In a recent post I talked about the pros and cons of a month-to-month lease, however a month-to-month lease can be a love or hate relationship for both the landlord and the tenant. In my experience, the belief that "Landlords love the security of renewing a one year lease, but tenants find the month-to-month lease to be great" to be a myth. The truth is the best length of lease is situationally dependent on the individual. If you are a … [Read more...]
Planning a Move-Out in California
Do you own property in California? Are you about to complete a tenant move out? Well be VERY careful. As this is the strictest move out process I have seen so far to date! At the same time it can be an amazing and useful process if done correctly. As it helped turned an absolute problem child into a great move out, (think they totally fixed all the issues, so we went from thousands of dollars in damages to perfect--crazy right?!) Trust … [Read more...]
How to Know if You Should Let Your Tenant Make Changes to the Home
Tenant Upgrades: Good or Bad? So your tenants want to change something in your home? Tenants asking permission to alter the home is a dream come true if done right. Or is it? So the answer to that question is YES as long as it is an alteration that adds value to your home. Then you have a Free Improvement! Here is the issue: The issue is when the improvement subtracts value and ultimately costs you money! Step 1 Ask … [Read more...]
Why Being a Landlord is Not for Everyone
A wise person once said that I never shared the bad about being a landlord. While I felt I had in many places: whether I talked about the lawyer I had to hire, or trying to negotiate or even my bad experience with an LLC. I figured what the heck? This moving season has been a doozie so I have plenty of new material to share! All my houses should turnover except one come September. We are buying a new rental so that will have to be dealt with … [Read more...]
Your Overpriced Rental May be the Reason Your House is Empty!
How do you prevent your house from sitting empty? The thing I have learned the HARD way is that having an overpriced rental hurts you A LOT. It can cause vacancy to last longer then you expect. As discussed here, you can reduce vacancy by making sure that your rental is at the right price. As someone who just finished her major moving season and is very active on forums, the question that really needs to be answered seems to be: Does … [Read more...]
6 Things Landlords Should Consider Before Offering Landscaping
Who pays for landscaping? That question seems to come up at TON from both the landlord AND the tenant side. After almost 4 years of landlording, I only provide landscaping at our houses in Charleston. That is because it is part of the HOA and not an option. If I wasn't required then I honestly wouldn't offer it. Six Thoughts on Landscaping: #1 - People want to do it themselves- I find that a lot of people will ask for it to bededucted … [Read more...]
How to Build a Real Estate EMPIRE
How do you build an real estate EMPIRE? I saw that question on a forum and it inspired this article. Here's the thing: we have built our empire through hard work, baby steps, and not giving up when it feels like we are on a rollercoaster with a failed security bar. Because guess what? That analogy is true every time we are trying to "close" on a house. I remember telling my dad that a closing has never gone right and this most recent … [Read more...]
Landlords: 4 Ways To Receive Money FAST
In this business, everything is a race against time. It's not a race in the sense of competing with others, but it's a race to make sure that the deal is "sealed." In this business, it doesn’t count till you have the money AND the signed lease. The key is to be fast. I have found that until the lease is signed and the money is received, people keep looking elsewhere and tend to change their minds. Once it’s done you are golden with a rock … [Read more...]
Pros and Cons of a Month to Month Lease
Month to month leases are always the greatest debate and everyone has their own opinion. There are some landlords who absolutely love these types of leases and other who want nothing to do with a month to month lease. Usually landlords either love them or hate them. Pros and Cons to Consider When it Comes to a Month to Month Lease Pros: Instant Non-Renewal Ability- You can increase the rent and or provide the tenant notice of non … [Read more...]
How to Know if an Expense is a Tenant’s or a Landlord’s
I have noticed over the past couple of months on the various forums that I participate in that the most asked questions are about whether an expense is a landlord's or a tenant's. While EVERY landlord is different these are my opinions and advice on what I do and would provide. Whose Expense is it Anyway? 1. What does your lease identify as your responsibility versus the landlords?- I personally am a huge believer in having a detailed … [Read more...]