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Renting out your house is a great way to get started with real estate investing. Before you begin, you will have to prepare your home for tenants, and that can require a little more work than you might expect. But knowing what to do (or having a good property management partner on your side) can help you get through the process easily and quickly. 

Perform Maintenance and Repairs

Your new tenants will expect the house to be move-in ready, so make sure the home meets rental property safety standards. This is a good time to test or install smoke detectors in bedrooms, the kitchen, and on every level of the house.  (more…)

A lease is a legal document that outlines your role as a property owner and the rules that will govern your tenants. Because you’ll use the lease to protect your property and secure your relationship with your tenants, it’s important to make sure the document is as thorough as possible. With this in mind, make sure your lease addresses the following topics. 

The Parties Involved in the Transaction

When you want to create a lease that follows Maryland landlord/tenant laws, it’s important to specifically mention the property and parties involved in the contract.  (more…)

As you get started with your first rental property, you’ll discover that several areas need your consistent attention. Keeping track of every facet of property management can feel overwhelming if you don’t take the time to prepare. Use this guide to develop a plan you can follow consistently. 

Market Your Vacancies

A vacant rental property will increase your losses on a daily basis. To avoid this situation, create evergreen marketing materials that you can promptly publish each time a tenant vacates your property. (more…)

As a first-time renter, there are a few things you need to know before you sign that first lease. Taking the time to learn about your role as a renter can help you establish yourself as a good tenant, and you’ll protect your rights. On that note, the following guide will give you a good head start toward renting your first apartment.  (more…)

The security deposit you charge new renters can be useful in many ways. If a tenant damages the property or skips out before the lease has expired, the security deposit can offset your losses. But what happens if a tenant can’t pay a month’s rent? You may wonder whether you can — and should — use the deposit to cover a month’s rent. (more…)

As a property owner, you may need to raise the rent on your investment properties from time to time. Increasing the rental rates for your properties can ensure you stay competitive and keep your properties profitable. But it’s not always easy to know exactly how to go about raising rent.

Here is what you need to know on how to raise rent while maintaining positive relationships with your tenants and pricing your property within market trends.   (more…)

Once you have successfully evicted a former tenant, the next challenge involves removing their property. Unfortunately, Maryland law does not permit you to simply put their belongings out on the curb. Doing so can give the tenant the right to sue you if their property is stolen or damaged.

Instead, landlords in Baltimore should follow these key steps to legally dispose of a tenant’s property after they have evicted them: (more…)

Landlords and private homeowners are both property owners who have similar investment and legal obligations. The key difference, of course, is that landlords rent out their properties to others while homeowners generally reside on the properties they own.

When it comes to insurance, a few crucial differences between landlords and property owners need to be taken into consideration. Here are just some of the differences between the insurance standards of landlords and homeowners. (more…)

The opportunity for profit is one of the primary reasons why property owners, such as yourself, choose to rent their spaces to tenants. However, you must manage your expectations and carefully strategize so that you can scale your rental property income without leaving any of your expenses uncovered.

Calculating Cash Flow From a Real Estate Perspective

First and foremost, “cash flow” refers to the pattern of movement that money makes in and out of your rental business. The cash flowing in is the rent your tenants pay, and the cash flowing out is likely a combination of maintenance costs, mortgage payments, taxes, utilities, and other expenses. Whatever is left unaccounted for can be considered your profit. (more…)

As a property owner and landlord, you are responsible for making sure that any necessary repairs on your rental property are conducted promptly and efficiently. However, maintaining that responsibility can be difficult, especially if you own multiple properties or work other jobs in addition to property management. 

Tips for Managing Requests for Repairs

If repairs aren’t made in a timely manner, your tenant’s safety could be in jeopardy, and you could end up with legal trouble on your hands. Therefore, In order to set yourself up for success when fulfilling your tenants’ repair requests, take the time to consider the following helpful tips: (more…)