Many landlords take a lease deposit from a prospective tenant to hold an apartment prior to move-in. I require a deposit when there is more than 1 week before the start of the new lease. State law is very clear on how this process must be executed … [Read more...]
Tenant Applicant Scam Artists
If you are a landlord, you will run into tenant applicants (and tenants for that matter) that will just lie to your face or on their tenant applicant screening. I had another one recently, that I just felt I had to share [long story, but it will … [Read more...]
New Rental Management Company
My wife likes to give me hard time about that fact that I get antsy in my work life every couple years. This will be my 9th year in real estate, which is far longer than I held any previous corporate position. Recently I made the decision to open … [Read more...]
Renting to Friends
I know it is very common for people to rent their homes or apartments to friends. I suspect that like most things in life, 80% of those rental relationships do just fine. I probably just here about the 20% that do not. Here are some tips to making … [Read more...]
PO Box for Rent
I am not sure where this came from or who starting teaching it. I have heard many old-school landlords say that they use a PO Box for rent checks. I guess the theory was that you don't want your tenants to know where you live. I suppose in case of … [Read more...]
After Hours Service Calls from Your Investment Property
The majority of my customers are new investors. The most successful ones want to know everything about not only how to buy an investment property, but how to own one and be a successful landlord. A frequent question that I get asked is: "How often … [Read more...]
Investment Property Analysis-Cash on Cash Return
There are many different ways to analyze investment property purchases. These financial ratios include: Cash on Cash Return, Cap Rate, Debt Coverage, Gross Multiplier, and Return on Asset to name a few. Which ratio you use depends upon your … [Read more...]
Appliance Service Plan or Not?
I have come across many examples of landlords that require, in their lease, that the tenants carry an appliance service plan on the furnace, water heater, and kitchen and laundry appliances. In Minnesota, this is called Centerpoint Energy Service … [Read more...]
Rental Scams on Craigslist
Some of you may have heard about rental scams on Craigslist before, but I thought it was worth repeating to get the word out. I suppose it is like that old saying: if I save one person from this scam it was worth it! Here is how it goes: you … [Read more...]
Stupid Property Repairs #3
I am naming this issue: "The Stupid Property Repair in the Pink House" Again, when looking at North Minneapolis Investment Property, (which lately seems to be the place for stupid property repairs, but I am not going down that road to figure out … [Read more...]
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