Landlording for maximum profitability and Financial Independence
To maintain profitability in an investment property, you need to do proper preventative maintenance.
On a tenant turn, you need to check items so that they do not cause you issues later on, when a tenant is actually living in your unit. Maintenance is exponentially more difficult when you have to coordinate your schedule with your tenants. Continue reading “Proper Preventative Maintenance”
Most landlords do an annual lease to start, when it’s time to renew leases, they often have difficulty. Most annual leases turn to a 30-day lease at their expiration. The question is what thought process goes into the method of continuing the tenancy. Continue reading “When and How to Renew Leases”
Remember, it takes both a decent credit score, and an income high enough to pay rent to approve a prospective tenant. Never accept less. You need to know both the tenants credit score and income level before you approve them.
A renters income will give you the renter’s ability to pay rent. Their credit score will give you the renters desire to pay rent. Both are required.
Continue reading “Tenants Credit Score and Income – What do they mean?”
Property Managers (PM) that do turn-key management have goals that are often opposite of an owner. This is especially true of inexperienced PMs. A PM makes money when they fill a unit. A PM makes money every month when rent is collected, sometimes even if it is not collected. A PM makes money when your place needs maintenance. A PM makes money on an eviction. A PM makes money when they turn the unit. A PM makes more money when they have to evict and turn a unit, than when they are renting it to a long term, good quality renter. A PM makes more on subpar renters, than solid ones. You make more money on a long term, good quality renter. Remember, great tenants manage themselves. It is cheaper to lower your rent, and get better tenants, than hire a PM. Continue reading “Property Managers, The Downside”
This is an important question for all landlords. Carpet can be ruined after one tenant, even after only a few months. Laminate flooring is generally more durable, but more expensive. Laminate flooring can also be ruined by water.
Continue reading “Carpet vs Laminate Flooring?”
With 24 rentals, working full time, Property manager and President of the HOA, my own plowing and mowing business, and doing most all of the rental maintenance myself, I can give a few tips on saving money and time in your rentals… Continue reading “Saving Money and Time in your Rentals”
In order to be an effective, efficient and profitable landlord or property manager in today’s rental market, you have to understand on-line marketing. You have to understand how to create effective online rental ads. Continue reading “Effective Online Rental Ads”
