Quotations by Bryan M. Chavis

Average household size is used to help determine the proper unit mix. If you lean that the average size is 3.7 persons per household, then pursuing a building with a mix of studio and one-bedroom apartments won't work. [2017] - Bryan M. Chavis

Mortgage interest rates help to evaluate and determine market cycles. If rates are at an all-time low, more people will be qualifying for mortgages and are therefore less likely to be in the rental market. When the money supply is tight and lenders are cautious and interest rates are high, that's when you're in the best position as a rental property owner. And when rates are low but lending standards are tight for the middle-income demographic, this demographic will typically be forced to rent. [2017] - Bryan M. Chavis

You have to think like your prospective tenants, and their needs may be different from your needs. Some of their needs may be: Close to highways and public transportation (bus lines, subways, etc.); Close to retail and shopping; Close to large employment centers. [2017] - Bryan M. Chavis

Rent must cover at least these items: mortgage payments, taxes, insurance, interest payments, estimated vacancy loss (at least 5 percent if you have more than one rental property), utilities provided by landlord, collection expenses, legal & accounting fees and advertising [2017] - Bryan M. Chavis

A landlord/property manager must not collect a deposit from more than one applicant at a time for the same rental unit. It is good practice to collect other applications for the same unit in case the first applicant does not qualify, but do not collect more than one deposit. [2017] - Bryan M. Chavis

I recommend raising rents at the end of each lease term. Even if only a few dollars, it gets your tenant accustomed to the rents being raised. You should bring the rents up to market rate at this time. To find out what market rents are in your area, do a market survey. Many find it helpful to use a tool such as Google or Rentometer. [2017] - Bryan M. Chavis

General rules of thumb regarding move-out procedure: Ordinarily you can charge for replacing ruined/stained/torn carpet, replacing chipped tile, replacing broken blinds/drapes, fixing damaged furniture, pest control for flea infestation, patching holes in walls, replacing broken doorknobs, replacing torn/missing window glass and cleaning for an excessively dirty kitchen/bathroom. You typically should not charge for replacement of an item that could be repaired. If a resident has lived in a residence for more than one year, the need for new paint is normal wear and tear and should not be charged for. [2017] - Bryan M. Chavis