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 Tip#160: Who’s in Charge?
Charging an electric car overnight is the easiest solution for drivers. However, if that driver lives in a rental property, things get more complicated. Who pays for the power? Who is liable if a tenant is injured during charging, or if a battery or car get stolen? How do you keep strangers from pirating the power? What if more and more tenants want to charge their cars, too? Some municipalities are requiring that new construction be equipped with car chargers, anticipating that these vehicles will gain in popularity. There are few, if any, similar requirements that landlords provide car charging stations in older buildings. But it’s still a good idea to think about how you will handle the situation if it comes up. For instance, what if the tenant lists an electric vehicle on the rental application? At some point, you may have to decide whether to add chargers to your list of amenities, or whether you will prohibit car charging at your rental properties. Advance notice of your policies on charging is your best bet for avoiding disputes down the road. See last week’s Landlord Quick Tip. American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
The landlord agreed to pay the woman $22,000 to settle the claim. The tenant, who uses a wheelchair and walker, had been living in an upstairs unit. She claims the management agreed to waitlist her for the first available ground-floor unit. The resident also claimed that the apartment management denied her requests for a parking space and a ramp to ease her access to her unit. Read the rest of this entry »
Apartments and home rentals are a great option for residents not ready to make the leap toward home ownership, but taking the appropriate steps to protect their belongings is just as important for renters as signing their lease. That’s why Columbus, Ohio-based Grange Insurance stresses the importance of renters insurance and why every renting tenant should be covered by an insurance policy. “Although many landlords require renters insurance coverage from their tenants, there are some that make it optional,” says John Ammendola, president of personal lines for Grange. “Because of the high percentage of burglaries and the risk of damage due to other tenants’ actions, having renters insurance is a great safety net for tenants.” Read the rest of this entry »
Unfortunately, your bills won’t wait for a tenant who’s slow to pay. Strategies for Avoiding Late Payments Make sure your lease provides a specific due date. If your standard lease allows some wiggle room — a “grace” period, you may actually be encouraging late payments. Also, if you have a policy of adding on late charges, the tenant may choose to be late and plan to pay the fee. The reason this happens is that late fees are so heavily regulated, it’s nearly impossible to charge enough of a penalty to serve as a deterrent. Gone are the days when tenants place the rent as the first priority. They are more likely to pay the cell phone bill on time then their rent. Why? Because they know the phone company will cut them off. Invoice the tenant regularly to reinforce the schedule. Tenants who have a bill in front of them near payday are more likely to pay on time. Use electronic payment methods and take the date of payment out of the tenants’ hands. Deposit rent checks as soon as they are received. Tenants who watch their accounts take note of any delays, and that encourages them to pay late. Also, being slow to deposit the checks can hurt when enforcing late fees in the courts — it’s hard to prove you needed the money by the 3rd or 5th of the month if you didn”t deposit the checks until the 30th. Get on the tenant for late payments immediately. If they don’t feel the pain, they may try to do it again. Know Your Options Once Rent is Late You must act quickly and decisively once the rent is late. Undoubtedly you have the right to evict for nonpayment. Hopefully, your lease doesn’t make it hard to determine at what point the rent is late. Review ahead of time what the procedure is for eviction in your area. Be prepared to serve notice on the late-paying tenant. Many landlords and property managers take the approach that the eviction papework should be served immediately, before any negotiations take place over payment of the rent. This keeps the landlord in the driver’s seat, and gives tenants the incentive to work it out. Some landlords opt for a strategy of getting the late-paying tenant out of the property voluntarily as quickly as possible, before they disappear entirely, or cause property damage. Usually, lack of money is the reason behind the late payment, although sometimes the tenant is away on vacation or forgets. If the tenant needs help coming up with the rent, they must do it on their own. If need be, they can borrow the money from some other source and pay the rent in full. Accepting partial payments usually ends in disaster for the landlord. American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
Take the case of a lease dispute. Because the landlord is the one who drafted the lease, they will have to live with it — for better or for worse. Unfortunately, some leasing errors occur simply because the landlord omits or modifies paragraphs in the “boiler plate”– those seemingly unimportant provisions at the end of most lease forms that no one ever reads. Read the rest of this entry » by Russ Whitney
Getting Started In Real Estate Investing New Timelines Take Effect in June
The new, aligned timelines include the requirement that mortgage servicers review and respond to requests for short sales within 30 calendar days from receipt of a short sale offer. Read the rest of this entry » Tip 159: Time for HVAC Check
Having an air conditioning unit fail during the heat of summer can be catastrophic for landlords and tenants alike. Record heat may place the units back in service earlier than usual this year. Take a few minutes to inspect your unit as soon as it is back in use this spring or summer, and look for leaks. Because all air conditioning units, whether central air or window units dispel water, there a system to divert that water to the appropriate drain and away from the house. Water spots on concrete or indoor flooring are not normal. Left unchecked, these leaks can damage the furnace, may damage furnishings and flooring, and can spawn a mold outbreak. There have been reports of dangerous bacteria growing in these pools. Be sure to instruct your tenants to let you know if they see any signs of a leak. Often the repair is as simple as unclogging the drain pipe or trap using the typical plumbing methods and a how-to video found online. Other problems require an HVAC tech. These techs will be in high demand this summer, so be sure to get in line early to avoid tenant complaints. See last weeks Landlord Quick Tip. American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org. by Brian Davis
Hazard insurance, mortgage payments, property taxes, utilities, break-ins, vandalism, maintenance, and landscaping are many of the costs associated with vacant rental properties. Reducing your vacancy rates to a bare minimum is extremely important, if you intend to have a successful real estate investing career. Here are Eight Essential Steps for Landlords and Property Mangers to utilize to avoid or reduce their rental property vacancies: Read the rest of this entry »
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