Monday, March 13, 2017

What kind of insurance do landlords need?

In What You Must Know BEFORE Becoming a Greedy Landlord I wrote that you should let your insurance company know that you are renting out your property. I also said that a good umbrella liability insurance policy can protect you even better if you have several properties.

Here is a helpful article that further explains insurance for landlords.

Tuesday, February 28, 2017

Why landlords should watch for pot growers ...

“… keep an eye out for tell-tale signs that your rental is being used as a cannabis farm. A home used as a cannabis farm can cause devastating damage to a property and can lead to a voided insurance policy. Think I’m being paranoid?

“There have been cases where ceilings and walls have been knocked through, as well as houses ruined by water damage and fires. 

“On top of financial costs, you could face legal action if it can be proven that you were aware of criminal activities or received money, including rent, as a result of illegal drug activity.”

And I provided a few ideas on what to look for. 

Click here for an example of a Canadian landlord who has paid a hefty price and wishes he had acted sooner.   

Tuesday, February 21, 2017

One of the perils of being a landlord

Pair killed landlord, lived with her body 2 weeks.
Click here for the full story. 

Monday, February 6, 2017

Hearing from the locals ...

Stopping by a small barbershop in Havana gave me a chance to hear from the locals about the economic issues they face and what they think of our new president. 

Friday, December 9, 2016

Writer's Digest book review ...

I entered What You Must Know BEFORE Becoming a Greedy Landlord in the 24th Annual Writer’s Digest Self-Published Book Awards contest.

Here is Judge #87’s Commentary:

The writer’s tone and amusing (though often, if you think about it carefully, very depressing) anecdotes make this book fun to read, even for a reader who has no interest in owning rental properties. 

My favorite parts of the book are the pieces of practical advice I wouldn’t have thought of myself (such as driving by a potential rental property at night and not buying property more than 10 miles away from where you live yourself), along with the stories of terrible tenants and common mistakes.

I’m wondering how many renters really like the idea of the landlord visiting monthly to replace the air-conditioning filters, and whether this is really a common practice among landlords.

The writer is very frank throughout most of the book; a place where I would suggest more frankness is on just what the potential landlord should have going for him or her before getting into the business.  How much cash money does the potential landlord really need?  How much in the way of skills? 

For example, the writer says he was able to repaint a whole house in two-and-a-half days and then re-carpet it in just a few more.  This suggests a great deal of skill on his part.  

Is it worth it for a new landlord to get into the business at all if he or she is not prepared to do those things?

Click here to get your copy. 

Monday, September 12, 2016

65% of UK landlords live close to investment

In What You Must Know BEFORE Becoming a Greedy Landlord, I gave readers the 6 important rules I’ve learned when looking for something to buy.

My #1 rule: Stay within 10 miles of your home.

And a new survey found that 65% of landlords from across the pond agree with me!

Click here to read more of the survey’s results.