What to Do When Tenants Owe More Than Their Deposit Will Cover

No matter how you screen, unfortunately someday a tenant will trash your property. So what now? Here’s the best way to handle this sticky situation.

Sourced through Scoop.it from: www.biggerpockets.com

What to do when tenants owe more than their deposit will cover?Send It to Collections!

Collection agencies are designed to pursue individuals for their past-due payments. They use a variety of techniques to get this money, including tracking down the tenant and calling them repeatedly until the debt has been paid. These collection accounts also show on the credit report – for future background checks. Many landlords will not rent to a tenant who owes money on a rental.

See on Scoop.it – Landlord tips and housing news

Cottages For Homeless People In Dallas Will Save Taxpayers About $1.3 Million

Dallas seems to have taken a cue from its neighbors in Houston on how to effectively tackle, and put an end to, chronic homelessness.  Starting November, 50 chronically homeless individuals in Dallas will

Sourced through Scoop.it from: www.huffingtonpost.com

Numerous studies have found that “housing first,” which involves giving homeless people homes and then addressing their health and unemployment issues, is efficient and cost-effective.

See on Scoop.it – Landlord tips and housing news

Home Buying: What are the pros and cons of rent to buy option in this market? – Trulia Voices

What are the pros and cons of rent to buy option in this market? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

Source: www.trulia.com

I loved reading all the comments in this article. They have brought up so many more points than I would have thought about regarding "rent to own". My favorite – there is no home inspection so if there is a problem with the home you may not find out about it until you’ve paid quite a bit in and then it’s too late to cut your losses. Have you ever done a "rent to own"? What was your experience?

See on Scoop.it – Landlord tips and housing news

The National Voice of Private Renters

Source: www.generationrent.org

If you are a renter, did you know that there are many voices out there protecting your rights? Here is a National Organization that is helping out an ever growing group of renters/tenants. Even on a local level we have tenantunion.org. Check out this article and see how this group may be helping you…

Preparing To Rent Out Your Home – MovingOut

If you’ve entertained thoughts about renting out your home, there may be a few questions you’ve already asked yourself, such as, “How will I feel about strangers moving into my home? Will my tenants be responsible?” Owning a rental property can require hard work, patience and planning.  On one hand, there’s the good to consider, …

Source: www.movingout.co.ke

Here is a good read if you’ve been considering renting out space in your home or getting into rental property investments.

Best Dog Breeds for Apartment Friendly Living | Pets World

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Choose apartment friendly dogs that fit into your lifestyle easily. Find dog breeds which are ideal for homely environment.

Lori Hartjoy‘s insight:

Finding pet friendly rentals is always a challenge in our area. Some tips are to have references for them, show that they are up to date on vaccinations and if you have a certificate from obedience school that helps too. Check out this list of the most landlord friendly dog breeds and see if your pup is on there =)

See on www.petsworld.in

How to Screen for Great Tenants | Property Management

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When it comes to maximizing the profitability of your rental investment nothing is more important than finding and retaining quality tenants. Learn how to screen for quality long term tenants.

Lori Hartjoy‘s insight:

To minimize your risk, you should always use due diligence in checking out your prospective tenants. While this is not 100% fool proof, it will help you to alleviate many headaches down the road. In WA State, it is required to have a "Renter Criteria’ that you  use across the board for every applicant. Make sure you are in compliance with the Fair Tenant Screening Act before you advertise your next vacancy.

See on jacobgrant.com

Leaving Homeless Person On The Streets: $31,065. Giving Them Housing: $10,051.

See on Scoop.it – Landlord tips and housing news

The latest study to find that it’s far cheaper to house the homeless rather than leave them on the streets.

Lori Hartjoy‘s insight:

Almost a $20k savings by ‘giving’ the homeless housing instead of incarceration costs. Lets fill those empty homes and improve the quality of life for all. 

See on thinkprogress.org

Why Apartments Ban Pets, Allow Service Animals

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Some tenants have pets. Others have service animals. What’s the difference?

Lori Hartjoy‘s insight:

I love how this article is very down to earth and covers most scenarios that I’ve encountered over time. If you’re a landlord or a tenant with a service/companion animal, I recommend reading this for more information…

See on www.foxbusiness.com

Utah is Ending Homelessness by Giving People Homes

See on Scoop.it – Landlord tips and housing news

Earlier this month, Hawaii State representative Tom Bower (D) began walking the streets of his Waikiki district with a sledgehammer, and smashing shopping carts used by homeless people. “Di

Lori Hartjoy‘s insight:

All I can say is WOW – about time! I’d love to see this across our nation. Lets help those closest to home first, not 3rd world countries. In 2005, Utah figured out that the annual cost of E.R. visits and jail stays for homeless people was about $16,670 per person, compared to $11,000 to provide each homeless person with an apartment and a social worker. So, the state began giving away apartments, with no strings attached. Each participant in Utah’s Housing First program also gets a caseworker to help them become self-sufficient, but they keep the apartment even if they fail. The program has been so successful that other states are hoping to achieve similar results with programs modeled on Utah’s.

