Refinancing Your Rental Properties

 Should You Refinance Multiple Rental Properties At Once?

As interest rates continue to go down, many homeowners are trying to refinance their homes. As a landlord, you may also want to think about refinancing your rental property. However, if you have several places, should you refinance them all at once? 

Here are some reasons why you may want to refinance multiple properties at once.

• Lower interest rates. If you are able to pay less each month on your rental properties, this can only mean more money in your pocket. However, it may also allow you to continue to pay your current monthly mortgage, and pay your property off faster than you ever imagined! 
• Extra cash in your pocket. You may also want to look into a cash-out refinance, where you can refinance your properties and get some extra money in your pocket. You can use this to pay off some of your other debts, or you may even want to remodel your properties.
• One payment each month. If you have multiple mortgages, you are going to be writing several checks a month. If you put them all together, you are only going to have write one check a month. Paperwork is much easier when you only have one big bill to pay each month. 

Here are some reasons why you may not want to refinance multiple properties at once.

• Not eligible. If your credit score isn't high enough, you may not be able to refinance any of your properties. Equity is also important. You may not have enough to allow yourself to do any refinancing. 
• Better to pay one off. There are times when it is in your best interest to pay off one loan first. Many will recommend a cash-out refinance to pay off one of your mortgages instead of refinancing them all. 

If you are thinking about refinancing your rental properties, you should talk to your lender. He or she will help you decide whether or not it is a good idea for you. 

Single-Family vs. Multi-Family

 Single-Family vs. Multi-Family Residence: How To Find the Right Property Management Company

When you have a rental property (or multiple ones), you may want to consider hiring a property management company. However, not all companies are created equally.

Not sure where to start? Here are some tips to help you find the right property management company. 

Ask around. The best way to find a good property management company is to ask around. In fact, your real estate agent may have a good idea of some companies in your area. He or she may have heard about which companies are helpful, and which ones aren't as helpful. You should also ask other landlords. They may have tried at least one or two companies and may have recommendations either way. 

Look online. Online reviews are another way to find a good company. However, it is important to remember that not every company is going to be a good fit. One person can't please everyone, so you should expect a few bad reviews. You may also want to remember that people are more likely to leave reviews when they are unsatisfied, then when they are happy. 

Make a list of your wants and needs. Before you start looking for a property management company, you need to decide what you are looking for in a company. What tasks do you want them to do? Are they just going to collect rent, or do you want them to be the ones who will be on call when something goes wrong? Will you have your tenants contact them or you? Are you looking for someone to do repairs or just go see the problems and call the appropriate professional? You need to know exactly what you are looking for, before you start looking. Otherwise, you won't know if the company is right for you. 

When you are looking at a property management company, you will need to make sure that they will fit all of your needs. Some are better for smaller properties, while others specialize in larger properties. You also need to make sure that they will do whatever you want them to do. Are you going to want someone to be on call? Or are your tenants going to call you? Do you want someone who is going to fix the problem or figure out how to call in case of emergency? 

Flexible Pet Policies

 4 Business Reasons to Make Your Pet Policies at Your Rental Property More Flexible

Pets often have a bad reputation when it comes to allowing tenants to have them. However, there is a lot of value in having pet-friendly policies on your property that you may not have considered. This article will list some good business reasons to at least add some flexibility to your pet policies.

Longer Tenancy

Pet owners are more likely to stay in a rental longer. This is because they often have trouble finding another pet-friendly option that they can rent. Adopting a pet-friendly policy will likely increase your ability to keep tenants.

Able to Charge Higher Rent

If you have pet-friendly policies, you will have less competition around, as not all properties will have the same pet-friendly policies. This may allow you to get away with charging slightly higher rent, as tenants with pets will have fewer options when it comes to going elsewhere.

Larger Tenant Pool

About half of prospective renters own a pet, and that's a large share of people you are missing out on if your pet policies are restrictive. If you make your property pet friendly, you have the chance of nearly doubling the pool of tenants you have to choose from.

Happier Tenants

In a time where COVID-19 is running rampant and shutdowns are common, many people are finding themselves at home more often than ever. This could lead to stress or depression in many tenants, which may lead to issues with those tenants. Those issues could be fallout with other tenants, or sloppy living that could hurt the property's reputation. Having a pet around can help reduce the stress that the tenant is feeling, making them less likely to slide into depression should another lockdown come.

Changing the policies on pets in your properties isn't something that should be taken lightly or just shrugged off to the side. While there are a lot of negative stigmas that come with allowing pets on your properties, hopefully the upsides provided in this article allow you to have a clearer view on how it will affect you as a landlord.

Fire Protection for Rental Properties

 Ways to Protect Rental Properties in Areas at Risk for Forest Fires

Fire is a big concern when you are a landlord. It is even more concerning when you live in an area that deals with forest fires. If you aren't proactive, a wildfire could destroy your rental properties.

Here are some ways that you can protect your properties, all year long. 

Keep an eye on the risk. You should always be proactive when it comes to wildfires. Make sure that you check the risk of wildfire on a regular basis. If the risk gets high, make sure that you let your tenants know. 

Keep your homes and properties clear. You (or your tenants) should do everything possible to keep your property safe. Lawns need to be mowed and a weed eater should be used to keep unreachable areas short and less likely to catch on fire. You should remove any dead plants and vegetation. Trees should be kept trim so that they are not out of control. It is recommended that you keep trees at least ten feet apart so that they won't all go up in flames together. 

If the risk becomes high, it is time to take action. You (or your tenants) may want to run sprinklers and clean up any debris that could keep the fire going. You may also want to wet any decks and sidewalks so that they are less likely to catch on fire. Not only that, but you may want to purchase fire-retardant spray. When you soak your wood structures, they are less likely to catch on fire.

Invest in better siding and roof.  If you live in an area that is prone to wildfires, you should do everything that you can to protect your property. You shouldn't have wood shingles. It is best to have an asphalt, tile, or metal roof. For siding, you may want to change it from wood to a metal or vinyl siding, so it is more resistant to fires. 

If you own properties in a place that often has wildfires, you are going to want to make sure that you keep an eye on the risk. You should also make sure that your homes are kept mowed and cleaned. Extra debris should be cleaned regularly to that fire is less likely to move to your area. You may also want to invest in better siding and a new roof. Metal is best, though you may try something else (other than wood).