If you’re renting a property in Tampa, you’ll be expected to pay rent on time every month. In order to meet that obligation, you’ll need to know how to pay rent and when it’s due.We are talking to residents today about the best way to pay rent in Tampa.
Before you sign the lease agreement on a new home, make sure you understand the rent collection policy. Hopefully, you’re working with a responsive and communicative landlord or property manager who will go over the particulars of how to pay rent. This information should also be included in the lease agreement. You need to be on the same page when it comes to rental payments.The leasing agreement should include information on:
How much rent is due every month.How you should pay rent ().Whether there is a grace period if you don’t pay on the first.Whether there are late fees and other consequences to late rental payments.
We know that residents appreciate flexibility and ease. So at Mynd, we provide our residents with three ways to pay rent.The first and most popular way to pay rent is online. We provide a resident portal that’s fast, secure, and convenient. Our residents can log in and pay rent at any time that’s convenient for them. They can do it from the comfort of their own home or from work or from their mobile phone. We accept payments day or night and on weekends and holidays. With online payments, our residents can pay with a credit card, which has a fee, or with an eCheck. Offering online rental payments is a great way to cut down on late payments.Another way our residents can pay rent is by coming into the office to pay in person. We understand that some residents like a little face time and they want the security of knowing they are handing over their payment to an actual human being. We make that work, too. Our in-person payments can be accepted as personal checks, money orders, or certified checks.Finally, residents also have the option to mail their payment to our office. Not everyone is comfortable with online payments – we get it. So, when our residents want to pay by mail, we make sure they have the right address and we ask them to make sure it’s post-dated on the first of the month so the payment isn’t considered late.Automatic payments can be a great way to avoid late fees. If you have online payments available to you, find out if you can set up automatic payments. This is a huge benefit because you don’t have to think about it or worry about paying late fees.
You want to anticipate any problems you may have paying rent on time. Nothing will deteriorate your relationship with your landlord faster than consistently late rent payments. So, take this into consideration and ask all the necessary questions before you sign a lease agreement and commit to a new rental property.With technology, you should have a lot more options that you did years ago. But, not every landlord and property owner embraces technology. If your only option is to pay rent in person with a check and you live on the other side of town, getting there by the first of every month may be a problem.Ask the right questions and get the right help. Residents love renting from us because we’re flexible, responsive, and we make things like rental payments easy.If you have any questions about the properties we have available and what it’s like to work with us, please contact us at Mynd Property Management. We provide a lot of resources and support for residents in Tampa and all over the country.
If you are a resident living in a Reno rental property, you want to make sure you understand which maintenance issues you’re responsible for and which ones the property owner will take care of.This is usually market specific, and today we’re talking about what is pretty typical in Reno.
In Reno, you always have to ask about lawn maintenance and landscaping. We get extreme weather in this part of the country. There will be snow in the winter and high, hot temperatures in the summer. If your landscaping is included, make sure you know this. Otherwise, you might be expected to pay for the landscaping service. If you don’t know how it works, look it up in your rental agreement or talk to your landlord.
Changing filters for the heating and cooling system is usually a resident’s responsibility. That’s an expectation for many landlords. You have to participate in protecting the HVAC. It’s an extremely expensive unit, and it keeps your heat and air conditioning working well. Make sure you’re changing your filters, and protect the HVAC. It also keeps your home efficient and your energy bills lower.
Figure out if you’re responsible for winterizing the property’s irrigation system. Sometimes the owner puts this on the residents, and you’ll want to be prepared. In the spring and summer, having a professional come out to service and inspect the irrigation system is a great way to maintain it.
Make sure you’re proactive about reporting maintenance needs. If you see something that needs to be repaired or replaced, report it. You might expect the owner or property manager to know certain things, but we often don’t know unless you tell us. If there’s a leak, it could affect the safety and the habitability of the property. Don’t ignore it. Report the problem to the owner or the property manager.Make sure you document everything, because you don’t want to be responsible for something you reported. If a landlord doesn’t respond and the problem gets worse, at least you’ve documented that you made the report.Always make sure you’re complying with the lease agreement.If you have any questions about how to manage your maintenance responsibilities, contact us at Mynd Property Management. You should also contact us if you’re looking for a Reno rental property. If you want to talk to us about renting a new home, please contact us. Our website has all our available leasing instructions and properties, and you can search by parameters like square footage, price, etc.
If you’re a resident in Reno looking for a new home to rent, there are lists of questions you should ask before you fill out an application or hand over a security deposit. Instead of going through the entire list, we’re focusing today on a few of the most important things you have to ask before you lease a Reno rental property.With the housing crisis we’re currently having in Northern Nevada, it can be difficult and stressful to find the right property. But, you don’t want to settle for something that doesn’t fit your lifestyle, your family, or your budget. So, make sure you’re asking the most critical questions.
