Rental Property Quotes

We've searched our database for all the quotes and captions related to Rental Property. Here they are! All 200 of them:

Life itself is so extraordinary and unique that the only thing keeping people ordinary is themselves.
Brandon Turner (The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing)
There was one, a Mr. Omuro, who had bought control of a great area of rental property in downtown San Francisco, and who for a time had been Frank’s landlord. There was a bad apple, he thought. A shark who had never made repairs, had partitioned rooms smaller and smaller, raised rents
Philip K. Dick (The Man in the High Castle)
Having goals is great--but it's not enough! You need action, too! You will need to get off your butt and change the world yourself, because no one else will do it for you.
Brandon Turner (The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing)
Where is the motorcycle?” “I ditched it. Someone will find it sooner or later and return it to the rental company.” “Not in the U.S.” “We're not in the U.S., in case you haven't noticed. People don't steal lost property, they return it.” “How did you get this car?” “I stole it.
Anne Stuart (Fire and Ice (Ice, #5))
Let me share with you one of my all-time favorite quotes. Michael Jordan (yes, that Michael Jordan) once said, “Some people want it to happen. Some wish it would happen. Others make it happen.
Brandon Turner (The Book on Rental Property Investing: How to Create Wealth and Passive Income Through Smart Buy & Hold Real Estate Investing)
Don't wait to buy real estate. Buy real estate and wait
Will Rogers
A goal without a plan is just a wish.” —ANTOINE DE SAINT-EXUPERY
Brandon Turner (The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing)
Most of the crime-ridden minority neighborhoods in New York City, especially areas like East New York, where many of the characters in Eric Garner’s story grew up, had been artificially created by a series of criminal real estate scams. One of the most infamous had involved a company called the Eastern Service Corporation, which in the sixties ran a huge predatory lending operation all over the city, but particularly in Brooklyn. Scam artists like ESC would first clear white residents out of certain neighborhoods with scare campaigns. They’d slip leaflets through mail slots warning of an incoming black plague, with messages like, “Don’t wait until it’s too late!” Investors would then come in and buy their houses at depressed rates. Once this “blockbusting” technique cleared the properties, a company like ESC would bring in a new set of homeowners, often minorities, and often with bad credit and shaky job profiles. They bribed officials in the FHA to approve mortgages for anyone and everyone. Appraisals would be inflated. Loans would be approved for repairs, but repairs would never be done. The typical target homeowner in the con was a black family moving to New York to escape racism in the South. The family would be shown a house in a place like East New York that in reality was only worth about $15,000. But the appraisal would be faked and a loan would be approved for $17,000. The family would move in and instantly find themselves in a house worth $2,000 less than its purchase price, and maybe with faulty toilets, lighting, heat, and (ironically) broken windows besides. Meanwhile, the government-backed loan created by a lender like Eastern Service by then had been sold off to some sucker on the secondary market: a savings bank, a pension fund, or perhaps to Fannie Mae, the government-sponsored mortgage corporation. Before long, the family would default and be foreclosed upon. Investors would swoop in and buy the property at a distressed price one more time. Next, the one-family home would be converted into a three- or four-family rental property, which would of course quickly fall into even greater disrepair. This process created ghettos almost instantly. Racial blockbusting is how East New York went from 90 percent white in 1960 to 80 percent black and Hispanic in 1966.
Matt Taibbi (I Can't Breathe: A Killing on Bay Street)
It was an old tradition: landlords barring children from their properties. In the competitive postwar housing market of the late 1940s, landlords regularly turned away families with children and evicted tenants who got pregnant.3 This was evident in letters mothers wrote when applying for public housing. “At present,” one wrote, “I am living in an unheated attic room with a one-year-old baby….Everywhere I go the landlords don’t want children. I also have a ten-year-old boy….I can’t keep him with me because the landlady objects to children. Is there any way that you can help me to get an unfurnished room, apartment, or even an old barn?…I can’t go on living like this because I am on the verge of doing something desperate.” Another mother wrote, “My children are now sick and losing weight….I have tried, begged, and pleaded for a place but [it’s] always ‘too late’ or ‘sorry, no children.’ ” Another wrote, “The lady where I am rooming put two of my children out about three weeks ago and don’t want me to let them come back….If I could get a garage I would take it.”4 When Congress passed the Fair Housing Act in 1968, it did not consider families with children a protected class, allowing landlords to continue openly turning them away or evicting them. Some placed costly restrictions on large families, charging “children-damage deposits” in addition to standard rental fees. One Washington, DC, development required tenants with no children to put down a $150 security deposit but charged families with children a $450 deposit plus a monthly surcharge of $50 per child.5 In 1980, HUD commissioned a nationwide study to assess the magnitude of the problem and found that only 1 in 4 rental units was available to families without restrictions.6 Eight years later, Congress finally outlawed housing discrimination against children and families, but as Pam found out, the practice remained widespread.7 Families with children were turned away in as many as 7 in 10 housing searches.8
Matthew Desmond (Evicted: Poverty and Profit in the American City)
For most people moving is a tiring experience. When on the verge of moving out to a new home or into a new office, it's only natural to focus on your new place and forget about the one you’re leaving. Actually, the last thing you would even think about is embarking on a heavy duty move out clean. However, you can be certain that agents, landlords and all the potential renters or buyers of your old home will most definitely notice if it's being cleaned, therefore getting the place cleaned up is something that you need to consider. The process of cleaning will basically depend to things; how dirty your property and the size of the home. If you leave the property in good condition, you'll have a higher the chance of getting back your bond deposit or if you're selling, attracting a potential buyer. Below are the steps you need to consider before moving out. You should start with cleaning. Remove all screws and nails from the walls and the ceilings, fill up all holes and dust all ledges. Large holes should be patched and the entire wall checked the major marks. Remove all the cobwebs from the walls and ceilings, taking care to wash or vacuum the vents. They can get quite dusty. Clean all doors and door knobs, wipe down all the switches, electrical outlets, vacuum/wipe down the drapes, clean the blinds and remove all the light covers from light fixtures and clean them thoroughly as they may contain dead insects. Also, replace all the burnt out light bulbs and empty all cupboards when you clean them. Clean all windows, window sills and tracks. Vacuum all carpets or get them professionally cleaned which quite often is stipulated in the rental agreement. After you've finished the general cleaning, you can now embark on the more specific areas. When cleaning the bathroom, wash off the soap scum and remove mould (if any) from the bathroom tiles. This can be done by pre-spraying the tile grout with bleach and letting it sit for at least half an hour. Clean all the inside drawers and vanity units thoroughly. Clean the toilet/sink, vanity unit and replace anything that you've damaged. Wash all shower curtains and shower doors plus all other enclosures. Polish the mirrors and make sure the exhaust fan is free of dust. You can generally vacuum these quite easily. Finally, clean the bathroom floors by vacuuming and mopping. In the kitchen, clean all the cabinets and liners and wash the cupboards inside out. Clean the counter-tops and shine the facet and sink. If the fridge is staying give it a good clean. You can do this by removing all shelves and wash them individually. Thoroughly degrease the oven inside and out. It's best to use and oven cleaner from your supermarket, just take care to use gloves and a mask as they can be quite toxic. Clean the kitchen floor well by giving it a good vacuum and mop . Sometimes the kitchen floor may need to be degreased. Dust the bedrooms and living room, vacuum throughout then mop. If you have a garage give it a good sweep. Also cut the grass, pull out all weeds and remove all items that may be lying or hanging around. Remember to put your garbage bins out for collection even if collection is a week away as in our experience the bins will be full to the brim from all the rubbish during the moving process. If this all looks too hard then you can always hire a bond cleaner to tackle the job for you or if you're on a tight budget you can download an end of lease cleaning checklist or have one sent to you from your local agent. Just make sure you give yourself at least a day or to take on the job. Its best not to rush through the job, just make sure everything is cleaned thoroughly, so it passes the inspection in order for you to get your bond back in full.
