I am a strong advocate of buying investment property close enough you can walk to. The advantages are enormous. You can keep closer tabs on your tenants, handle simple maintenance calls, and be able to keep an additional 10% to 20% of your rents in your own pocket.
Here is one repair that was relatively easy, and saved quite a bit of money over hiring a repair shop or buying a new dishwasher. If you want to know how to repair a dishwasher leak, please read more.
If you are a long distance landlord, minor maintenance issues can become an expensive repair. It is near impossible maximize your revenue if you are paying for every thing the tenants complain about. And to make things worse, lower quality tenants complain more. When they are going to be late on their rent, complaints become almost non-stop.
It always helps if you can do some simple maintenance on your rental properties. If you are able to troubleshoot simple issues, you can save a lot of money. Often, just being able to look at the problem, and making a simple precursory look, you can even fix the issue.
Here is an example that I came across recently. I could have handled it from a distance, but it would have been much more expensive and taken longer to resolve.
The prospect of house hunting can be daunting to say the least. This is especially true for first-time homebuyers or those who are on a tight deadline to move, as the temptation to settle for less than what they want could be overwhelming. Since your home is the largest purchase you’ll likely ever make, it only makes good sense to choose wisely. Here are the eight most common house hunting mistakes people make, along with tips on how you can avoid these catastrophes yourself.
One of the most hated items of being a landlord are the after hours tenant calls, or calls in the middle of the night. Keep in mind, it is also one of the tenant’s most dreaded items too, calling their landlord after hours. They do not like to be up with building issues any more than you do. Here is a recent example of a call that might be a disaster to some landlords, or routine for others.
I recently wrote a guest post for Dave Carlson at Young Adult Money about how to remodel a bathroom. I included a few costs, and it’s a great read if you are contemplating a new bathroom remodel. You can spend a few hundred, or many thousands.
There are many improvements that you can make to a bathroom to make for a more modern look. You can spend quite a bit of money on it, or you can do it in a less expensive way. Money spent modernizing a bathroom goes a long way, and much of the investment can be re-cooped in increased property valuation.
Please check out rest of the post here!
I wrote an article at Biggerpockets, titled “The 7 Dirty Truths about Landlording”. This article was meant to provoke some emotions and show that sometimes being a landlord is not always easy. It’s a business, and you have to treat it as such.
Life is not always fair, and even in a win/win situation someone loses more than the others. In the landlord game, you need to win enough to be profitable.
Read the entire article here
Once again it is time to report on the rental income, rental cash flow, and other financial aspects of the rental property. June was a great month again. Maintenance expenses were light, and July is set up for a good month too.
This is a Shout Out and Thanks to Fellow Bloggers
I have received a lot of help from fellow bloggers who have been a large part of my success in Blogging. I am not sure of the definition of success in blogging, but you do not have to be profitable to be successfully, at least in my mind.
What Is Your End Goal in the Real Estate Game? I just wrote a post on the BiggerPockets.com blog about end goals of real estate investing. Many of the same things can be said about most any types of investing. Not many people invest for the sake of investing, most invest for the future. Whether it is real estate, stocks, or your own business, most people have an end game different that the path that brought them there. Not many people want to work until they drop.
If you like that post, I have a similar one here.
Stop by BiggerPockets and check it out and leave a comment!
The topic of this post is should you allow a renter to paint? With 24 units, I come in contact with many renters. They all have their ideas of what a great place to rent looks like. They might want their boy’s room to be blue, and their girl’s room to be pink. I get asked all the time, “What do you feel about painting the bedrooms?”