As landlords, finding great tenants as quickly and effectively as possible is key. You ability to advertise is crucial to being able to find well-qualified tenants. The question I am always being asked is, "Where should I post my rental listing -- where are the top places to advertise?" Today, I'm answering that question! Advertise Your Listing at These Top 7 Places Craigslist (FREE) - This is a great source to list your rental. For … [Read more...]
Why I Don’t Need a Marketing Budget for my Real Estate Business
My marketing budget is $0. What is yours? In the article, 7 places to advertise your Listing we discuss all of the listing sources. Many of them cost money. As a young entrepreneur on a tight budget I have learned to "economize" every penny in my business to maximize returns. In my case this just means there is more "Education" money available for when a new learning curve needs to be met (so read all my articles to learn my mistakes, it'll … [Read more...]
Why I don’t Charge an Application Fee
No Application Fee Here I know there are many opinions about whether or not to have application fees. My goal is not to "make money" off of the process but to simply prevent installing someone costing me more than my time, energy, and transportation costs. Therefore I require the applicants to pay the background and credit check. There are many programs out there that allow you to pass the cost onto the tenant so it isn't one more COST you … [Read more...]
6 Financial Benefits of Being a Landlord
Being a landlord can be scary and stressful. Sometimes, it can be a negative experience. But overall, being a landlord can be very rewarding. There are actually many financial benefits that come with being a landlord. I'm sharing the benefits we have seen as we have taken on the journey of being landlords. Financial Benefits for a Landlord Positive Cash Flow - While we only make between $200-$450 a month as landlords -- that money covers … [Read more...]
5 Golden Rules for Installing Tenants
Learn from the skin off my back and save yours! Once you have been around the block at least once as a landlord, you start to put together your Golden Rules for Installing Tenants. As a "Fool Me Once, its on you, Fool Me Twice its on me" Landlord, these are my HARD and Fast rules. Even if I have gotten a bite out of my tush, not giving in has saved me. Golden Rule 1: Tenants Must Have 3x Rent When looking at pay stubs you are already … [Read more...]
Tenant Negotiations Made Simple!
Negotiations are Part of Human Behavior and can be Really Stressful! Before a Lease is Signed This is the ONLY time I will CONSIDER tenant negotiations. I always have my lease ready to go. I read the lease WITH my tenants. As we are reading the lease or even during showings people will ask questions. Some examples of possible tenant negotiation points (with my answers to give perspective): *Will you take a 6 month lease?- I charge … [Read more...]
4 Questions to Ask BEFORE You Sign the Dotted Line
There are some questions to ask during your first interview with a potential lender, bank, or broker when you are looking to get a loan. I would suggest printing off this list and writing all the answers down as you ask them. It is hard to keep everything straight once you call more than one bank. Questions to Ask Before Signing 1. Rate/APR. APR stands for annual percentage rate. It is the TOTAL cost of the loan. This is the best figure … [Read more...]
Shopping for a Broker: Cheapest isn’t Always Best
Are you looking for a broker? One thing you need to realize is every institution is different, so you need to shop around. Everyone always tells you to shop around for price. They will tell you that bank and credit unions are cheaper so make sure you check them out. What people don't tell you is that the rules and regulations are ALSO very different. Tips for Shopping for a Broker Unless you have the perfect 760+ credit score, a HUGE … [Read more...]
Holiday Season = Paperwork Completion Time
Do you have life-altering plans for the coming year? Are you renting your house out for the first time? Buying or selling, moving, deploying, taking a long trip, or perhaps a new baby is in your future? If you have any of these life events headed your way this year, you will need to make some changes to your legal paperwork. Paperwork that Needs Changed Wills Trusts POAs Specific POAs Budgets Banking and Investment … [Read more...]
Why I am a For-Profit Landlord
It's a GOOD thing to be a successful Landlord! My biggest pet peeve is a perception that I see on some forums. There is a perception that it is a negative thing to make money and be a for-profit landlord! This view is not only from tenants but also from other landlords. This is the only business I see where for-profit brings this negative connotation. I am successful and I advocate treating rental homes like the business that they are. … [Read more...]