As a landlord I put a lot of importance in providing high end well maintained rentals. My rentals are not apartments. They are townhouses or single family homes that require the occupants to take care of the home whether they are a renter or owner occupant. Over the last three years my "style" as a landlord has definitely changed. I have a very specific and spelled out lease and I am VERY careful about our expenses. This allows us to provide … [Read more...]
Why I Finally Chose Professional Real Estate Help
It finally happened... We had to phone in for professional help and GUESS WHAT??? It ONLY cost $650.49! I am active in many forums. The biggest thing I have noticed is people hire management agencies because they are worried about the What If's and the fact that they won't have someone to defend their position. Even worse, MANY MANY more shy away from rentals because of the horror stories. Honestly as a veteran landlord that makes me … [Read more...]
Landlords: Stay out of Trouble With These 5 Rules!
Five Rules to Keep you out of Landlording Trouble!! Stay Out of Trouble With 5 Simple Rules: Following these simple rules will keep you out of most landlording trouble. Evaluating Self-Management vs. Property Management with ALL the fact to determine what is best for you. Treating Your Rental as a BUSINESS. Would any business accept a sob story at the checkout counter? Having an O-SHOOT Fund. Murphy's Law means that Murphy will … [Read more...]
Is Your Home Investment Declining From Unexpected Costs?
Are you looking at the WHOLE financial picture or will "extra" unexpected costs bite you in the tush? Never underestimate the impact of additional costs on your bottom line. I personally always try to buy in areas with no HOA’s, lower taxes and lower insurance rates. I will do this even at a higher house cost. These extra fees add no value but are cash flow “suckers”. A home that has a higher house value will be paid off as long as it is a … [Read more...]
Moving Season: Myth or Truth?
Does a Moving Season Exist? As it is now entering the winter months there has always been a huge discussion if there is such a thing as a Moving Season. The question among landlords has always been does it matter when rentals should come up for renewal? The question being does it matter or is it a bunch of wallop. After being a landlord in three different markets. In my personal experience the time of year make a huge difference based on … [Read more...]
Tenants and Utility Bills: Are you Breaking the Law?
Tenant move-in utilities are still in your name, so you just turn the utilities off, right? NOOOO!!! You have just broken the law. Legally, you are not allowed to turn off the utilities on your tenants. You can be fined and even sent to jail, even if it does say in the lease that the utility bills are the responsibility of the tenant. So as a Landlord, what are your options? Here's what you can do! How to Handle Your Tenants and Their … [Read more...]
How to Find Your Own Real Estate Business Model
Real Estate is possible for all! We just happen to be in the military! I have had people mention I would love to try your strategy but..... I'm not Active Duty Military. Real Estate can work for anyone. You don't have to be active duty and move all over. You don't have to have grown up in the same town and never leave. Real Estate is a flexible investment option that works for everyone; you will simply form your business plan around your … [Read more...]
3 Ways to Manage Tenant Expectations
Managing tenant expectations is key for a stress-free occupancy. As we all know, moving is an incredibly stressful time. Everything is overwhelming and nothing is perfect. As a landlord, it is my job to provide a move-in ready home and to maintain the home per local requirements. Unfortunately, because everyone has a different perspective, it is important for the landlord to manage the tenant expectations. This way upon move-in you have happy … [Read more...]
How I Crash and Burned with My Real Estate LLC
I am on a popular forum called Bigger Pockets. I have seen the question of LLCs come up often. I have also seen people talk about it on a Facebook landlord group page that I also belong to. I had a question emailed to me about it today. That private message (thank you!) was the catalyst for this article. The attention that question received on the group page was enough to spurn a post. I created an LLC when we first got started. The … [Read more...]
For most people including myself the first time I bought a house, the mortgage process was so overwhelming and stressful, it became scary. You feel like you are literally signing your life away to documents in a foreign language, albeit the words are in English. The thing that I still find funny about my first loan was that I had a background in business and I still walked away with a huge headache. I was confused, irritated, and honestly … [Read more...]