Angella's Real Estate Secrets & Insider Tips For Real Estate Investors

For Landlords – Tips on Setting Rent & Drawing Up Lease

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 [...]

For Landlords – Set Subtenancy Rules Upfront

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 [...]

For Landlords – When Renters Become Buyers

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 [...]

For Landlords – Can Landlords Go After Lease Guarantors?

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 [...]

For Landlords – What Happens After the Lease Expires?

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 [...]

For Landlords – Who Pays For Tenant Ordered Home Improvements

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 [...]

For Landlords – Renting To College Students

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 [...]

For Landlords – Does Grace Period Exist For Payment of Rent?

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” [...]

For Landlords – Charging Tenants for Countertop Stains

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 [...]

The Price Of a Good Handyman?

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

Senate Votes to Block Lead-Based Paint Rule Fines

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 [...]

PROTECTING TENANTS AT FORECLOSURE ACT of 2009

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) [...]

RRP RULE AND NEW LEAD-SAFE PRACTICES REQUIREMENT AFFECTING LANDLORDS BEGINNING APRIL 22, 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 [...]

What Do Landlords Consider Normal Wear And Tear?

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 [...]

Protecting Tenants at Foreclosure Act of 2009

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 [...]

Tenant Screening – Things Tenants Won’t Tell You! (Part 5 of 5)

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 [...]

Tenant Screening – How Messy Are They? (Part 4 of 5)

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 [...]

Tenant Screening – Lies About Employment & Salary! (Part 3 of 5)

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 [...]

Tenant Screening – Track Down the REAL Landlord! (Part 2 of 5)

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 [...]

Tenant Screening – Don’t Let Them Lie To You! (Part 1 of 5)

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 [...]

Landlord Tenant Relationship – “Hard-Nosed” Landlording: Keep Your Tenants In Line

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 [...]