Ask for a copy of the draft lease that you’ll be expected to sign.Realtors and property managers are always going to have a copy of the contract and all its terms. It might not have your exact rental amount and the property’s address on it because those things will be included once you’ve found a property and you’re ready to sign the lease. But, you should be able to see the draft.There is no state law or mandate that says we all have to use the same contract. So, you may find different types of lease agreements when you talk to different property managers or landlords. We can put together our own agreement, which gives us some flexibility in terms of how things are structured.You want to have a good idea of what you’re signing before you put a deposit down or pay the first month’s rent. Ask for a copy of the draft lease. It’s a request that will be accommodated by the agent you’re working with if they’re good agents.
The other important question to ask is pertaining to rent. This information will likely be in the lease agreement, but having a conversation about it always helps. This is one of the most important questions you can ask before moving in. Find out:
How much rent is due.When it’s due.How it should be paid.
If you get paid on a certain day and you’re worried that rent will be late because of the timing of your paycheck, talk about the options you might have. Clarify when you can pay rent before you sign the lease so you’ll know what’s expected of you and what you’re allowed to expect from the landlord. Sometimes residents will expect one thing and then encounter something else. We like to say that you have to slow down to speed up in many cases. Ask the right questions so you’re being smart, and don’t rush into anything.We help a lot of residents find new properties to rent in Reno. Contact us at Mynd Property Management if you’re looking for a new rental home. We have a search function in our website which makes it easy to search by square footage, price point, etc. We look forward to working with you.
Today, we’re talking directly to renters who are preparing to lease a Tampa rental home. There are some important questions you should always ask a landlord or a property manager when you’re signing a lease and preparing to move into your new home.
When you’re renting a property in Tampa and looking at the listings, it’s easy to focus on the pictures and details such as rental amounts and move-in dates. However, a lot of rental listings provide some good information, especially if you’re moving beyond Craigslist and looking at advertisements on reputable real estate and property management websites.You’ll save yourself a lot of time and frustration by reading every listing carefully. If it’s complete and detailed, it may tell you thinks like which appliances are included, how much you should expect to spend on utilities, and which school district is close to the property.Always start with what you find in the listing. From there, you can make a list of questions that need answers, and you can contract the owner or landlord directly.
Always ask about security deposit amounts and what you’ll be expected to pay before you move in. Sometimes, a landlord will want the first month’s rent, the last month’s rent, and a security deposit that’s sometimes equal to a full month’s rent. That’s a lot of cash to come up with before you even get the keys to your new home.This isn’t necessarily a sign that you shouldn’t rent the home; it isn’t uncommon. Just make sure you know what an owner is looking for so you can budget and prepare and make sure you can get together the cash that’s required to move into the property.Find out what the application fee is as well. Unlike in other states, there are no limits on what a landlord can charge prospective residents when they complete and submit an application. In Tampa, you can usually expect to pay between $45 and $75 just to apply for a property. Ask to see a copy of the rental criteria before you apply. It’s important to feel pretty confident that you’ll get approved for the property before you apply. There’s no sense in wasting your application fee if you know you don’t meet the credit standards or income requirements.
Ask about utilities as well. If you’re renting a single-family home in Tampa, you will likely be responsible for paying the electricity, water, sewer, and trash. There may be an HOA fee and you’ll want to know whether you are responsible for that or if the owner pays it. Not only do you want to know which utilities and bills you’ll be responsible for; you’ll also want a general idea of how much you’ll be spending. A larger home will usually have higher electric and water bills. You’ll want to know what you should budget for utilities.Ask about parking and landscaping or pool services. You might be responsible for lawn and pool care, or there might be a professional who comes in to take care of those things for you. If there’s a regular service, you’ll want to know if you’re responsible for those bills or if they’re already included in the rental amount.Apartments and duplexes and other multi-family units sometimes include utilities. Make sure you understand what you’re responsible for paying and doing.
If you’re moving in with a pet, you need to ask about pet fees and deposits. Most pet owners are willing to pay extra in order to live with their beloved dog or cat, but you still need to know what that means for you financially. Many properties will charge additional fees for pets. You’ll need to know if you’re paying a deposit or a fee, and if it’s refundable or non-refundable. Ask about pet rent as well. Sometimes that’s a monthly fee that’s added to your rent.It might be time for your dog to get a job so Fido can pay his own rent.Just be prepared for the pet fees so you aren’t surprised when it’s time to move in.The reason it’s important to ask all these questions is that your relationship with a landlord or property manager can really sour if you enter into a lease agreement without knowing these things.Other important questions you should ask include:
When is rent due? How should rent be paid? The lease agreement should detail this entire process, but you want to know if you have the option to pay rent online or if you have to deliver it in person every month.
Ask about how you should report maintenance issues. Usually, there’s a separate process for emergency maintenance and routine maintenance. Make sure you know how you’re supposed to communicate when a repair is needed.
