Source: Rental Awareness
A landlord can take legal action if tenants are being noisy. Living in close proximity with noisy neighbors can be a major annoyance for both homeowners and tenants.
As a landlord, it is essential to address this issue promptly and effectively to ensure peace and harmony within your property.
Excessive noise can disrupt the quiet enjoyment of other tenants, impacting the overall quality of living in your building or complex.
Thankfully, there are several actions that landlords can take to mitigate noise disturbances caused by tenants.
Introduction To The Issue Of Noisy Tenants
Landlords dealing with noisy tenants often wonder what actions they can take.
From issuing warnings to involving law enforcement, there are various steps a landlord can take to address the issue of noisy tenants swiftly and effectively.
Noisy tenants can be a significant concern for landlords.
Excessive noise not only impacts the quality of life for other tenants but can also lead to property damage and legal consequences.
As a landlord, it is crucial to address the issue promptly and effectively to maintain a peaceful and harmonious living environment for everyone involved.
Definition Of Noisy Tenants
Noisy tenants are individuals who consistently engage in disruptive activities that generate excessive noise levels within a rental property.
These activities can include loud music, parties, frequent arguments, constant banging or stomping, or any other behavior that disturbs the peace and quietude of the premises.
While occasional noise is a part of shared living spaces, noisy tenants consistently disregard the comfort and well-being of other residents, creating an unfavorable living environment for everyone.
Impact Of Noisy Tenants On Other Tenants And Property
Noise disturbances caused by unruly tenants can have a detrimental impact on both other tenants and the property itself.
Some common consequences include:
- Continuous noise throughout the night can prevent other tenants from getting a good night’s rest, leading to fatigue and decreased productivity the next day.
- The constant exposure to loud sounds and disturbances can cause anxiety, stress, and overall dissatisfaction among other tenants who are unable to relax and enjoy their living space.
- A rental property with a reputation for noisy tenants can be less appealing to potential new tenants in the future, impacting its market value and rental income.
- Excessive noise can result in damage to walls, ceilings, floors, and other structural elements of the property, leading to costly repairs for the landlord.
Open Lines Of Communication With Tenants
When it comes to addressing noisy tenants, one of the most effective strategies for landlords is to establish open lines of communication with their tenants.
By fostering a transparent and honest relationship, landlords can encourage tenants to report noise disturbances promptly and work together to find amicable solutions.
Establishing regular communication channels and encouraging tenants to report noise disturbances promptly are two key elements of successful noise management. Let’s take a closer look at each of these strategies:
Establishing Regular Communication Channels
Landlords should proactively establish regular communication channels with their tenants right from the beginning.
By doing so, they set the expectation that open and respectful communication is encouraged. Here are some ways to establish these channels:
- Create a dedicated email address or phone number that tenants can use to report noise disturbances.
- Conduct periodic check-ins with tenants to address any concerns they may have and remind them of their responsibilities regarding noise management.
- Consider implementing a tenant portal where tenants can submit noise-related complaints or communicate directly with the landlord.
Tenants To Report Noise Disturbances Promptly
Encouraging tenants to report noise disturbances promptly is crucial for effective noise management.
By promptly addressing noise issues, landlords can prevent conflicts from escalating and maintain a peaceful living environment for all tenants.
Here are some strategies to encourage prompt reporting:
- Include noise management guidelines in the lease agreement so that tenants are aware of the expectations.
- Provide clear instructions on how and when tenants should report noise disturbances.
- Assure tenants that their concerns will be taken seriously and that appropriate action will be taken to resolve the issue.
- Consider implementing a system where tenants can submit anonymous noise complaints if they prefer not to confront their neighbors directly.
By establishing regular communication channels and promoting prompt reporting of noise disturbances, landlords can foster a cooperative atmosphere in their rental properties.
Open lines of communication help build trust and enable swift resolution of noise issues, ensuring a peaceful and enjoyable living environment for all tenants.
Educating Tenants About Noise Regulations And Consequences
As a landlord, dealing with noisy tenants can be a challenging and frustrating situation.
However, instead of resorting to legal actions or eviction, educating tenants about noise regulations and consequences can be an effective way to address the issue.
By providing information on local noise ordinances and clearly outlining the consequences of violating noise policies, landlords can empower tenants to become more considerate and responsible neighbors.
Providing Information On Local Noise Ordinances
One of the first steps in educating tenants about noise regulations is to provide them with accurate information on local noise ordinances.
This can be done by including a section in the lease agreement that highlights the specific rules and regulations regarding noise levels in the community.
Landlords can also share relevant resources or documentation, such as brochures or links to official websites, that clearly outline these regulations.
By ensuring that tenants are aware of the specific noise regulations in the area, landlords can help them understand the importance of maintaining a peaceful and harmonious living environment for everyone in the community.
Clearly Outlining The Consequences Of Violating Noise Policies
In addition to informing tenants about noise regulations, it is crucial to clearly outline the consequences of violating these policies.
This helps tenants understand the potential impact of their actions and encourages them to be more mindful of their noise levels.
Landlords can include a section in the lease agreement that explicitly states the possible sanctions for excessive noise, such as warnings, fines, or even eviction.
It is important to clearly articulate the steps that will be taken in response to noise complaints, including the process for issuing warnings and the escalation of consequences if the issue persists.
Moreover, landlords can provide examples or scenarios that illustrate the negative effects of excessive noise on both tenants and the community as a whole.
This can be done through informational pamphlets or by discussing specific incidents that have occurred in the past.
By emphasizing the potential disruptions and discomfort that excessive noise can cause, tenants are more likely to recognize the importance of adhering to the noise policies.
In conclusion, by educating tenants about noise regulations and consequences, landlords can foster a more considerate and cooperative living environment.
Providing information on local noise ordinances and clearly outlining the consequences of violating noise policies empowers tenants to recognize the importance of maintaining a peaceful atmosphere.
Through effective communication and education, landlords can encourage tenants to be more mindful of their noise levels and contribute to a harmonious community.
Implementing Soundproofing Measures
Implementing soundproofing measures is a proactive approach that landlords can take to address noisy tenants, ensuring a peaceful and harmonious living environment for all residents.
By identifying areas that require soundproofing and installing soundproofing materials or acoustic barriers, landlords can effectively minimize noise disturbances and enhance the overall quality of life in their rental properties.
Areas That Require Soundproofing
The first step in implementing soundproofing measures is to identify the areas within the rental property that require attention.
Conducting a thorough assessment will help landlords understand the source of the noise and determine the most effective strategies for noise reduction.
Walls
As sound can easily travel through walls, checking for any gaps, cracks, or thin walls is crucial.
Pay close attention to shared walls between units and the common areas.
Floors And Ceilings
If noise is transmitted through the floors or ceilings, it can greatly disturb the residents.
Ensure that there is proper insulation and consider options like soundproof underlayment or suspended acoustic ceilings.
Doors And Windows
Poorly sealed doors and windows can allow noise to enter or escape from the property.
Inspect for gaps or drafts and consider adding weather-stripping or replacing doors and windows with more soundproof options.
Installing Soundproofing Materials Or Acoustic Barriers
Once the areas that require soundproofing have been identified, landlords can proceed with installing soundproofing materials or acoustic barriers to effectively minimize noise transmission.
| Materials | Description |
| Cork flooring | Can provide excellent sound absorption and reduces impact noise. |
| Acoustic panels | Can be installed on walls and ceilings to absorb sound and improve acoustics. |
| Mass-loaded vinyl | An effective material to add mass and reduce airborne noise. |
In addition to these materials, landlords can also consider the installation of acoustic barriers such as double drywall, resilient channels, or soundproof curtains.
These methods help block and absorb sound, significantly reducing noise disturbances between units and common areas.
By taking the necessary steps to identify areas that require soundproofing and implementing appropriate materials or barriers, landlords can proactively address noisy tenants and create a more peaceful living environment for all residents.
Soundproofing measures not only benefit the current tenants but also attract prospective tenants who prioritize a quiet and comfortable living space.
Offering Noise-Cancelling Devices To Tenants
Landlords can effectively address noisy tenants by offering noise-canceling devices, ensuring a peaceful living environment for all residents.
These devices help minimize disruptive noise and promote a harmonious atmosphere within the property.
Providing White Noise Machines Or Earplugs
Noise disruptions can be a major issue for both tenants and landlords.
As a landlord, it is your responsibility to address the concerns of tenants who are dealing with noisy neighbors.
One effective way to mitigate noise issues is by offering noise-cancelling devices to your tenants.
By implementing this simple solution, you can create a more peaceful and enjoyable living environment for everyone involved.
One option to consider is providing white noise machines or earplugs to tenants.
White noise machines are devices that emit a steady background sound, effectively masking any unwanted noises.
These machines can be placed in bedrooms or common areas, allowing tenants to block out distractions and get a good night’s sleep.
Alternatively, earplugs can be offered as a more portable option, providing individual tenants with the ability to control the level of noise they are exposed to.
By giving your tenants access to these noise-canceling devices, you demonstrate your commitment to their well-being and comfort.
This proactive approach shows that you value their satisfaction and are dedicated to resolving any noise-related issues.
Recommending Noise-Cancelling Headphones For Sensitive Tenants
In some cases, certain tenants may be more sensitive to noise disruptions than others.
