How Much Cash Flow Is Good for a Rental Property?

The opportunity for profit is one of the primary reasons why property owners, such as yourself, choose to rent their spaces to tenants. However, you must manage your expectations and carefully strategize so that you can scale your rental property income without leaving any of your expenses uncovered.

Calculating Cash Flow From a Real Estate Perspective

First and foremost, “cash flow” refers to the pattern of movement that money makes in and out of your rental business. The cash flowing in is the rent your tenants pay, and the cash flowing out is likely a combination of maintenance costs, mortgage payments, taxes, utilities, and other expenses. Whatever is left unaccounted for can be considered your profit. (more…)

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How to Manage Tenant Repair Requests

As a property owner and landlord, you are responsible for making sure that any necessary repairs on your rental property are conducted promptly and efficiently. However, maintaining that responsibility can be difficult, especially if you own multiple properties or work other jobs in addition to property management. 

Tips for Managing Requests for Repairs

If repairs aren’t made in a timely manner, your tenant’s safety could be in jeopardy, and you could end up with legal trouble on your hands. Therefore, In order to set yourself up for success when fulfilling your tenants’ repair requests, take the time to consider the following helpful tips: (more…)

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Pros and Cons of Offering Pet-Friendly Rentals

An issue you will face as a property owner is whether you will allow pets on the property. Even if you’re an animal lover, you might find that creating a pet-friendly atmosphere is more challenging than you realize. Before you decide whether allowing tenants with pets is right for your property, consider the pros and cons of this option.  

Pros of Allowing Pets

Many Maryland property owners decide to allow pets due to the positive advantages that pet-friendly properties bring. Here are a few benefits to consider. (more…)

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How to Avoid Online Rental Scams in Maryland

The internet makes many things easier, but using it to manage your life carries some safety and financial concerns. When you are looking for a new apartment to rent, an important safety rule for your online activity is to question everything. In particular, look out for common rental scams that target Maryland residents. 

Watch Out for Low Rental Rates

When it comes to protecting yourself from rental scams, understanding Maryland’s landlord-tenant laws will help. Additionally, react suspiciously to listings that seem too good to be true. A rental rate that’s considerably lower than the rates for similar properties in the area can serve as a warning.  (more…)

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Is the Tenant or Landlord Responsible for Pest Control?

In an ideal situation, no landlord or tenant would ever have to deal with pests in or around a rental property. However, pest infestations are common, especially if landlords and tenants don’t take certain precautions. 

Understanding state laws is essential for landlords. If you own a rental property in Maryland, what are you responsible for when it comes to preventing pests or dealing with an infestation? 

Pest Control Responsibilities According to Maryland Law

In Maryland, landlords must provide a pest-free dwelling for any tenants moving in. Once the tenant is living on the property, it becomes their responsibility to keep the property clean and prevent pest infestations to the best of their ability.  (more…)

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Maryland Rent Control Laws

As a property owner, it’s important to be familiar with your state’s laws and regulations when it comes to renting out your home. If your tenant’s rights aren’t properly respected, you could end up paying costly penalties or even embroiled in legal trouble. 

One particularly important aspect of maintaining a property rental is whether your state has laws surrounding rent control. 

Can You Raise Rent in Maryland?

Maryland is one of several states in the country that does not legally enforce rent control. What that means is that Maryland has no formal restrictions on raising rent, and tenants are not entitled to specific rent control practices from their landlords.  (more…)

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Tips on Being a Remote Landlord

One of the perks of owning rental property is that you’ll have a passive source of income that doesn’t require your constant attention. There will be matters that need your attention, but planning for them can simplify your property management experience. These tips will help you manage your property from anywhere in the world.  

Have a Plan for Filling Vacancies

The most time-intensive aspect of owning rental property is filling vacant units. You’ll have to market the vacancy and prepare it for showings. Once you start receiving inquiries, you’ll begin the process of screening your potential tenants. You won’t have to be on-site if you have a plan for dealing with this process.  (more…)

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Can You Run a Background Check on a Potential Tenant?

Is it possible to run a background check on a potential tenant? Yes, and you should do this before selecting any applicant to live in your rental property. A thorough background check will protect you, your property, and your other tenants by ensuring your next tenant is an upstanding and high-quality candidate. 

Make Sure You Get Consent

Federal laws require that any potential employee or tenant provide consent before submitting to a background check. In addition to knowing what questions to ask on your rental application, printing online consent forms can simplify this process. Make sure to use a form that requests the applicant’s full name, date of birth, and recent address.  (more…)

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Guide to Doing a Credit Check on a Prospective Tenant

An important aspect of screening potential tenants is conducting a credit check. You might not know what this process involves if you’re new to managing rental property. Learning how to conduct a thorough credit check will help you choose the highest-quality candidates as you seek to fill rental vacancies. 

Get the Tenant’s Permission

You will need to obtain written permission from each applicant to run the background check. You might also want to require that each applicant pays their own credit check fee. The fees can range from $25 up to $75 per credit check.  (more…)

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Tenant Screening 101

Your rental property won’t earn you that passive income when your units are vacant. While that makes it essential to fill vacancies quickly, your eagerness to find new tenants shouldn’t involve accepting the first candidate to submit an application. Knowing how to screen each candidate will help you choose the best tenant for your property. 

Review the Application

The hope in marketing your property is that you’ll end up with many applications from high-quality tenants. While each application might seem ideal at first glance, it’s important to read between the lines. Know the red flags of a poor tenant. (more…)

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