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How much does it generally cost to clean up rental property after tenants move out?It varies drastically, based on what level of cleaning is required, and what area of the country you are located in.If there’s not a lot of mess, and there’s nothing that the tenants are leaving for the landlord to have to haul away, then a pro wash down of everything, including the carpets could cost a landlord as little as $800 — assuming there’s very little patching needed, and you have half a can of paint left over from the last time you painted the place, and only need to touch up.But say you had someone who smoked in the place — when they were not supposed to do so. Depending on the level of remediation required, that will generally run you anywhere from $5,000-$15,000 to return it to a non-smoking apartment, for a 2 bedroom, 1,200 square foot unit.A forced air heating system means you’ll need the ducts scrubbed out; if you have asbestos flocking (“popcorn”) on the ceiling that you have to clean to get the smoke smell out … then you are talking some serious dollars: $3-$7 per square foot of removal is about average for a contractor to do asbestos removal. So add another $3,600 to $8,400 dollars, if there’s that.This is all prior to you even being able to patch and repaint, or even rip out and replace the carpets — which you typically need to do before renting the place.And God help you if you try to repaint over the smoke smell, instead of actually cleaning it: the smell will not go away, and will end up seeping out, meaning expect to only be able to rent the place for 70% or so of fair market rent until you pay to clean (if you can even get that, which you probably can’t, from a non-smoker or an asthma or allergy sufferer). Proper cleaning will require stripping that new paint off the walls first.
How long does it take to evict a tenant and have him completely out of your rental property?It is going to depend a lot upon the local law is whatever jurisdiction the property is in. Each state is going to be slightly different and there may also be county or city laws that apply. You need to familiarize yourself with these laws if you are going to be a landlord. In some jurisdictions the process can be a matter of days or weeks and in others it could take considerably longer.
Have you got tips to share on how to stand out as a good tenant to secure a new rental home?Be reliable: answer the phone, turn up on time.Demonstrate you have planned and budgeted where appropriate. Show you are capable of paying on time, every time.Demonstrate you understand both the rights and the responsibilities of tenants.Don’t be fussy over minor things - but do show you will care for the property. Turn up clean, don’t boast about the wild parties you are planning.I’ve written about this in the past at Getting to 'yes' - top 5 tips to get a landlord to accept you - it was for the UK, but the advice is pretty universal.
What is the best way to quickly find quality tenants for a rental property?I published an article on my blog titled "How Landlords Can Connect with Millennial Renters". I believe many of the same tips are helpful.Being pro-active on social media and other online platforms are essential to quickly finding quality tenants. Here are some suggestions:1) Social Media PresenceMany landlords think having a social media presence means simply having accounts on Facebook and Twitter. However, the key is to be pro-active on these sites.FacebookCreate a Facebook page for your property and fill it with the signNow photos and details. Just as importantly, actively engage anyone that comments, likes, or shares any of your pictures, listings, and wall posts.Twitter/InstagramMillennial renters are extremely active on Twitter and Instagram. These are good places to start conversations with renters to see what they might be interested other than the standard rent amount and lease information.2) E-mail CommunicationLet’s not forget about the good, ol’ and reliable – emailing. You may think with all of these mobile apps rising in popularity, that millennials no longer send and read emails. This is not true. A recent study conducted by the Harvard Business Review showed that millennials check email more than any other age group. This study found that 88% of millennials regularly use a smartphone to check email. The key is to keep the email short and to the point. Less is more.3) Short VideosPost a short video on YouTube and Facebook to give a tour of your rental unit. Show the kitchen, bathroom, living room, and bedroom. Of course make sure everything is neat and tidy. This not only makes your unit more attractive to viewers but it also sets expectations of how you want your renter to treat your property. Don’t be afraid to put yourself in the video too and show off your personality to give renters an indication of the type of landlord they will be renting from. Keep the video short – 30 to 60 seconds at most.4) Online Methods for PaymentProvide your renters and applicants with a way to pay security deposits and rent online. It is a lot easier to close a deal when you can accept a deposit online immediately. Plus, some millennial renters don’t even own checkbooks, envelopes, or stamps!You can read the full article via this link: How Landlords Can Connect with Millennial Renters - Properly Blog
I'm filling out a rental application for my friend & I, but she's supported by her father. Can we put her father on the rental application?I'm filling out a rental application for my friend & I, but she's supported by her father. Can we put her father on the rental application?Fill out the application with the information required. When you are unsure of what to put on the form, ask the landlord before you fill it out. You did not say whether both you and your friend will be signing the rental agreement or lease. Normally if two parties are leasing a unit from me, and both of them are responsible for paying the rent, I require both of them to fill out separate applications. If that is what you are doing, and if the landlord requires two separate applications, your friend should be filling out her application separately from you.
