Archive
Issue the pay or quit Do you know what the first step should be for you as a landlord if you did not receive payment from your tenant this month? The answer is: issue the pay or quit letter. Landlords in our area typically have their residential leases set up so rent is due on the first and late after the fifth of each month. Our leases are not that way. In our contracts, rent is due on the...
Are you handy? Do you have construction skills? If you do, that’s great. But just because you do, does that mean you should work on your rentals yourself? For me, the answer to that question is ‘yes’ … most of the time. Now that may come to you as a shock, especially since I just wrote you last month in a column titled “Should you do it yourself” where I left you with the conclusion that it’s...
The best way to maintain your assets Let me ask you a question. Is a rental house an asset, or a liability? I ask this question a lot and most of the time people say a rental house is an asset. When I ask them why, they kind of shrug and say that they just assume that it is. Well, for us to decide one way or the other, we need to know the difference between an asset and a...
We don’t do short term rentals “Mr. Insurance man, we don’t do short term rentals.” This was an actual conversation I was having this week when we got approached by an insurance company looking for a rental for one of their clients. The client’s situation was they had had an accident that had destroyed their home. And when I say destroyed, it was a total loss. They were...
Do they understand why? In the book “Extreme Ownership: How Navy SEALs Lead and Win,” the author Jocko Willink describes a time when he and his team were put into a situation that they didn’t like. Jocko’s unit was conducting missions in the battle for Ramadi, Iraq and they had been doing well. But then a decree came down from the higher ups that said that the SEAL unit must take an Iraqi...