More on How to Easily Evict Tenants

The eviction process can be engaging, but it does not have to be stressful. As a landlord, you could be prompted to evict a tenant. There are many reasons you could decide to evict a tenant, but the most common ones include:

• Non-payment of rent
• Habitual late payment of rent
• Disrupting other tenants
• Damage to your property
• Holdovers after the lease expiry date
• Need to rehabilitate a property

Nevertheless, no matter the cause or reason you want to evict a tenant, you need to find the aptest, fair, and lawful way to let them go. When carrying out the eviction process, be keen to focus on the following if you ever intend to have a flawless process:

Treat your Tenants with Decorum

No matter the reason for eviction, do not harass your tenants. Ensure you follow the proper legal guidelines. Any form of harassment, such as cutting off services, threatening, and refusing to make repairs, is unacceptable. Staying clean in your bid is likely to yield positive results at the end of the process.

Know your Legal Obligations

It is imperative to know your legal obligations before you decide to evict a tenant. You should be aware that if a tenant signed a more than two months lease, you have to give them a two-month eviction notice. Moreover, if the lease is shorter, the eviction notice period should be equal to the lease duration.

Respect the Assured Tenancy Agreement

Some rental agreements are exempted from the laws of eviction. For instance, if the tenant has an assured tenancy agreement in place, the eviction process might be a little different. The agreement gives them more control of the property, and evicting them could take more than an eviction notice. Respect the agreement and find a way to evict them without a fuss.

Conclusion

The eviction process is bound to be flawless if you critically consider the above factors. Be wise and operate within the recommended legal guidelines. The process does not have to be chaotic or problematic for both parties.

Tips to Implement for a Pain-Free Eviction Process

Even after doing everything right from checking criminal backgrounds, credits and calling previous landlords and references, there's still a chance you'll stumble upon a bad tenant. As a landlord, this can be very frustrating and more so thinking about how to evict this tenant. But to avoid this process becoming messy and costing you lots of time and money, there are several useful tips you should follow.

If you didn't know where to start, here's an outline of useful tips to follow during the eviction process.  

Understand The Eviction Laws
Before evicting your tenant, the first thing to do is going through the eviction laws, which differ from one state to another. Therefore, it's wise to hire a lawyer when drafting the lease agreements for your potential clients to make sure they're willing to adhere to the lease agreement's legal terms and conditions. By doing this, you can be sure that the lease agreement is specific to your state laws.

A great place to get a great template of your lease agreement that guarantees your legal safety would be the US Legal Forms.

Give A Reason For Eviction 
For your eviction case to be successful, you need to have a valid and lawful reason and not that you don't like the tenant. The accepted reasons for eviction include;

• Property damage
• Tenants causing health and safety hazards
• Not paying rent
• The tenant disturbs other tenants' peace
• Tenant violates the lease agreement terms and conditions such as subletting

But make sure to have concrete proof against your tenant to ensure your eviction case is a success.

Give A Formal Eviction Notice 
Notify your tenant in writing that there are required to move out. As you do this, make sure to abide by the state eviction rules and complete all the necessary forms. In this notice, detail the exact reason why the tenant is being evicted and what they can do to avoid the eviction process, such as settling their unpaid rent. You should also include the date of eviction.

This notice may require the tenant to take action within a week, 30-days, or 60-days. If the tenant disregards your notice, go ahead and file this eviction notice with the courts.

Takeaway 
As a landlord, the last thing you want to deal with is evicting a tenant since this entire process is quite daunting. However, it's somewhat inevitable, and to help streamline this entire process, this useful guide has offered you tips on what you need to do.

5 Ways to Finance Your Next Rental Property

Are you eyeing your next rental property deal? It's a smart way to double down and increase your passive income, but it's also a capital-heavy endeavor that comes with its fair share of challenges and risks.

There are a handful of ways to secure funding for your next rental purchase, but not all are created equal. The easiest and most obvious choice is to take out a loan, be that a home equity loan, conventional loan, or a hard money loan.

Take out a conventional loan
You're probably wondering: is it better to take out a traditional loan or purchase the property with cash? The answer often boils down to your investing goals.

Sure, buying with cash can generate positive cash flow every month, but the return on investment is usually low. Take a property that's appraised at $200,000. If you pay cash, you could earn around $19,000 annually, which translates to a 9.5 percent ROI. Taking out a conventional mortgage (4% APR), on the other hand, you can get roughly a 27.9 percent return on your investment.

