As a property owner, one of your main responsibilities is to collect rent from your residents on a regular basis. There are a few different options for how to do this, and the best choice will depend on your specific circumstances and the preferences of your residents. Here are four common ways to collect rent:
If you're the owner of an investment property, you need a reliable means of communication with the residents and business owners occupying your leased spaces. So, which method of communication should you use when making these business contacts? For most rental property owners, a situation-dependent, judicious mix of emails, texts, and phone calls could be best.
Having an investment property involves a significant amount of responsibility to help maintain the property for renters or do major remodeling to flip the home for a future resale profit. Hiring a general contractor helps ensure all the necessary maintenance and remodeling work is completed promptly, done correctly, and the property remains up to current construction and building codes. To ensure the job is done correctly and as agreed upon, it's vital to hire a reputable contractor to help renovate your investment property.
Purchasing a rental property is a popular investment strategy for many investors. This technique helps to generate monthly passive income while simultaneously building wealth. Rental property investments typically include some form of risk. The risk the investor faces is defined as the chance that the actual outcome of the investment differs from your expected result. Risk, with regard to a rental property owner, appears in many forms. The following include some of the most common reasons why rental property owners fail.
Like the cost of most goods, rent often increases over time. Some years it changes very little, and others might see a dramatic increase. But as a renter, it's important to understand who can and can't raise your rent and have a basic understanding of the laws regarding rent increases. Here's a look at whether or not a property manager can raise your rent.
One main thing owners of commercial investment properties must do is keep up with the ongoing maintenance tasks for the units and grounds. If this is your first foray into the world of commercial property ownership, this can be a bit daunting. To make it somewhat easier for new commercial property owners, below is a checklist of some of the most important preventative maintenance tasks property owners must manage.
If you're a business owner who often works long into the night, it may be tempting to just move into your storefront or office space. Rather than wasting time commuting every day, you could simply retire to the back when you’re finished working for the evening. But there are zoning laws and safety concerns you should consider before making the move. Here's a closer look at whether or not it's legal to move into your commercial property.
Are you interested in hiring a property manager? If so, you might wonder what educational background a credible residential property manager should. Unlike some professions, there are no universal licensing credentials required to manage property for an investor, but there are plenty of skills to look for to help you find a professional residential or commercial property manager.
Commercial property management requires time and effort to remain profitable. Many commercial investment property owners first consider managing the property by themselves in an effort to reduce property expenses. This choice appears to be a good idea until the property owner realizes the decision is short-sighted – it limits investment opportunities and potential profit - but this can be corrected by hiring a commercial property manager.
Investing in a rental property for the first time can be a lucrative strategy. There are many benefits that come along with investing in rental properties such as tax incentives, value appreciation, leverage, and cash flow. However, investing in rental properties doesn’t come easy, and there are a few risks that you must take. There are a lot of things you should become knowledgeable about if you're a beginner looking to invest.
Property managers take the burden from property owners with regard to the day-to-day operations of an investment or rental property. Property managers are responsible for various managerial tasks associated with the property. This includes anything from fielding calls about broken hot water tanks to staying on top of the many city, state & federal regulations that must be followed. A property manager can help with the following property management functions.
The CDC recently announced that it would be extending the federal eviction moratorium into the fall. The eviction moratorium was designed to curb the spread of COVID-19 by providing relief to renters who are struggling to keep up with their bills. But, this bill also has an impact on property owners who rely on that rent to pay their own bills. Here's a look at what property owners need to know about the extended eviction moratorium.
As the coronavirus outbreak spread throughout the globe, public safety measures forced the slowing/closing of economic activity across the board. For the most part, business ground to a halt to stop the spread of COVID-19, with commercial and retail spaces practically abandoned overnight.
Months later, as state and local governments begin to deploy phased-reopening plans, business owners are now tasked with formulating their plans to ensure employees can return to work safely.
When investing, diversification is usually a good thing. Typically, this blog is about residential property management, but I wanted to take a second to deviate from the normal course of content and dabble a bit in commercial property. If you’re considering diversifying your investment into an office, storage, or retail space, one of the first things you’ll need to understand are the different types of leases.