A Must Use Form for Every Landlord: Release to the Rights of Possession The “Release to the Rights of Possession” form is one of the most important forms that a landlord can use. It is a must use for every landlord. It helps protect you from future claims from former tenants. Let me explain.When you sign a lease with a tenant, you legally give them what is termed “possession” of that rental unit. The tenant then occupies and possesses the rental unit for the term of the … [Read more...]
Commonly Overlooked Lease Issues: Third Party Rights
June 26, 2012 By Leave a Comment
Commonly Overlooked Lease Issues: Third Party RightsThis series is devoted to highlighting those often neglected lease provisions and prevailing on our landlord readers to give them a second look when crafting their contracts. Last month, we looked at the benefits of affirmatively addressing the, dare I say, not uncommon occurrence of a landlord default on their lease obligations and potential tenant remedies in such circumstances. Today we look at third party rights.Third Party Rights: The … [Read more...]
Be Careful When Inheriting a Tenant
May 9, 2012 By Leave a Comment
Be Careful When Inheriting a TenantWith the extraordinary number of short sales and foreclosures over the last few years, many distressed properties are actually being purchased with the previous tenant still residing in the property. For many investors, the thought of avoiding up front rehab costs as well as the time and expense associated with finding a tenant adds to the appeal of this scenario. Admittedly, I too have been drawn to certain properties because of the prospect of inheriting a … [Read more...]
Reduce Your Mobile Home Vacancy Rate
April 19, 2012 By Leave a Comment
Reduce Your Mobile Home Vacancy RateHaving a vacancy in your investment mobile home is an inevitable part of the mobile home investing business if you will be renting or selling (via payments) a mobile home inside a park or attached to private land. Although this vacancy process can be thought of as an unpleasant experience, with just a few attitude and business adjustments you can continue business as usual the next time you have a mobile home vacancy.In the start of my career I experienced an … [Read more...]
Managing My Own Rental Property?
March 26, 2012 By Leave a Comment
Managing My Own Rental Property?There are many good reasons to manage your own rental properties. First, there is the common saying that “nobody cares about your property as much as you do.” That’s true and nobody will likely try harder to find and keep good tenants than you will. Another reason to manage your properties is because it will save you a good amount of money. Most rental companies will charge you 10% of the monthly rent. Therefore, if you’re renting a place for $1,500 a … [Read more...]
Getting Rid of Problem Tenants with Cash for Keys
February 13, 2012 By Leave a Comment
Getting Rid of Problem Tenants with Cash for KeysBuilding a profitable buy and hold rental property business can be tough. A lot of folks fail to treat this as a business and end up getting into trouble. Having systems and following those systems is so important if you are to be successful and keep your sanity.It’s pretty easy fly by the seat of your pants when you only have a few properties. Later on when you have added more rentals, it gets much harder.In the beginning when I bought my first … [Read more...]
Being a Great Landlord
January 11, 2012 By Leave a Comment
When I started buying real estate in the early 2000’s, I knew absolutely nothing about being agreat landlord. I had no idea about local laws or local codes and even less about actually being a good and responsible landlord. What I had done, and this is where the danger started, was read half of a book I picked up at the local library on how to be a property manager. I had attended several local REIA meetings and even hooked up with one local real estate investor that talked a great … [Read more...]
Being a Great Landlord
January 11, 2012 By Leave a Comment
When I started buying real estate in the early 2000’s, I knew absolutely nothing about being a great landlord. I had no idea about local laws or local codes and even less about actually being a good and responsible landlord. What I had done, and this is where the danger started, was read half of a book I picked up at the local library on how to be a property manager. I had attended several local REIA meetings and even hooked up with one local real estate investor that talked a great … [Read more...]
To Be A Landlord . . . Do It Right From Day 1!
December 28, 2011 By Leave a Comment
To Be A Landlord . . . Do It Right From Day 1!I had an amusing conversation in September with a fantastic couple from Mississippi. They have been investing in real estate for the past 15 years and have amassed a portfolio of over 40 properties that provide a nice income for their retirement. They had come to me for advice on managing their properties and the conversation that followed, while being serious, had all of us laughing at how backwards we can sometimes get when managing our own … [Read more...]
Eviction Tips For New Landlords
December 15, 2011 By Leave a Comment
Eviction Tips For New Landlors.Don’t wait too long to evict a tenant. Protect your Real Estate Investment. Remember, non-payment of rent is not a personal attack on you and you need to stay professional as a property manager. Having an attorney right from the start will enable you feel empowered knowing you have everything you [...]Eviction Tips For New Landlords is a post from: Real Estate Investing Blog For Real Estate Investors.Read the full post here... … [Read more...]
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