Tanya Smith
The Biggest Property Rental In Amsterdam Amsterdam has been ranked as the 13th best town to live in the globe according to Mercer contacting annual Good quality of Living Review, a place it's occupied given that 2006. Which means that the city involving Amsterdam is among the most livable spots you can be centered. Amsterdam apartments are equally quite highly sought after and it can regularly be advisable to enable a housing agency use their internet connections with the amsterdam parkinghousing network to help you look for a suitable apartment for rent Amsterdam. Amsterdam features rated larger in the past, yet continuing plan of disruptive and wide spread construction projects - like the problematic North-South town you live line- has intended a small scores decline. Amsterdam after rated inside the top 10 Carolien Gehrels (Tradition) told Dutch news company ANP that the metropolis is happy together with the thirteenth place. "Of course you want is actually the first place position, however shows that Amsterdam is a fairly place to live. Well-known places to rent in Amsterdam Your Jordaan. An old employees quarter popularised amang other things with the sentimental tunes of a quantity of local vocalists. These music painted an attractive image of the location. Local cafes continue to attribute live vocalists like Arthur Jordaan and Tante Leeni. The Jordaan is a network of alleyways and narrow canals. The section was proven in the Seventeenth century, while Amsterdam desperately needed to expand. The region was created along the design of the routes and ditches which already existed. The Jordaan is known for the weekly biological Nordermaarkt on Saturdays. Amsterdam is famous for that open air market segments. In Oud-zuid there is a ranging Jordan Cuypmarkt open year long. This part of town is a very popular spot for expats to find Expat Amsterdam flats due in part to vicinity of the Vondelpark. Among the largest community areas A hundred and twenty acres) inside Amsterdam, Netherlands. It can be located in the stadsdeel Amsterdam Oud-Zuid, western side from the Leidseplein as well as the Museumplein. The playground was exposed in 1865 as well as originally named the "Nieuwe Park", but later re-named to "Vondelpark", after the 17th one hundred year author Joost lorrie den Vondel. Every year, the recreation area has around 10 million guests. In the park can be a film art gallery, an open air flow theatre, any playground, and different cafe's and restaurants.
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TRG is the best property management company in Vancouver. Our Realtoroffers comprehensive property management services for both residential and commercial rental properties.
Metrovan Realty
We are the best property management company in Vancouver. Our Realtor offers comprehensive property management services for both residential and commercial rental properties.
Matt Kuras Team
Weekend getaway places in these areas make the best investments. Unlike downtown city properties, getaway locations have the potential to be scooped at a low price and repurposed into successful full-time, short-term rentals.
Culin Tate (Host Coach: A Blueprint for Creating Financial Freedom Through Short-Term Rental Investing)
If you are looking to maximize your investment performance, find properties being sold as family weekend getaways and repurpose that asset into a 97 percent occupied short-term rental.
Culin Tate (Host Coach: A Blueprint for Creating Financial Freedom Through Short-Term Rental Investing)
There is another more advanced version of HDR called flambient, which we use on all of our short-term rental properties.
Culin Tate (Host Coach: A Blueprint for Creating Financial Freedom Through Short-Term Rental Investing)
Create a Style Guide for Your Housekeeper. Once you have your fabulous property photos, you can utilize them for more than your Airbnb listing. I create style sheets with photos of how each room should look for our housekeepers. Guests move candles, blankets, chairs, and sometimes couches to other rooms. Providing a visual template for your housekeepers helps them know what goes where.
Culin Tate (Host Coach: A Blueprint for Creating Financial Freedom Through Short-Term Rental Investing)
The best approach is to look at properties with a realistic understanding of your own skill set and also with a creative mindset that lets you envision the possibilities for guest amenities. Balancing your skills and creativity will help you find your ideal short-term rental property.
Culin Tate (Host Coach: A Blueprint for Creating Financial Freedom Through Short-Term Rental Investing)
More than half of the properties I have purchased were off-market deals.
Culin Tate (Host Coach: A Blueprint for Creating Financial Freedom Through Short-Term Rental Investing)
I find the best way to identify these properties is by getting to know your neighbors and making it known in the community that you are actively looking to purchase additional real estate.
Culin Tate (Host Coach: A Blueprint for Creating Financial Freedom Through Short-Term Rental Investing)
The most common tenant scam we find is false prior rental verifications. Someone will answer the phone as the landlord of a property they either did not live in or was not really the actual landlord of the property they live in. We at Approveshield will verify rental history using proven methods that minimize chance of fraud.
Vladmir Markovic
Building a custom website for your property or properties is a great way to showcase your listing or your entire investment portfolio.
Culin Tate (Host Coach: A Blueprint for Creating Financial Freedom Through Short-Term Rental Investing)
In a survey of property management professionals by Entrata, a provider of property management software and other technologies to the rental-housing industry, 55% of respondents said their apartment communities experience fraudulent lease application attempts every few months, with 15% saying they endure multiple attempts every month.
