In September, RentLaw.com announced several new Real Estate related sites including:
- SmallLandlord.com will be focused on services for the small landlord (1 - 100 units). In addition to the current Tenant Screening Services from rentlaw.mysmartmove.com, SmallLandlord.com will add more forms and features enabling the small landlord to better manage their property - whether it be one unit or 50.
- NYTenantRights.com will provide more detail and insight into NY Landlord Tenant Law with more resources for Tenants throughout New York's 62 counties.
- TenantInfo.com launches with a greater emphasis on the Tenant. With approximately 35 million tenants in the United States, there are always a few looking for a quick and speedy response to a their question. TenantInfo.com for Landlords will provide additional screening and rent collection services.
- TenantFacts.com originally introduced in 2009 will provide additional information for Tenants in a simple and easy to follow format. TenantFacts.com for Landlords will provide additional screening and rent collection services.
- NewYorkTenantRights.com - a simply tenant reference manual for New York. Easy to read and easy to follow.
RentLaw.com The National Landlord Tenant Guides began in 1998 as a resource for New Jersey Tenants. Today, RentLaw.com is one of the larger landlord tenant websites with over 40,000 members.
Showing posts with label Landlord. Show all posts
Showing posts with label Landlord. Show all posts
Saturday, September 11, 2010
Thursday, July 08, 2010
FREE RENT RECEIPT FORMS
RentLaw.com The National Landlord Tenant Guide today announced availability on their website http:/www.rentlaw.com Free Rent Receipt Forms in pdf format.
Simply visit RentLaw.com http://www.rentlaw.com/forms/rentreceipt.htm and download the free Rent Receipt Forms.
There are 3 rent receipts per page when printed. These receipts are ideal for BOTH the Landlord and Tenant to track rent payments paid and received.
There are no membership requirements to download the Rent Receipt form nor fees to download the form.
LANDLORDS: Use the Free Rent Receipt form to record ALL monies received from the tenant as well as track the balance due. Be sure to sign and date all receipts and make a paper copy even if you are using a computerized program to track. Match your receipts to you bank deposit slips to help you track your rents received when tax time comes.
TENANTS: Use the Free Rent Receipt form to record ALL monies paid to the LANDLORD or other parties to the lease. Be sure to have the receipt signed by the landlord or their representative. Know before hand who you are giving monies to and if they are authorized to do so on behalf of the landlord.
For more information on the landlord tenant relationships, visit RentLaw.com The National Landlord Tenant Guide .
Simply visit RentLaw.com http://www.rentlaw.com/forms/rentreceipt.htm and download the free Rent Receipt Forms.
There are 3 rent receipts per page when printed. These receipts are ideal for BOTH the Landlord and Tenant to track rent payments paid and received.
There are no membership requirements to download the Rent Receipt form nor fees to download the form.
LANDLORDS: Use the Free Rent Receipt form to record ALL monies received from the tenant as well as track the balance due. Be sure to sign and date all receipts and make a paper copy even if you are using a computerized program to track. Match your receipts to you bank deposit slips to help you track your rents received when tax time comes.
TENANTS: Use the Free Rent Receipt form to record ALL monies paid to the LANDLORD or other parties to the lease. Be sure to have the receipt signed by the landlord or their representative. Know before hand who you are giving monies to and if they are authorized to do so on behalf of the landlord.
For more information on the landlord tenant relationships, visit RentLaw.com The National Landlord Tenant Guide .
Tuesday, January 06, 2009
Landlord and Santa Claus
Are you like me a landlord who when it comes Christmas time, start to believe you are Santa?
For me, it typically begins with the November rent.
Then by December when you go looking for rent "I'm sorry, but it's Christmas and I had to go shopping - can you wait til next week...".
Next week comes around and it's still not Christmas - the house or apartment is getting decorated and the presents get as big as the promises.
Read the complete "The Landlord as Santa" on RentLaw.com and become a better landlord today.
For me, it typically begins with the November rent.
Then by December when you go looking for rent "I'm sorry, but it's Christmas and I had to go shopping - can you wait til next week...".
Next week comes around and it's still not Christmas - the house or apartment is getting decorated and the presents get as big as the promises.
Read the complete "The Landlord as Santa" on RentLaw.com and become a better landlord today.
Tuesday, July 29, 2008
Subletting an Apartment
New York - July 28, 2008 RentLaw.com The National Landlord Tenant Guide announced today they have published a guide to SUBLETTING an APARTMENT .
The RentLaw.com Guide to Apartment Sublets provides information for both Tenants and Landlords on the Sublet process.
The guide coverages what to look out for when arranging the sublet and how protect yourself as the the tenant, landlord and sublet.
David Dorfman, Publisher of RentLaw.com said "Tenants have different reasons for subletting such as a temporary business assignment, caring for a sick relative out of town or the tenant who figures they can make money off their favorable lease." Whatever the reason, the tenant should always get advanced agreement in writing from the landlord.
