Tag: rental income

Protecting Your Vacant Investment Property From Squatters

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As a property manager or real estate investor, you’re probably no stranger to squatters and the physical and financial damage they can do to you and your investment property. Not only are squatters frustrating, but they can also be an expensive issue that you weren’t expecting.

Let’s examine some of the unexpected costs of squatters and what you can do to protect your investment property from them.

Unexpected Costs

One of the main reasons a squatter might choose to occupy your property is their inability to afford proper housing. Not only is there currently a lack of inventory, but rent prices are also high, which could leave squatters with limited options. If they do occupy your property, there are many risks and costs that come along with it, including:

  • Property damage
  • Legal fees/eviction costs
  • Loss of rental income
  • Negative impact on property value

 

Protection Against Squatters

Squatters can not only cost you money, but also cause damage to the property that you weren’t prepared to pay for or handle. Luckily, there are a few things you can do to protect yourself and your property from potential squatters:

  • Have regularly scheduled inspections to detect any signs of occupancy in the property
  • Keep the property well-maintained and appear like it’s occupied (even if it isn’t)
  • Install surveillance cameras on the property to monitor and deter potential squatters
  • Establish a strong relationship with nearby neighbors and ask if they can keep an eye on the property

If a squatter occupies your property:

  • Gather evidence and document the situation
  • Contact local law enforcement
  • Consult with an attorney
  • Hire a reputable eviction service

Don’t try to handle the situation yourself; it will just cause more headaches you don’t need.

If you have questions about real estate investing or how we can help you with your property management, reach out to us! We would love to be a resource for you! 

Maximize Your Profit With These Rental Property Upgrades

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Landlords are always thinking about upgrades they can make to their rental properties that will increase their rental income and make their lives easier in the long run. But which upgrades are worth your time and money? Let’s look at four upgrades that will keep your tenants happy and increase your rental income and property value.

Upgrade Flooring

Replacing the carpet with hardwood flooring will increase your value and save you time. Carpet can stain and tear easily, making it more prone to need replacing. Hardwood flooring is easier to clean and more long-lasting. Installing hardwood flooring can be expensive up front, but it will save you time and money in the long run.

Fresh Paint

Painting rooms in your rental property can make a huge difference and make your rental property more appealing. Neutral colors like gray or beige with white trim go with all kinds of decor and are colors that tenants tend to gravitate towards. 

Update Kitchen & Bathrooms

The two rooms that tenants like to see updated are the kitchen and bathrooms. This can get expensive, but luckily, you don’t have to update everything to make a good impression. Small changes in the bathroom, like updating the toilets, vanity, or sink, or kitchen updates, like cabinetry or countertops, are all you need to give these rooms a new look.

Increase Energy Efficiency

Tenants will appreciate energy efficiency items like Energy-Star certified appliances or new windows as they will help lower their utility bills. Replacing old appliances will save you money on maintenance issues in the future. New windows are more aesthetically pleasing than old ones, and cold drafts from the old ones can cause higher utility bills.

As you can see, there are a lot of different upgrades that can benefit you and your tenants. If you have any questions or need recommendations, reach out to us! We are always here to help.