a tenant. If you are in an area … [Read more...]
The Ultimate Real Estate Question: Rent or Sell?
This is the 21st century, and that means we move. We as a society move a lot whether you are military or civilian. So when it's time to move, what should you do with your house? That's one of the biggest real estate questions there is. Depending on when you bought your home, you may or may not have equity in your house. Figuring out the choice that works for you is stressful and hard. I have found that in recent months the question of what to … [Read more...]
Tenant’s Guide to Finding and Getting a Great Property
Are you a tenant? Would you love a guide on where to look and what to do in order to find a successful property? Do you need information on how to have a great landlord/tenant relationship? On the surface, it appears this site is geared toward landlords. Look further and you will see the whole point of this website is to provide the knowledge that can be the power to have a successful and prosperous experience for both tenants … [Read more...]
What To Do When Your House is Underwater
Is your house underwater and you're ready to move on? You may be asking, "How do I assess what I should do?" You are in the unfortunate group of people who are still below the market. You still owe more money on your house than what you could make from the sale. Underwater House: What to Do 1. Get a Market Evaluation The first thing you need to do is get a true market appraisal. While I LOVE Zillow, it is NOT a resource in this case. … [Read more...]
How to Manage Your Landlord Business While Traveling Abroad
I have an overseas trip. Now what?? I am so excited. I have a 7 day overseas trip planned soon!!! It is a much needed vacation. As a self-manager of 9 properties along with many other life and work requirements the key is having a plan that allows for success even without cell phone reception and limited sporadic cell phone coverage. At the same time it is important that I provide the same quality of service for my tenants when I … [Read more...]
The Perfect Hiding Spot for Your Lease!
Did you know the hiding spot to keep your lease is your email? Honestly I found this out by accident. I was at work and I needed documents for a mortgage (mortgage made simple) for one of our houses. I needed to send my lease. Luckily I had it in my inbox because I had scanned it and emailed it to my tenants. Off the lease went to the mortgage broker. Success! This key event didn't provide the lightbulb over my head until later. I … [Read more...]
Why Landlords Need to Document EVERYTHING
Written Proof in this Business is the Key To Success! I have learned the hard way of the importance of having everything written down. I have found that nothing is an issue until it is an issue. At that point it is a huge issue and everything comes down to who has the best back up and written proof in the form of documents, conversations, agreements ,etc. At this point verbal means nothing because there is no way to validate … [Read more...]
Military Moves: Are You Protected?
Do you own a home? Are you a landlord or thinking about becoming one? Do you think you might at some point move back into your home? If so, are you protected? Do you believe a lease should be equally fair to both sides or should one side have more power than the other? Have you protected yourself from being forced to either buy your tenant out of the lease or wait until the lease is up should you need to move back into the … [Read more...]
How To Make Cold Hard Cash
Rentals are a business. So in this type of business, how can you make some cold hard cash? The best way to make cold hard cash is to manage your rental funds well. How Do I Make Cold Hard Cash? Startup money + operation costs = EARNED income (aka -- cold hard cash) The key to a successful business is to properly handle all of the ingoing and outgoing cash. As discussed in Rent By Direct Deposit, your income should be directly deposited into … [Read more...]