As a new investor there are a number of things you need to consider
when setting up your business. It is important that you set it up
1. It is possible to do a few investor deals before you
set up a business entity (LLC, S-corporation, or C-Corporation). If you
do not have an entity set up you will report your business transactions
on a Schedule-C tax form, as a sole proprietorship.
2. There is more than one type of tax on a business. There are four
general types which include income tax, excise tax, employment tax and
Why No Real Estate Investor Can Live Without An Assistant
Having an assistant is one of the best investments you'll
make as a real estate entrepreneur. Like all parts of your business
(and yes, buying, leasing, and selling houses is a business), they
require an investment of your money and also your time. You'll need to
invest a little money in order to hire, train, and compensate them for
And, you'll need to invest some time to help them get the job done
right-more in the beginning and much less as time goes on.
Tenant Moved Out Left You Holding The Bag
Perhaps your tenant lied and took advantage of you. He may have skipped out on the lease or you may have evicted him. In either case, he damaged your rental and cost you money! What do you do now?
1. First, set your emotions aside and spend some time organizing your ex-tenant's file. Whether you own one unit or one thousand, or whether you manage your rentals full-time or part-time, you are running a business. Any successful business keeps well organized, complete records.
5 Hints To Help You Be A Better Landlord
Are you a landlord? Do you want to be? Do you or are you planning on buying residential property to use asrentals
Well if you answered yes to any of the above, this article is for you.
First let me start out with the cold hard truth, being a landlord does not mean just collecting a rent check once a month and spending the rest of your time on the golf course. Being a landlord can be frustrating and can take a lot of effort.
Why Accounting For Leases Is Crucial For Your Rental Property
Whether you are a landlord or property manager, you'll find that
accounting for leases will end up becoming one of your most important
duties. Do you always take the time and effort to keep track of all of
that money coming in and out, and are you diligent about it?
The truth of the matter is that there are plenty of landlords and
rental property investors out there that are simply less on task about
this subject than they should be, and at the end of the day, this is
something that will very easily come back around and bite them when they
least expect it.
7 Tips For Dealing With Tenants
1) Make them part of the solution
When I get a request for something the that a
tenant wants done, but I feel doesn't need to be done. I will often
times make them part of the solution. I am not talking about things like
a tenant being without ot water, or a broken window, but instead items
like repainting a room, or in the instance I am about to describe, a
We had tenants that were in the middle of their
second year with us.
Perfecting Your Tenant Pet Policy
Many a landlord shuns tenants with pets due to the increasing likelihood
of repairs or maintenance down the road. Itâ€™s also more of a burden
on the landlord to rewrite the tenant pet agreement, thus accommodating
However, given the economy itâ€™s wise as a landlord to keep an open
mind to renters with pets. Many would-be tenants are more likely to
seek out tenant pet agreements that allow them to keep their pets,
rather than getting rid of them for a short-term living situation.
Almost every year property expenses increase. Your insurance goes up, yourtaxes
go up and if your property is in an HOA, your HOA dues go up. And since we're in business to make money it's necessary to increase rental amounts every year.
Sadly, I know manyinvestors
who are so afraid of ticking off their tenants that they haven't increased rents in years. But think about it this way: It's much better to raise the rent $30-50 a month every year, versus waiting forever and all of the sudden raising the rents $200 a month.
What Makes YOU a Good Landlord?
1. Understanding the need for quality tenant screening
"It is far better to haveno tenantthan to have abad tenant."
Rental Application forms
A crucial aspect of screening tenants involves using a goodrental applicationand other forms that focus on determining how qualified the applicant is while legally protecting the landlord. Forms such as theTenant Finder Worksheetand the Tenant Finder Qualifying Chart can be very helpful after you have verified the information given to you on the rental application.