Purchase Access to year 2014 of the Mr. Landlord Newsletter $89
January 2014
LANDLORD TO LANDLORD – HOW TO SPOT A FAKE: 27 TIPS TO PREVENT RENTAL APPLICATION FRAUD – PAGE 1
MARKETING – WRITING MORE EFFECTIVE RENTAL ADS – PAGE 3
SCREENING – WHAT TO DO WITH APPLICANTS WITH NO CREDIT RECORD – PAGE 7
TAX MATTERS – NET RENTAL INCOME TARGETED BY THE 3.8% MEDICARE SURTAX – PAGE 7
UPKEEP: SNOW – SNOW REMOVAL ON YOUR RENTAL—LANDLORD OR RESIDENT RESPONSIBILITY? – PAGE 8
SCREENING TIPS FROM MRLANDLORD.COM – PAGE 8
BONUS OVERFLOW SURVIVAL TIPS from January 2014:
UPKEEP: SNOW
SNOW REMOVAL ON YOUR RENTAL—LANDLORD OR RESIDENT RESPONSIBILITY?
Some places across the country have had snow lately that normally does not experience snow. Snow might create a pretty winter wonderland, but it’s an entire other beast when you need to get rid of it. If you manage property in an area that’s prone to lots of snow, removing snow frequently can be a tiring and seemingly never-ending process. Snow removal is a task you need to stay on top of during the winter, but is it the sole responsibility of the property owner or management, or can you shoulder it onto your residents?
Many city ordinances require property owners to keep sidewalks clear of snow and shovel a path for delivery personnel or face fines. On a rental property, it’s even more important to maintain common areas so you’re not liable for any accidents that might happen if snow and ice are left on walkways. You could be legally and financially responsible if one of your residents slips on an uncleared path. If your city has a law requiring snow and ice removal, it’s up to you as the property manager or owner to get rid of the snow, or hire someone to do so. If you own or manage a multi-unit property, the best course of action is to either do it yourself or hire a snow removal service.
If you own a single-family rental property, you can include snow removal in your lease agreement as the resident’s responsibility. When you create the resident-landlord agreement, it’s important to be clear about when and where the snow needs to be shoveled.
How soon after a snowfall does a path need to be cleared, and how wide does the path need to be? Keep your resident updated on the local laws regarding snow disposal as well as some safety tips to prevent any injuries while they do it. It’s common for a landlord to offer a monthly rent discount if a resident honors the snow removal agreement. To ensure regular shoveling of the property, you might want to provide your resident with salt or sand needed to prevent anyone from slipping on your property post-shoveling.
In areas where it snows frequently, it might be a good cost-saving measure to make an arrangement with your resident to help shovel your property, especially if you don’t live close by. Similar to having your resident in charge of yard work, making them in charge of snow removal on the property can help you keep maintenance costs down, and in return, help keep your resident’s monthly rent down.
By Jennifer Chan, article adapted from publication of the
Clark County Rental Association, ccrawa.org.
SCREENING TIPS FROM MRLANDLORD.COM
Tip 1: If you are looking for non-smokers, do not ask on the application, “Do you smoke?” Instead ask, “Do you smoke inside or outside?” They probably will say “outside” thinking it is more favorable answer, rather than lying and saying they don’t smoke. Now, you can decide if you want to rent to a smoker.
Tip 2: You can do phone number searches on Facebook and find people — even if their phone is private on Facebook itself. Even if they have just used the mobile version of Facebook at some point, if you do a phone number search, it will usually find them. Again, this is true even if their number is otherwise private. That is how I find most of my applicants that I’m researching — by putting in their cell phone.
