Best Home Improvements to Increase the Value of Your Home

It’s the question that nearly every landlord wants the answer to: What are the best home improvements to make that increase the value of my home?

Ultimately, you aren’t just embarking on your improvement project to increase your standard of living, you’d hope that there would be some return on your investment as well in terms of an appreciation in the value of your home.

Unfortunately, the question of which are the best home improvements is one where there is no one size fits all answer, and it would be foolish for us to assume that. It will depend on many factors such as the location of your home, preferences of the local market, the state of the economy, interest rates, and you could probably come up with a list the size of the Empire State Building listing numerous other examples!

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    As a landlord, you want the best tenants for your properties: people who pay rent on time every month, won't give your property a bad reputation in the surrounding community, and are clean and courteous neighbors. Being a good landlord means listening to your tenants’ complaints and concerns and responding to common tenant issues appropriately.…
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Month to Month vs Annual Lease: Which Protects Landlords?

decision makingWhat are the advantages of a Month to Month vs Annual Lease?

When renting out property, many landlords want to lock in a new tenant as soon as possible, and they want to lock them in for as long as possible. It makes sense — until you begin to look at all of the commitments that you are making and how little of a commitment the tenant is making.

As soon as you know you are going to have a vacancy, you want to begin marketing. If your existing tenant is a slob, a hoarder, or being evicted, it is extremely difficult to attempt any turnover until you have a vacant unit. If it was a long term tenant, you just need to factor in a bit of vacancy time to clean up and repair, as well as some down time until you find a tenant.

If it was a one year (or less) tenant and you have to wait for the tenant to move out to show it, you can look in the mirror for your issue. You should have bypassed this tenant.

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What experiences have you had with short vs. long term leases? Have you ever known anyone who took a long time to get a tenant out?

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    I have already written about the two most important facets of Tenant Screening, credit score, and income:  How Effective Tenant Screening Can Lead to Higher Profitability The Four Pillars Of Tenant Screening You will never get paid if you do not have tenants that make enough money. You will be continually chasing rents, and other…
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October – November 2014 Rental Cash Flow

cash FlowThe rent collections were stellar as always, and the rental cash flow is solid.  All 24 of 24 rents were in the bank by 11/3, which was the first Monday in November.  If you look back at my previous reports, you will see this is typical for me.  I can attribute it to having the ability to screen tenants and use credit score to my advantage.  I have solid units, and they are priced right.  Landlords that do not use credit score as a screening tool, and do not understand the significance of it, are fooling themselves.  They are either working too hard, or not making as money.

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Smoking in a Rental Property

no smokingAre you aware of the expenses associated with allowing a smoking in a rental property?  If not, you need to understand that a smoker will cost you at least 10% of your profits due to increased turnover costs and additional vacancy. That is an unscientific number, and I may venture to guess it may be much higher.

Smoking in a rental property will cost you plenty in term of lost profitability.

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Rental Property Cash Flow October 2014

rentIt’s time for another report on the rental property cash flow.  The month of September was extremely busy.  I had a brief trip to Florida, where I looked at several areas to potentially invest in.  While no properties actually excited me that much, it was a great trip.  I did realize another thing.  While Florida might be a great place to spend during the Minnesota winters, it is a bit humid during the summers.  Even in the morning.

So here is how the cash flow evolved for the moth.

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Expert Landlord Advice and Landlord Interview

How-to-get-Higher-Rents-the-Hard-WayI was featured in an article involving interviews of 26 landlord and property investors.  All the landlords were asked questions and for them to give some landlord advice.  I was honored to be in that elite group with some other very great property investors.

They asked me, along with 26 other landlords, what is my number one tip for newbie property investors.  The answers were broken down into four categories.  Each investor was asked for advice, and each investors advice put into the following categories.

Buy Smart

Plan Well

Tenant Management

Team Building

If you have been reading this blog for any length of time, you know I added advice about Tenant Management.

Read all the advice, including my own here

 

 

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Your Complete Guide to Effectively Handling Tenant Evictions

evictionIf you have been a landlord for any length of time at all, the topic of tenant evictions is on your mind on a continual basis. If you have been doing the right things with your tenant screening, tenant evictions are  on your mind a lot less. If you need the rent to pay the mortgage on the rental or you will lose it, you are praying every week it doesn’t ever come to that.

No matter how well you screen tenants, no matter how great your tenants are, you will at some point be in the position where you may have to evict. Divorces happen, deaths happen, people get laid off and people have friends that cause a ruckus so large you have to do something.

Read the rest of the story here

 

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How to Make Money Traveling

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Should You Rent or Buy a Home?

Rent or buyThe question to rent or buy a home is always a great one. There are many calculators on the web that compute all sorts of things, including depreciation, appreciation, tax deductions, etc. But none of these calculators factor in the flexibility of renting and the financial advantages you can have if you rent.

If you rent and take advantage of its perks, you can be farther along the path of financial freedom by renting instead of buying.

There Are Many Advantages to Renting

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Replacing Your Salary with Rental Property Income

money-wallpaper-for-pc1.jpgRental property income is not as safe as a government pension.  It is not as safe as a government bond.  It is not even as safe as a salary, depending on who you ask, and what your temperament is.  But based on the risks involved, it should have a greater return.  And the risks can be mitigated, if you screen tenants property, know what to look for, and keep your property maintained.

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