If you have tenants who are particularly affected by ambient sounds, you can recommend noise-canceling headphones as a solution tailored to their needs.
Noise-canceling headphones are specially designed to cancel out external noise, allowing users to enjoy their own audio content or simply enjoy silence.
By suggesting these headphones to sensitive tenants, you provide them with a personalized solution that can greatly enhance their living experience.
It is important to note that while noise-canceling devices can help mitigate noisy neighbor issues, they should not be considered a long-term solution.
As a landlord, it’s essential to address noise complaints and work towards a lasting resolution.
Open communication, mediation, and setting appropriate noise guidelines can all contribute to a harmonious living environment for your tenants.
Need a Lease Agreement?
A FREE account gets you access to over 200 free forms. Upgrade to a paid account (monthly, annually, or lifetime)
EZLandlord Forms Is Offering 15% 𝙊𝙛𝙛 For New Customers!
We cannot recommend these guys enough!
👉 State Specific Leases 👉 400 Forms to make your landlord-tenant relationship top notch 👉 200 FREE forms for those not ready to purchase 👉 4.8 Rating with over 5000 Reviews 👉 Pro Members get access to ALL leases and forms for $12 per month OR $75 if you purchase the annual membership 👉 YOU CAN BUY LIFETIME FORMS for $399
USE CODE 𝐒𝐓𝐀𝐂𝐈𝐄𝟏𝟓 to get 15% OFF ALL first-time purchases, EVEN THE LIFETIME FORMS!
Including Noise-Related Clauses In Lease Agreements
Including noise-related clauses in lease agreements is a proactive step that landlords can take to maintain a peaceful living environment for all tenants.
By clearly outlining expectations and consequences in regard to noise levels, landlords can address potential noise issues upfront and minimize disruptions.
Acceptable Noise Levels And Quiet Hours
One effective way for landlords to address noise concerns is by explicitly defining acceptable noise levels and quiet hours in the lease agreement.
It is essential to provide specific guidelines to ensure that tenants understand what is considered appropriate and respectful behavior.
By including this information in the lease agreement, there is no room for ambiguity or misunderstandings.
Here is an example of how this clause could be included in the lease agreement:
| Acceptable Noise Levels | Quiet Hours |
|---|---|
| Tenants must keep noise levels at a reasonable level that does not disturb other residents. | Quiet hours are from 10:00 PM to 7:00 AM, during which excessive noise should be avoided. |
By setting clear expectations regarding noise levels and quiet hours, landlords can create a harmonious living environment for all tenants.
It is crucial to ensure that tenants understand their responsibility to be considerate of their neighbors and adhere to these guidelines.
Outlining Penalties For Violating Noise Policies
In addition to specifying acceptable noise levels and quiet hours, it is important for landlords to outline penalties for violating noise policies in the lease agreement.
This helps tenants understand the seriousness of noise-related issues and the consequences they may face if they fail to comply with the guidelines.
Here is an example of how this clause could be included in the lease agreement:
- First Offense: Written Warning
- Second Offense: Fine of $50
- Third Offense: Termination of Lease Agreement
By clearly stating the penalties for noise violations, landlords establish a framework for addressing noise-related issues in a fair and consistent manner.
This not only encourages tenants to be mindful of their noise levels but also provides a basis for taking appropriate action when necessary.
By including noise-related clauses in lease agreements, landlords proactively address potential noise issues and maintain a peaceful and enjoyable living environment for all tenants.
Specifying acceptable noise levels and quiet hours, as well as outlining penalties for violating noise policies, are crucial steps in minimizing disruptions and ensuring a harmonious rental community.
Conducting Regular Inspections And Addressing Noise Issues Promptly
To address noisy tenants, landlords can conduct regular inspections and promptly address any noise issues that arise.
This proactive approach ensures a peaceful living environment for all residents and demonstrates the landlord’s commitment to resolving concerns promptly.
One effective way for landlords to tackle noisy tenants is by conducting regular inspections and promptly addressing any noise-related issues.
By maintaining a proactive approach to noise complaints, landlords can ensure a harmonious living environment for all tenants.
Maintaining A Proactive Approach To Noise Complaints
Landlords should adopt a proactive stance when it comes to noise complaints.
This involves actively encouraging tenants to report any noise disturbances promptly and providing them with a clear and easily accessible channel to do so.
By being proactive, landlords can address noise issues before they escalate into larger problems.
Additionally, landlords can create a supportive environment by educating tenants about the importance of maintaining a peaceful atmosphere and respecting their neighbors.
This can be communicated during the leasing process, ensuring that tenants understand their responsibility to minimize excessive noise.
Taking Necessary Actions To Resolve Noise Disturbances
Once a noise complaint is received, it is crucial for landlords to take swift action to resolve the issue.
This not only helps the affected tenants find relief but also demonstrates to all tenants that noise disturbances will not be tolerated.
Landlords can start by investigating the complaint and gathering evidence to better understand the situation.
They can then directly address the issue with the tenant responsible, reminding them of their obligations as outlined in the lease agreement.
Open and clear communication is key to resolving noise disturbances promptly.
If the initial communication does not lead to a satisfactory resolution, landlords may need to escalate the matter by issuing a formal written warning.
This warning should outline the specific noise violations and the consequences that may follow if the behavior continues.
By enforcing the terms of the lease agreement, landlords can help ensure a peaceful living environment for all tenants.
In cases where noise disturbances persist despite warnings, landlords may need to consider more serious measures, such as imposing fines, adjusting lease terms, or, as a last resort, initiating eviction proceedings.
However, it is important for landlords to consult legal counsel and follow local regulations and laws in their jurisdiction to ascertain the appropriate course of action.
Maintaining a proactive approach to regular inspections and addressing noise issues promptly is crucial for landlords.
By taking necessary actions and enforcing lease terms, landlords can create a peaceful and harmonious environment for all tenants to enjoy.
Mediation Between Tenants
Mediation between tenants is an effective approach to resolving disputes in a peaceful and collaborative manner.
Encouraging tenants to resolve disputes amicably can help to maintain a harmonious living environment and prevent conflicts from escalating further.
As a landlord, facilitating mediation sessions to find common ground demonstrates your commitment to finding fair solutions that benefit all parties involved.
Involving Local Authorities Or Property Management
Noisy tenants can create a significant disturbance for both landlords and other residents in a property.
In some cases, addressing this issue becomes challenging and requires the intervention of local authorities or property management.
By involving these entities, landlords can ensure that necessary actions are taken to resolve noise-related conflicts and maintain a peaceful living environment for all.
Seeking Assistance From Local Authorities Or Property Management
When the noise issue between tenants persists and informal attempts to address it have failed, involving local authorities or property management becomes a viable option for landlords.
These entities possess the expertise and authority to enforce rules and regulations to ensure a peaceful living environment.
Here are some steps landlords can take to involve local authorities or property management:
Resolving Conflicts Through Professional Mediation Services
Professional mediation services offer an effective way to resolve conflicts between noisy tenants and landlords.
Mediation allows both parties to express their concerns and find a mutually agreeable solution.
Here are the key steps involved in resolving conflicts through professional mediation services:
- Identify a reputable mediation service provider that specializes in landlord-tenant disputes.
- Contact the mediation service provider to inform them about the noise issue and request mediation.
- Both the landlord and the noisy tenants will be invited to a mediation session, where a neutral third-party mediator will facilitate the discussion.
- The mediator will encourage open communication and guide the parties towards finding a resolution that satisfies everyone involved.
- If an agreement is reached, it is important to document it in writing and make sure all parties understand their responsibilities.
- If the mediation is not successful, the mediator may provide recommendations for further actions or escalation.
Professional mediation offers a balanced and structured approach to resolving conflicts, allowing for a peaceful resolution that avoids legal proceedings and costly time-consuming processes.
Serving Official Notices To Noisy Tenants
When dealing with noisy tenants, serving official notices is an important step for landlords to address the issue effectively.
Serving written warnings or notices allows landlords to formally communicate their concerns and establish a clear record of the noise complaints.
This not only helps in resolving the noise problem but also provides a legal basis for potential subsequent actions.
Sending Written Warnings Or Notices To Noisy Tenants
One of the primary steps landlords can take to address noisy tenants is sending written warnings or notices.
These written communications serve as official documentation of the noise issue, ensuring both the landlord and the tenant are on the same page regarding the problem at hand.
Here are a few important points to consider when serving written warnings or notices:
Be Specific And Direct
Clearly state the reason for the notice, emphasizing the noise-related violation. This will leave no room for ambiguity and ensure that the tenant understands the issue at hand.
Mention The Consequences
Clearly outline the consequences if the noise issue persists. This may include penalties, fines, or even eviction if the problem is not resolved in a timely manner.
Include A Deadline
Specify a reasonable deadline by which the tenant must rectify the noise problem.
This gives them a clear timeframe to address the issue and shows that their cooperation is expected.
Clearly Stating The Consequences If The Noise Issue Persists
While serving written warnings or notices to noisy tenants, it is crucial to clearly state the consequences if the noise issue persists.
This ensures that the tenant fully understands the potential outcomes of their actions and serves as a motivator for them to rectify the situation promptly.
