landlord basics: Landlord Basics: Tenant Screening - 03/30/09 01:22 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management. Click here to view the entire Landlord Basics archive.)
Tenant screening is an important, but often overlooked, responsibility of the investor.  Prospective tenants are not always truthful on their rental applications (assuming one was filled out to begin with!).  Because of this, it is important to check prospective tenant references.  This is a quick and dirty guide to the questions you should ask.
Before you start making phone calls, I suggest doing … (2 comments)

landlord basics: Landlord Basics: Setting Up For A Showing - 03/23/09 12:51 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management. Click here to view the entire Landlord Basics archive.)
Showing apartments can be a headache if you don’t have a system down for scheduling showings and preparing yourself for the showing.  Not being prepared can have a negative impact on your showing, and potentially lose a renter.  Take these steps to get ready for a showing, starting with scheduling appointments!
Scheduling appointments should be done in such a way that you have … (0 comments)

landlord basics: Landlord Basics: Collecting Rent & Payment Methods - 03/09/09 01:30 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management. Click here to view the entire Landlord Basics archive.)
One of the best parts of being a landlord or real estate investor is collecting the monthly rent check.  Deciding what forms of payment you will accept can determine the amount of work you will have to do on the back end.  Some payments are more beneficial than others, but ultimately most investors elect to use multiple methods to make the tenant’s life … (0 comments)

landlord basics: Landlord Basics: Move In Move Out Condition Inspection Reports - 03/02/09 12:00 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management. Click here to view the entire Landlord Basics archive.)
Tenants come, tenants go.  Over the course of your career as a real estate investor, you’ll likely see a lot of tenants come and go, both good and bad.  Being able to protect yourself when a new tenant comes and an old tenant leaves is important, especially when it comes to returning the security deposit.  Having a move in and move out condition … (2 comments)

landlord basics: Landlord Basics: Contact With Tenants - 02/23/09 12:13 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management. Click here to view the entire Landlord Basics archive.)
Contact with tenants is an integral part of ensuring your investments are taken care of.  As a real estate investor, you may have a varying level of contact with your tenants, depending on whether or not you use a property manager, and how much that manager handles for you.
If you are handling tenant contact yourself, you should have a separate phone number … (3 comments)

landlord basics: Landlord Basics: Tenant Payment Agreements - 02/15/09 11:01 PM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management. Click here to view the entire Landlord Basics archive.)
In a perfect world, every tenant would pay all their rent on time every month.  Unfortunately for the real estate investor, we don’t live in a perfect world.  A tenant’s failure to pay rent on time is a violation of the lease, but do you always want to move for eviction?  The tenant payment agreement can help you stay on top of your … (0 comments)

landlord basics: Landlord Basics: Discussing Lease Issues - 02/09/09 12:47 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management. Click here to view the entire Landlord Basics archive.)
A lease is a legally binding contract between a tenant and a landlord.  As such, you should limit your discussions of issues in the lease and rental property to those on the lease.  It may not seem like a big deal, but you could become legally liable for any third party disclosure.
Some people need information regarding the lease or tenancy, including lawyers,  … (0 comments)

landlord basics: Landlord Basics: 30 Day Notice or Termination of Tenancy Notice - 02/02/09 01:43 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management. Click here to view the entire Landlord Basics archive.)
At some point, it will be time to tell a tenant that it's time to part ways.  The 30 Day Notice, or Termination of Tenancy Notice,  must be issued to the tenant to begin the process of removing a tenant from the property, unless you are evicting due to non payment.  If you are evicting due to non payment, you will want to … (0 comments)

landlord basics: Landlord Basics: Letter of Violation - 01/19/09 01:56 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management.  Click here to view the entire Landlord Basics archive.)
It should come as no surprise that occasionally, a tenant won’t do what they are supposed to.  It could be something as simple as not moving the garbage bins back from the curb (which is a $55 fine in Buffalo, last I checked), to not mowing their lawn (also a fine in Buffalo, but I can’t recall the amount.)  If these are things … (0 comments)

