Tip # 4 - You NEED Renter's Insurance.

Renter’s insurance helps take the pain out of a disaster

By Amber Lester

Living alone for the first time can be scary. You’re expected to kill the spiders. It’s up to you to take out the stinky trash. And scariest of all, if lightning strikes your apartment and you lose everything, your landlord doesn’t pay for your property.First-time renters often find out the hard way that when disaster strikes, a landlord’s insurance only covers the building — not your possessions. When Harrisonburg Fire Marshal Arthur Miller speaks to renters who lose everything in a fire, he often hears the same thing: “I don’t have renter’s insurance.”

Read the full article HERE.

I don't recall who emailed me the above article or I would link to it's original publication. If you happen to know, please leave your comments here. But I liked it enough to save and I decided to post this as a "Tip" because I know that some people are unaware of how important it is to carry renter's insurance. We all need to be proactive when it comes to protecting ourselves and our belongings.

For more on Renter's Insurance read "The scoop on Renter's Insurance".

Tip # 3 - It's OK to Negotiate!

What do you think are the two biggest concerns for a Landlord, Manager or Property Owner? These are the two things that are first and foremost on any Landlord's mind when they are considering you as a potential Tenant.

If your first thought is "What do I care, I got my own problems!" then let me remind you that this is Tip 4 Tenants... I have a Tip to share that benefits YOU.

It is probably pretty obvious that one of the biggest concerns a Landlord has when renting a property, is determining if you can afford the rent and have the ability to pay on time.

The second one is whether or not you will take good care of the property. Of course I realize that you may be thinking that all Landlords don't even take good care of their properties, and this is true. But that is not what I'm talking to you about this time, I'll talk about that another time.

So, you have two major concerns on the other side of the table, receiving the full rent on time and having tenant that does not damage the property. How can you benefit from knowing this? This Tip says "it's OK to negotiate", that doesn't mean that there is a loser and a winner. This is about both sides winning! Let me give you a possible way to benefit as a Tenant, simply by doing what you are supposed to be doing in the first place. Pay on time and take care of the place.

No honest Tenant ever plans on missing their rent payments or damaging a rental unit. But there is a reason these are big concerns for the Landlord, it happens. So, here is my negotiating tip;

Offer to give, before you receive!

If it is a discounted rent you are looking for, instead of saying "If you could lower the rent by $X per month, then I'll take care of the little maintenance issues that come up so you don't have to and I'll never pay late", try turning the same situation around by asking something like this; " If I am not late on any rent payments for X months in a row and your inspection shows that I have taken care of minor repair and maintenance issues instead of calling you to do it, would you then give me $X off of my future rent as long as I continue to pay on time and take care of the minor maintenance that comes up?"

Try this the next time you are applying to rent a property, and see for yourself that many Landlords are willing to agree to concessions simply because they aren't very optimistic that it will actually happen. They don't know it yet, but you are different... you are a HomeOwner in Training!

P.S. Always get agreements IN WRITING.

Happy Holidays!

May we all reflect on the good things in your lives and be thankful for what we have. And during this Holiday Season, let's all take an extra opportunity to to tell the loved ones in our life just how much they mean to us.

Tip # 2 - Choose Reliable Resources

When you are looking for advice you can trust about renting, home ownership, financing and other housing issues, choose reliable resources. Advice is only as good as the source that provides it. Let me put it another way, you wouldn't go to your Family Physician for accounting advice no more than you would consult with your Accountant about what is causing that pain in your chest. While they may have an opinion and even offer you advice on what they think you should do, you cannot rely on the source as to provide a credible opinion.

Let me offer something else for you to consider that you may or may not have pondered. A title is no guarantee of knowledge and/or experience. Any professional, whether it be an Accountant, Attorney, Doctor, Real Estate Broker, Financial Advisor or Mechanic, is only as good as their own personal knowledge and experience. Wouldn't you agree, that there are good Attorneys and there are bad Attorneys? There are also good Financial Advisers and there are those with the same title who have no right what-so-ever to be offering anyone financial advice.

People often share their thoughts or opinions with me about Property Management who have never managed or owned rental properties. Their advice and opinions are completely useless to me, because they have no first hand knowledge or experience in what they are talking about.

With that being said, I realize that some of you that find your way to this blog will have no clue who I am or why you would want to listen to anything I have to say. That's fair. So right from the start of this new little blog of mine I want to point you toward the most reliable resource for Tenants, as well as both Home Owners and future Home Owners.

The U.S Department of Housing and Urban Development.

(a.k.a. "HUD")

You will find information on counseling services, subsidized housing, Landlord / Tenant Laws for your state, and a whole lot more. The information is rather formal and matter-of-fact, but this is a resource that everyone needs to know is available. Here is just one of the useful links you will find at http://www.hud.gov/; a calculator to compare the advantages and considerations of owning vs. renting a home. Check it out.

Tip # 1 - Don't stretch it!

Don't stretch your financial limits!

I know this sounds like common sense. But, this can be very difficult for a lot of people. Living within your financial limits means that if you can afford $1,500 per month for rent, don't justify renting at $1,550 or $1,600 because you can "make it work".

Instead, why not look for the best place, in the best neighborhood you can find, for $1,400 or maybe even $1,350. This will give you a bit of a cushion and build a habit that will benefit you your entire life.

At Nu-Start Properties, Inc. we do our best not to put individuals or families into homes they can't afford. We would basically be setting them up to fail. However, because there are a lot of unexpected things that can happen to change our financial situations, if we're tight to begin with those "unexpected things" can really be hard to overcome.

It is sad to say that I have tenants who pay their rent late every single month, almost without fail. If making the rent is tough enough as it is, making it with late fees makes it even worse. By not stretching our financial limits to the maximum, we have a better chance at getting, and keeping what we really want in life.

Something totally new!

This is officially my first post, in my very first blog. My need to write "Tips 4 Tenants" comes from years of experience as a LANDLORD. Stay with me as I discover the most effective ways to use this tool (the blog) for sharing TIPS with you about everything from rental deposits, dealing with landlords, lease agreements to move-out inspections.

If you are renting a place to live, need to find a place to live or even if you want to stop renting all together and finally live the "American Dream" of owning your own HOME, then you may find strength in the information provided here as "Tips 4 Tenants"

I have seen first-hand both what has worked well and what has not worked for tenants. And if I'm lucky... no, let me rephrase that.. if you are lucky, I will be successful in convincing my wife Lynn, to share a portion of her wisdom and insight on this blog.

As I stated in my welcome note to you, I believe most tenants would rather be home owners. You will find that most of the things I have to share will be focused on helping you make the transition from tenant to home owner. But, if owning a home is not in your near future, I hope you will still find value here. What does being a "home owner in training" mean to you?

And so begins, the official TIPS 4 TENANTS blog!