Vladmir Markovic
According to the Fair Housing Act, a tenant with a disability may make changes to the unit to accommodate their disability at their own expense;
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
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he would need to have the policy apply to all residents, meaning no one was to be allowed on the lawn—not just the children.1
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
By simply following these two principles, you’ll hold onto your tenants longer, and keep your property running at maximum efficiency and profitability.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Even more, if that LLC or asset protection entity was not set up with 100 percent accuracy or has not been maintained following 100 percent of the rules, a judge could “pierce through the corporate veil” and go after your personal assets anyway. Don’t think that by going online and opening an LLC you are safe. It’s never that easy.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
To pay the Federal Government a civil penalty to vindicate the public interest. The maximum penalties are $16,000 for a first violation and $70,000 for a third violation within seven years.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
To keep your vacancy time as short as possible, you will want to make sure your rental stands out among all the others in your market.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Of all the precautions a landlord can take, requiring a security deposit is one of the most important—besides adequately screening tenants.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Avoid this situation altogether by simply requiring all move-in funds be made with a money order or cashier’s check.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
The number one reason given is because their landlord wouldn’t respond to maintenance issues. How silly for a landlord to avoid fixing a $200 issue when the cost of a turnover could cost thousands.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
always right. However, treating tenants with respect, clarity, and promptness goes a long way.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
1.  Be respectful. Your tenants are people, just like you. Treat them how you would want to be treated, no matter how you personally feel about them. 2.  Be responsive. Don’t be difficult to get in touch with, and don’t make the tenant wait too long before you take action or communicate what action is being taken. Do what you say you are going to do, when you say you are going to do it, and keep them in the loop.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
we recommend actually finding the official landlord-tenant laws for your state, printing them out, and reading them, highlighter in hand. Yes, they might be long—but so are lawsuits. If you want to run a serious business, then take the laws seriously and read (and follow) your landlord-tenant laws.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
As famed business leader Jim Rohn says, “You are the average of the five people you associate with the most.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Be fair but firm with your tenants to avoid being taken advantage of. Develop an attitude of delegation so those systems can eventually be outsourced. Monitor your finances like a boss, treat your tenants with respect and value, and educate yourself on the laws that govern your rentals
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
An Estoppel Agreement is a simple, one-page form that the tenant fills out letting you know the terms of their lease to the best of their knowledge. If the seller of the property will not let you speak with the tenants and get Estoppel Agreements, you might be dealing with a seller who is trying to hide something.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Deviating from your written lease or policy indicates inconsistency, which may lead to an accusation of showing partiality, also a form of discrimination. For example, if your lease states that a late fee will be charged for any rent not paid by the 5th, and you enforce the late fee with one tenant (they’re kind of a jerk) and not another (you like them), the tenant charged the late fee may feel they were discriminated against because of another reason. Regardless of your reasoning (one tenant was nice and the other a jerk), that situation could quickly get out of hand. It’s best to simply practice consistency and stick to your written policies.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
When you rent a unit to a person with a disability, the Fair Housing Act requires that you accommodate reasonable requests for changes in rules, policies, practices, or services, and that you accommodate the tenant should they have a reasonable request to modify the dwelling or common areas—at their expense—to better suit their needs. Should the tenant choose to make modifications to the rental, they are legally obligated, when reasonable, to return the unit to it’s previous condition once they have vacated.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Property management fees vary by location, but typically for a single-family house or small multifamily property, you’ll be looking at 8-12 percent of the rent in a monthly fee and a large one-time fee each time the unit is rented. This placement fee is often 50 percent of the first month’s rent all the way up to the entire first month’s rent.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Sorry, but our company policy does not allow for pets.” The policy becomes the bad guy, not you.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
We recommend building a relationship with several of the neighbors around your property.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Always require that the security deposit be paid in full along with the rent prior to the tenant obtaining occupancy. Allowing a tenant to pay their security deposit in installments after they have gained occupancy is never a good idea for a few reasons: 1.  Any financially responsible person should be able to afford the move-in amount required for the property. If they can’t afford the security deposit, you may want to reconsider your screening criteria. 2.  It sets a bad precedent from the very beginning that you are the type of landlord who is wishy-washy and will negotiate on important matters. Don’t negotiate on important matters!
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
A deposit is refundable, and a fee is not.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
For example, do not include “perfect for families” in your ad; rather, if you are marketing to a family, highlight the parts of your rental or neighborhood that makes it perfect for a family.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
appreciation, cash flow, tax savings, and loan paydown. Let me explain each one in more detail.
Brandon Turner (The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing)
If you own no more than three rental properties, you do not have to follow Fair Housing Laws.
Mike Butler (Landlording on AutoPilot: A Simple, No-Brainer System for Higher Profits, Less Work and More Fun (Do It All from Your Smartphone or Tablet!))
The truth is, black mold is just a naturally occurring fungus that, when highly concentrated, can cause allergic reactions for those with weak immune systems.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Good contractors never need to fight for work, so make sure you are their favorite client, and you’ll never need to fight for them.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
never let them get more than two weeks behind, don’t make it a habit,
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Adopt a policy of fair-but-firm when dealing with late rent, and the issue won’t leave you bankrupt.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Here are a few things you can do to prepare for maintenance issues within your rental business: 1.  Have a reliable list of go-to contractors and handymen that you trust. 2.  Create a system for documenting and tracking maintenance requests. 3.  Become familiar with your local laws on the landlord’s responsibility for responding to and dealing with maintenance issues. 4.  Keep a detailed record of all maintenance requests and their resolutions.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
•  Tenant C never reports anything, even when it’s important. Tenant C is fairly common among tenants.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
One last thought on dealing with maintenance issues: Always pay your contractors and
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
handymen quickly so they respond quickly when you need them. If you have a reputation for taking your sweet time paying your bills, they will remember that when you call them for help.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Find it by Googling “[your state] contractor license search,” and it should pop up first.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
•  Challenge Tax Assessment: One of the largest expenses you’ll pay each year is the annual property tax bill. If you feel that the value that your County’s Tax Assessor has given to your property is too high, you can challenge it and ask that it be changed. There is no guarantee that it will be, but if your case is strong enough, you might be able to save hundreds or thousands of dollars per year.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Life’s too short to rent to people who will shorten your life even further, so let’s get rid of them, shall we?
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
In most states, a tenant without a rental contract is treated the same as a tenant on a month-to-month lease.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Most landlords require that a tenant’s (documentable) income equal at least three times the monthly rent.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
If they are self-employed, make sure to get at least the previous two years’ tax returns, as well as their last two months of bank statements.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
How long will you live here?”: Unless you are in the transient business, always look for tenants who indicate they are planning on staying in the home long-term. Because turnover and vacancy can be a couple of the most expensive things a landlord goes through, they should be avoided when possible. If the applicant writes down anything less than a year, that is probably your sign that they are not a good candidate
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
What pets do you have?”: Whether you allow pets or not in your rentals, this question is phrased in such a way as to not appear negative. If you were to ask, “Do you have any pets?” they may write “no,” thinking a “yes” will immediately disqualify them. Asking “what” instead of “do you” increases the chances of them being honest with this question.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
How many evictions have been filed upon you?”: We used to ask, “Have you ever been evicted?” until we read about this little gem in Mike Butler’s book Landlording on Autopilot. In his book, Butler explains that landlords should phrase the question like this: “How many evictions have been filed upon you?” Such wording will require the tenant to think and not write an automatic “no.” Yes and no questions are much too easy to falsify, and tenants are used to questions being phrased that way. Also, an eviction filing identifies an irresponsible tenant as much as an eviction that proceeded to the point of the sheriff escorting them out the door. Both are consequences of bad behavior that you don’t need to deal with. Having them write an actual number also takes away their ability to claim they misunderstood the question. •
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Who is your emergency contact?” (including contact regarding rent or tenancy):
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Because you specified that the emergency contact was also a contact for rent or tenancy, you may contact that person in the event the tenant doesn’t pay rent or has some other tenancy-related issue that a kick in the pants from the emergency contact may help solve. •
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Always be aware that every action you take is training your tenants in one way or another, so focus on training them to be the kind of tenants you love to manage.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
we’ve only ever had one tenant call to complain, so we compromised and agreed to give him six more months before raising his rent. See? We’re not all bad guys!
