A good time to inspect an individual rental unit is the sooner of once a year or whenever a tenant moves out, whichever comes first. This inspection should include checking: smoke detectors and carbon monoxide detectors – ensure there are fresh, new batteries in all fixtures, appliances, such as dishwashers and refrigerators, to ensure they…
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Due diligence on prospective tenants is a good investment of your time. Go beyond the credit report and the usual references. Make sure that your property manager performs a thorough background check on all prospective tenants. More important than talking to the applicant’s current landlord (who may say anything to free him/herself from a troubling tenant)…
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The best way to advertise your available property is dependent upon what the people in the area in which you own property generally refer to when looking for housing. Your landlord/property manager should consider all available advertising options when considering how to attract the best potential tenants, including: Checking out the local competition by reviewing…
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As a landlord, there are steps you can take to make your property less vulnerable to wear and tear. You don’t need to worry about making it unpleasant or unlivable…just evaluate the appointments and decor of your property on a cost/value basis. Think about minimizing exterior maintenance costs by: Using neutral colors when painting the outside…
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Under California law, a landlord is legally responsible for maintaining rental units to comply with state and local building and health codes. This includes ensuring that the structure of the unit, as well as its interior and exterior, are maintained. However, tenants are responsible for repairing damages that were caused by the tenant or his/her…
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Hiring someone to manage your property and tenants is an expense that you will have to consider when determining the net profit of your investment. The amount you pay your manager can vary based on whether you are hiring an individual to live on the property or contracting with a property management company that visits…
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As a property owner and landlord, your responsibilities to your tenants are established under federal, state, and local laws, as well as the lease you establish with your tenants. Some of the basic responsibilities that you, as the landlord, must manage include: 1. The overall cost to maintain your rental property structure, such as maintaining/managing:…
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Ready to pull the trigger? Here are a few tips that will enable you to evaluate properties in a smart and systematic way that will help you make the best investment with your time, and your money. Avoid Buying Sight Unseen Buying a property out of state has some benefits, but buying a property…
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Investing in real estate has its benefits–especially with low interest rates, the promise of cash flow, and the benefits of diversifying investments. But applying this simple advice can help you create the success you want. Evaluate returns You are making an investment. Evaluate on that basis. Remember the one percent rule: this standard rule of…
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