Stacie Casella & Kevin Kilroy, hosts of Your Landlord Resource Podcast and Founders of Your Landlord Resource discuss their personal experiences as Realtors and rental property owners for over 20 years. They are here to give you tips and actionable steps for managing your investment and guide you to become a landlord that can confidently and professionally operate all aspects of your rental properties. From practical education, to mindset and entrepreneurship, Stacie & Kevin address good, the bad, and the ugly aspects of being a landlord and rental property owner. More importantly, they will teach you the mistakes they've made and how to avoid them. Listen to Your Landlord Resource Podcast to become a confident landlord, one door at a time.
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For landlords who want to operate a profitable rental property portfolio enabling you to grow and scale your portfolio, accurate bookkeeping is essential.
Just like all businesses, you must maintain good records that will enable you to evaluate and understand your property’s performance and your return on investment or ROI.
Listen, we know this is not a sexy topic. But managing your records and finances for your rental property properly can lead to significant tax savings, more rental income, lower expenses, and better profitability.
This episode covers why consistent bookkeeping is so important, what metrics to track, creating a budget, and tips on setting up your ledger accounts.
And in true fashion, we had so much to say that next week we will continue this conversation and discuss the accounting software that is available to rental property owners and self-managing landlords.
Ever seen the term "added value" when searching for rental properties to purchase? Usually this implies the purchase price may be reduced because there are improvements that can and should be made to make the property more profitable. Sometimes its physical updates, sometimes it's an opportunity for new owners to apply their own strategy and knowledge
In this episode, we are discussing what to focus on to add this value to your properties, not only for your own business strategy, but also so you can receive top dollar when you sell.
Specifically, we are talking about improvements you can make to the exterior, interior, and with your business strategy to make a big difference to your tenants and ultimately, your bottom line and profitability.
If you have not heard of Dan Borrero, owner of USA Land Ventures, this is your chance to learn from one of the best in the business.
Since 1989 this investor started his journey as a self-managing landlord and, at one time, had over 300 units he and his team managed! As retirement is creeping up, he has made some changes and is beginning the process of reducing his portfolio to manage, which is now down to just around a hundred doors or so.
We are talking entrepreneurship, building a team, risk management, and so much more! Dan is a wealth of knowledge not only for rental properties and investing, but also with his outlook on life. He really knows how to put things in perspective, and we sincerely enjoyed the hour we were able to spend with him during this interview.
First and foremost, let us clarify that this is not YOUR landlord property insurance. Renters insurance is taken out by the tenant to cover their personal possessions.
A few years ago, we only "suggested" that our tenants take out a policy, but we now REQUIRE it from all tenants because it covers way more than just the tenant’s personal property.
In this episode we are discussing what renters’ insurance is, why you should make it mandatory for all tenants to have a policy, and how their policy (at no cost to you), also covers you.
👉 Your Landlord Resource has teamed up with Toggle, a division of Farmers Insurance that offers competitive pricing of renters insurance for tenants.
When it comes to business, ANY business, the name of the game is to be constantly evaluating where you are and where you could be.
Besides the fact that our expenses have increased significantly across the board for all of our properties, we are in a growth mode and are looking to earn as much as we can to continue to scale our portfolio.
This is not us being greedy or money hungry landlords. We do not impose unfair fees on our tenants or charge for amenities that should be included with the rent. This is a business strategy where we analyze and evaluate what we can do to increase revenue in our prime location properties.
In this episode we discuss why we decided to swap a long-term leased unit in our 6-plex for a midterm option. We give all the details of why we switched, what that change entailed, and what we have learned in the process.
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.
Lighting fireworks and throwing summer BBQs are an American tradition! We all want our tenants to enjoy themselves while living in our rentals, but we also want them to be safe.
This is why we have put together several 4th of July and summer safety tips for you to share with your tenants.
From fireworks and grilling to pool time and parties, we are giving you all the information to create a gentle email recapping dos and don’ts before the fun kicks off. Not to mention how to remain safe while celebrating all summer long.
BONUS! We have created a FREE PDF download of 4th of July safety tips to share with your tenants!
No matter what the situation is, be it a nice vacation, medical leave, or having to care for someone else, we have all been there.
But when you are a DIY landlord, how do you take an extended period of time off and leave your rentals?
This episode is several tips on ways to take that time away without worry.
From learning about the importance of timing the leave to the different means of replacing yourself, we are covering the methods that have served us and many landlords we know very well when taking time away from our rental property portfolio.
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.
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.
Don't know how to create a QR code? Go to the free site, QR Code Generator, and input the link to the pdf or online site for any webpage. Download a JPG of the QR code and input into a Word Doc to share with your tenant.
What You Need to Know About Owning Rentals Located in an HOA
So, a few years ago we bought a 4-plex that was located within the confines of an HOA or Homeowners Association.
And the numbers worked, so that was great,
And we were told that they handle a lot of the landscaping and care for the parking and deal with all the trash again, which was great.
But we made a crucial mistake and did not thoroughly read the bylaws, which is all on us. There was one item in there that made a really big difference on how well this new purchase would play out.
So, this week on the podcast, we are talking all about what it means to own a rental property within an HOA.
There are several pros and cons to Homeowners Associations. Some aspects can be fantastic when owning a rental governed by them and others can really affect the value of your rental and the ability to rent it.
So, this subject might seem obvious to those landlords who are a bit more established but for those newbies out there, this one’s for you!
House rules are your regulations and guidelines that need to be noted within your lease to protect you and your tenants by establishing clear expectations between all parties involved.
Because believe it or not, tenants do need these guidelines to ensure a peaceful living environment and experience for themselves and any other tenants in the property.
And we wholeheartedly agree that house rules define the expectations you have for your tenants when it comes to responsibility, respect, and behavior.
Essentially, you are creating boundaries to minimize any issues or disagreements that may arise down the line.
For us, many of the rules we are talking about today are a bit obvious. However, for many of you, your own rules likely will arise from errors in judgement or prior lack of detail that led you to a place of frustration.
So, check out what we feel is important to know about house rules and see if you need to make any changes to your own!
When it comes to rental properties and animals, there are a lot of things to consider. You (for now) have the right to refuse pets, but you do not have the right to ever refuse a service animal.
We will say that, for the most part, we do not allow pets in our units. So, when an applicant or an existing tenant comes to us with a request for a service animal, we are not thrilled to say the least.
And we are not concerned with service animals in the traditional sense, you know, the ones who guide the visually impaired or the ones who walk alongside someone in a wheelchair and help open doors and pick dropped items off the ground. Those animals are very highly trained and are certified and registered assistant animals.
Today we are discussing ESA’s or emotional service animals that now have rights through the Department of Housing and Urban Development under Federal Fair Housing laws. In many cases (not all), these ESA’s are glorified pets. There is no training, there is no certification. The doctors who authorize these pets very rarely even meet the pet to see how it interacts with the patient and observe if it is a good fit.
When it comes to these service animals in rental properties, there are many questions that come to mind like, will it damage our units? And then, if it’s a dog, will it cause a commotion and disturb the other tenants? What are WE going to have to do to make this accommodation request amicable? Do we have any rights in the matter of allowing these service animals?
These are all things and so much more that we are discussing in our episode today. So, grab a coffee and give it a listen while we go over what you need to do if you are faced with this request.
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