Do you have questions about rental investing? Check out this post for some common questions a real estate investor who is interested in rental properties would be interested in exploring before diving into this article. It’s easier than ever to post rental listings online. But writing an effective rental ad is harder than you think. I’m currently in […]
Renting an apartment isn’t just a solution for those just starting out anymore. Many people are still choosing to rent apartments even if they can buy a home of their own. This is due to the significant savings and perks that come with renting an apartment that you wouldn’t normally get when renting or purchasing […]
1. Decide what amount you will rent for, ahead of time
The best way to know how much a property should rent for is to just check online sources to find out the average price in that area. You want to be realistic about how much you charge, even if the rent is lower than the mortgage payment. This is because if your rent isn’t comparable to others in the area, you won’t lease the property out.
2. Find the right tenants
There are many ways you can find tenants, the first step being to advertise your listing. Ask them to fill out an application that includes their name, contact information, salary and employment, previous landlords, but also references.
Additionally, you’ll want their Social Security number and an authorization for credit reports and criminal history. You can check credit via the three credit reporting agencies: Experian, Equifax, and TransUnion. You can check the criminal history through your local records or an online agency.
The American rental climate has been favorable for landlords, and now the warm weather has spread to other parts of the world. UK private property landlords have seen strong increases in their own rental yields. Despite the dark reports of the UK property market, demand for quality rental properties is still increasing.
It’s not just in some parts of the country. Rental sector landlords have seen increasing rental yields in all parts of the UK. Last year, monthly Buy-to-Let rents increased by 4.8%, giving property investors a rental yield of 6.1%.
So, you’ve rented, and maybe you’ve already owned a home, but, you’re back on the renting side. Somewhere, deep down, you’re questioning the economics of this decision and trying to determine if you should make the plunge to become a homeowner. After all, isn’t that the American dream?
Not according to the census data, which has been continuing a trend towards renting since around 2004, and FannieMae’s recent research. Nearly all data points to the growing rental market and the declining home ownership market, which if you are a property manager is really nothing new. What I think IS new and not often seen here are some underlying factors that will keep this trend in a continual movement for quite some time, which is also represented in the FannieMae statistics.
In the wake of the 2008 Financial/Housing Crisis, the real estate industry was dealt a series of direct blows (as could be expected), and indirect effects continue to exacerbate the pummeling; at ground zero the dust has not settled, but what can be deciphered is a re-assignment of equity and the subsequent paradigm shift within […]
ONE HUNDRED TWENTY MILLION DOLLARS!
The simple change keeps $120,000,000 in taxpayer pockets, saving “more than 1 billion [taxpayer dollars]” over the next ten years. The electronic payment solution implemented by the U.S. government commands the attention of all U.S. businesses still using valuable time, effort, and money processing checks. Now what about Property Management?
Stop worrying about whether your security deposit will be returned at lease end. No need to feel powerless, subject to the whim of king landlord. Here are some great tips and pieces of knowledge to help YOU take control, and take back what is rightfully yours.
If you are unsure of whether you are responsible for the slight damages -You’re Probably Not! Here’s one that might surprise you: you are not responsible for repairing worn, reasonably dirty or slightly spotted carpet. Also, not responsible for dents in wall from where the doorknob might bump into the wall. More on that too – this link will guide you on what you are responsible for as a tenant: www.nolo.com/legal-encyclopedia/chart-29017.html
For years, the Capitalization Rate of an rental property has been the standard by which properties are analyzed and valued. However, the hypotheticals accompanying Cap Rates leave the door open for misguided investment; such misdirection may only enhance the bitter flavor of real estate succotash. Let’s be thorough because to do so will build a divide between the successful and the bellyachers. Now, how have Cap Rates served as masks of profitability? How can investing be more appropriately assessed? Let’s get started.
Today the Witt leaves rent’s history for a spell, and the Rent Lobster makes a dash from advice to bring a more interactive piece regarding real life experiences to assist both tenants and landlords. Naturally, tenants only speak of landlords when angered, seldom giving any praise. However, this is to be constructive on both ends as we all seek to improve in the ever growing world of rent. The Witt and The Rent Lobster will start us out. Anyone else with a story is encouraged to share. To the testimonials!
From the Witt – Last time in Rent History: Part 1 I gave a very generalized history of how the relationship between landowners and renters began and evolved. Hopefully without being too specific or detailed I can add a little perspective on how we got to where we are as a society when it comes to our freedom to rent, and, in a basic sense, where the capital to rent sprang from in the first place. This article also should highlight the ideological perspectives that make renting practicable.
At RentPost we try to provide you with the entire spectrum of data when it comes to leasing and renting and making better decisions. We even offer some good do’s, don’ts and general points of reference when it comes to landlord-tenant interactions. However, no explanation, no matter how involved, of the science of renting could ever really be complete without paying a little attention to its history. By learning about the history of renting, it becomes a little easier to see how it, as a business, has evolved to the point it’s at now. By putting leasing and renting in a historical context, we can all make better business decisions today.
Welcome back to the world of RentPost. Hopefully, you won’t mind an existential moment from the Rent Lobster, but our aim here is to simplify rent and all the issues surrounding rent. As we expand, the goal will become apparent to all those familiar with RentPost whether you are a landlord, property manager, or tenant. For these reasons (and many more!), a series of informational articles will follow this heartfelt moment intended to mutually benefit both landlords and tenants. As landlords learn to be better landlords and tenants learn to be better tenants, frustrations, costs, unnecessary complexity, and animosity wane from the historically bitter tenant/landlord relationship, breaking new ground in the way rent is approached. Let’s begin making this world a better place, one renter and one landlord at a time with the fundamentals – basic tenant rights.
When recession seems imminent and your livelihood as a landlord is in an apparent state of limbo, it is unwise to lethargically stand by and wait for for disaster to strike, armed only with crossed fingers of hope – be proactive! Do not let your fear of worsening the situation prevent you from improving it; prepare for action, and turn the change in economic climate into opportunity. It’s simple, yet overlooked – your tools for tackling the recession are of preparation and treatment.
What are the problems?
1. Old tenants leave
2. It becomes difficult to find new tenants
3. It becomes difficult to collect rent
Solving any of the three starts with the fundamentals, and intimately knowing your operating expenses provides you with many avenues of attack. Meticulously breaking down your expected costs into category, organized by appropriate time segments (monthly) gives you an accurate idea of what expenses you can expect to incur in a given month.
Classic business philosophy teaches that a great part of survival and subsequent success lies in an operation’s ability to reduce mistakes. The cost of repairing these landlord mistakes is inversely proportional to the amount of profit potential of the operation. In other words…”Mistakes Kill the Profit Margin!!!!!”
As landlord’s, we don’t want to do damage to the precious profit margin we fought so hard to nurture. A landlord’s profit margin struggles every day to survive, grow and flourish in a sea of predators, competitors and government regulators. Below are the top 10 threats to you thriving profit margin.