5 ways to collect on a judgment
Landlordology
by Laura Agadoni
3y ago
The bad news: your tenant left owing you money. The good news: you just won a money judgment in court against that tenant. Time to celebrate? Not really. Although you’re supposed to get the money your tenant owes you after you win a money judgment, actually getting the money is another matter. It’s not always easy to collect money on a judgment. The court’s job ends with the judgment. Collecting on that judgment is on you. Your ex-tenant might pay you immediately, and if so, great. Now it is time to celebrate. But what do you do if they don’t? Related: How to file a small claims lawsuit agai ..read more
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How to screen a foreign-born or international rental applicant?
Landlordology
by Nicky Goulimis
3y ago
As a landlord, one of your primary goals is to find high-quality tenants, often leveraging a credit check service to determine creditworthiness. But it’s not always easy, especially if your applicant is a with a foreigner or international student? What happens if they don’t have a Social Security number? What do you do when you have an applicant who recently moved to the U.S. and doesn’t have a Social Security number? Or they were recently issued a Social Security number, so there is limited US credit data behind it? Immigrants are everywhere This challenge is only growing. Immigrants make u ..read more
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Should I allow vaping in my rental property?
Landlordology
by Kathy Adams
3y ago
You might not allow smoking within your rental units, but what about vaping with e-cigarettes? About 15 percent of adults under 40 vape, so you might want to allow vaping in your rental property to attract more tenants. But you should learn all you can about e-cigarettes before you do. Like regular cigarettes and cigars, e-cigarette emissions leave behind a residue that could build up on the walls and floors over time. Even if you decide to allow vaping indoors, it’s worth considering the extra cleanup work that could result when that vaping tenant moves out. So even if your state pe ..read more
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Should you offer a deal to find new tenants?
Landlordology
by Holly Welles
3y ago
When your property can’t seem to keep reliable tenants, you might start to consider ways of sweetening the deal, such as offering incentives. Your property may be great, but that doesn’t mean you’re immune to bouts of bad luck with tenants, increased competition, and environmental nuisances like neighborhood construction projects. When the cards are stacked against you, a discount can help speed up the tenant search and reduce the negative financial effects of vacancies. The benefit of filling your space may very well be worth the added expense, but make sure you first do a cost-benefit analys ..read more
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What to do if the deposit doesn’t cover the damage or unpaid rent
Landlordology
by Laura Agadoni
3y ago
You did the right thing in collecting a security deposit. But what happens when that deposit isn’t enough to cover damages or unpaid rent? Most landlords collect a security deposit equal to one month’s rent at move-in time to cover any damages or unpaid rent at move-out time. But if there were extensive damages to the property or if the tenant left without paying last month’s rent and there were damages, you’re out some money, and that isn’t right. You have options, though. Let’s explore them. 1. Communicate with your tenant To legally withhold the security deposit, you must, in most states, s ..read more
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Top 3 tricks landlords should steal from Airbnb hosts (but aren’t!)
Landlordology
by Sarah Block
3y ago
When you go on vacation, you expect an experience. Airbnb hosts and other vacation rental owners spend a lot of time on that point. To stay in demand, vacation rental owners need to understand how to create a great experience for their customers. This keeps their occupancy high, their rental in demand, and their nightly rate at a premium. By thinking like a vacation rental host, landlords can reduce tenant turnover, keep their units in demand, and charge more for rent. To level-up their business, landlords should provide great customer service and offer tenant “bonuses” to reduce turnover ..read more
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How to attract long-term tenants
Landlordology
by Holly Welles
3y ago
Fresh out of college with the intention to move from my hometown to a new city, I was searching for an apartment. And when I finally found the listing of my dreams—okay, a listing I could afford—I first had to make sure the landlord was someone I trusted to respect my living situation as much as I respected their property. For a young renter, meeting with a new landlord can be intimidating. I was nervous about apartment hunting on my own, but even more nervous about failing to see eye-to-eye with my potential landlord. Fortunately, from our first meeting, my landlord made it clear that my inte ..read more
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The problem with collection agencies
Landlordology
by Laura Agadoni
3y ago
There needs to be methods for creditors to collect debt owed them. Otherwise, they run the risk of going out of business. As a landlord, you are a creditor. If your tenant skips out without paying rent, or if they damage your place more than what the security deposit covers, you need to be able to recover your money. One way to try to get your money is to use a collection agency. Doing so might work for you, but you should first understand the process and what it entails before you go down this path. Why? Because there are problems associated with collection agencies. 1. Collection agencies do ..read more
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How to increase your income without raising rent
Landlordology
by Sarah Block
3y ago
Being a landlord has always given me a sense of pride, hope, and entrepreneurship. There are so many possibilities in how to make money as a landlord, even without raising the rent, and even without having long-term tenants. The money-making possibilities are endless and exciting. Related:  How to increase passive income in 2017 Top 10 ways to increase income without raising the rent 1. Add a vending machine Adding a vending machine to the laundry area, storage, or common area of your property could add significant income. For example, adding an automated vending machine to one apart ..read more
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What sparks joy in your rental business?
Landlordology
by Sarah Block
3y ago
Marie Kondo’s new Netflix show “Tidying Up” is inspiring people to find what “Sparks Joy” in their homes. But what about the landlord tasks in your rental business that spark joy in your life (or don’t)? Landlords have a multitude of tasks involved with their business. Some we love, and some we hate. Life is short. So why aren’t we spending our time doing what we enjoy and outsourcing the rest? The key is deciding what tasks to keep and what to outsource to someone else. But outsourcing can be difficult for most landlords. Whenever I speak with landlords about this topic, the most common respo ..read more
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