Buying a property in a community with a homeowner’s association (HOA) can be challenging for those looking to purchase an income property. These associations have specific rules and regulations, so it’s important to review them before purchasing a property there to understand what limitations you will need to abide by. As the amount of investors […]
A significant part of managing a rental property is managing the funds you need for maintenance and repairs. Even the newest, best-kept properties still require maintenance, especially when you have renters coming and going. For planning purposes, how much should you budget for rental property maintenance? While there’s no set amount to keep on hand, […]
Even if you don’t have a mortgage on your income property, it’s still important to have insurance as a landlord. Landlords need a specific type of property insurance geared towards rentals, which can help protect the property against damage, natural disasters, and potentially even the loss of rental income. Insurance for landlords is essentially property […]
As the real estate market continues to shift, it’s not easy to decide whether to sell or rent your home. While selling your home to have money for your next purchase or investment can make sense, renting allows you to potentially build a long-term source of income and keep your property. So what are your […]
So your tenant is moving out and wants to know when they will get their security deposit back. The security deposit is typically one month’s rent; however, in Maryland, a landlord can charge as much as two months’ worth of rent for the deposit. If your tenant has paid their rent every month, abided by […]
Although landlords are responsible for repairs and some maintenance of their income properties, tenants play a significant role in day-to-day rental property care. Your lease should clearly stipulate who is responsible for what maintenance, especially tasks that have the potential to impact a tenant’s safety, such as snow removal and roofing damage. But exactly what […]
Inspecting your income property is an essential part of being a landlord. There are different types of inspections, both when the property is vacant and when you have tenants. Keeping up with these inspections can help protect your investment, improve your relationship with renters, and keep maintenance costs to a minimum. What are the different […]
There’s been a surge in rental demand since the pandemic, and it doesn’t look like it’s waning anytime soon. As home prices have skyrocketed, it’s more difficult for buyers, especially first-time homebuyers, to purchase a property. Although rental prices have increased too, rentals are more affordable for buyers who don’t have the money for a […]
Extreme weather is becoming more common, with flooding and severe storms on the rise. Even if your income property isn’t located in a flood zone or a particularly hazardous area, more buildings are vulnerable to damage from extreme weather today than before. Hurricanes, snow storms, and severe thunderstorms are just a few of the weather […]
Having strong relationships with tenants is an important part of being a landlord. After all, your tenants are your livelihood. You want to ensure your tenants feel welcome, taken care of, and content in your property. Happy tenants are also more likely to renew their lease when the time comes, saving you the time and […]
