Many landlords that we talk to have the misconception that their tenants are necessary evils that come with owning rental property. Instead, you should be looking at your tenants as valuable customers. Think about it: if they are paying an average rent of $1,300 a month, then that equates to over $15,000 per year. In any business, $15,...
There are five common mistakes that a lot of Minneapolis landlords make, and today I am going to let you know what those mistakes are, so you are less likely to make them yourself.
Security Deposits
In Minnesota, we have 21 days to return a security deposit with interest, or provide a disposition of the deposit. This is an important de...
It’s possible that the piece of investment property you rent out to tenants was once your own property. There are different parts of the tax code that apply to homeowners and to landlords separately. One area in particular applies to you as both a homeowner and a landlord. That area is what I am going to talk to you about today. Thi...
Tenant screening is important for several reasons. Most importantly, it allows you to take a thorough look at the renters who want to move into your property and gives you some idea of how they have behaved in the past. You have to pay attention to your screening process and make sure that you have one in place. You also have to make sure...
Today I am going to talk to you about what you should look for when selecting a professional property management company to take care of your rental property. Don’t be fooled by appearances. Anyone can look professional by having someone build a nice looking website or by doing great marketing with radio ads and print ads. Those thi...
We are talking today about how to find a good investment property in the twin cities, and if you already have a property, we’ll tell you what makes it great and appealing to renters. If you are looking for a new investment, location is key. Talk to professionals who understand the best markets to buy new property. You want to buy in...
Today we are talking about two subjects that are oldies but goodies; lead paint and mold. Knowing how to handle situations where there might be lead paint or mold in your property will help you minimize the exposure and harm that they can do to your tenants or to your home.
When you are dealing with rental property, sooner or later yo...
Owning rental property never comes without risks. However, the knowledge of these risks can greatly reduce your exposure to them. With that in mind, we are sharing the top five risks that Minneapolis landlords are faced with today. Here’s the list:
1. Premises Liability
There are lots of things that can happen in and around your p...
Before you begin working with a property management company, you have to understand how the funds are distributed and bills are effectively handled. The collection of rent is obviously very important as well. Utilizing technology has become vitally important to most property managers, particularly when it comes to paying rent and keepi...
Today we are talking about rent, specifically late rent and the eviction process. There are different ideas about when exactly rent is late. Obviously, rent needs to be collected on a timely basis in order to ensure you have a profitable and enjoyable rental experience. Many landlords have a grace period for their tenants to pay rent, ...
