Owning a rental property exposes landlords to many legal risks—from on-site injury claims to disgruntled tenants’ lawsuits. Every business will have different needs, depending on its size, ownership structure, and local laws. The right insurance should provide some measure of coverage. However, many landlords incorporate another layer of business protection by creating an LLC for …
Continue reading “Should I Create an LLC for My Rental Property?”
Landlords often devote most of their time to a small percentage of their tenants. Whether these renters are endlessly complaining, asking for rent extensions, or requesting maintenance at night, a demanding tenant drains your financial and emotional resources. Here are some ideas for improving your interactions with these challenging renters: Listen to understand. Open communication …
Continue reading “7 Tips for Dealing with Demanding Tenants”
The rental market can be unpredictable. Some available units fill almost instantly one year, while vacancies sit open for months the following year. However, rental properties are only beneficial investments if they’re occupied by rent-paying tenants, so a tough market may require extra effort and creativity. 7 tips to make your unit stand out Rental …
Continue reading “7 Ways to Attract Tenants in a Tough Market”
Getting started as a landlord can be intimidating as you navigate maintaining a rental property while working with individual tenants. There’s also enough new terminology to make anyone’s head spin! Read on for the definitions of twenty common real estate expressions to get you started. Abatement is a lease term or legal provision allowing a …
Continue reading “A Landlord’s Guide to Basic Real Estate Terms”
No one wants to live in a smelly home, and tenants are no exception. Foul odors in a rental unit can originate from many sources including smoke, pet accidents, mold, and burnt food. But unless a landlord removes all traces of these foul smells, he’ll struggle to secure a new renter. So, how can you …
What Is a Landlord’s Responsibility When Someone Gets Injured on His Rental Property? Injuries can happen anywhere. Potential risks abound, from slippery sidewalks to falling tree branches to loose railings. But when injuries occur on a rental property, responsibility gets murky. The landlord’s duty to provide a habitable unit includes keeping the property structurally sound. …
While preventative maintenance minimizes rental unit repairs, property damage will inevitably occur. At a minimum, landlords must ensure their rental units are safe and habitable. Yet, many leases and laws invoke a higher standard. So, when a tenant submits a repair request, how quickly must a landlord handle it? Unfortunately, no blanket response covers all …
Continue reading “How Quickly Does a Landlord Need to Make Repairs?”
If you own rental properties to earn passive income, The Lifestyle Investor: The 10 Commandments of Cash Flow Investing for Passive Income and Financial Freedom will be helpful! The author, Justin Donald, built his wealth through a series of passive investments and now shares his secrets via his books and Lifestyle Investor podcast. The Lifestyle …
As property values rise nationwide, property taxes continue to keep pace. While tax rates vary, a property’s assessed value heavily influences the property tax equation. Every jurisdiction has an appeal to handle inaccurate property assessments, but simply wanting a lower tax bill isn’t sufficient to file an appeal. So, when should you file a property …
Continue reading “When (and How) Should I File a Property Tax Appeal?”
No matter how many units you own or who maintains them, being a landlord is rarely a solitary endeavor. Bookkeeping, tenant interactions, and upkeeping buildings require multiple skills. Hiring the right professionals can mean the difference between a thriving, growing business and a catastrophe. 1. Consider who you need in your network. Think through your …
Continue reading “7 Tips for Building Your Landlord Resource Network”