Some states have specific laws regarding subletting. Be aware of these laws and note illegally subletting your apartment may result in evictions of the original tenant and the sublet. For example, see New York State Law on Subletting.
Learn more about Landlord Tenant Issues and Subletting on RentLaw.com - The National Landlord Tenant Guides.
See the RentLaw.com Guide to Subletting for more information on this important topic.
The RentLaw.com Guide to Apartment Sublets provides information for both Tenants and Landlords on the Sublet process.
The guide coverages what to look out for when arranging the sublet and how protect yourself as the the tenant, landlord and sublet.
David Dorfman, Publisher of RentLaw.com said "Tenants have different reasons for subletting such as a temporary business assignment, caring for a sick relative out of town or the tenant who figures they can make money off their favorable lease." Whatever the reason, the tenant should always get advanced agreement in writing from the landlord.
Some states have specific laws regarding subletting. Be aware of these laws and note illegally subletting your apartment may result in evictions of the original tenant and the sublet. For example, see New York State Law on Subletting.
Learn more about Landlord Tenant Issues and Subletting on RentLaw.com - The National Landlord Tenant Guides.
See the RentLaw.com Guide to Subletting for more information on this important topic.
Wednesday, August 08, 2007
Rent Control
New York, New York - August 2007: Rentlaw.com - The National Landlord Tenant Guides. Guide to Rent Control introduced by Rentlaw.com
Rent control refers to laws or ordinances that set price controls on the renting of residential housing. It functions as a rental price ceiling on residential rental property.
The Purpose of Rent Control - It is necessary to prevent landlords from imposing rent increases that force key-workers or vulnerable people to leave an area. Maintaining a supply of affordable housing is essential to sustaining an economy. Homeowners who support rent control point to the neighborhood instability caused by high or frequent rent increases and the effect on schools, youth groups, and community organizations when tenants move more frequently. To build a community, there must be stability.
Landlords - No Rent Control! - Rent control is criticized for creating a shortage of housing, reducing its quality, deterring investment and raising the price of unaffected rental units. If a price is artificially kept low, there will be higher demand for the low price housing, assuming it is habitable. When demand outpaces supply, there is a shortage.......
Read the complete guide to Rent Control on Rentlaw.com - The National Landlord Tenant Guides
About Rentlaw.com - The National Landlord Tenant Guide. Rentlaw.com is a National Landlord Tenant Guide whose guides are utilized by Attorneys, Landlords, Tenants, Real Estate Agents, Investors and anyone involved in Real Estate. Founded in 1998 by Real Estate Investor David Dorfman, Rentlaw.com today is a top destination for Landlord Tenant Law and additional services in the United States. Rentlaw.com continues it growth by adding more information while enhancing the overall web experience for users.Rentlaw.com is headquartered in Neptune, New Jersey.
For more information, visit www.rentlaw.com.
Rent control refers to laws or ordinances that set price controls on the renting of residential housing. It functions as a rental price ceiling on residential rental property.
The Purpose of Rent Control - It is necessary to prevent landlords from imposing rent increases that force key-workers or vulnerable people to leave an area. Maintaining a supply of affordable housing is essential to sustaining an economy. Homeowners who support rent control point to the neighborhood instability caused by high or frequent rent increases and the effect on schools, youth groups, and community organizations when tenants move more frequently. To build a community, there must be stability.
Landlords - No Rent Control! - Rent control is criticized for creating a shortage of housing, reducing its quality, deterring investment and raising the price of unaffected rental units. If a price is artificially kept low, there will be higher demand for the low price housing, assuming it is habitable. When demand outpaces supply, there is a shortage.......
Read the complete guide to Rent Control on Rentlaw.com - The National Landlord Tenant Guides
About Rentlaw.com - The National Landlord Tenant Guide. Rentlaw.com is a National Landlord Tenant Guide whose guides are utilized by Attorneys, Landlords, Tenants, Real Estate Agents, Investors and anyone involved in Real Estate. Founded in 1998 by Real Estate Investor David Dorfman, Rentlaw.com today is a top destination for Landlord Tenant Law and additional services in the United States. Rentlaw.com continues it growth by adding more information while enhancing the overall web experience for users.Rentlaw.com is headquartered in Neptune, New Jersey.
For more information, visit www.rentlaw.com.
Tuesday, August 07, 2007
Security Deposits
August 2007: Rentlaw.com - The National Landlord Tenant Guides.
It's coming that time of year again when there are many, many people moving. Summer is coming to an end and so are those summer rentals, families are moving, and there is a whole new group of college bound students.