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Have had a bad experience with a previous landlord •  Fear they will be charged for the damages •  May not like having people in their home •  May not want the landlord to see the condition in which they keep the rental •  May fear that reporting a problem would “rock the boat” and trigger a rent-raise letter
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
If they request us to hold the unit longer, we will generally hold the unit for up to two weeks and try to negotiate a compromise with them. Most of the time, this strategy works.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Lastly, when a tenant moves out, don’t throw away their file. Keep all tenant files for at least ten years. You never know when you might need them, and rubber bins are cheap and can easily be stored in your attic or garage.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Always bring your camera and/or video camera to record the condition of the unit at the time your new tenants obtain occupancy (a smartphone camera works just fine). You will be recording the condition in writing in your Move-In Condition Report in your lease as well, but pictures and video speak volumes more than words. The more documentation you have of the move-in condition of your rental unit, the better.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
All occupants over the age of 18 who will be living in the home have signed the lease, including the Move-In Condition Report.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
never allow a tenant to use their deposit as the last month’s rent. Make sure your lease has a clause that states that the deposit may not be applied toward rent at any time.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Never allow your tenant to use their deposit for rent at any time.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Success comes through repeating a process over and over until our brains figure it out—usually by spotting patterns of things that worked and things that did not, and remembering them.
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
In real estate, investors can add value to their property in two ways. They pay less than what it’s worth, “buying” equity. They increase the value by improving the property’s condition, “forcing appreciation” or “building” equity through the rehab process. It’s important to note, in the BRRRR method, these are the first two things the investor does. With BRRRR you are adding value before you are financing anything.
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
Note that when we talk about ROI, we are only talking about the cash flow portion of your profit, nothing else. Because it’s specific to cash flow, ROI in real estate is also referred to as a “cash on cash” return.
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
Understanding this will help you immensely in your business.
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
gross monthly income must equal approximately three times or more the monthly rent -Applicants must be employed -Applicants musth have good references concerning rental payment, housekeeping, and property maintenance from all previous Landlords. -The number of occupants is limited to a max of two per bedroom or less
Brandon Turner (A BiggerPockets Guide: How to Rent Your House)
Pro tip: “When a property is let, spend £25 on an ‘arrival kit’: a big plastic storage box ready for the day your new tenants move in. In mine, I put toilet rolls, tea, coffee, biscuits, washing-up liquid, toilet cleaner, hand soap, a couple of bottles of wine and a bar of chocolate. It puts you on good terms with the tenant from day one.” –Adrian Bond
Rob Dix (How To Be A Landlord: The Definitive Guide to Letting and Managing Your Rental Property)
Our role is to protect your rental property investment while still providing you with the best possible return on investment.
Matt Kuras
We are the best property management company in Vancouver. Our Realtoroffers comprehensive property management services for both residential and commercial rental properties.
Matt Kuras
They are fairly easy to get on—and equally as easy to lose if the tenant doesn’t hold up their end of the bargain by continuing to meet the program requirements. The requirements are usually fairly simply, such as attending periodic meetings or doctor’s appointments, or turning in periodic paperwork, but from our experience, tenants on these programs seem to have a difficult time completing them, resulting in their being dropped from the program and leaving us without a paying tenant. 2.  If the tenant does manage to stay on the program, it won’t last forever. Most if not all of these programs have a time limit and
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
will run out, once again leaving the landlord without a paying tenant. 3. Since these assistance programs are for low-income tenants, these applicants automatically don’t meet the income requirement of bringing in at least three times the monthly rent, putting the landlord at a lot of risk when the tenant is dropped from the program or it runs out. Once again, this leaves the landlord without a paying tenant.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
A bad reference from a past landlord is a huge red flag.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
This falls under the same category as requiring good references from past landlords. Obviously, an eviction equals a bad reference. A very bad reference. An eviction on a tenant’s record is the equivalent to committing murder in a landlord’s eyes.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
whereas a current landlord may not want to lose a good tenant or may be overly excited to get rid of a bad one.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
person’s credit score is evidence of their willingness and ability to pay their bills.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Lesson learned: People seldom change. Now if a tenant has an eviction, we just say “no.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Excellent credit: 781-850 • Good credit: 661-780 • Fair credit: 601-660 • Poor credit: 501-600 • Bad credit: Below 500 In
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Excellent credit: 781-850 • Good credit: 661-780 • Fair credit: 601-660 • Poor credit: 501-600 • Bad credit: Below 500
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
If you do plan to rent to someone who has a bankruptcy, it would be wise to require a double security deposit for added protection. And, of course, they better meet every other one of the qualification standards.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
As we discussed briefly in Chapter 4, federal law currently prohibits landlords from discriminating against prospective tenants who have had a felony conviction for drug use (as drug abuse is seen as a disability and is therefore covered under Fair Housing Laws), but not drug sales or manufacturing.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
found that Section 8 tenants cause more damage to the property, and often allow more garbage and junk to pile up than our other tenants.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
as numerous individual colored folders, one for each of the following categories: • Insurance info • Mortgage info • Purchase docs • Monthly income statements • Bank statements • Tenant interactions • Rehab and maintenance • Tenant files • Receipts • Miscellaneous paperwork This way, each property will have one overarching folder file, as well as several color-coded folders for easy retrieval of information. Need insurance docs for 123 Main Street? Oh, that’s in the 123 Main Street file, red folder.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
That said, when small contractors submit a bill to us, we will often pay it immediately, as we want to reward excellent work and to be known among our private contractors as quick-paying.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
For more on this inbox system, be sure to read David Allen’s book Getting Things Done.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Our favorite and the least expensive (it’s free!) is Google Voice.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
as technically you cannot refuse to rent based on someone’s previous drug abuse–related felony.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
If we make sure the ROI we make on our money is higher than the interest rate we are paying to borrow the money, we come out on top. For example, let’s say we invest that $30,000 at the same return we received in the last deal (15 percent). A 15 percent return on $30,000 would be $375 a month. $30,000 x .15 = $4,500 $4,500 / 12 (# of months in a year) = $375
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
Using some sophisticated programming, and lots of experimentation to get it right, the team figured out a seamless way to cross-publish Airbnb listings on Craigslist, free of cost, so that whenever someone searched the popular classifieds site for a vacation rental, listings for properties on Airbnb popped up.
