401(k) Basics

A 401(k) plan is an employer sponsored plan. The employer makes direct contributions to the account that are deducted from the employee's paycheck. Most companies will match the paycheck contribution up to a certain percentage. In general, the contributions are before tax dollars and grow tax deferred until they are withdrawn. After-tax contributions are also allowed.

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You should contribute as much as you can to your 401(k). Don't overextend yourself, but you don't want to waste the opportunity to deposit tax free, tax deferred money and have it matched. The amount the company matches you for is free money. Don't let it go.

In 2005, the maximum before tax annual contribution that an employee can make is $14,000. If the employee is over 50 years of age, he or she can contribute $16,000. The limit is set to increase by $1,000 in 2006.

Your 401(k) is simply an account; you chose the investments within the account. 

There is usually an array of mutual funds presented to you, but you must decide the allocations. There is no one to advice you when it comes to role fees and expenses that will affect your overall returns.

First, decide how much risk you are willing to assume. How much volatility within the portfolio can you stand?

If you are in your 20's and early 30's you have the time to be aggressive with your investments. The time factor allows you to recover from slumps in the stock market. As you age, your investments should become more conservative to protect your earnings.

Many 401(k) plans have tools, such as online calculators and worksheets, which help you in determining how much risk you should accept. The best tool is often to seek the advice of a competent financial planner. It is worth it to hire a planner to evaluate your assets and earning ability if the end result is a comfortable retirement.

If you find that you are in need of money, most plans will allow you to borrow up to 50% of your vested balance, but not over $50,000. You usually have to repay the money with interest within five years. The interest payments go into your account, so you are paying yourself the interest. There are downsides, though.

The money you have withdrawn as a loan isn't appreciating. The original contributions were made with pre-tax dollars, but the money you payback is after-tax. If you don't pay back the money it will be considered a normal distribution, and taxed and penalized.

If you leave the company, in most cases you will want to take your 401(k) with you. You can role it over into another company's 401(k) plan program or into your own IRA at a brokerage. With an IRA, you will have more control over your account, and better investment options.

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Whatever you do with your IRA, make sure that you follow all procedures to the point. You don't want to accidentally withdraw your money and have to pay the taxes and penalties. This is a very costly mistake.

If you are an entrepreneur, you can open an individual 401(k). This gives you the option of investing thousands of dollars more than in other kinds of self-employment retirement accounts. An individual, or solo, 401(k) is available to businesses that only have the owner and spouse as employees. This means that if you work for someone else and have a business on the side, you can open an individual 401(k).

Investment Properties 101

Late night TV is convinced that investing in real estate is the best way to make a million. Many investors are looking at big returns with no money down. While that is unlikely, it is possible to make money in real estate.

But you have to know that this is simply an investment, and with investments come risk. If you don't know what you are doing, you could lose a lot.

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Investing in real estate takes forethought and preparation. It could be broken into two parts: choosing your investment and exiting your investment.

Choosing your investment

Beginning investors should start with a small project. For example, Justin has been involved in real estate for over ten years now, and has invested in many commercial and residential properties. He has found that the key to his investments are to purchase in a good location.

Justin started with a simple duplex, which he later refinanced to buy a four-plex. He painted and made a few changes to the four-plex, and sold it for a seven-plex. He also bought another four-plex. He renovated the units and made minor repairs and sold it for a decent return.

He found that fixer-uppers really work well if you live nearby and can do most of the work yourself. This cuts your expenses. Justin learned with each investment and learned to be conservative. Don't let the dollar signs rush you into anything.

Whether you are looking to buy a house, a duplex or an apartment complex, you need to carefully review the property's economics. Are the rents you plan to charge reasonable? Are your expenses correct? Can you live with the cost of the mortgage? What happens when a unit is empty? Do you still have enough income?

You may not want to be a landlord and prefer to buy a house, fix it and flip it. While you can make a lot of money if you are wise, there are still a lot of issues involved. You have to look at the neighborhood, the market and the budget you have for repairs. Do you have enough money to pay the mortgage if the property does not sell quickly? What if you have to go over budget on necessary repairs? What if things are uncovered that devalue the home? What will you do then?

Large cities tend to be better investment areas than small towns because there are more tenants and buyers. Communities on freeways are attractive as investments due to the access to metro areas. Vacation areas and towns are also fairly stable.

Exiting your investment

Things happen. The economy, interest rates, job opportunities and construction trend impact every real estate investor. You need to watch the trends and keep in touch with local brokers, appraisers, investors and real estate attorneys.

