Over the last couple of posts we’ve taken a broad look at rental property management fees and more specifically on property leasing fees. Today we drill down once more and focus our attention on Rental Property Maintenance Fees. What is the Typical Charge for Rental Property Maintenance Estimating an exact annual or monthly cost for maintenance can be difficult and is one of the areas landlords tend to under-estimate. A good rule of thumb is to budget approximately 1% of the property's value. … [Read more...]
Rental Property Maintenance
Rental property maintenance is something you will deal with if you own rental property. If you own your own home then you really should be used to performing maintenance, as you should be doing so on your personal residence. The difference is you can perform maintenance on your own residence to your satisfaction and timelines, but with a rental property there is a second party to consider. And how does the cost of the maintenance affect your investment profitability? While the hope is that … [Read more...]
Residential Real Estate Investing Advice
Todays post offers some residential real estate investing advice. Before purchasing any property you need to educate yourself about the real estate market you will be competing in. And you need to do your due diligence to understand what home rent for in the area and what fees and expenses will be. During your initial analysis you’re just trying to narrow down you investment options so its ok to guesstimate your numbers. But after you’ve whittled down your options and are ready to make a … [Read more...]
How to Pre-Screen Tenants
If you're a landlord or property investor one of the most important things to understand is how to pre-screen tenants. While having a tenant in your property might seem like one of the most important pieces of the puzzle, that’s not quite true. Having the right tenant, or a good tenant is more important than having just any tenant. In fact a bad tenant can wind up costing you a lot of money. There are really three phases to the screening process: The initial call or contact The … [Read more...]
Why Use a Property Manager?
If you are a landlord or plan on becoming one, why use a property manager? Why not save the money and do it yourself? Most people that rent out properties do so as a way of making additional income in addition to their “real jobs”. The additional income can make a significant difference in your personal finances but it doesn’t come without costs. These costs include: Money: for mortgage payments, upkeep, marketing, etc Time: Managing the property, scheduling maintenance, marketing for … [Read more...]