By following these guidelines and serving official notices to noisy tenants, landlords can assertively address the noise issue and ensure a peaceful living environment for all residents.
Serving written warnings or notices provides a documented record of the problem, sets expectations, and clearly states the consequences if the issue persists.
Initiating Eviction Process If Necessary
When dealing with noisy tenants, it is essential for landlords to take proactive measures to resolve the issue.
While addressing the problem through communication and warnings should be the first step, there are instances where initiating the eviction process becomes necessary.
This section will discuss the importance of following legal procedures for eviction and consulting with legal professionals for guidance on eviction cases.
Following Legal Procedures For Eviction
When considering the eviction process, it is crucial for landlords to adhere to legal procedures to protect their rights and avoid potential legal consequences.
Failure to follow these procedures can result in delays in the eviction process or even accusations of unlawful eviction. To ensure a smooth eviction process:
Review The Local Laws And Regulations
Every jurisdiction has specific rules and regulations regarding eviction procedures.
It is essential to familiarize yourself with the legal requirements in your area to ensure compliance.
Provide Proper Notice
Before initiating eviction proceedings, landlords typically need to serve their tenants with a written notice that states the reasons for eviction and allows a reasonable period for the tenant to address the issue.
Attend The Eviction Hearing
If the case proceeds to court, landlords must attend the eviction hearing and present their evidence and arguments to support the eviction.
Obtain A Judgment Of Possession
If the judge rules in favor of the eviction, it is crucial to obtain a judgment of possession, allowing the landlord to legally regain possession of the property.
Enforce the eviction order: Once the judgment is obtained, landlords can coordinate with law enforcement to enforce the eviction order and regain possession of the property.
Consulting With Legal Professionals For Guidance On Eviction Cases
Eviction cases can be complex and involve various legal aspects.
To ensure that the eviction process is handled properly and to avoid any legal missteps, landlords should consider seeking guidance from legal professionals.
Consulting with a knowledgeable attorney specializing in landlord-tenant law can provide invaluable assistance in navigating the legal complexities involved in an eviction case. An attorney can:
- Legal professionals can review the specifics of your situation, ensuring that your grounds for eviction are valid and sufficient under local laws.
- An attorney can provide guidance on the best approach to handle the eviction, taking into account local laws and the unique circumstances of the case.
- Lawyers can assist in preparing the necessary eviction documents, ensuring that they comply with all legal requirements and effectively state your case.
- If your eviction case goes to court, an attorney can represent you, presenting your arguments and evidence in a compelling manner.
- In some instances, eviction cases can be resolved through settlement agreements. A legal professional can help negotiate fair and favorable terms on your behalf.
By following legal procedures and seeking legal guidance, landlords can navigate the eviction process more effectively and increase the likelihood of a successful resolution to their noisy tenant problems.
FAQs About What Can A Landlord Do About Noisy Tenants
What Is A Tenant’s Right To Be Free Of Annoyance From Noisy Neighbors?
Tenants have the right to be free from annoyance caused by noisy neighbors. If the noise disrupts their peaceful enjoyment of the rental property, they can address the issue with the landlord or property management.
How Do You Deal With Loud Neighbors?
To deal with loud neighbors, try these steps: 1. Communicate politely about the noise issue and ask them to keep it down. 2. Use earplugs or white noise machines to drown out the noise. 3. Report the problem to the landlord or building management.
4. Consult with local authorities if the noise persists and becomes a nuisance. 5. Seek legal advice if necessary to protect your rights and ensure peace and quiet.
Conclusion
Dealing with noisy tenants can be a daunting task for landlords.
However, it is important to address the issue promptly and efficiently to maintain a peaceful living environment for all residents.
By setting clear expectations in the lease agreement, implementing noise policies, and communicating effectively with tenants, landlords can take proactive steps to mitigate noise disruptions.
Remember, addressing noise complaints promptly can help preserve tenant satisfaction and maintain a positive reputation for your rental property.
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
Naming apartments is a tricky game—and creating it to be one-of-a-kind is the NAME of the game, pun completely intended.
What Can an Apartment Name Do?
The purpose of a name? It’s shorthand for who your brand is. It gives a snippet of an idea. A name is the first thing that can grab attention (if it’s a good one), keep attention, and if it’s interesting enough, it can allow the prospect to ponder its meaning a little bit.
Your apartment name can tell a story, evoke a feeling, and emphasize your branding—when you follow our guidance.
TELL A STORY
Names that make for the most fun in the process are the ones with a story. If there isn’t one, we create it within the brand guidelines. Have you ever met someone with such a unique name that you wanted to say, “Wow, that’s cool! Can you tell me more about your name?” There’s typically something even more interesting than the name—and it’s the story behind it.
EVOKE A FEELING
The vibe of your community—whether for retirees or for young professionals—will be bolstered by a solid name. There are certain sounds, colors, words that create ideas and stir up emotions within us. The emotions that come to the surface should be positive. Positive and fun. Positive and elegant. Positive and avant-garde. Positive and peaceful. How you name it helps bring your reader/prospect/resident to that frame of mind.
EMPHASIZE BRANDING
The vibe of your community again can be paired up with your branding through your apartment name. The name is the starting point, and then the brand is built up around that. It’s likely that you’ve already had the ideas of the design, style, audience and more, but the name is the first piece of the verbal branding. This aspect is foundational, setting off the rest of the branding: your logo, your style, your voice, so it can be seen and appreciated in its ideal form.
Why One-of-a-Kind Names for Apartments?
Naming your apartment buildings is not a decision you can make easily and forget about. It will impact your brand perception, how prospects find you online (or don’t) and whether your brand will stand out among your competition. Be careful in your approach to naming apartments for both SEO and intrigue.
SEO
If you want to be found through search engines, consider how many other things, even beyond apartment communities, may be named the same. How much competition will you have? A lot? This is the time to get inventive, because it won’t always go the way it did in Field of Dreams (“If you build it, they will come.”)
Now, does it have to be a completely new word? Not necessarily. But for higher ranking in Google, it must be more creative and outside of the norm.
Please don’t call it Oakview or Oakhill or Oakridge or Oak Grove Apartments. It’s been done.
INTEREST
Look for something more interesting about the property to inspire its name. Perhaps the history of the area, the street names, important figures in the city’s community, or a particular vibe that you want to create with these apartments.
MEMORABILITY
If it’s top-of-mind status you want, you’ll have to go a little off the beaten path. Not too strange, and not too un-spell-able or un-pronounce-able, but something that’s creative. So instead of Oakhill Apartments, you could go for CenturyWood Place, for example.
Never Pay for Covered Home Repairs Again.
Choice Home Warranty is the most comprehensive, flexible, and value-priced on the market.
Get local pre-screened technicians, if we can’t fix it, we’ll place it, and receive 24/7 home warranty service.
Apartment Name Examples
Now that we gave you one example, you’re probably hoping for a few more. We got you. (Keep in mind that these are all made up and we aren’t picking on anyone with these examples, good or bad.)
BORING
That Oak Anything Apartments example falls into this boring category. Not imaginative. Sounds peaceful and completely…forgettable. Here are a few more apartment names that you can forget about completely after reading them:
31st St Apartments
Oak Glen
Shady Lane
Laurel Estates
We get it: There’s shade. You’re on a street. There’s trees. For the love, get more interesting!
UNIQUE
Take inspiration from the management’s founder. The history of the area. Or the style of the building. Don’t be too on the nose, like Brickhouse Lofts, but consider using a red color in the name, like Vermillion Views.
THE STRANGELY FAMILIAR
Today, there are plenty of made-up words that have become household names—even regular, daily verbs. Why? Because they’re memorable. Just Google it!
Google was a re-spelling (which was more phonetically appealing) of googol, which just means the highest number in existence. This works great for the vast number of search results you can receive with a few keystrokes.
Etsy was a made up spelling after the founder closely watched (and listened to) a Fellini film. Having heard “et si” multiple times, he decided this combo of words that means “oh, yes” was the perfect term for his new website.
Zillow is a little more out there. This massive house listing giant has combined the idea of comfort and vast amounts of options (“zillions” and “pillows”—where you lay your head) would be the ideal name for a space to find your next property.
What to Consider When Naming Apartments
As we’ve seen above, some brand names are more thought out than others. It’s okay if it’s stumbled upon, but it’s stronger and more relatable if there’s a good story to go with it.
MEANING
Why is it called that name? If it’s chosen at random, that’s not going to initiate very good conversations. If you can come up with history, inspiration, or reasoning, that will go a lot farther in your branding guidelines than “it sounded cool.” However, we know that sometimes that does lead to success. But it might be easier to have a goal to create a name based on some deeper meaning–it’s at least an easier starting place.
BRAINSTORMING PROCESS
Thinking through naming apartments, go for broke. We write down anything and everything that comes to mind, and then have a thesaurus handy. (You never know when you’ll come up with something that will spark interest and be super-original.)
While we’re going about the naming process, we consider things like:
- Your ideal resident profile (IRP): what are they looking for?
