Don’t Let the Bed Bugs Bite You
This is a nationwide epidemic. Legislation recently amended not just one but five civil codes. They’re also know as the traveling bugs. We need to educate ourselves and everyone we know, because if it’s a nationwide problem it’s not a matter of if, but a matter of WHEN we all get affected by the bed bugs. They are considered vermin in the eyes of the court.
Bed bugs move similar to ants, they go where they want, when they want, they even move it about the same speed as an Ant. They’re not just in beds they’re everywhere, they go through switch plate covers, common area walls. The baby bedbugs are about the size of the letter E in the word Liberty on a copper penny. Bed bugs are attracted to the air that we breathe out CO2. They feed off our blood. The feeding cycle is from about midnight to 5 a.m. The most common place that we stay still for the longest period of time is your bed. Eight hours of sleep only if we’re lucky right?
Will I be responsible if someone drowns in my Pool?
A pool can be a strong selling point when it comes to renting out your property, but it comes with a price. Most states have laws surrounding pool safety and, generally speaking, it is the landlord’s responsibility to make sure that the rental unit and the features that come with it meet state and federal safety standards. However, the question of whether the landlord is liable if an accident occurs depends upon the precise nature of the accident.
As a landlord, making substantial money from your rented property is only possible if you are proactive about minimizing day to day expenses and reducing the risk of unforeseen costs.
The following guidelines will help you reduce your landlord costs and take home maximum rental income.
Find good tenants – conduct thorough tenant screening to find responsible and cooperative tenants who will take care of your property and to avoid getting into discrimination claims.
Security deposit – it is good protection against default rent payment or damaged property caused by the tenant.
Regular check – scheduled maintenance of your property and appliances will bring a crisis to your notice before it escalates.
Repairs and maintenance – estimate the amount of money you would need for maintenance and repair of your property in between tenants or at the end of the rental agreement.
Insurance – have property insurance for every property you own and also a rent guarantee insurance against default rent paid by tenant.
Professional help – hire a lawyer to guide you while buying and selling property and business accountant to help you with tax payment.
Evaluate liabilities – frequently asses your mortgages, monthly debt services, and interest rates to increase cash flow.
Your tenant has vacated the property and you know have 21 days to account for the security deposit. The law allows landlords to deduct portions of the security deposit to cover the cost of damages caused by a tenant. Landlords cannot deduct normal wear and tear, or the expected depreciation of property. E.g. If carpeting has been destroyed and it is 8 years old, perhaps no allowance is appropriate as the floor coverings are due for replacement. Similarly, destruction of brand new carpet may result in full replacement cost to be deducted from the deposit.
Damage vs. Ware and Tear: What Can Be Deducted from Security Deposits?
The law allows landlords to deduct portions of the security deposit to cover the cost of damages caused by a tenant. However, landlords cannot deduct to repair normal war and tear, or the normal depreciation of property.
As with many areas in the United States, rental demand continues to climb in Palm Desert, CA. The latest data from the Federal Reserve suggests that now is a great time to be a property owner since during the last three months of 2015 property owner’s rental income added up to about 4.3 percent of the U.S. national income. Meanwhile, key takeaways from the “Emerging Trends in Real Estate” report published by the Urban Land Institute and pwc has us looking forward to successful investments for properly managed rental assets.