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Tag Archives: being a landlord

6 Tips for Running your Rental Property

success with running a rental property

To make your job as a landlord easier and more lucrative, there are ways you can streamline your rental processes and protect your assets simultaneously. Running your rental property need not be stressful, and with a few key tips you can find great tenants and make the most of your investment. If you’re considering increasing your number of rentals, make sure you’re optimizing your current properties before expanding.  1. Using Property Management If you’d prefer to utilize the services of property managers, you have a wide variety of companies to choose from. Property managers can take away a lot of responsibility and stress from busy landlords. They can handle rent collection, eviction problems, and maintenance issues—meaning a whole lot of stress of your shoulders. Their services don’t come cheap—the usual fees range from around 7% to 10% of your rental income—but the cost can be a worthy investment for landlords that have other commitments which make face to face interaction with tenants hard. 2. Be Well-Informed Even if you use a property manager, you’re still liable for any broken legal regulations. Staying on top of local ordinances, state regulations, and federal laws will give you peace of mind and keep ...

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Rental Property Ups and Downs

four plex rental

  This is year three of rental property ownership for the Eyes on the Dollar family, and wow, what a year it’s been. We went from having one easy commercial building and one single family home to multi-property ownership after buying a very outdated fourplex at the end of last year. Here’s a recap of our rental property ups and downs for the year. FourPlex Mania The earlier part of the year was extremely frustrating and expensive from the landlord perspective. You can read about our renovation experience, but to summarize, we took a property with three apartments (two decent and one crappy) and made it into four nice apartments. We also turned over four tenants during the process. I would be lying if I said I didn’t worry about spending thousands of dollars at a time when no rental income was coming in. It also would be false to say that I love the city building inspector. He let us know two weeks before our final inspection that we’d have to replace the entire water line to the property at a cost of about $4,000 to get our certificate of occupancy. He is off the Christmas card list! Finally ...

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Owning Rental Property: Year Two

Two years of being a landlord

It’s been almost two years since we became landlords. We are not professional real estate investors in any sense of the word, just people, like many of you, who are looking at investments that will build wealth and allow us to be financially independent. Here’s how we did in year two of owning rental property. Residential Property The residential property is humming along nicely. We did turn over a tenant, but the property management company had one waiting to move in, so there was no loss of rental income. There are some things that will need to be done on this property eventually. Some of the windows should be replaced, the furnace is old, and the dishwasher and washer/dryer set are probably from the late 80’s. We are prepared for any of these expenses whenever happen, but so far, so good. I’d say we are on deferred maintenace at this point. Aside from a few minor repairs, we haven’t spent much except for property management, mortgage, and taxes. This rental has netted $4081 for the year. Not enough to retire on, but not bad for such a little house. Commercial Property I’m almost hesitant to write about this building because what ...

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Rental Property Series: Let’s Drink to Having Tenants

It has been a little while since our last rental property update. In case you’re new to this site, we purchased our first rental property at the end of August this year. My husband and I became slaves for a month to get it renovated and ready for rental.  You can read about it here if you missed it. Our goal was to have it ready for rent by October 1. We decided to use a property management company because we are just too dang nice and might let in a criminal if they look sweet and have some money. We were hoping to get $750 per month in rent. With our mortgage, insurance, taxes and property management fees paid, we should net around $340 per month from this property. Sweet deal, right? Well, we did have the property ready by October 1. I assumed there would be a line of people waiting to rent the place. We worked so hard, and I got a pretty shower curtain and mirror for the bathroom.  Reality is that it takes a while to find the right renter. One thing I like about property management is that they have no emotional attachment whatsoever. Sob stories don’t ...

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