Make sure you are comfortable with the lease agreement and everything it entails. It’s easy to rush into a process, especially if you’re feeling pressured by the landlord to move quickly. But, you don’t want to sign anything you don’t understand, and you don’t want to rent a home before all of your questions have been answered.If you’re a resident looking for help with the leasing process in Tampa, please contact us at Mynd Property Management. We have lots of homes to show you, and even if you don’t rent one of our properties, we’d be happy to share our resources and advice with you.
We want to help our residents and potential residents lease and move into homes that they love. So, we’re talking to Tampa residents today about how to lease a home. It seems like something that should be easy enough, but there’s a lot out there that can be confusing.If you are looking to lease a rental property in Tampa, there are some right ways to rent a home and some wrong ways to rent a home.
The days of hopping in the car and driving around your favorite neighborhoods to find a home for rent are long gone. While it’s still important that you get out there and find a property that will fit your needs and desires and budget, you’re doing it a little differently these days.Most smart tenants are finding their next home online.Get on some of the great rental websites so you can look at a large selection of rental homes. Some of the sites we suggest include Zillow, Trulia, Hotpads, and Zumper. Even Craigslist can be a good resource, although you have to be careful with Craigslist. It’s easy to get scammed on that site, and we’ve heard a lot of horror stories about tenants who sent money before seeing a property. You have to do your due diligence and you have to ask a lot of questions. Don’t trust people who can’t show you the property and don’t waste your time on ads that don’t have pictures or seem to have a rental price that’s dramatically lower than it should be.Avoid the scams. Get in touch with the right person, and make sure you can access the rental property before you hand over any persona information or pay any money.If you see one property renting for $850 on Craigslist, and the same rental listing on another site has that home renting for $1,500, you know you should be suspicious. Contact the right person and ask the right questions.
When you’re trying to rent a property, you don’t want to be over-persistent, but remember that the squeaky wheel often gets the grease. When you see a property and you like it, don’t wait for other prospective residents to make a move. You need to take action quickly and apply for the property.Every management company and landlord will have a different application process. In general, you should expect to have to fill out a form and provide some supporting documentation. Make sure you understand the process, and don’t delay in providing the information that’s requested. Most Tampa homes receive interest from several residents at a time, and you don’t want to lose the home you love just because someone else acted fast and you didn’t.The property manager or the landlord will gather all of your information, conduct a background check and additional checks, and then make a decision. Once you are approved for the property, you’ll discuss the next steps including the lease signing and move-in date.During this process you do want to be forthcoming and transparent. You don’t want to be non-responsive and secretive.
When you’re contacting people online about properties for rent, it’s hard to know who you’re really dealing with. The best way to protect yourself is by working with a licensed real estate agent or a professional property manager. Individuals in this business can help you find the right property and protect you from potentially illegal situations.Trust your instincts when it comes to red flags as well. If you’re looking at a rental ad on Craigslist and there are no pictures, you should be suspicious. Run away from that situation. If you can’t see pictures with a listing, you don’t really know what you’re looking at and you don’t even know who is renting to you.Other ways to operate your due diligence:Ask a lot of questions. See how detailed people are willing to be with their answers. This will tell you if they really have a relationship with the property.Make sure you can get into a property before ever sending a security deposit or any other form of payment.Don’t rent a home just because you like the pictures. Make sure you can get inside and walk through it.Don’t wire any money without seeing the home and filling out a complete application.Not everyone you encounter on Craigslist is going to run a scam. But, if you see red flags, you should trust your instincts and continue asking questions. You never want to exchange any financial currency until you’ve verified you’re speaking to the owner or the landlord or the property manager or the rental agent.Sometimes, it’s in your best interests to slow down. It’s possible to slow things down in order to speed things up.Be cautious. Don’t rush into renting a home just because it seems like a great deal. The best thing you can do is go directly to a real estate agent or a professional property manager. While real estate agents usually deal with buying and selling homes, a professional will be willing to help you find a great rental. And, property managers really understand the rental market and can show you properties that meet the needs you’ve shared with them.If you’re a resident looking for a home in Tampa, please contact us at Mynd Property Management. We can give you more information on the properties we have available, and we can also help you through the leasing process in general.
