Category Archives: residential lease

With it formally being the season known as getting all my files together to do my taxes, I’m reminded of all the technology solutions I use that in our business. It turns out there a lot of them. My favorite tool for keeping up with all my receipts is Expensify. At this point, I honestly don’t know how I’d keep up with any of my receipts without it. The program (which is free) lets me forward any by e-mail any digital receipt to my account. I can also take a picture […]

When I have a new property to rent, I try to advertise my listing just about everywhere. And I mean everywhere online. Just like advertising for employment, more advertising for new properties for sale or rent are all done online these days. And I swear, in just the few months in between rentals coming on the market, one venue will disappear and another will burst on the scenes. If I were to advertise a new property today, here’s what I would do: Put Out a Sign with Flyers. First thing […]

Besides being a general pain in the ass, moving residences can also be exceptionally expensive. There are many costs and fees that go into securing a new place. In addition to the time and emotional energy, tenants must also pay up front many non-refundable fees like application fees, pet fees, parking passes, and security deposits. These fees are usually on top of the other expenses, such as the costs of setting up new utilities, storage units, professional cleaning, and renting a truck to move personal belongings. Security deposits where renters […]

As a landlord, your responsibility under the law is to provide a safe, livable home. This is under the legal doctrine called the “implied warrant of habitability.” This is a pretty broad st,atute, but it basically means the property should have: Heat (and air conditioning, depending on where you live). Water (hot and cold). A roof that doesn’t leak and won’t collapse and hurt your residents. An inside of the home that is free from known environmental hazards like unsafe electrical outlets, lead paint, or asbestos. Safe floors that can hold […]

It used to be all tenants paid their rent with a check or money order and there really just weren’t a lot of options. However, that was before online banking. Now with the ease of smart phones and the Internet, it’s very easy to request, send and receive money electronically. There are so many services out there these days. As landlords, we take them all. Our philosophy is that we want to make it as easy as possible for our tenants to pay their rent on time. So long as […]

No matter how “hot” the market is, the competitive is always stiff when it comes to attracting and retaining good tenants, meaning tenants who will pay their rent on time and care for your property as if it were their own. That’s why it’s important for landlords to think through what amenities to advertise to tenants. Amenities are a great way to attract potential renters through marketing your property; however, keep in mind whatever you offer, you’ll have to maintain going forward (unless you specifically say that you won’t be). […]

There is no exact science to setting the rent. All units, blocks and neighborhoods are a little bit different so it makes it hard to compare apples to apples. What I do when it’s time to set the rent, is I look on platforms like Zillow to see comparable monthly rents for nearby properties. I also sometimes include sales comps as my general rule is monthly rent is about 1% of sales price — more or less. You can do this yourself or a friendly realtor can help run some […]

As a landlord, the most important thing is having someone take care of your property and pay rent in a timely manner. Empty properties cost money. Evictions cost even more money so it’s important to do your due diligence to find good tenants. Good tenants – people who pay their rent on time and take care of your property – are like gold so it’s important to take care of them. Taking care of a tenant means making timely repairs and dealing with other issues they have, such as problem […]

Here are generic more questions to ask your landlord when deciding to rent a home. How much income do I need to rent this unit? How will you verify this information? The industry rule is 2.5 times your monthly income. That means if you earn $2500 a month, you can safely afford a unit that costs $1000 a month. How much is the security deposit? The security deposit is typically one month’s rent. Texas law requires landlords to give tenant back his or her security deposit within 30 days along […]