Landlording for maximum profitability and Financial Independence
Rental 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.
Continue reading “Replacing Your Salary with Rental Property Income”
Do you know what tenant red flags you should be on the lookout for?
When you are screening tenants for your rentals, it is pretty easy. You take an application, submit it to a screening company and wait for the results. You have pre-set tenant selection criteria, and you compare against the criteria. You let all the incoming prospects know what you are screening for, and you let them self-screen as much as possible. After comparing the results to your criteria, if the tenants pass, you accept them. If not, you move on to the next applicant.
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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. At times, knowing the right way to respond to an issue can be tough. Read on for advice for some of the most common issues landlords face with tenants.
Continue reading “Common Tenant Issues and How to Handle Them”
I apologize for not getting this rental cash flow post up sooner. I was away in Marco Island Florida looking at potential investment properties and doing some planning for the future of the Corporation. As always, it is great to be back home. As winter starts to set in, I think about how cold it will eventually be.
Continue reading “August – September 2014 Rental Cash Flow”
Protect Yourself As a Landlord. As with most jobs, a landlord’s job is not complete until the paperwork is done. A landlord needs to protect himself with all sorts of documents. The days of renting a home on just a handshake are long gone. Instead, in today’s tenant-friendly states, you need proof of everything. That being said, great tenants do not need any documentation, nor do great landlords. Both sides know what is expected, and both sides perform as you would expect them to – with or without paperwork. The documentation is to protect us (and them) from the unruly behaviors that the ‘other’ guys might have.
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New landlord-tenant relationships can initially be awkward. As with any business relationship, it’s important to be aware of professional boundaries, yet act friendly and polite in day-to-day conversation.
To best connect with new tenants, consider the following four relationship-building tips.
Continue reading “4 Steps Toward Good Landlord-Tenant Relationships”
