I am always surprised when a landlord cannot get their place rented. Sometimes, they say “I am waiting on the ‘right’ tenant”. It all boils down to marketing rental property properly. Continue reading “Marketing Rental Property is like Selling Bananas”
My Ninth Investment Property, my Third 4-plex
- Investment property
By August 2009, I was ready for another investment property purchase. The previous properties I had purchased were going well. I was looking in the same complex, as I knew the process and knew the rental market. Continue reading “My Ninth Investment Property, my Third 4-plex”
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Evictions and Terminating Tenancies (in Minnesota)
If you have a tenant that you want to get rid of, there are many ways to go about it. In Minnesota, here are the main ways and reasons to evict. Minnesota is the host cost eviction in the Nation, so make sure you are prepared. In 2013 the costs were as follows: $320 court costs, $100 to serve the summons, $55 for the writ. $125 to serve the writ. Plus vacancy, repairs, lost rent, and aggravation. Continue reading “Evictions and Terminating Tenancies (in Minnesota)”
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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?”
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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.
Continue reading “How to Find Investment Property”
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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”
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When You Purchase Properties, Make Sure You Know your Market
Know your market. When a great deal comes up on an investment property, there will be multiple offers. You want yours in, and accepted, before the other offers even come in. Knowing what a good price is saves time. The ‘other guy’ is writing an offer while you are still thinking about it. Continue reading “When You Purchase Properties, Make Sure You Know your Market”
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Proper Preventative Maintenance
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”
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Late Fees, How to collect them and when to charge them
Are your current month’s rents collected by the 5th, every month? Are you charging late fees? If not, it’s time to start thinking about late fees. Continue reading “Late Fees, How to collect them and when to charge them”
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Rental Investment: Maximizing Your Returns
Are you settling for a Class ‘D’ tenant on your rental investment, and only getting Class ‘A’ tenant (or worse) returns? Do you wonder why your actual return on your rental investment is not what was projected? Are you looking at how to increase your profitability without selling and moving to a different building? Continue reading “Rental Investment: Maximizing Your Returns”
