Landlords Regret Reality TV Rentals

Recently, a New York property owner rented his Hamptons home to a reality TV show and now alleges the home was destroyed during filming. The homeowners are seeking unspecified monetary damages from the production company amid their claims the furniture, fixtures, and landscaping were all ruined by the reality tenants.

Troubled actress Lindsay Lohan also allegedly found herself in hot water with a landlord. Lohan agreed to let a Bravo network reality show redecorate the home she was renting.  The renovations reportedly cost Bravo $200,000. The actress has been rumored to have many financial issues with IRS, and now some gossip columnists claim Lohan fell behind on her rent and was evicted from the property before the makeover was completed.  Perhaps the landlord should have conducted a more thorough tenant screening of Lohan’s financial situation?

While these landlords might argue renting to a reality television show was more trouble than it’s worth, others might disagree. Some rental properties featured on hit television shows could mean big bucks for property owners. For example, the beachside home made famous by MTV’s Jersey Shore fetched between $2500-to-$4000-a-night after the show became hugely popular.  

Landlords: Would you ever rent out your property for a reality TV show? Why or why not? Comment below!

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It’s Spring! Time for Landlords to Clean Up The Yard

Today is the first official day of spring, and for many landlords and property owners this could be time to begin assessing your landscaping needs. While many landlords stipulate in their lease agreement that yard maintenance is the responsibility of the tenants, you might find yourself with a vacancy in the coming weeks and will want to fix up your property for new renters and new spring blooms.

Here is a spring to-do list for this year's inaugural yard cleanup:

1.     Rake leaves out of garden areas. Piles of dead leaves will suffocate your existing flowers and plants. Plus, cleaning out beds will give the yard a fresh look and showcase any returning blossoms to potential tenants. A handy leaf blower can help expedite this job.

2.     Trim back dead shrubs and flowers. If your hydrangea bushes still have last year’s dead blooms, trimming them off will only ensure healthy new buds in the coming months.  Tenants will be delighted when they notice lots of budding perennials.

3.     Clean out last year’s mulch. This will make room in your gardens for a fresh layer to be applied. New mulch makes any landscaping job appear well maintained. It’s also healthier for your plants.

4.     Assess the lawn. Spring is a good time to aerate and reseed the lawn to ensure thick growth all season long. If you noticed the property had a lackluster lawn during last year’s spring and summer, this is a good time to begin trying to make it better.

 

Remember the importance of curb appeal, as the yard could be the first thing potential tenants notice when they come for a tour of your rental property. Great looking landscaping only complements a great home, and having both will ensure you can justify charging a competitive monthly rent.

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Questions to Ask When Pre-Screening Tenants

Before you hire professionals to conduct tenant screening services, you should always do a pre-screen of tenant applicants over the phone or in-person. The following are some questions you must ask during the initial screening to weed out any potential problem applicants:

1.     Make sure they can afford the rent. You need to make it clear how much the monthly rent and security deposit amount are to anyone interested in renting from you. Feel free to ask specifics about the applicant’s monthly income. As a landlord, you are within your rights to determine the minimum amount applicants must earn in order to qualify for residency consideration. A tenant who is confident in their ability to make monthly rent checks will not balk at income questions.

2.     Be clear about how what your tenant screening service provides. Any prospective tenant can lie about how much income they make and whether or not they have been convicted of a crime.  You need to make it clear during the pre-screening that all serious applicants must consent to a thorough background check that will include employment verification, past eviction searches and a credit report. You will find the applicants who haven’t been honest up front will most likely reconsider applying.

3.     Ask if they have any pets. If you are a landlord who allows pets in your rental, explain your guidelines from the beginning. Applicants should be told up-front how much extra the security deposit will be, and if you have any pet restrictions. Do you discriminate against certain dog breeds? Do you limit the number of animals per resident?

4.     Let them know how often you will be doing property inspections. Again, a tenant with nothing to hide will likely agree to whatever terms you set forth in the lease agreement. However, if the applicant had previous intentions of hiding a roommate or sneaking in pets without paying an extra deposit, they will probably be less inclined to go through with submitting a rental application.

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Tom Green says William Shatner was Great Landlord

Actor Tom Green recently said in an interview that he once lived in a rented house owned by legendary actor William Shatner. Green said Shatner, best known for his role as Captain Kirk on Star Trek, was a very hands-on landlord and would even occasionally stop by the home to pick up the rent check in person.

Green said he was a tenant in the Shatner rental during a time in his life when he was battling testicular cancer. While living in the house, he decided to turn to religion and began praying daily that his cancer would be cured. The actor is cancer-free now, over a decade after he was living in Shatner’s rental home.

Shatner isn’t the only celebrity to try moonlighting as a landlord. Oprah Winfrey, Pamela Anderson, and Leonardo DiCaprio are just a few of the famous folks who also make money on the side as real estate investors.

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Silly Excuses and Tricks Used By Tenants

New landlords beware: Some tenants or applicants can be deceptive. If you are gullible and fall for the lies, you could lose money on your investment. Here are some tips for spotting and exposing a tenant’s excuses.

“The bank messed up.” – This excuse might be given if a rent check bounces. Don’t be fooled. In 2013, banks have excellent technology and usually don’t make mistakes.  However, it could happen. If a bank error did occur, the tenant should easily be able to provide a letter sent directly from their financial institution. If the tenant cannot provide any letter from the bank, than you should be skeptical. Do not waiver on charging a late fee.

“I just forgot to mail the rent check, again.”  - It’s understandable that mistakes can happen once in a blue moon. Chances are though if you let a tenant get away with it once, they will do it again and again. Stay firm on charging your late fees. If you slap the tenant with a $25 fine, it’s likely they will not “forget” to mail the rent again. Don’t be the nice landlord and let it slide month-after-month, or you could be taken for a ride.

Falsifying employment. – A really deceptive tenant applicant might try to fake their job status by providing landlords with a phony phone number to their so-called place of employment. You should verify all business telephone numbers with published listings, so you know if the place you call for a reference is an actual employer. Also, conduct a thorough tenant screening with employment verification included in the package.

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Landlords: Easy Updates For the Kitchen

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Last month, we talked about cheap and easy ways to freshen up the bathroom in your rental unit. This month, we offer landlords and property owners advice to making their kitchen look good for less.

Freshen Up Cabinets If you are a new landlord, costly cabinet replacement or refacing is likely not in your budget for 2013. The good news is that you can improve their look without breaking the bank. Cabinets can be given new life with a good cleaning, and the addition of new hardware. If you are feeling really ambitious, sanding and painting the doors can change the look entirely.

Put in an island A kitchen island is functional in so many ways. They can provide extra counter-space for eating, food prepping, and most importantly more kitchen storage. Tenants love having more storage. The best part is, sometimes you can find really nice second-hand islands on Craigslist or in consignment stores.

Improve the backsplash If you are not a handy landlord, the good news is you can have new, inexpensive backsplash installed for about $10 a square foot. If that isn’t in the budget for this year, than consider re-caulking the area behind the countertop and wall to freshen up any unsightly areas.

Replace lights or ceiling fans Replacing outdated light fixtures or a ceiling fan can make a room feel brand new. If your kitchen has decades-old brass fixtures consider replacing with more modern, sleek options. It will immediately appeal to prospective tenants and make your rental instantly more desirable.

The kitchen is the heart and soul of any home. By making a few simple changes, you can create an inviting area that is sure to please any tenants.

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