Shovel your roof………………

As harsh as this winter has been for the Midwest and East Coast areas of the country for those of you who have rentals in that part of the country, you may need to shovel the snow off of the roof of any building you have that has a flat or minimum pitched roof. I know how unpleasant that sounds but with some areas in the country having 3-4 feet of snow accumulating over the past few weeks the weight of that snow is extremely hazardous to flat roof buildings. It can cause major damage and as a worst case scenario collapse a roof. I have a few large multi unit buildings that have sections of roofs that are flat and it is a major concern to get the snow removed from them. This can be an even bigger issue once the snow starts melting and if the roof drains are blocked or still frozen, the building could sustain major damage as that water has to go somewhere. Most flat roofs are designed to handle a significant amount of accumulating snow but with the record snow fall totals we have had this year most of them will have trouble handle this much snow. So put of your snow boots, grab a shovel, get on your roof or ladder and start shoveling…………………in the long run you will be glad you did, just be extremely careful when you are doing this. Just FYI – this can also apply to any other parts of your building such as decks, canopies, or covered patio that may need to be cleared as well.  For more tips on how to manage your rental and investment properties go to my website at www.managementofrentals.com

Q.) Do I need a lead base paint form?

A.) Yes, this is a  federally mandated form and it must be completed by both landlord and tenat(s) at the time of tenancy. This should be included in your new tenant rental packet along with the other necssary forms. We have provided this form and pamphlet absolutely free to you on our site at www managementofrentals.com under “Free Stuff”.

Interest Rates will eventually start rising………………

If you have been considering purchasing an investment or rental property I would suggest you do it sooner rather than later for a couple of reasons. First interest rates will eventually start to rise making the borrowing costs more expensive and that will directly effect your cash flow. With the mounting national debt and out of control spending the current administration is budgeting; it will be when, not if, interest rates will rise. There are several reasons why this will happen, one is we continue to grow the national debt at an unprecedented rate and with the addition of the health care nightmare it add trillions to our debt. Just as when an individual person starting acquiring more and more credit card debt your credit score will go down and the costs of borrowing money increases, so will be the case with our country and consumers. Currently the government purchases a large amount of federally backed securities and notes which keep our interest rates artificially low. Unfortunately our government is using borrowed money to buy this securities mostly borrowed from China and with our national credit rating dropping because of our debt crisis it will just be a matter of time before them want higher returns on these securities. That will in turn increase our costs and that will eventually get pasted on to the consumer, hence my statement higher interest rates are in the future and my guess is not the distant future. The second reason we will have higher interest rates, is the government continues to print money again at an unprecedented rate which will lead to the devaluation of the dollar on the monetary markets and again interest rates will rise as the value of the dollar decreases. Just as a note – anytime you hear the “Treasury Department” in the news, think of a printing press as they are one in the same. So when you hear the Treasury Department is going to increase the money supply or increase our debt ceiling, it is firing up the printing presses to print more money to pay for our ever increasing national debt. Actually I digress and didn’t mean to include an economics lesson in this blog; but you should know my reasoning as to why I am saying interest rates will rise in the near future and if you are going to purchase a rental property now may be the time. For more information on managing rental properties visit my website at www.managementofrentals.com and follow my blog.

PERMANENT DECORATIONS…………………..

During the course of the next week I will be including sections of my leases that are available on my website at www.managementofrentals.com. Most of these will be self explanatory as to what is covered in that section of my lease. This is the first section in my lease describing permanent decorations; this notifies the tenant that all work done to the property must first be approved by the landlord.

PERMANENT DECORATIONS: Carpet, paint, wallpaper, or borders applied to walls, ceilings, or floors by tenants, shall be approved by owner for color and quality before application.  All repairs and decorations must be applied in a neat and professional manner. Nails, fastens or holes left in walls must be satisfactorily repaired upon vacancy.

CONDITION OF PREMISES………………

This section of my lease protects the landlord from being held liable for any of the tenant’s personal property and as well as any personal injuries occurring on the property. It also states that the tenant must leave the property in good condition. That if any additional cleaning is done then the tenant will be charged a fee for cleaning services that will be deducted from the security deposit. For more information on managing rental properties go to my website www.managementofrentals.com and follow my blog free of charge.

