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The great thing about investing in rental properties is that the returns are predictable. That being said, newbies can lose their shirts when they fail to properly calculate six major rental expenses:

Yes, Halloween is over, but the reality is that some nightmares are still continuing for landlords who've elected to go it alone when it comes to property management. Picture it: mold which mirrors cottage cheese, roaches desperately escaping an opened refrigerator and unreported rotting floorboards... It isn't pretty and the stories only get worse.

"Room for rent" is becoming a hot topic among landlords and rental property owners. While it might seem to be the best way to rent out a space, there are five reasons you might want to rethink your strategy.

1. Sound Motivation

Most people have moved around a bit. Some move due to affordability or other financial reasons. Others relocate due to job opportunities and some move because of a tenant/landlord fallout. Whatever the case might be,stability should be the ultimate longing for any applicant. If the motivation for moving is solid, then proceed to the next step!

While Innovative Property Solutions strives to maintain high tenant retention rates, we recognize that each property owner's business plan might vary and a medium-term tenant might be necessary in order to ease into or out of short-term rentals. IPS also recognizes that there might be a great cash opportunity for owners as short-term rentals are usually more costly for tenants rather than a long-term lease.

1. Build Up Your Defenses

Work to make your property as indestructible as possible. For example, consider bamboo or artificial wood flooring in lieu of carpet. Did you know that high gloss paint is much easier to clean? This ensures that your walls will become wipeable, easy-to-clean surfaces. Door stoppers are also a great investment as they serve as protection against banged up walls and holes.

1. Treat Your Property Like It's Your Business. Oh, Wait! It is!

Your property(ies) first and foremost should run like a business! Take pride in your business and work to ensure that it runs smoothly and efficiently. Create effective protocols and processes, get organized and try not to take things personally. Build a solid business plan and follow that structure!

The information age affords investors the opportunity to live anywhere in the world AND purchase rentals anywhere in the world simultaneously. While every job takes some elbow grease, as does the prospect of rental property investing, landlord investors don't have to reside in the same zip code as their rental properties.... as long as they are smart about ensuring that out-of-state cash flow.

There is a well known group of investors known as the "I-Would-Never-Hire-A-Property-Manager" Club. Perhaps you are a member and that is ok. We understand! We known that property management in general is a challenging way to earn a living and is often viewed in a negative light. The reason: many investors and rental owners have not availed themselves of the opportunity to learn about the ginormous responsibilities of property management, therefore quality is sacrificed for the sake of financial savings. However, as with most things in life, you get what you pay for.

As sixty-eight percent of households across America consist of pet owners, rental property owners are in a position to offer advantages to highly motivated, pet-owning renters. At the same time, opening your home up to animals can be a risky venture. Cats can sometimes scratch at door posts and dogs can bark non-stop for days while munching on shoe molding. However, it is worth noting that not ALL animals have bad habits and the risk can be worth taking if you, as an owner, collect a large pet deposit and include a monthly pet fee in your lease agreement.