Would filling out one rental application and used multiple times make renting easier?The company I work for, RentSpree.com, has a universal online application. This saves the renter from having to fill out multiple applications with the same information. Not only is this time-consuming, but it is extremely tedious as well.However, one issue with a universal application is that it takes away from the importance of submitting an application. Applying for a rental property should not be taken lightly, and you should only apply to a property if you are serious about it. In order to combat this, we charge an initial fee of $30 for the first application (which is less than the $42 recommended by CAR), and $20 for each subsequent application.Also included in our application is a full tenant screen, complete with a credit report, background check, and eviction history.
I caught my tenant renting rooms out at my rental property. How can I stop this without it getting ugly?First start with your lease contract. More than likely your lease contract prevents the tenant from subletting the unit. renting rooms out is subletting the property. You can inform the tenant that he is violating the lease agreement based on this and request, formally and in writing, that he stops the practice.If you would allow your tenant to have a roommate you could at the same time inform that that if they wish to have a roommate added to the lease you would be willing to accommodate that, at least leaving an open option for them to add.If you have not already done so you also need to review your lease contracts. You need to make sure you have clear addendum to the contract that are either initialed or signed by the tenant that cover situations like this (basic subletting) but more importantly use of the property for short term rentals like AirBnB etc… In general I would NEVER allow a renter to rent the property out as an AirBnB or any similar service. It puts a lot of liability on you as the property owner and creates a potential for damage to the property or legal issues with the government or your HOA if the tenant is violating laws or rules in doing so. In the end you own the property and things can fall back on you. At least if you make them sign that this is not allowed it provides you some protection and allows you to take action if they are doing so.
How profitable is it to own rental property (after expensive repairs and troublesome tenants)?Where I live, I’m making good money on 2 units in a single building, I have a total of 5 rental units. Basically duplexes. My expenses are about 40% of my Gross over a 10 year average. If you do your homework and find good tenants, and treat them with respect and courtesy, rather than as cash cows, you will rarely have trouble with them. I make sure the units are kept in good repair. I find that if you spend a little extra to finish your unit nicely, get good quality appliances and fixture, you will get a better class of tenant. It happens occasionally that you have a bad one, but for the most part you will be okay. If you get good tenants, treat them well, and they will treat you well. I can’t say it’s universally gonna always work, but it’s certainly working for me right now and has been for the last 10 years. Maybe I’ve just been lucky, but I’ve been a landlord for over 40 years and that’s my story.
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People also ask
What should a rental application include?A rental application should paint a picture of the tenant's finances and reliability in paying rent. ... You will need proof that the applicant will be able to pay the rent. Ask the prospective renter to provide bank statements and recent pay stubs.
How long does it take for a rental application to be approved?Understanding the rental application process But typically, most applications will take between 48 \u2013 72 hours for a decision. In some instances, however, it may take longer. Hot tip: If you haven't heard back from the agent after 48 hours, it's a good idea to follow up by phone or email.
How long does a rental application take?Understanding the rental application process But typically, most applications will take between 48 \u2013 72 hours for a decision. In some instances, however, it may take longer.
Can you file m1pr online?Yes, you can signNow-file your M1PR when you prepare your Minnesota taxes in TurboTax. ... Tip: You can also file your M1PR free of charge at the MN Dept. of Revenue Property Tax Refund site, and if you're a homeowner, you can e-file it through the MN DOR's Property Tax Refund Online Filing System.
Is a rental application binding?No, a rental application is not binding, but the lease is. If you signed a lease with a move in date of 8/8 with an agreed upon rent then the landlord has to let you have the apartment for the duration of the lease with that rent.