February 2014
LANDLORD TO LANDLORD – ONE LANDLORD’S NICHE: 4/5 BEDROOMS – PAGE 9
CASH FLOW IDEAS – TWO FEES TO RAISE RENTAL PROFITS – PAGE 10
PROTECT YOUR ASSETS – 13 RED FLAGS WHEN HIRING CONTRACTORS – PAGE 11
TAX MATTERS – NEW TAX LAWS CAN SAVE LANDLORDS $3,500 ANNUALLY – PAGE 16
March 2014
LANDLORD TO LANDLORD – THE TORTOISE AND THE HARE IN REAL ESTATE INVESTING – PAGE 17
FILLING VACANCIES – Using YouTube Videos to Help Fill Vacancies – PAGE 18
SCREENING – HAVE THE MINDSET OF AN EMPLOYER – PAGE 19
POLICIES & PROCEDURES – WHY YOU MUST ADDRESS BAD RENTER BEHAVIOR NOW – PAGE 23
SECTION 8 – HOW TO REDUCE POTENTIAL SECTION 8 PROBLEMS – PAGE 24
PROTECT YOUR ASSETS – WHY AN IRA-OWNED LLC OR TRUST? –
PAGE 24
April 2014
LANDLORD TO LANDLORD – GARAGE RENTALS – PAGE 25
FILLING VACANCIES – RENTING “TOUGH TO RENT” PROPERTIES –
PAGE 27
ADVERTISING – NEW CRAIGSLIST RULES – PAGE 31
RESIDENT CONCERNS – “I’M LOCKED OUT!” CALLS – PAGE 32
May 2014
LANDLORD TO LANDLORD – WHY LANDLORDS SHOULD BE NEIGHBORHOOD ADVOCATES – PAGE 33
SCREENING – FRAUD PREVENTION TIPS – PAGE 35
POLICIES—SECURITY DEPOSIT RETURN – FLOORING—NORMAL WEAR OR DAMAGE? – PAGE 40
BUDGETING – CASH FLOW – HOW MUCH MAINTENANCE EXPENSES SHOULD YOU PLAN FOR? – PAGE 40
June 2014
LANDLORD TO LANDLORD – ARE YOU CAPTURING AND TEXTING PROSPECTIVE RESIDENTS? – PAGE 41
CASH FLOW / IMPROVEMENTS – UPGRADES THAT CAUSE BIGGEST RENT BUMPS – PAGE 43
ASSET PROTECTION – BARBECUE GRILL FIRES – PAGE 45
QUESTION & ANSWER – LANDLORD LIABLE FOR MANAGER’S ACTION – PAGE 47
INSURANCE MATTERS – 8 REASONS A COMMERCIAL POLICY MAY BE BETTER – PAGE 48
July 2014
LANDLORD TO LANDLORD – HOW TO GROW YOUR WEALTH USING A DUMPSTER – PAGE 49
SCREENING – Before Even Think About Saying “Yes” – PAGE 50
RENTAL FORMS – REMINDER – Give Adverse Action Notices – PAGE 51
RESIDENT ORIENTATION – The Cookie Cutter Move-In Process – PAGE 51
Renter’s Insurance Mandatory? – PAGE 55
ASSET PROTECTION – Will The LLC Protect Me Personally? – PAGE 56
August 2014
LANDLORD TO LANDLORD – AUTOMATIC RENT INCREASE – PAGE 57
MAXIMIZE CASH FLOW – CORPORATE HOUSING – PAGE 58
RENTAL FORM – Move-In Inspection Form – PAGE 58
Policies and procedures – Taking Over an Existing Tenancy – PAGE 59
Property maintenance – repair and maintenance system – PAGE 63
Unique landlording challenges – Must Apartment Manger Let Tenant Smoke Medical Marijuana – PAGE 64
September 2014
LANDLORD TO LANDLORD – TENANT STORAGE—EVERY LANDLORD’S OPPORTUNITY – PAGE 65
SCREENING RESIDENTS – What to do with applicants with no credit record – PAGE 66
PROPERTY MAINTENANCE – Smoke and Mirrors: Are E-Cigarettes Better for Property Than Regular? – PAGE 67
MANAGING YOUR RENTAL BUSINESS – INSPECT WHAT YOU EXPECT – PAGE 71
QUESTION & ANSWERS—LIABILITY – Never Give a Master Key To a Vendor – PAGE 72
CHALLENGING SITUATIONS – Illegal Activity & Working with Police – PAGE 72
October 2014
LANDLORD TO LANDLORD – SOCIAL MEDIA MARKETING – PAGE 73
CASH FLOW—REDUCING EXPENSES – 7 Ways To Save Big At Home Depot – PAGE 74
POLICIES & PROCEDURES – LANDLORD ENTRY – PAGE 75
PROPERTY REPAIR – Looking for a Contractor – PAGE 75
HANDLING PROBLEM RESIDENTS – TENANT SUBLETS WITHOUT NOTIFYING ME, WHAT CAN I DO? – PAGE 79
Asset protection/property safety – Five Baseboard Heater Safety Tips – PAGE 79
How I Handle Assistance Animals – PAGE 80
November 2014
HANDLING PROPERTY CHALLENGES – Who is Your Best Ally in Fighting Crime at Your Properties? – PAGE 82
PROPERTY MAINTENCE – How to Thaw ACCESSIBLE Frozen Pipes – PAGE 83
LEASE ENFORCEMENT – Billing for Tenant Caused Damage – PAGE 87
December 2014
LANDLORD TO LANDLORD – THE JOYS OF INSOURCING PROPERTY MANAGEMENT – PAGE 89
CASH FLOW – 3 PRACTICAL WAYS IMPROVE CASH FLOW – PAGE 90
Tenant Blackmail: How stupid mistakes can cost you! – PAGE 91
8 LANDLORDING MISTAKES TO AVOID – PAGE 95
PROPERTY MAINTENANCE – RESPONDING TO EMERGENCIES – PAGE 96
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