About a year before my grandpa died, he sold one of his properties to my mom. This got here started on the investment property journey. She bought it on contract for 45,000 which she has since refinanced after he died. It is currently being rented for 675 a month. She has had her fair share of experiences, but overall I think she does a great job self-managing.
You as the landlord turn up one morning unexpectedly and there it is; your buy-to-let property, empty and abandoned like the 'Mary Celeste'. With any luck the tenant has just removed themselves and their possessions and not any of your residential investment property.
Landlords should see going to court as a landlord's last resort. Unfortunately though, a court appearance is a fact of life for many landlords who are looking at regaining possession of their buy-to-let investment property, or are simply trying to retrieve rent & other monies owed to them by their tenant.
If you have a vacancy take the time to hire a photographer and stage your unit! This is critical for so many reasons, but one reason that is often overlooked.
If you are thinking of becoming a landlord, you will need to know how to effectively communicate with tenants to resolve issues and complaints. As many landlords will tell you, there are good tenants and then there are bad tenants. Bad tenants tend to make your job as a landlord difficult, stressful, and all-around just a headache.
Real estate has some tremendous superpowers—not the least of which is its ability to help you find financial freedom and leave your terrible day job. Do you want to travel the world?
If you have a vacant unit that isn’t renting there are a few things that could be the issue. While you could always lower the rent until you get some applications, there are other things you can do instead or in addition to.
We’ve noticed that a lot of landlords have different approaches to the way they deal with tenants. We’ve come up against countless tenant issues over the years, from late rent payments, tenants dodging phone calls and emails, and some crazy property damage that we’ve seen inside units, and we’ve also encountered landlords who think they can avoid all of this by having friendlier tenant relations.
Thinking about dabbling in real estate investing? Why not start today? In order to be successful in real estate investing, you have to take action. You must have a plan, and your plan should outline your action steps. So why not get started today by following these steps?
Whenever I give this piece of advice, I often get blank stares. It is a very different approach to what most property investors take. But it is actually a smart strategy when you start to understand the reasons why.