When tenants don’t pay rent on time, you are put into a difficult situation. Landlords need to take swift action to ensure that their business doesn’t suffer due to late payments, but not all landlords will be ready to move straight to eviction. Landlords like you should always have a good grasp on what can…Read More
In this week’s podcast, Andrew Schultz discusses pipe bursts in rentals and whether or not the tenant or landlord is responsible for the costs. Find out how to properly collect application fees if you are an out of area landlord trying to collect payments from possible tenants. And, last, but not least, find out if…Read More
Navigating the maze of responsibilities for painting rental properties can often leave landlords and tenants in a bind. Who holds the brush, and how frequently should walls get a refresh? Key Takeaways: Generally, landlords bear the responsibility for repainting rental properties to maintain them. Repainting frequency varies, but landlords often aim for every three to…Read More
Landlords must distinguish between tenants, who sign leases and bear financial responsibilities, and occupants, who reside without these obligations. This understanding is crucial for effective property management and avoiding legal complications. Key Takeaways: Tenants are lease signatories with financial obligations and rights, while occupants reside in the leased space without these responsibilities. Tenants handle rent…Read More
Navigate the fine line between wear and tear and tenant damage with ease. Discover the key distinctions that safeguard your investment and ensure fair security deposit practices. Key Takeaways: Understanding Wear and Tear: Recognize natural property deterioration as unavoidable and not chargeable against a tenant’s security deposit. Identifying Tenant Damage: Learn to differentiate damages that…Read More
Discover essential strategies for landlords facing tenant property damage. From legal rights to actionable steps, learn how to navigate this challenging situation and secure your investment against deliberate or accidental harm. Key Takeaways Immediate Action is Crucial: Quickly document and assess property damage to determine the next steps. Legal Rights Protected: Landlords have clear legal…Read More
As landlords expand their rental property portfolios, many opt to transfer property to a Limited Liability Company (LLC), creating a clear distinction between personal and rental income. If you choose to go this route, moving to a single-member LLC won’t impact your overall tax liability, as you’ll still file through your personal tax return. However,…Read More
Being a landlord in California involves more than just managing properties; understanding the state’s abandoned property law is crucial. This law dictates how landlords must handle personal belongings left behind by tenants. Failure to comply can lead to legal complications and financial penalties. Key Takeaways: – California law requires landlords to follow specific procedures for…Read More
In this week’s podcast, Andrew Schultz discusses the latest fake landlord scam to hit the market. Make sure to warn your tenants! How do you go about a lease that’s technically for a guest, but it’s not necessarily subletting? Find out now. And, last, but not least, what happens when a landlord gets along with…Read More
Navigating the sale of a rental property with tenants requires meticulous planning and communication. This guide equips landlords with essential strategies and legal insights to ensure a seamless transaction, respecting tenant rights and optimizing the sale process for all parties involved. Key Takeaways: Clear Communication: Keeping tenants informed with a notice of intent to sell…Read More