No matter what you are investing in, you need an exit strategy. You need to know when you will sell, if you will take money and pay taxes or complete an IRS 1031 tax deferred exchange. Does your plan include enough money for your retirement? Will you pay off the property or refinance it and use the proceeds to buy another investment? What if the value of the home drops?

A weak economy is something you should watch. You need to know if a depressed market will pull out of it or last. This tells you when to exit. If you can't find buyers when you are ready to sell, what will you do? Can you restructure your mortgage or have it assumed by a buyer. Check out what loan assumption costs are and if financing terms change with an assumption. You should research your financing options before you make any decisions, paying attention to more than just interest rates.

You need to think well into the future. Plan for the best and the worst. If you invest with a friend, what will happen if they need to pull out? Do you have enough money to handle emergencies or will you need to liquidate the real estate?

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Your exit strategy is vital in making your decisions for the future. Plan with your goals in mind. The key is to take your time, pick the right property and live with what happens. In the worst case, the market goes away from where you expect and the value of the home goes down -- at least you can have the tenants pay for the mortgage.

Financial Readiness: How Prepared Are You?

Home is where most people feel safe and comfortable. But sometimes - say, when a hurricane, flood, tornado, wildfire, or other disaster strikes - it's safest to pack up and go to another location.

When it comes to preparing for situations like weather emergencies, financial readiness is as important as a flashlight with fully charged batteries. Leaving your home can be stressful, but knowing that your financial documents are up-to-date, in one place, and portable can make a big difference at a tense time.

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Here are some tips for financial readiness in case of an emergency: 

Conduct a household inventory. Make a list of your possessions and document it with photos or a video. This could help if you are filing insurance claims. Keep one copy of your inventory in your home on a shelf in a lockable, fireproof file box; keep another in a safe deposit box or another secure location. 

Buy a lockable, fireproof file box. Place important documents in the box; keep the box in a secure, accessible location on a shelf in your home so that you can ìgrab it and goî if the need arises. Among the contents: 

 - your household inventory 

 - a list of emergency contacts, including family members who live outside your area 

 - copies of current prescriptions 

 - health insurance cards or information 

 - policy numbers for auto, flood, renter's, or homeowner's insurance, and a list of telephone numbers of your insurance companies 

 - copies of other important financial and family records - or notes about where they are - including deeds, titles, wills, birth and marriage certificates, passports, and relevant employee benefit and retirement documents. Except for wills, keep originals in a safe deposit box or some other location. If you have a will, ask your attorney to keep the original document. 

 - a list of phone numbers or email addresses of your creditors, financial institutions, landlords, and utility companies (sewer, water, gas, electric, telephone, cable) 

 - a list of bank, loan, credit card, mortgage, lease, debit and ATM, and investment account numbers 

Social Security cards 

 - backups of financial data you keep on your computer 

 - an extra set of keys for your house and car 

 - the key to your safe deposit box 

 - a small amount of cash or travelerís checks. ATMs or financial institutions may be closed. 

 - Consider renting a safe deposit box for storage of important documents. Original documents to store in a safe deposit box might include: 

 - deeds, titles, and other ownership records for your home, autos, RVs, or boats 

 - credit, lease, and other financial and payment agreements 

 - birth certificates, naturalization papers, and Social Security cards 

 - marriage license/divorce papers and child custody papers 

 - passports and military papers (if you need these regularly, you could place the originals in your fireproof box and a copy in your safe deposit box) 

 - appraisals of expensive jewelry and heirlooms 

 - certificates for stocks, bonds, and other investments and retirement accounts trust agreements

 - living wills, powers of attorney, and health care powers of attorney insurance policies 

 - home improvement records 

 - household inventory documentation 

 - a copy of your will 

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Choose an out-of-town contact. Ask an out-of-town friend or relative to be the point of contact for your family, and make sure everyone in your family has the information. 

After some emergencies, it can be easier to make a long distance call than a local one. 

Update all your information. Review the contents of your household inventory, your fireproof box, safe deposit box, and the information for your out-of-town contact at least once a year.

Guide to Inexpensive Rental Property Repairs that Won't Take a Bite out of your Budget

There are some decided differences between fixing up your own home and a property you plan to rent out. One of those differences is often your budget for repairs. If you want to make a profit on your investment property, repairs must be kept to a minimum. Since repairs are also a necessity to attracting and maintaining quality renters, it is also important to learn how to make repairs on a limited budget. The good news is that there are some repairs and improvements which can be made to your property without spending a lot of money. 

