One of a landlord’s fundamental tasks is maintaining his rental units. But considering the array of potential issues at a rental property—from plumbing to structural—no landlord can single-handedly manage every repair. Instead, he must engage reliable maintenance professionals before his property needs work. Ideal vendors will reliably produce quality work at a reasonable price. But …
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Even when homeowners and landlords own similar properties, their insurance needs differ. Homeowner’s insurance doesn’t cover rental properties, and most policies specifically deny coverage when the owner isn’t occupying the unit. If a rental property experiences fire, burglary, a natural disaster, or another calamity, the landlord—not the tenant—will be financially responsible. Consequently, every landlord needs …
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Most potential tenants looking for a rental property start with an online search. Though technology proves convenient for both renters and landlords, it provides opportunities for scammers. Con artists targeting the rental market typically post phony listings to steal money and sensitive information from interested tenants. Only after tenants have paid a hefty deposit will …
Either by inheritance or investment, a landlord sometimes ends up owning property in a city, state, or country other than his own. Overseeing a distant rental property comes with unique challenges. After all, showings, inspections, and repairs become more complex when handled from a distance. Modern technology, flexibility, and planning will be your keys to success. …
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Here’s the latest rental activity and trends for the Phoenix Metro area for July 2023: Closed Rental Units: 2,417 (5.59% increase year over year) Median Lease Rate: $2,250 (2.27% increase year over year) Average Lease Rate: $2,390 (0.72% increase year over year) Average Days on Market: 34 (36.00% increase year over year)
Every investor diving into commercial or multi-family property ownership should read Ken McElroy’s book The ABCs of Real Estate Investing. The book’s subtitle says it all: The Secrets of Finding Hidden Profits Most Investors Miss. Written as part of the Rich Dad’s Advisors series, this book teaches potential real estate investors how to– Achieve wealth …
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As every landlord knows, good tenants aren’t easy to find. So, when a tenant pays rent on time, respects the property, and interacts pleasantly, you want to keep them long-term. And beyond the benefits of retaining high-quality tenants, a lease renewal avoids the losses and expenses that come with vacancy. Less advertising, fewer showings, and …
Stress is impossible to avoid in any business venture, and owning rental property is no exception. A landlord who feels optimistic when renting out his first unit will develop a less rosy perspective after dealing with difficult tenants or a middle-of-the-night maintenance call. Although stress is unavoidable, there are effective strategies for managing it. Keeping …
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On August 1, 2023, Governor Hobbs signed SB 1131, a bill that prohibits a city, town, or county from levying a tax on residential rentals. As of January 1, 2025, TPT may no longer be charged on a residential rental by a city, town, or county or collected by a residential property owner. Arizona has long …
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No landlord wants to contemplate the devastation a burglary or natural disaster could inflict on their rental property. Unfortunately, no property is entirely safe from emergencies. The good news is that landlords can avert or minimize many crises through education and planning. While every area or property presents unique risk factors, here are some ideas …
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