- The type of apartment community it will be
- The vibe of the surrounding area
- The history of the town/city/area you’re in
- The history of the building
- The architecture style of the building
- The names of the surrounding streets
- The local flora and fauna
Take all of these into account, and we’re sure to find something that will strike a chord that will please the SEO gods and the future residents of your homes. We’ll also try out different sizes, lengths, and formats of the winsome ones to land on something worthy of your community. Most of all, we’ll aim for meaning and originality.
RESEARCH
However, before you get too deep into the weeds of apartment naming, make sure it’s actually viable. Look at your competitors. Consider your audience. Google the name and see what comes up. A few considerations (or tests, if you will) to find out whether the name could possibly work:
- Business Name Search
- Trademark Registry Search
- Available URLs and social media handles
- General Google search
Again, this is where due diligence and uniqueness will help you out. The hard work of building your apartment brand will be undercut by other brands if it’s not a standalone idea (or has too much competition).
Source: Multifamily Insiders
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
By Ryan Squires
One of the biggest allures of investing in rental properties stems from decreasing an individual’s taxable income through rental property depreciation.
As we all know, building wear and tear has real costs. As structures wear out over time, the usable life and value of that property decreases. Those decreases can be accounted for using the IRS’ guidelines on the depreciation of rental property.
For savvy real estate investors and landlords, accounting for a rental asset’s decreased usability minimizes tax liability by shrinking taxable income. If done right, landlords can keep more money in their bank accounts.
However, accounting for depreciation costs, while a wise financial move, can be a time-consuming and complex process. With that in mind, we’ll examine rental property depreciation, how to calculate it, and some tools investors can use to alleviate stress during tax times.
What is rental property depreciation?
Rental property depreciation is a tax law concept that allows rental property owners to deduct a portion of the cost of a property and any improvements they make over a set period, generally 27.5 years, as defined by the General Depreciation System (GDS), which we discuss in further detail below.
The total number of years, 27.5, represents a key figure because that’s what the IRS deems as the usable life of a residential rental property when using GDS. Instead of taking one large deduction for the entire cost of the property in the year you buy it, depreciation allows investors to deduct a smaller amount each year to account for wear and tear.
Note: While GDS is the most widely used system, the IRS also employs the Alternative Depreciation System (ADS), which we explain in our Calculating Depreciation section.
Is your property a depreciable asset?
Your property must meet four essential criteria to be eligible for depreciation based on IRS guidelines.
- Landlords and real estate investors must own the property, and they’re still considered the owners if they owe on it.
- Investors must use the property to generate income.
- The property must have a “determinable useful life.” The IRS defines properties as having a useful life if they can “wear out, decay, get used up, become obsolete, or lose value from natural causes.”
- Investors can only claim depreciation on properties with a useful life of more than one year.
For properties that fit these parameters, investors can then determine how to calculate their depreciation values to factor into deductions.
Calculating Depreciation
One of the biggest aspects of rental property depreciation is determining when to start depreciating a property, which is when it’s placed “in service.” When buying a new property, investors often face many challenges related to making it habitable or appealing to potential tenants.
That could mean fixing broken fixtures, repairing structural components, or upgrading appliances. Suppose an investor purchases rental property on February 1, but it requires them to put some work into it, which delays advertising the property until March 15.
In this case, the in-service date would be March 15. However, landlords can still depreciate the property from that date, even if they don’t have a tenant.
Now that you know when to begin depreciation, you must determine which depreciation system to use. Don’t worry — it’s not that hard.
Depreciation Methods
Investors whose rental properties were placed in service after 1986 will use the Modified Accelerated Cost Recovery System or MACRS.
MACRS uses two depreciation methods — the GDS and the ADS — which we briefly mentioned above. Let’s examine the two systems in more detail to determine how they apply to rental property depreciation tax accounting.
General Depreciation System
GDS is the most commonly used depreciation method, so investors will likely use it when depreciating their rental properties. It outlines some fundamental principles.
As previously explained, depreciation for residential rental properties is commonly spread over 27.5 years. In effect, this implies that investors and landlords can benefit from significant tax deductions at the early stages of ownership. Commercial properties, on the other hand, use a 39-year depreciation window.
Second, GDS primarily uses the straight-line method of depreciation. That means investors will always deduct the same amount from their taxable incomes based on the cost basis, which we discuss below.
While the straight-line method is the most commonly used, it isn’t the only one landlords can use in this system. Investors can also use the declining balance method, which allows for larger deductions in the early years.
Alternative Depreciation System
Fewer landlords will use ADS. The IRS stipulates that real estate investors and landlords must use the ADS rental property depreciation system if certain conditions are met.
You must use the ADS system in the following cases:
- The property has a tax-exempt use
- The property uses tax-exempt bond financing
- The property is used primarily for farming
- The property is used for business purposes for 50% or less of the year
If your property fits those descriptions, you‘ll employ ADS. ADS uses a longer depreciation schedule of 30 years. This schedule lowers depreciation deductions and spreads them out over a longer period.
Keep in mind: Landlords and investors can opt to use ADS for their properties on a unit-by-unit basis, but once they select the ADS method, they cannot change it.
Check out the IRS documentation linked above for more information on either schedule.
Calculating Cost Basis
Now that we’ve specified which depreciation method applies to a given property, finding the cost basis of a property will give you all the information needed to determine the values you can deduct from your taxable income.
The first step is to determine the property’s cost. For example, say you find a property listed for $418,000. Often, that’s not the final price. You may need to add in settlement costs or fees directly incurred at the time of purchase, such as legal fees, transfer taxes, title insurance, and any additional fees you agree to pay. Let’s ascribe a value of $15,000. You capitalize or add these to your depreciable cost basis in the property.
Now, suppose you renovated the kitchen for $30,000 to make the property more appealing. You can add these costs to the basis to help offset the initial investment. In short, the total cost of acquiring the property and renovation is $463,000 ($418,000 property price + $15,000 in fees + $30,000 renovation).
You can’t depreciate the entire $463,000 because the building sits on land, and that can’t be depreciated. The IRS states that land isn’t a depreciable asset as it has an indefinite use life, so you’ll subtract the land value from the total purchase price. When you segregate out the cost of the land and tally up the other values, you arrive at your depreciable cost basis. You’ll use this figure to calculate your depreciation expense each year.
A landlords one stop shop for tenant management…for FREE
You can’t beat free and the only time you pay is if you want to purchase a lease or have expedited rent deposits. Most everything else costs zip, zero, zilch.
Establishing Land Value
Investors can find the value of land from a number of sources to help in their rental property depreciation calculations, including:
- Property tax card or bill: Local governments often assess the value of the land and the building separately for property tax services. This information is readily available through your assessor’s website or office.
- Assessed values: Your property tax documentation should show the value assigned to the land and the building improvements separately.
- Professional appraiser consultation: Hiring an appraiser can help streamline the process and ensure a property appraisal if the tax assessment seems inaccurate.
Final Calculation
Say the appraiser values the land at $40,000. If using GDS, subtract $40,000 from the cost of acquiring and renovating the property ($463,000) and divide it by 27.5 years.
For example: $463,000 – $40,000 = $423,000. Divide that by 27.5 years, and you get $15,381.82 which you can now deduct from your annual income. However, for the first year you put the property in service, you’ll consult the MACRS percentage table to calculate the depreciation deduction based on the month you placed the property in service.
According to the percentage table, if you put the property in service in July, you’ll depreciate at 1.667%. Here’s the total for the first deduction: $423,000 (cost basis) * 1.667% = $7,051.41. This is because you’re only allowed to claim a half-year worth of depreciation on this first year.
When Depreciation Stops
Once the property changes hands, the 27.5-year clock starts anew. However, there are other circumstances when investors can no longer deduct rental property depreciation from their taxable income.
The first is when the property has fully recovered its cost. That means an investor has deducted the property’s entire cost basis.
The other is when the property no longer generates income. For example, an investor could move into the property, taking it off the rental market altogether and ceasing income generation.
Recapture Considerations and Capital Gains
While depreciating properties comes with substantial tax deductions, you must pay some back via recapture taxes, which the IRS levies at tax time each year after the year of sale. Also, if you don’t plan on reinvesting your gains via a 1031 exchange, you’ll have to pay capital gains tax.
Let’s look at an example to see how the numbers work out.
Assume you purchased the property above six years ago and sold it at the end of the sixth year for $700,000. In our example, we determined the property had a cost basis of $423,000. Because you sold the property after six years, the depreciation deductions you’ve taken amount to $92,290.92. Now, you’ll have the figures necessary to calculate the property’s adjusted basis.
To calculate that amount, subtract the $92,290.91 in accumulated depreciation deductions you’ve claimed on your taxes from the original cost basis of $423,000 for a total of $330,709.09. Now, subtract the adjusted cost basis from the sales amount of $700,000 ($700,000 – $330,709.09 = $369,290.91).
Of that $369,290.91, $92,290.91 is taxed at your ordinary income tax rate, which is not to exceed 25% as outlined in the Tax Cuts and Jobs Act. The remaining $277,000 is then taxed at your long-term capital gains tax rate of 0%, 15%, or 20%.
Long story short, while investors benefit from tax reductions during their property ownership, it’s vital to account for recapture and capital gains taxes to understand your finances following the sale of a property.
