As a landlord, understanding how last month’s rent works is key to protecting your rental income and avoiding confusion during lease agreements. Many landlords mistake it for a security deposit, but the two serve very different purposes. Misunderstanding this distinction can lead to costly mistakes, compliance issues, or strained tenant relationships. This guide explains what […]
Category Archives: Tips for New Landlords
05
Nov
Nov
When a landlord–tenant relationship goes awry, what starts as a minor disagreement can quickly spiral into a situation with serious legal and financial consequences. This is particularly true if a tenant accuses their landlord of harassment. But a common misconception we’ve found, is that landlord harassment is limited to extreme or obvious misconduct. That’s simply […]
04
Dec
Dec
If you’re looking for the best property management books around, we’re here to help. Our professional property managers have chosen our personal favorites for your viewing pleasure. There’s something for everyone here, whether you want general books or ones on specific topics, like taxes. Read below for some great recommendations on managing rental properties. Table […]
11
Oct
Oct
One way to keep your Prince George County tenants happy is to be proactive about creating the lease agreement. Answering all the potential questions a tenant may have in the agreement itself and before the tenant asks will help you avoid possible trouble in the future. After all, you want to ensure your tenants have […]
04
Oct
Oct
One of the first things successful landlords tell anyone considering renting out a property is to always select good tenants. After all, it doesn’t take much for a bad tenant to turn your profitable investment into a money-losing nightmare. However, many federal, state, and local laws limit the ability to refuse to rent to an […]
17
Aug
Aug
First-time landlords are a unique group of people. Some are homeowners looking to upsize or downsize and want to lease their homes. Others are investors seeking ways to fund their retirement or quit their corporate jobs. Some may be accidental landlords who must turn their primary home into a rental property for one reason or […]
31
Jul
Jul
If you are a landlord, you understand that sometimes the hardest part of owning rentals is dealing with tenants. After all, your tenants may be renting your property, but they have made your property their home. As such, it’s understandable that conflicts may arise occasionally. However, the biggest mistake in dealing with tenant issues is […]
30
Jul
Jul
Landlords need to prioritize risk management, which simply means predicting future risks to your financial well-being and working to minimize or completely eliminate them. Fact: Landlord risk management applies not only to Howard County landlords but to landlords all over Maryland and the rest of the United States. If you don’t run your rental property […]
26
Jun
Jun
Updated 6/26/24 by Bay Property Management Group When property maintenance is necessary, many landlords are tempted to do all the home repairs themselves. However, sometimes this can defeat the intended purpose of economic efficiency. Surprisingly, it can be more expensive to do the home repairs yourself than simply hiring a professional to complete the work. […]
09
Apr
Apr
If you want to sell a rental property, you’ll have to prepare it for showings and advertising. However, you may also find that there is a major roadblock on the path to selling: someone is currently living there. However, this does not mean hope is lost. You can still sell the property if you work […]