Security Deposits: So You Have a New Resident! What Now?

Managing Your Security Deposits Can Be a Real Balancing Act Of the two scenarios for receiving a Security Deposit for a rental property, this version is the most straight forward situation. In our resident move-in kits, we have over 50+ pages of documents and forms to be filled out in order to properly and legally accept a Security Deposit from the resident. Along with the checklist, there are a few other details required to keep the rental legal. For example, I am sure with all of your rentals you have supplied the blue booklet from the EPA “How to Protect Your Family from Lead in Your Home”, which by the[…]

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Apartment Renter Tip: Mom & Pop Landlord vs. Professional Property Management: Vol. 3 Resident Resolutions and Retention

Do Mom & Pop Landlords Differ From Professional Managers in Conflict Resolution & Tenant Retention? Snidely Whiplash tying Nell Fenwick to the train tracks because she can’t pay the rent, is not quite what we have in mind here. In fact, some practices still in action today by both Mom & Pop shops and some Professional Property Managers can both borderline on some pretty unethical and unlawful resolutions. There are laws to protect tenants from unscrupulous landlords on both sides of the tracks. So if you cannot pay the rent and your landlord decides to change the locks, put your stuff in boxes on the curb, or decide to remove[…]

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Apartment Renter Tip: Mom & Pop Landlord vs. Professional Property Management: Vol. 2 Rent Collection and Property Maintenance

In Volume 1 of our blog series we talked about the Types of Landlords and the impact this can have on Tenant Screening. Here in Volume 2 we will dig deeper in the different options and features that you will find in the smaller Mom & Pop Landlord Shops vs. a Professional Property Management company. Again, it is not our goal to sway you towards one or the other. Your specific needs as a resident may vary as widely as the services and amenities offered by both types of landlords. This is all about you trying to weigh the differences between a smaller, live-in landlord as opposed to possibly a larger[…]

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Apartment Renter Tip: Mom & Pop Landlord vs. Professional Property Management: Vol. 1 Tenant Screening

So you are looking for a new apartment to call your home. But you cannot decide which style of apartment living is going to be the right choice for you. With all of the factors flying around in your head like, commute time to work, great school systems, nice neighborhoods, amount of rent you will pay, and how long it will take you to go pick up a gallon of milk; now you need to decide what type of building and landlord do I want to have that will best suit my rental needs? I do not intend to finish up this blog with a recommendation of which one is better[…]

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Landlord Tips: 8 State Sanitary Codes Landlords Need To Know For Managing Rental Properties

The biggest mistake a landlord makes in owning rental properties is not treating their rental properties as a business. Obviously there are pillars of performance that need to be adhered to to find and keep happy residents, such as: tenant screening, knowing your numbers and strategy for the building, and keeping up with maintenance and repairs. Probably the most overlooked aspect of being a landlord are the building codes and state sanitary codes that clearly outline the specific performance expectations of your rental units. In this blog post we will look at some of the most common and potentially riskiest areas where most landlords fail. The results can land you in[…]

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Landlord Strategy: Quick Staging Tips For Rentals On the Fly

I recently had the opportunity to attend a local REIA meeting where the presenter was a professional staging company. A staging company will come into your renovated flip or rehab project and add furniture and design elements to help the buyer “see” the potential of the space. This has a huge impact on the buyers to help them imagine themselves living in that new home. It helps them figure out where the furniture will go, which wall the bed would be on, how they will make the dining spaces work, and even visualize a potential office space in a nook or larger hallway. The results shared were that these staged[…]

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Landlord Strategy: Top 30 People on Your Power Team to Leverage Your Time

Start building your power team before you need them.  Think about the people you will need to run a successful Real Estate business and their roles on your power team. These are the people who you can leverage their time and experience to help build your business faster. The best part is that most of these team members do not require payment until after you have completed a deal. They will be paid from the profits. I am sure you could think of even more, but this is definitely off to a good start. I would suggest printing out this sheet or copying it into a data spreadsheet. Then one-by-one,[…]

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