What are the Advantages to Requiring Tenant Insurance?
Not every landlord or property management company requires tenants to hold renter’s insurance policies. And according to some reports, the majority of tenants do not have renter’s insurance. What are the advantages to requiring tenant insurance? Are there any disadvantages? First, the cost for renter’s policies is solely borne by the tenant, and is only $15-$20 [...]
Categories: Landlord and Tenant FAQs, Landlord Tenant Issues, Landlord Tips, Rental Property Management, Renter’s Insurance, Requiring Renter’s Insurance Tags: best, company, free, landlord, peace, property, rental, tenant
Questions to Ask a Property Management Company
Their reasons for hiring a property management company are different for each property owner. In general, a property management company’s job is to keep your rental business trouble-free. That means they need to be knowledgeable about federal, state and local housing laws, how to best collect your rents, maintain your properties in proper working [...]
Categories: Choosing a property manager, Landlord Tips, Property Management Companies, Rental Property Management, Renting and Leasing Issues Tags: best, check, company, free, landlord, online, property, rental, tenant
Tenants: How Many is Too Many?
Mark O. is a landlord who just purchased a single family rental house on foreclosure. The neighbors have informed Mark that although the home has only 3 bedrooms and 1 bathroom, there are several cars parked at the house all the time, and seemingly a dozen adults living there. Mark is concerned about the wear and [...]
Categories: Landlord Tips, Limit on Number of Tenants, Rental Property Management, Renting and Leasing, tenant screening, Tenant Screening & Background Checks, Too Many Tenants in Single Unit Tags: background, best, check, complete, landlord, property, rental, tenant
Garnishing a Tenant’s Wages for Back Rent or Damages
Depending on the state in which your property sits, you can probably collect back rent and damages from former tenants through wage garnishment. Garnishment of wages is done through the courts, after a judgment is made against the debtor. The debtor’s employer is ordered to withhold a portion of his or her wages, and turn them [...]
Categories: Eviction, Garnishing Tenant Wages, Garnishment, How to Garnish Tenant’s Wages, Landlord Paperwork and Forms, Landlord Tips, Rental Property Management, Renting and Leasing, Tenants Wages Tags: best, landlord, property, rental, tenant
Five No-Nos for Landlords
If you’re a seasoned landlord, you probably have done each of these no-nos at least once in your career. If you’re a newbie, consider yourself warned: these five errors are easy to make, and can cost you plenty. 1. Making decisions with your heart instead of your head. Yes, owning rental property is a people business—and when [...]
Categories: Common Landlord Errors, Landlord and Tenant FAQs, Landlord Mistakes, Landlord No No, Landlord Tips, Rental Property Management, Renting and Leasing Tags: best, employment, landlord, property, rental, tenant
Common Legal Mistakes Landlords Make
While most landlords appropriately treat their rental property businesses like a business, there are always ways to improve practices and in turn, cash flow. If you’re making any of these common legal mistakes, you could be putting your business and finances at risk. Lackluster leases and rental agreements: The most important legal document in [...]
Categories: Common Legal Mistakes Landlords Make, Keeping Good Landlord Records, Landlord Paperwork and Forms, Landlord Tips, Rental Property Management, Renting and Leasing Tags: check, employee, landlord, national, property, rental, tenant
Rental Property Website Tips
In this challenging rental market, a rental property owner needs effective marketing tools. A website can be a great way to advertise your properties and reach more potential tenants than the competition. Your website can be free. Using a blogging platform like WordPress is the most popular way to get started with your own custom website—at [...]
Categories: How to Start a Landlord Website, Landlord Tips, Landlord Website Tips, Marketing for Landlords, Rental Property Management, Renting and Leasing, Setting up a Landlord Website Tags: background, check, free, landlord, property, rental, tenant
Rent Collection: All the Options
Landlords have many options for collecting rent from tenants—some more secure than others. Take a look at our readers’ tips and decide which is best for you. 1. In person: A dicey choice, for sure, and one of the more old-fashioned methods for rent collecting. Some landlords physically visit tenants and pick up rent, or tenants drop [...]
Categories: How to Collect Rent, Landlord Paperwork and Forms, Landlord Tips, Online Rent Payment, Rent Collection Options, Rental Property Management, Renting and Leasing, Rents and Deposits, Using Direct Deposit for Rent Payment Tags: best, check, landlord, online, property, rental, tenant
What Makes a Landlord “Good?”
Landlording can be a tough business. Your income often depends on factors beyond your control: the economy leads to job losses; job losses and overbuilding lead to vacancies; vacancies lead to a renter’s market. Coupled with the day-to-day hassles of keeping your properties in shape, handling tenant problems, and making the numbers work, the stress [...]
Categories: Good Landlord, Landlord and Tenant FAQs, Landlord Tips, Landlord/Tenant Issues, Rental Property Management, Renting and Leasing Tags: background, best, check, landlord, property, rental, tenant
The Case for Regular Rental Property Inspections
Landlords, do you really know what’s going on inside your rental properties? Has a tenant ever surprised you with unacceptable (or illegal) behavior? How many of you have discovered evidence of an unauthorized pet—after the tenant moved out? It only takes a quick scan of a newspaper to find the horror stories landlords and property managers [...]
Categories: Inspecting Rental Property, Landlord and Tenant FAQs, Landlord Tenant Issues, Landlord Tips, Rentaing and Leasing, Rental Property Management Tags: check, landlord, police, property, rental, tenant