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First, make a point to go through the house and replace all of the older and outdated switch plates. New switch plates need not be an expensive investment. In fact, most switch plates can be replaced for just a couple of dollars each, at the most. You can easily replace all of the switch plates in a property for around $20. In some areas, you may wish to go ahead and ante up for switch plates which are slightly nicer, such as in the living room and foyer. You will pay a couple of dollars more for brass plates; however, even at around $5 each, that is still not much money to pay for an improvement that can really make your rental property stand out. 

Doors are another area where you can make a big difference in your rental property without spending a ton of money. Doors are one of the first things that a prospective renter will notice so it can really be a worthy investment to make when you are trying to attract good renters. 

While you are changing out the doors, be sure to also consider changing out the handles as well. Older door handles can really make a place look drab. For just a few dollars, you can easily replace those old handles with brass finished models. "S" handles are popular for bedroom doors and bathroom doors and only run a few dollars more. 

The trim is another area where you can make a big impact for not much money. Take a good look at the trim in your rental property. If it appears worn and cracked, it could be time to replace it. You do not necessarily need to spring for crown molding throughout the entire property; however, adding it to the entryway or the living room can create a great first impression. 

Another area where you might wish to focus some attention is the entryway or foyer. Keep in mind that once prospective renters step through the front door this is the first area they are going to see, so you want to make sure you make a good first impression. Tiling it can be a great way to do that. For a small foyer area measuring around 8x8 you can easily tile it for about $100. 

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Kitchens are one of the most important areas for most people when they view a property for rent, especially women. While it may not be practical to replace all of the cabinets, it can certainly help to paint them. Consider repainting them using a semi-gloss white paint and do not forget to replace the knobs when you are finished. Even less expensive plastic knobs can breathe new life into older kitchen cabinets. 

Planning ahead for Maintenance and Repair Costs

One of the biggest problems for many rental property investors can be failing to plan for maintenance issues in their budgets. While it can certainly be quite tempting to see all income over and above the mortgage payment as profit, this can be dangerous when something breaks and you realize you do not have a budget to cover the cost of repairing it. The simple fact is that regardless of how well maintained your property might be, things can and will break from time to time so the best course of action is to plan ahead and budget for it so you do not struggle later on. 

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Ideally, the best time to begin thinking about your repair and maintenance budget is before you actually purchase the property. When you are looking at the numbers associated with the potential investment you will need to make in the property, it is essential that you take repairs and maintenance into consideration. Unfortunately, many investors completely forget to allocate funds they will need for repairs of the property and instead only take costs associated with taxes, fees and mortgages payments into consideration. 

First, you need to consider those repairs that can be foreseen relatively easy if you are observant. For example, take into consideration the age of the roof. Generally, by studying the condition of the roof you can usually determine when you will need to replace it, more or less. The same is true of the home's main systems including the air conditioning system. 

By taking into consideration the natural lifespan of many of these items you can typically predict when you will need to come up with the funds for these replacement costs. 

When considering the potential repair and maintenance costs you may run into as you shop for property, it is important to take several factors into consideration. Property type should be one of the first factors you consider because the type of the property can affect repair costs later on. For example, if you purchase a brick property you certainly will not have to worry about painting it in a few years. 

The size of the property should also be taken into consideration. Smaller properties are typically easier and less expensive to maintain than larger properties. Larger properties are more expensive to maintain because it simply costs more money for repair and maintenance issues such as replacing the roof, repainting the exterior and exterior, etc. 

Surprisingly, the location of the property can also play a role in how much you need to budget for repairs as well. Take into consideration the distance of the property from your location. If the property is located more than 30 miles from where you are located, you are going to spend more money traveling to the property and that can add up quickly. 

Finally, consider how you plan to manage the property. Do you plan to handle most of the maintenance work on your own or will you hire help? Hiring outside help can be more expensive overall; however, you must also consider the amount of time you have available for making repairs and your own skill and experience level. 

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It is also important to remember that there will typically be some problems which will come up completely unexpected and unscheduled. You will need to make sure that you budget for these items as well so that they do not hit you too deeply in the pocketbook. Generally, it is a good idea to plan an annual budget of between 1% and 2% of the value of the property for repairs which may come up unexpectedly. 

For example, if you have a $100,000 property you would need to plan to spend between $1,000 and $1,500. 