Sean Ellis (Hacking Growth: How Today's Fastest-Growing Companies Drive Breakout Success)
Every Work Order should also be treated as an inspection of your rental property. If your service person has properly documented rental agreement violations, you can email them your legal form giving them notice of lease violations. In my town, they have 14 days to fix the violations or we can start the eviction process.
Mike Butler (Landlording on AutoPilot: A Simple, No-Brainer System for Higher Profits, Less Work and More Fun (Do It All from Your Smartphone or Tablet!))
Additionally, have them take a photo of the serial number on the HVAC unit, which will tell you how old it is before you make an offer.
Avery Carl (Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties)
But Donald didn’t understand, and refused to learn, that owning and running casinos were vastly different from owning and running rental properties in Brooklyn, from the business model and the market to the customer base and the calculus involved. Because he couldn’t see that glaring distinction, it was easy for him to believe that more was better in Atlantic City, just as it had been for my grandfather in New York’s outer boroughs.
Mary L. Trump (Too Much and Never Enough: How My Family Created the World's Most Dangerous Man)
Table of Contents Things About House For Rent Barrie Excitement About House For Rent Barrie The 15 Second Trick For House For Rent Barrie If you're looking to move into a home that's not going to be taken over by an estate agent, then you should seriously consider taking a house for rent to stay. There are many reasons why you might want to rent a home rather than staying in your own. Perhaps you've just bought a house and you're trying to find somewhere to stay before you move in. Maybe you're simply on holiday and need somewhere to stay until you're back at home. Things About House For Rent Barrie There are many things to think about when you are considering renting a house instead of buying one. Before you decide whether or not you want to rent a house, you will need to consider what you'll be doing in the house for the majority of your stay. Will you be living alone, with a friend or partner or as a couple? How long do you want to stay in the house to avoid being tempted to move away once your new home is complete? The main reason why you might want to rent a house instead of buying it is because you can save money in the process. You won't have to spend months paying rent, or put down a deposit, or arrange for an insurance policy or rental repayments to take care of everything in the event that you move out. With the economy currently, people don't like to have to spend money, but they also like to save money. If you live in Barrie, then this will be an ideal place to rent a house to live for most of the year. Although you may have to pay some sort of rent during the summer months, and during the colder months you may have to find some other way to pay the costs involved in staying there. Most people who rent a house often decide to move back into their own homes once the lease on the property is up. However, they often find that moving back in isn't as easy or comfortable as when they first moved into the home. So, they choose to take a house to rent to stay for a few months, until they're back in their own home. Renting a house is also a great way to get a place to work in London. Because London is so popular, there are many people working in various different places all across the city, and they are not all living in one place. A house to rent to stay in is a convenient option for many people, and it allows them to work from home. This way they will be able to continue to work, pay their bills and other expenses at home, but still have access to other activities throughout London. Excitement About House For Rent Barrie When you are thinking about taking a house to rent to live in, there are also a number of benefits for you. First, you won't have to put up with the expense of all the costs that go along with having a property to rent and buying a property. Even if you do want to buy a property you may be able to buy it cheaper. The other benefit to owning a home is that you'll be able to easily get a tax return back on the money you have saved by taking on a house to let in Barrie. Although not all landlords give out tax returns on the money you owe them, it is worth asking. The truth is that more people are choosing to rent out their homes to tenants, and this gives them an opportunity to help themselves to some of that money.
Elton (The Ball of Yarn: or Queer, Quaint and Quizzical Stories Unraveled; With Nearly 200 Comic Engravings of Freaks, Follies and Foibles of Queer Folks)
Investors Look to Build Airbnb Portfolios Investors see huge potential in the growth of short-term rentals and are rapidly collecting homes to rent out to vacationers. For example, ReAlpha, a Dublin, Ohio–based firm, is reportedly looking to spend up to $1.5 billion to buy short-term rentals. The company’s CEO said that’s enough to buy about 5,000 homes. ReAlpha plans to target markets like Dallas, Austin, Texas, and Miami, where it then intends to acquire 100 to 500 homes quickly and nearly at the same time. ReAlpha’s CEO Giri Devanur also said he wants to let other people purchase fractional ownership of short-term rentals on his company’s app. Short-term rentals have seen a surge in demand as vacationers during the pandemic looked to homes over hotels to stay. Read more: Short-Term Rentals Target ‘Digital Nomads’ and Short-Term Rental Operators Offer Longer Leases Other investors are also looking to buy up groups of Airbnb units and other short-term rentals to take advantage of returns from a post-pandemic travel boom. “The business model has been proven, and now the opportunity is to do this at scale,” Scott Shatford, CEO of industry analyst AirDNA, told Bloomberg. “People can’t figure out how to deploy capital quickly enough.” Owning short-term rentals can pose challenges, however. It requires regular house cleaners and maintenance and fast turnover times due to shorter stays than apartments that have longer leases. Investors are facing higher home prices due to the highly active market, and adding portfolios of short-term properties could prove a challenge with competition. Some municipalities are also cracking down on which properties can be offered on a short-term basis in neighborhoods and condo buildings. Sean Breuner with AvantStay, which manages branded properties that offer concierge services, told Bloomberg that he believes the demand for short-term rentals will draw tens of billions of dollars in future years. “It is the last remaining asset class with any yield remaining,” says Breuner, whose company also operates a brokerage to help investors find such real estate. “We believe there is a huge opportunity to institutionalize.
“Investors Chasing Housing Target Massive Pools of Airbnb Rentals,” Bloomberg (June 25, 2021) Commen
Tax benefits will never make a bad deal good, but they can make a good deal even better.