landlord basics: Landlord Basics: Entering Occupied Apartments - 01/11/09 11:26 PM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management.  Click here to view the entire Landlord Basics archive.)
Entering an occupied apartment can be a challenge for a landlord.  Many tenants will not have an issue with the landlord entering their property as long as they are notified.  However, uncooperative tenants insisting that you can’t come in, even to do maintenance, can be a real headache.  And the tenants do have their rights. Generally, as long as the tenant is quietly … (0 comments)

landlord basics: Landlord Basics: Organizing Property Files - 01/07/09 04:02 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management.  Click here to view the entire Landlord Basics archive.)
Organizing the files you keep on a rental property can become a real challenge, especially as your portfolio grows.  By starting early, and having a defined system for dealing with paperwork as it comes in, you can lower stress and prevent paperwork overload!
Each property that you own should have several files associated with it.  The first file created should be one containing … (0 comments)

landlord basics: Landlord Basics: Lease Clauses - 12/22/08 01:42 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management.  Click here to view the entire Landlord Basics archive.)
The Landlord Basics series has covered a few different aspects of leases so far, from basics such as what a lease is and what it does (here), to security deposits (here), to late fees (here).  The lease is between a landlord and tenant is so important, that I wanted to do another entry on some various clauses you may want to consider adding … (0 comments)

landlord basics: Landlord Basics: Avoid These Mistakes Early On! - 12/17/08 01:18 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management.  You can view the rest of the series here.)
Being a new landlord or investor can be overwhelming.  Trying to get the most for your rental, while handling maintenance and tenant issues, all while trying to see a positive return on investment!  It can all be very daunting!
Keep these three things in mind while you go about your business, as a way to stop yourself from falling into the red.
1.  … (2 comments)

landlord basics: Landlord Basics: Late Fees - 12/08/08 02:57 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management.  Click here to view the entire Landlord Basics archive.)
In a perfect world, every tenant pays their rent on time every month.  However, the last time I checked, we don’t live in a perfect world.  Assessing a late fee shows your tenants that you are serious about the rent being in on time, every month.  Please keep in mind that the laws regarding charging late fees vary from state to state and … (0 comments)

landlord basics: Landlord Basics: Marketing An Apartment On Craig's List - 12/01/08 05:00 AM
Marketing your properties can be one of the bigger challenges you face as a landlord / investor. There are a lot of sites on the internet that offer the ability to post your apartment, either free or for a fee. However, the one site that I see continued success in using is Craig’s List. Their website is free to post apartment listings on (in most areas) and I see a pretty good response in the Buffalo area using their service. They are located at http://www.craigslist.org. Once you are on the site you can navigate to your state and then city using … (2 comments)

landlord basics: Landlord Basics: Leases - 11/19/08 11:48 AM
(This post is part of our “Landlord Basics” series, which seeks to help the new landlord / investor understand some of the basics of tenant relations and property management.  This series can also be found at http://www.andrew-schultz.com)
You’ve found the tenant you want to place in your property, collected a security deposit, and now it’s time to sign a lease. What is a lease? What makes one lease better or worse than any other? What can your lease do to protect you as a landlord or investor? This article will answer all these questions, and more.
Simply put, a lease is … (0 comments)

landlord basics: Landlord Basics: Security Deposit - 11/19/08 11:39 AM
(This is the first post in a new series aptly named "Landlord Basics". This series aims to help the new landlord / investor understand some basics of tenant relations and property management. This series can also be viewed at http://www.andrew-schultz.com)
You’ve done your homework and purchased a property or two that can provide you with positive cash flow. The broken has been fixed, the old has been renewed, and it’s time to place some tenants! After screening your tenants and drawing your lease, you’ll want to collect rent and security deposit prior to move in. But what exactly is a security … (3 comments)

 

Andrew Schultz

Amherst, NY

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