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Much Ado About Nothing...Tenants and a Sold Building - 05/24/09 06:14 PM
When an income property occupied by tenants changes ownership, what happens to those tenants? Nothing. The new landlord must honor the terms of the lease agreement between the previous owner and the tenants. Change of ownership is not cause for eviction, unless there is a provision in the lease agreement permitting the landlord to terminate the lease upon sale of the property. A lease is not a unilateral instrument. Both the landlord and the tenant have to abide by the terms agreed upon by both parties. If the landlord agrees to rent the unit to a tenant in exchange for monthly (0 comments)
Types of Rental Property Investments to Avoid - 05/15/09 05:43 PM
The first and probably most obvious type of rental property to avoid is any property that would create a negative cash flow. After all, it's called an "income" property. A property that will cost you money each month is not a wise investment Do not invest in properties that have upcoming costs or expenses that are not predictable. Unknown or indeterminable costs can turn a profitable property into a costly endeavor that will cost you money month after month of ownership. For example, if the city has stated that a new sewer line will be installed in the street there is no way (2 comments)
How to Show Rental Property to Prospective Tenants - 05/12/09 12:44 AM
When a prospective tenant calls and wants to see a vacant or soon-to-be-vacant rental unit, set up an appointment time with them for a showing. Let the tenant walk around the property, inspect the unit, and ask any questions they have about the unit, building or neighborhood. Point out the features of the property and the amenities available to them, should they decide to live there. If the unit is occupied, you will need to give your current tenant at least 24 hours notice about the showing. While you hope they will be cooperative and help the unit show well by (1 comments)
Reasons You Might Want to Allow a Tenant to Break Their Lease - 05/11/09 12:49 AM
Sometimes unforeseen changes occur in peoples' lives that necessitate a sudden and even unwanted move. Job change or loss, family circumstances, and a bevy of other situations may mean a sudden move for one of your tenants. As a landlord, there may be several reasons to allow your tenant to break their lease: The unit has been rented for less than market value, and you could rent it for more than it's current rate You would like to do upgrades, work or repairs to the unit The tenant offers or agrees to pay an early termination fee You would rather avoid (7 comments)
What is "Normal" Wear and Tear? - 05/10/09 02:29 AM
Many lease agreements make allowances for "normal wear and tear," but what does that term really mean? It's a vague term that means different things to different people. The important thing to remember is that normal wear and tear differs from damages. Here is a list of some examples of normal wear and tear: Faded Paint Leaking or Broken Plumbing Pipes (unless it's clearly a result of tenant damage) Furniture Marks in the Carpet Hole or Mark in the Wall from a Missing Doorstop Dirty or Dusty Blinds Dust in the Unit Damages, however, are problems or repairs that need fixing (7 comments)
What Kind of Security Must a Landlord Provide? - 05/09/09 02:18 AM
The kind and degree of security you provide for your rental property depends entirely on local laws. Some local laws may require you to provide outdoor security lighting. Fences may be necessary to make your property more secure. It is recommended that you use wrought iron or open-slatted fences of another material as opposed to solid fences. Criminals can more easily hide behind solid fences. Fences also control access to and from your building, such as from garage or alley spaces behind or around the property. Security cameras are sometimes installed at the entrance or in the corridors of apartments buildings. (0 comments)
Tenants Taking Liberties with Repair Deductions - 05/09/09 02:01 AM
What should a landlord do if a tenant makes and pays for a repair, then deducts the cost from their rent payment without prior authorization? If the repair was necessary and the cost reasonable, it's probably best to accept the deduction from the rent, provided the receipt and explanation is included. A letter thanking the tenant for taking care of the problem can go a long way in maintaining good will for the future. There, of course, is no harm in mentioning in the letter that it would be preferred, if possible, to let you know ahead of time about any (1 comments)
Abandoned Personal Property of a Tenant - 05/05/09 01:34 AM
If a tenant vacates a rental unit, and leaves personal property behind, what is a landlord to do? Each jurisdiction has it's own laws regarding abandoned personal property. Generally, a landlord must try to contact a former tenant at every known address the tenant has provided including a work address, nearest relative, etc. Often the law will require a landlord to post a notice of abandonment on the door of the rental unit. If the tenant does not contact the landlord within a specified amount of time, the landlord can then enter the premises and clear the contents. The personal property (5 comments)
Managing Stress - 05/05/09 01:24 AM
There is much to feel stressed about in today's world - the roller coaster that is the economy, record unemployment rates, the extremely challenging real estate market, and now the swine flu! Life is always full of stresses of one sort or another. And the fact that the news media likes to capitalize on our fears by sensationalizing each and every one of these items doesn't help much either. Because there is so much stress in the air, it's more important than ever to take good care of ourselves. Adequate sleep, good nutrition, exercise and downtime are the cornerstones of good (2 comments)
When a Landlord Refuses to Make Repairs - 05/04/09 02:07 AM
What rights does a tenant have when a landlord refuses to do repairs? Well, it depends largely on the type of repair. If a needed repair renders a unit inhabitable and could be considered an emergency, a court would likely side with the tenant. If a toilet is backing up and not working, a court would likely rule that a tenant was in the right to call a plumber right away to remedy the problem and seek reimbursement from the landlord. Some local rent control laws may even provide for such urgent repair costs paid by tenants to be deducted from (1 comments)
Planning for Major Repairs and Renovations - 05/04/09 01:39 AM
If you are a landlord and owner of a building for any significant period of time, chances are you will at some point have to deal with major repairs or renovations to your property. You may be wondering what the best way is to plan for such work. Here are some things to keep in mind to make the process as smooth as possible. First, try to do major repairs and renovations during a turnover period. It's easier to get workers in and work completed when a property is vacant. This is not always possible, however, with the need to schedule around (0 comments)
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.