The account you get to write the check from matters for several reasons. Property investors who deal in residential property might not be as familiar with terms like ‘CapEx’ (that’s Capital Expenditure) than those who deal in commercial structures, but knowing the difference between CapEx and Repair/Maintenance can help you figure out how to maximize […]
Because sometimes insourcing is counterproductive. Property managers need a lot of people on their team. At the minimum, an effective property manager needs to be able to prep a new home to make it rent-ready, get a tenant into the home, collect rent, evict problem tenants, provide maintenance of the home through both occupied and […]
Specialization is for insects. -Robert A. Heinlein It’s almost impossible to estimate the impact that the Internet has had on modern tenants these days. We are, as a nation, more connected, better-informed, and more willing to tackle problems — as long as there’s a how-to guide on YouTube or About.com. Heinlein’s quote about specialization is becoming a […]
“My dog ate my rent payment!” – soon-to-be-evicted tenant As a property manager, one of your most regular jobs — literally regular, like clockwork — is collecting rent. Usually, every tenant you oversee has signed the same lease agreement, which means that they all owe their rent on the same day, with the same length […]
Becoming someone’s landlord — in other words, becoming a property investor — sounds complicated. Don’t worry; it’s at least twice as difficult as it sounds. Here’s our basic checklist of what you need to become a landlord successfully: Startup Funding Obviously, you have to purchase the property you’re going to turn into an income stream, […]
Vacancies are down, tenants are good, and your accounts are flush because nothing has broken in a few months now. Guess what time it is? It’s time to raise your rent! Counterintuitive as it might be, waiting until things are starting to get tight to raise the rent is exactly the wrong idea. If things […]
It’s hard enough when you’re screening the actual tenants — having complete strangers on your property is a straight-up no-go. AirBNB, and similar services like VRBO and wimdu, allow someone to rent out a property they control by the night. This is great for homeowners looking to get some extra income while they’re on vacation, […]
So Why Aren’t They Just Staying Where They Are? Every month, hundreds of thousands of leases end around the nation, and hundreds of thousands of renting families have to decide whether they’re ready to move into an owned home or whether they’re going to keep renting. Most of them are choosing to remain in the […]
Fedoras, Babushkas, Yarmulkes, Bonnets…wait… Becoming a landlord isn’t for the weak of will or the faint of heart. Late night maintenance calls, knotty legal issues, abusive tenants, and immense amounts of detailed and meticulous paperwork are referred to as “last week.” And as part and parcel of the process, your clients — the owners whose […]
This Is Why Everyone Always Told You To Do Something You Love Doing Leadership isn’t a rank you achieve — it’s a choice you make. Anyone can be a leader, because the thing that defines a leader is the decision to look out for the people around you and do what needs to be done […]