Nov. 10, 2022
Usually, landlords are concerned about tenants leaving the rental home before the tenancy term ends. However, there are times when tenants choose to remain at the property even after the rental term has expired. When this happens, the tenant becomes a holdover tenant.
Nov. 10, 2022
Being a landlord is one of the most challenging jobs in real estate. So, if you plan to invest in rental properties, you need to understand every duty and responsibility that being a rental property owner entails - ensuring you will do everything right.
Rental property owners have the option to either manage their investments on their own, or to partner with a property rental property manager to do this on their behalf. If you choose to manage your property alone, it’s essential to avoid the most common pitfalls that can be obstacles to your success.
We at Innovative Property Solutions have put together the top 7 mistakes to avoid when becoming a DIY landlord:
Oct. 18, 2022
Evicting a tenant can be a tough process. When the court rules in your favor, the problematic tenant will finally be forced to move out of your property. However, there’s a possibility that the evicted tenant might leave some personal possessions on the premises. Unfortunately, this is another problem that you need to take care of.
If the evicted tenant has left some belongings behind, the landlords have a legal responsibility to ensure that the tenant will have an opportunity to retrieve them. As a landlord in Florida, you should understand the legal rules and regulations when it comes to handling tenants’ possessions. Knowing the law can help you stay in compliance and avoid getting into trouble.
If you encounter a situation where evicted tenants left their personal belongings behind, these tips can help you decide how to go about it:
The exact reason for eviction can help you decide what to do with tenants’ possessions that were left behind. Keep in mind that every state has varied sets of rules when it comes to handling tenants’ personal belongings. Some states require landlords to return the left-behind belongings to their owners, while others don’t.
Oct. 14, 2022
Collecting a security deposit is important because it provides landlords some sort of buffer in case there are damages on the property that are beyond what is considered normal wear and tear. Security deposits are also commonly used to cover unpaid rent and/or unpaid utility bills.
The maximum amount of security deposit you can require from tenants varies depending on which state you are in. Usually, landlords are allowed to collect security deposits equivalent to two months’ worth of rent. However, there are times when this amount is not sufficient to cover the unpaid bills and the cost of repairs for the damages caused by tenants.
As a rental property owner, it’s important to exert all efforts to collect what the tenant owes you. If you are faced with this situation, the following tips may help you avoid or minimize your loss:
When the tenant moves out, the law only allows you a certain number of days to withhold the security deposit. During this period, you should inspect the property for possible damages that may need to be deducted from the security deposit. Make sure to stay in touch with your tenant during this process, so they are aware of the progress of the inspection.
Provide an itemized list of deductions that you will take from the security deposit, including the cost of repairs for damages that are not part of normal wear and tear, as well as the applicable cleaning fees. If there are utilities that remain unpaid, make sure to include this in the list too.
Sept. 9, 2022
When you’ve found a huge pool of prospects after marketing your Jacksonville property, the next practical step to take is screening for high-quality renters. Though filtering the good from the bad ones may take an extensive effort, the long-term results on your income will be something you’ll be thankful for.
As a landlord, taking heed of the advice to perform detailed screening of renters is invaluable. You can avoid a lot of issues early on, such as non-payment of rent, excess property damage, and even lawsuits. You want to find a renter that’s responsible and will treat your Jacksonville property with care.
Sept. 9, 2022
As a landlord, there are many ways to reduce vacancies in your rental home, and renovation is one of them! By keeping your rental property modern and updated, you can maximize your income, lower your vacancy, and reduce your expenses when it comes to maintenance and repairs.
There are endless benefits that come along with taking the time to upgrade your property. You can improve the happiness of your tenants, which increases the likelihood of having long-term tenants.
This will effectively lower your vacancy rates and decrease the amount of time and money that you spend on marketing your rental property. Additionally, you can increase the resale value of your property by keeping it updated and increasing the number of desirable amenities.
The following renovations are ones that are worth the investment, as they will help you to increase the value in your rental property. By doing these simple, yet worthwhile updates, prospective tenants will be more attracted to your rental home than ever before.
Aug. 15, 2022
A lease agreement is a contractual agreement between the landlord and tenant. It sets forth the policies, clauses, and disclosures that tenants must abide by during the entire term they will be living there.
Now, it’s important that you create a lease agreement that is not only detailed but legally binding.
The following are answers to commonly asked questions regarding a lease agreement.
You can draft a lease agreement either by yourself or by hiring a professional such as a property management company or a lawyer. If you’re renting out your home for the first time, hiring expert help may be ideal.
A professional will know what exactly to include in the lease, as well as the state laws and local policies to abide by.
You can also work with a template. This can be a good alternative especially if you’re working with a tight budget.
When renting out your rental property, it’ll be in your best interest to protect yourself and your property. Having a solid lease agreement will help you in this regard. It’ll help cut back time by answering repetitive inquiries and make your policies less prone to being violated.
Aug. 8, 2022
Perhaps you’re wondering if you should set aside money and effort to furnish your rental. Thinking of perks to add to your property to attract more renters can be hard. Previously, it was viewed enough to include utilities in the rental.
But nowadays, to gain an advantage, more special and niche markets have popped up such as offering small-space studio rentals. As a property owner, you have to adapt and present new services to answer to the changing needs of your target market.
This has given way to fully furnished apartments. Some appreciate them for more convenience. They don’t have to arrange a moving van to carry their personal items or think about how to decorate the place.
Others are temporary occupants such as students or employees temporarily relocated so staying in a fully furnished rental is better for them. On the landlords’ side, you may question if allocating extra time and money is worth it to offer a fully furnished property.
Furnished homes means providing all the furniture but it’s still left up to the landlords what they will include. Typically, this is what a furnished home looks like:
● Kitchen: stove, oven, refrigerator, toaster, coffee maker, dishware, and cooking utensils
● Bedroom: bed, nightstand, dresser
● Living room: sofa, coffee table, TV set
● Bathroom: shower curtain and floor mat
● Dining: tables and chairs
A lot of people can find furnished homes appealing from tourists, students to businesspeople based temporarily in a certain area. Homes that are furnished are preferable to hotel rooms if someone is planning to stay for a longer duration but not beyond a year.
Aug. 4, 2022
Leasing and real estate investments indeed make excellent sources of passive income. However, this cannot be done without dependable tenants occupying your home. You may be confident that your revenue will be more consistent if you have long-term tenants.
Additionally, it means avoiding wasting time and money searching for new tenants. However, landlords must constantly guarantee their tenants' satisfaction if they want to attract suitable, long-term tenants.
Therefore, attracting long-term tenants is the aim of every owner of an investment property. Having a long-term tenant in your rental property has its advantages. You'll find some advice in this article on how to pique the interest of long-term tenants.
Aug. 3, 2022
Investing in a property, especially a rental, can be a great source of income. This is regardless of age and experience because all you need to do is to start. This means that in the long-term you won’t have to worry about expenses and might start to focus on other ambitions in your life.
Properties usually come with a long-term appraisal, good tax return rates, and assured passive income for your family rest and those to come. As an investor, we realize that a key concern for you is the return from the resources sunk into real estate; also known as return on investment.
Innovative Property Solutions is going to discuss the ways you can calculate the Roe from your property investment.