My Rental Property Coach

Evicting a tenant can be a stressful, tedious process if you aren’t sure of the proper steps to take. There are all kinds of situations that can lead to an eviction but the most common one is missed rent payments. The First Steps If you find yourself in a NSF situation, meaning that there are N on- S ufficient F unds in the tenant’s bank account – or they have failed to send the rent at all, things can go one of two ways; they can go well (the tenant pays you for the missed rent and NSF charge in a timely manner) or, not so well (the tenant misses this payment entirely and possibly more rent payments). If things go in the latter direction it is very important to act. The first step is to send them a default notice . If they don’t respond to that by paying you the missed rent, the second step is to start the eviction process . Don't Delay This is where some landlords make the mistake of using their heart and not their head. You hear all the t...

  Talk to any landlord and they’ll likely have a tenant horror story to tell – myself included! When you buy your first rental property and become a new landlord, tenants are one of the most important factors to consider. Not only will they be looking after your property for you, they will also be paying it off and ultimately building your wealth in real estate. Your ability to attract and keep great tenants will determine whether your rental property investment will be successful so it’s important to know the basics. ADVERTISING Writing a detailed advertisement has two purposes: it allows you to describe all of the benefits of your rental property and it’s also the first step in describing the type of tenant you are looking for. You can be clear about whether you allow smoking, whether you allow pets, the amount of rent and damage deposit expected and the length of lease term you are looking for. With all of this information available in the ad, you have already narrowed the f...