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...]
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...]
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 Know When to DIY and When to Call an Expert
I saw a post on a forum the other day with a unique question. It said: "I am looking for a fixer-upper condo. What repairs are DIY and when do you need to use a contractor?" I thought that it was such an interesting and loaded question. As an avid DIY'er I have done tons of projects and have lots of experience. The sweat equity has been nice too. Below are some of the projects we have completed over the past four years... Installed … [Read more...]
How to Create a Rock Solid Lease in One Evening!
Author's Note: This is not legal advice and I am nothing other than a landlord who owns six houses and self manages a total of ten. This is how I put together my lease and I hope it makes things a little easier for you. This post contains affiliate links. As an experienced (aka jaded) landlord, I have learned the key to treating my rentals as a business is having a fantastic lease. For me, the key to having a fantastic lease is having a tight … [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...]