Rentlaw.com publisher David Dorfman stated "this time of year we see a higher nunmber of complaints from tenants that their summer landlords are not returning their security deposits or holding an excessive amount. At Rentlaw.com we receive a number of inquires from college bound students whose off-campus housing landlord's may be requesting an excessive deposit". Dorfman continued, "The purpose of Rentlaw.com is to ensure all rental issues are known between landlord and tenant".
Most, if not all states have limits and what can be held for a security deposits and how soon a landlord must return the deposit or notice of damages.
If the Landlord Won't Return the Security Deposit?
Did your landlord not send you your security deposit or a list of deductions within the number of days required by your state law?
Do you believe your landlord wrongfully kept all or part of your deposit?
Do you want to get all or part of your deposit back? If so you can write a demand letter seeking return of the deposit. You should also be able to sue the landlord in Small Claims Court (see state guides for details on proper court for your filing.
Preventative Steps to Take to Ensure a Deposit Return: A tenant must meet all of the above conditions to ensure a refund of the deposit, but meeting those conditions is not all the tenant should do.
The chances of receiving return of the deposit will be increased if the following suggestions are also followed:
Move-in Inventory Inspection. When you move in your home or apartment, make a list and take photos of the apartment and any damage. Typically, you should do a walk through with the owner or manager prior to moving in. Get them to sign an acknowledgement of the damage and note what (if anything) will be done. This will help you when you move out.Move-Out Notice. A lease may require that the tenant give the landlord 30 days written notice prior to move-out in order to get the security deposit back. Even if the lease does not require it, notify the landlord prior to moving.Move-out Inventory Inspection. When the tenant prepares to move, the apartment or home should be cleaned and the landlord asked to appear for a move out inspection. The tenant should fill out another inventory form, similar to the move-in inventory. Ideally, you should have a copy of the original move in form - for both your use and the landlord.Turn in the Keys. The keys should be turned in on the exact day the tenant vacates the premises. If the keys are turned in later, the landlord may be able to charge the tenant additional rent or other charges under the lease. A tenant's actual move out date is often considered to be when the keys are turned in.
What Can the Landlord Deduct from the Security Deposit? A landlord cannot legally deduct for normal wear and tear. This refers to deterioration which occurs during regular, daily, intended use of the rental unit, for example nail holes in the walls from pictures or paintings. See our guide.
Deductions from the Security Deposit: If the landlord makes any deductions from the deposit, a written, itemized accounting of how much is being charged for each item must be sent to the tenant. If the landlord fails to provide such an accounting within 30 days after the tenant moves out, the landlord may forfeit the right to withhold any part of the deposit. Furthermore, the deductions taken from the deposit must be for actual damages suffered by the landlord.
How to Dispute Deposit Deductions: If a tenant receives a list of deductions, it is possible to dispute items on that list. The deductions should be addressed by the tenant in a letter sent to the landlord. The demand letter should include a response to each of the deductions, explaining which charges are being disputed and why. The tenant should keep a copy of the letter and send the original by certified mail, return receipt requested.If the tenant receives a partial refund along with the list of deductions and wants to dispute some or all of the deductions, the tenant may want to refrain from cashing the check. If the tenant must cash the check then the tenant should tell the landlord in the letter that even though the check has been cashed, it does not mean the tenant agrees with the amount of the check.
Normal Wear and Tear and Damage: The landlord can use the security deposit to repair damage for which the tenant is responsible. But the landlord cannot apply the security deposit to normal wear and tear.
For more on your state's security deposit law, visit the Security Deposit guide at Rentlaw.com - The National Landlord Tenant Guides.
It's coming that time of year again when there are many, many people moving. Summer is coming to an end and so are those summer rentals, families are moving, and there is a whole new group of college bound students.
Rentlaw.com publisher David Dorfman stated "this time of year we see a higher nunmber of complaints from tenants that their summer landlords are not returning their security deposits or holding an excessive amount. At Rentlaw.com we receive a number of inquires from college bound students whose off-campus housing landlord's may be requesting an excessive deposit". Dorfman continued, "The purpose of Rentlaw.com is to ensure all rental issues are known between landlord and tenant".
Most, if not all states have limits and what can be held for a security deposits and how soon a landlord must return the deposit or notice of damages.
If the Landlord Won't Return the Security Deposit?
Did your landlord not send you your security deposit or a list of deductions within the number of days required by your state law?
Do you believe your landlord wrongfully kept all or part of your deposit?
Do you want to get all or part of your deposit back? If so you can write a demand letter seeking return of the deposit. You should also be able to sue the landlord in Small Claims Court (see state guides for details on proper court for your filing.
Preventative Steps to Take to Ensure a Deposit Return: A tenant must meet all of the above conditions to ensure a refund of the deposit, but meeting those conditions is not all the tenant should do.
