Raising the rent: it’s something that tenants don’t appreciate, but you have to do it nonetheless. If you go about it the wrong way, you can erode your relationship with your tenants or even cause them to move out. But if you do it right, then everyone can go about their business. How do you convince your tenants that you’re...
Bad tenants happen. Sometimes they’re noisy. Sometimes they’re destructive to the property. Sometimes they pay late every month. And other times they’re disrespectful or hard to get along with, warranting complaints from neighbors. Bad tenants are bad for business, and it’s in your best interest to fill that unit with a good tenant instead. Thankfully you don’t have to deal...
Planning to have tenants? Well, if so, you should know that screening tenants is an important topic for rental property owners to be familiar with. It is critical to select the best quality tenant if you want to have a long-term success. Moreover, as the property owner, developing a good screening process reduces the chance you will face future issues...
As a real estate investor, you need to build a lot of partnerships with local contractors. You need an electrical guy, an HVAC guy, a drywall guy, a painter, a handyman, maybe even a builder… the list goes on and on. Finding Great Contractors Talk to other investors or real estate agents. If you have a local mentor or a trusted...
Here are some of the questions we’ve recently been asked about rental property taxation. When do I have to pay taxes on my rental income? You need to report your rental property income in the same year that you earn the income. Are expenses deductible even when the property is vacant? As long as the property is listed as being available for rent,...
Why Tenant Retention is So Important You might think that as long as your unit is filled, it’s fine… no need to keep the same tenant year after year. The answer is, while you might want to get rid of some tenants as quickly as possible (we’ve all had that type of tenant!) if you have good tenants, you want...
Normally, you only hear about curb appeal in the context of homeownership or home sales. But curb appeal is just as important when you have a commercial building or a multifamily unit. Curb appeal can: Help you fill vacancies more quickly Improve the reputation of your properties Allow you to charge more for your units. If your building looks boring and...
If you live near a college or university, you’ve likely wondered if you should buy a rental property near campus and rent it out to college students. Here are some of the top benefits and risks associated with renting to college students to help make your decision easier. Benefits of Renting to College Students You don’t have to worry about not...
A little bit goes a long way. Have you ever wondered if you could boost the profitability of your rental units? Try out these ideas and see if they’ll work for any of your properties. You might not be skyrocketing your income, but a few extra dollars each month can really add up over time, especially if you can implement...
Good tenants can make your life as a landlord easy! Here’s how to find them. Imagine your dream tenant. They are clean and respectful of the property. They always pay on time. They don’t cause issues with neighbors, and they’re easy to communicate with. They’re not always badgering you with requests and complaints, but they do let you know (respectfully)...