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
Navigating the complexities of property management includes dealing with fair housing claims, a task that becomes even more challenging when a claim of retaliation is added to the mix. This article aims to provide strategies and insights to help property managers and staff prevent fair housing retaliation claims, ensuring a harmonious living environment for all residents.
Understanding Retaliation in the Housing Sector
Retaliation occurs when a resident, having filed a fair housing claim, alleges that they are being mistreated in response to their claim. Retaliatory actions can vary widely but are united by their potential to exacerbate an already sensitive situation. For instance, consider a resident who has filed a fair housing claim and subsequently submits a maintenance request. Prioritizing this request lower than others out of spite could escalate the situation, demonstrating apparent retaliatory behavior.
It’s crucial to remember that retaliation is unacceptable, regardless of the outcome of the original fair housing claim. Effective training on fair housing laws can play a significant role in preventing both the initial claim and any retaliatory actions that might follow.
Best Practices to Promote Prevention of Retaliation Claims
The cornerstone of avoiding retaliation claims lies in maintaining standard operating procedures for all residents without discrimination. Here’s how to approach a situation where a resident, perhaps feeling emboldened by their claim, starts to breach property rules or policies:
1. Enforce Rules Fairly: Do not disregard rule violations. Every resident must adhere to the property’s policies. The delicate nature of these circumstances may necessitate consulting with a fair housing attorney to ensure that any actions taken do not seem retaliatory.
2. Fair Housing Training: Continuous education on fair housing regulations for all staff members is essential. This not only helps in avoiding initial claims but also in handling any situations that arise without turning into retaliation.
3. Documentation and Communication: If a complaint does arise, minimize direct interactions between the complainant and involved staff members. Document all interactions meticulously to provide a clear record of your response to the issue.
Looking for the next level of landlord software before handing off to a property manager?
Hemlane is a software that is built to grow with your needs as a landlord.
For a minimal amount, there’s a really good basic package but what we love is the option to upgrade and add 24/7 maintenance management on.
Hemlane offers complete financial support as well. You can link multiple bank accounts for direct deposit rent payments, add automatic late fees, sends reminder notifications to your tenants, and has a detailed profit and loss statement that can includes automatic and manual uploads of income and expenses.
It gets better! If you reach a place where you are ready to hand off management to a property manager, Hemlane has that too under their “Complete” option.
You can try Hemlane out FREE for 14 days (no credit card required) to see if it’s a good fit for you!
Proactive Measures to Help Prevent Fair Housing Complaints
The most effective strategy to avoid fair housing complaints is to create an environment where residents feel respected and valued. This involves:
– Ongoing Staff Training: Ensuring that every staff member, including property managers, understands fair housing laws and how to apply them in daily operations.
– Transparent Communication: Maintaining open lines of communication with residents about their rights and how to address grievances.
– Responsive Management: Showing a willingness to address and resolve issues promptly and fairly can prevent many complaints from escalating.
Retaliation Claims – Summary
Property management is indeed a complex field, rife with challenges that demand both tact and diligence. However, by adopting these best practices and dedicating themselves to continuous training, property managers can adeptly navigate the intricacies of resident relations with poise and assurance. This approach not only aims to circumvent potential legal pitfalls but also to cultivate an inclusive and welcoming community atmosphere.
In such an environment, every resident is not only afforded their rights but is also encouraged to engage and contribute, thereby fostering a sense of belonging and mutual respect. The ultimate objective extends beyond merely avoiding disputes; it’s about creating a living space where every individual feels valued, understood, and integral to the community fabric.
To save 15% OFF any course at The Fair Housing Institute, use CODE: YLR2024
This informative article was provided to us by The Fair Housing Institute.
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
By Anna K. Cottrell
The 15-minute city as a concept has been around for a while now. First introduced by the Colombian-French scientist Carlos Moreno and eventually implemented as an official urban planning policy by the City of Paris, the 15-minute city promises its residents access to amenities without the need for a car.
The idea is that you should be able to go to work, do your grocery shopping, visit the local medical center, and pick up the kids from school, all within a 15-minute walking radius of where you live. This all sounds wonderful, but what matters from an investor’s point of view is whether there is demonstrable demand for it—and whether it will continue growing.
So, are 15-minute cities worth factoring into your real estate investment decisions, or are they just a temporary fad?
Beyond Walkability: Why the 15-Minute City May Be a Useful Concept
Most real estate preference surveys focus on walkability as a growing demand factor. The National Association of Realtors (NAR) is the most robust source of data on the subject and has been running its Community and Transportation Survey every three years. The results of the latest one, completed in 2023, are actually pretty mixed if we take walkability as a stand-alone measure of a location’s attractiveness.
In fact, only 48% of respondents rated walkability as a high priority if they were planning to move. Instead, people prioritized high-quality public schools in the area (62%), a short commute (61%), and having a large yard (56%) and a large house (54%). Note that the majority of those respondents (53%) were homeowners, and only 36% were renters.
It’s not that being able to live in a walkable community doesn’t matter. It’s just that, for current homeowners, it doesn’t matter enough to move the needle in their decision-making.
Does that mean that the 15-minute city idea is of no value to a real estate investor? Au contraire. In fact, it may be a more valuable tool for investors than surveys about walkability.
What matters isn’t just walkability on its own but where and what people would be walking to. The 15-minute city concept is about more than building more sidewalks and bike lanes; its core principles are sustainability, solidarity, and citizen participation.
In other words, it’s about people building meaningful connections and supporting each other within the community. This is quite a different setup from your typical suburban residential neighborhood, with a sidewalk for jogging.
What Renters Want
Recent research that zooms in on renters’ preferences shows that their values increasingly align with this concept of a supportive, friendly neighborhood where people can connect.
One in-depth survey of 1,500 renters in multifamily apartment units across the U.S. by a resident experience company called Venn found that the vast majority favor three things:
1. The chance to live in a place with thriving local businesses (4 out of 5 respondents)
2. The ability to grow their social connections and socialize with neighbors (three-quarters of respondents)
3. Opportunities to volunteer in the local community (3 out of 4 respondents)
We use QuickBooks daily in our rental property business!
It’s used to invoice tenants for their rent, track expenses by property and unit number, and our tax advisor can log on anytime to get information he needs for processing taxes or analyzing our data for goal setting meetings!
QuickBooks is the #1 accounting software for small businesses, and today you can take advantage of 30% off your first 6 months of QuickBooks Online using our exclusive Business Affiliate link.
The Venn survey emphasizes that many landlords don’t understand what renters actually want, mistakenly assuming that they’re attracted to the latest smart home technologies and free subscriptions to services like Netflix. But these things factor very little into people’s decisions about where to rent—and even less into their decisions about whether to renew their lease. Instead, the survey found that renters who were satisfied with their local communities were twice as likely to renew their leases than those who were “amenity-rich” but didn’t feel like they belonged where they were.
On a purely psychological level, this makes a lot of sense. Renters know that where they’ll be living likely won’t be their dream home. Most renters have to compromise a lot on space, furnishings, and even the type of housing they end up living in. No amount of Netflix will fix that. However, making friends and hanging out at a great local café may just take the edge off some of the downsides of the renting experience.
The survey even found that people reacted more positively to apartment ads that showed communal spaces with people in them, as opposed to just images of empty apartments.
Doing Your Neighborhood Research the Right Way
As is so often the case with doing successful market research as a real estate investor, the trick here is to switch on your nonlinear thinking. It’s not that walkability doesn’t matter to renters; it’s just that taken as an isolated factor, it’s not very useful. Instead, what pays off is assessing the whole neighborhood. Walkability is not a bad place to start this kind of assessment because highly walkable neighborhoods also tend to be the ones that have thriving businesses and communities.
Antoine Bryant, Detroit’s director of planning and development, described growing up in a walkable Brooklyn neighborhood in an article about 15-minute cities: “I looked out the window, and across the street was a bodega, which is like a mini-grocery store. Fish market, dry cleaner, meat market, pizza, another dry cleaner, liquor store, hardware store and then another bodega.”
This is the sort of thing the modern renter wants. The success of cities like Portland, Oregon, Boston, and Baltimore is not just due to these places drastically improving walkability. It’s the whole urban regeneration package, with communities transformed by sustainable green spaces, thriving small businesses, and an overall friendly and inclusive environment. Not only do renters like this setup in theory, but they are also prepared to pay more for it.
A cursory look at recent rental market trends in Portland, for example, shows that it really pays to do your research on a granular, neighborhood-by-neighborhood level. Don’t look at overall rent statistics.
Portland’s average one-bedroom rents are showing a 4% annual increase. But look at the annual rent price increase for the popular King’s Hill Historic District (full of restaurants, cafés, daycare centers, etc.)—it’s a whopping 31%. Oh, and by the way, King’s Hill has a walkability score of 94. Food for thought?
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
We’re well into tax season now, and that means it’s time to start prepping those tax returns.
While it’s typically not a fun task, there’s actually a silver lining this year: Many taxpayers can expect higher-than-average refunds. There are several reasons, but adjustments to federal tax brackets, larger standard deductions, higher interest rates and other factors all play a role.
“Inflation is actually helping taxpayers when it comes to their taxes,” says Lawrence Sprung, a certified financial planner and founder of Mitlin Financial. “The standard deduction, which is used by most, saw a significant increase for 2023. Tax brackets also saw a generous 7.1% increase. These two things combined will make it a more forgiving tax season for many.”
