Tag: #landlord

How to Rent Your House, Part 2

Posted on | by Allison Zuck

Here’s the second part about how to rent your home! With this list, you should have a good start on thinking about renting your property!

Charging Rent

This actually simpler than you may think. You don’t have to think about a price yourself; check the market instead! You want to compare to places around that are similar. You can look on places like Zillow, or call other landlords in your area. If you have a property manager, they are also a good source to check on this. Don’t forget your security deposit, which should go into a bank account untouched. Check your local laws, but typically it’s a month’s worth of rent!

Rental Application

You’ll want information such as the employers, social security number, past addresses, phone numbers, and all other identifying information. Don’t forget to charge a rental application fee. This should cover the background check that you should always do. Decide what you’ll be comfortable with after the background check. It’ll show information of felonies, bankruptcies, or other history that could be of interest to you. Decide who you are comfortable with allowing to rent your property!

Release of Information

Require a release of information signature. You should check up on all your potential tenant’s claims, but the most important is their source of income. You want to know their job stability and earnings. Then, check on previous landlords. Ask about what rent they paid, if they got the security deposit back, and if the landlord would rent to these tenants again. These sources of information will give you a great idea of what this tenant will be like.

Choosing Your Tenant

Make sure to process your tenants in the order they come in. That way you will not get complaints about discrimination. If you deny a tenant, provide written documentation for the reason you turned them down. When you choose your tenant, you can verbally let them know.

Rental Lease Agreement

Usually these lease agreements are for a year long. They should include information such as the tenants names, the lease agreement, how much rent is, how much the security deposit is, what rules there are, and other things like this. When the tenant is ready to sign the agreement, walk them through it. Verbally repeat these things so you are sure the tenant knows their responsibilities.

Property Inspection

Once the lease agreement is signed, walk through the property. Take detailed notes of what condition the property is in, and have the tenant note any issues as well. This is to know what is a preexisting condition, and what damages the tenant may have done to the property.

These are just a few basic steps to renting your property! Make sure that you are well prepared before stepping into the role of a landlord, and it will go just fine!

 

To learn more about this topic, check out the article that inspired our blog: https://www.biggerpockets.com/blog/how-to-rent-your-house

How to Rent Your House, Part 1

Posted on | by Allison Zuck

Renting your house can seem daunting. You want to make sure you get every step right before you get tenants in there. However, renting is a great way to get a steady flow of income. In the next few blogs, we’ll go through the steps to rent your house so that you’ll be fully prepared to do it!

Why You Should Rent

First, you make your home into an asset. Instead of just being there, it’s bringing you money. Hopefully, the rental income will also pay off your mortgage, which saves you money, and then put the additional amount in your pocket. It’s an easy way to dip your toes into investing, and it’s even better if you aren’t sure if you’ll need your house again. After all, if you decide you want to move back into that house, it’s always an option.

Finding Tenants

You want to have a large selection of tenants to choose from. So, don’t just stick a sign in your yard (although that’s a great thing to do anyway). Expand your search online! Put your house on Zillow and Craigslist! For safety though, on Craigslist, don’t put your exact address. Hopefully you’ll have a lot of applicants! And then, you’ll need to narrow them down! Have a list of criteria that each tenant needs to meet, such as a base income, good references, and a good credit score. If they don’t match those specifications, don’t spend time vetting them further.

Also decide if you want to hire a property manager! Our last two blog posts talked about the pros and cons of that, and you can look through those posts to decide what would be best for you! Next week we’ll look through a few more steps of renting out your home!

 

For more information, check out the article that inspired our blog: https://www.biggerpockets.com/blog/how-to-rent-your-house

Getting Your Garden Ready for the Cold

Posted on | by Allison Zuck

Summer has officially ended here in Georgia. We’ve hit the colder months now. While our gardens flourish in the summer, it’s easy to forget about them when autumn rolls around. Here are a few tips for how to keep your garden doing well all through out the winter.

First, weed your plot! You don’t want to let your yard get overgrown as fall and winter come around. It wouldn’t be good to be trying to pull weeds while freezing!