By planning ahead and budgeting for maintenance and repair issues you can make sure you are prepared when these items inevitably arrive and will not be financially surprised. 

Establishing Valid Criteria for Selecting Tenants

Establishing tenant selection criteria can be one of the most confusing areas of operating rental property for many people. On one hand, you want to make sure you choose the most responsible tenant possible; a tenant who will pay his or her rent on time and one who can be relied upon not to destroy your property. Yet, at the same time you must make sure that you abide by fair housing laws.

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Before you actually begin renting out your property it is a good idea to sit down and determine the criteria you will use to choose that best tenant. Without guidelines you will have no choice but to rely on your instinct to choose the best tenant and this could result in trouble if you are only relying on your feelings to make a tenant selection. One of the worst risks you can take is to let your own personal opinions and biases guide you in your decision because this could open the door for a discrimination lawsuit. 

First, you should always make sure that you notify prospective tenants that you utilize a fair system to make your decision. Ideally, it is best to include this type of statement on all rental applications. For example, you might state ìOur policy is to rent our units in compliance with federal, state and local fair housing laws.î

If you are fairly new to operating investment rental property, you may not be cognizant of fair housing laws. Be sure to consult your state's fair housing office to determine those guidelines which you must follow. 

Beyond fair housing laws, it is important to make sure you establish criteria that is concrete by which to judge all potential applicants. 

For example, it is common to require that the applicant provide identification that is verifiable. You may require the applicant to present a photo ID with their application so that you can make a copy of it. This type of requirement is valid because you may need it in the future in the event you need to describe adult occupants of the unit. If someone co-signs the application, it is also a good idea to obtain identification for them as well. 

It is also quite valid to require information which would help you to determine that the applicant has a sufficient income to rent ratio. If the applicant were applying for a loan to purchase a home, the lender would require similar information. The general rule of thumb is to identify applicants that have a gross monthly income that is three times the amount of the rent. One way to document this information is by requesting copies of the applicant's pay stubs along with their application. 

If the applicant is self-employed, you might ask them to provide their last tax return in addition to three months of bank statements. If you cannot verify the applicant's income, this would be a perfectly legitimate reason to deny their application as you have no assurance that they would be able to pay their rent. 

Many property managers and landlords also check credit ratings and scores on applicants as well. The purpose of this is to verify the financial responsibility of the applicant. The general guideline is to obtain a credit report on all applicants as well as any co-signers who are over the age of 18. Keep in mind that you will need to receive permission to run a credit report; however, you can request this information on the rental application. Applicants with low credit scores could be legitimately denied on the basis on being unable to prove financial responsibility. 

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In addition, you should check references. Typically, you should ask all applicants to provide the names and telephone numbers of individuals who can verify the applicant's income sources as well as character references. 

Finally, make sure you follow-up to check that the applicant has been able to successfully rent a dwelling in the past and paid their rent on time. In the event an applicant is unable to meet this requirement but does meet all other requirements you may consider requiring the applicant to have a co-signer. 

Tips for Avoiding Discrimination and Ensuring Fair Housing

Avoiding discrimination is imperative when you own investment rental property. The Fair Housing Act regulates this and you could find yourself in legal trouble if you do not adhere to these regulations. 

First, you must make sure that the property is available to be shown to all individuals who are interested in renting it. Generally, interested parties will call to inquire about the property before they actually see it. When you answer questions about the property you must make sure that you are providing the same information to everyone who calls. 

If you venture into offering different conditions, terms and/or information to different individuals who call to inquire about the property, you could be liable for discrimination. Basically, you need to make sure that you are covering all of the specifics of the property without necessarily trying to deter applicants away from the property based on any of the areas which are protected under the Fair Housing Act. Areas which need to be covered when applicants call include amenities of the property, property size, location, etc. 

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In addition, you need to make sure that your rental application is also designed with fair housing standards in mind. The best way to do this is to have an attorney review your rental application and then provide the same documents to all prospective renters. Also, make sure that the process is the same for everyone. Ultimately, when you deny or accept a rental application your decision should be based on valid requirements and not personal opinions. 

Beyond the application, you will also need to give some thought to occupancy restrictions for your property. It is not uncommon for many people to restrict the number of people who are allowed to live in their rental unit. There can be many different justifications for occupancy restrictions and standards. When establishing occupancy restrictions and standards; however, you need to be certain that your standards are fair and do not effectively discriminate against families with children. This is one of the more common complaints filed as many prospective tenants feel as though an overly restrictive standard regarding maximum occupancy discriminates against them and their children. 

