Do you know about the reserve requirement for people who are buying any home beyond your primary residence? I am sure you know that the mortgage process is complicated and full of paperwork. Unfortunately, I have to tell you it only gets worse with the more houses you buy. Not only do you have to qualify for the new house, you have to prove that you can still be responsible for the old houses. Some of the requirements are easy such as just … [Read more...]
Reasons to Love New Year’s
Happy New Year's Eve! The New Year is a great time to evaluate what went well last year and where you want to go next year -- both personally and professionally. Honestly, I absolutely love New Year's Eve, but I am probably biased :) Reasons to Love New Year's Fresh Start - As a kid, I used to have a love/hate relationship with the fact that my birthday followed the birth of a New Year. It was usually the day before … [Read more...]
Text Messaging: A Landlord’s Perfect Helper
Communication is a very important aspect into being successful as a landlord! Once of the biggest complaints I hear from tenants, applicants and even learned first hand, is that a landlord is not responsive. As a Landlord you know that nothing happens at a good time. There is a reason Murphy's law exists. Therefore the key is to set up systems and procedures that are super efficient while as burden- less as possible on yourself! The … [Read more...]
How to Take the “Middleman” Out of Tenant Repairs
Are you busy person? Do you have time to be someone else's secretary? If you are anything like me, a working woman with a million and a half commitments, you barely have time to sleep and need your own secretary. You certainly don't have the time, energy, and patience to be someone else's secretary and manage tenant repairs. If you are a landlord then it means if something breaks it is your responsibility to organize the repair. The … [Read more...]
Tips for the New Year: Act Now Before the Ball Drops!
We are T minus 3 days away from the New Year! Do you know what that means? You have three days left until ... This year's expenses are forever closed! Make your life easier by following my tips. New Year Tips Pay all outstanding accounts with vendors Replace any broken appliances with the amazing after Christmas sales Just know that anything you buy starting January 1, at 12:01 a.m., will not count on this year's taxes -- so … [Read more...]
Who Has Custody of Your Money?
Let me start by saying, welcome! As all my regular readers know, I am very passionate about the following two things: Managing Tenant Expectations and Treating Your Rental as a Business -- For Profit Landlord. If you are new here, I highly recommend you begin by checking out the posts above. If you like those, don't stop there! Check out the rest of the valuable resources and articles. The thing I have learned in real estate is that … [Read more...]
How to Handle the Stress of Tenant Negotiations
While it is human behavior to negotiate, it is equally human behavior to stress over the negotiation process and even have a hard time knowing how to handle the stress too! As a red head, I am chief worrier and stressor. In Tenant Negotiations Made Simple we discussed how and when to negotiate with a tenant. Now comes the equally fun part of how to handle the "stress" of the negotiations. As landlords we are human and worry that standing our … [Read more...]
Encouragement for Discouraged Landlords
Have headlines and naysayers made you biased? Headlines are always sensational and designed to stir up strong feelings. The recent housing crash has created many victims, and the headlines we read can cause us to feel fear and back away from the real estate industry all together. In many areas, we are on the upswing -- people are buying again and prices have risen. At the same time, there are still those that whisper fear and angst into … [Read more...]
Money Tree Vs. Money Pit: Choosing the Right House
A rental house can be a money tree or a money pit. You get to choose what it will be. That choice is made at closing 95% of the time. If you know you want to turn your personal property into a rental, it is important that you mind your numbers from the very beginning. Often times your easy success or failure (without large market appreciation guided by forces out of your control) can be determined before you even walk out of the closing … [Read more...]
How to Organize Tenant Repairs from ANYWHERE!
The most common question I get is: What do you do when something breaks and your rental home is not in your hometown? Meaning how in the world does a landlord organize tenant repairs? That answer is simple. Use your personal network to ask around for a reference. If you don't have a personal network in the area of your rental property, use Google. Use Google search to find the needed service and then call them to get price quotes. … [Read more...]