The chances of receiving return of the deposit will be increased if the following suggestions are also followed:
Move-in Inventory Inspection. When you move in your home or apartment, make a list and take photos of the apartment and any damage. Typically, you should do a walk through with the owner or manager prior to moving in. Get them to sign an acknowledgement of the damage and note what (if anything) will be done. This will help you when you move out.Move-Out Notice. A lease may require that the tenant give the landlord 30 days written notice prior to move-out in order to get the security deposit back. Even if the lease does not require it, notify the landlord prior to moving.Move-out Inventory Inspection. When the tenant prepares to move, the apartment or home should be cleaned and the landlord asked to appear for a move out inspection. The tenant should fill out another inventory form, similar to the move-in inventory. Ideally, you should have a copy of the original move in form - for both your use and the landlord.Turn in the Keys. The keys should be turned in on the exact day the tenant vacates the premises. If the keys are turned in later, the landlord may be able to charge the tenant additional rent or other charges under the lease. A tenant's actual move out date is often considered to be when the keys are turned in.
What Can the Landlord Deduct from the Security Deposit? A landlord cannot legally deduct for normal wear and tear. This refers to deterioration which occurs during regular, daily, intended use of the rental unit, for example nail holes in the walls from pictures or paintings. See our guide.
Deductions from the Security Deposit: If the landlord makes any deductions from the deposit, a written, itemized accounting of how much is being charged for each item must be sent to the tenant. If the landlord fails to provide such an accounting within 30 days after the tenant moves out, the landlord may forfeit the right to withhold any part of the deposit. Furthermore, the deductions taken from the deposit must be for actual damages suffered by the landlord.
How to Dispute Deposit Deductions: If a tenant receives a list of deductions, it is possible to dispute items on that list. The deductions should be addressed by the tenant in a letter sent to the landlord. The demand letter should include a response to each of the deductions, explaining which charges are being disputed and why. The tenant should keep a copy of the letter and send the original by certified mail, return receipt requested.If the tenant receives a partial refund along with the list of deductions and wants to dispute some or all of the deductions, the tenant may want to refrain from cashing the check. If the tenant must cash the check then the tenant should tell the landlord in the letter that even though the check has been cashed, it does not mean the tenant agrees with the amount of the check.
Normal Wear and Tear and Damage: The landlord can use the security deposit to repair damage for which the tenant is responsible. But the landlord cannot apply the security deposit to normal wear and tear.
For more on your state's security deposit law, visit the Security Deposit guide at Rentlaw.com - The National Landlord Tenant Guides.
Friday, August 03, 2007
Mold Guide introduced by Rentlaw.com - National Landlord Tenant Guide
Rentlaw.com introduces Mold Guide
Guide to Mold Basics and Mold Cleanup
New York, New York., August 3, 2007 - Rentlaw.com the National Landlord Tenant Guide announced today that it has introduced a free online Guide to Mold.
The new guide enables the reader to get a good understanding of what mold is and methods to handle it once discovered.
"The RentLaw.com team has added another feature that complements Rentlaw.com's mission to organize useful information for landlord and tenants and make it universally accessible and useful," said David Dorfman, Publisher of Rentlaw.com. "Our membership of over 100,000 constantly asks us to add more and more information, so we must continue to grow beyond just Real Estate Law. We always put our users first and are committed to innovating to improve their experience. Many, many tenants and homeowners are impacted by mold and it often is an issue in landlord - tenant disputes. This guide is a first step"
About Rentlaw.com - The National Landlord Tenant Guide. Rentlaw.com is a National Landlord Tenant Guide whose guides are utilized by Attorneys, Landlords, Tenants, Real Estate Agents, Investors and anyone involved in Real Estate. Founded in 1998 by Real Estate Investor David Dorfman, Rentlaw.com today is a top destination for Landlord Tenant Law and additional services in the United States. Rentlaw.com continues it growth by adding more information while enhancing the overall web experience for users.
Rentlaw.com is headquartered in Neptune, New Jersey.
For more information, visit www.rentlaw.com.
Guide to Mold Basics and Mold Cleanup
New York, New York., August 3, 2007 - Rentlaw.com the National Landlord Tenant Guide announced today that it has introduced a free online Guide to Mold.
The new guide enables the reader to get a good understanding of what mold is and methods to handle it once discovered.
"The RentLaw.com team has added another feature that complements Rentlaw.com's mission to organize useful information for landlord and tenants and make it universally accessible and useful," said David Dorfman, Publisher of Rentlaw.com. "Our membership of over 100,000 constantly asks us to add more and more information, so we must continue to grow beyond just Real Estate Law. We always put our users first and are committed to innovating to improve their experience. Many, many tenants and homeowners are impacted by mold and it often is an issue in landlord - tenant disputes. This guide is a first step"
About Rentlaw.com - The National Landlord Tenant Guide. Rentlaw.com is a National Landlord Tenant Guide whose guides are utilized by Attorneys, Landlords, Tenants, Real Estate Agents, Investors and anyone involved in Real Estate. Founded in 1998 by Real Estate Investor David Dorfman, Rentlaw.com today is a top destination for Landlord Tenant Law and additional services in the United States. Rentlaw.com continues it growth by adding more information while enhancing the overall web experience for users.