Different laws regarding occupancy standards and restricts apply in different states. The key in most states is to ensure that you are using good reason and common sense. For example, if you have a 1,000 square foot two bedroom home, then it would obviously be excessive to have seven people in the home. 

There are no prohibitions regarding restrictions on the number of people who are allowed to occupy a residence under the Federal Fair Housing Act. It is critical; however, that any restrictions which are adopted be reasonable and apply to all occupants. You must discriminate on the basis of race, color, national origin, family status, gender, religion or handicap. 

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The most common standard adopted by most property managers is two people per bedroom. This standard is considered to be fair and reasonable by most. If; however, the residence in question is particularly large or it could easily accommodate more persons, it is important to keep in mind that such a policy could be challenged and a complaint filed so it is imperative to be sure that standards are flexible when the need calls for it based on available space within the dwelling.

Guide to Protecting yourself and your Rental Property

Owning rental investment property can be a satisfying and lucrative operation; however, there are also several areas which need to be carefully heeded in order to make sure that you are not sued and do not become liable for any issues which may arise in connection with your property. Learning how to protect yourself is the first step in ensuring that your investment does not actually become a liability. 

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First, you must always make sure that you have adequate casualty and property insurance as well as liability insurance. These three items are not the same and it should always be remembered that property insurance will not typically protect you in the event someone becomes injured on your property. 

Property and casualty insurance will cover you in the event your property suffers from losses resulting from storm, fire or some other catastrophic loss. Liability insurance is intended to protect you if you should be found to be responsible for someone else's losses. You may also wish to consider carrying flood insurance if your property is in a community that participates in the National Flood Insurance Program. Umbrella insurance, which will provide you with additional liability insurance beyond a general liability insurance policy, is another worthy option you may consider. 

You may ask yourself under what circumstances you may need liability insurance. There are many instances in which liability insurance could be helpful. For example, liability insurance could protect you in the event a tenant or an employee becomes injured on your property. Liability insurance can also protect you in the event you are sued for discrimination by tenants. 

In the event you hire someone to work on your property, it is a good idea to ensure that all repairmen as well as contractors are able to provide their own certificates of insurance indicating they carry both workersí compensation as well as liability coverage. 

You should also make sure you review your insurance coverage with your insurance agent on a regular basis. Many people make the good intention of taking out adequate insurance coverage; however, they fail to review their policies and when disaster does strike sometime later they are surprised to discover that they did not have sufficient coverage after all. 

It is also a good idea to make sure that you have formed good working relationships with critical professionals such as an attorney and a good tax accountant. There are many areas of renting property which are regulated by law. If you are not aware of your obligations under these housing laws, you could find yourself facing legal troubles. 

Therefore, it is certainly a good idea to consult an attorney to make sure you may not be breaking any fair housing laws. It can be entirely too easy to find yourself in trouble because you unknowingly violated one of these laws. Additionally, make sure you meet with a professional tax accountant at least once per year to discuss your tax obligations regarding your property and revenue. 

It is also a good idea to check with your local government to determine whether you are required to have a business license in order to operate a rental property in the local area. While this was rather uncommon at one time, today more and more municipalities are enacting regulations which require a business license for each rental property.

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Also, keep in mind that your property insurance policy will not cover the belongings of your renter in the event of damage. It is usually a good idea to make sure you let your tenants know this by putting it in writing. Many landlords not only encourage their tenants to obtain renterís insurance but also require it. 

Finally, take proactive steps to reduce your liability by making sure that your property is safe. Liability insurance is certainly beneficial but the best way to ensure that you steer clear of trouble is to keep your property well maintained.

Tips for Handling Vacancies in your Rental Property

From time to time you will have vacancies in your investment rental property. When that occurs, you will naturally want to rent the property as quickly as possible so that you do not lose out on any rent money. It could even be that when you purchase the property, it could be vacant. There could be many reasons why it could potentially take some time to find tenants. Perhaps the location is affecting it. Or, it could be that there are simply a number of properties for rent in the local area. Regardless of why your property is vacant you will need to get it rented as quickly as possible. 

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For every month that your property is vacant, you are losing money in revenue. There are some things you can do to reduce the amount of time that your property is vacant; however. 

First, when your property is vacant, use that time to your advantage by making any repairs that are necessary and handling any maintenance tasks. In addition, you might also consider doing something to make the property more appealing such as touching up the paint or sprucing up the yard. 

