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How to Rent Your Former Home

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Renting a home can provide far greater returns than selling a home. Aside from the tax benefits, you can also accumulate long-term wealth by investing in a rental property.

However, when renting your former home, one thing could get in the way of your success – your emotions!

Our homes are filled with memories. They serve as the backdrop of the families we’ve built, parties we’ve thrown, and the friendsgivings we’ve hosted. It is where we retreat to when we’re worn out, when it storms, and when we’re sick. All these add to an emotional connection to our homes. (more…)

Using the Cap Rate to Make Your Investment Property Decisions

Ways to use a Cap Rate in Real Estate

Real estate investing is undoubtedly one of the best and safest ways to make money compared to shares and stocks. In fact, 90% of the world’s millionaires are involved with this particular activity.

Of course, not everyone who invests in real estate will see amazing results or even results at all. The key to successful real estate investing is knowing how to properly find and evaluate a property.

Now, there are four main ways to calculate the profitability of a real estate investment. These include cash on cash, net operating income, the rate of return, and cap rate. In this article, we’ll focus entirely on the cap rate. (more…)

Raising the Rent on Your Tampa Rental Property

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Telling your Tampa tenants that you are raising rent is undoubtedly among the most stressful moments of the rental property journey.

Be that as it may, even if the price of rent does go up, not all of the rent changes have to be dreadful. You just need to have a good plan!

In this article, we’ll cover everything you need to know about raising the rent on your Tampa rental property. From the reasons why an increase in rent may be necessary to how to handle backlash and everything in between.

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Best Areas in Tampa to Invest In

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Are you an investor looking to buy and rent out single-family homes? If so, the Tampa Bay area is a good place to do it. In fact, Tampa finished third on Business Insider’s list of the best cities to invest in real estate for the second consecutive year.

So, why is Tampa ranked so highly for real estate investing? Here is why:

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Best Questions to Ask When Hiring a Property Manager

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It takes talent and distinct skills to become a successful property manager. Not everyone is cut out for it.

So, when searching for a property manager, you want to ask the right interview questions:

 

1. Is your property management company established?

You don’t want to risk your valuable rental asset to a company that’s doesn’t have the necessary experience. You want a manager who brings value to the table. For example, professional relationships with insurance companies, HOAs, maintenance vendors, etc.

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What’s the Difference Between Landlord and Tenant Insurance?

Often, the question gets worded as something along the lines of, “I own a duplex and live in one side and rent out the other side, what type of insurance do I need?”  Other times, we may be asked, “I own a single-family home that I rent out to a tenant, my tenant doesn’t need insurance because my insurance covers their items, correct?”rental-home

 

No matter how the question is asked, the answer usually not as simple as yes or no.  In today’s world, ensuring you have the right insurance coverage to protect yourself (and your tenants) is crucial.  A local agency here in Tampa, Omega Insurance Agency, provides the following valuable information to explain the details a little further.

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Top 5 Questions to Ask Potential Tampa Tenants and What Not to Ask

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Every landlord wants awesome tenants. These are the tenants who keep the place clean, pay rent, report maintenance issues, and don’t complain often. However, as most landlords in Tampa can attest, getting such a tenant isn’t an easy task.

Getting a good-quality renter requires a lot of homework. And, most of this homework involves screening each and every tenant to determine their suitability to rent your property.

Typically, a good screening process involves doing such things as checking out every prospective tenant’s criminal records, income sources, rental references, and credit report. Also, key to the success of screening potential tenants is knowing what questions to ask. (more…)

5 Landlord Tips to Have Better Relationships with Your Tampa Tenants

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Every Tampa landlord knows that a high tenant turnover is detrimental to their bottom line. That’s why many focus on building a healthy relationship with their tenants.

When you have a good relationship with your tenants, you can rest assured that there will be minimal problems to deal with. Besides, a good relationship will directly impact your lifestyle, comfort, and finances.

The following are 5 tried-and-tested tips to better your relationship with your Tampa tenants.

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The Importance of Performing Inspections at Your Tampa Rental Property

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No matter how thoroughly you screen tenants, routine inspections are a must for any Tampa landlord. Routine rental property inspections will help you realize the best possible rental income, protect your investment and maintain your property in good condition.

There are five types of rental property inspections that you should be doing at your Tampa rental property.

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Security Deposit Laws in Florida

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In Florida, many residential rental agreements or leases require a security deposit. Usually a month’s rent, a security deposit is a dollar amount that’s collected by the landlord to protect against property damage due to a tenant’s negligence or carelessness.

When it comes to security deposits, Florida landlords and tenants both have certain basic rights. These rights are specified under Florida landlord-tenant law. Landlords must comply with these laws when handling a tenant’s security deposit.

Here’s a quick rundown of the security deposit laws in Florida.

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