Should you refinance?
If you've got some equity in your existing properties, you can refinance your mortgage to score some funding for your next rental property. Refinancing is a cost-effective funding option when it comes to closing costs, flexibility, and interest rates, plus you can pay it off as you see it fit.

If leveraged creatively and managed properly, refinancing can be a smart way to use your wealth to make more money. There are some downsides, though. First, you're eating into equity in your current rental property, and refinancing rates are usually adjustable. This can make it difficult to gauge your long-term financing costs.

Consider private money
As clearly suggested by the name, this is a financing option that involves getting funds from private investors. They can be your friends, family, colleagues, or pretty much any individual willing to back your investment. This route is usually costlier than a conventional loan but offers more relaxed and flexible terms.

Take out a home equity loan (HELOC)
This type of financing allows you to use your home equity as collateral to take out a loan to finance your next rental property. The equity in question is usually tied up in your primary residence.

For instance, let's say you have owned your home for over 15 years, all while paying off the mortgage. If the current market value of the property is $850,000 and you have paid down $400,000 in mortgage payoff, you can refinance the loan to take advantage of the $400,000 equity in it. In other words, you can tap into the $400,000 of home equity to purchase your next rental property.

Tap into your retirement accounts
If you have a fat 401(k) account, you can borrow up to half of the balance to buy your rental property. Note that not all 401(k) administrators allow members to borrow a loan, and you'll have up to 5 years to pay it off. Borrowing against your 401(k) is the cheapest and fastest way to access a loan.
Borrowing to finance your next rental property isn't always a viable investment move. For instance, if you have less than 10 percent equity in your current rental property, you might actually be overstretching your finances. Additionally, you should take your other must-pay into account.

5 Tips to Help Prevent Rodent Infestation

Besides the threat of diseases, rodents can cause property damage and scare away potential tenants. In some cases, you may also be liable to litigation and lawsuits from your tenants if there are rodents present.  As a rental property owner, below are tips to help control any infestation.

1. Make It a Joint Affair

Keeping rodents away should be a joint affair. Educate your tenants about the following ways of controlling rats and mice. 

• Ensuring trash cans remain closed
• Notifying you about the presence of rodents or standing water as soon as possible
• Cleaning their units regularly
• Throwing away garbage regularly
• Refrigerating or storing food in tightly sealed containers

2. Cleaning Common Areas

Having food remains and debris attracts mice and rats. Keeping common areas clean will protect your rentals from rodent infestation. Moreover, you will cushion yourself from liability and eventual fines from the health department. Be sure to sweep or vacuum communal areas at least twice a week.

3. Seal Gaps in the Structure

Thirdly, check for cracks and crevices inside and outside your rentals. Seal any gaps in the foundation, around windows, doors, pipes, vents, attics, and crawl places. Remember to also inspect the basement.

4. Remove Clutter

Destroy rodents' hideouts and nesting areas by decluttering the perimeter. Get rid of weeds, trim hedges, and destroy bushes. Also, do not leave piles of logs, wood, or compost near your property.

5. Exterminate

Respond to complaints from your tenants regarding the presence of rodents in a timely manner. Similarly, you could notice the presence of mice and rats. Act quickly and get rid of them through traps. Alternatively, you can hire extermination services. 

Final Thoughts

Seeing as though rodents are agents of disease and property damage, you should do all you can to keep them away from your rental property. You end up keeping maintenance costs low by following the above tips. Also, this is one of the secrets to making sure your property remains attractive to prospective tenants.

Exterior Surfaces to Pressure Wash During Tenant Turnover

Are you a property owner looking to optimize the period between tenant turnovers? Deep cleaning of exterior surfaces is an inexpensive restorative process to have your property look as good as new. 