Want to boost your tax refund even more than these conditions allow? Below, we’ll break down how how experts say to do it.
4 easy ways to boost your tax refund, according to experts
Here are four simple ways to get a bigger tax refund according to the experts we spoke to.
Contribute more to your retirement and health savings accounts
If you’re looking for a way to maximize your tax refund after the tax year has already ended (like right now), one of the best ways is to contribute more to certain tax-deductible accounts — most notably traditional IRAs and health savings accounts (HSAs).
“Those contributions will reduce your taxable income and hence your tax bill,” says Lei Han, a certified public accountant and professor of accounting at Niagara University.
You have until April 15 (tax day) to contribute to these accounts and write those contributions off on your 2023 tax returns. And while this approach will cost you cash upfront, the payoff is two-fold, says Wenyao Hu, a chartered financial analyst and professor at the New York Institute of Technology. “These actions not only support your future financial security but also can significantly reduce your taxable income,” Hu explains.
Choose the right deduction and filing strategy
While the standard deduction did increase this year, that doesn’t necessarily mean it’s the best choice for everyone. For some, itemizing your deductions may be a better way to go.
It’s important to run the numbers for both options to be sure you’re making the right choice. When doing so, make sure you’re factoring in often-forgotten deduction options, like student loan interest, medical expenses, and child and dependent care, too.
You should also carefully evaluate your filing strategy — particularly if you’re married.
“For married couples, there can be times when filing separately may yield a larger total net refund to the household than filing jointly,” says Rob Burnette, a professional tax preparer at Outlook Financial Center in Troy, Ohio. “Splitting returns will also impact state tax returns, so do the math on all of your returns.”
According to David Johnston, managing partner of Amwell Ridge Wealth Management in Flemington, New Jersey, your tax professional can help with these comparisons. And, if they don’t? “They’re not doing their job correctly,” Johnston says. “It should never be overlooked.”
Donate to charity
If you have a favorite charity, Hu recommends donating to them to increase your deductions. You can write off charitable contributions on your tax returns — up to 50% of your adjusted gross income — as long as you itemize.
These contributions can be monetary (as in you write a check to the charity), or they can be in the form of physical goods, too. For example, donating clothes or furniture to the Salvation Army could qualify you for a deduction. Just make sure you keep the donation receipt, as you’ll need it when filing your returns.
If you’re over 70.5 and have a traditional IRA, you can also use the IRS’s Qualified Charitable Distributions to reduce your taxable income and increase that refund. This lets you donate up to $105,000 of your IRA funds to a charity of your choice, rather than taking the agency’s required Qualified Minimum Distributions.
“The charity receives the full value of the donation, and the taxpayer avoids paying income tax on the distribution,” Burnette says. “This reduces Adjusted Gross Income and potentially lowers the amount of Social Security income that is taxable.”
Be organized and thorough
Finally, go into the tax filing process with all your ducks in a row. Have your income documents, receipts for any deductions, and statements from bank accounts and investments on hand.
“Don’t start doing your taxes until you have everything you need to file them, organized and ready to be entered,” Sprung says. “Missing just one piece of information could cause you to pay more taxes than you need to.”
You can also call in a pro for help. While they’ll certainly come with a fee, they’ll also be able to help you spot refund-boosting opportunities you might not have thought of. They can help you plan your future tax strategy, too.
Need a Lease Agreement?
A FREE account gets you access to over 200 free forms. Upgrade to a paid account (monthly, annually, or lifetime)
EZLandlord Forms Is Offering 15% 𝙊𝙛𝙛 For New Customers!
We cannot recommend these guys enough!
👉 State Specific Leases 👉 400 Forms to make your landlord-tenant relationship top notch 👉 200 FREE forms for those not ready to purchase 👉 4.8 Rating with over 5000 Reviews 👉 Pro Members get access to ALL leases and forms for $12 per month OR $75 if you purchase the annual membership 👉 YOU CAN BUY LIFETIME FORMS for $399
USE CODE 𝐒𝐓𝐀𝐂𝐈𝐄𝟏𝟓 to get 15% OFF ALL first-time purchases, EVEN THE LIFETIME FORMS!
What not to do
While there are several ways to increase your tax refund, there’s one all experts agree you should avoid: Adjusting your W-4 to pay more taxes on each paycheck. This would result in a bigger refund come tax season, but “you won’t have that money to live on during the year,” Johnston says.
It also amounts to giving the government an “interest-free loan,” experts say, and doesn’t serve to grow your wealth either. As Johnston puts it, “Overpaying Uncle Sam is not part of a sound financial plan.”
A better option? Put the extra money you considered withholding into something that earns you interest — like a certificate of deposit or high-yield savings account.
Tax preparation software can help
If you have a simple tax filing situation (you’re a W-2 employee, essentially), then tax preparation software — like TurboTax or TaxSlayer, for instance — can help you file your returns electronically come tax season. If you have more than one income source, own your own business, or are otherwise in a more complicated financial scenario, you’ll likely want a tax professional’s help. They can also help you handle any tax debt or explore options if you’re unable to cover your tax bill.
Source: CBS News
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
The promise of financial returns, stability, and the thrill of ownership often fuels real estate investment decisions. While various real estate options exist, few capture the essence of smart investing as aptly as multi-family properties. Multi-family properties offer a unique blend of convenience, profitability, and scalability. Let’s delve deeper into why you should make it a priority to invest in multifamily real estate.
The Allure of Multifamily Properties
Understanding the multifaceted benefits of these investments can pave the way for a secure financial future.
1. Strong Reasons for Investing in Multifamily Properties
Steady Cash Flow: One of the most attractive pros of multifamily real estate investing is the consistent rental income from multiple units. This predictability can significantly ease financial planning and provide a sense of security for investors.
Easier Property Management: Managing one building with several units is convenient and cost-effective. It’s often easier and more efficient than handling multiple single-family homes spread across different locations. Additionally, centralizing operations can lead to better oversight and management.
Economic Efficiency: Multifamily properties spread out the risk, ensuring you’re not reliant on a single income source. If a few units are vacant, the rental income from occupied units can offset potential losses. This buffer can prove invaluable, especially in fluctuating market conditions.
2. Understanding the Value: How Are Multifamily Properties Valued?
Multifamily properties are typically valued based on their income-producing potential. Factors like rental income, location, condition, and local real estate market conditions play a vital role. Furthermore, recognizing the property’s specific amenities and unique selling points can adjust its valuation. This deeper understanding is pivotal not just for purchase decisions but also when gauging how often real estate doubles in value. Remember, it’s not just about current value but potential future worth and the property’s growth trajectory.
3. The Buying Power: How Many Properties Can You Buy at Once?
While there’s technically no limit, the intelligent approach emphasizes quality over quantity. Don’t merely chase numbers; search for properties that offer immediate returns and long-term growth potential regarding appreciation and rental income. Moreover, consider the ease of management, potential demand in the area, and the sustainability of these investments. The key lies in balancing ambition with practicality.
4. Long-Term Benefits of Multifamily Investments
Investing in multifamily properties transcends the allure of immediate profit. It’s a journey of building lasting wealth and creating a legacy. When approached with foresight, it can provide benefits that ripple through time.
Appreciation Over Time: Real estate, especially multifamily properties, often see steady appreciation over the years. Beyond the tangible metrics, this appreciation signifies a neighborhood’s growth, enhanced amenities, and socio-economic development. As these factors converge, they promise increased rental income and raise the overall property value should you opt to sell in the future.
Tax Advantages: The realm of multifamily real estate offers a plethora of tax incentives. Depreciation stands out, allowing you to offset a portion of your rental income. Add to that the mortgage interest deductions and other tax breaks, and you’ve got a recipe for significantly reducing your taxable income, thus amplifying your overall returns on investment.
Equity Buildup: As you pay the property mortgage, you simultaneously build equity. This can be leveraged for future investments or cushion in financial downturns.
Scalability: Starting with one multifamily property can set the stage for further real estate acquisitions, enabling a more rapid portfolio expansion than single-family units.
5. Mitigating Risks in Multifamily Real Estate
Every investment comes with risks, and multifamily properties are no exception. However, there are effective strategies to mitigate these.
Diversification: By its very nature, a multifamily property is diversified. If one or two units become vacant, others remain occupied, ensuring a steady income stream.
Research & Education: Continuously educate yourself about the latest market trends and dynamics. Knowledge is a potent tool against potential pitfalls.
Professional Networking: Building relationships with real estate professionals, from agents to property managers, can provide invaluable insights and early warnings about market shifts.
Insurance: Ensure your property is adequately insured. This can protect your investment against unforeseen damages and liabilities.
Looking for the next level of landlord software before handing off to a property manager?
Hemlane is a software that is built to grow with your needs as a landlord.
For a minimal amount, there’s a really good basic package but what we love is the option to upgrade and add 24/7 maintenance management on.
Hemlane offers complete financial support as well. You can link multiple bank accounts for direct deposit rent payments, add automatic late fees, sends reminder notifications to your tenants, and has a detailed profit and loss statement that can includes automatic and manual uploads of income and expenses.
