What to Do If You’re Losing Money on a Rental Property
In a hypothetical model, a property owner should be able to generate positive cash flow with a rental property in an attractive…
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6 Tips to Foster Healthy Communication With Your Tenants
Effective communication is the key to healthy landlord/tenant relationships. Effective communication is built on three main factors: transparency, honesty, and respect. With these three factors present, you’re more likely to resolve issues with your tenants before they grow into larger issues.
Can a Landlord Break a Lease Agreement Early?
If you’re a landlord, you probably have a lease agreement or rental agreement for your tenants, outlining the rules and restrictions for the property, setting rent prices, and outlining a period of time during which the agreement is active. If a tenant breaks the lease agreement early by moving prematurely, they may face a penalty… [Read More]
6 Ways Landlords Waste Time (and How to Stop!)
As a landlord, time is your most precious asset. You get the same 24 hours in a day that everyone else gets. And assuming you get a healthy seven or eight hours of sleep each night, that means you’re left with just 16 or 17 waking hours in a day. Squandering even a couple of… [Read More]
Do You Need Positive Cash Flow to Make Money With a Rental Property?
Buying and managing rental properties is one of the best ways to build wealth. If you purchase the right properties in the right neighborhoods, and keep them in good condition with good tenants, you should be able to cultivate a favorable return on your initial investments, and possibly end up with a source of recurring… [Read More]
Should You Use a Collection Agency to Collect Unpaid Rent?
As a landlord, you go through a lot of trouble and effort to find reliable tenants who will pay on time and in full. You have your own bills to pay, so you need your tenants to fork over their rent checks on time.
Security Deposit vs. Move-In Fee: Which is Better for Landlords?
Landlords are always looking for ways to reduce risk and increase profitability. And when you let someone else live in your property, one of the biggest risks involves the potential damage they could do to the residence. For years, the security deposit has been the preferred method of compensating for property damage related risk. But… [Read More]
How to Make More Money From a Rental Property Without Increasing Rent
You aren’t in the business of buying and managing rental properties because it’s fun. In fact, you take on a lot of risk and deal with too many problems to be in it for some sort of service project. You do what you do because you want to generate some income. But before you go… [Read More]
A Landlord’s Guide to Dealing With Water Damage
Water damage…the words alone are enough to make any homeowner shudder with fear. But if you own rental properties, you’re going to eventually face a situation where you have to deal with water damage. What do you do? Who is responsible? Where do your renters go? Questions like these abound – so make sure have… [Read More]
The 4 Reasons You Want Your Tenants to Renew Their Leases
As a landlord, you can’t ever sit back and relax. Just because you have good tenants in your properties at the moment, doesn’t mean they’re guaranteed to stick around. It’s up to you to retain them by encouraging and motivating them to renew their leases over and over again. Do you have a plan for… [Read More]
7 Organizational Tips for New Landlords
As a landlord, you have to stay organized if you want to succeed. You’ll be dealing with many types of paperwork, including property deeds, rental agreements, and tenant applications, and managing finances like mortgage payments, insurance payments, and rental income.
From Our Blog
Tenant Psychology: How to Better Appeal to Prospective Property Renters
One of your biggest priorities as a landlord is going to be keeping your property occupied. When the property is vacant, you’ll…