From a legal perspective, your lease agreement is your greatest mode of protection as a landlord. It’s what keeps you out of trouble, safeguards your property from abuse, and helps you take action when you’re being treated unfairly by tenants. But a lease is only as good as the language it contains. If you’re just copying a standard lease agreement from the internet, you probably aren’t getting the protection you need…. [Read More]
If you have a property in Katy, Texas, you’ll obviously want to maximize profitability however you can. Some decisions you make will have obvious repercussions; for example, some neighborhoods are clearly better investments than others. But some decisions are harder to evaluate; for example, if you charge more rent, you’ll stand to make more money, but you’ll also drive away potential tenants, making it harder to make that additional money…. [Read More]
Finding reliable tenants is half the battle in property ownership. A reliable tenant will be able to pay you rent on time, will likely stay with you for a long time, and has a low likelihood of causing damage to your property or disrupting your other tenants. A good tenant, therefore, makes your rental property more profitable—all while causing less stress for you over the long term…. [Read More]
One of the biggest decisions you’ll make with your rental property is what to charge your tenants for rent. You’ll need to charge an amount that enables you to make a profit, but at the same time, if you set your rent prices too high, you may end up with unduly long vacancies, pricing yourself out of the market…. [Read More]
In a perfect world, your rental properties would be leased on a continuous basis, and there would be no gaps between tenants. But in reality, every rental property will eventually sit empty for a month or two after no tenants have signed a lease agreement…. [Read More]
When Airbnb started in 2008, the hotel industry didn’t flinch. It was impossible that guests would want to stay in a complete stranger’s home rather than in a hotel with room service and high cleaning standards, right?
But that wasn’t the case at all.
It took a couple of years for people to start using the service, for Airbnb to build up strong reviews, and for peple to trust that they would be safe – but Airbnb has been a huge success…. [Read More]
Do you have a disproportionately high turnover rate? Do good tenants seem to leave every time a lease agreement expires? Do you seem to have to work harder to retain tenants than other landlords you know in the area? If these issues sound familiar, then you may need to reconsider your approach to property management and how you’re treating your tenants…. [Read More]
You have many factors to consider when you seek to profit from a rental property. You need to purchase in a neighborhood that will appreciate in value, you have to treat your property well, and you must set a competitive, yet profitable rental rate for your tenants.
When you’re looking to make financial ends meet, renting a spare bedroom in your home or apartment can be a wonderful opportunity. It can help offset expenses, pay the mortgage, and justify your investment.
With that being said, you should approach the opportunity to rent out a spare bedroom with caution. Any time you’re bringing someone else into your home, you need to be aware of the potential risks and consequences…. [Read More]