Rentlaw.com is headquartered in Neptune, New Jersey.
For more information, visit www.rentlaw.com.
Wednesday, July 11, 2007
Landlord Responsibilities
Landlord responsibilities on Landlord rights are more or less the same for every state.
In general, the landlord has a RIGHT to receive rent on time according to the terms of the rental agreement.
The Landlord is responsible for providing a safe and habitable rental unit for the tenant.
While most landlords (large and small) take pride in ownership and like to maintain value, there are always some who just want their rent and collect, skipping the on-going maintenance.
Read the entire entry Landlord's Responsibilities at Rentlaw.com
A tenant has rights and responsibilities. They can be viewed here.
Tuesday, July 10, 2007
Tenant's Responsibilities
As a Tenant, you do have responsibilities. The biggest responsibility of the tenant is to abide by the terms of the lease agreement. The number one issue landlords face is rent collection. The tenant must pay their rent on time.
Here is a checklist of some tenant responsibilities. As a landlord, I can tell you other then paying your rent on time, please take care of the unit you are renting - keep it clean, don't leave garbage around the exterior and respect the neighbors.
Pay the rent on time. Failure to pay rent on time may result in late fees or the basis for eviction.
Keep the apartment and the surrounding area clean and in good condition.
Maintain the smoke detector, fire extinguisher and carbon monoxide detector. While the landlord is responsible in most state for providing these, in most states the tenant is responsible for maintaining them This means not removing them and replacing the batteries at minimum yearly.
Use common sense and good manners.
Read the rest of Tenant Responsibilities at Rentlaw.com - The National Landlord Tenant Guides.
To find out about what a landlord is repsonsible, read Landlord Responsibilities
Here is a checklist of some tenant responsibilities. As a landlord, I can tell you other then paying your rent on time, please take care of the unit you are renting - keep it clean, don't leave garbage around the exterior and respect the neighbors.
Pay the rent on time. Failure to pay rent on time may result in late fees or the basis for eviction.
Keep the apartment and the surrounding area clean and in good condition.
Maintain the smoke detector, fire extinguisher and carbon monoxide detector. While the landlord is responsible in most state for providing these, in most states the tenant is responsible for maintaining them This means not removing them and replacing the batteries at minimum yearly.
Use common sense and good manners.
Read the rest of Tenant Responsibilities at Rentlaw.com - The National Landlord Tenant Guides.
To find out about what a landlord is repsonsible, read Landlord Responsibilities
Homeowners Insurance
Homeowner's Insurance ,while not required in most states, is always required if you have a mortgage on a property. The bank (mortgage company) wants to protect their loan on your property.
Should your property be destroyed, the bank would collect on the money it is owed (the loan) and you would receive the difference, if one existed.
In Rentlaw.com's Guide to Homeowner's insurance, the writer describes the benefits of homeowners insurance.
When you take out a homewoner's policy, do ont pruchase to littel or to much. The bank will require that you at least cover their loan amount. We recommend you coiver for full replacement value. In most cases, you would get another policy or rider for contents.
For more information see the Rentlaw.com Guide to Homeowner's Insurance
Should your property be destroyed, the bank would collect on the money it is owed (the loan) and you would receive the difference, if one existed.
In Rentlaw.com's Guide to Homeowner's insurance, the writer describes the benefits of homeowners insurance.
When you take out a homewoner's policy, do ont pruchase to littel or to much. The bank will require that you at least cover their loan amount. We recommend you coiver for full replacement value. In most cases, you would get another policy or rider for contents.
For more information see the Rentlaw.com Guide to Homeowner's Insurance
Real Estate Glossary
Rentlaw.com - The National Landlord Guide has rolled out a revised Real Estate Glossary.
In making the announcement, publisher David Dorfman noted that the Rentlaw.com team is continuing to move ahead to provide additonal services and features on the leading landlord tenant site.
"Our subscriber base continues to increase and we are expanding our offerings which deliver at no charge", noted Dorfman.
In the comming months, Rentlaw.com will be adding a library of forms for use in the real estate field, most will be free to download.
Visit the Rentlaw.com Real Estate Glossary
In making the announcement, publisher David Dorfman noted that the Rentlaw.com team is continuing to move ahead to provide additonal services and features on the leading landlord tenant site.
"Our subscriber base continues to increase and we are expanding our offerings which deliver at no charge", noted Dorfman.
In the comming months, Rentlaw.com will be adding a library of forms for use in the real estate field, most will be free to download.
Visit the Rentlaw.com Real Estate Glossary
Wednesday, June 27, 2007
New York City Rent Increases Approved
June 26, 2007 Rentlaw.com: More than 1 million New Yorkers who live in a rent-stabilized apartment, you'll soon be paying more in rent.