It gets better! If you reach a place where you are ready to hand off management to a property manager, Hemlane has that too under their “Complete” option.
You can try Hemlane out FREE for 14 days (no credit card required) to see if its a good fit for you!
The Process Demystified: How to Buy a Multifamily Property
Investing in multifamily properties is undeniably a strategic move. Understanding the process of buying a multifamily property is essential to navigate this landscape. Every step requires attention to detail and a commitment to due diligence.
Market Research: Begin by identifying where to buy multi-unit properties. Prioritize emerging markets characterized by job growth, infrastructural development, population growth, and potential for rent increases. Economic and social indicators can significantly influence an area’s real estate prospects.
Financial Assessment: Determine your budget by evaluating your financial health. Factor in potential mortgage rates, property taxes, insurance, and the necessary down payment. An exhaustive financial review can safeguard against unforeseen expenses.
Property Search: Use platforms focusing on multifamily investments or collaborate with a seasoned real estate agent familiar with multifamily properties. An expert’s insight can sometimes unearth opportunities you might overlook.
Due Diligence: Once you’ve pinpointed a property, dive into a thorough inspection. Understand its occupancy rates, maintenance history, and potential repair costs, and scrutinize its financial statements. Being meticulous at this stage can prevent potential pitfalls.
Secure Financing: Approach traditional banks, credit unions, or private lenders. With the dynamic landscape of real estate financing, options are aplenty. A well-prepared business plan and a clear strategy can significantly improve your loan approval chances.
Closing the Deal: Ensure all legalities, like title checks and property liens, are in order before finalizing. Close the deal when you’re convinced of the property’s merit and all checks are satisfactory. Remember, it’s a marathon, not a sprint.
Widening Your Perspective: Beyond Single Units
The charm of investing in real estate doesn’t lie just in the bricks and mortar but in the strategy you employ. By focusing on multifamily properties, you adopt a strategy for consistent income, scalable growth, and mitigated risks.
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
By David Pickron
If you’ve ever purchased a gift for someone, you’re familiar with those three dreaded words you must be on the lookout for: “batteries not included.”
Most of us have experienced that moment on a holiday morning or birthday when the excitement of receiving something new is dashed as the recipient realizes that without power, they just have an empty box and a lifeless gift.
Knowing what is and is not included in any transaction is critical to achieving the end goal of both parties; this is especially true for housing providers.
I recently had a potential tenant who was going through some life challenges ask me if there was any way that I could include a washer and dryer as part of the rental.
Questions like these set off all sorts of alarms in my head. I’ve been at this for more than 20 years and situations like this have rarely ended well for me… but I reluctantly gave in and provided the washer and dryer at move-in.
Here’s why I entered into this agreement reluctantly: If they own the equipment and it breaks, they never call, but if I own the equipment and it breaks, I am the first call and end up playing repairman. Ideally, I avoid these situations, but under certain circumstances I do go that way and when I do, I always do these two key things that will also help to protect your investment.
No. 1 – Establish Your Ground Rules
When it comes to rental property, the number of items a tenant may ask for is unlimited.
In your business, determine in advance what and what will not even be a possibility to include with the property. When it comes to appliances, those that are attached to the property are usually included. I’m talking about items like a dishwasher or oven.
You might include a refrigerator if it is the built-in variety. Usually not included is anything related to laundry, microwaves, BBQ grills, etc. And speaking of grills, if you decide to provide one, make sure you establish that you are not responsible for providing fuel.
I’ve taken the brunt of an angry phone call from a tenant whose dinner party plans were destroyed when the propane ran out halfway through cooking their meal. Same goes for things like yard equipment if you decide to leave a lawn mower for the tenant who wants to maintain the yard. Each of these items present different challenges that require different rules, and it is best to lay out those rules in your lease.
Never Pay for Covered Home Repairs Again.
Choice Home Warranty is the most comprehensive, flexible, and value-priced on the market.
Get local pre-screened technicians, if we can’t fix it, we’ll place it, and receive 24/7 home warranty service.
No. 2 – Put it in the lease
The lease is your first (and best) line of defense when it comes to items you have included in your property. I would recommend always using language that references the following categories:
- Ownership: Clearly state who owns the equipment that is included in the lease. This ensures that if something “walks” off at the end of the lease period, all parties know whom it legally belongs to.
- Responsibility: If something breaks, it is critical to know who bears the financial and physical responsibility for its repair. For example, if I were to include laundry units in the property, I include language like, “If the laundry units become non-functional, you are responsible for all repair costs. If you do not want to cover those costs, the units will be removed from the property and you will be responsible for procuring your own units. If, when the lease is terminated, the units are in place and non-functioning, all repair costs will be covered by your security deposit.” Clear and concise, the tenant knows exactly what to expect and you can look back on this if these situations arise.
- Terms of Use: The final piece of protection is having them understand the terms by which you are providing any item in the property. This might include a term similar to this, “As the housing provider I am not responsible for any damages to your personal items created by using the laundry units provided.” Or this fun one, “Use of the provided BBQ grill is at your own risk and expense. Housing provider is not responsible for providing fuel for grill and/or for any damage or loss of food associated with use of the grill.” It sounds like overkill, but I’ve seen and heard it all.
Being in this industry is a gift.
I can’t think of another place that would allow me to the opportunity for challenge and growth as much as being a housing provider.
Knowing if and what to include in a lease is paramount to finding success; but without fail, the satisfaction that comes from helping others is definitely “included” in every transaction.
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
Over the years, a slew of reality TV shows that glamorize the real estate industry have popped up on networks like HGTV and Netflix. But just how realistic are they?
To find out, we evaluated eight popular shows that may appeal to investors. While most are focused on redesign efforts and fail to consider the practical aspects of investing, a few offer realistic tips and relatable challenges that make them worth watching.
Flip or Flop
Flip or Flop ended in 2022 after airing for 10 seasons on HGTV. The series follows formerly married real estate agents Christina Hall and Tarek El Moussa, who began flipping houses in Orange County, California, after the 2008 real estate crash. They typically make all-cash offers on foreclosures, which they renovate and sell for a profit.
The 70% rule of house flipping is a guideline house flippers use to ensure sufficient profits—it says you shouldn’t spend more than 70% of the home’s expected after-repair value, less any repair costs, on a distressed home. But Tarek and Christina tended to take bigger risks when choosing a property, which is likely to make things interesting.
For example, an episode in the final season, “Red Hot Flip,” shows the duo making a $500,000 offer on a home they hope to sell for $700,000, with quoted repair costs of $120,000. They note that low inventory in 2022 leaves them with few choices.
Several obstacles come up, including necessary repiping, which pushes their repair costs to $140,000. But they manage to get a $856,500 offer on the house because of the hot market, leaving them with $187,025 in profit after closing costs. That’s a 27.9% return on investment (ROI), which is just slightly below the average of 27.5% for home flips completed in the second quarter of 2023, according to Attom Data.
Most house flippers who aren’t also reality TV celebrities might turn away from a project with such slim profit margins, rather than hoping to get lucky with an offer above asking.
Stay Here
Stay Here was only around for one season in 2018 on Netflix, but it’s one of the few highly rated reality TV shows that showcases the optimization of vacation homes for added revenue potential. Designer Genevieve Gorder joins real estate expert Peter Lorimer to help property owners across the country boost their occupancy and average daily rates.
While the show offers some research-backed tips for increasing the cash flow on a short-term rental property, it’s mostly focused on the design aspect. The show doesn’t provide the budget for renovations or ROI.
In the episode “Austin Pool Pad,” a rare pool property in the desirable South Congress neighborhood suffers from old furniture, a sad-looking outdoor space, and a wasted bedroom used as an office. The team converts the office to a bedroom, adds a game room, creates a “social media moment” in the pool area with an eye-catching mural, and updates the listing description with a title to highlight the selling points. They also set up a partnership with a local pitmaster to provide private brisket-smoking classes to guests using the new smoker.
Ultimately, the new listing aims to capture $400 per night—but the episode ends there. Without a before-and-after comparison of monthly revenue for the vacation home, it’s tough to know if the extensive renovations and design updates paid off.
Selling Sunset
Emmy-nominated Selling Sunset is one of the most popular real estate reality TV shows, and it’s not because the show realistically depicts the homebuying process, at least not in most parts of the country. Instead, the Netflix show focuses on relationship drama at The Oppenheim Group, a cutthroat Los Angeles brokerage where the real estate agents carry $10,000 handbags and sell luxurious mansions to affluent homebuyers.
The episodes sometimes include real estate market insights, but they’re often quick and oversimplified, leaving plenty of room for viewers to focus on the attractive real estate agents and the intimate details of their personal lives, from pregnancy test results to backstabbing behavior to new agent gossip.
Investors looking to learn something should avoid this unrealistic reality show. On the other hand, anyone with an appetite for interpersonal drama in wealthy social circles should probably binge all seven seasons.
Buy My House
The Netflix series Buy My House premiered in 2022 and is one of the more investor-focused real estate shows. Homeowners are given the chance to pitch their homes to four expert real estate investors: Redfin CEO Glenn Kelman, football player Brandon Copeland, Corcoran CEO Pamela Liebman, and commercial real estate agent and business owner Danisha Danielle Wrighster. The show offers insight into the investors’ thought processes as they evaluate a variety of investment properties with the intent of making an all-cash, commission-free offer.
