Responsible Tenants Are the Drummers of Rental Real Estate

Have you ever heard a music band that was just off? Sure, each musician was probably great, but for some reason it wasn't coming together? I experienced that once, but the reason was obvious: the drummer was missing. Because of this, the band sounded disjointed and off-beat. You could also see the concentration on their faces as they all strained to keep the beat. Nobody, include me, was enjoying themselves. When he finally showed up, they were in the middle of a song and kept playing. He...
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Earn More by Charging Less Rent

This should be fun. I saw the following question on Quora: "What can a renter do to increase his or her negotiation leverage when renewing the rental agreement with a landlord?" This question, clearly, is geared for the tenant, but I found myself modifying it slightly to a landlord's perspective to say, "What are some reasons I would be willing to lower the rent for a tenant?" I think this is a valid exercise for a couple of reasons: It helps you crystallize what you're looking for ...
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How To Determine How Much To Charge For Rent

"How much do you charge for rent?" Such a simple question, yet the answer influences so much! Give too high of an answer and the potential tenant might think it's too expensive and look somewhere else before hearing more about the property. Go too low and you'll lose out on money for repairs, and paying yourself, which could result in a less-than-desirable rental in a few years. Of course, charging at the low end of the market means resident turnover will be low and you'll have ti...
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What Are Some of the Best Tools for Receiving Rent?

It's the first of the month and rent is due. How do you get it? There are many options and it's hard to go wrong. So try a couple different ones that make the most sense to you and see how it goes because you can always change it later. I broke this into 3 different groups. Face-to-Face is the hardest, but helps set the stage for the other two. Semi-automated is where a lot of landlords start out. It does require some effort, but if you don't have many rentals, it's definitely OK. The thi...
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