The Rent Guidelines Board voted Tuesday night to grant another round of rent increases.
The Rent Guidelines Board voted 5-4 to raise the rent to more than 1 million rent stabilized apartments across the city.
Rents go up 3 percent for apartments on a one-year lease and 5.75 percent for apartments where the lease is two years.
The outcome was the same as in the past, as one would expect. Rents were set too high for renters and too low for landlords.
Last year, the landlords received an increase of 7.75 percent for two-year leases and 4.75 percent for one-year leases.
Read the rest of this article on Rentlaw.com - The National Landlord Tenant Guide
The Rent Guidelines Board voted Tuesday night to grant another round of rent increases.
The Rent Guidelines Board voted 5-4 to raise the rent to more than 1 million rent stabilized apartments across the city.
Rents go up 3 percent for apartments on a one-year lease and 5.75 percent for apartments where the lease is two years.
The outcome was the same as in the past, as one would expect. Rents were set too high for renters and too low for landlords.
Last year, the landlords received an increase of 7.75 percent for two-year leases and 4.75 percent for one-year leases.
Read the rest of this article on Rentlaw.com - The National Landlord Tenant Guide
Military Lease Clause
The Military Clause
With a normal lease, your landlord is under no obligation to let you break your lease just because you have received new orders. When you enter into a lease agreement, be sure your lease has a military clause in it.
Your local base housing office should be able to provide you a form containing the clause or even a form contract you may be able to provide to your landlord. Many housing offices work local landlords.
Several states have laws which allow military members to break their leases in the event they must move due to military orders. In those states which do not have such laws, it is important that the active duty member ensure his/her lease contains a "military clause," (see example at end of article) which allows the member to terminate the lease in the event he/she must move due to military orders. Most bases require service members to have leases approved by the local military housing office. One of the reasons for this is to ensure that the lease contains an acceptable "military clause."
Read the rest of this article
With a normal lease, your landlord is under no obligation to let you break your lease just because you have received new orders. When you enter into a lease agreement, be sure your lease has a military clause in it.
Your local base housing office should be able to provide you a form containing the clause or even a form contract you may be able to provide to your landlord. Many housing offices work local landlords.
Several states have laws which allow military members to break their leases in the event they must move due to military orders. In those states which do not have such laws, it is important that the active duty member ensure his/her lease contains a "military clause," (see example at end of article) which allows the member to terminate the lease in the event he/she must move due to military orders. Most bases require service members to have leases approved by the local military housing office. One of the reasons for this is to ensure that the lease contains an acceptable "military clause."
Read the rest of this article
Thursday, June 14, 2007
Landlord Tax Deductions
Are you one of the many landlords who fail to take advantage of all the tax deductions available for owners of rental property? Do you keep poor records or rush to the accountant at the last minute? You could save money each year by being more diligent in your record keeping.
Do you know, or does your accountant tell you or ask you about your rental property expenses. Most accountants, or if you file your own return, overlook many deductions.
Rental real estate provides more tax benefits than almost any other investment.
A REAL ESTATE PROFESSIONAL may be able to deduct over $25,000. Read more here....
Small landlords have many tax deductions available to them - if you actively manage your property and your adjusted gross income is within IRS guidelines. Combined expenses can total $25,000. Losses over that can be carried ahead to the next tax reporting year.
COMMON LANDLORD TAX DEDUCTIONS
NOTE: ASK YOUR ACCOUNTANT WHICH SOFTWARE THEY USE. YOU MAY BE ABLE TO BUY THE SAME SOFTWARE OR COMPATIBLE FOR REPORTING PURPOSES. YOUR ACCOUNTANT MAY BE ABLE TO HELP YOU SET THIS UP.
1. Interest: Mortgage Interest for the investment property. Other interest from Credit Cards related to the Rental Activity. It is a good record keeping practice to have both personal and business credit cards (for the rental business).
2. Advertising: If you advertise your rental for rent, those costs are deductible.
3. Depreciation. Residential rental property must be depreciated over 27.5 years. For example, if you pay $200,000 for a home, you expense each year is $7272 per year. It is a "paper loss" that shields your income. A typical homeowner does not have this available to them. IF YOU OCCUPY 1/2 or any portion of the home, you deduction is reduced by the proportion you occupy (in a 2 family, 50% to you, 50% to the investment)
4. Professional Fees: The costs you pay to an attorney for eviction, a management company, engineer, CPA etc are deductible as they relate to the rental.
5. Home office: You can deduct a home office or workshop used to manage your rental property. Your garage may be storage for your tractor to cut the grass or to hold furnishings you supply. Certain requirements must be met, but are standard.
