You probably don’t have to be told that payments are slow in the construction industry. Contractors and suppliers often wait close to 90 days to get paid. Do you know how long it takes your company to get paid? There are several ways to measure how long payments take.We’re going to look at four of them in this article. Using these key performance indicators, you can adjust your collections procedures and set new goals to help speed up payments. 1. Accounts receivable current percentage Accounts receivable current percentage measures the percentage of receivables that are current. Depending on ..read more

Research shows that 1 out of 3 young Americans have been arrested. While it’s important to know that not every arrest results in a charge or conviction, a landlord should always include a criminal report – also referred to as a background check – as part of their tenant screening process. Until a few years ago, landlords could set their screening policies for potential tenants with criminal histories. But in 2016, the Department of Housing and Urban Development (HUD) released a full-length memo directing landlords on how to handle prospective tenants’ criminal background ch ..read more

Cash used to be king, but in today’s digital society things are changing. Online bill pay has increased in recent years with recurring payments chief among those. And why not? The customer – or in your case, the tenant – sets up recurring payments and it’s paid on time, every time. No need to remember to pay each month. You may have already set up a portal for your tenants to link their bank accounts for online rent payments, but have you considered allowing them to pay by credit card? We’ve put together a few pros and cons to help you decide if accepting credit cards for rent payments is righ ..read more

Growing your real estate investment portfolio as an individual landlord is not always easy. Today’s market is tight and investment buyers compete just as hotly for single and multifamily homes as home-buyers. This has led to an environment of bidding wars, sometimes even against commercial investors. How can you win the bid for the rental properties you want without taking major risks like waiving due diligence? Let’s dive into some of the best practices for winning a residential investment bid in a high-demand, low-inventory market.   1. Know Your Market First and foremost, know you ..read more

Being a landlord is a full-time job, even if it’s supposed to be a part-time one. Between finding great tenants and answering those late-night calls about clogged toilets, it can sometimes feel like there’s a never-ending list of tasks to accomplish. One of the best ways to keep your business running smoothly is to organize all rental documents in a neat, meticulous, and accessible way. Failing to produce even a single document at a crucial moment could mean losing thousands from your hard-earned money through lengthy federal or tenant lawsuits. Yes, they’re that important.  Read on to le ..read more

Research shows that late rent payments is a number one concern for landlords and property managers. The more time you spend following up – calls, emails, texts… sometimes all of the above – is time that you can’t devote to the rest of your business. In the worst case scenarios, you lose even more time filing for an eviction just to get the tenant out. There are a variety of ways to protect yourself from late or non payments. Screening is always your first line of defense, but a solid rent collection strategy will help encourage your tenants to pay rent on time. It will also boosts your capacit ..read more

Investing in rental property also means investing in your tenants. Quality tenants keep your property clean, submit timely requests for any repairs, and leave less wear-and-tear on the house. They also pay on-time rent every month. But how do you know which applicants will become your best tenants? That is what the tenant screening process is for, and the laws associated. Fair housing laws determine the questions you can ask. Local data privacy laws determine what you can do with an applicant’s personal information. Even their name and current address can be the seeds of identity theft, which ..read more

Expanding your rental home portfolio requires consideration and strategy beyond just finding a home that is rentable and affordable. Each property is an investment and some locations offer a unique business model that you can benefit from. Affordable housing near any college or university, for example, will immediately become a candidate for student housing, a potentially profitable but more volatile form of property rental. Student housing is livelier, faster-paced, and more accident-prone than typical investments, but also potentially very rewarding. Let’s dig deeper to find out if student h ..read more

Tenant bankruptcy is one of the more frightening things that can happen to a landlord. You may find yourself unsure if your tenant can or will pay their rent any longer, and ambiguities in the law can make it difficult to know if you can (or should) evict your them. We’re here to help you tackle those questions. This article will cover: How to proactively protect your rental Types of bankruptcies tenants are most likely to file Recouping lost rent Lease options after the bankruptcy is filed Be aware that laws may change quickly, and that there may be state or local-level laws that affect how ..read more

Let’s face it, being a landlord is no easy feat. You have to deal with everything from potentially difficult tenants, property management, and maintenance. It can be time consuming and stressful, but it doesn’t have to be. If you want to maintain a healthy atmosphere on your property, take the time to establish boundaries with your tenants and clearly communicate rules. We’ve put together some tips on how to do that below. Set Healthy Boundaries by Creating a Contract With Your Tenants The first step is to create a lease contract with your tenants. You can use this legal document to set up the ..read more