Brandon Turner (The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing)
challenged
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
Case #6 Sandy and Bob Bob is a successful dentist in his community. In the 15 years since he established his own practice, he has established a reliable base of patients and has built a thriving business in a great location. A couple years ago, he brought his wife, Sandy, a business expert with an MBA, on board to help him oversee the business end of the dental practice. She had recently left her job at a financial services firm, and Bob knew that Sandy’s business acumen would be helpful in getting his administrative house in order. She brought on new employees, developed effective new processes, and enhanced the office’s marketing efforts. Within a few months, Sandy’s improvements had managed to make the dental practice a well-oiled machine. Now she could turn her attention to their real estate portfolio. Bob and Sandy owned three small apartment buildings around town, as well as one small commercial center that was home to a nail salon, a chiropractor’s office, a coffee house and a wine shop. Fortunately, Bob’s dental practice was a success and their investments earned a nice passive income for them. Unfortunately, because Bob earned on average $250,000 per year, the couple couldn’t use passive loss, which in their case came to about $100,000, from their investments to offset his high earned income. Eventually, they would be earning sheltered profits—when the mortgages on their properties were paid off and the rentals made pure profit, or if they were to sell a property. When those things eventually happened, they could use their losses to shelter those profits. But until that time, the losses were going unused. Sandy made an appointment with their CPA to discuss the situation and see how they might improve their tax situation. The CPA asked, “What about becoming a real estate professional?” He explained to Sandy that if she spent 750 hours per year, or about 15 hours a week, on the couple’s real estate investments, she would be considered a real estate professional by the IRS. This would enable the couple to write off 100 percent of their passive losses against Bob’s high income, which would bring his taxable income down to $100,000. This $100,000 deduction brought Bob and Sandy into a lower tax bracket, saving them roughly $31,000 in taxes. Sandy already devoted a large percentage of her time to overseeing their investments, and when she saw the tax advantages, her decision became clear: She would file the Section 469(c)(7) and become a real estate professional.
Garrett Sutton (Loopholes of Real Estate: Secrets of Successful Real Estate Investing)
My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style.” —MAYA ANGELOU
Brandon Turner (The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing)
I have seen many investors pass up great deals because the property needed a little rehab, or didn’t need enough rehab, or the numbers were .0001 percent off on their spreadsheet. Don’t pass up a great opportunity because you’re too rigid in your approach. It’s also important to keep in mind that what works in one market does not always work in another.
Avery Carl (Short-Term Rental, Long-Term Wealth: Your Guide to Analyzing, Buying, and Managing Vacation Properties)
On the flight on the way here I’d overheard the passengers seated in front of me talking about how affordable rental properties were so scarce in Dublin, people on shift-work were time-sharing bedsits.
Catherine Ryan Howard (The Liar's Girl)
I believe you need more than just one source of income so that your money can in turn work for you. Money isn't everything, it is just a tool. No one just has only one tool in their tool box, so get you a set of tools that will get the job done.
E.J. Williams (5 Easy Steps to Your First Rental Property: Real Estate Investing Guide for Beginners)
When we finally get a full accounting, we will learn how much he benefited from forcing taxpayers to spend for his hotel rooms, golf cart rentals, meals, and other expenses at his properties. The bill, excluding necessary security costs, will run into many millions of dollars.
David Cay Johnston (The Big Cheat: How Donald Trump Fleeced America and Enriched Himself and His Family)
Morgan Clarke Properties Ltd of Walsall can sell your house fast even for cash with fixed fee and no fee options. Ask for details. They also offer property lettings and management for Landlords that want to let a property in Walsall where Morgan Clarke manage your rental properties and get reliable tenants.
Morgan Clarke Properties Ltd
While we were clearly upset with the tenant over not reporting the issue, the fault was ultimately ours. We should have performed regular inspections. Since that date, all of our units get inspected on a six-month rotation. Our lease also now states that any maintenance issues that are not reported that result in further avoidable damage will be billed to them.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Should something bad happen in your business and you are forced to appear before a judge, generally the rule holds true that “he who has the best paperwork wins.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
verification of the tenant’s rental specifics, such as the address, lease term, and rental amount.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Can I pay my deposit in installments?” The landlord should always collect all of the move-in funds in full prior to letting the tenant obtain occupancy. If they can’t afford the security deposit, they probably aren’t very good at handling their money. This is a good indication you’ll have trouble later. Early in our career, we used to allow tenants to do this until we realized that it never worked, not even once. Unless you enjoy chasing down security deposit payments on your weekends and evenings, simply respond to this question with a firm, “Our policy states the security deposit must be paid in full prior to getting the keys.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Can my due date be the 15th?” “No.” Trust us on this one. It might be fine on your first unit or two, but as you gain experience and build your portfolio, you will quickly regret your decision to allow your tenants to have different due dates. Having the rent due on the first is standard in the rental industry. Again, this question may indicate they are not good at handling their money. It’s not necessarily a deal-killer, but it’s definitely a sign that they live paycheck to paycheck (as many tenants do).
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
we’ve had issues accepting tenants on programs with the understanding that it was guaranteed income, only to discover how quickly and easily a tenant can lose the funding.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Are you the owner?” you may simply want to respond with, “I am the property manager for this home” and leave it at that. It’s not a lie, simply an omission of all the facts, which they have no business knowing.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Tenants sometimes like to pick and choose which questions to answer, or conveniently miss a question or two that they think will affect them negatively.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
applicants know that incomplete applications will not be processed. If there are blank spaces on an application, simply give it back to them and let them know it will be processed when it is complete.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
someone older who has been “living with family and friends,” as living with family and friends usually means something else is going on.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Remember, “smoker” is not a protected class, so you can discriminate against it—we do! If you smoke, you will not be approved for one of our rentals.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Most leases do contain a grace period, but only a few states actually require it. We offer a five-day grace period so the tenant can pay rent any time between the 1st and the 5th of the month without penalty.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Whether applicant’s position is considered temporary
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
tenants to fill out that asks specific questions like: •  How would you rate the service you received from us? •  How would you rate the quality of service you received while renting your home in regard to handymen and contractors? •  How would you rate your overall experience with us? •  What is your overall impression of the home you rented? •  What did you like most about the home you rented from us? •  What did you like least about the home you rented from us? •  Do you have any suggestions for improvements we could make to the home? •  Would you rent from us again or refer others to us in the future?
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Of course, our favorite Dispositions of Deposit to complete are the ones where the tenant gets an entire refund back minus the cost of mandatory carpet cleaning.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Ouch. Ignorance is not bliss, folks. It can hurt—a lot.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Contrary to popular opinion, screening doesn’t begin with a background check or an application; it begins with the initial contact. This is known as pre-screening
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
offer everyone the opportunity to apply (even if you have already told them they don’t meet your minimum standards—if they know they won’t qualify, they usually won’t apply; it’s the invitation that matters), and keep notes of each interaction.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
offer everyone the opportunity to apply (even if you have already told them they don’t meet your minimum standards—if they know they won’t qualify, they usually won’t apply; it’s the invitation that matters), and keep notes of each interaction. Also, as we talked about already in this book, be sure to avoid discriminating language, such as: • “No kids” • “Family-friendly” •  “How many kids do you have?” • “Are you married?” • “What country are you from?” • “When is your baby due?
