Deferring maintenance can be one of the costliest moves a landlord can make in the long term. It’s important to stay on top of minor repairs for a variety of reasons. The most important thing is to stop what is now a small repair from becoming a big, expensive repair. That loose screw in the storm door can mean the door can be ripped off in heavy winds. Failure to address that minor leak promptly can mean a ceiling falling down and in conjunction, require mold remediation. These are real-life examples of how a repair that would have been less than $100 turned into a cost of several hundred dollars. (more…)
The Virginia Residential Landlord and Tenant Act was passed in 1974 to streamline certain elements of rental law. Most people associate VRLTA with being more “tenant friendly”. While the act does protect tenants in ways common law leases had not previously, there are also many cases where VRTLA makes it easier for landlords to evict tenants. The act was designed to settle landlord and tenant disputes in a fair and efficient way; favoring neither side. (more…)
Fall is here which means it’s time to tackle your chore list for the season. The mild temperatures offer ideal conditions for much of the work that is needed on the exterior of your home. You’ll be glad you took the time to do it now so when that harsh winter weather sets in, you will have peace of mind that your home is ready for whatever mother nature has up her sleeve. As a property management company, we thought it prudent to provide notes about which of these chores is typically a tenant responsibility vs. a landlord responsibility. Always check your lease if you are unsure.
While Benjamin Franklin might have said that “in this world nothing can be said to be certain, except death and taxes,” at Visio Lending we like to take a more positive spin and amend this quote to nothing can be certain except for death and tax deductions. Landlords know all too well about Schedule E for individually owned properties and Form 8825 for properties owned through a partnership. Luckily, if you keep meticulous records of your expenses, every tax season you can take advantage of these ten deductions (which can really add up):
The millennial generation’s comfort with home ownership is precarious. It’s a generation raised during times of great economic recession and the collapse of the housing market. Having seen how their parents and our nation were affected, they hesitate to jump into home ownership. This means the pool of prospective tenants is highly weighted with millennials. They appreciate the affordability, flexibility, and proximity that renting can offer, but they have high expectations, and it makes sense to appeal to their needs. Here’s how to take advantage…