See on www.nationofchange.org

Tory Tips: TIPS TO HELP YOU AND YOUR NEW TENANT GET OFF TO A GREAT START!

See on Scoop.it – Landlord tips and housing news

You made it past the hard part, you leased out your apartment! Now What? Now you try to make your new tenant transition into your property as smooth as possible. With these easy tips you can make your new tenant transition smoother, and therefore they will be happier.Offer moving services. Partner with a moving company in which you could send…

Lori Hartjoy‘s insight:

Just because the signature is on the dotted line does not mean that you need to stop providing help to your new tenant. You sold them the property, worked with them on the lease agreement and most times the only other contact is the monthly rental payments. Check out this great article to make your new tenants moving day stellar! I would encourage any landlord to at least offer #2 and #4. No cost other than maybe a piece of paper with information on it… Do you have any other tips to share? I’d love to hear them!

See on www.multifamilyinsiders.com

Landlord Property Management Magazine » 10 Ways to Prevent Damage to Your Rental Units

See on Scoop.it – Landlord tips and housing news

Lori Hartjoy‘s insight:

I absolutely love #9. Watch the weather. Storms cause significant property damage, and lately we’ve been seeing some monsters.  Once the surge is over, check for roof damage, clogged gutters, and poor drainage that may leak into the foundation. When was the last time you checked on or inspected your rental investment?

See on www.lpmmags.com

5 Ways Property Managers Can Build Long-Term Relationships with Student Renters

See on Scoop.it – Landlord tips and housing news

Roughly 30% of students enrolled in traditional on-campus degree seeking programs look for off-campus housing. Students watch the budget, but aren’t looking for low-quality options that mirror cramped dormitories and cafeteria meal plans. Echo Boomers are looking for convenience and quality of life. Tweet

Lori Hartjoy‘s insight:

In our local area, I often hear questions from my current clients and those looking to turn their rentals into student friendly housing. Here is a great article with tips on how to make your rental more College Student friendly. 

See on www.appfolio.com

Rental Report: Tenant Screening Tips – ARL now

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Rental Report: Tenant Screening Tips
ARL now
Not everyone is going to look perfect on paper, but you can still save time, headaches and money by following some of these tips.

Lori Hartjoy‘s insight:

One of best tools to reduce risk in your rental investment is to run a background check on every applicant. Here are some tips to help you stay ahead of the game and make your property safer and a less risky investment.

See on www.arlnow.com

2013 in review

What a wonderful year it has been! Many ups and a few downs, but always something to look forward to =) Check out the most popular articles in this summary of 2013:

The WordPress.com stats helper monkeys prepared a 2013 annual report for this blog.

Here’s an excerpt:

A San Francisco cable car holds 60 people. This blog was viewed about 560 times in 2013. If it were a cable car, it would take about 9 trips to carry that many people.

Click here to see the complete report.

5 Ways to Warm Up an Older House

See on Scoop.it – Landlord tips and housing news

If you live in an older home, consider any one of these energy-saving upgrades to reduce heating costs and still stay warm this winter.

Lori Hartjoy‘s insight:

During the cold months, one of the biggest concerns I hear when showing rentals for my clients is "what is the heating cost?" Here are some excellent tips whether you rent or own to try and keep your winter heating bill to a minimim. Do you have any other tips?

See on www.zillow.com

Enhance Your Home’s Safety and Increase Its Market Value: 5 Easy-to-Implement Upgrades

See on Scoop.it – Landlord tips and housing news

Remodeling your home to increase its market value isn’t as easy as it was during the housing market’s heyday.

Lori Hartjoy‘s insight:

Not only may these tips increase market value, but they will pique renter interest as well if you offer them as features in an income producing property. Do you have any other suggestions on safety tips that would make your home more appealing?

See on www.sundaybell.com

Oregon Residential Landlord-Tenant Law – Limits Use of Public Records

See on Scoop.it – Landlord tips and housing news

Lori Hartjoy‘s insight:

Big changes are on the horizon for Oregon landlords who screen tenants. Beginning Jan. 2014, there are l imitations on some of the public records that you may be relying onto base your decision to rent or deny. This wonderful article from the floks at Moco Inc., highlights what you will need to know and be aware of in the near future.

