BiggerPockets Daily

Getting rid of bad smells after a tenant moves out is one of the unpleasant parts of being a landlord. But, if you don’t take the time to do this, issues with funky odors or a foul stench can severely impact your cash flow. That’s because, after a tenant vacates the rental unit, you typically want to rent it out to a new tenant as quickly as possible. If there’s a rotten smell when you open the door, though, you will find it tough or impossible to land a suitable tenant for your unit. And that can cut into your profitability significantly if you let the issue go unresolved over a long period of time. As such, you’ll want to get rid of the stench before you lease out the unit to a new tenant. And, that’s true whether the bad smell was caused by normal wear and tear to the apartment—like cooking foods with certain spices or ingredients—or by other things that the tenant did that violated the lease. Here are some tips for getting rid of smells in your rental apartment or unit. These tips will help you do that effectively—no matter what’s causing the stench. (Read more at https://www.biggerpockets.com/blog/how-to-get-rid-of-bad-smells-tenants-leave-behind) Learn more about your ad choices. Visit megaphone.fm/adchoices

Wow. So, as it turns out, tracking your spending isn’t as easy as they make it sound on the BiggerPockets Money podcast. (Who knew?) Mindy knew it would be challenging to do this—and she wanted to show you that it isn’t easy and that it’s OK to make mistakes. She's leading by example for sure because she made a lot of mistakes last month! (Follow along at biggerpockets.com/mindysbudget.) https://www.biggerpockets.com/blog/budget-wins-errors-extra-expenses Learn more about your ad choices. Visit megaphone.fm/adchoices

As a landlord, you want to lease out your unit and keep it occupied on a regular basis, which could mean you’re renting the property to roommates on occasion. Plenty of landlords opt to rent their units to groups of roommates, but doing so has its advantages and disadvantages. Offering a multi-tenancy rental unit will increase the pool of tenants to choose from—so it can be easier to find tenants when the unit is vacant. However, if you inadvertently rent to a roommate who won’t or can’t pay their rent, it raises serious challenges. When one or more roommates can’t pay rent, it can cause friction between the tenants. And it’s more than just roommate friction that you’ll have to deal with. A roommate’s non-payment of rent can ultimately impact your cash flow situation. As such, it’s vital to sort out the problem quickly. Otherwise, you may have no other choice than to evict all of the tenants due to the one problematic roommate. So, what are your options if a roommate won’t pay rent but they listed as a tenant are on the rental agreement? (Read more at https://www.biggerpockets.com/blog/renting-to-roommates-what-to-do-if-a-roommate-is-on-the-lease-but-wont-pay-rent) Learn more about your ad choices. Visit megaphone.fm/adchoices

Do you want to invest in your first or next property, but find yourself wondering if you should wait for “the crash” before jumping in? If so, you’re not alone. Dave Meyer has talked to countless people—from experienced investors to my personal friends and family who are just looking for a primary residence—who are all questioning whether they should buy now or “wait for the crash.” This is a natural question. No one wants to buy at the height of the market, only to see property values decline for a few years. However, this question also demonstrates a fundamental misunderstanding of the normal cycles in the housing market. The housing market doesn’t actually “crash” on a regular basis, and the belief that it does is preventing people from making sound investing decisions. In Dave's opinion, the basis of this crash fear lies in the trauma of living through the Great Recession and housing collapse in the late 2000s. He calls it “housing market trauma”—not in an attempt to make light of it—but rather to give a name to something experienced by many. (Read more at https://www.biggerpockets.com/blog/housing-market-trauma-and-real-estate-investing) Learn more about your ad choices. Visit megaphone.fm/adchoices

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Public-private investments are now a hot item due to recent SEC rule changes to private offerings making them more accessible. And, according to a 2019 SEC Report, capital raised through private offerings now exceeds capital raised through IPOs. This has created a feeding frenzy attracting companies of all types competing for your investment capital—many credible and many not so credible. As such, numerous investors have set their sights on real estate syndication opportunities, which are real estate deals in which a group of investors pools their capital together to purchase a large real estate property. This is done to pool together not only fiscal resources, but other types of resources as well, like knowledge of the market or property management experience, to ensure stable investments. There are typically two diverse roles in a property syndication deal: syndicator and investor. For those who are interested in investing in their first syndication—or even for those who have been around the syndication block—I’d like to offer some helpful insights from my own experiences into how to navigate the syndication labyrinth and come out alive. Here’s what you should know (read more...) https://www.biggerpockets.com/blog/how-to-properly-vet-your-syndication-partner-before-investing Learn more about your ad choices. Visit megaphone.fm/adchoices

The tight housing supply, the extreme demand by buyers, and the overall irregular conditions we’ve faced for the last couple of years have made the housing market prime for home sellers. And, these conditions have also made it incredibly difficult for buyers and renters who are looking for housing. According to a new report from ATTOM, a real estate data publisher, home seller profits rose 45% year-over-year in 2021, and are now up to $94,092 in average profit. In 2020, the average profit was $64,931—and just $55,000 the year prior. The giant leap in profits is attributed to the continued acceleration of appreciation in markets across the country. The Case-Shiller Index now tracks at 276.12 points, up about 19% since this time last year—with over 90% of markets increasing profit margins throughout 2021. So how has this massive growth affected buyers and renters—and how will it affect the housing outlook for these two groups in the future? Here’s what you should know (read more...) https://www.biggerpockets.com/blog/the-housing-market-price-growth-in-2021-presents-challenges-to-americas-future Learn more about your ad choices. Visit megaphone.fm/adchoices

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https://www.biggerpockets.com/blog/11-things-a-landlord-cannot-do Learn more about your ad choices. Visit megaphone.fm/adchoices

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