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Is the total move-in amount available now?”: The answer to this question gives you a good indication of whether your applicant is financially responsible and plans ahead. If they knew they would be moving and have gone so far as to apply for your rental, they should have had adequate time to prepare for the move-in money standards.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
When would you like to move in?”: If your applicant answered “today” or “ASAP,” be very careful during your screening process. A tenant wanting to move quickly could mean a few things: 1) They are being evicted, 2) their landlord asked them to leave, 3) they do not plan ahead, 4) they are not currently renters (everyone needs a place to live… where are they currently living and why?), or 5) a variety of other reasons that don’t bode well for you.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
According to HUD, a reasonable occupancy limit is two per bedroom under the Fair Housing Act.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Supply and Demand When it comes to investing in property of any kind, particularly rental property, I make sure my first objective is to get an accurate read on the supply and demand in the area. I’m not talking anything complicated, just basic economics. Supply is defined as the number of rental properties available in a market or submarket. Ideally, supply should be low and demand should be high.
Ken McElroy (The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss)
And remember, the value of a rental property increases based on its operations and cash flow.
Ken McElroy (The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss)
we let our potential tenants know that if they are approved, we will hold the unit for them for twenty-four hours, during which time they will be expected to present the deposit to hold. Once they have officially been approved,
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Should they fail to provide the deposit to hold, we do not guarantee them the unit after twenty-four hours has passed, and will continue to show the rental, and accept and process applications.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
One of the largest expenses you will face as a landlord is tenant turnover. Every time a tenant packs up and moves, they leave a trail of dollar bills flowing from your bank account.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
It’s definitely our goal to make sure all our planned turnovers happen during prime moving season between June and September, so we work our leases with that in mind.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
going to have a tough time finding a tenant during the holidays. Instead, we’ll sign a six- or nine-month lease to make it end in the summer or early fall, when units are easier to fill.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
The biggest drawback to a sign is instant notification of a vacant house to any would-be criminals.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
What kind of tenant do you want? Simple: a great one.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Question: “Do you accept the XYZ government assistance program?” Answer (if you don’t want to accept that program): “One of our screening standards requires a minimum monthly income of three times the rent.” Question: “I was evicted three years ago. Is that a problem?” Answer: “One of our screening standards requires good references from all previous landlords for the last five years.” Question: “Do you rent to people with bad credit?” Answer: “One of our screening standards requires a credit score of at least 600.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
The point is to include as much information as possible in your advertisement to save yourself from 1) answering obvious questions over and over, and 2) spending time on someone who sounded great until you met them in person, and they had a cigarette in their mouth while shaking your hand.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
When someone calls, don’t simply agree to show them the property. This is a common mistake nearly every rookie landlord makes, but you’ll waste countless hours if you simply agree to show the unit without talking with the potential tenant first.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
The first thing you hear is often an indication (though not proof) of the kind of tenant they might be. If the first words you hear after saying “hello” is a voice yelling into the phone, “How much do I have to have to move in?” you can assume the tenant might not be a great fit. (We get these calls weekly!) After all, they are more concerned with getting in anywhere than even asking to look at the property.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
What condition is their car in? If they showed up in an old, beat-up car with fast-food cups falling out the doors, landlord beware. The type of car doesn’t matter so much as the condition the car is in—but both are something to be aware of when meeting the tenant for the first time. If they don’t maintain their car, how can you expect them to maintain your home?
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
You are also protecting yourself from discrimination complaints since you require all applicants to meet the same qualifications.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Did tenant stay for stated period (as listed on the Previous Landlord Reference form)? • What was the monthly rent? •  How much of the rent did the tenant normally pay? •  Did the tenant always pay rent on time? •  Did the tenant keep utilities on and paid in full at all times? •  Did anyone else live with the tenant(s)? •  Did the tenant(s) ever receive any legal notices (late rent, noise, unauthorized occupants, notice to vacate, etc.)? •  Did the tenant have any pets? •  Did the tenant maintain the home in good condition (housekeeping, lawn, etc.)? •  Did the tenant give proper notice before vacating? •  Did the tenant receive their entire deposit back after vacating? •  Would you rent to the tenant again?
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
When doing the property inspection, take note of the following things: • Mold and mildew • Undocumented pets • Broken window blinds •  Holes in doors or in walls •  Evidence of extra people living in the unit •  Smoke detectors and carbon monoxide detectors (if required)—make sure they exist, are up to code, and work •  Leaks under the kitchen and bathroom sinks •  Dripping water from the bathroom or kitchen sink • Dripping water from the bathtub •  Whether the toilet is continuously running • General cleanliness of the property •  Items piled against heaters or other fire dangers
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
When we hire our handyman to do an inspection, we give him a stack of our Property Inspection Checklist to fill out for each property and return to us.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
One of the top reasons tenants move from one place to another is because of their non-responsive landlord. Therefore, it’s not just cordial to have good communication, it’s also good for business.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
•  Look for any judgments or liens. If the tenant has a judgment on their background check and you will be denying them because of it, one way to respond to the applicant is by putting the ball in their court. “Hey John, your background check revealed a judgment owed to Property USA, LLC in the amount of $4,200. What can you tell me about that?” Likely, they’ll give you an excuse of some kind, but don’t buy into it. Instead, ask them to have the company in question get in touch with you, but you will need to put their application on hold until you hear from them. Don’t worry, you never will.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Getting references from previous landlords is perhaps the most important of all the screening steps.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
One way to find out if the person you are speaking with is really a landlord is by first calling and asking, “Do you have any vacancies?” If it’s a friend, they will quickly be thrown off, whereas a landlord will simply answer your question.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Anyone over the age of 18 living in the home must fill out an application, meet our screening requirements, and be on the lease.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
This is also where the BiggerPockets Forums come in extremely handy. Post a question now, and within a few hours, you’ll have potentially dozens of experienced landlords chiming in to help.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
It is also their guarantee that they will fulfill all of their pre-tenant obligations and rent the home by a mutually agreed-upon date. If for some reason they back out, the deposit to hold is forfeited to the landlord to use to cover lost rent during the holding period, as well as advertising and other costs associated with getting the home re-rented to another qualified applicant. However, when the new tenant fulfills their obligations, the deposit to hold usually transfers as their security deposit to be held during their tenancy. It is best to require the deposit to hold as soon as your new tenant has been approved.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Never take the rental off the market and turn away would-be renters until you have an approved applicant and a deposit to hold the property in hand.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
You may also want to charge a daily late fee in addition to the set fee. For example, charge a $40 late fee the first day rent is late, with an additional $10 late fee each additional day rent is late. This encourages the tenant to pay their late rent quickly.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Plan ahead and pick up a box or two of nice blue-ink pens for your lease-signing appointments, and make sure every tenant gets their own.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Just make sure that your rental price isn’t so high that if affects your vacancy rate in a significant way.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Al Williamson’s excellent book 40 Ways to Increase the Net Income of Your Rental Property.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
don’t have every answer in the book, but are willing to seek knowledge from other business owners and through books, podcasts, and other educational sources.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
If you want to avoid fines and possible jail time, don’t discriminate against any of the protected classes (race, color, religion, sex, national origin, familial status, disability, and other locally protected classes). Be careful in the language you use in your advertising, on the phone, in person, in your documents, and anywhere else in your business. And maintain good records in case someone ever wants to bring a case against you for violating the Fair Housing Laws.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Business owners create systems and repeatable processes that help them build a “machine” that runs smoothly.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
They continuously improve their business, looking for small and large ways to tweak their operation to make more profit, while simplifying the tasks that need to be accomplished.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Getting to know the neighbors can help you keep a physical eye on your investments, while great bookkeeping will help you keep a financial eye on the same.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Michael Jordan) once said, “Some people want it to happen. Some wish it would happen. Others make it happen.
