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...]
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...]
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...]
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...]
How to Build Equity Through Roommates
Are you looking for a way to get your foot in the door in real estate without a lot of cash? Have you considered getting roommates for building equity? The best kept secret in real estate is buying a personal house and renting out all your spare rooms. This is a great way for those who have W2 income, qualification to FHA, VA, USDA loans, and a conventional 5% down payment to get started in real estate. For many of us, 2-4 units are not … [Read more...]
How to Keep Your Roommate Relationships on Track
Getting started off on the right foot with roommate relationships is the key to the rest of your success. Roommates are very similar to traditional rentals so treat them ACCORDINGLY! Keeping Your Roommate Relationships From Going Sour While roommates are a great source of extra income, make sure you start off right by having a written agreement of both of your expectations, especially yours, as the landlord. This is crucial if it is your … [Read more...]
How to Have a Good Landlord-Tenant Relationship
Your tenants are not your enemies. They are your assets, protectors of your property, and over all your customer. I often hear from different forums the tone "landlord versus tenants." That attitude and belief is guaranteeing the fact that you will have a horrible experience. Instead, you can have a good landlord-tenant relationship, and I can give you some tips on how to do that. Remember you catch more flies with honey than vinegar. … [Read more...]
How to Write an Incredible Lease
My entire success as a landlord has been through having an amazing lease that has allowed me to hold my tenant to their written word. The Quick and Dirty on Writing a Kick Booty Lease Legal Zoom Leases change depending on the state and local rules. Therefore, I always buy the local "real estate lease" from legal zoom. Then I add to and alter the lease based on my experience, keeping the local information. Tips: I keep the lease blank. … [Read more...]
Are Goblins Ruining Your Real Estate Cash Flow?
Goblins are things that ruin your real estate cash flow with nothing to show for it. Goblins can be things like landscaping and alarm systems. In my experience these "extras" do not offer more value. Contrary to popular opinion, landscaping, alarm systems, and HOA fees are not passed onto the tenant, they are actually cash flow goblins. More often than not, they add no extra value yet they cost you more money. 3 Goblins that Reduce Your … [Read more...]