Maintenance emergencies are guaranteed when owning or renting a property. Our guest today is Trevor Steadman, Portfolio Manager for Mynd Property Management in Reno. Trevor is here to discuss how to handle emergencies as they occur, and what options a property owner has in such a scenario.Steve Rozenberg: Hey, everyone. This is Steve Rozenberg with Mynd Property Management and I'm joined here today with Trevor Steadman who is the Portfolio Manager for the Reno Division of Mind Property Management. Trevor, thanks for joining me today.Trevor Steadman: Thanks, Steve. Always a pleasure to be on your podcast.Steve Rozenberg: Thanks. So what I want to ask you is, this is a big question and a big fear a lot of people have when it comes to owning a rental property, the “emergency,” right? You know, everyone fears, what do I do when someone calls me at 2am and the toilets backed up and it's an emergency? Well, first of all, I've never had anybody call me at 2AM. But again, I think it's important to understand, in Reno, in Nevada, there's certain things that constitute an emergency and there's certain things that are not. So, if I'm an investor, how would you suggest that I handle an emergency to begin with?Trevor Steadman: Great question, and always a common question we have a lot of our investors. What determines what an emergency actually is? I think any landlord knows that the tenants have a whole laundry list of things that they consider the emergency category where we know that some of those items don't belong in there. So, actually defining what an emergency is and setting that expectation with the resident, too, as to what the response time would be for typical things is also important.Just to kind of start off the bat, my typical go to is fire, flood, heat and water issues. Those are always ones you’ve got to watch out for. It goes back to the integrity of the home, habitability of the actual dwelling, and making sure that you have vendors lined up to actually get to these items and not puts you in a legal issue, too. Residents have rights, the state is changing the atmosphere, the dynamic, and so, we have to make sure we're in tune with what needs to be fixed and what the priority should be.Steve Rozenberg: I think, also, what need to realize is, when you are an investor and you own a rental property, you are in the customer service business and you have a client and that client is the tenant and if the resident is not feeling like they're being treated correctly, they have every right to leave.Now, if you put them in a hazardous situation that maybe their family or something is in peril and you knowingly do not fix that situation or allow it to get worse, now it could get into some litigation and lawsuits and all those things that happen. But again, I think what's important, and you said it very clearly in the beginning, you've got to understand, number one, what is an emergency and do you clearly define that with the resident to say this is considered an emergency, here's the list. Here's a list of things that are not. Don't call me at 2am because your light bulb is not working. That is not an emergency.I know, in certain areas, if you have a property and there are two bathrooms and one of the bathroom is not working, that is not emergency; however, if there's only one bathroom and that bathroom stops working, now it becomes an emergency.So again, you have to know that you have to understand, if it's below a certain temperature, maybe you have to make sure that the heat is working. Above a certain temperature, maybe not. So these are things that you want to make sure you understand. It's important that you do your homework, as an investor, to make sure you're not putting yourself in a position.Because you're at the movies one night, and the tenant calls you with something and you get upset, you have to remember you're running a business. And there are a lot of laws that protect both the owner, as well as the tenant, but you have to make sure that you understand those laws and you stay within the confines of those laws and you are not putting anybody in an unsafe or uninhabitable situation. Would you agree with that?Trevor Steadman: That's exactly it. And we see it every day when a work order service requests come through. We have to assess the priority on that and set the expectations of the resident and also keep our clients out of the courtroom. We see a lot of cases that go to litigation or go to civil justice court where it's clear as day that the landlord was in the wrong for not taking care of something. And when you put it on paper, it looks a lot worse than the phone call when you're at the movies. So, that's a perfect example of things you have to hop on and you do have an obligation to take care of it.Steve Rozenberg: Absolutely. And if you don't have that ability, hire a management company. I mean, it doesn't mean that you have to know these laws, but you want to hire and be around the people that do. So, let's say they want to talk to you about managing that property, how do they get ahold of you, Trevor?Trevor Steadman: Well, I do answer my phone at two in the morning so that’s perfectly fine with me. They can actually give me a call 775-335-0124 or shoot me an email. Trevor.firstname.lastname@example.org and we can answer the questions they have and maybe manage the rental property so they can enjoy their movie.Steve Rozenberg: That's great. And if you'd like to learn more about being an investor and be more involved, I would suggest you join our Facebook group, the Mastermynd Real Estate Investment Club. A lot of investors in there. They talk about these very things. We learn from each other. I'm in there. Trevor is in there. A lot of investors are in there. It's all about learning and educating and helping each other. Mastermynd Real Estate Investment Club.Or if you want to learn more about Mynd, in general, go to our website, mynd.co. M-Y-N-D.co. I'm Steve Rozenberg and this is Trevor Steadman. Thanks for watching, we'll talk to you guys later. Bye-bye.Maintenance emergencies can prove to be the most difficult aspect of owning and renting a property. The four major emergencies a tenant or owner will encounter are generally fire, flood, heat and water issues. Outlining this for a tenant can help an owner avoid any random, non-emergency 2am calls. Likewise, having a trustworthy team of vendors to answer the call when an actual emergency occurs is key to success in the Reno market, and in the investment market, overall.
A lot of the landlords we work with at Mynd Property Management are often unsure about what they should be taking care of and what their tenants should be taking care of. Our tenants are often unsure about that too; every rental experience comes with a different set of rules, responsibilities, and expectations. We’re talking about this subject today so that all of our rental property owners and residents can feel like they’re on the same page when it comes to which party is responsible for which tasks.If you’re wondering about my experience, I grew up in southern California, and I helped my dad to manage 25 rental units. It was our job to take care of maintenance, repairs, and make-readies for both tenants and owners.
