If managing a large housing complex sounds overwhelming, start small with your property ownership journey by purchasing a single-family home. Once you master owning and managing a single rental property, adding a second property will be a breeze! Many seasoned housing owners have started with one single-family home before they graduated to owning multiple rental …
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Every landlord knows that repairs and maintenance are a part of everyday life for a property owner. Plus, staying competitive requires periodic improvements and renovations. But amidst the melee of all those changes, renters may request other changes to their rental units. They may ask you to install a deadbolt out of the toddler’s reach …
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A new year is just around the corner. And in 2025, some of your renters’ leases will expire. Will they all renew, or will some move on to greener pastures? Since vacancies come with inconveniences and income loss, tenant retention becomes a priority. So, how do you get people to choose your property instead of …
With new housing complexes increasing constantly, keeping your rental property competitive is crucial. To keep ahead of inflation and rising living costs, you’ll have to raise the rent sometimes. However, renters may be unwilling to pay if you don’t increase your property value. How can you increase the value of your units without breaking the …
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If you think being a rental property owner is financially impossible, you should consider house hacking. House hacking means buying a personal residence and renting out your extra space to make money. It’s not being a rental property owner in the traditional sense. But this low-key method can help you transition into a more lucrative …
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While the most common lease term is twelve months, some landlords offer month-to-month leases to their tenants. Under this agreement, either party may end the lease with 30 days’ notice. This arrangement may work well for some landlords but badly for others. Here are some pros and cons to consider as you decide whether you’ll …
Every established business had to start somewhere. So, if you’re considering the rental business to earn extra income, you’re in good company. The tricky thing about a new enterprise is that you don’t know what to expect. Here are some tips from seasoned landlords to start your rental business on the right foot. 1. Have …
Keeping a rental property in good repair can be expensive. Naturally, every landlord wants as many tax deductions as possible to offset those costs. However, only some business expenses are fully deductible, while others are depreciated. Why? And how can a landlord tell the difference? The key lies in the distinction between capital improvements versus …
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Landlords count on receiving consistent rental payments to run a profitable business. So, the prospect of a tenant filing for bankruptcy may induce significant alarm. Landlords may ask themselves, “Can I evict the tenants? Should I let them stay in the unit rent-free? Will I ever receive their overdue rent?” Read on to find out …
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Electric vehicles (EVs) are becoming more popular all the time. Car manufacturers continue to increase their production of EVs, and charging stations are popping up in more workplaces and public parking lots. While purchasing these vehicles remains expensive, consumers find the environmental benefits and cost savings worth the initial price. In fact, so many consumers …
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