Monitor Utility Bills to Prevent Property Liens
​The Threat of a Property Lien - utility providers and trash services can put a lien on your property if their bills are not paid!  If these bills at your rental property do not get paid, even if they are in the tenant’s name, the service providers can still put a lien on the property for the debt.

​To become a successful real estate investor, follow the ensuing rules of success.   

​Landlords must meet obligations specified in the lease and guaranteed by state law. Obligations require a landlord to have complete access in accordance with state’s landlord–tenant rules.    

​A common issue between tenants and landlords is the amount of the deduction that the landlord has taken from their security deposit.  As a landlord there are specifics that you can do to alleviate these problems

​How you run your rental business, will impact if the business is successful, or due to fail.  The successful investor will have an operation manual which will qualify their operating procedures and help to keep them out of trouble by making autonomous decisions.

Important Strategies That Investor Can Use Include
Logging in the date the property was placed in service.  When you first purchase a rental property, it will be considered “placed in service” on day one if there is a tenant in the property.  If there is no tenant, then the property is not in service

​Although every state is different, there are acceptable reasons for keeping all or a part of a tenant’s security.

​Real estate investors are always puzzled on the question of deductible expenses.  The simple answer is to have an accordion file with vanilla files that you keep all your like receipts banded together.  You should also create a ‘special file’ named UNKNOWN.  In this file you will keep banded together everything you question for presentation to your quarterly meeting with your accountant team member.

There is only one ‘for instance’ that you should accept a partial rent payment from a tenant.  That is when the tenant has been renting from you for several years, and has never been late, then you might want to give this outstanding tenant a chance to catch up and let them make a partial rent payment on the due date for one time only.  This tenant has proven to be trustworthy!

Once you have placed your rental property into service, you will need to determine whether repairs and maintenance expenses that you incur should be classified as a regular expense or a capital improvement.

Landlords, Management Companies and Property Owners........ You must provide all prospective tenants with an official notice outlining the hazards of lead poisoning on a form prepared by your State Department of Public Health for all housing built before 1978.  You must also enclose a copy of the most recent lead inspection report for the unit if there has been one, a letter of Interim Control if immediate steps are being taken to control the lead paint, or a letter of Compliance indicating that any necessary de-leading measures have been taken.

​Capital Expenses or Expenditures are payments made by the investor / investment business to acquire or improve long-term capital assets (buildings and equipment).  Capital expenses are significant purchases (adds to the value) that the investor / investment business makes as an investment.  The cost of these capital expenditures is depreciated (capitalized) over a period equal to the useful life of that asset.

​To increase the value of your multifamily home, you can implement any, or all the following value-added strategies.

Are Landlords Liable for Personal Injuries to Their Tenants? ​
​Generally, you can be held legally responsible for injuries from dangerous, or unmaintained conditions.  If a tenant has reported any dangerous conditions, and you have not made any attempts to remedy them, you can (and probably will) be held liable.

Every landlord dreads the fact that at some point or time their tenants will not pay their rent.  The fact that they will not be able to meet their rental obligation can come in one of several ways, but it all boils down to they cannot pay.  

​Small asset landlords, as your business grows you will face the inevitable question all budding investors face.  When is the right time to hire more staff?  Who should you hire, an employee or an independent contractor?  

Review the Lease with Applicants Before They Sign
​Operate your properties under the premise that a transparent landlord will always be more profitable than one who tries to hide unfair, and fee-laden clauses within a lease.  In reviewing the lease with an applicant before signing, you ensure that they are aware of every clause, condition, and responsibility that both parties will be held accountable to.  It also provides an opportunity for them to ask questions about the house, the lease, or management.

​Install Alarm Systems in Your Multifamily Properties
Having an alarm system in your multifamily rentals gives your tenants peace of mind, makes your property stand out in a competitive market, and adds value so you can charge more for rent.  Of utmost importance is that you know the access code. 

Have you ever received a request from a former tenant asking for a reference to their future landlord?  You should look at this as an opportunity to help the future landlord.  After all, landlords must stick together.  Just be honest in describing your experiences with a previous tenant – good or bad without embellishment.

As an investor, you are undoubtedly looking for ways to maximize revenues while minimizing your expenses.  After all, the primary goal of being an investor is to make a profit.