Landlording.TV

Capitalization Rate: Not just for buying properties! – Landlording TV – #31

When buying rental properties, the single most common formula used is the Capitalization Rate Formula. But when selling a rental property, don’t forget to run this formula on your numbers! Compare your property with others listed in your area with the Cap rate, and price your property aggressively do get the highest Cap Rate in your area!

Landlord Lessons:

• Use the Capitalization Rate Formula when buying AND selling rental properties!
• The Cap Rate formula is not the end all be all, use it to narrow down your search when buying rental properties, but switch to more complex formulas for further analysis – more on this to come!

The Ultimate Landlord Lock: Kwikset Key Control Deadbolt w/ SmartKey – Landlording TV – #30

After installing the new deadbolts by Kwikset, it’s hard to imagine going back to the “old days” of replacing the entire deadbolt to rekey locks. Once installed, rekeying takes literally 3 (THREE!) seconds (watch to see what I mean)! Not only is replacing deadbolts a thing of the past, Kwikset also added a second cylinder for a master key. One key for your entire property! Finally!

Landlord Lessons:

• As apartments become vacant and you need to rekey them, install the Kwikset Key Control Deadbolt.
• Never have the awful realization you forgot “that” unit’s key for showings or repairs!
• Create “temporary keys” for units to give to Repair/Maintenance Men. Simply rekey when the job is done!
• It’s official, finally! You are wasting time and money by replacing deadbolts with other “one use” deadbolts.

For more information, check out Kwikset Key Control’s website.

Tenants’ Security Deposits: The Law and Accounting – Landlording TV – #29

Security Deposits can actually get very technical! Depending on your state, you might be required to:

• You may have to pay interest on each Security Deposit depending on the number of units in each of your properties.
• The interest rate is determined by your State
• You must offer several different options to pay your tenant their Security Deposits’ interest
• You are entitled to Administrative fees on the interest (watch to see what I mean)

Landlord Lessons:

• Use RentCheck, our Free Online Landlord Software, to help record your Security Deposits.
• Learn your State’s Laws regarding Security Deposits. They can get very technical!

Go to http://www.GetRentCheck.com to sign up for your free account, now!

How to Install and Plumb a Double Bowl Sink: Part 3 – Landlording TV – #24

A repair that comes up from time to time is installing / replacing the kitchen sink. In Part 3, we’ve connected everything we can before putting in place and connecting the feeds and drains.

Landlord Lessons:

• Always put shut-offs on every sink / appliance. When a problem arises with your faucet it’s much easier to shut off the single sink the shut down the entire building.
• Be Gentle tightening PVC drains, as they will crack with too much pressure.
• Make sure you use the proper gaskets in each piece of your drain, or you won’t have a water tight seal.

How to Install and Plumb a Double Bowl Sink: Part 2 – Landlording TV – #23

A repair that comes up from time to time is installing / replacing the kitchen sink. In Part 2, we have our sink installed on a fresh countertop, now it’s time to plumb our PVC drains and add the water feed lines.

Landlord Lessons:

• Don’t put too much plumber’s putty on your drain baskets, or you won’t get a water-tight seal.
• When buying drains, I prefer PVC. They are cheaper and won’t rust on you like Metal.
• Finger tighten your PVC drain joints. You don’t have to tighten too hard for a good seal, and if you tighten too hard, they will crack.

How to Install and Plumb a Double Bowl Sink: Part 1 – Landlording TV – #22

A repair that comes up from time to time is installing / replacing the kitchen sink. In this episode watch how to install a double bowl kitchen sink from scratch on a fresh countertop.

Landlord Lessons:

• When lining up your sink, make sure your countertop is set EXACTLY where it should be and make sure the sink is centered on top of your sink base. Mark and measure!
• When cutting your countertop, be careful to trace and cut out the sink TOO tight to fit in your initial sink hole. You can always shave more countertop off, but can’t easily add it back on!

Setting Rental Rates: Step 3. How to gauge the Rental Market – Landlording TV – #20

The third step to setting Rental Rates is gauging your current rental market. Step 1 and 2 help you define the “goal” rent amount, but it’s only in our research that we see the realistic rent amount you’ll be able to get for your rental unit.

Landlord Lessons:

• How not knowing the current rental market can cost you HUNDREDs of dollars
• How to very quickly find your realistic rental amount
• How to set your pricing aggressively for the fastest way to fill your vacant unit.
• Why every second your unit is vacant you are SPENDING money

The “Setting Rental Rates” Series on Landlording TV:

Setting Rental Rates: Step 1 – #3
Setting Rental Rates: Step 2. Security Deposits – #6
Setting Rental Rates: Step 3. How to gauge the Rental Market – #20

Today on Landlording TV, we are back in the trenches to review the blueprints on our second apartment. Apparently standing showers are big No-No’s through the eyes of a women (Who knew?)… So, for less then $200 we were able to upgrade to a full bathtub and enclosure, and make the bathroom MUCH larger (and female friendly!) without compromising too much kitchen space. We shop for deals and find TWO furnaces for $500!

Also, Justin’s OCD kicks in and reorganizes the Job Site’s Tools and Toolboxes, and learn how vital a Digital Camera is to a landlord!

This episode’s Landlord Lessons:

• Bathroom Layouts
• Stanley Tool Boxes
• Ryobi TEK4 Digital Camera

In this episode of Landlording TV, Justin is at the very last step of seperating the first of the 2 apartments. The interior is completely finished, and now the focus is finishing the rear deck to give each apartment a second exit in case of a fire.

The focus of the eipsode: Building Deck Railings!

Justin shows the quickest way to Install Formica Countertop End Caps.