Does your tenant want to break the lease? Have you received a break lease request? Turnover for any landlord is scary! Many more experienced landlords like myself specifically schedule expiring leases around major life happenings to prevent as little stress as possible. If your life is anything like mine this is when craziness strikes best, like two houses coming up for lease renewal the day after your husband left for deployment and the … [Read more...]
Don’t Fall Into the Cheap House Trap!
Beyond, taxes, insurance, and HOA fees, there are many other costs to living such as commuting and education. I have known many people both directly and through friends that have bought cheap houses with long commutes or in poor school districts because that is all they could afford. For me, the kicker was they also had LARGE commuting and private school costs. Like every thing in life we make sacrifices if it is important. Therefore, if a … [Read more...]
How to Handle Tenant Requests
You have been smart. You created an awesome lease with a great break lease clause, and used screening criteria. Once you have screened your tenant, signed the lease, exchanged keys, and received rent you may or may not have a smooth tenancy. Honestly, it is up to you and how you handle tenant requests. Some tenants are dreams and you will NEVER hear from them again and there are some who need some training as they do not understand … [Read more...]
Buying a New Build or a Resale: What’s Best?
Is buying a new build better? Or is the best option buying a resale home? Many ask the question, so let's determine the better deal. Now that the crisis is over and new houses are being built at all time low prices, there is a new dilemma occurring. The question is, "What do I buy: a new house or resale?" Developers are able to offer really low prices due to buying them at "fire sales" when the original developers went belly up. Therefore, … [Read more...]
How to Choose a House that is Not a Money Pit
Finding the right fixer upper that adds value and is not an utter money pit is very important! My inspiration for this article came from a conversation I had with a woman on Military Facebook page (a great and rich resource that I highly recommend). She asked me how I picked our houses since I told her we don't buy flips. We buy the ugliest house in the best location and school district. Location is key as that cannot be changed. While … [Read more...]
5 Reasons Not to Take Tenant References
As a novice landlord, I was always advised to ask for tenant references when screening applicants. I joined different sites, received a couple of references, and grew as a landlord. Now, I no longer ask for or even bother with tenant references. 5 Reasons Not to Worry about Tenant References 1. Landlords are restricted by law on what they can say about their tenants - In some states and areas, landlords can only say certain … [Read more...]
How to Set Up Your Rental Accounts
Your rental is a business and it is important that you treat it as such. To start off on the right foot, it is important that you keep the rental accounts separate from your personal accounts. There are many ways that you can set up your accounts. Quickly and Easily Setting Up Your Rental Accounts Limited Properties In the beginning, I just create separate checking and savings accounts at our local bank. In our case, it was … [Read more...]
How to do Long Distance Leases Using the K.I.S.S. Principle
What is the K.I.S.S. Principle? K.I.S.S. stands for Keep It Simple, Stupid. There are simple ways to sign leases, even when long distance. Completing a lease while being a world away can be as simple as completing it locally. In the past two years, we have had six tenants sign remotely using two different methods -- scanning and United States Post Office. So there are methods to meet everyone's needs. Simple Steps for a Ratified … [Read more...]
Why Distressed Property is the Best Kept Secret
Can you keep a secret? My favorite type of property is a distressed property. They are properties that are short sales and foreclosures. Even better is when it is undervalued due to cheap cosmetic damage. Quick fixes allow me to experience instant equity. What is a Distressed Property? My definition of cosmetic damage are properties that need unskilled repairs, new flooring, paint, appliances, etc. They are cheap non-structural fixes that … [Read more...]
Why I Like Receiving Rent by Direct Deposit
While cash is king, stress-free is god. I hate checks! They are annoying and drive me mad. If I were king of this world, money transfers would ONLY occur through direct deposits, automatic drafts, transfers, or honestly my preference would be my credit card. Using a credit card is the absolute best way because everything comes in one bill. American Express is awesome in the fact that each authorized user has their own account number. This … [Read more...]