Tips on Setting Rent & Drawing Up Lease – Cover all bases when extending tenant’s lease
Q: Almost two years ago I bought a condominium unit in my area as an investment. My tenant has been pretty good about paying the rent and has not caused any problems. Her one-year lease is going to expire in [...]
4. August 2010
Set Subtenancy Rules Upfront
Q: I rent a three-bedroom house to my tenants, a couple. A while ago, they asked if they could sublet two of the bedrooms, and assured me that they would carefully choose the tenants. The subtenants are fine — but I’ve just learned that they are paying quite a bit of rent [...]
1. August 2010
When renters become buyers
Q: We’ve been renting a single-family home that we would like to purchase if the owner decides to sell. Our lease is up for renewal. Can we use a lease clause to put us in the best position to purchase if the property goes on the market? –Brad H.
A: Like you, lots [...]
28. July 2010
Can Landlords Go After Lease Guarantors?
Q: My aunt and uncle agreed to sign as guarantors when my wife and I signed our lease last year. When the lease ended, we stayed on, paying rent but without signing a new lease. After a few months, the landlord and we crossed out the beginning and ending dates [...]
21. July 2010
What Happens After the Lease Expires?
Q: I live in a townhouse and had a lease for the first year. When it expired two years ago, I simply stayed here and continued to pay the rent, as a month-to-month tenant. Management is now demanding that I sign a yearlong lease, and if I refuse, I’ll have [...]
18. July 2010
Who Pays For Tenant Ordered Home Improvements
Q: We rent a single-family house to tenants who have been there for several years. We gave them permission to build a new backyard fence and do some landscaping; they agreed to pay for it. The work was done and finished a month ago, and now we’ve received a [...]
15. July 2010
College renters stay year-round – Landlord unsure of deposit protocol
Q: I have a rental home located near a college and have successfully rented to students over the past few years. Typically, all of my student tenants move out when the school year ends.
This year, my current tenants are divided in their desire to stay or [...]
9. July 2010
Does grace period exist for payment of rent?
Question: Our lease agreement states that rent is due on the “last day of the month.” Unfortunately, my husband does not get paid until the first of the month, at which time we do pay our rent immediately on the 1st. The landlord is claiming that he “must” [...]
7. July 2010
Can landlord deduct half of replacement cost from deposit?
Q: My tenants recently moved out after living in my rental house for five years. I found out that they ruined my kitchen’s granite countertops due to oil stains that cannot be removed. Can I deduct 50 percent of my replacemeefundnt cost from their security deposit?
A: Typically [...]
15. June 2010
THE PRICE OF A GOOD HANDYMAN?
How much per hour is a good handyman worth? For example, how much would YOU pay per hour to have rooms in a rental painted? Check out how low and how high some landlords are currently paying (you’d be surprised) – http://dld.bz/f6Yx
Continue reading...12. June 2010
Senate Votes to Block Lead-Based Paint Rule Fines – New lead-based paint laws for landlords
The U.S. Senate has voted to delay imposition of fines and liability related to the controversial new federal lead rule, and one senator has called for a hearing on the measure.
The move to delay the rule came May 26 in an [...]
16. May 2010
PROTECTING TENANTS AT FORECLOSURE ACT of 2009 -This is the text from the newly passed federal law protecting tenants who are dealing with landlord foreclosure.
TITLE VII–PROTECTING TENANTS AT FORECLOSURE ACT of 2009
SEC. 701. SHORT TITLE.
This title may be cited as the `Protecting Tenants at Foreclosure Act of 2009′.
SEC. 702. EFFECT OF FORECLOSURE ON PREEXISTING TENANCY.
(a) [...]
27. April 2010
RRP RULE AND NEW LEAD-SAFE PRACTICES REQUIREMENT:
The EPA has issued a Renovation, Repair and Paint rule (RRP) requiring the use of lead-safe practices and other actions aimed at preventing lead poisoning. Under the rule, beginning April 22, 2010, landlords and contractors performing renovation, repair and painting projects that disturb lead-based [...]
Continue reading...25. March 2010
What Do Landlords Consider Normal Wear And Tear? It depends on the landlord, and everyone has a different approach. Personally, I charge my tenants for anything that is in worse shape than when they moved in. Of course, the carpets will get older,but they better not get dirtier, as in “spots” and “stains”! Same thing [...]
Continue reading...31. January 2010
Protecting Tenants at Foreclosure Act came into effect in May 2009, provides protection for tenants, including tenants in housing subsidized by Section 8, who are living in homes subject to foreclosure.
Highlights: Under the Protecting Tenants at Foreclosure Act:
All tenants must receive a 90-day notice before being evicted as the result of a [...]
Continue reading...26. October 2009
Tenant screening can sometimes be very time consuming if you do a thorough job of it, but it’s well worth your time if it prevents you from having to evict your renters in the future. Don’t misunderstand me – most applicants I’ve encountered are great and honorable people, but sometimes you come across a bad apple [...]
Continue reading...25. October 2009
Tenant screening can be very time consuming if you do a thorough job of it, but it’s well worth your time if it prevents you from having to evict your renters in the future. Don’t misunderstand me – most applicants I’ve encountered are great and honorable people, but sometimes you come across a bad apple that [...]
Continue reading...24. October 2009
Tenant screening can be very time consuming if you do a thorough job of it, but it’s well worth your time if it prevents you from having to evict your renters in the future. Don’t misunderstand me – most applicants I’ve encountered are great and honorable people, but sometimes you come across a bad apple that [...]
Continue reading...23. October 2009
Tenant screening can be very time consuming if you do a thorough job of it, but it’s well worth your time if it prevents you from having to evict your renters in the future. Don’t misunderstand me – most applicants I’ve encountered are great and honorable people, but sometimes you come across a bad apple [...]
Continue reading...22. October 2009
Tenant Screening, and how it is done, will either make you or break you as a landlord. Properly screening potential renters means solid tenants, and cashflow, throughout the years. Not doing a good job of screening applications could mean evictions, negative cashflow, and damaged property to deal with.
For one thing, I never admit [...]
21. October 2009
Landlord tenant relationship can be difficult or easy – it’s totally up to you, the landlord. One way to make it easy on yourself is to set expectations up front. As I had mentioned in one of my comments, I manage my own single family homes and condos within a 400 mile radius. Yes, you [...]
Continue reading...
7. August 2010
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