Second, take a look at your soil. Now would be a great time to add good enrichments and nutrients. This means that it’ll be a breeze to get your garden ready in spring. In the same vein, check out all your plants. If you have dead or rotting plants, just get rid of them now! You can replace these plants with heartier winter plants, so that you don’t have to look at your garden filled with nothing! Instead, you’ll be able to see abundance in the winter as well!

Finally, don’t forget about your winged friends. Not only are they lovely to look at, they’ll also snack on those pesky bugs. So, fill up your bird feeder and enjoy all the feathered friends that will come!

Remember that these tips are not just for your own home! You can use these to spruce up any rental properties that you may own. You want to keep that curbside appeal high, even into the colder months!

The Cons of BRRRR

Posted on | by Allison Zuck

Now that we know what BRRRR is and what the pros of doing it are, we can take a quick look at some of the cons. Whenever we talk about cons, it isn’t to deter you from trying something new. Instead, sharing some of the drawbacks of certain types of investments can help you decide what you need to watch out for in trying this new venture! Or, it can encourage you to try a different type of investment; one better suited to your station in life.

Now, the cons:

Interest and Appraisal

First, you’ll need to consider money. You will most likely get a short term loan, which will have high interest and could result in an initial negative income. However, if it’s the right property, this should only be a temporary setback. But if you’re already struggling with making ends meet, this may not be the best plan. Additionally, fixing up a house means knowing how much that will cost, so make sure your initial appraisal is close to correct. Unfortunately, in home repair, things pop up all the time that could add to not only the expense of the upgrade, but also the time.

Refinancing and Loans

Banks have a “seasoning” time, where they wait a set amount of months (usually half a year to a year) before refinancing the property. While this is very reasonable, it could cause some problems, depending on how long your short-term loan extends. Therefore, make sure it is at least 18 months long, giving the bank plenty of time to “season” your property. As for the loans, you’ll have to juggle two: the short term one, and the one you take on when the property is refinanced. Make sure to shop around for the right lender and get the best deal on fees.

Property and Tenant

Make sure you are up to doing major renovations yourself. If you don’t like heading up big projects, BRRRR may not be for you. Additionally, don’t get so wrapped up in the project that you don’t select the right client. It’s still important for you to get a right tenant, so continue good practices in vetting the tenant before you approve them.

BRRRR shouldn’t be scary. These past three posts are here to help you realize if it’s right for you, not scare you away! It can be an accessible start to real estate, but make sure you know what you’re getting into!

For more information about BRRRR, check out the article that inspired this blog: https://www.biggerpockets.com/blog/brrrr-pros-and-cons

Flooring Your Rental Property

Posted on | by Allison Zuck

Different flooring fits different needs, depending on the type of investing you are doing in the property. No matter what, you want to choose the best flooring for your property. That may mean something higher quality so you don’t have to replace it frequently, or something that is cheaper but looks nice. Here are a few options to consider before you dive into the world of flooring.

Walnut

Walnut flooring is quite beautiful, while also being durable as well. This means you get beauty and longevity for your money. It can be tricky though, so it’s better to get a reputable installer, even if it means paying a bit more.

Laminate

Laminate floors are quite popular. They can be just as beautiful as hardwood floors, but without the same amount of upkeep. The added bonus is that they are cheaper, not only for the materials, but also for the installation. It’s easy to clean them, so they are a good option for rentals that have a quick turnover.

Linoleum

Linoleum is not only easy to install, but it also can reduce bacteria and mold! It’s made out of natural materials. Linoleum countertops are pretty common, so it’s easy to forget that it can be a flooring option as well!

Cork

Cork isn’t just for closing wine bottles! It can be a great option for flooring, especially because it can be an extra source of insulation. If you’ve had issues with a cold floor in your rental property, consider putting in cork flooring instead. The other added bonus is that it is noise resistant, which is what a lot of renters are looking for.

Vinyl

Vinyl is a good, cheap option. It can even be installed over tile or wood, so that your floor can look new without the trouble of ripping out the old flooring. It comes in a plethora of styles, so that you can get whatever suites the style of your property.

Engineered Wood

The combination of synthetic materials and engineered wood creates a very solid floor. You can use just synthetic materials or just engineered wood. This gives you a few options if you go with this route. And it even looks like hardwood flooring!

No matter what flooring you choose, make sure you are choosing the one that goes best with your budget and your property!