Your first responsibility as a landlord and rental property owner is to know all the laws. There are a lot of them. Each city and state will have its own set of laws, ordinances, and regulations that must be followed when you’re renting out property. Some cities will require you to be licensed. Other cities will require an inspection of your home. Each state has its own separate laws that govern security deposits, late fees, smoke detectors, rental increases, and other issues. In many cities in California, there’s rent control to contend with and just cause eviction statutes. In Texas rental markets, you have to be sure to follow the requirements of the Texas Property Code.Make sure you get to know the specific laws that are applicable to your property in your market.There are also federal laws that must be followed no matter where you’re renting out a property. For example, the Fair Housing Act establishes seven protected classes of people, and you cannot discriminate against those classes when you’re marketing your property, screening your prospective tenants, or making maintenance and lease enforcement decisions. Every tenant and potential tenant must be treated equally. Some states and cities go a step further and have additional protected classes.Another federal act that pertains to landlords is the Americans with Disabilities Act. You’re required to make accommodations for qualified tenants who need assistance. This might mean having a handicapped parking space in front of your multi-family building. It might mean installing a wheelchair ramp outside the home or safety bars in the shower and tub. Usually, service animals and support animals are the subject of confusion for landlords. You don’t have to have a pet-friendly property. But you do have to allow service animals and emotional support animals if your tenant needs one. You cannot treat those animals as pets because the law sees them as accommodations.There’s also the Fair Credit Reporting Act which dictates how you handle and protect the personal and financial information of your tenants and your applicants. When you reject a tenant, you need to send out a specific letter that explains why, especially if it’s due to their financial information.A landlord is responsible for knowing and following the laws. It’s easy to make a legal mistake, so be sure to educate yourself and stay on top of the changes.
As a landlord, it’s your responsibility to produce and execute a legally binding lease agreement between you and your tenants. This lease agreement should cover all of the state-specific requirements that your location needs. A lease in California will likely look very different than a lease in Florida. Make sure you’re not just grabbing any sample lease off the internet. You need to have a lease that protects your property and covers any potential disputes or conflicts that could put you in a courtroom. If you don’t have a strong lease, you’re leaving yourself open to a lot of liability and risk.You can find some great lease templates through attorneys, property management companies, or professional associations like the National Association of Residential Property Managers () or the California Apartment Association () and other groups. Make sure your lease includes contact information, terms, payment policies, responsibilities, and all required state, federal, and local disclosures and addenda.Communicating the lease requirements and rental expectations to your tenant is also the responsibility of a landlord. If you’re renting out a home that’s in an HOA, you will likely have a long list of rules and regulations pertaining to the HOA community as well. Make sure they understand what is allowed and expected because if there’s a violation, it will likely come back on you, the property owner.Communication with your tenants is critical. As the landlord, you should be the one who sets the standards and establishes the norms. Make sure your tenants have all your contact information so they can get in touch with you if there’s an emergency. Make sure they know when and how to pay rent. Be sure there are multiple ways to communicate. Some tenants may prefer texts or emails while others will want to have a conversation on the phone. As a landlord, you need to be flexible and available.
The most important responsibility of any landlord is surely to keep the rental property in good condition. It has to be in good foundational order. This means the roof has to be intact, the water has to be running hot and cold through every faucet, the power has to work reliably, and every outlet must function. You’ll want to be sure the windows and doors all have working locks and the smoke detectors are doing their job.The best way to ensure you are meeting this responsibility is by inspecting the property regularly. Do a thorough inspection before your tenants move in so you can fix anything that needs a repair or a replacement. Inspect the property every time the tenant calls with a repair request so you will notice other problems that may arise. Keeping a close eye on the condition of your home will protect its asset and fulfill your responsibility as a landlord.When tenants do report issues or you notice a maintenance concern, take care of it right away. Emergencies will obviously elicit your immediate response. We recommend that you respond to routine maintenance needs with the same sense of urgency. Don’t let those small problems sit and fester. They’ll only become larger problems, and larger problems are more expensive. Save yourself some money and be responsive to the needs of your residents. A lot of data shows that one of the main reasons tenants leave the property they’re renting is because their maintenance concerns were not a priority for the landlord.Don’t be that landlord. Take your responsibility for keeping the home habitable seriously. Your tenants need heat in the winter and air conditioning in the summer. They need toilets that flush and appliances that work.
