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As a rental property owner, opening your rental home to tenants who own pets can come with a variety of advantages and disadvantages. It’s important to weigh your options and determine whether making your rental property pet friendly is the right decision for you. If you do decide to allow pets in your rental property, it’s always a good idea to charge a pet deposit and include a pet policy in your lease agreement. The Benefits of Allowing Pets in Your Rental Property While many landlords may be initially against allowing pets in their proper…

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A rental agreement, also known as a month-to-month lease, allows a landlord to rent out their property without any long-term commitment. And just like a fixed-term lease, it’s a legally binding document between you and your tenant. A month-to-month is just that – an agreement that automatically renews every month until either party terminates it. But is a month-to-month lease better for landlords? Well, to find out, here are answers to commonly asked questions in this regard. Why Would a Landlord Choose to Rent Out Their Property Using a Mont…

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If you’re planning to move somewhere, the first thought that strikes you may be selling your current home. However, selling your home when the market is in a downturn can leave you at a disadvantage. Property owners who want to wait until market conditions improve can decide to rent out their vacated home. A rental property generates a monthly income that can add to your finances until the economy is rising again. When you pressure yourself into selling your unit right away, the bidding price may be lower than your expectation. To avoid this, …

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For landlords who desire to have their rental unit in excellent shape when the renter leaves, starting a tenant walk-through inspection is a good idea. Often, those who choose to do an initial walkthrough with a new tenant will end up with little property damage than those who rush the process or forget to do it at all. A walk-through inspection protects both the landlord and the tenant. Normal wear and tear is, well, normal, but excessive property damage is something you'll want to avoid. Here are seven ways to perform an initial walkthrough …

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As a rental property owner, you’re obliged to declare your rental income on your tax return. Under the IRS definition, rental income is the payment given to property owners for the use of their rental home. This includes: ● Regular rent payment ● Advance rent payment ● Security deposits ● Tenant payment for lease cancellation ● Expenses paid by the tenant ● Property or services received in lieu of money as rental payment Whether you’re a new or experienced property owner, taxes can be daunting. If you make a tax mistake, it might ha…

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