Would you Invest in a Rental with a Pool?

There are many pros and cons to having rental property with a pool. While a pool can be an attractive amenity to many renters, an experienced landlord might also tell you they come with a big cost.

So, if you are real estate investor who is weighing to pros and cons of a property with a pool, here are some things to consider:

Rental properties with pools come with a cost

1.     Knowing the Rules There are federal, state, and local laws pertaining to pool safety , such as minimal fence height requirements and required inspections. It is your job to know the rules for your area and comply.

2.     Liability Even if you follow all of the proper safety precautions, you s

hould know that if someone is injured or drowns in your pool, it is likely a claim can be filed against you. Ultimately, the pool owner is responsible for the safety of those using it. You should make sure there is extra coverage to your homeowner’s insurance policy that specifically covers incidents related to the pool.

Also, you should also have specific pool safety rules added to your lease agreement, and review it with tenant signing.

3.     Maintenance Pool maintenance can be costly and time consuming. You have to make sure all of the chemicals are balanced properly and that the mechanical features of the pool are in working order.

Make sure you know beforehand what the maintenance will entail and how you plan to address it. Will you be checking the chlorine levels regularly? Do you have a trusted property manager or pool servicing company to use?  It’s important to have a plan in place before you invest and also set aside extra funds for the services.

A pool can bring added value to a home for the right renter, especially in warmer climates. It it’s important to make sure you know what you are getting into and have the diligence to deal with the responsibility if you plan to invest in a rental that comes equipped with one.

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How to Protect Your Vacant Property

If you are a landlord or real estate investor whose rental property is going to be sitting empty in-between tenants, it’s important that you take the necessary steps to protect your investment.

First, you must inform your insurance company, especially if the rental is going to be empty for 30 or more days.  Your current policy might only cover the home for up to a month without renters. In some cases, your provider might offer an endorsement, or change to the policy, that adds coverage in the event something happens to the property while no one is living there.

Secondly, an empty rental could also be subject to vandalism, invasion, or even theft.  In order to minimalize the risks of these unfortunate events, visit the property regularly to inspect for any signs illegal trespassing. If you have a trusted neighbor, ask them to keep an eye on things to make sure nothing suspicious is occurring. Keep blinds on the windows and install timed lights inside so the property doesn’t always appear to be empty every evening.

Lastly, be aware of the elements. A home without habitants could be at-risk for issues that could go undetected and cause major problem, such as a fire, flood, or weather damage. Make sure you adjust the thermostat accordingly to prevent pipes from freezing in the winter or mold from growing in hot, moist climates. 

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Eviction Secrets Revealed!

You might think evictions only happen to tenants who are financially irresponsible or those who can’t afford rent checks for one reason or another. However, sometimes evictions happen to very wealthy people who were just very bad tenants. That is why you must perform eviction checks on all your tenant applicants, regardless of their income level.

Last week, several media outlets reported that troubled star, Amanda Bynes, was evicted from her NYC apartment. Bynes, who is reportedly worth $4 million, was kicked out following an arrest and numerous complaints. Neighbors say she was smoking in the hallways and very rude to the doormen.

Whitney Houston’s daughter, Bobbi Kristina Brown, denied rumors she was evicted from her Georgia apartment last week. Brown, who is also reportedly worth several million dollars, claims she moved because of discord with neighbors. However, the neighbors claim Brown threw loud parties and they had to file at least 10 complaints with police and property management.

Eviction checks and landlord references  are imperative, because they can tell you invaluable things about a tenant that credit checks and employment history cannot.

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