Are you falling in the perfect tenant trap? I participate on Biggerpockets, Mr. Money Mustache, and on a military landlord forum. I love these places because I get to read and learn from a lot of great people while giving back. While reading from others on these sites, I have noticed a huge myth, and honestly it feels like a dark hole that landlords fall into. What's the Myth? I've heard so many landlords say they don't want to do … [Read more...]
Why I Added a Deductible to My Lease
I am the first to tell you that I am an always-learning landlord. Heck, my 14-page lease is growing faster than I wish to acknowledge. Things come up constantly. Today, I'm explaining why I added a deductible to that long lease. As a landlord it is very important for me to take care of my property. But, on the other hand, I am a busy working professional. Time is a rare commodity. I also hate being the bad guy. Here are some of my favorite … [Read more...]
School Rating: Found in 4 Convenient Places
Moving with kids? Looking at the school rating for each school and getting frustrated trying to figure out the right school for your family? The hardest part about moving with kids is trying to find the best schools for them. As out-of-towners, one of the hardest things to do is to get an unbiased opinion of the local schools and what will work the best. While we don't have kids, as investors and future parents it is very important that … [Read more...]
17 Places to List Your Rental House
Are you preparing to rent your house? There are so many places you can list your home as available to rent. I've compiled this list of 17 places to list your rental house, so you can find the right tenants for you. Before we get started I wanted to share my favorite resource, Cozy. No only are they great for background and credit checks but they also allow you to list your house through them. This makes it really easy to manage your house for … [Read more...]
Why You Should Operate Your Rentals as a Business
Should you treat your rental properties as a business? I have seen lots of debates between landlords of all experience levels. In some of my own circles, there is a debate about treating rentals as business. I can honestly tell you that I have come off a little harsh in these discussions. Unfortunately, my own bad apples have taught us that we have to treat this like a business. Real estate is defined by rules, laws, and regulations. We … [Read more...]
Tips for Attracting a Short-Term Tenant
Sometimes, for whatever reason, you may need to have a short-term lease rather than the normal 12-month lease, but how do you find tenants for short amounts of time? While I am a big fan of the 12-month lease, a short-term lease can be very advantageous for many reasons: If you need to get an off-cycle lease into peak moving season cycle, If you need to move back into the house in a short period of time, or If you want to sell the … [Read more...]
Why I Manage My Own Properties
You might not guess this but four years ago, I was all about hiring a property manager rather than self-managing my properties. I was the biggest proponent out there. My parents had self-managed for my entire childhood. I grew up painting, showing the house, etc. They were the ultimate DITY role models. I learned a lot from them, but being the typical young adult, I thought I knew it all. I had a general idea of the requirements, at least in … [Read more...]
Stop! Are You Hiring People Illegally?
As a long distance landlord, our helpers are imperative to our business. Without them we wouldn’t be successful and able to carry out our job as landlords. While virtual technology has given us a huge advantage, it unfortunately cannot cover everything. This is why hiring others is something many people do. At the same time, one has to be very careful about how you use these helpers so you don't break any laws. Per most state laws, contracts … [Read more...]
Banish “Vacancy” from your Landlord Vocabulary
Vacancy. That word causes more fear, worry, and angst than almost any other word in the landlord's vocabulary. Of all the different forums that I am in involved in, this is the word that everyone brings up as a reason to not continue land lording. While there are certainly scary words in land lording, my least favorite are eviction, repair, water, and broken. Vacancy is not on my list because, honestly, vacancy is the one thing you can … [Read more...]
How to Manage Properties Long Distance
Managing rental properties long distance can be tricky, but it is actually easier than you think. Technology has allowed us to overcome a lot of the need for us to be present as a landlord. We have been able to create systems that have allowed us to manage our homes from more than 3,000 miles away! The last time we were physically at a property was in July 2013. So what's the best way to manage rental properties from far away? I've created a … [Read more...]