6. Insurance: Your costs to insure the rental property are deductible. ALSO, depending on how you structure your rental business, you may decide to cover your life and medical insurance as part of the rental business. Where medical insurance is not deductible when you work (and pay ) for medical insurance, structuring your rental property as a Limited Liability Company (LLC) may permit you to deduct these costs for you and your family. CONSULT YOUR TAX ADVISOR.
7. Auto: Your auto expenses are deductible as they relate to your rental business. You may travel back and forth collecting rent, looking at the house , doing yard work etc. Keep records. You may also elect to determine that a portion of the auto is related to the rental activity, the rest personal use - 25% rental activity and 75% personal use, as an example. The expenses are then deducted as to this ratio. You can deduct ordinary and necessary auto and travel expenses related to your rental activities, including 50% of meal expenses incurred while traveling away from home. You generally can either deduct your actual expenses or take the standard mileage rate. You must use actual expenses if you used more than four vehicles simultaneously in your rental activities (as in fleet operations). You cannot use actual expenses for a leased vehicle if you previously used the standard mileage rate for that vehicle. Consult your tax advisor.
In addition you may also incur charges for:
Do you know, or does your accountant tell you or ask you about your rental property expenses. Most accountants, or if you file your own return, overlook many deductions.
Rental real estate provides more tax benefits than almost any other investment.
A REAL ESTATE PROFESSIONAL may be able to deduct over $25,000. Read more here....
Small landlords have many tax deductions available to them - if you actively manage your property and your adjusted gross income is within IRS guidelines. Combined expenses can total $25,000. Losses over that can be carried ahead to the next tax reporting year.
COMMON LANDLORD TAX DEDUCTIONS
NOTE: ASK YOUR ACCOUNTANT WHICH SOFTWARE THEY USE. YOU MAY BE ABLE TO BUY THE SAME SOFTWARE OR COMPATIBLE FOR REPORTING PURPOSES. YOUR ACCOUNTANT MAY BE ABLE TO HELP YOU SET THIS UP.
1. Interest: Mortgage Interest for the investment property. Other interest from Credit Cards related to the Rental Activity. It is a good record keeping practice to have both personal and business credit cards (for the rental business).
2. Advertising: If you advertise your rental for rent, those costs are deductible.
3. Depreciation. Residential rental property must be depreciated over 27.5 years. For example, if you pay $200,000 for a home, you expense each year is $7272 per year. It is a "paper loss" that shields your income. A typical homeowner does not have this available to them. IF YOU OCCUPY 1/2 or any portion of the home, you deduction is reduced by the proportion you occupy (in a 2 family, 50% to you, 50% to the investment)
4. Professional Fees: The costs you pay to an attorney for eviction, a management company, engineer, CPA etc are deductible as they relate to the rental.
5. Home office: You can deduct a home office or workshop used to manage your rental property. Your garage may be storage for your tractor to cut the grass or to hold furnishings you supply. Certain requirements must be met, but are standard.
6. Insurance: Your costs to insure the rental property are deductible. ALSO, depending on how you structure your rental business, you may decide to cover your life and medical insurance as part of the rental business. Where medical insurance is not deductible when you work (and pay ) for medical insurance, structuring your rental property as a Limited Liability Company (LLC) may permit you to deduct these costs for you and your family. CONSULT YOUR TAX ADVISOR.
7. Auto: Your auto expenses are deductible as they relate to your rental business. You may travel back and forth collecting rent, looking at the house , doing yard work etc. Keep records. You may also elect to determine that a portion of the auto is related to the rental activity, the rest personal use - 25% rental activity and 75% personal use, as an example. The expenses are then deducted as to this ratio. You can deduct ordinary and necessary auto and travel expenses related to your rental activities, including 50% of meal expenses incurred while traveling away from home. You generally can either deduct your actual expenses or take the standard mileage rate. You must use actual expenses if you used more than four vehicles simultaneously in your rental activities (as in fleet operations). You cannot use actual expenses for a leased vehicle if you previously used the standard mileage rate for that vehicle. Consult your tax advisor.
In addition you may also incur charges for:
Cleaning and maintenance
Commissions
Repairs
Supplies
Travel
Taxes
Utilities
Private mortgage insurance (PMI)
Landscaping, Snow Removal, Trash Removal
Amounts paid to employees or independent contractors
Condo fees
Thursday, March 15, 2007
Evictions by Rentlaw.com
UPDATED October 10,2008
-- Rentlaw.com The National Landlord Tenant Guide to Evictions.
Evictions are not easy for a landlord or a tenant, especially when children are in a home.
Rentlaw.com, The National Landlord Tenant Guide has introduced an updated state by state guide to evictions for both landlords and tenants on their website http://www.rentlaw.com/eviction.htm .
In announcing this latest feature of Rentlaw.com, David Dorfman, Publisher, noted that evictions "are more common then most people believe and impact all classes."