Brandon Turner (The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing)
Then you’ll lose a lot of money and learn that “nice” will kill your business, but “firm” will keep everyone happy.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Savvy business owners learn to delegate tasks to others. And yes, this is something that must be learned.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
you will want to take into account 1) how long the potential tenant has been in their current position, and 2) whether the position is considered seasonal or temporary.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Full replacement coverage will cover the entire cost of rebuilding your property should something drastic happen, whereas actual cash value will likely give you just enough to cover your loan in a bad situation.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
We would also recommend that those accounts be business accounts, not personal accounts.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
To combat this, we started doing group showings.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
Another good option for showing your rental to multiple people without wasting multiple trips is scheduling showings fifteen minutes apart. This gives you the best of both worlds in a small amount of time: dedicated one-on-one time with each person, while also overlapping each appointment with the next, letting each person know there are others interested and creating that feeling of competitiveness.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
If they end up calling at the property wondering where you are, you know they aren’t very good at following simple instructions.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
but we don’t use lease agreements to prepare for the good times, we use lease agreements to prepare for the worst.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
But if there’s one trait that above all others causes landlords to fail, it’s this: being too nice.
Brandon Turner (The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits)
The “velocity” of our money makes a very big difference in the overall wealth-building game.
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
First, be different. Offer something other rentals on the market don’t; you can differentiate, for example, by allowing a different lease term (like six months), allowing pets, or even offering better management and communication; all three are covered throughout the book.
Michael Boyer (Every Landlord's Guide to Managing Property: Best Practices, From Move-In to Move-Out)
Almost every great deal came as a result of some investor having the ability, desire, and plan to fix someone else’s problem. Money was made as a result of this. If you want to make wealth in real estate, learn how to fix other people’s problems and you will find that wealth finds you.
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
go to school, get a great job with a great company, and be responsible” household.
Brandon Turner (The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing)
exponential growth
Brandon Turner (The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing)
My mission in life is not merely to survive, but to thrive; and to do so with some passion, some compassion, some humor, and some style.
Brandon Turner (The Book on Rental Property Investing: How to Create Wealth With Intelligent Buy and Hold Real Estate Investing)
Investment firms are buying up more vacation homes, aiming to cash in on growing demand from tourists and remote workers. Most vacation rental homes are owned by small-time owners who list their properties on websites such as Airbnb Inc., but the number of financial firms investing in the sector is growing. New York-based investment firm Saluda Grade is launching a venture with short-term- rental operator AvantStay Inc. to buy about $500 million of homes, the companies said Tuesday. Saluda Grade said it is also looking to raise debt by selling mortgage bonds backed by its homes to investors, the first vacation-rental mortgage securitization, according to the company. Andes STR, a startup that buys and manages short-term rental homes on behalf of investors, also recently signed a deal with Chilean investment firm WEG Capital to buy roughly $80 million of properties in the U.S., Andes said. These investors are betting they can get higher returns if they rent out homes by the night instead of by the year. Low-interest rates have made it more attractive to borrow and Buy Traditional Rental Homes, inflating property prices and making it harder for new buyers to turn a profit. That has prompted some institutions and wealthy families to look in more obscure corners of the property market where competition is smaller, investment advisers say. Some are turning to investments in vacation homes, where demand has surged in many places during the pandemic as more people choose to work from remote locations and leisure travel heated up last year. “There’s a lot more yield available in the short-term market,” said Saluda Grade’s chief executive, Ryan Craft. It is the latest sign of how the pandemic is changing the way people work and live, and how real-estate investors are angling to find new ways to profit from these shifts. Saluda Grade is targeting homes within driving distance of major population centers, Mr. Craft said. His company will buy the homes and AvantStay will manage them for a fee. But while vacation-rental homes can offer higher returns, they also pose challenges to investors. Mortgages are usually more expensive and harder to get for short-term rentals than for owner-occupied homes, said Giri Devanur, CEO of reAlpha Tech Corp., a startup that wants to pool money from small-time investors to buy short-term-rental homes.
That Vacation Home Listed on Airbnb Might Be Owned by Wall Street
It’s best to get as many eyeballs on a deal as possible until you know the values yourself, and even then I sometimes have others look them over!
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
The more people involved and giving you their opinion, the more layers of protection you have, and the more likely you are to see things others missed.
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
Be fearful when others are greedy, and greedy when others are fearful.
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
Success isn’t found in avoiding anything that could go wrong. It’s found in harnessing your strengths to make them work for you and creating systems that mitigate risk and enhance efficiency.
David Greene (Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple)
From a strictly investment perspective, commercial real estate has several benefits over residential real estate: • More stable cash flow • Longer leases (usually five to ten years) • More opportunity for cash flow (more rental units than even a multi-family home) • Economies of scale (lower per-unit costs, like buying in bulk)
Michele Cagan (Real Estate Investing 101: From Finding Properties and Securing Mortgage Terms to REITs and Flipping Houses, an Essential Primer on How to Make Money with Real Estate (Adams 101))
For this, I recommend checking out David Greene’s book, “Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple.
Dave Perrotta (The Lifestyle Blueprint: How to Talk to Women, Build Your Social Circle, and Grow Your Wealth (The Dating & Lifestyle Success Series Book 1))
When you’re ready to sell your rental property, you may be in for a very large windfall. That could produce a substantial tax bill, unless you take some steps to reduce that tax burden. There are three main ways to do that with rental properties: • Sell off some losing assets (like stocks that have plummeted) to offset the gain • Structure a special deal called a 1031 exchange • Turn the property into your primary residence for a couple of years before you sell
Michele Cagan (Real Estate Investing 101: From Finding Properties and Securing Mortgage Terms to REITs and Flipping Houses, an Essential Primer on How to Make Money with Real Estate (Adams 101))