It is typical to have seasonal maintenance for rental properties. One of the most important tasks for landlords and property managers is to keep the property in good shape for the renters and preserving the quality of your investment. Below is a list of rental property checklists organized by season to help prevent issues before they arise.
Spring/ summer rental property maintenance checklist
Spring/ Summer brings the promise of better weather to come but also the threat of HVAC problems, among other things. However with a little preparation, property owners can combat impending spring time maintenance concerns.
1. Inspect the roof
2. Replace or fix screens
3. Keep doors and window locks secure
4. Clean exterior vents
5. Clean gutters
6. Service the HVAC
7. Spruce up curb appeal
1. Test all emergency alarms
2. Test the thermostat
3. Inspect the attic
4. Check ventilation
5. Inspect the pipes
Fall/ winter rental property maintenance checklist
fall/ winter means the holiday season is approaching, but so is freezing weather and the need for heaters. However here are a few ways to be prepared in advance.
1. Check for roof damage
2. Clean the gutters
3. Winterize outdoor spigots and hookups
4. Chimney cleaning
5. Prepare for snow removal
1. Prevent frozen pipes
2. Reverse ceiling fans
3. Service water heater
4. Look for water damage/ leaks
5. Prevent rodent infiltration
How to budget for routine maintenance
Both routine and emergency maintenance are something to plan and budget for. So what is the best way to anticipate expenses for rental properties?
• The 50% rule- this formula plans total operating cost to equal about half of the total rental income. This includes repairs, taxes, insurance and administrative services.
• The 1% rule- this helps investors plan for their years average cost of maintenance needs to be 1% of the value of the property.
• Square footage rule: this means you expect to pay $1 per square foot in annual maintenance needs.
As you can see all these will average around the same price. However take in to consideration that this could vary based on the age and condition of the home or property.
Preventive maintenance is one of the most important tasks for landlords and property managers. It requires a year around effort to maintain vital systems and prevent costly repairs. Many landlords opt to leave complex inspections, maintenance repairs, and other administrative work to the professionals. All County Property Management group can help you with keeping your investment in tip top shape! To find out how we can help you more please give us a call today!
5 Traits of Landlord Friendly States
In all states, landlords must abide by local and state laws. some states have laws that are more favorable than others. Consider these factors when evaluating which states will be best for your investment.
1. Property taxes and insurance rates
2. Regulations, licenses and compliance
3. landlord-tenant rights
4. Eviction Processes
5. Competition in the area
Take the time to research tax history on any potential investment properties. As housing prices and competition continue to grow, it’s important to factor in these added fees. All of these will make a difference to a investors bottom line.
Regulation, licensing and compliance
Many states require that property owners obtain special licensing. While this is normally an easy process it does take time and money. So it’s generally a good idea to research which states charge the lowest for these documents.
Landlord- tenant rights
Both landlords and tenants have rights in every state. However choosing a state that is considered landlord friendly means that more of these laws will favor the property owner. In order for you to run a successful rental property you want to stay clear of states where the laws generally side with the tenants.
No one wants to go into this process thinking about eviction but unfortunately as a property owner it’s something you should be prepared for. Of course when a tenant become a problem the property owner wants to know that they can remove the tenant in a timely manner. However some states make this process easier than others. So research local eviction processes in your area of interest.
The number one rule of real estate is location, location, location! However In landlord friendly states you may be facing a lot of competition! It would be wise to review the rental rate, the number of properties on the market and the real estate trends in the area.
10 landlord friendly states
Although taxes hover a bit higher than in other areas, landlord-tenant law is surprisingly friendly in Texas. The Lone Star State has many attractive advantages for landlords, including a system that seeks to preserve owner rights. Therefore, landlords with a legal and well-drafted rental agreement will have an easier time handling lease violations, evictions, non-payment, and complaints. In fact, landlords looking to evict a tenant for non-payment only need to issue a 3-day notice! Additionally, Texas law is lenient on how much landlords may charge as a deposit and whether repairs need to be completed when a tenant is behind on rent. So, Texas is one of the top landlord-friendly states in the country.
The best way to manage a property in any state!
If you choose to invest in a landlord friendly state or not, we hope this has helped opened your eyes to the benefits of it. It has also been shown that the best way to maximize your profit and see the most return in your rental property is by hiring a property management company.
The experts here at All County Property Management in Fort Worth will help owners in navigating laws, finding tenants, lease contracts, maintenance, marketing and more! We have a friendly staff to help guide you along the way so give us a call today!!!
Where do I begin!? The short guide to investing in rental properties!
Investing in a rental property has been a very lucrative business for many investors that can provide you with a steady and consistent cash flow. The Key to being successful in this business is becoming familiar with the process of buying an investment property.
How do Investment properties make money?
Landlords who rent out their properties make money when their tenants pay rent and whenever the property’s value appreciates. There is also tax advantages for rental property investors!
Positive cash flow
This is the main goal of any rental property investor! This will require you to calculate the net operating income. This means reviewing the total rent coming in minus all expenses. The result of this calculation should be a positive number. Some expenses to consider are-mortgage and interest payments
-property management fees
You will benefit from certain tax advantages when investing in a rental property. One is through depreciation. This allows owners to offset maintenance and expenses as well as mortgage interest.
Some investors plan to hold on to their property for a certain amount of time, in hopes it will appreciate so they can sell at a profit. However this is not guaranteed. Something that may effect this include, population growth, fixed supply and equity.
Every month that you collect rent those funds contribute to the paying down of principle mortgage. So over time more equity is built up as the tenants rent payments, pay down the principle.
What to do before investing in rental property
1. Evaluate your personal finances
2. Start at the bank
3. Research potential areas
Personal finances: though this can be a very lucrative investment, it can be recommended to have at least 6 month in bills in case of emergency.
Start at the bank: Often times banks will have a difference process when it comes to getting a mortgage for rental or investment properties. It is smart to start with talking to your local banker to see what that process entails.
Research you’re area: when researching your desired area some factors to consider include average rental rates, how many competitors are on the market. Which neighborhoods will be the most lucrative, the schools, crime rate, and job opportunities?
Investing in a property management company
Very successful property managers rely on a property management companies to handle the day to day dealings of owning a rental property. This will ultimately save you time and money. Some benefits that are provided by property management companies include tenant screening, market properties, rent collection and property maintenance. So if you own multiple properties it may be hard to juggle all your properties on your own. That’s where we come in.
All County Property Management offers comprehensive rental management services for our property owners. Call us today to see how we can best help you in owning a successful rental property.