As the owner and landlord of a multifamily home, there are several important responsibilities that you must take care of on a daily basis. Otherwise, if these concerns are not addressed in a timely manner, the condition of your property will gradually diminish, tenants will move out and you’ll lose business. To help ensure that you avoid this nightmare scenario, try practicing these proven tips.
As your lease comes to an end, you must decide whether or not you’re going to renew for a longer period of time. If you’re like most renters, that decision will depend on a multitude of factors. In the case that a monthly rent increase is out of your means, you should not have to abandon an apartment or home that you love just like that. You must first learn how to approach your next lease renewal negotiation like a professional!
As a landlord, you’re regularly required to deal with tenants. Most of the time, they’re respectful, pay their rent on-time and cause minimal disruption, but not always. In some cases, you will have flat out bad tenants that are having a negative effect on your property and the other renters. This may seem like a nightmare situation, but there are certainly some steps you can take to fix and even prevent it altogether.
Real estate investments are a tricky business. While they might eventually reap profits, it often takes years for their value to appreciate and for the owner to receive a significant return-on-investment. In the meantime, some owners have created a cash flow by renting out space in their properties to qualified tenants and collecting rent. Whether its commercial or residential real estate, savvy landlords can turn insane profits if they can successful manage their rental property and address tenants’ needs.
Trying to find the right rental property can often become a stressful, difficult and time-consuming process. Sometimes, the overwhelming desire to find the best property will cloud your judgment and prevent you from realizing that you’re getting ripped off in the form of rental scams. Therefore, here are a few obvious signs that a rental property may not be as legitimate as it seems.
As a tenant, there are certain rights that you are entitled to. Many landlords unfortunately neglect their responsibilities and the burden falls on the tenants, who may not be sure of what they are accountable for. To avoid this issue, check out all of the guarantees for tenants under renters rights.
Sometimes during the real estate buying or renting process, you’ll hit a snag in negotiations and end up disagreeing on a price. Just because your offer was rejected, it doesn’t necessarily mean that you’ve lost all hope for the property. There’s a lot more you can do to remedy the situation. With that said, here’s some insight that could help you gain an edge in your next real estate negotiation.
Typically, the vast majority of renters use the standard year-long contract when they’re leasing property. However, there’s also another option for paying your rent throughout your stay. Some people decide to utilize a month-to-month lease where they periodically reevaluate and decide to renew their contract throughout the year. Here are some useful things to keep in mind when deciding whether to keep your lease month-to-month or year-to-year.
When renting property, a landlord or the homeowner will usually cover maintenance expenses and resolve most problems. However, what happens if there’s a robbery or a fire? Contrary to popular belief, some accidents that may arise aren’t the responsibility of the landlord. For protection from those incidents, there’s renters insurance.
If you’re in the market for a commercial or residential property, then perhaps the biggest lingering question is if you should rent or buy. In order to better inform your potential decision, read through the advantages of each choice for both property types.