As a rental property owner, you make every effort to select responsible tenants that pay rent on time each month. But no matter what precautions you take, no landlord will always receive rent on time. So, when a tenant misses a payment, what then? How should a landlord respond to maximize his odds of being …
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Tax deductions let business owners offset business costs when filing their income taxes. Deductions lower the business owner’s taxable income, thereby lowering their overall tax bill. As any landlord knows, owning a rental property involves plenty of costs! Fortunately, many of those expenses have a corresponding tax deduction. To avoid paying higher taxes than necessary, …
Years ago, lead was a popular paint component since it kept paint moisture-resistant and fresh. But science has shown that lead is highly toxic. If ingested or absorbed, lead damages vital organs and causes developmental delays in children. As a result, the U.S. government outlawed lead-based paint in 1978, though some states banned it sooner. …
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Most landlords collect rent on the same day each month for the sake of efficiency and predictability. But if a tenant can move in sooner than expected, why lose money by keeping the property vacant till the original start date? Or if a renter must stay in his unit slightly beyond his lease’s end date, …
A rental agreement should clearly state the important terms of a tenant’s property lease. Once signed by both the landlord and renter, it is a legally binding contract that lasts until the end date specified in the agreement. But what if something changes? A tenant who agreed to keep a unit pet-free might wish to …
When it comes to estate planning it’s tempting to procrastinate. It’s unpleasant to contemplate your incapacitation or death, and estate plans can feel distant and irrelevant while enjoying good health. But planning for the future is essential when passing your assets to your loved ones. And bequeathing rental properties may require special considerations. So don’t …
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A glance across Main Street in a bustling town reveals a blend of restaurants, stores, and services at ground level with apartments rising above them. Many downtown condominiums inhabit the same city block as coffee shops, supermarkets, and theaters. Every day, more of these mixed-use developments rear their heads. And landlords wonder if they should …
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A homeowner association (HOA) is an organization that supervises a subdivision of apartments, townhouses, condominiums, or single-family homes. Every property owner within the subdivision automatically becomes an HOA member. As such, he must pay dues to the organization and abide by its policies. In turn, the HOA’s board of directors oversees the proper maintenance of …
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During the screening process, landlords must ensure that potential tenants are financially able to pay rent on time and in full each month. But answering application questions doesn’t necessarily offer adequate assurance. Responses may be manipulated or may not represent consistent, ongoing income. As a result, property owners may ask applicants to provide proof of …
Rent abatement comes up often in reference to commercial properties. But it can also apply to residential leases. For that reason, residential property owners should understand abatement and how it affects landlords’ and tenants’ rights. What is abatement, and when does it apply? Abatement terms can vary among leases. But these terms free tenants from …
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