Tenant must maintain all the systems of the home. They can do the simple things like replace light bulbs and change air filters. They should be expected to keep the property clean and in working order. Some lease agreements will require the tenants to take care of things like landscaping and pest control. This will vary from lease to lease and property to property. You can decide what you want your tenants to do and what you don’t want them to do. For example, if you have a swimming pool, you might want to have it professionally serviced rather than expecting your tenants to maintain the pool. However, the tenants can be expected to keep the pool clean and free of debris and trash.When something goes wrong at the property, it’s the tenant’s responsibility to contact the landlord or the property manager so it can be fixed as soon as possible. Make sure you reinforce this with your tenants. In some instances, tenants hesitate to report a minor repair. They think that they shouldn’t bother the landlord, or they fear that making a repair request will mean their rent is going to go up.Let your tenants know that you want the maintenance issue reported right away. This is critical in protecting the home and preventing deferred maintenance from really causing problems at your property.If you want your tenants to do the lawn mowing in the summer and the snow shoveling in the winter, make sure they know it. Communication is essential and everything must be included in the lease. Be available for their questions and be willing to show them how the property works so they can continue to keep it in good shape while they’re living there.Every state and every landlord will have different ideas about who should do what. Generally, the landlord wants to preserve the asset. Tenants want to find a great place to live. Establishing expectations early will lead to a great rental experience for everyone.If you need any support managing your rental property, please get in touch with us at Mynd Property Management.
Every investor should ultimately expect to spend money, especially if they plan to make any. And while many expenses may seem obvious, some expenses are dictated by the location of the property, itself. Today we are speaking with Celeste Robertson, Portfolio Manager for Mynd Property Management in Las Vegas, about the top expenses almost every investor should consider when renting a property in Las Vegas.Steve Rozenberg: Hey, everyone. This is Steve Rozenberg with Mynd Property Management and I'm joined today by Celeste Robertson with Mynd Property Management. She’s the Portfolio Manager in Las Vegas. Celeste, thanks for joining me today.Celeste Robertson: Hi, thanks for having me.Steve Rozenberg: So, what I want to talk about today is, if I am looking at buying a rental property in Las Vegas and I kind of want to know some expenses and some maintenance costs, what would you say are some of the top things that, normally, I can expect for them to wear out and damage and break in a rental property in Las Vegas?
Celeste Robertson: Well, we are the desert so you’re going to want to—and being in the desert doesn't necessarily just mean we’re hot because, for as hot as we are, we get as cold, as well.So, you want to do your HVAC, which is your heater and the the AC. And, most importantly, you want to keep them maintained. You don't want to just wait until we're in our triple digits for you have a habitability issue and then it's broken down.So, we like to tell our investors, “prior to, make sure.” And our AC vendor does give us really good deals where they do a maintenance check to make sure everything's up and running in good shape prior to our severe colds and severe heat.
Steve Rozenberg: Now, this may be a dumb question, since I don’t live in the desert, but do the filters need to be changed more often because you're in the desert or is that not a factor?Celeste Robertson: No, it's a big factor. And the fact that we have a lot of wind here. So, even if you're not running your AC or not running your heat, the winds and the desert dust is constantly running around, which is blowing it into the filters. So, our leases are built to where the resident is responsible to change out those filters every 30 days.Steve Rozenberg: Wow, okay. And so, the AC or HVAC—it's either blowing hot or blowing cold everyday, essentially, in Las Vegas.Celeste Robertson: Yeah.
Steve Rozenberg: What are some other things? Because it's so dry, are there foundation issues because of the sediment that it's on, or is that not normally a challenge?Celeste Robertson: No, I haven't had many foundation issues. You want to make sure—water mains, the plumbing. We here in Las Vegas, and I know that, in a lot of other places, maybe like in California where they don't have refrigerators, but it's important because the people here in Las Vegas are expecting their units to have refrigerator, washer and dryers.Steve Rozenberg: Okay, so those are high-useful load appliances. So I'm guessing those probably would tend to break obviously more than something that's not used as much.
