Many landlords are reluctant landlords trying to survive and hold on until they can get out. Many have been burned by housing prices, losing money on their rentals or are jaded because of horrible tenants. I would be lying if I didn't say that being a landlord had many ulcer-inducing moments. I have lost money, had lots of pain and agony and even had over a $4,000 repair bill on three houses in less than 36 hours. Let's just say I was very … [Read more...]
4 Ways a Landlord Can Efficiently Set Up Showings
How to Prepare for a Hurricane as a Landlord
As an owner of a small and growing rental empire, we are lucky enough to get to experience all kinds of events regarding our houses. As always our pain is your gain. While we have been blessed to never have an issue with our houses in major weather areas, we have learned from others how important it is to prepare both yourself and your tenants. How to Prepare for a Hurricane I will never forget right after marrying my husband we moved to … [Read more...]
5 Reasons an Emergency Fund is Key to a Landlord’s Success
For a landlord, Murphy's law says things will break. As an empire-building landlord, things will always break in succession according to Murphy's law. Of course, as always, it held true. We hadn't had any repairs for a while, and in 24 hours we had THREE! Replaced my pools cleaner motor at house 7- $450 Installed a brand new AC unit at house 4 - $3,400 New refrigerator board panel at house 2- $350 Total - $4,200. That's a little more … [Read more...]
How to Calculate a Rental’s Rate of Return
If you buy a house and plan on keeping it for the long term, then you are an investor. It doesn't matter if you plan on having just one house or an empire of 7 + houses like me, you are still interested in your rate of return. While the key to being a successful investor is remembering that this is a marathon not a sprint, knowing my return on an investment makes those more difficult moments a bit more tolerable. Learn How to Calculate a … [Read more...]
3 Ways to Renew Your Lease
Great tenants who want to renew their lease are a landlord's dream. I find that the most burdensome process of both being a landlord and self-managing from a distance is the tenant installation phase. For me, this is the part that is the most demanding in time. From advertising, to showings (and all the no-shows) to qualifying (including those who get through the whole process and change their mind) and finally doing the move in and move out. … [Read more...]
How to Ask Your Tenant To Move Out Early
It happened, you, the landlord need to break the lease. Whether it is you are moving back in the area or selling the house; it is all the same. You need a way out of your lease, a binding contract with your tenants. The first thing you will want to do is to review you lease to see if they cover your current issues. Here are the three things you will want to review in your lease. Reverse Military Clause - In all of my leases I have a reverse … [Read more...]
Landlords: How to Designate Items “as is” in Your Lease
As Landlords, our biggest assets are our houses and biggest expenses are our appliance repairs. In order to be able to obtain market rent we have to keep our house in working order and updated to the area's requirements. Most of us aren't starting with new houses or with houses that were built and sustained to be rentals. Many of us are reluctant landlords who are renting because the house wouldn't sell and have appliances that are susceptible to … [Read more...]
How to Minimize the SCRA Risk When Renting to Military Families
I am a proud military spouse and truly understand what being a military spouse means in regards to PCS season. Not only have we totally done that last minute move (can anyone say 7 days notice?), but I am an empire building landlord with six personal rentals and ten that I manage. As a small business owner whose business is rentals there are some important mainstays that keep me on the road to success. A few of these are keeping vacancy low, … [Read more...]
Are These Insurance Mistakes Costing You Thousands?
We have learned the hard way over the years to think twice before we make an insurance claim. In the long run, it could cost you more in headaches and expenses than you expect. Health insurance is the only insurance that expects you to make claims and actively use them. Unfortunately, Auto Insurance, Homeowner's Insurance, Renter's Insurance, Umbrella Insurance, and many more can penalize you if you make a claim. It is supposed to be used in … [Read more...]