The weekend started pretty well. I finished up a few things in the apartment that I was turning over. The tenants were scheduled to arrive at 12 noon, so I had some time to do a virtual tour and a final once over. Continue reading “A Day in the Life … Busy Weekend”
My Rental Strategy And Property Management
I recently did a guest post for Kim at Eyes On The Dollar. Kim is a private practice Optometrist and a personal financial blogger. She has some great tips for financial independence and getting out of debt. She is not someone who just says “Spend less, pay bill”, she actually experienced the thrill of paying off over $30K worth of credit card debt!
Here is the link to the post regarding my Rental Strategy. I hope you like it.
There are many so called RE investors that pretend to cash flow, and they are not calculating any of the soft expenses. Management, Vacancy and Maintenance are the big three. Maintenance being a thing you can put off, and see profit, but it is in actuality deferred maintenance. I allocate 10% of rents towards maintenance in my budgets, 5% for vacancy, and 7% for management. And I expect ~15% ROI if I make the purchase.
All investors MUST have a rental strategy if they are going to be profitable. My net worth went up considerably after I started investing in rental property, and it continues to climb. My income, already decent, went up by over double.
Read More at: Rental Strategy And Property Management
Please let me know what you think of it.
A Day in the Life … Apartment Turn
I have been working on an apartment turn over the past couple of weeks. The previous tenants moved out on 3/3, new tenants are moving in on 3/15. Only a twelve-day vacancy period. So, with 24 units I own, we are 100% full again. This is what a typical apartment turn might be like, for an average renter. Continue reading “A Day in the Life … Apartment Turn”
My Fourth and Fifth Investment property (and first semi-horror story)
I became a landlord sort of accidentally, like many people. In my case, it was a bit more sudden. My father, who lived in a duplex, has a stroke several years ago. He had a large mortgage and was incapacitated. It was an opportunity to attempt to purchase an investment property.
Continue reading “My Fourth and Fifth Investment property (and first semi-horror story)”
Avoiding Lockouts and Keeping Track of Keys
One way to reduce tenant lockouts is to have a deadbolt with a key, not a locking door knob. Change the actual door knob to a hall /closet knob. One without a lock. The security is provided by the deadbolt, you do not need two key-able locks. That way, you can only get locked out if you had the keys when you left.
Continue reading “Avoiding Lockouts and Keeping Track of Keys”
Finding the Right Price for your Rental?
When you look around on Craig’s or other places, you often see higher rents than what you are charging. Your temptation is to raise the rent on your existing good tenants. Or you want to advertise at a higher price. What is the right price for your Rental Continue reading “Finding the Right Price for your Rental?”
How to Find Investment Property
The best investment property is one you can walk to. But if the deal is super-great, going across the country is OK, but it better be real super-great. If it’s that great, others across the country are also looking at the property. And local investors have already passed on it. You will pay more in expenses when a property is located more than a few minutes away from your main location. Wherever you are, you have to know how to find investment property.
Allocation Budget for Maintenance
Every property needs maintenance, you must understand how to budget for maintenance. The renter’s damage deposit is for just that, damages. It is not for routine maintenance, It is not for wear and tear. Things like carpet replacement when it has reached its depreciated lifespan, appliances, painting, cleaning, new windows, kitchen cabinets, new roof, etc. Continue reading “Allocation Budget for Maintenance”
Should I allow my renter to have a dog?
Should I allow my renter to have a dog? In order to reach the greatest possible audience, you need to market correctly, and avoid excluding large pools of renters. Some pools of renters you do not want, criminals and deadbeats being two of them. But pets are another issue. A tenant may “check out great otherwise”, by a landlords definition, but they have a pet. Should you take the tenants with dogs? Continue reading “Should I allow my renter to have a dog?”
Personal belongings left at the end of the tenancy
When your tenants leave, there are normally a few personal belongings left. Sometimes it is a couch, a mattress, or it could be as little as a pair of pants hanging in the back of a closet. MN law says you must store these items for 28 days. Most often, the tenant never comes back. If you are like me, I take pictures of what I have to throw away. Sometimes I ask if they are coming back for any additional items and they always say no. Of course good tenants do not leave junk behind. Continue reading “Personal belongings left at the end of the tenancy”