Steve Rozenberg: And then what about now there’s no—well, I shouldn’t say there’s no—but there's not a lot of grass in the houses and so use a lot of gravel, is that right?Celeste Robertson: Gravel and desert landscape where we have drippers. So, that's another thing. We want to make sure that those are kept underground. Because of the heat and the cold, they do begin to crack. So, you want to make sure that the drippers are kept well-maintained, as well, too.Steve Rozenberg: I think it's, again, everyone equates Las Vegas with being super hot, but it does get cold and in the winter time, are cracked pipes, is that a challenge with anything or does it not get that cold where they would do that?Celeste Robertson: It does, we have to also tell the residents that they need to wrap—and it's important for the owners to do it, as well, and investors. And again, it's always, they want to protect their investment. So, make sure that those hose bibs and things on the outside are actually wrapped so that they don't freeze up and crack.Steve Rozenberg: So basically, the main thing is the plumbing, obviously, the air conditioning and heating, the drip lines. Those are the main things that sounds like that are the, as far as the desert goes, and obviously, I'm guessing, maybe a broom to clean out the dust that goes on, floating around in the backyard and stuff. But other than that, not too much. That sounds like they build them pretty much desert-ready to do the remedies of what happens, is that right?Celeste Robertson: Correct. And, you know, with their investment, they want to just make sure that they keep their appliances and everything maintained rather than waiting for an issue to happen.Steve Rozenberg: And what about the windows? Is there anything with the windows? Because, I mean, you're getting heat, you're getting cold. You're getting a lot of wind blowing on them. Is there a certain double-pane or a certain type of windows that people should have out there?Celeste Robertson: Generally, almost every house that we come across are all double-pane windows. The one thing that they will probably invest in maybe once or twice a year, or even depending on where the house is located in the direction of the sun, is the blinds. The blinds do get beat up here with the heat.Steve Rozenberg: Alright. Well, great. Well, if somebody wants to talk to you more about managing a property and taking care of it or just some questions, how would they get ahold of you?Celeste Robertson: They reach out at 833-MYND. That's M-Y-N-D.Steve Rozenberg: And if you want to find us online, you can go to mynd.co. So it's M-Y-N-D.co. And you can look us up on the internet. You can go to Facebook. We have a great Facebook group. It's called the MasterMynd Real Estate Investor Club.We also have a podcast show, The Myndful Investor podcast show. It's on iTunes, Spotify, Google, YouTube. And again, it's just here to help fellow investors learn how to be better at what they're doing and learn and educate.So, I'm Steve Rozenberg. This is Celeste Robertson and we want to thank you guys for watching. Bye-bye.Every property has its own distinct set of challenges that every investor should consider when looking to buy. This is especially true when buying property in a desert city such as Las Vegas. While many people know of the extreme heat residents of Las Vegas endure, it can also be tremendously cold, especially in the winter. Such extremes can wreak havoc on a property. So, too, does dust and sand, which can slowly creep into a property, over time. Being mindful of the climate of Las Vegas and how a desert location can affect a home or property is necessary when looking to invest in the city. And while these challenges may not seem obvious, ignoring them or letting them go for too long will certainly, in time, wind up costing a lot of money.
Today’s discussion revolves around investing in Atlanta, and why it might make sense to consider this market if you’re a real estate investor looking to add properties to your existing portfolio.Atlanta is a hot market, and most investors know that it’s getting a lot of attention. Buyers from outside Atlanta and even from outside of the U.S. have noticed that it’s a great place to invest. But, Jessy is the local expert – she has lived and worked in Atlanta for the last 18 years, and she cares about her community. So, we asked her for the five best reasons that a real estate investor should consider buying rental property in Atlanta.
The fact that Atlanta is growing and also sustaining its growth is incredible. With every year that passes, the city gets even bigger, better, and more appealing to people. Part of this has to do with the opportunities in the city. It’s always on the move, and the growth percentage has consistently come in at levels that are almost unheard of. This has been going on for a few years now, and it shows no signs of letting up, making Atlanta’s growth pretty reliable.The city has everything it needs to continue doing well. There’s a lot of industry, there’s a lot of culture. Atlanta has diversity and education and professional sports and theater and a major airport.
Part of the reason that Atlanta continues to grow so fast is that it manages to attract and keep many global companies within the city. These are major corporate players such as Coca Cola and Delta and AT&T. These companies bring lots of jobs to the market, and massive amounts of people are coming here to work. Those people all need a place to live.The strength of Atlanta’s economy has created a strong rental market. The city’s demographics cover a lot of ground, but the largest population of new residents is between 26 and 36 years old. These residents are educated and they have good jobs and they’re not looking to buy property right now. Instead, they want to enjoy the low-maintenance lifestyle and flexibility that comes with renting. They also want the option to move around a bit more. They’re in Atlanta because the jobs are in Atlanta.Another thing Atlanta has is a large entertainment market. There are always movie sets and television shows being filmed here. People love that. It drives additional growth, and it brings in more residents who need housing.
Another excellent reason to invest in Atlanta is its landscape. The ground that we have covers a large area and many diverse and unique neighborhoods. There’s a lot of beautiful green space and people can choose to live near trees and nature or downtown in the middle of a lot of action. We have high rises and the city beltline. We have suburbs and neighborhoods that are both new and established. In Atlanta, investors can find single-family homes as well as multi-family housing. People love living here because they can rent a beautiful space right down the street from where they work and within walking distance of great shopping, restaurants, and nightlife. These things alone draw a lot of people to Atlanta.
The economy isn’t the only thing growing in Atlanta – the population is also surging. Plenty of people are moving to Atlanta, and this inbound influx is always a great indicator when you’re investing. When you’re choosing a market, you want to see outward people moving into a city and not just organic within the city.Atlanta attracts new residents from all over the world. A lot of that population growth comes from the education system in Atlanta. Some of the best universities are in the city, and they offer great degree programs as well as post-graduate opportunities. The technology is also pretty impressive. Emory University, for example, is doing a great job of attracting new people to Atlanta because of their tech programs. It brings people from all over the place.
