Posts Tagged being a landlord
How to Handle the Abandonement of Personal Property in a Rental Unit
Posted by Top Home Loans in Mortgage Advice on January 6, 2009
As a landlord, sometimes you will have to deal with tenants deciding to move out in the middle of the night. Usually, they will take all their belongings with them; however, sometimes they will leave things behind. Unfortunately, you cannot throw out the left over items in the unit. Different legislation will require you to store the items for a certain duration of time. In some locations, when the landlord removes the goods from the rental unit, the landlord must the store the items in a safe place for a minimum of 60 days following the date that a written inventory of the unit was completed and archived. The landlord must also keep particulars for 2 years of the disposition of the property and for 2 years following the date of disposition. If a representative of the tenant requests information on the property that was stored in the unit, then the landlord is required to tell the inquiry about the disposition of the inventory.
If the property has a total market value of $5000 or less, then the cost of storing, removing, and selling the goods would actually cost more than the goods are worth or if the property is unsafe or unsanitary to store, then the landlord may dispose of the goods in a reasonable manor.
If a tenant returns to claim the personal property before the time that the items are disposed of the locations legislation, then the landlord may request reimbursement for reasonable costs associated with the storing, removing, and transporting of the goods. The landlord may also request that the tenant make good on any amounts payable by the tenant to the landlord under the Residential Tenancy Act or a tenancy agreement.
If a tenant makes a request to regain possession of the goods; however, the tenant refuses to pay the amounts outstanding, then the landlord may dispose of the personal property through following the regulations of the location.
Make sure to review any and all details of the legislation in your location before proceeding with the disposal of any personal property abandoned on one of your rental units, and do not hesitate on requesting reimbursement if the tenant returns.
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The Landlord’s Market, and What you Can do to Capitalize on this Emerging Market
Posted by Top Home Loans in Economy, Mortgage Advice, Property Management, Real Estate on January 4, 2009
With the events over the last year in the real estate market, more and more people have gone out of the real estate market entirely or have gone into foreclosure. Less buyers and more sellers is a reality of today’s market, and house values continue to drop; however, with the fall of house values, it could be a great time to start property management. Rent rates have continuously stayed constant, and with more and more people fleeing the real estate market, then it could be a good time to purchase rental units at rock bottom prices.
What you Need to Know about being a Landlord
Being a landlord is a great way to position yourself to earn residual income as well as capital growth in the long term. Being a landlord should not be confused with a get rich quick scheme or something along that lines. It should be viewed as a viable long term income stream that you are willing to invest the time and effort to ensure that you are successful. If you are considering managing several properties or properties that are away from your home, then you may want to hire a property management firm. Property management firms will look after your property and collect the rent; however, this may reduce your overall incomes from the property.
The disadvantages of using a property management company or individual could be the following:
- High costs that could consume up to 25% of your rental income.
- The company may put less priority on marketing your rental property. This may cause an increased duration of time that your property is not rented.
- Substandard service to the rental property due to lack of time or resources from the property management firm.
If the property is some distance from where you live, then you should definitely hire a property management firm. This is because it is extremely difficult to manage a property from a distance. It is hard to maintain, hard to collect rent, hard to bring in perspective tenants. If you can manage the property yourself, then it may be in your best interests to become the landlord yourself.
In future articles, we will be providing you with all the knowledge that you need in order to manage properties on your own. From marketing to managing your tenants, we will provide you with all the knowledge you need.