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...]
How to Professionally Respond to a Tenant Application
Part of my goals as an "always learning landlord" is to become as efficient as possible while providing the highest level of service to my tenants and on the tenant application. I get a lot of replies to ads but they are typically the "standard" Zillow or postlets responses. Hi, I found this listing on Trulia and would like to learn more about 6786 Tustle Dr, Summerville, SC 29485. Thank you." 3 Problems Regarding Responses to a Tenant … [Read more...]
Friends: Do They Make Good or Bad Tenants?
As Landlords our biggest "key" to success is our ability to find great tenants who pay on time and keep our home in great condition. So what would be better than having friends be tenants, right? You know, someone that you know and trust. They must be the PERFECT tenant... or are they? Friends as Tenants: Good or Bad? My Definition of Friend Friends are the one who get us through the tough times. You know the ones you can walk into their … [Read more...]
Why You Need to Think About Taxes During Moving Time
Taxes ??? So it's PCS season for us military and moving time for the rest the world. You know summer time- the time when school is out, the weather is good, and people try to plan their transfers whenever possible! This is the time where people plan their move, sell their house and are looking to rent or buy another house. I am sure that this is the time everyone is LEAST interested about their taxes. You know the things that we have … [Read more...]
How Landlords Can use Moving Season to Their Advantage
What is every landlord's worst nightmare? Vacancy, right? You know where you are stuck paying for your roof and the empty one you call a rental? As we discussed here, there are lots of way to prevent a vacancy including lowering the price. Growing up I used to hear the saying, "An ounce of prevention equals a pound of cure." Honestly, that is beyond true in real estate! Yes, there are many ways to "cure" vacancy, but one of the easiest ways … [Read more...]
Break the Myth: Price Your Rental with Whole Numbers
Prices Matter, Right? If you house is priced right, then it will rent? That's the comment you hear often! As a landlord, that's very true. If you price your rental according to its competition it will rent. Okay so the next question I get is: HOW? How to Price Your Rental: How do you price your rental? As I wrote here, establishing a rental price is determined by the competition! I look at the comparable houses and what they are renting … [Read more...]
3 Choices an Allergic Landlord has Regarding Pets
So you have decided to rent... Go Team Rental! But there is one large Elephant in the room. You are an allergic landlord with SEVERE allergies to pets! So now you are trying to figure out what to do, right? In my mind you have 3 choices: Sell the House Rent to Tenants: No Animals Allow Animals and Prepare for the Consequences Choices of an Allergic Landlord: 1. Sell Your House This is easy! You change your mind; it's not worth … [Read more...]
4 Ways to Successfully Place a Sight Unseen Tenant
Do you have a potential sight unseen tenant? I know for many landlords this is scary. How can an applicant possibly want to rent a house without evening looking at it? Well as someone who moves way more than I would ever like to confess (cough, cough, 4 times in 5 years), I have even put an offer on a house purchase as a sight unseen tenant. I can tell you that many use online sites to find and reserve their dream rental. But in the beginning … [Read more...]
Break Lease Clause: A Tenant’s Point of View
As a landlord, I love the break lease clause. I have made that very clear here and here. After working with this break lease clause for a while I have noticed that there are some amazing benefits for the tenants too! That tenants who don't have it are usually bummed. As a landlord, it is very important to protect my assets and the best way for me to do that is to have an effective lease. That being said, I have been accused that the break … [Read more...]