Noting the difficulties that many tenants, especially the elderly, persons with disabilities and families, encounter when being forced to move, as well as the potential for increased homelessness due to a tight housing market, Dorfman said, "Eviction requires a reasonable balance between the needs of tenants and those of property owners."
The landlords will state it simply -- they need to get paid to pay their bills.
Dorfman suggests that tenants who cannot pay their rent and may be facing evictions "contact a local tenants organization, social services agency or other community run assistance center. Also, try speaking to the landlord and let them know the current circumstances. Have a plan."
For landlords, Dorfman recommends that if you are in business of renting, you should know all the laws, screen tenants the best you can and, to cover you as the landlord, follow the proper procedure when leasing and when noticing the tenant for any violations. In most jurisdictions, the tenant, even if they have not paid their rent, will have the upper hand.
When questioned on the current economic conditions and the job market and housing, Dorfman said, "The current economic conditions impact everyone. Rising rents and home values, a rise in property taxes, shifts in the job market , single parent/wage earner households, these all play an important role. Naturally the landlord wants to pass along his operating expenses to the tenant."
He continues, "As home values continue to rise, a stronger demand for rental housing is created, possibly driving up the price of rental units." Dorfman does point out, "With an increase in home values over the past three years, there may be times it is more beneficial to rent then own." Said Dorfman, "Especially in over built townhouse and condo developments -- where either builders or investors have to cover their mortgage payments -- look for good rental deals".
But for places where rentals are in demand -- beware. For the most part, rent control is non-existent in single family housing units, nor in many cities and towns throughout the country. Your landlord can raise the rent to whatever the market demands.
If you had signed a one-year lease, be sure to renew your lease by signing a new lease for the next year. Dorfman points out "If you don't sign a lease, in most cases, you are considered a month-to-month tenant. Your landlord may be able to give you 30 days notice to leave." Again, Dorfman says, "but the laws of evictions are very specific and both the landlord and tenant have to follow a process to protect their rights under the law."
Many landlords are using the Internet as well to check to see if an eviction appears on a tenant's credit history. So try to avoid an eviction.
For further information on Rentlaw.com and Evictions, please go to http://www.rentlaw.com/eviction.htm and follow the links to your state.
###
-- Rentlaw.com The National Landlord Tenant Guide to Evictions.
Evictions are not easy for a landlord or a tenant, especially when children are in a home.
Rentlaw.com, The National Landlord Tenant Guide has introduced an updated state by state guide to evictions for both landlords and tenants on their website http://www.rentlaw.com/eviction.htm .
In announcing this latest feature of Rentlaw.com, David Dorfman, Publisher, noted that evictions "are more common then most people believe and impact all classes."
Noting the difficulties that many tenants, especially the elderly, persons with disabilities and families, encounter when being forced to move, as well as the potential for increased homelessness due to a tight housing market, Dorfman said, "Eviction requires a reasonable balance between the needs of tenants and those of property owners."
The landlords will state it simply -- they need to get paid to pay their bills.
Dorfman suggests that tenants who cannot pay their rent and may be facing evictions "contact a local tenants organization, social services agency or other community run assistance center. Also, try speaking to the landlord and let them know the current circumstances. Have a plan."
For landlords, Dorfman recommends that if you are in business of renting, you should know all the laws, screen tenants the best you can and, to cover you as the landlord, follow the proper procedure when leasing and when noticing the tenant for any violations. In most jurisdictions, the tenant, even if they have not paid their rent, will have the upper hand.
When questioned on the current economic conditions and the job market and housing, Dorfman said, "The current economic conditions impact everyone. Rising rents and home values, a rise in property taxes, shifts in the job market , single parent/wage earner households, these all play an important role. Naturally the landlord wants to pass along his operating expenses to the tenant."
He continues, "As home values continue to rise, a stronger demand for rental housing is created, possibly driving up the price of rental units." Dorfman does point out, "With an increase in home values over the past three years, there may be times it is more beneficial to rent then own." Said Dorfman, "Especially in over built townhouse and condo developments -- where either builders or investors have to cover their mortgage payments -- look for good rental deals".
But for places where rentals are in demand -- beware. For the most part, rent control is non-existent in single family housing units, nor in many cities and towns throughout the country. Your landlord can raise the rent to whatever the market demands.
If you had signed a one-year lease, be sure to renew your lease by signing a new lease for the next year. Dorfman points out "If you don't sign a lease, in most cases, you are considered a month-to-month tenant. Your landlord may be able to give you 30 days notice to leave." Again, Dorfman says, "but the laws of evictions are very specific and both the landlord and tenant have to follow a process to protect their rights under the law."
Many landlords are using the Internet as well to check to see if an eviction appears on a tenant's credit history. So try to avoid an eviction.
For further information on Rentlaw.com and Evictions, please go to http://www.rentlaw.com/eviction.htm and follow the links to your state.
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