A lot of investment property in Atlanta can be purchased at an affordable price. There’s also tremendous potential for value. Five years ago, we didn’t have a lot of owners who were willing to do upgrades and updates to add value to their rental property. That’s different, now. In the last few years, rehabs have been happening consistently, and they’ve been pretty exciting.Investors are moving forward. They’re buying properties for pennies, adding a little money to the investments, and earning a lot more in rent. This is a trend that’s happening throughout the Atlanta market.Atlanta is definitely a market to consider if you’re an investor looking to buy property and earn some great returns. A lot of the investors buying in Atlanta don’t live here. That’s an excellent reason to work with a local Atlanta property manager. Make sure you’re getting good advice from someone who spends every day paying attention to the trends and real estate industry in Atlanta.If you’d like to learn more about Atlanta property management, please contact us at Mynd Property Management. We can help you identify opportunities and manage your rental property.We also have other opportunities to connect with us and learn more about investing in Atlanta. You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.
Today’s topic is one that’s incredibly important to anyone renting out a property in San Diego or anywhere in California. It’s AB 1482, or the Tenant Protection Act of 2019. There’s a lot you need to know, and we’re taking a look at what it means for you and your investment properties.
Rent control is a constant way for the government to control and limit rent increases each year. It has been getting a lot of attention in California because of the recent laws that were passed.From a landlord’s perspective, it limits your rental increases. The amount you increase rent is capped on an annual basis, and it will average around seven or eight percent every year. This new statewide rent control law will be in effect for the next 10 years.No matter what, rents are capped at a 10 percent yearly increase. Here’s how it works according to AB 1482: Rent increases cannot go over 5 percent of the total rent plus inflation, which is set by the Consumer Price Index ().If there was a year with 6 percent inflation, landlords are still unable to raise the rent 11 percent. It’s capped at the 10 percent.The implementation of this law can be complex given some unique circumstances that many landlords may not even be aware of. You must definitely stay on top of AB1492 and local rent control laws. The government does not necessarily police rent control. It’s one of those things that could be brought up in court by the residents of your property. Not following the law can mean potential court situations, in which you’ll not only lose your case, but you’ll also be subject to paying attorney fees and monetary damages.
It is required that California landlords and investors know these laws and all of their exemptions and requirements. If something happens, and you unintentionally fall out of compliance, there are dozens of tenant advocacy groups that will be ready to support the tenant in filing a complaint or taking legal action against you. Don’t get caught by surprise. Residents know their rights, and you have to be just as educated on what the state requires and limits.There are a lot of variables with AB 1482, which makes executing the requirements of this law even more complex. You’ll have to manage a lot of numbers, and you’ll have to take a look at the last time you raised rent. That’s because there’s a look back provision in the law, where you have to come into compliance if you raised your rent by more than the legal limit in 2019.The law went into effect January 1, 2020. If you raised your rent by more than the allowed amount after March 15, 2019, you have to come into compliance. You aren’t required to give back any of the rent that you collected, but you do have to bring that rental amount back down to the legal amount and go from there.Also, this rent control law pertains to residents living in the unit already and not new residents moving into the rental property.
There are exceptions and variables in the law. For example, homes that are 15 years old or newer are exempt from AB 1482. Single-family homes are only included in the rent control law if they are owned by REITs, corporations, or LLCs where one member of the LLC is a corporate entity. Individual owners renting out a home they once lived in are exempt from AB 1482.Before you think about how you’re going to comply with the rent control laws, you have to find out in what capacity your property or properties are included. There are investors throughout California who have some of their properties included in rent control and some that are not. This requires a lot of attention to detail, and you might want to get help from an attorney who specializes in landlord and tenant law or a professional San Diego property manager who can tell you whether your investment property is included and what you have to do moving forward. Even if your property is exempt, you’ll need to let your residents know that the exemption applies to your property.AB 1482 is statewide, but it’s not a blanket policy of rent control that touches everyone.
Investors might be a bit worried about investing in a new San Diego rental property. If they don’t know what rent control is and how it might affect their investment, there will be some hesitation.Whether you’re a current investor or you’re thinking about investing in San Diego real estate, make sure you become familiar with AB 1482 and all of the other local and state rent control laws that will impact the way you rent out a property.If you need help making some smart decisions or bringing your investments into rent control compliance, we’d be happy to work with you. Our team knows this law inside and out, and we stay on top of the potential changes in the legal landscape. Contact us at Mynd Property Management if you need any help at all with your San Diego investment plans.You can also visit our Facebook group of investors, which is called Master Mynd. It’s a real estate investors’ club, where you can exchange ideas with other owners. Check out our weekly podcast as well, called The Myndful Investor. We invite leaders in real estate and property management to talk about their success and, more importantly, their failures. There’s a lot to learn from this relatable content.