Collecting rent from tenants who don't have bank accounts
Thursday, October 08
How do you collect rent? Hopefully not by waiting for it to arrive in the mail! Payment by mail is time-consuming and causes problems. Once you receive it, then you have to take the time to deposit it. Or say the payment arrives late but you can’t read the post-marked date on the envelope. Do you...
4 Ways to Fund Down Payments for Real Estate
Thursday, October 08
Many times, one of the biggest hurdles to purchasing rental property is having the funds for the down payment…especially when purchasing multiple properties! Here are some different ideas for quickly acquiring that money. Remember, these tactics may not always work depending on the lender and tha...
Who pays for utilities: the tenant or the landlord?
Thursday, October 08
A big question many new landlords have is whether to include utilities or not. And I suppose there is no right answer, but a solution that works best for you. Just remember human nature tends to use more of a resource when it’s perceived as free (included in rent). Credit: www.toothpastefordinner...
When “turn-key” and “current tenants want to stay!” is too good to be
Thursday, October 08
To many investors–especially newbies–coming across a turn-key rental property sounds appealing. It can sound even more appealing when the current tenants “pay rent on time and want to stay!” But buyer beware. Don’t believe an ad description. Do your due diligence! Credit: http://www.sdretirementp...
How to get your best tenants to renew their lease again and again
Wednesday, October 07
Once you’ve been a landlord for a while, you learn a few things and gain experience on how to increase your chances of choosing a great tenant for your property. Finding a great long-term tenant is difficult, so when you have a good one, do what you can to keep them! Here are a few tips: 1. Tak...
When Your Tenants Break Up
Wednesday, October 07
Several months ago, we had a vacancy that we ended up renting to a young couple. While this couple had been dating for several years, this would be their first time truly living together and on their own (away from parents). I admit, this was a slight red flag….new couples living together for the...