Exterior surfaces that can be pressure washed to immediately boost the curb appeal of a rental property include; 

• Decks and Patios — These surfaces, whether made of wood, pavers or concrete, can be pressure washed to get rid of grime from algae, mold and mildew build-up. 
• Roofs — A clean and well-maintained roof, free from twigs and debris, gives out an image of high maintenance, and is appealing to the prospective tenant.
• Siding — Acid rain residue on exterior walls in stormy weather can cause unsightly etching and scratching along the siding. 
• Driveways and Sidewalks — To get rid of grease stains, oil spills and chemical build up from road salt and snow melting chemicals. 
• Outdoor pool cage — Can be deep cleaned and pressure washed to remove organic and metallic stains caused by chlorine corrosion. 
• Gutters- Poorly cleaned gutters can discourage prospective clients from renting your property.   
• Large exterior windows and grills — Clean, glistening windows and polished grills free from dust are eye-catching and appealing to people looking to rent the property.
• Concrete and Brick exteriors — Tiny plants like moss and algae hook into walls and spread causing large cracks and are unsightly. Fortunately a pressure wash will easily get rid of them. 

Also note that some of the above exterior surfaces can go a while without being cleaned. However, it's good practice to take on these tasks at least once every year. This will help you keep the workload minimal whenever a tenant moves out and you have to get the place ready for new renters.  

The Takeaway 

Deep cleaning by use of pressure washers is effectively convenient in maintaining the property and restoring the curb appeal. This is key in attracting prospective tenants who will likely endure to keep up the place throughout their stay. In the long run, preventive maintenance goes a long way in reducing costs related to repairs during the tenant turnover period.

Invisible Wear Adds Up

 

The invisible wear and damage to a property are often some of the worst. Too often, these issues are easily ignored or missed, allowing the problems to expand and compound. This is why it is critical to keep up on maintenance and why you must always look for these problems even if you cannot see them at first glance.

 

 Before letting new tenants into the property, be sure to know what state the house is in and keep a record of it to avoid losing disputes, should they arise. Always keep a comprehensive description of the property's condition, including pictures, on hand in case of a disagreement about the source of damage.

 

Hidden Wear and Damage to be on the Lookout For

Tenants' misuse of water and humidifiers can create the perfect environment for mold in corners, cracks, dark places under cabinets, and inside walls. Water damage is common in bathrooms where standing puddles in the bathrooms. Damage to the floor could result in water seeping through into the subfloor. This can happen in other parts of the house and result in water damage and wood rot.

 

Clogged or stuffed up drains and toilets. Though, invisible each should be tested for function and adequate drainage. Some draining issues are simple fixes that are just a result of use, but others may indicate obstructions and costly repairs or piping that may need to be replaced. Some of these issues may happen because tenants are flushing or dumping things into drains, sinks, and toilets that shouldn't be disposed of that way. Also, check the garbage disposal for proper function, draining, and damage for the same reasons. 

Check for hasty repair work to walls, wood floors, tiles, and carpet. Bad tenants will often make subpar repairs to things they damage or wear down to cover their tracks instead of informing the landlord about the issue.

Winterization Tips

 8 Essential Steps in Designing Your Rental Properties for Easy Winterization

Winters will come and go, and you will have to winterize your rental properties for every cold season you encounter. In preparation for this, you could design your property so that when the time comes winterizing will be easy as pie. 

Some steps you could take towards this goal include;

• Installing gutter guards so gutters remain clog-free — The guards strengthen the gutter system and prevent the downspouts from breaking off. They also provide an optimal situation for the installation of heat cables in cold weather.

• Making sure the chutes on downspouts are installed at an angle — Should the winter catch you unawares, this will keep melting ice from flowing to the sidings and the foundation and making unsightly mold stains.

• Eliminate gaping holes and spaces that leak air — They are majorly around ceilings, windows, pipe ducts, and the areas where the siding overlaps with the foundation. These can easily be filled with caulk and will keep warm air from leaking out in winter.

• Installing programmable thermostats — These can be set to automatically turn up the heat when external temperatures dip. During winter, the thermostats can be set to the minimum 55 degrees Fahrenheit required to maintain heat in the property. 

• Install window sills that leave no air spaces — The windows can also be covered with insulated blinds to help keep rooms warm and cozy. 

• Adding built-in draft stoppers to the doors of the unit — This will act as a weatherstripping measure come winter because the air spaces will be closed out.

• Getting storm windows for the property — They are quite effective as they can be used during winter and stored away in warmer conditions. 

• Insulation under floors and in ceilings — During extremely cold days, the houses still feel warm and cozy with the right insulation measures. 

With the above steps done to completion, you'll find that your work will be much easier every time you need to winterize your property. Also, this can save you both time and resources with each winter you encounter.