cash flow

When it comes to living in a historic property, there is a lot to like. But one thing that can be notoriously problematic, is the lack of closet space. Built in an era where amoires were commonplace and people simply did not own as many possessions, architects in the early 20th century didn't often pay much attention to bedroom closet space. Short of a gut rehab or building a new closet in the existing...

You've been trying to lease that apartment for weeks and you finally have an appointment for a showing. The prospective tenant shows up and says how much they love the apartment. Flash forward a few weeks later and the apartment still hasn't been rented and you are still losing money. What went wrong? Was the unit not right for the prospect? Maybe, but it might also have been you. One of the hardest...

One of the most dreaded events in the life of a landlord is when you have to give a tenant the boot.  Whether it's because they don’t pay rent on time, tear up their unit, or cause some other nuisance, bad tenants can turn a profitable rental property into a property management nightmare. Eviction and Cash for Keys can be good options for handling the getting rid of the worst violators, but many times...

Getting unwanted tenants out of your apartment units can be one of the most frustrating experiences a landlord can go through. Whether they need to leave in order to rehab the unit or you want them out because they aren't paying their rent, its not a fun experience. You just want them out as soon as possible. The most common method used to do the job is the eviction. An effective method, for sure, but an...

So you're a landlord who has decided to allow pets into your apartment. Even so, that doesn't mean you should simply allow any pet to stay at your property. To ensure the safety of tenants, other pets in the building and your property, you should always run a background check on a pet, just like you would a tenant. So what are the ingredients to a good pet policy? Breed The first thing you need to do is...

According to Webster’s Dictionary, a landlord is “the owner of property that is leased or rented to another.” As any longtime rental property owner can testify, being a landlord isn’t always a popular job. Tenants and neighborhood residents alike, often treat them with disdain. However, not all landlords are created equal. Whether local resident or cross-country investor, quality landlords can do...

When it comes to managing apartments, keeping your rents at market rates is key to maximizing your profit potential. But even the most disciplined landlord will occasionally find they are selling themselves short on their rents. Whether this is because a specific tenant has occupied a given apartment for a long time, or expenses have risen, you might encounter the need to raise rents. Luckily, as long...

Own real estate in the City of St. Louis? If you do, you probably hate paying that annoying 1% earning tax on your income, but at least that helps to cover trash collection fees for you right? Sadly, not anymore. The St. Louis Board of Alderman recently passed a bill, which returns trash pickups to two times a week and adds single-stream recycling bins in alleys. This containers are just now showing up...

When leasing apartments, there are some features which have become standard over the years, which were once luxuries. Refrigerators and central air come to mind as good examples. Where once only the best apartments provided these for tenant-use, now only lower-tier units fail to. One feature that seems to be graduating from the "upper-end feature" category is washer and dryers....

Although laws regarding them are quite clear, a lot of landlords seem to forget that security deposits are to protect against property damage. Upon the termination of a lease, if a tenant returns the property in the same condition as when they moved it, the deposit has to be returned to them. Deposits are not rent and cannot be kept without cause. Following recent local headlines on the matter and a...

Shotgun-style units are a dime a dozen in South St. Louis. I don't understand how anyone ever thought they were functional, regardless of the era they were built. Perhaps we can point to the invention of air conditioning and the fact that we take privacy for granted these days, for the changes in layouts. Regardless of why they were built that way, the question of what to do with these "less than ideal"...

Since the market began to slip in the mid-2000's, it has become harder and harder to get favorable appraisals. Especially on investment oriented properties, such as multi-families and rental homes, with so much of the local market dominated by foreclosures and cash investors.  When there are no comparables to be found, most appraisers are going to look at things from an income approach. They are going...

When it comes time to purchase a home, most homebuyers fail to consider the path of purchasing a multi-family. Whether this is due to the belief  that they can't afford it, that they can't compete with seasoned investors, or something else altogether, most people don't give the matter much thought. By doing so, they are missing out on a unique and profitable opportunity.  With current FHA 203k lending...

One of the most awkward situations a landlord can face is informing a tenant that they will not be renewing their lease. Whether the tenant has been in the apartment for one year or ten, it can be a delicate matter. Proper management of the situation will help to avoid lack of final rental payment and property damage. Following these tips will help to make the situation easier: Send the tenant a letter...

An often overlooked side of owning investment property, is how to manage the property in the most efficient way. Simply throwing in any tenant and letting the property sit idle could eventually lead to major troubles. Although, some things take time to employ, in the long run they can make your life a lot easier. The following are a few tips to help your investment run a smoothly as possible:...