" As ALWAYS, I am not a lawyer and I in NO WAY offering legal advice. This is just my PERSONAL thoughts as an experienced aka jaded landlord" As we discussed in 3 ways to Renew Your Lease, there are three ways to renew your lease. Personally, I use a one-page renewal letter 80% of the time. So far I have not used automatic renewals at all in my leases (my markets don't support them) and I only do full lease renewals when something huge has … [Read more...]
Should I Refinance My House?
I see the question all the time, "I received refinance fliers in the mail. Should I refinance?" or "Rates are at an all time low, should I refinance?". It is true that rates are at a very low point, so for some it may make sense to refinance if they have a higher rate. Still, owning Real Estate is public record and a very lucrative market. So companies are indiscriminately sending out fliers no matter the person rate. We have even seen fliers … [Read more...]
The Complete Guide to Installing and Managing Tenants
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...]
Is it Worth Buying a House if You Move Every Two Years?
If you are in the military or another industry that moves often you probably have this question, "Is it worth buying a house if you move every two years?" As a military spouse whose husband is active duty, and as someone who has moved four times in six years, my answer is it depends. We have bought seven houses in four years. Four of the houses have primary residence and the other three were bought as rentals from day one. We didn't buy at … [Read more...]
9 Commonly Asked Questions Regarding the 2016 BAH Rates
Today, as with every mid-December, the 2016 BAH rates were released. If you have not checked your rates for next year you can find the calculator here. For some this is great news, but for others it may not be so great news. It all depends on if your rates have increased or decreased. Today, as I was noticing tons of comments and questions about the 2016 BAH rates, I realized there were a lot of common misconceptions and questions. Over the … [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...]
Your Complete Guide to the VA Loan
The Veteran's Assistance loan or the VA Loan as it is generally called, is an amazing loan. We bought our first and fourth house using the VA loan (using the same loan). Over the years I have seen a lot of myths perpetuated and questions asked regarding this loan. As a self-proclaimed empire builder, who is also a mortgage nerd who struggles to understand this awesome but complicated loan, I put together this guide. I hope this helps you not … [Read more...]
How to Handle the Repair-Needy Tenant
Have you ever had a repair-needy tenant where it feels like every other day they want you to do a repair? And it's always silly repairs like the cold sink water is not being cold when it is 117 degree outside or that the AC isn't keeping the house at 65 degrees when it is 117 outside. Or my favorite, complaining that there is a one palmetto bug (flying cock roach) in the house (they confess the windows were left open) and wanting you to call out … [Read more...]
How to Read a Background Check and Credit Report
My biggest piece of advice as a landlord, one that I follow religiously as a experienced aka jaded landlord, when screening tenants, is that no one is perfect and we all have baggage. There is a reason why your tenant is renting and not buying. The key is to figure out that reason, what baggage it brings and decide if it is or is not acceptable to you as a landlord. Personally, I am am fine with bankruptcy and short sales up to a point. The … [Read more...]
How to Give Tenants Permission to Improve Your House
As a landlord, I believe in treating others how I wish to be treated. At the same time, this is a business and I treat my rentals as such. My goal is be as understanding as possible without altering the integrity of my homes or the ability for me to protect my investment. Over the years I have found three ways to achieve these goals in the most efficient and professional manner possible. These three ways are just a few ways I've found to give … [Read more...]