Enter your email address for weekly access to top multifamily blogs!

Multifamily Blogs

This is some blog description about this site

Don’t let a Landlord-Tenant Dispute Become a Natural Disaster

shutterstock_171847709Don’t wait until disaster strikes to protect yourself and others from damages. Have a plan in place to prevent landlord-tenant disputes when there is property damage of any kind.  You should take steps to ensure that the lease clearly designates who is responsible for what damages and when.  Both parties should also have insurance when replacements or repairs have to be made. Mind the Lease Lease Termination Landlords should take special care in the rental agreement about terms and conditions for terminating or breaking the lease. This should include stipulations that specify how much advanced notice a tenant must give in order to break the lease and what fees will be incurred if the contract is violated.  Both parties are required by law to provide a 30 day notice that they will be terminating the lease, but you can choose to request a larger time frame in the lease.  Keep in mind that if special circumstances develop on the property, such as a tornado ripping off the roof of the property, the tenant can’t be expected to continue to live in the property.  In such situations that the property is deemed to be untenable, the Landlord must either provide alternative housing for the tenant during the period of repairs or terminate the lease. Damage Repair Replacement and repair for damages are generally isolated for the landlord and the tenant.  The tenant is to be responsible for their own personal belongings inside of their unit.  The landlord is responsible for the upkeep of the physical property inside and out. What if the pro......
Continue reading
1397 Hits
0 Comments

What is Your Investor Personality?

What is Your Investor Personality?
You’re probably reading this because you’re as addicted to click-bait quizzes as most people on social media. In real estate, however, all those investor personality quizzes won’t do you much good. Spoiler alert: there are two investor personality types, and you can be both at any given moment. Personality A: The Wealth-Builder Property investors who play it smart earn 12-30 percent ROI, depending on risks and market timing. That’s a sizable advantage over stock market investment returns, which average about 3-9 percent annually. Real estate investing builds wealth, and more risky strategies like flipping can build it more quickly. Investors who are risk-averse, however, might stay more in the second personality type most of the time. Personality B: The Retirement Plan Long-term investors are those who are focused on building wealth for the long-term, specifically, for retirement. Creating a portfolio that will make ends meet after going on a fixed income is a naturally risk-averse venture—no one wants to bet their future on something that might result in a loss. Retirement Planners opt more often to buy and hold safer investments, staying out of the property trading arena as much as possible. How To Be Both A and B Different seasons and goals may require diversification of an investment portfolio. Just like when investing in the stock market, it’s a good idea to periodically re-evaluate your goals, portfolio growth, and income potential and take a multi-faceted approach to real estate investing. As long as you stick with the tenets of smart purchasing—......
Continue reading
1749 Hits
0 Comments

5 Neighborhood Boosters Your Rental Property Should Provide

5 Neighborhood Boosters Your Rental Property Should Provide
Owning a rental property is often a long-term investment in the neighborhood, and it makes sense that nearby property conditions and values carry a lot of weight in any real estate venture. But, after you invest, what does your rental property bring to the neighborhood? Here are five basic community contributions that your property should offer: Curb appeal. It's essential for attracting and keeping tenants, but the neighbors appreciate a little extra effort with the landscaping and maintenance, too. Hide the dumpsters from the street, but don't enclose them; that might provide a personal safety hazard for residents. Safety. A well-maintained property with sturdy fences, lighting and plantings that enhance security can help everyone nearby sleep better at night, too. Long-term renters. Tenants who plan to stay several years in one location tend to treat it with more respect than short-timers. Attract and keep long-term renters; your community will thank you. Peace and quiet. This goes along with long-term renters. Be clear with your tenants: after 9 p.m., rock and roll IS noise pollution. So is any other sound that can be heard outside their walls. Considerate neighbors. Urge residents to be considerate of others who live in their community. Cars left up on blocks and unsupervised teens roaming the streets at night do not make for good neighbors, and some tenants only need a gentle reminder – or a review of the lease agreement they signed – to act more neighborly Maintaining a rental property investment requires so much more tha......
Continue reading
686 Hits
0 Comments