Now more than ever, individuals are concerned with economic security. Investing in rental properties has the potential to be quite lucrative, but only if done the right way. That said, successful landlords often share the same traits and business practices that help them achieve their financial goals. Property management takes time, effort, preparedness, and solid […]
Tag Archives: Tips for Landlords
25
Dec
Dec
Communication is the foundation of any great professional relationship. Proper landlord-tenant communication can make all the difference when it comes to a positive leasing experience. Handling tenant complaints, concerns, and calls can add stress to landlords, especially when emotions flare. So, today we help you stay on track and maintain a positive and productive experience. […]
21
Dec
Dec
Screening prospective tenants is a tedious but necessary part of being a successful landlord. Nationally, the average eviction rate is around 3%. However, according to the Aspen Institute Financial Security Program, post-COVID eviction rates could jump as high as 20% in the coming year. As job and income loss heavily weigh on renters’ minds, landlords […]
28
Nov
Nov
If you own rental properties in Baltimore, it’s essential to understand how real estate taxes work. Additionally, knowing what steps to take to ensure a smooth filing process for your rental business is important. Today, we’ll go over the importance of understanding how taxes work, the steps to file rental property taxes, and standard deductions […]
16
Nov
Nov
The rental agreement is the most critical document to the success of a landlord-tenant relationship. However, many owners do not fully understand the legal implications of this document. As a result, some landlords opt for cookie-cutter leases that do not offer adequate protection instead of consulting a professional property manager or attorney. But ensuring the […]
14
Nov
Nov
It may surprise some rental owners, but property management and property maintenance are not necessarily the same. For landlords, maintenance is just one item in a long list of responsibilities to keep a rental business running. Savvy investors look to professional management firms to maximize profits while avoiding the daily stresses associated with the rental […]
13
Nov
Nov
Many investors get drawn into the rental industry by the lure of passive income. After all, who would not be interested in extra money? Real estate is a solid investment, whether your goal is saving for a college fund, retirement, or added peace of mind. That said, investing in the rental industry is not without […]
24
Oct
Oct
Being the owner of a rental property comes with many challenges. You’re not always sure if your tenants will pay their rent on time, if they’ll treat your investment property right, or if they will conduct illegal activities in your residence. While thorough tenant screening does a lot to reduce these risks, nothing is guaranteed. […]
19
Oct
Oct
The rental industry is governed by federal, state, and local landlord-tenant laws. Therefore, both tenants and landlords must understand their rights and responsibilities. Although tenants must hold up their end of the lease, landlords are held to a very high standard regarding habitability standards, building codes, and fair housing. Continue reading below as we examine […]
12
Oct
Oct
Many uncertainties accompany rental property ownership. However, one thing is for certain, maintenance and repairs are inevitable. Unfortunately, a common mistake for new landlords is underestimating potential maintenance costs and not preparing for the worst. While avoiding many disastrous repairs involves preventive action, it is always a good idea to set aside more emergency funds […]