You might also consider providing some type of incentive or discount in order to get your property rented more quickly. Certainly this will cost a bit of money but in the long run it is often less expensive to provide an incentive in order to get your property rented more quickly than to allow it to sit vacant for a period of time. 

You might think about reducing the rent or installing something in the apartment that would be appealing to prospective tenants such as a washer and dryer. 

Make sure you making strong efforts to market your rental property but running ads in all of the local papers and hanging up flyers at places of interest. Of course, you should also have a For Rent sign posted on the property so that everyone who drives by will see it and know the property is available for rent or lease. Once again, a small amount of money spent on marketing is less expensive than the amount of lost revenue you could incur by allowing the property to sit vacant. 

In addition, take be proactive and begin the search for tenants before your current tenant moves out if you have reason to believe that they will be leaving soon. It is never a good idea to wait until the last minute and then try to fill a vacancy. You might even ask the current tenants if they know of anyone who might be interested in renting the property. 

It could be quite possible that they have friends who have visited and would jump at the chance to rent the property once it is available. 

Keep in mind; however, that as important as it is to rent your property quickly and avoid a vacancy you also do not want to rent out the property so quickly that you fail to conduct a thorough screening. The first time you receive an inquiry on the property, you need to begin the screening process. Take the time to obtain some basic preliminary information about applicants while also providing information about your rental property. 

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Of course, you must abide by fair housing laws and you also must make sure you are fair in asking the same questions of all applicants so it is a good idea to write down your pre-qualifying questions so you can be sure that you are being fair. If you are unsure of what you are allowed and not allowed to ask by law, consider consulting an attorney. 

Before you end the phone call with the applicant, encourage them to drive by the property so they can see it in person and then call to make an appointment with you to see the interior.

Tips for Coping with Loud Tenants

One of the most common issues that many landlords must deal with when they have investment rental property is music. It is not uncommon for many renters to either play music quite loud or play an instrument. This can be disturbing to neighbors and as a result you may receive phone calls of complaint. How you handle these issues is quite important because it involves a fine balance of maintaining happy renters and yet ensuring that neighbors surrounding your property are not disturbed.

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In the event that you own a multi-dwelling property this can be even more of an important issue as other tenants in the building may not appreciate being disturbed by loud music. If you fail to handle the issue properly they may decide to rent elsewhere; leaving you with vacancies and that can be expensive. Furthermore, your property may gain a bad reputation, making it difficult to rent to future tenants as well.

When you are facing this type or problem there are actually several different ways that you can handle the issue. First, it is imperative that you make sure you have discussed your property rules with tenants before they actually move in. This type of action can help to prevent problems before they even begin.

Ensure that you have included terms within your lease stating when exactly music may be played. You should also include in your lease statements indicating specific times when music may not be played so loudly that it can be heard outside the individual unit. For example, you might state that music may not be played before 8am and after 10pm. You should also make sure that these terms include not only music but also actual musical instruments as well as televisions.

In addition, make sure you check on your property periodically to ensure that your tenants are not playing loud music at night or early in the morning. If you find that they are breaking this rule, do not hesitate to let them know that they are violating the terms of their lease. If you allow the issue to continue unchecked you are sending the message that this behavior is acceptable to you and later on it could be quite difficult to stop when the complaints begin rolling in.

Sometimes, checking on a property early in the morning or late at night is not feasible; especially if you live a good distance away. In this case, consider asking your neighbors to advise you if your tenants disturb them with loud music or noise. Remember that it is always best for neighbors in the area to advise you about the problem so that you will have an opportunity to correct it before they contact the city or the police with their complaints. This will also assure neighbors that you are concerned about the neighborhood and maintaining a peaceful atmosphere for everyone.

Once you have contacted your tenant verbally regarding the matter, make sure you follow-up with a reminder in writing. This should help your tenant(s) to understand the severity of the situation and will also provide you with the documentation you need in the event the behavior continues and you must consider evicting them because of it.

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Ideally, the best way to handle this type of situation is to prevent it before it ever begins. Explain to your tenants when they move in that you regard the issue as serious and that you will check up on the property from time to time. If you decide to rent to students, this is especially important. By making sure that you have established a cordial relationship with your tenants early on they will be far more likely to respect your rules and understand where the line is drawn so they will not cross it.

Properly managing a rental property means not only providing a pleasant living environment for your tenants but also ensuring that your rental property does not disturb others in the neighborhood.