Question 1 I began an eviction against a non-paying tenant, but he left prior to my obtaining a judgment. I’m trying to decide whether or not to continue the process to completion when I think the financial condition of the tenant might make him judgment proof. Can you provide some guidance? Answer 1 Most often […]

Selecting a Property Management Company There are numerous possible reasons why real estate investors need to hire a property management company. Some investors need to utilize a management company because they want to reap the benefits of real estate investment without personally managing their properties or cannot do so because of other business or employment […]

Question 1 I am considering using Section 8, but wonder how rents are set. Answer 1 Fair Market Rents (FMRs) determine the eligibility of rental housing units for the Section 8 Housing Assistance Payment (HAP). FMRs are gross rent estimates. They include the shelter rent plus the cost of all utilities, except telephones. The U.S. […]

Asset Protection – Part 1 Although sometimes considered an approach to risk management, asset protection is actually a subset of risk management. Good risk management includes a number of issues in addition to asset protection. Asset protection becomes important primarily when other risk management measures have not been totally effective. Some risks can be avoided […]

Question 1 If an unmarried couple wants to rent our home can we asked that only the man who has a job sign the lease agreement. We don’t want the unemployed lady friend to have her name on the lease in case the boyfriend leaves as she has no income. If her name isn’t on […]

Choosing a Tax Preparer Hopefully, by this time of the year you know or are at least thinking about how your income tax returns will be prepared.  For most landlords there are basically two choices – do it themselves or hire a professional. There are a number of reasons why a landlord might want to […]

Do You Have Possession? Whether the tenant left at the end of his lease term, terminated his lease early upon mutual agreement, or left in the midst of his lease term without even telling you, the fact is you have a vacancy. However, what you can or should do next can depend on how the […]

Question 1 Can I make the tenants responsible for all maintenance on my rental units? Answer 1 Depending on the law of your particular state, the type of rental property, and/or the reason why a particular type of maintenance is needed you may be able to make the tenant responsible for all, for some, or […]

Income Verification Verifying that the applicant has adequate income with which to pay rent is near the top of the list of screening items for many landlords. There are many sources of income with wage earnings being the most common. Other possible sources of income include self employment, stocks and bonds, trust funds, mutual funds, […]

*   *  *  *   *   * Question 1 Are there any reasons why I might not want to have Section 8 tenants? Answer 1 Section 8 has both advantages and disadvantages. The main theoretical advantage is that the government guarantees the rent. However, in practice there are many ways in which this can become untrue. […]