If you are a landlord, you are certainly taking a renter’s security deposit at some point. You may call it a damage deposit, security deposit, or just plain extra rent. In most cases, you will have to return all or some of it back to the renter at some point. And you have to return it correctly.
If you are going to be sued as a landlord, this is the number one reason why you will be sued, and you will likely lose.
States have various laws on how the deposit is supposed to be kept and how it must be returned. Here is how I do it in Minnesota.
There are countless investors that want the fast returns. Just buy a rental property, sit back, and make money as a landlord. They think that just being a landlord will make them the riches they need to be financially independent. The tenant pays your mortgage, and you relax on the beach. You hire a property manager, set up automatic payments for rent to be deposited, and your mortgage gets drafted every month. All while you play.
Here is how to make that fantasy happen in reality
This is a guest post from Benjamin Davis on becoming a landlord.
Back in 2011, when I started my PhD, I was far thinking I would ever imagine becoming a landlord. Fast forward to 2015, I cash out on a stock portfolio I had since I was 16 and I bought a condo all cash. This was possible due to aggressive savings and a good amount of luck investing in the stock market.
This article will likely offend a few people, but since I have never been one to limit my posts to only the non-offensive topics, here goes. If you have rentals, you will likely have a problem with domestic violence at one time or another. Especially if you take in low credit score tenants. Here is how to deal with domestic violence effectively as a landlord.
There comes a time in most landlord’s life, when you have to evict a tenant. It’s not a fun thing to do, but neither is paying someone else’s rent, which is what you do when you let a tenant skip a rent payment. It is not fun to see a new TV in the living room of your tenant, and wonder why your rent is not paid. Maybe you see a new hair style, or manicure, and no rent paid. Maybe it is a trip to Disney Land, Baja, or Cancun and no rent paid. You need to learn when to evict a tenant. Here is what I go by.
The following article is a Guest Post by http://www.managecentralfloridaproperty.com/
Tips to Help Enhance The Curb Appeal of your Rental Property
As a landlord, the last thing you want is for your property to remain vacant for long. That translates to a loss of rental income. Hence, you need to make every effort to ensure your units are market ready and always inviting to prospective renters. An effective way to do so is by enhancing the curb appeal of your rental property. Homes with presentable exteriors rent quickly and tend to fetch higher rental prices. If you are looking for ways to go about it, the following are simple tips to get you inspired.
One of the most dreaded landlord moments is when a tenant calls about a water issue. In this case, my tenant texted me about water leaking into his garage. I know enough about my own buildings, that if water is leaking into a garage, and it is sub-freezing outside, it is not good. It could be a water heater leak, a drain pipe in the ceiling dripping, a supply pipe leaking, a water meter leaking, a bath tub over flow leaking, or a floor drain over flowing.
So, I had it narrowed down right away based on the text. It could be anything. I had to spring into action. Here is what I did.
There are many people that have a 401K at their work place. Some companies offer a 401K match. So people wonder, should they invest in a 401K or Real Estate? These people want some of the riches of real estate. They want to purchase a rental property and they want passive income in retirement. These people want to get rich, and they know many people have gotten rich with real estate. It is their meal ticket out of their W2 job.
Here are my thoughts in where you should invest your money. Remember, I am not an investment adviser (but I did stay at a Motel 6 several times).
One thing that will make you more productive as a landlord, is to be able to be more efficient. Manage your time wisely, and you can be a Rockstar landlord. When you get to a property, you should have the tools necessary to enable a common fix. Some simple landlord tools. If you have a few simple landlord tools, you can make a quick fix, and not have to make a special trip. Or you can prevent damage that may occur if the fix is not done.
Here are a few landlord tools that I would not be without when I drive around to my rentals. In fact, I always have them in my tool bag in my truck. They are indispensable tools that I use regularly.