best practice

Best Practices for Inheriting Tenants: Rent, Leasing, etc.

Best Practices for Inheriting Tenants: Rent, Leasing, etc.

When you buy a rental house, it might include tenants in place, and these renters will suddenly turn into YOUR tenants. These tenants are called "inherited tenants.” Inherited tenants may be valuable, as you won't have to immediately spend some time filling the empty unit, and you are going to be getting income from day one. But inherited tenants may also be insecure, since they weren't set in place by you personally, and you do not have a very clear sign of just how well they have been screened or which kind of tenant they are.

What's more, they could have been badly trained by the previous landlord and will have to get re-trained to follow your principles. The exception to the rule is that those renters will be totally perfect, and you will be grateful to have them.

Rental Agreements on Pets: Best Practices

Rental Agreements on Pets: Best Practices

Some landlords think that one pet is one too many in their rental home. If that is your policy, then that is that. But if you allow pets, then you need to have a strategy around how many to let in.

It would be obvious to say that two dogs and three cats, as an example, are a lot of pets to place on a lease. Not to mention the expense of the pet rent to the tenant. But unfortunately, there is not one simple answer for all scenarios. You have to choose how many pets that you will permit, along with guiding lines for how those pets should behave and interact with the lease agreement. You are in luck--here are six tips that will assist you determine the number of pets to let.

Book Summary: The ABCs of Property Management

Book Summary: The ABCs of Property Management

The ABCs or Property Management by Ken McElroy is part of the Rich Dad, Poor Dad series of books. Like most Rich Dad, Poor Dad books this is heavy in anecdotes and inspiration, but light on practical how-tos or step by step instructions.

Most of the book is an inspirational sales pitch for the property management industry. Towards the end book, McElroy gives practical advice on how to pick the right property manager. If you are already a property manager, this book references many best practices, but does little to tell you how to implement them.

My favorite part of the book was the introduction. It outlines the characteristics and mindset of the best property managers.

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