Check out this sample of our newsletter! Each week you will receive a landlord tips, early access to our new blogs, links to our podcast episodes, landlord specific articles written by other industry leaders, special products and promotions for your rental property business.
8 Signs You May Be Overpaying Your Taxes
Tip of the Week We have mentioned this before, but we keep a tenant reference binder in each unit for our tenants to refer to if they have questions. This allows them to troubleshoot issues on their own before just mindlessly sending out a text or email asking us questions. Our binders are comprised of contents and information of our most common questions asked by new tenants. Where we love them to communicate if something is not clear, having a reference binder available to for the tenant to check first has all but eliminated the questions we have already answered at one point or another. Set them up for success from the start! 1. A signed copy of their lease. Electronic copies are great, but we include a hard copy in their unit binder for their quick reference. Our leases are now 45 pages long and included A LOT of detail. Want to know what we include in our lease? Listen to our podcast episodes 32-34 where we did a 3 part masterclass about the contents of our lease, which addendums we include, and why. Also, if your tenant ends up being someone who is dishonest, this also shows them we have the original and altering the contents of the lease won't work on us. 2. How the tenant is to pay rent. They’ll need the link to the app you use (QR codes work great for this), an address, or when they should expect an invoice from you. Include any information they will need to know before signing up for their tenant portal, like their bank routing and checking number or any other information they need to upload like a copy of their renters insurance, emergency contacts, etc. 3. Where to sign up for utilities not paid by you. Never assume tenants know where to call to set up service. If they do not sign up, you still have to pay and then contact them to get refunded. Include links (or QR codes) directly to each utility's new account page or a toll free phone number. If you use a ratio utility billing service (RUBS), they will need to know where to create an account with them and what information will be needed. 4. Contact Information Give them multiple methods but tell them how you prefer to be contacted. If you have office hours, list those as well. This nips those non emergency late night/early morning texts or calls in the bud as they won't expect you to respond. TIP: Always ask them to contact you in some form of writing so you have a record of the communication. 5. Keycodes and information specific to the property. All properties have little quirks about them. If the tenant needs to know that the access to the crawl space is in a bedroom closet or they can't run the dishwasher and washing machine at the same time as taking a shower, let them know. Remind them if the property uses well water or has a septic tank and include instructions for use and care of those. Locations of the gas and/or electric meters, fire extinguishers, and smoke detectors are all important to know too. Entry, mailbox, garbage area, patio access, etc. all may need keys or codes to access. Make sure new tenants have this information in their unit binder. Other items we include: QR codes and model numbers to each appliance for them to have access to an owners manual. They can troubleshoot issues or use it to figure out how to perform something, like change the time on the clock or defrost something in the microwave. Use and care tips for the washer/dryer, garbage disposal, and a list of duties to complete when using the community grill and patio space. TIP: Don't know how to create a QR code? We just use the free website, QR Code Generator, to enter the link into and generate a .jpg of the QR code image to download and add to our document. No need to create an account and you can't beat free! This Week On The Podcast! The Hidden Dangers of Using Cash Apps to Collect RentAccepting physical checks for payment is becoming a thing of the past. Many landlords looking to replace this method without increasing expenses have considered using cash apps such as Zelle, Venmo, or PayPal. However, where these apps make receiving rent cost effective and very convenient, they are risky. In this episode we are discussing these risks and why landlords should NOT accept cash apps for rent payments. Of course, we do advise you on what the better options are for you to operate a secure, professional rental property business. Click HERE to listen to the podcast and view show notes with links to special offers and promotions. Listen to Our Podcast:
Favorite Landlord ProductsProducts we use to make our rental property business more efficient and safe. They make our life easier so we are sharing them with our readers to help you too! Kwikset Smart Key KitWhere we are in the process of replacing our old standard locks with Kwikset Keyless Smart locks (have keypad to unlock door), we still have units with standard locks and deadbolts. This Smart Key system has been a lifesaver at unit turnovers and will continue to be so, even with the Kwikset Keyless entry systems! Landlords! YOU MUST change the locks/rekey at every unit turnover. You have no idea whom your previous tenant gave a key to, and it is your responsibility (when it comes to access) to keep the new tenant safe from intruders. Locksmiths can charge well over $50 to do this task! If you have Kwikset Smartkey locks, you can purchase these replacement keys and rekey the unit yourself in a matter of minutes for $6. The set comes with 4 keys so no need to made multiple copies! You can tell if your Kwikset is a Smartkey lock if it has a small hole to the right of the keyhole (see picture above). We keep a few of these on hand for tenant lockouts and unit turnovers. Check out this 45 second this video to see how simple it is to complete!
This post contains an affiliate link. We may earn a very small commission (at no additional cost to you) if you purchase from here. These small commissions are to benefit our business so thank you for your support. What's News? 9 Things That Can Ruin Your Garbage Disposal, According to PlumbersIf you’re lucky enough to have a garbage disposal, you know how much easier it makes dinner prep and post-mealtime cleanup. But before you toss everything down the drain and turn on the switch, you should know about a few things that can wreak havoc on the handy appliance.
5 Professional Tenants Tactics (and How to Avoid Them) Professional tenants are a landlord’s worst nightmare, the ones you read about in the newspaper. These individuals are notorious for cheating the system and using loopholes, leaving landlord’s with lost rental income, a damaged property, and a huge headache. They will complain about the smallest of messes and become the largest hassles. In order to get away with such actions, professional tenants have created some pretty elaborate strategies. Here are the top 5 tactics from professional tenants. If you find your tenant is doing any of the below, then you may have a professional tenant.
Good Landlord Reads 8 Signs You May Be Overpaying Your Taxes Did you know that a recent study revealed that the average American loses more money to taxes than they do on food, clothing, and housing combined? That is scary to think about, isn't it? What's more scary to know is that most people pay more taxes than they are legally required to by law simply because they don't know "how" to protect themselves from the IRS. So how exactly do you know if you are overpaying in taxes? The good news is...there are simple steps you can take to find out. To gauge your risk level of lost tax dollars, we have put together a list of 8 signs to help you measure your risk potential:
Your Landlord Resource: Blogs You Might Have Missed So, you own a rental property and keep hearing about how maybe you should put your ownership in an LLC. From liability protection and anonymity to more secure for group ownership, an LLC is certainly something to consider creating. This blog will answer your questions about the pros and cons of holding your rental property in an LLC and much more.
Evaluating a rental property is much more than just making sure it cashflows or is a good investment financially. There are several items that you should do your best to evaluate before you make an offer. This may be difficult if you are evaluating from out of state but if you have a good realtor or contractor on your team in that location, they can certainly lend a hand and make sure the following structural items are evaluated prior to buying a rental property.
Other Ways to Connect With Us!Follow Your Landlord Resource on: Join Our Facebook Group! Looking for a community of DIY landlords you can ask questions and bounce ideas off? Join the Your Landlord Resource Facebook Group, a discussion group for support, tips, and guidance to help create successful landlord-tenant relationships. |
Hi! We are Stacie & Kevin of Your Landlord Resource!
Check out this sample of our newsletter! Each week you will receive a landlord tips, early access to our new blogs, links to our podcast episodes, landlord specific articles written by other industry leaders, special products and promotions for your rental property business.
Tip of the Week As an DIY and self managing landlord, we do not invest in expensive marketing sites to advertise our vacancies. Over much trial and tribulation, we have found the best place to market our rentals is on Zillow. Here are 6 reasons why: Zillow is a FREE platform to place your ad on. They do offer a premium listing at $29.99 for 30 days which will keep your listing at the top of the search queue for your area on their site. We have found this small investment VERY rewarding and...