Buy My House includes properties at a range of price points from rental markets across the country, including some under-the-radar markets alongside tourist hubs. For example, in one episode, Glenn Kelman offers $170,000 for a starter home in the Detroit area with strong rental metrics, which is $5,000 above asking. But when a couple pitches a house near Disney World for close to $1 million, all four investors pass, pointing out that the price is too high, given the expected revenue.
Newbie investors can definitely pick up some tips from this show, from the nuances of how to run comps to the value of a unique property.
Vacation House Rules
This HGTV show premiered in 2020 and follows real estate and renovation expert Scott McGillivray as he updates vacation homes to optimize their revenue potential. Vacation House Rules mostly focuses on the renovation and design process in detail, which isn’t always practical from a business perspective.
For example, in the season 4 episode “Cottage on a Cliff,” Scott works on a friend’s cliffside cabin that is so distressed that it may be a money pit. The team essentially rebuilds the entire house, with no mention of the cost. While it’s fun to watch the transformation, it probably wouldn’t be feasible for investors who don’t have the budget of a TV show.
Make your business an LLC
Structuring your business as an LLC can bring important advantages: It lets you limit your personal liability for business debts and simplify your taxes. With NOLO, you’ll find the key legal forms you need to create a single-member or multi-member LLC in your state, including:
- LLC articles of organization
- operating agreement for member-managed LLC
- operating agreement for manager-managed LLC
- LLC reservation of name letter, and
- minutes of meeting form.
Form Your Own Limited Liability Company has easy-to-understand instructions, including how to create an operating agreement that covers how profits and losses are divided and major business decisions are made. You’ll also learn how to choose a unique LLC name that meets state legal requirements and how to take care of ongoing legal and tax paperwork.
Property Brothers
In Property Brothers, which ran for a whopping 14 seasons, twin brothers Jonathan and Drew Scott assist homebuyers with finding a fixer-upper, making an offer, and renovating the property according to their budget and needs. Unlike some other renovation shows, Property Brothers details the cost of planned updates and unexpected necessary repairs, along with the timeline, and the brothers are cognizant of the family’s budget.
For example, in the episode “Island Getaway,” the brothers discover a termite problem in the house. Due to the added expense, the brothers need to find ways to cut corners in order to remain within the family’s $650,000 budget. Investors who have rehabbed homes will relate to the challenge of staying within budget in the face of obstacles that pop up.
The Deed
This CNBC reality series began in 2017 and ran for two seasons. The Deed follows real estate developer Sidney Torres as he steps in to help other developers get their projects back on track.
For example, in an episode titled “Don’t Fall in Love with Your Flip,” Torres encourages a friend to look at his flip from a business perspective, abandon some of the high-end details, and sell the home for a profit to pay off his debt and potentially buy other cash-flowing properties.
To do this, Torres structures a deal with a penalty clause to discourage his friend from keeping the home. He offers $200,000 to complete the home in 120 days in exchange for 15% of the net profit from the sale. The penalty clause entitles him to the same profit, plus interest, should his friend decide to hold on to the home.
Investors who are new to house flipping may gain valuable insights from this show in addition to entertainment value. For example, Torres redirects his friend to choose aesthetic elements that will appeal to buyers instead of himself. He points out that time is money and stresses the importance of having a plan and sticking to a budget.
Beachfront Bargain Hunt
With hundreds of episodes over the course of 30 seasons, Beachfront Bargain Hunt is one of the most popular shows on HGTV. It follows homebuyers seeking budget-friendly homes in beach markets across the country. Waterfront homes tend to earn more revenue, so finding a budget home on the water can be a good investment. The show stays true to homeowners’ budgets and provides estimated rental income for buyers hoping to offset their mortgage payments.
But there are challenges and risks to owning a beachfront home, which the show fails to caution against. For example, beachfront homes tend to have higher insurance costs and may even be difficult to insure. Higher maintenance and repair costs can also impact homeowners’ budgets. Though it’s not the most realistic, it can be fun to watch homebuyers compare potential beachfront properties in different markets.
The Bottom Line
Most real estate reality TV shows have nothing to do with reality. But a few may be instructive, or at least interesting, to people with careers in real estate. Overall, we found Buy My House and The Deed to be among the most engaging and provide the most practical applications for real estate investors.
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇
By Justin Gesso
Whether you’re taking your first steps or fine-tuning your strategy, understanding the fundamental language of real estate is paramount. In this post, I’ll cover the top 5 real estate investment terms that are essential for every investor’s toolkit. From cash flow to leverage, these terms form the bedrock of successful investing. I think it is also important to know the right meaning for these terms and many people stretch the meanings or completely change them!
So, let’s dive in and equip ourselves with the knowledge that will shape our journey towards financial prosperity.
1. Cash Flow – The Foundation of Financial Success
Let’s start with a term close to every investor’s heart – cash flow. Beyond the straightforward inflow and outflow of funds, it serves as the cornerstone of financial success in real estate. It is one of the primary metrics I use to make purchase decisions. I also look at how good the deal is and how much value I can add.
Many people will tell you that cash flow is simply the rent minus the mortgage and insurance. However, if you want to know the true cash flow you will need to know all of your expenses. Here is an example of what true cash flow looks like:
- Rent: $2,000
- Mortgage: $1,100
- Taxes: $200
- Insurance: $200
- Hoa: $50
- Vacancies: $100
- Maintenance: $200
- Property management: $180
One investor might tell you the cash flow is $500 a month but they are leaving out many of the expenses the property will incur over time. The true cash flow would be -$30!
2. Cap Rate – A Metric for Strategic Decision-Making
Cap rate, a metric mostly used on commercial properties and multifamily housing gives an idea of what the property will make without financing and what the property is worth based on the NOI or net operating income. The basic formula is:
net income / price = cap rateThe Cap Rate formula may seem simple enough, but it can be manipulated very easily. Investors may not include all the expenses in the NOI, or they may use projected income instead of actual income. Never take these numbers as absolute without digging into them.
3. ROI – Evaluating Investment Performance
Return on Investment (ROI) serves as the scorecard for your property’s performance. As a pair to cash flow, ROI helps you determine what the property will make based on many factors like loan pay down, appreciation, and value add. Cash flow looks at what the property makes on a monthly basis and ROI looks at the big picture.
ROI is not easy to figure because some years may have a huge increase in value thanks to adding tenants or making repairs while other years may have much more modest returns. You would figure ROI on an annual basis and may want to separate out first-year ROI from the later years’ ROI because of those jumps in value.
Need a Lease Agreement?
A FREE account gets you access to over 200 free forms. Upgrade to a paid account (monthly, annually, or lifetime)
EZLandlord Forms Is Offering 15% 𝙊𝙛𝙛 For New Customers!
We cannot recommend these guys enough!
👉 State Specific Leases 👉 400 Forms to make your landlord-tenant relationship top notch 👉 200 FREE forms for those not ready to purchase 👉 4.8 Rating with over 5000 Reviews 👉 Pro Members get access to ALL leases and forms for $12 per month OR $75 if you purchase the annual membership 👉 YOU CAN BUY LIFETIME FORMS for $399
USE CODE 𝐒𝐓𝐀𝐂𝐈𝐄𝟏𝟓 to get 15% OFF ALL first-time purchases, EVEN THE LIFETIME FORMS!
4. Leverage – Maximizing Potential While Mitigating Risks
Leverage is the prime weapon of real estate investors if you are looking to scale quickly. With leverage, you only invest a fraction of the total purchase price, which can cause your returns to be significantly higher than investing in something like stocks. To achieve leverage, you use financing. Financing is one of the most important aspects of investing in real estate. You can make more money with loans than by paying cash.
On this site, I talk about the many different, creative ways you can finance real estate investments.
5. Equity – The Silent Wealth Builder
Equity, an often-underestimated force in wealth accumulation, goes beyond property values, embodying true ownership.
equity = current market value - amount financedEquity can be built slowly through market appreciation and loan pay down. You can also build equity by adding value and getting great deals on properties. I prefer to use both! Many people may say equity does not matter because it is not cash in hand, but it can become cash in hand by using a cash-out refinance, or selling. You can even use a 1031 exchange to sell and not pay taxes on the profit.
Thanks to leverage and equity, my net worth has skyrocketed to over $10 million just from real estate.
Even better, you can use equity and leverage together to purchase additional properties and scale up your business using the BRRRR method.
Conclusion
This primer serves as a solid foundation for fundamental real estate investment terms. As you navigate real estate, I invite you to explore the extensive resources on InvestFourMore, where a wealth of data-driven insights and strategies await.
Feel free to engage with the community, sharing your experiences or seeking guidance. Here’s to your continued success in the world of real estate investment – stay informed, stay strategic, and keep building your path to financial prosperity!
Did you enjoy this article?
This is an example of what is included on our FREE weekly newsletter, Landlord Weekly.
Subscribers get access to our free forms, email templates, and guides! As well as…
▪️Landlord Tips ▪️ Early Access to Our Blogs ▪️ Landlord Specific Articles by Other Industry Pro’s ▪️ Podcast Links
To check out a sample of our newsletter, click one of the links below👇