Property Management Insights

If you are self managing your rental property, performing periodic drive-bys are important. Two to three times per year, get in your car and drive by the property and simply take a photo of the home from your car. Do not get out and walk around the home.  If the grass is too...

Tip #20: It is really risky managing a property without knowing what the laws are that govern tenancy. Every state is different - some are move tenant friendly and structure laws accordingly. When managing your rental, don't assume anything. Make sure you consult the laws and...

Tip #19: It is critical that your rental home is in compliance with state and local building codes. You are responsible for ensuring your investment property meets health and safety regulations or your tenant may have grounds to break their lease or even worse, sue you. A judge i...

Train your tenants to be great tenants. Great tenants are hard to find so it’s up to you to make sure tenants know the rules and consequences. No matter how small a rule is, include it somewhere in the lease. When your tenant breaks a rule, enact punishment, which should al...

Early termination. No one likes a surprise termination by their tenant so to help ease the pain, make sure your lease has an early termination clause that outlines fines the tenant will incur. You can use these fines as a negotiating tool to ensure your property is readied withou...

Rental property = tax advantages. Keep track of everything you spend using a separate bank account and credit card. Keep all receipts. At the end of the year, you'll be able to write off interest, depreciation, materials, supplies, travel, insurance, legal and professional se...

It is not good business practice to allow a tenant to make a needed repair and deduct it from the rent. When asked, thank the tenant but let him know that you want to stay in compliance with the lease and will send a professional. Don't get into the habit of letting your tena...

Give yourself time to think. Whenever your tenant calls you to ask for a "special favor", such as paying rent late or wanting you to replace the carpet, tell your tenant that you will get back to him within the next day or so. This gives you a chance to think without be...

Collecting past due rent from your tenants is a job many owners find distasteful. Make sure your lease clearly spells out the consequences for late rent, send your demand notice, and file eviction if you don't get paid. Do not accept partial payments as this starts you down t...

Tip #1: Never, ever, ever, ever rent your property to family, friends, friends of family or friends of friends! They quickly take advantage of you because they begin to look at you like the rich guy. Or if you are family, you should give them a break. Renting to these people neve...