As an empire-building landlord, installing and managing tenant has led to many ulcer-inducing moments, especially when we were first starting out. I began The Reluctant Landlord to share my experiences and help others learn from them. Before we get started I wanted to share my favorite resources. Background and Credit Check I previously used Buildium and than I switch to Cozy as it saved me over $500 a year and is absolutely free for … [Read more...]
How to Make Money on TDY Under the New Flat Rate Per Diem Rules
I am excited that CORT is sponsoring this article, because I absolutely love the opportunities they provide to our military members to save money. Did I mention yet I am frugal and have an expensive empire-building habit? As of November 1, 2015, the military has implemented a new flat rate per diem for long-term TDY— for those on TDY longer than 30 days and not in government housing (lodge, inn, etc.). Instead of getting the standard full per … [Read more...]
Why You Should Use a Realtor When Buying New Construction
For many, the decision is easy about whether to use a realtor when it comes to traditional sales, short sales and foreclosures. During a typical real estate sale, buyers have their own buyers agent unless there is a unique situation and the agent is representing both sides. The question seems to come up more when buying a new construction, which totally makes sense because when you go into a new neighborhood there is a sales office with real … [Read more...]
11 Tips To Make Buying a House Less Stressful
Buying a house is a huge financial decision, and no matter how many times we have added to our empire, it is still always a stressful and nerve-racking experience. After buying 8 houses and slowly building up our real estate empire, I am here to tell you that it does get easier. The key for us has been having reasonable expectations. We have had many ulcer-inducing lessons over the years, but in the end, things have always worked … [Read more...]
Are You Worried About the Rental Competition?
As a landlord of a growing empire of 7 & counting rental houses, no matter the amount of times you have placed a house or the amount in your emergency fund, having a house come up is for rent is stressful. Even a professional like myself still stresses about their ad. I don't know about you, but having to cover that extra $1,400–$1,900 mortgage payment is not how I wish to spend my funds. Traveling to Bahrain, Fiji, or even going … [Read more...]
How to Get Out of a Lease
Life happened, and now as a tenant you want to get out of a lease. It's important to remember that your lease is a legally binding document. Most landlords will enforce the lease and the state law. There are two steps you need to know to learn how to get out of a lease. First, evaluate your options based on the lease and state law. To evaluate your options the first thing you will need to do is read your lease and pull up your local state … [Read more...]
How to Prepare Your House for Rental Photos
Your ad is very important to getting the traffic and the price that you want for your rental house. I will be honest and say that over the years I have become more lazy about this. For the first time, one of my houses sat empty -- that shows how lazy I was. After putting up a great ad and following the steps I know work, it was rented in less than a week. Usually our houses are some of the cheapest houses in the best neighborhoods. Since our … [Read more...]
How to Find Quality Tenants
As a self-managing, empire building landlord, tenants are the most important part of my business. I have learned over the years tenants can either make or break your success. No vacancy with the tenants paying their rent on time means we have enough money to cover our mortgage, expenses, and even provide extra money to pay me a "salary" (check out out our Bare it All October Income Report to see our actual numbers). If our tenants had not … [Read more...]
Is it Smart to Buy a House Sight Unseen?
Every military family and many civilians run into this debate every time they move. Do I rent or buy sight unseen so I have a house waiting or do I stay in a hotel or couch surf until I find a place? While some companies cover house hunting leave, many more do not. Even those who offer compensation or financial assistance often can't help with pregnancy, childcare, work responsibilities, or other issues, leaving many families, including us, … [Read more...]
A Step-by-Step Guide to Postlets (For the More Experienced User)
Authors Note: I put together this resource hoping it would help after seeing many questions on Postlets. I am not affiliated with the company nor is this legal advice. All information within this post is my own based on my personal experiences and what I have seen over the years and from belonging to various forums, etc. All addresses and other personal information of applicants have been removed for privacy reasons. As always, my goal is for you … [Read more...]