Landlords: Are you making Security Deposit Mistakes? Did you know that fixing your tenant's damages yourself could cost you a lot more than heartache! The worse thing that could happen to a landlord after tenants leave the house destroyed is owing the tenant money. Can you imagine the insult to injury that you owe your tenant because of red tape rules that you didn't follow? While this sounds like something out of a nightmare it unfortunately … [Read more...]
How to be Momma Bear Landlord
Are you willing to stand up for yourself, your property, and what you feel is right based on your interpretations of the law? Pause! Before we get started let me preface this discussion. Just like in most fairy tales we have learned that there is a golden rule that you should ALWAYS treat others how you wish to be treated! And, as we have discussed numerously here, here and here, you rental should be treated as a business. Therefore, even … [Read more...]
The Do’s and Don’ts of Using Zillow
Have you used zillow yet? It's an AMAZING asset! So much so that it is one of my favorite resources because it is so multi-faceted as there are so many great uses. 5 "Do's" of Using Zillow Comparables for Rentals - Zillow is one of my highest rental traffic sources. Therefore when I am figuring out the comps for my house, I look at the houses available on that site. It is important to check the date available as there are houses … [Read more...]
Why I Don’t Hold Houses
First come, first served, right? As a landlord, do you give dibs to the first person to see the property? I do not. I don't hold a property for someone while they get their paperwork in order. My policy when picking a tenant is the first qualified applicant who is approved, signs the lease, and submits the lease is offered the home no matter who sees the house first. Why You Shouldn't Hold Houses I have had many applicants who drag their … [Read more...]
Sweat Equity: A New Definition
I grew up in a family that was a huge believer in sweat equity. My family managed their own rental and did 90% of repairs themselves. My husband and I were a chip off the block. Our first home was a foreclosure, and we practically gutted the entire thing from the inside out. We redid bathrooms, painted the house, redid cabinets, relandscaped the lawn ... I could go on forever! Over the three-and-a-half years of our home ownership/rental … [Read more...]
Landlords: How to Write a Pet Policy
A lot of landlords question whether to allow pets or not. It's probably one of the more debated topics and a hard choice too! Personally, I love having families with pets in my homes. I'm a pet owner myself and have a cat who is more my child than my pet so I understand the value of pet ownership. That being said, if you keep up with my blog, then you know my stance. I consider being a landlord a business and treat it as such. Here are … [Read more...]
Rental Income Calculation for the Tax Novice
Before we learn about rental income calculation, let me say I highly recommend a CPA. Let me say it again! I HIGHLY recommend a CPA. Even with my background, I hire a CPA to do my taxes. This article in particular or any article found on this site can't be a substitution for a professional. That being said, I am a huge believer in the phrase "knowledge is power." The goal of this article is to provide the simplified version of explaining how a … [Read more...]
The Perfect Tenant Myth
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...]