Rental property can be easier than owning a home, but it requires its own special set of circumstances. Whether you’re the renter or the landlord, look at the articles, columns, blog posts, radio shows and videos for more information about rental property.
Landlord Keeps Deposit On Apartment
A landlord does not return a deposit that was put on an apartment. A would-be renter should only make a deposit if there's a clear statement from the landlord as to what will happen to the deposit if you don't rent the apartment. Without this information up front, the landlord should not keep a deposit.
Termination Fee To Break Apartment Lease
A renter hopes to buy a home but is charged a high termination fee from their current landlord. Unless it is included in their lease, the landlord is not obligated to release them from their lease. The best strategy for the renters is to try to find someone to take over the current lease.
Renter Wonders About Condominium Rent Increases
As a renter you may not be sure how much your landlord can increase your rent by each year. How can you find out if your city has any rules or regulations about rental property rent increases? You can contact your city government or check the original rental agreement or lease.
Sellers Want Preapproval Letters From Buyers
Some property owners run into trouble finding qualified buyers to purchase rental properties. To protect yourself when selling property, request a preapproval letter from potential buyers stating that their lender has committed (in writing) to funding the buyer's loan provided the home appraises out in value. Be careful it is not a pre-qualification letter, which is not a good indicator of whether the buyer will ultimately be able to secure financing.
Use Investment Property Cash Flow To Pay Off Primary Mortgage
When you buy investment property you want to take in more money than you spend on the mortgage. When you have positive cash flow on an investment property you can take that extra cash and use it to pay off the mortgage on your primary residence. Once you've paid off the mortgage on your primary residence you can save money to use toward maintaining the other properties and eventually buy another investment property.
Incorporating Rental Property
What are the advantages of putting rental property into a solely-owned corporation? Can incorporation somehow help pay down a mortgage faster? Owning a property in a corporation may protect you from certain liabilities.
Modular Rental Unit On Neighbors Lot
A homeowner has a neighbor who is adding a modular rental unit to their lot. The homeowner is worried the rental unit will decrease the value of their home. They might be able to talk to the county building and zoning departments about whether there are any land use restrictions in place for the community.
Rental Property Owners Need Real Estate Attorney To Protect Investments, Limit Liability
Owners of rental property should consult and retain a good real estate attorney to protect their investments and limit liability. There are multiple avenues rental property owners can use to find a real estate attorney to help protect investments and limit liability. Calling your local bar association is the best way to find a real estate attorney, protect your investment, and limit the liability that comes with owning rental property.
Protecting Yourself from Liabilities at Rental Property
There are various ways to protect yourself when owning rental property. But first you have to determine which types of liability you're vulnerable to at those properties. You may want to look at an umbrella policy for your rental property investments, or have a separate company own each property.
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