rents

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...

One of the most frustrating things I come across in the rental business is poorly managed apartments. I'm not talking about bad property management companies (that's a whole other story), but bad landlords. The biggest issue is that everyone seems to want to have their cake and eat it too. Too many landlords seem to be under the impression that they can put a run-down, dirty rental unit on the market and...

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...

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...

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...

One of the most important things every investor needs to do before purchasing a property is a profitability analysis. At first glance, many deals seem great, but upon further review turn out to be anything but ideal. You just can't tell for sure until you do the numbers. That's where this spreadsheet might come in handy. If you have Microsoft Excel (or OpenOffice), this financial spreadsheet is a good...

When many investors are looking for their next rental property they have a tendency to ignore a vast majority of the current inventory on the market. The trait that these properties share in common is that they are single bedroom units. Landlords tend to shy away from them for fear that they won't be able to pull in the rents they desire. If you can relate to this standpoint, just as with avoiding...

Despite the gloom and doom touted by the media, right now is a great time to be a landlord or real estate investor. You're going to have a tough time if you're trying to sell, but the current buyers market is opening up some real deals. But this fact is by no means a secret. What seems to be less recognized is how much our local rental market is improving in response to these current market changes....

According to forecasts.org, as of today, the rate of inflation in the United States is 4.12%. That's really high! Whether you live in St. Louis, the East Coast or Juneau Alaska this affects everything from the cost of a gallon of gas to your taxes. Money is worth less so it takes more of it to buy any product....

Trash is never-relenting enemy in urban areas. Your tenants can be the cleanest on the block, yet trash will find a way into your yard. Those "free" newspapers that seem to appear out of nowhere on your front porch are a particular pet peeve of mine. Regardless of where it comes from, it needs to be taken care of. You'd think people would realize that by now, but I find myself constantly astounded at how...

*NOTE - This article was originally written in May of 2007 for the newsletter. Working with investment real estate offers me an opportunity to talk shop with all kinds of landlords and view all types of apartments, across St. Louis. One thing that always astounds me, is the lack of quality rental units in town. There seems to be a perception that there is no market for quality apartments. In my...