CONDITION OF PREMISES:  Tenant hereby acknowledges the premises to be in satisfactory, tenantable condition, and agrees the Owner shall not be liable for any damage to the furniture, goods or effects, or property, in or on said property, by any cause whatsoever, and Tenant further agrees to hold Owner harmless from any claim for damages for personal injury by reason of any defects in said building, or any other cause whatsoever. 

Upon vacating the premises, Tenant shall leave in as good condition as when received.  Reasonable wear, tear, and damage by elements accepted.  I/we agree to remove any and all rubbish or garbage from premises, or pay for such cleaning and/or removal before ceasing to pay rent.

Upon vacating I/we agree to return all keys.  Appliances will be left in clean condition.  There will be a $50.00 fee per appliance if cleaning is necessary.  This fee may be retained from the security deposit.

INSPECTION OF PREMISES………………..

In this section of my lease this allows the landlord/owner to enter the premises for the following reasons. In Indiana the tenant has exclusive use of the property and therefore these items must be included in a written lease to allow the landlord to enter the property. For more information on managing rental properties go to my website www.managementofrentals.com and follow my blog free of charge.

INSPECTION OF PREMISES: Owner may enter said apartment at any time to inspect, repair, and maintain, or to show the property to any prospective buyer, loan or insurance agent, and in case either party has given notice of termination of the tenancy, to show premises to any prospective tenant.

LATE CHARGES on rental lease agreement………………..

This is the section for my lease that covers any late charges due to nonpayment. For more information on managing rental properties go to my website www.managementofrentals.com and follow my blog free of charge.

LATE CHARGES: Tenant agrees to pay the rent in the manner herein above stipulated and upon failure to do so by the 5^th day following the due date, agrees to pay the sum of Twenty-five Dollars ($25.00) plus Five Dollars ($5.00) per day for each day the rent remains unpaid.  This late charge is to compensate Owner for expense of collecting the late rent.  If Tenant fails to pay late charges, these may be deducted from security deposit.  If late charges accumulated ever exceed $100.00, Tenant may risk eviction at Owners discretion.

UTILITIES and who is responsible for paying them………………..

This section of my lease shows who is responsible for payment of utilities. For more information on managing rental properties go to my website www.managementofrentals.com and follow my blog free of charge.

 UTILITIES: Tenant shall pay all costs of furnishing and providing: ____________________________ (Tenant paid utilities). Owner shall pay all costs of furnishing and providing; ______________________________ (Owner paid utilities).

MAINTENANCE OF GROUNDS…………………….

This section of my lease covers the exterior of the premises, that the tenant is responsible for keeping the outside of the property clean of debris, and any damaged done to the property while the tenant is occupying the said premises that the tenant is responsible for it. For more information on managing rental properties go to my website www.managementofrentals.com and follow my blog free of charge.

MAINTENANCE OF GROUNDS: Tenant agrees to keep the area immediately outside the said apartment clean and free from debris, furniture, including hallways and porches.  Tenant is responsible for keeping ice and snow off steps, porches and sidewalks immediately outside said apartment and keeping area safe for travel for the Tenant, Tenants guests and others who may visit the apartment area for any reason. Tenant further agrees to maintain surrounding area of said premises by keeping grounds clean of all rubbish and any other objects.  I/we understand that at no time will any vehicle of any type be parked in any portion of the property except the driveway or garage. It is strictly prohibited to park any vehicle in any part of the yard, sidewalk, or grounds of the property. Tenants to pay for repair of any broken window glass, screen or doors that occur while Tenant is leasing said apartment.

COURTESY or the “good neighbor section”……………

This section of my lease is my “be a good neighbor section”. Making sure that the tenants respect their neighbors and failure to do so may result in possible eviction. For more information on managing rental properties go to my website www.managementofrentals.com and follow my blog free of charge.

 COURTESY:  It is understood that the rights of the other Tenants must be respected at all times.  These rights include but are not limited to: Limited noise.  Disputes that cannot be settled by the Tenants may involve eviction of one or both parties.  I/we understand Owner may call the Police Department to settle dispute at anytime.  Be a good neighbor!!  I/we agree to assume all legal responsibility for the acts and conduct of any visitors and will not violate any laws on the premises.