See on www.myscreeningreport.com

DIY Industrial Curtain Rods

See on Scoop.it – Landlord tips and housing news

DIY Industrial Curtain Rods – Curtain rods are one of those things that can really use up your decorating budget fast – especially if you need extra long ones.…

Lori Hartjoy‘s insight:

Whether you’re a landlord who provides window coverings or a tenant looking for economical ways to keep those curtains up and in place, this is a great tip! I may do this myself. Looks like they will handle my 3 toddlers pulling much easier than the old aluminum rods and hooks. My 3 yr. old has broken so many of those Ive lost count. Do you have any creative ways you’ve hung window coverings with? I’d love to hear them!

See on www.hometalk.com

Top 5 Things to Look for When Moving Into a New Place

See on Scoop.it – Landlord tips and housing news

Everyone has heard of horror stories where someone was cheated out of their
security deposit. Tenants need to document the condition of the property
when moving in to help ensure this does not happen to them.

Lori Hartjoy‘s insight:

I absolutely loved this checklist. Just the other day a prospect came in complaining how they had left a rental in better condition than when they moved in and how the landlord had kept most of their deposit. My absolute favorite – check the top of the fridge. The other that is not mentioned is the window tracks. As a renter myself, I had a landlord that charged me for 4 hours of cleaning the metal window tracks after I left. I had vacuumed and could only assume that they hired someone with a Q-tip to clean them to perfection…  Do you have any stories to share?

See on urentguide.com

7 reasons rentals are rocking the housing market

See on Scoop.it – Landlord tips and housing news

Buying a home is 35 percent cheaper than renting in the long term. Still, an increasing percentage of Americans are choosing to sign a lease rather than a deed.

Lori Hartjoy‘s insight:

Rental Housing is still booming while the home purchase market remains rocky. Are you targeting the right crowd for your income property? Check out these stats:   

 

"Last year, 36 percent of the country’s 18- to 36-year olds lived with their parents — the highest share in at least 40 years, according to a Pew Research studyreleased in August.

 

Experts believe those millennials will eventually move out, but they’re not going to jump straight from mom and dad’s couch into home ownership. "Those young people are probably going to rent before they buy," says Jed Kolko, a housing economist with Trulia."

 

Millenials are much more technology inclined and will most likely do internet searching and rely on word of mouth for referrals. Make sure you’re doing your homework!

See on theweek.com

Local apartment rents continue climbing

See on Scoop.it – Landlord tips and housing news

With demand strong, landlords in King County expect to increase rents by an average 3 percent between September and March, according to a local research firm.

Lori Hartjoy‘s insight:

Some amazing rent growth in the Seattle region, even during the slow moving cycle. Plus, they have been adding new rentals to the market. What is the cause? Relocation! In our own little neck of the woods it is common to see a slight decrease during Oct – Mar. by about 1 to 1 1/2 % as landlords try to keep their income property filled. What do you think about the last 12 months for Seattle and the forecast for the upcoming year? 

See on seattletimes.com

Money — the crisis Washington’s ignoring

See on Scoop.it – Landlord tips and housing news

One of the most amazing stories right now is the failure of either President Obama or Congress to address the monetary crisis. This is the crisis Joe Six-Pack feels when…

Lori Hartjoy‘s insight:

I loved this article. It clearly and in plain english explains why so many more people are feeling their budgets tighten as the dollar does not buy as much. Is a collapse imminent? possibly – Feel free to read on and see what your take on our country’s monetary situation is now and in the coming future. I sure don’t get warm fuzzies about stability when I read it…

See on nypost.com

State to reduce food assistance to low-income residents

See on Scoop.it – Landlord tips and housing news

Washington state officials want low-income residents to be prepared for a reduction in food-assistance benefits.

Lori Hartjoy‘s insight:

Remember that article from a few days ago that showed that those with the lowest incomes were already alloting 40% toward housing and were spending less elsewhere?  Well, it looks like they’ll have to make do with even less for food in the near future… As a landlord, how will this affect some of your residents? Do you think they will have trouble making ends meet?

See on www.keprtv.com

Terrible real estate agent photographs

See on Scoop.it – Landlord tips and housing news

Inexplicably bad property photographs. It’s that simple.

Lori Hartjoy‘s insight:

They say a photo is worth 1000 words… in some cases – they were better using none. Make sure if you’re adding photos to any kind of classified ad that the photo looks good. Otherwise, you’re just driving potential buyers or in this case renters… away…

See on terriblerealestateagentphotos.tumblr.com