As with most things in life, a list of both pros and cons can be compiled concerning the ownership of both long-term and short-term rental properties. The recent shift in the hospitality industry toward short-term rentals versus the traditional hotel vacation stay finds many investors intrigued by the possibilities and potential of this growing market. But let’s hope this doesn’t happen before a thorough investigation into the advantages and … Read More

Maintenance. The word is often responsible for nightmares and huge pits in the stomach, but it doesn’t have to be that way. While some rental property owners and managers wring their hands and procrastinate over maintenance issues, others have learned that a “plan to maintain” is a critical aspect in the success of their rental property pursuits.   Maintenance comes in many shapes and sizes, and … Read More

Even the best tenant and lease will come to an end at some point in time. Whether your tenant is relocating, moving into a larger (or smaller) unit, or buying a home, turnover is a part of investing in rentals properties. By creating a smooth process, you can reduce the time for the current tenant to vacate … Read More

“A good system shortens the road to the goal.”  –  Orison Swett Marden  Whether you’re creating a sound strategy for investing in property or just trying to maintain the property you already own, organization is key to reaching your best potential.   Money: Draw up your personal ‘policies and procedures.’   Establish an accurate picture of your income. (Hint: Don’t … Read More

Gone are the days when only big retail establishments accepted credit cards. Today, paying with credit is an easy, often preferable means of paying for most everything, including monthly living expenses, even rent. For people who view the process of writing a check and dropping it into the mail as archaic, payment via credit has become the go-to means of managing their finances.   So, yes, accepting rent payments via credit … Read More

There are pros and cons to everything in life. And that includes the issue of renting housing property to pet owners.   Did you know that in 2020, pet ownership in the U.S. rose from 67% of households to an all-time high of 70%? That’s according to Steve King, president, and CEO of the American Pet Products Association (APPA), in a preview of the association’s … Read More

It is not an easily answered question – there are pros and cons, advantages, and risks. So, let’s discuss it, but before we start, we need to make one item very clear.   “The subject of improvements must be clearly defined in the lease.”  Some property owners forbid it outright. They prefer to take care of all improvements whether they … Read More

Your front door is the gateway to your rental –and your #1 curb appeal attention grabber. Upgrading your entrance can make your property’s appeal go to the top of the scale, and it doesn’t have to take a boatload of cash or hours of work.   Paint it – choose an eye-catching color that contrasts with the … Read More

The property rental business can be both profitable and rewarding. But either of those hoped-for scenarios will only become a reality for the well-informed landlord. Being fully educated on the laws that govern the rental property industry and the rights of tenants is the first step to success in this business. Step two will be … Read More

The residential lease has an important task to fulfill. As a legal contract, it should outline the terms and conditions and obligations that will govern the landlord/tenant relationship.    The lease or rental agreement must contain “the basics,” including—  A description of the property  The names of the occupants  The terms of the lease   The monthly … Read More